Strategic Advisers Growth Fund

Strategic Advisers Growth Fund Key Takeaways For the semiannual reporting period ending November 30, 2017, the Fund gained 12.40%, modestly trailing the 13.05% return of the benchmark Russell 1000 Growth Index. During a period in which many active growth managers struggled to add value versus the Russell index, adverse stock selection on the part of several underlying managers hampered the Fund's performance versus the benchmark. The Focused Growth strategy managed by sub-adviser FIAM was the primary relative detractor. Its valuation-driven GARP strategy fell out of favor during the first half of the period, and also was hurt by unfavorable selection effects in the information technology, consumer staples and health care sectors. The Blended Research Large Cap Growth strategy from sub-adviser Massachusetts Financial Services (MFS) also detracted due to subpar picks in several sectors. Sub-adviser ClariVest Asset Management was the top relative contributor, aided by the momentum emphasis in its strategy, as well as broadly positive stock selection. Fidelity Growth Company Fund provided a further boost to relative results. Its bottom-up, all-cap growth strategy benefited from strong picks in technology and health care. In October, most of the assets from FIAM's Focused Growth strategy were reallocated to the Fund's other sub-advisers. As of November 30, Portfolio Managers John Stone and Niall Devitt had the portfolio tilted toward market sectors that may benefit from continued economic growth. MARKET RECAP The U.S. equity bellwether S&P 500 index gained 10.89% for the six months ending November 30, 2017, rising steadily and closing the period at an alltime high after a particularly strong three-month finish. The lone exception to the uptrend was a brief cooldown in August, when geopolitical tension escalated and uncertainty grew regarding legislation out of Washington. Nonetheless, consumer sentiment and other market indicators remained positive. In a stark reversal from 2016, growth-oriented stocks handily topped their value counterparts. Among sectors, financials (+19%) fared best, riding the uptick in bond yields and a surge in banks (+22%) late in the period. Information technology (+15%) also stood out, advancing amid strong earnings growth from several major index constituents. Materials rose about 13%, spurred by increased demand, especially from China. Health care finished roughly in line with the index. Conversely, rising interest rates held back real estate (+7%), sluggish oil prices curbed energy (+8%), and a weak result from media (-5%) hampered the gain of the broader consumer discretionary sector (+7%). Lastly, telecommunication services (+2%) and consumer staples (0%) fared worst, due to investors' general preference for risk assets, coupled with increased competition and margin pressure. Shares are offered only to certain clients of Strategic Advisers, Inc. not available for sale to the general public Not FDIC Insured May Lose Value No Bank Guarantee

Q&A John Stone Lead Manager Fund Facts Trading Symbol: FSGFX Start Date: June 02, 2010 Size (in millions): $11,812.85 Investment Approach Niall Devitt Co-Manager Strategic Advisers Growth Fund (the Fund) is a multimanager investment strategy that seeks capital appreciation by investing primarily in U.S. large-cap stocks believed to have above-average growth potential. The Fund provides diversified exposure to multiple growth-oriented investment vehicles including subadvised strategies, mutual funds and, at times, exchangetraded 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. An interview with Lead Portfolio Manager John Stone and Co- Portfolio Manager Niall Devitt Q: John, how did the Fund perform for the six months ending November 30, 2017 J.S. The Fund gained 12.40%, modestly trailing the 13.05% return of the benchmark Russell 1000 Growth Index but outpacing our Morningstar peer group average. During a period in which many active growth managers struggled to add value versus the Russell index, adverse stock selection on the part of several underlying managers hampered the Fund's relative result. At the same time, one underlying manager's momentum-oriented strategy and broadly positive stock picking notably aided performance. Looking back over a full 12 months, the Fund once again lagged the benchmark but beat the peer average. Q: Tell us more about your strategy and how it influenced performance the past six months. J.S. The Fund employs a multi-manager investment approach, allocating assets among a group of style-specific sub-advisers and mutual funds. We seek to outpace the Fund's benchmark over a full market cycle by formulating what we determine to be an appropriate mix of underlying managers based on factors such as market environment and management style. Generally speaking, the past six months proved challenging for active growth managers. Roughly 75% of the funds in our Morningstar peer group lagged the Russell 1000 Growth Index. Several factors influenced this outcome. First, mega-cap outpaced mid-cap shares, and managers generally carried greater exposure to mid-caps. Many growth managers chose to avoid "legacy technology" names such as Microsoft, Micron Technology and Texas Instruments and thus missed out on the surge in those stocks. In addition, a majority of managers also failed to benefit from the rally in various large industrials stocks, such as Boeing and 3M. In sum, most growth managers carried an underweighting in legacy tech and industrials as they sought elsewhere for what they considered highergrowth opportunities. 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

