Strategic Advisers Small-Mid Cap Multi-Manager Fund

Strategic Advisers Small-Mid Cap Multi-Manager Fund Key Takeaways For the fiscal year ending February 28, 2018, the Fund's Retail Class shares rose 13.49%, leading its SMID (small- to mid-cap) benchmark, the Russell 2500 TM Index, which returned 11.17%. During a period in which growth stocks and strategies substantially outperformed their value-oriented counterparts, underlying managers with a growth emphasis fueled the Fund's benchmark-relative performance. Sub-adviser ArrowMark Partners was the top relative contributor. This manager's quality-focused growth strategy yielded favorable overall positioning in health care and industrials, along with an underweighting in the lagging real estate category. Sub-adviser Portolan Capital Management outpaced the Fund's Russell 2500 benchmark by the largest margin of any underlying manager, partly due to a sizable overweighting in information technology, along with picks in that sector. Sub-adviser LSV Asset Management was the primary relative detractor, although this manager's performance was in line with the expectations of Portfolio Manager Barry Golden, given that it pursues a quantitatively driven deep-value strategy. At period end, Barry believes market fundamentals remain supportive for small- and mid-cap stocks, though stock valuations appear elevated based on historical standards. MARKET RECAP U.S. equities gained 17.10% for the 12 months ending February 28, 2018, as the S&P 500 index moved steadily higher throughout 2017 and into 2018 until sharply reversing course in February. The drop was in stark contrast to the low volatility seen throughout 2017, along with consumer sentiment and other market indicators that stayed positive. Investors remained decidedly upbeat as the calendar turned, and the index rose 5.73% in January. February was a decidedly different story, though, as volatility spiked amid fear that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. The index returned -3.69% for the month, its first negative result since October 2016. For the full 12 months, growth stocks handily topped value, while large-caps bested smallcaps. By sector, information technology fared best by far, gaining 36% amid strong earnings growth from several major index constituents. Consumer discretionary (+22%) also stood out, driven by retailers. Financials added 20%, riding the uptick in bond yields. Materials and industrials rose about 16% each, boosted by higher demand, especially from China. Conversely, notable laggards included the defensive telecommunication services (-5%) and utilities (-2%) sectors, while rising rates held back real estate (-3%). Not FDIC Insured May Lose Value No Bank Guarantee

Q&A An interview with Portfolio Manager Barry Golden Fund Facts Trading Symbol: Barry Golden Portfolio Manager FNAPX Start Date: December 20, 2011 Size (in millions): $16.07 Investment Approach Strategic Advisers Small-Mid Cap Multi-Manager Fund (the Fund) is a multi-manager investment strategy that seeks capital appreciation by investing primarily in stocks of small- and mid-cap companies, as defined by the Russell 2500 Index. The Fund provides diversified exposure to multiple investment vehicles including sub-advised strategies, mutual funds and, at times, exchange-traded funds (ETFs) selected from what we believe are the best ideas of Strategic Advisers' research department. We evaluate the tradeoff between cost, liquidity and investment flexibility to determine the optimal investment mix. Our investment process emphasizes prudent manager selection based on the view that different investment approaches may outperform at different times over a full market cycle, and that combining these investment disciplines may result in a more consistent performance profile. We believe the ability to utilize the distinctive skills of a variety of managers helps provide investment diversification and also may provide the portfolio manager(s) more flexibility to invest more adeptly throughout the market cycle, and potentially allow for better risk management. Q: Barry, how did the Fund perform for the 12 months ending February 28, 2018 The Fund's Retail Class shares gained 13.49%, outpacing the 11.17% return of the benchmark Russell 2500 TM Index but lagging our peer group average. During a period in which growth stocks and strategies substantially outperformed their value-oriented counterparts, underlying managers with a growth emphasis fueled our benchmarkrelative performance. I think it's worth mentioning that the Fund is grouped within the Morningstar Small Growth Category. Consequently, during times when growth-driven strategies outperform, the Fund's more core-oriented positioning can tend to lag the peer average. Q: What was the investment environment like For the 12 months, growth stocks in the Russell 2500 benchmark advanced 19.82%, whereas value stocks returned just 3.75%. So, underlying managers pursuing growth-oriented strategies benefited from an outsized market tailwind. At the sector level, information technology, health care and consumer discretionary were the best-performing groups. Energy was the biggest laggard by far, declining by roughly 20% due to uncertainty about supply and demand dynamics in the oil market during the period's first half. From a style/factor perspective, aggressive growth delivered the best results, followed by momentum. On the downside, deep value sharply lagged, weighed down by exposure to energy. Dividend yield also performed poorly, hampered to a great extent by the underperformance of REITs (real estate investment trusts), which returned 9% this period. Q: How did this environment influence your investment process I kept my investment process consistent, reflecting my view that the most effective way to add value is by investing with a group of managers that have proven and differentiated investment approaches. I also believe there are many ways to achieve investment success, and that prudently 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

