0000700859 fbst:S000039371Member 2011-12-18 2012-12-17 0000700859 2011-12-18 2012-12-17 0000700859 fbst:S000039376Member 2011-12-18 2012-12-17 0000700859 fbst:S000039377Member 2011-12-18 2012-12-17 0000700859 fbst:S000039377Member fbst:C000121335Member 2011-12-18 2012-12-17 0000700859 fbst:S000039376Member fbst:C000121334Member 2011-12-18 2012-12-17 0000700859 fbst:S000039371Member fbst:C000121329Member 2011-12-18 2012-12-17 0000700859 fbst:S000039375Member 2011-12-18 2012-12-17 0000700859 fbst:S000039375Member fbst:C000121333Member 2011-12-18 2012-12-17 0000700859 fbst:S000039380Member 2011-12-18 2012-12-17 0000700859 fbst:S000039380Member fbst:C000121338Member 2011-12-18 2012-12-17 0000700859 fbst:S000039381Member 2011-12-18 2012-12-17 0000700859 fbst:S000039381Member fbst:C000121339Member 2011-12-18 2012-12-17 0000700859 fbst:S000039373Member 2011-12-18 2012-12-17 0000700859 fbst:S000039378Member 2011-12-18 2012-12-17 0000700859 fbst:S000039378Member fbst:C000121336Member 2011-12-18 2012-12-17 0000700859 fbst:S000039379Member 2011-12-18 2012-12-17 0000700859 fbst:S000039374Member 2011-12-18 2012-12-17 0000700859 fbst:S000039372Member 2011-12-18 2012-12-17 0000700859 fbst:S000039379Member fbst:C000121337Member 2011-12-18 2012-12-17 0000700859 fbst:S000039374Member fbst:C000121332Member 2011-12-18 2012-12-17 0000700859 fbst:S000039372Member fbst:C000121330Member 2011-12-18 2012-12-17 0000700859 fbst:S000039382Member 2011-12-18 2012-12-17 0000700859 fbst:S000039382Member fbst:C000121340Member 2011-12-18 2012-12-17 0000700859 fbst:S000039373Member fbst:C000121331Member 2011-12-18 2012-12-17 pure iso4217:USD <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-ManagerIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-ManagerIncomeFund column period compact * ~</div> 485BPOS FIDELITY BOYLSTON STREET TRUST 0000700859 2012-12-14 2012-12-17 2012-03-31 false <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-Manager2010Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-Manager2010Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-Manager2015Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-Manager2015Fund column period compact * ~</div> Fund Summary Fund: Strategic Advisers® Multi-Manager 2015 Fund Investment Objective Fund Summary Fund: Strategic Advisers® Multi-Manager 2010 Fund Investment Objective The fund seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. Fee Table The fund seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) 0 Fee Table Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Fund Summary Fund: Strategic Advisers® Multi-Manager Income Fund Shareholder fees (fees paid directly from your investment) 0 0 0.002 0.0067 0.0087 0 Investment Objective -0.001 0.0077 Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) 0 0 0.0012 0.0066 0.0078 -0.0002 0.0076 2012-12-17 The fund seeks high current income and, as a secondary objective, capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 0 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 79 263 Portfolio Turnover Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. 0 0 0.0012 Principal Investment Strategies 0.0046 0.0058 -0.0002 0.0056 Principal Investment Risks This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-Manager2005Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-Manager2005Fund column period compact * ~</div> 78 246 Portfolio Turnover This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 57 The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. 183 Principal Investment Strategies Portfolio Turnover The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. Principal Investment Strategies Fund Summary Fund: Strategic Advisers® Multi-Manager 2005 Fund Investment Objective The fund seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Portfolio Turnover The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors expected to have retired around the year 2010.</li><li>Allocating assets among underlying affiliated funds and non-affiliated funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2010).</li><li>Using an asset allocation among underlying funds as of October 31, 2012, of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">30.0%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">5.3%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">10.3%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">2.6%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">21.9%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">10.6%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">6.6%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">12.7%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> Principal Investment Strategies Principal Investment Risks <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li> <li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li> <li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li> <li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li> <li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li> <li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li> <li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li> <li>Correlation to Index. The performance of an underlying index fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from the index.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li> <li>Inflation-Protected Debt Exposure. Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.</li> <li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li> <li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments.</li> <li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences.</li> <li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</li></ul> An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors expected to have retired around the year 2005.</li><li>Allocating assets among underlying affiliated funds and non-affiliated funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2005).</li><li>Using an asset allocation among underlying funds as of October 31, 2012, of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">22.0%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">3.9%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">7.5%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">1.9%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">18.3%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">9.7%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">6.4%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">30.2%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> Performance Principal Investment Risks <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li><li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Correlation to Index. The performance of an underlying index fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from the index.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>Inflation-Protected Debt Exposure. Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li><li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments.</li><li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences.</li><li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance Performance history will be available for the fund after the fund has been in operation for one calendar year. 0 <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors already in retirement.</li><li>Allocating assets among underlying funds according to a stable target asset allocation of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">12.8%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">2.0%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">4.3%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">1.1%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">21.5%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">12.0%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">6.5%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">40.0%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors expecting to retire around the year 2015.