Strategic Advisers® Growth Multi-Manager Fund

Class/Ticker

Strategic Advisers Growth Multi-Manager Fund/FMELX

In this prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this prospectus.

Summary Prospectus

July 30, 2014

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---

# Fund Summary

Fund/Class:Strategic Advisers®Growth Multi-Manager Fund/Strategic Advisers Growth Multi-Manager Fund

## Investment Objective

The fund seeks 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) | None
|--------------------------------------------------------- | ----

Annual operating expenses(expenses that you pay each year as a % of the value of your investment)

|Management fee (fluctuates based on the fund's allocation among underlying funds and sub-advisers)B | 0.53%
|--------------------------------------------------------------------------------------------------- | -----
|Distribution and/or Service (12b-1) fees                                                            | None 
|Other expenses                                                                                      | 0.31%
|Total annual operating expensesA                                                                    | 0.84%

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

BStrategic Advisers, Inc. (Strategic Advisers) has contractually agreed that the fund's maximum aggregate annual management fee will not exceed 1.00% of the fund's average daily net assets. In addition, Strategic
Advisers has contractually agreed to reimburse the class to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses,
and acquired fund fees and expenses, if any), as a percentage of its average net assets, exceed 0.97%. This arrangement will remain in effect through July 31, 2015. Strategic Advisers may not terminate this
arrangement without the approval of the Board of Trustees.

This example helps compare the cost of investing in the fund with the cost of investing in other 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:

|1 year   | $	86   
|-------- | -------
|3 years  | $	268  
|5 years  | $	466  
|10 years | $	1,037

Summary Prospectus

### Portfolio Turnover

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of affiliated funds but may incur transaction costs
when buying or selling non-affiliated funds and other types of securities (including non-affiliated exchange traded funds) directly (or "turns
over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are
held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance.
During the most recent fiscal year, the fund's portfolio turnover rate was 51% of the average value of its portfolio.

## Principal Investment Strategies

- Normally investing primarily in common stocks.
- Investing in companies that are believed to have above-average growth potential (stocks of these companies are often called "growth" stocks).
- Normally investing primarily in securities of companies with large market capitalizations (which, for purposes of this fund, are those companies
with market capitalizations similar to companies in the Russell 1000® Growth Index).
- Investing in domestic and foreign issuers.
- Implementing investment strategies by investing directly in securities through one or more managers (sub-advisers) or indirectly in securities
through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).
- Allocating assets among affiliated funds (i.e., Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork®, and non-affiliated exchange traded funds (ETFs) (underlying funds) and sub-advisers.
- Allocating assets among underlying funds using proprietary fundamental and quantitative fund research, considering factors including fund
performance, a fund manager's experience and investment style, fund company infrastructure, and fund characteristics such as expense ratio,
asset size, and portfolio turnover.
- Allocating assets among sub-advisers considering factors including, but not limited to, a sub-adviser's investment approach, the characteristics
of a sub-adviser's typical investment portfolio, and a sub-adviser's performance patterns in different market environments.

Pursuant to an exemptive order granted by the Securities and Exchange Commission (SEC), Strategic Advisers, Inc. (Strategic Advisers) is permitted, subject to the approval of the Board of Trustees, to enter into new or amended sub-advisory agreements with one or more unaffiliated sub-advisers without obtaining shareholder approval of such agreements. Subject to oversight by the Board of Trustees, Strategic Advisers has the
ultimate responsibility to oversee the fund's sub-advisers and recommend their hiring, termination, and replacement. In the event the Board of
Trustees approves a sub-advisory agreement with a new unaffiliated sub-adviser, shareholders will be provided with information about the
new sub-adviser and sub-advisory agreement.

Summary Prospectus

Fund Summary - continued

## Principal Investment Risks

- Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of the fund's sub-advisers might
adversely affect the fund's performance or lead to disadvantageous tax consequences.
- 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.
- 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, including different market sectors, and different types of securities can react differently to
these developments.
- Foreign Exposure. Foreign 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.
- Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single
industry or group of related industries.
- 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.
- 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.
- "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.
- 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.

In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than
would occur in a more diversified fund.

Summary Prospectus

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

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index
over various periods of time. The index description appears in the Additional Index Information section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit www.401k.com and log in (plan accounts) or www.fidelity.com (all other accounts) for updated return information.