diversifying across investment styles and disciplines may lead to more-consistent relative results. Working with our team of analysts, I conduct fundamental research to identify and select what we believe to be the best managers across a range of investment styles. In constructing the portfolio, I establish strategic allocations and ranges for each investment style, as well as weights for each individual manager, and I will incrementally shift among styles as the economic cycle changes. Q: Which managers aided performance versus the benchmark Before we discuss performance, I think it's important to note that the results of our underlying managers are measured against the Fund's Russell 2500 benchmark. The benchmark is a blend of growth- and value-oriented stocks. As such, managers whose strategies are more consistently aligned with a growth or value investment style are being compared with a benchmark that is not entirely reflective of their particular approach. With that as backdrop, a common theme among the Fund's leading contributors was that they either pursued a growth-oriented strategy consistent with their normal investment style, or they incorporated a meaningful growth emphasis into their investment process during the period. Sub-adviser ArrowMark Partners formerly known as Arrowpoint Asset Management was the top relative contributor this period. ArrowMark follows a quality-focused growth strategy with a contrarian bias. It benefited from overweighting health care, along with strong security selection in that sector, particularly in the pharmaceuticals and biotechnology segments. Additionally, ArrowMark was helped by favorable overall positioning in industrials, along with underweighted exposure to REITs. Sub-adviser Portolan Capital Management outpaced the Russell 2500 Index by the widest margin of any underlying manager, fueled partly by a large overweighting in technology, along with good picks in the sector, primarily within software & services. This manager also did a nice job with selections in industrials and telecommunication services. Portolan employs an opportunistic, go-anywhere strategy that was quite growth-tilted this period. Sub-adviser BNY Mellon Asset Management North America (AMNA) formerly known as The Boston Company rounded out the group of leading contributors. This manager follows an opportunistic SMID-cap strategy with a contrarian bias, seeking to identify stocks trading at a discount to their intrinsic value. This period, BNY Mellon AMNA benefited most by not owning any REITs. Picks in financials and positioning in the energy sector also boosted this manager's result. Q: How about detractors The primary relative detractor was sub-adviser LSV Asset Management, although this manager's performance was in line with my expectations, given that it pursues a quantitatively driven deep-value strategy. Along with facing a stylistic headwind, LSV was hampered by unfavorable selection and positioning in health care and technology. Sub-adviser JPMorgan Investment Management performed roughly in line with the Fund's benchmark and marginally detracted, due to modestly negative picks in the consumer discretionary and energy sectors. Q: Did you make any notable changes to the Fund this period No, not this period. We kept the Fund's manager allocations consistent overall. As of period end, the bulk of the Fund's assets were allocated among five different subadvised strategies. Q: What is your outlook as of February 28 I think the market environment for small- and mid-cap stocks remains supportive from a fundamental perspective. Valuations appear elevated relative to history, but not overly expensive, in my view. I don't see much in the way of compelling value opportunities or underappreciated trends at this point in the market cycle. I think the recent Tax Cut and Jobs Act is a positive for U.S. corporations and will likely boost earnings and cash flows. In my opinion, monetary policy is likely to be a key driver of the stock market's direction in the months ahead. The pace of rate hikes by the U.S. Federal Reserve, which will be heavily influenced by inflation, is likely to have a major impact on investor sentiment. We're seeing some signs of inflation picking up, but not to the extent that it appears problematic right now, in my view. Against this backdrop, I'm comfortable with the Fund's present positioning, and I plan to stay fully invested. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