</li><li>Allocating assets among underlying affiliated funds and non-affiliated funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2015).</li><li>Using an asset allocation among underlying funds as of October 31, 2012, of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">31.2%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">5.5%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">10.7%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">2.7%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">22.7%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">10.4%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">6.7%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">10.0%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> Principal Investment Risks 0 0 0.0011 0.0056 0.0067 -0.0001 0.0066 67 213 You could lose money by investing in the fund. <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li><li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>Correlation to Index. The performance of an underlying index fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from the index.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>Inflation-Protected Debt Exposure. Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li><li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments.</li><li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences.</li><li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance history will be available for the fund after the fund has been in operation for one calendar year. You could lose money by investing in the fund. <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li><li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.</li><li>Correlation to Index. The performance of an underlying index fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from the index.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>Inflation-Protected Debt Exposure. Increases in real interest rates can cause the price of inflation-protected debt securities to decrease. Interest payments on inflation-protected debt securities can be unpredictable.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li><li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments.</li><li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences.</li><li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance You could lose money by investing in the fund. Performance history will be available for the fund after the fund has been in operation for one calendar year. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance history will be available for the fund after the fund has been in operation for one calendar year. <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManager2010Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManager2015Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManagerIncomeFund column period compact * ~</div> May 31, 2014 May 31, 2014 May 31, 2014 May 31, 2014 Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManager2005Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-Manager2030Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-Manager2030Fund column period compact * ~</div> Fund Summary Fund: Strategic Advisers® Multi-Manager 2030 Fund Investment Objective The fund seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) 0 Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) 0 0 0.002 0.0083 0.0103 -0.001 0.0093 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 95 313 Portfolio Turnover The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. Principal Investment Strategies <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors expecting to retire around the year 2030.</li><li>Allocating assets among underlying affiliated funds and non-affiliated funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2030).</li><li>Using an asset allocation among underlying funds as of October 31, 2012, of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">44.0%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">7.8%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">15.1%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">3.8%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">17.9%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">2.6%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">9.0%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">0.0%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> Principal Investment Risks <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-Manager2035Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-Manager2035Fund column period compact * ~</div> Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. Investment Objective The fund seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 0 Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li><li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li><li>Short Sales and Leverage Risk. Short sales pose more risk than long positions. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. Regulatory bans on certain short selling activities may prevent a fund from fully implementing its strategy. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li><li>Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li><li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments.</li><li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences.</li><li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. You could lose money by investing in the fund. 0 0 0.0021 An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0088 0.0109 -0.0011 0.0098 Performance Performance history will be available for the fund after the fund has been in operation for one calendar year. May 31, 2014 Based on estimated amounts for the current fiscal year. This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Portfolio Turnover The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. Principal Investment Strategies <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManager2030Fund column period compact * ~</div> Principal Investment Risks <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-Manager2050Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-Manager2050Fund column period compact * ~</div> <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li><li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li><li>Subsidiary Risk. Investment in an unregistered subsidiary is not subject to the investor protections of the Investment Company Act of 1940 (1940 Act) and is subject to the risks associated with investing in derivatives and commodity-linked investing in general. Changes in tax and other laws could negatively affect investments in the subsidiary.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li><li>Short Sales and Leverage Risk. Short sales pose more risk than long positions. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. Regulatory bans on certain short selling activities may prevent a fund from fully implementing its strategy. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li><li>Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li><li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments.</li><li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences.</li><li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance Performance history will be available for the fund after the fund has been in operation for one calendar year. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. May 31, 2014 Based on estimated amounts for the current fiscal year. Fund Summary Fund: Strategic Advisers® Multi-Manager 2035 Fund <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-Manager2020Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-Manager2020Fund column period compact * ~</div> <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors expecting to retire around the year 2035.