In implementing our investment strategy, we leverage the depth of Strategic Advisers' research department to select what we believe are the best GARP (growth at a reasonable price), quality-growth, aggressive-growth, momentumoriented and opportunistic-growth strategies, and then we combine them in a risk-managed approach. Within our universe of growth managers, momentum was the only investment factor or style that outperformed this period, driven largely by the "FANG" stocks: Facebook, Amazon.com, Netflix and Alphabet/Google. Q: Turning to you, Niall, which managers hampered relative performance N.D. The Focused Growth strategy managed by subadviser FIAM was the primary detractor. This valuationdriven GARP strategy fell out of favor during the first half of the period, and also was hurt by picks in the information technology, consumer staples and health care sectors. The Blended Research Large Cap Growth strategy from sub-adviser MFS also hurt. We were a bit disappointed in this strategy's performance this period, given that its allweather approach keeps its sector allocations close to index weights. It stumbled with selections in health care, consumer discretionary and materials. Despite this underperformance, as of period end we retain confidence in this MFS strategy and the firm's fundamental research capabilities. I'll also mention Columbia Select Large Cap Growth Fund. This fund's aggressive-growth style was generally out of favor this period. Its performance also was dampened by selections in health care, an underweighting in industrials and an overweighting in the lagging energy category. Q: Which managers contributed N.D. Sub-adviser ClariVest Asset Management the Fund's largest manager allocation was the top relative contributor. ClariVest pursues a quantitative strategy with a momentum bias: an approach that we believe may deviate less from the benchmark than other managers. This period, ClariVest's momentum emphasis added meaningful value to performance. ClariVest also achieved broadly positive stock selection, especially in the consumer sectors. Fidelity Growth Company Fund, which uses a bottom-up, all-cap growth strategy, outperformed our expectations, led by its largest holding, computer graphics-card designer Nvidia. Picks elsewhere in technology and in health care provided a further boost to this fund's result. Sub-adviser Loomis Sayles' contrarian, opportunistic approach with a quality tilt contributed modestly, partly due to holdings of online retailers Amazon.com and China's Alibaba Group Holding, plus social media firm Facebook. Q: Did you make any notable changes to the Fund this period N.D. Yes. In October, we reallocated most assets from FIAM's Focused Growth strategy to other sub-advisers. The departure of two longtime portfolio managers had led us to reevaluate our investment thesis for this strategy. We also added a position in Fidelity SAI U.S. Momentum Index Fund, which was launched for exclusive use by Strategic Advisers. It tracks a version of the MSCI USA Momentum Index that was customized for Fidelity, and seeks to capitalize on the price momentum of stocks that have outperformed over the past six and 12 months. Historically, momentum factors have worked well during the mid-to-later phase of the economic cycle. So, we view this as a tactical position for the Fund. Q: What is your outlook as of period end, John J.S. We think the U.S. economy continues to provide a supportive backdrop for stocks. U.S. GDP (gross domestic product) registered two consecutive quarters of 3% or better annualized growth in the second and third quarters of 2017. The unemployment rate reached a 17-year low of 4.1%. Consumer spending has been strengthening, and new home sales are posting strong gains. In our view, stock valuations are stretched but still within a range of fair value. That said, although we believe stocks may continue to rise, their performance could lag the rate of future earnings growth due to elevated valuations. As we move into 2018, we think economically sensitive areas of the market offer the best return prospects, in particular, financials and technology. As a result, the Fund had a cyclical tilt at period end, with aggregate overweightings in both of these sectors. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