Year-by-Year Returns

|Calendar Years |  |  |  |  |  |  |  |  | 2012   | 2013  
|-------------- |  |  |  |  |  |  |  |  | ------ | ------
|               |  |  |  |  |  |  |  |  | 12.93% | 36.09%

ooo88836

|During the periods shown in the chart: | Returns | Quarter ended 
|-------------------------------------- | ------- | --------------
|Highest Quarter Return                 | 15.04%  | March 31, 2012
|Lowest Quarter Return                  | -6.32%  | June 30, 2012 
|Year-to-Date Return                    | 4.97%   | June 30, 2014 

### Average Annual Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state
or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if
you hold your shares in a retirement account or in another tax-deferred arrangement.

Summary Prospectus

Fund Summary - continued

|For the periods ended
December 31, 2013                                        | Past 1
year | Life of
classA
|------------------------------------------------------------------------------ | ----------- | --------------
|Strategic Advisers Growth Multi-Manager Fund                                   |             |               
|Return Before Taxes                                                            | 36.09%      | 21.95%        
|Return After Taxes on Distributions                                            | 34.19%      | 21.09%        
|Return After Taxes on Distributions and Sale of Fund Shares                    | 21.71%      | 17.06%        
|Russell 1000® Growth Index(reflects no deduction for fees, expenses, or taxes) | 33.48%      | 22.58%        

AFrom November 16, 2011.

## Investment Adviser

Strategic Advisers (the Adviser) is the fund's manager. ClariVest Asset Management LLC (ClariVest), Massachusetts Financial Services Company
(MFS), Morgan Stanley Investment Management Inc. (MSIM), Pyramis Global Advisors, LLC (Pyramis), and Waddell & Reed Investment Management Company (WRIMCO) have been retained to serve as sub-advisers for the fund.

## Portfolio Manager(s)

John A. Stone (portfolio manager) has managed the fund since November 2011.

David J. Pavan (co-manager) and Frank Feng (co-manager) have managed ClariVest's portion of the fund's assets since November 2011.

Ed Wagner (co-manager) has managed ClariVest's portion of the fund's assets since February 2012.

Stacey Nutt (co-manager) has managed ClariVest's portion of the fund's assets since June 2013.

Matthew W. Krummell (portfolio manager) has managed MFS' portion of the fund's assets since September 2013.

Dennis P. Lynch (lead manager), David S. Cohen (co-manager), Sam G. Chainani (co-manager), Alexander T. Norton (co-manager), Jason C.
Yeung (co-manager), and Armistead B. Nash (co-manager) have managed MSIM's portion of the fund's assets since December 2011.

Stephen Balter (co-manager) and Christopher Galizio (co-manager) have managed Pyramis' portion of the fund's assets since November 2011.

Daniel P. Becker (co-manager) and Philip J. Sanders (co-manager) have managed WRIMCO's portion of the fund's assets since November 2011.

## Purchase and Sale of Shares

Shares generally are available only to: (i) employer-sponsored retirement plans (including profit sharing, 401(k), 403(b), 457(b), and similar
plans) for which Fidelity provides recordkeeping services; and (ii) Fidelity brokerage or mutual fund accounts held by individuals who currently
own shares of the fund originally held in an employer sponsored retirement plan. You may buy or sell shares in various ways:

Summary Prospectus

|Internet                                                                                                                                                                           
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Plan Accounts:
www.401k.com                                                                                                                                                        
|Phone
Plan Accounts:
For Individual Accounts (investing through a retirement plan sponsor or other institution), refer to your plan materials or contact that institution directly.
|For Retirement Plan Level Accounts:
Corporate Clients 1-800-962-1375
"Not for Profit" Clients 1-800-343-0860                                                                       
|All Other Accounts:
Fidelity Automated Service Telephone (FAST®) 1-800-544-5555
To reach a Fidelity representative 1-800-544-6666                                                  
|Mail                                                                                                                                                                               
|Plan Accounts:
Redemptions:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035                                                                                         
|All Other Accounts:
Additional purchases:
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003                                                                           
|All Accounts:                                                                                                                                                                      
|TDD - Service for the Deaf and Hearing Impaired
1-800-544-0118                                                                                                                     

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is
received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

## Tax Information

Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and
may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be
taxed later, upon withdrawal of your investment from such account).