ASSET ALLOCATION Barry Golden on the advantages of sub-advisers: "As of February 28, nearly all of the Fund's assets were being managed by sub-advisers, with the balance in mutual funds. Over time, I have concentrated the portfolio among fewer managers and, in so doing, have favored sub-advisers. "We think sub-advisers provide the Fund and our shareholders with a variety of advantages. First off, working with sub-advisers enables us to negotiate management fees, which can result in lower costs versus mutual funds. Sub-advisers also allow us to have greater insight into the manager's investment process, as well as closer overall working relationships. "Concentrating assets with sub-advisers also improves the Fund's trading liquidity, due to the fact that Fidelity owns the underlying securities another factor that can also help reduce costs. Lastly, emphasizing sub-advisers gives the Fund access to institutional managers that may not be available in a mutual fund format. "For these reasons, I expect that sub-advisers will continue to play a dominant role in the Fund." Asset Class Portfolio Weight Portfolio Weight Six Months Ago Equity Investments 97.40% 97.88% Equities 91.72% 93.07% Mutual Funds 5.68% 4.81% ETFs 0.00% 0.00% Bonds 0.00% 0.00% Cash & Net Other Assets 2.60% 2.12% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. MANAGER ALLOCATION Manager Portfolio Weight Sub-Adviser Total 89.42% LSV ASSET MANAGEMENT 23.37% JP MORGAN INV MGMT 23.17% ARROWMARK PARTNERS 22.99% PORTOLAN CAPITAL MANAGEMENT 10.32% BNY MELLON AMNA 9.57% Top Mutual Fund Positions 5.68% Fidelity SAI Small-Mid Cap 500 5.10% Fidelity SAI Real Estate Index 0.58% Remaining Investments 4.90% Manager allocations are as of the end of the reporting period and may not be representative of the fund's current or future investments. Excludes money market investments. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

FISCAL PERFORMANCE SUMMARY: Periods ending February 28, 2018 6 Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Strategic Advisers Small-Mid Cap Multi-Manager Fund Gross Expense Ratio: 2.18% 2 10.03% -0.49% 13.49% 8.52% 11.47% 13.34% Russell 2500 Index 8.71% -1.19% 11.17% 8.29% 12.30% 14.37% Morningstar Fund Small Growth 11.11% 1.10% 17.92% 8.94% 12.63% -- % Rank in Morningstar Category (1% = Best) -- -- 69% 57% 72% -- # of Funds in Morningstar Category -- -- 687 600 538 -- 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/20/2011. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit 401K.com or fidelity.com/performance. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendar-quarter performance. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Definitions and Important Information but impose different expense structures. Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. FUND RISKS Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. These risks may be magnified in foreign markets. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The securities of smaller, less wellknown companies can be more volatile than those of larger companies. The fund can invest in ETFs which may trade at a discount to their NAV. Fund of funds bear the risks of the investment strategies of their underlying funds. IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. Initial offering of Class N and Class L shares for the fund was on 11/12/13. Returns prior to this date are those of the retail fund. Had Class N and L fees been reflected, returns would have been lower. Effective 12/18/17, the fund's redemption fee has been removed. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. Russell 2500 Index is a market-capitalization-weighted index designed to measure the performance of the small to mid-cap segment of the U.S. equity market. It includes approximately 2,500 of the smallest securities in the Russell 3000 Index. S&P 500 is a market-capitalization-weighted index of 500 common stocks chosen for market size, liquidity and industry group representation to represent U.S. equity performance. RANKING INFORMATION 2018 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio 6

Manager Facts Barry Golden is a portfolio manager at Strategic Advisers, Inc. (SAI), a registered investment adviser and a Fidelity Investments company. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, Mr. Golden manages Strategic Advisers Small-Mid Cap Fund, Strategic Advisers Small-Mid Cap Multi-Manager Fund, and Strategic Advisers Fidelity U.S. Total Stock Fund. Prior to assuming his current position in May 2013, Mr. Golden served as the alternative investments research team leader. Previously, he was the U.S. growth research team leader, and during this time, also co-managed Strategic Advisers Growth Fund. Mr. Golden also held various other roles within Fidelity, including associate director of investments on the Fidelity Charitable Gift Fund, research analyst, and data analyst at Fidelity Management & Research Company (FMR Co.). He has been in the financial industry since joining Fidelity in 2003. Mr. Golden earned his bachelor of science degree in business information systems from University College Cork in Ireland, where he graduated with first class honors, and his master of science degree in finance (international investments) from Brandeis University's International Business School. He is also a CFA charterholder and a Chartered Alternative Investment Analyst (CAIA). 7 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PERFORMANCE SUMMARY: Quarter ending March 31, 2018 1 3 Annualized 5 10 / LOF 1 Strategic Advisers Small-Mid Cap Multi-Manager Fund Gross Expense Ratio: 2.18% 2 13.58% 8.06% 10.68% 13.20% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 12/20/2011. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit 401K.com or fidelity.com/performance. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Diversification does not ensure a profit or guarantee against a loss. Information included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2018 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 718939.7.0