ASSET ALLOCATION John Stone on the outlook for economically sensitive stocks: "One of the questions we've been wrestling with is whether market leadership will shift from secular growth stocks to stocks that are more sensitive to economic expansion. Secular growth stocks include, for example, technology high-fliers that have performed exceptionally well in 2017, such as Facebook, Amazon.com and Netflix. "Shares of cyclically driven companies rose in the immediate aftermath of the 2016 presidential election. The pro-growth rhetoric of then President-elect Trump drove up the earningsgrowth prospects of companies in economically sensitive industries. As 2017 unfolded, however, secular growth stocks strongly rebounded when questions arose about the timing and ultimate success of Trump's economic agenda. "Looking ahead, we believe the performance of cyclical stocks will depend on increases in inflation and capital spending, although the outlook for either of these factors is uncertain at this point. We think the Fund is positioned to benefit if cyclicals strengthen. At the same time, in our view, the Fund also may do well if secular growth continues to lead the market. Conversely, if growth in U.S. GDP falters and the economy begins to slip into recession a scenario that seems unlikely in the near term the Fund's performance could suffer. "In our opinion, the stock market has yet to fully price in the 2018 rate hikes telegraphed by the U.S. Federal Reserve. Consequently, if rates rise faster than the market currently expects, stocks could decline. We think bond-proxy groups likely would fare the worst in this scenario. Rising rates may not be overly detrimental to the performance of more-cyclical sectors, so long as rates are rising because inflation is trending higher." Asset Class Portfolio Weight Portfolio Weight Six Months Ago Equity Investments 99.36% 99.26% Equities 64.69% 69.56% Mutual Funds 34.67% 29.70% ETFs 0.00% 0.00% Bonds 0.00% 0.00% Cash & Net Other Assets 0.64% 0.74% 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 61.82% CLARIVEST ASSET MANAGEMENT LLC 29.81% MFS 22.02% LOOMIS SAYLES & CO LP 9.86% FIAM LLC 0.13% Top Mutual Fund Positions 35.07% Growth Company 16.79% Sai US Quality Index 9.96% Columbia Select Large Cap Grow 4.94% Sai US Momentum Index 2.99% Securities Lending Cf 0.39% Remaining Investments 3.11% 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 November 30, 2017 6 Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Strategic Advisers Growth Fund Gross Expense Ratio: 0.69% 2 12.40% 28.45% 29.53% 11.91% 16.42% 14.85% Russell 1000 Growth Index 13.05% 29.21% 30.81% 13.10% 17.14% 16.20% Morningstar Fund Large Growth 11.48% 26.87% 27.69% 10.53% 15.25% -- % Rank in Morningstar Category (1% = Best) -- -- 40% 33% 31% -- # of Funds in Morningstar Category -- -- 1,371 1,226 1,110 -- 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 06/02/2010. 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 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 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 Growth stocks can perform differently from the market as a whole and can be more volatile than other types of stocks. 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 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. The fund may have additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers. 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. 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 1000 Growth Index is a market-capitalization-weighted index designed to measure the performance of the large-cap growth segment of the U.S. equity market. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth rates. 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 but impose different expense structures. 6

Manager Facts John Stone is a portfolio manager and U.S. Equity group leader 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, he is responsible for overseeing the U.S. Equity investment strategy and managing a variety of funds, including Strategic Advisers Core Fund, Strategic Advisers Growth Fund, Strategic Advisers Value Fund, Strategic Advisers Core Multi-Manager Fund, Strategic Advisers Growth Multi-Manager Fund and Strategic Advisers Value Multi-Manager Fund, as well as the U.S. Equity sub-portfolios for Fidelity Portfolio Advisory Service, 529 Multi-Firm, and the Fidelity Charitable Gift Fund Legacy Pool. his master of science degree in finance from Boston College. He is also a CFA charterholder. Prior to assuming his current position in July 2008, Mr. Stone was a portfolio manager at Mercer Investments from 2006 to 2008. Previously, he worked as an investment analyst at Pyramis Global Advisors from 2002 to 2006, an investment associate at Devonshire Investors from 2000 to 2002, and as a Fidelity management trainee from 1998 to 2000. He has been in the industry since joining Fidelity in 1993. Mr. Stone earned his bachelor of science degree in quantitative economics from Tufts University and his master of business administration degree from Cornell University's Johnson Graduate School of Management. He is also a Chartered Financial Analyst (CFA) charterholder. Niall Devitt is a senior research analyst and 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. Devitt is responsible for the evaluation and selection of open-architecture mutual funds and institutional strategies as well as asset class analysis and recommendations in the U.S. equity large cap area. Additionally, he serves as a comanager on the Strategic Advisers Core Fund, Strategic Advisers Core Multi-Manager Fund, Strategic Advisers Growth Fund and Strategic Advisers Growth Multi-Manager Fund. Prior to assuming his current position in February 2016, Mr. Devitt held various roles within SAI, including team leader, research analyst, and research associate. Previously, Mr. Devitt worked at Fidelity Tax Exempt Services Company as a systems analyst and as a systems associate. He has been in the investments industry since joining Fidelity in 2001. Mr. Devitt earned his bachelor of science degree in business information systems from University College Cork in Ireland, and 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 Growth Fund Gross Expense Ratio: 0.69% 2 21.67% 11.86% 14.99% 14.59% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 06/02/2010. 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 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. 709469.7.0