</li><li>Allocating assets among underlying affiliated funds and non-affiliated funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2035).</li><li>Using an asset allocation among underlying funds as of October 31, 2012, of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">50.8%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">9.0%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">17.4%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">4.3%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">10.2%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">0.0%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">8.4%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">0.0%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> 100 330 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManager2035Fund column period compact * ~</div> Fund Summary Fund: Strategic Advisers® Multi-Manager 2020 Fund Investment Objective The fund seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. Fee Table Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) Principal Investment Strategies Principal Investment Risks Performance Portfolio Turnover The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. 0 0 0 0.002 0.0071 0.0091 -0.001 0.0081 Based on estimated amounts for the current fiscal year. May 31, 2014 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 83 275 The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-Manager2025Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-Manager2025Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-Manager2055Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-Manager2055Fund column period compact * ~</div> Fund Summary Fund: Strategic Advisers® Multi-Manager 2025 Fund Fund Summary Fund: Strategic Advisers® Multi-Manager 2055 Fund Investment Objective Investment Objective The fund seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. The fund seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. Fee Table Fee Table The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Shareholder fees (fees paid directly from your investment) Shareholder fees (fees paid directly from your investment) Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors expecting to retire around the year 2020.</li><li>Allocating assets among underlying affiliated funds and non-affiliated funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2020).</li><li>Using an asset allocation among underlying funds as of October 31, 2012, of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">34.4%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">6.1%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">11.8%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">2.9%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">22.0%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">8.6%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">7.4%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">6.7%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: Portfolio Turnover The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. Principal Investment Strategies Portfolio Turnover <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors expecting to retire around the year 2055.</li><li>Allocating assets among underlying affiliated funds and non-affiliated funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2055).</li><li>Using an asset allocation among underlying funds as of October 31, 2012, of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">56.0%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">9.9%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">19.1%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">4.8%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">0.3%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">0.0%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">10.0%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">0.0%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. Principal Investment Risks Principal Investment Strategies Performance <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors expecting to retire around the year 2025.</li><li>Allocating assets among underlying affiliated funds and non-affiliated funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2025).</li><li>Using an asset allocation among underlying funds as of October 31, 2012, of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">42%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">7.4%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">14.4%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">3.6%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">17.7%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">5.6%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">8.8%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">0.7%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> Principal Investment Risks <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li><li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. </li><li>Short Sales and Leverage Risk. Short sales pose more risk than long positions. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. Regulatory bans on certain short selling activities may prevent a fund from fully implementing its strategy. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. </li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends. </li><li>Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers. </li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers. </li><li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments. </li><li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences. </li><li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark. </li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance May 31, 2014 <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li><li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li><li>Subsidiary Risk. Investment in an unregistered subsidiary is not subject to the investor protections of the Investment Company Act of 1940 (1940 Act) and is subject to the risks associated with investing in derivatives and commodity-linked investing in general. Changes in tax and other laws could negatively affect investments in the subsidiary. </li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. </li><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks. </li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. </li><li>Short Sales and Leverage Risk. Short sales pose more risk than long positions. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. Regulatory bans on certain short selling activities may prevent a fund from fully implementing its strategy. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. </li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends. </li><li>Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers. </li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers. </li><li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments. </li><li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences. </li><li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Based on estimated amounts for the current fiscal year. May 31, 2014 Based on estimated amounts for the current fiscal year. You could lose money by investing in the fund. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance history will be available for the fund after the fund has been in operation for one calendar year. Performance history will be available for the fund after the fund has been in operation for one calendar year. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-Manager2045Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-Manager2045Fund column period compact * ~</div> 0 Fund Summary Fund: Strategic Advisers® Multi-Manager 2045 Fund 0 Investment Objective 0 0 0 <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li><li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>Correlation to Index. The performance of an underlying index fund and its index may vary somewhat due to factors such as transaction costs, sample selection, and timing differences associated with additions to and deletions from the index.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li><li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments.</li><li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences.</li><li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. 0 0.0021 0.0014 0.008 0.0091 The fund seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. 0.0101 0.0105 Fee Table -0.0011 -0.0004 0.009 0.0101 The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Performance history will be available for the fund after the fund has been in operation for one calendar year. 92 Shareholder fees (fees paid directly from your investment) 103 305 328 0 Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) 0 0 0.0021 0.0089 0.011 -0.0011 0.0099 <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManager2055Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManager2025Fund column period compact * ~</div> This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 101 334 Portfolio Turnover The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. Principal Investment Strategies Shareholder fees (fees paid directly from your investment) <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors expecting to retire around the year 2045.</li><li>Allocating assets among underlying affiliated funds and non-affiliated funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2045).</li><li>Using an asset allocation among underlying funds as of October 31, 2012, of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">52.8%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">9.3%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">18.1%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">4.5%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">5.0%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">0.0%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">10.2%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">0.0%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> Principal Investment Risks You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. May 31, 2014 Based on estimated amounts for the current fiscal year. Performance history will be available for the fund after the fund has been in operation for one calendar year. <div style="display:none">~ http://www.fidelity.com/role/ScheduleShareholderFeesStrategicAdvisersMulti-Manager2040Fund column period compact * ~</div> <div style="display:none">~ http://www.fidelity.com/role/ScheduleAnnualFundOperatingExpensesStrategicAdvisersMulti-Manager2040Fund column period compact * ~</div> Fund Summary Fund: Strategic Advisers® Multi-Manager 2040 Fund Investment Objective The fund seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. Fee Table Shareholder fees (fees paid directly from your investment) 0 0 0 0.0022 0.0088 0.011 -0.0012 0.0098 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 100 332 Portfolio Turnover The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. Principal Investment Strategies <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors expecting to retire around the year 2040.</li><li>Allocating assets among underlying affiliated funds and non-affiliated funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2040).</li><li>Using an asset allocation among underlying funds as of October 31, 2012, of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">51.6%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">9.1%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">17.7%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">4.4%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">8.9%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">0.0%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">8.5%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">0.0%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> Principal Investment Risks <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li> <li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li> <li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li> <li>Subsidiary Risk. Investment in an unregistered subsidiary is not subject to the investor protections of the Investment Company Act of 1940 (1940 Act) and is subject to the risks associated with investing in derivatives and commodity-linked investing in general. Changes in tax and other laws could negatively affect investments in the subsidiary.</li> <li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li> <li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li> <li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li> <li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li> <li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li> <li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li> <li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li> <li>Short Sales and Leverage Risk. Short sales pose more risk than long positions. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. Regulatory bans on certain short selling activities may prevent a fund from fully implementing its strategy. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li> <li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li> <li>Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li> <li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li> <li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments.</li> <li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences.</li> <li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</li></ul> An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li><li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li><li>Subsidiary Risk. Investment in an unregistered subsidiary is not subject to the investor protections of the Investment Company Act of 1940 (1940 Act) and is subject to the risks associated with investing in derivatives and commodity-linked investing in general. Changes in tax and other laws could negatively affect investments in the subsidiary.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li><li>Short Sales and Leverage Risk. Short sales pose more risk than long positions. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. Regulatory bans on certain short selling activities may prevent a fund from fully implementing its strategy. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li><li>Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li><li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments.</li><li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences.</li><li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. Performance Performance history will be available for the fund after the fund has been in operation for one calendar year. <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManager2045Fund column period compact * ~</div> You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. May 31, 2014 Based on estimated amounts for the current fiscal year. <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManager2040Fund column period compact * ~</div> Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManager2020Fund column period compact * ~</div> The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fund Summary Fund: Strategic Advisers® Multi-Manager 2050 Fund Investment Objective The fund seeks high total return until its target retirement date. Thereafter the fund's objective will be to seek high current income and, as a secondary objective, capital appreciation. The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. Fee Table 0 Annual fund operating expenses (expenses that you pay each year as a % of the value of your investment) 0 0 0.0021 0.009 0.0111 -0.0011 0.01 Based on estimated amounts for the current fiscal year. May 31, 2014 This example helps compare the cost of investing in the fund with the cost of investing in other mutual funds. Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated: 102 337 Portfolio Turnover The fund will not incur transaction costs, such as commissions, when it buys and sells shares of underlying Fidelity funds (or "turns over" its portfolio), but it could incur transaction costs if it were to buy and sell non-affiliated funds or other types of securities directly (including non-affiliated exchange traded funds). If the fund were to buy and sell other types of securities directly, a higher portfolio turnover rate could indicate higher transaction costs and could result in higher taxes when fund shares are held in a taxable account. Such costs, if incurred, would not be reflected in annual operating expenses or in the example and would affect the fund's performance. Principal Investment Strategies <ul><li>Investing in a combination of underlying domestic equity, international equity, bond and short-term affiliated funds (i.e., Strategic Advisers and Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork® using a moderate asset allocation strategy designed for investors expecting to retire around the year 2050.</li><li>Allocating assets among underlying affiliated funds and non-affiliated funds according to an asset allocation strategy that becomes increasingly conservative until it reaches approximately 15% in domestic equity funds, 5% in international equity funds, 40% in bond funds, and 40% in short-term funds (approximately 10 to 15 years after the year 2050).</li><li>Using an asset allocation among underlying funds as of October 31, 2012, of approximately:</li></ul><div style="font-family: 'Times New Roman'"><table style="font-size:10pt" cellpadding="0" cellspacing="0" width="50%" border="0"> <tr style="font-size:0pt"><td width="40%"> </td><td width="10%"> </td></tr> <tr><td> </td><td align="right">Investment %</td></tr> <tr><td>Domestic Equity Funds</td> <td> </td></tr> <tr><td>  Domestic Equity Funds</td> <td align="right">53.6%</td></tr> <tr><td>  Commodity Fund</td> <td align="right">9.5%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>International Equity Funds</td><td> </td></tr> <tr><td>  Developed International Equity Funds</td> <td align="right">18.4%</td></tr> <tr><td>  Emerging Markets Equity Fund</td> <td align="right">4.6%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Bond Funds</td><td> </td></tr> <tr><td>  Investment-Grade Bond Fund</td> <td align="right">3.5%</td></tr> <tr><td>  Inflation-Protected Bond Fund</td> <td align="right">0.0%</td></tr> <tr><td>  High Yield Bond Funds</td> <td align="right">10.4%</td></tr> <tr><td> </td><td> </td></tr> <tr><td>Short-Term Funds</td><td> </td></tr><tr><td>  Short-Term Funds</td><td align="right">0.0%</td></tr></table></div><ul><li>Providing exposure to multiple investment managers through investment in underlying affiliated and non-affiliated funds.</li></ul> Principal Investment Risks <ul><li>Investing in Other Funds. Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the underlying funds, including the risk that the underlying funds will not meet their investment objectives.</li><li>Stock Market Volatility. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market and different securities can react differently to these developments.</li><li>Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.</li><li>Subsidiary Risk. Investment in an unregistered subsidiary is not subject to the investor protections of the Investment Company Act of 1940 (1940 Act) and is subject to the risks associated with investing in derivatives and commodity-linked investing in general. Changes in tax and other laws could negatively affect investments in the subsidiary.</li><li>Issuer-Specific Changes. The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities) involve greater risk of default on interest and principal payments or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.</li><li>Prepayment. The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.</li><li>Interest Rate Changes. Interest rate increases can cause the price of a debt or money market security to decrease.</li><li>Foreign Exposure. Foreign markets, particularly emerging markets, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. Foreign exchange rates also can be extremely volatile.</li><li>Leverage Risk. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>"Growth" Investing. "Growth" stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other types of stocks.</li><li>"Value" Investing. "Value" stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time.</li><li>Short Sales and Leverage Risk. Short sales pose more risk than long positions. Because a short position loses value as the security's price increases, the loss on a short sale is theoretically unlimited. Regulatory bans on certain short selling activities may prevent a fund from fully implementing its strategy. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.</li><li>Quantitative Investing. Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.</li><li>Mid Cap Investing. The value of securities of medium size, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li><li>Small Cap Investing. The value of securities of smaller, less well-known issuers can perform differently from the market as a whole and other types of stocks and can be more volatile than that of larger issuers.</li><li>Commodity-Linked Investing. Commodity-linked investments may be more volatile and less liquid than the underlying commodity, instruments, or measures and their value may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments.</li><li>Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of an underlying fund's sub-advisers might adversely affect an underlying fund's performance or lead to disadvantageous tax consequences.</li><li>Investing in ETFs. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.</li></ul>An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. You could lose money by investing in the fund. You could lose money by investing in the fund. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Performance Performance history will be available for the fund after the fund has been in operation for one calendar year. <div style="display:none">~ http://www.fidelity.com/role/ScheduleExpenseExampleStrategicAdvisersMultiManager2050Fund column period compact * ~</div> Shareholder fees (fees paid directly from your investment) Performance Based on estimated amounts for the current fiscal year. Strategic Advisers, Inc. (Strategic Advisers) has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.10%. This arrangement will remain in effect through May 31, 2014. Strategic Advisers may not terminate this arrangement before the expiration date without the approval of the Board of Trustees. Strategic Advisers, Inc. (Strategic Advisers) has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.10%. This arrangement will remain in effect through May 31, 2014. Strategic Advisers may not terminate this arrangement before the expiration date without the approval of the Board of Trustees. Strategic Advisers, Inc. (Strategic Advisers) has contractually agreed to reimburse the fund to the extent that total operating expenses (excluding interest, taxes, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.10%. This arrangement will remain in effect through May 31, 2014. Strategic Advisers may not terminate this arrangement before the expiration date without the approval of the Board of Trustees.