## Payments to Broker-Dealers and Other Financial Intermediaries

The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund
shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional
to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

Summary Prospectus

FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at
202-371-8300.

Strategic Advisers, Fidelity Investments & Pyramid Design, FundsNetwork, and FAST are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.

The third-party marks appearing above are the marks of their respective owners.

1.931551.107	MMG-SUM-0714

Strategic Advisers®Growth Multi-Manager Fund

|Class/Ticker
|------------
|L/FQACX     

Summary Prospectus

July 30, 2014

ooo88838

---

# Fund Summary

Fund/Class:Strategic Advisers®Growth Multi-Manager Fund/L, N

## Investment Objective

The fund seeks 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) | None
|--------------------------------------------------------- | ----

Annual operating expenses(expenses that you pay each year as a % of the value of your investment)

|                                                                                                    | Class L |  | Class N
|--------------------------------------------------------------------------------------------------- | ------- |  | -------
|Management fee (fluctuates based on the fund's allocation among underlying funds and sub-advisers)B | 0.53%   |  | 0.53%  
|Distribution and/or Service (12b-1) fees                                                            | None    |  | 0.25%  
|Other expenses                                                                                      | 0.32%   |  | 0.33%  
|Total annual operating expenses                                                                     | 0.85%   |  | 1.11% A

ADiffers from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.

BStrategic Advisers, Inc. (Strategic Advisers) has contractually agreed that the fund's maximum aggregate annual management fee will not exceed 1.00% of the fund's average daily net assets. In addition, Strategic
Advisers has contractually agreed to reimburse Class L and Class N of the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions,
extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed 0.97% for Class L and 1.22% for Class N. These arrangements will remain in
effect through July 31, 2015. Strategic Advisers may not terminate these arrangements without the approval of the Board of Trustees.

Summary Prospectus

This example helps compare the cost of investing in the fund with the cost of investing in other 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:

|         | Class L |  | Class N
|-------- | ------- |  | -------
|1 year   | $	87    |  | $	113  
|3 years  | $	271   |  | $	353  
|5 years  | $	471   |  | $	612  
|10 years | $	1,049 |  | $	1,352

### Portfolio Turnover

The fund will not incur transaction costs, such as commissions, when it buys and sells shares of affiliated funds but may incur transaction costs
when buying or selling non-affiliated funds and other types of securities (including non-affiliated exchange traded funds) directly (or "turns
over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are
held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance.
During the most recent fiscal year, the fund's portfolio turnover rate was 51% of the average value of its portfolio.

## Principal Investment Strategies

- Normally investing primarily in common stocks.
- Investing in companies that are believed to have above-average growth potential (stocks of these companies are often called "growth" stocks).
- Normally investing primarily in securities of companies with large market capitalizations (which, for purposes of this fund, are those companies
with market capitalizations similar to companies in the Russell 1000® Growth Index).
- Investing in domestic and foreign issuers.
- Implementing investment strategies by investing directly in securities through one or more managers (sub-advisers) or indirectly in securities
through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).
- Allocating assets among affiliated funds (i.e., Fidelity funds) and non-affiliated funds that participate in Fidelity's FundsNetwork®, and non-affiliated exchange traded funds (ETFs) (underlying funds) and sub-advisers.

Summary Prospectus

Fund Summary - continued

- Allocating assets among underlying funds using proprietary fundamental and quantitative fund research, considering factors including fund
performance, a fund manager's experience and investment style, fund company infrastructure, and fund characteristics such as expense ratio,
asset size, and portfolio turnover.
- Allocating assets among sub-advisers considering factors including, but not limited to, a sub-adviser's investment approach, the characteristics
of a sub-adviser's typical investment portfolio, and a sub-adviser's performance patterns in different market environments.

Pursuant to an exemptive order granted by the Securities and Exchange Commission (SEC), Strategic Advisers, Inc. (Strategic Advisers) is permitted, subject to the approval of the Board of Trustees, to enter into new or amended sub-advisory agreements with one or more unaffiliated
sub-advisers without obtaining shareholder approval of such agreements. Subject to oversight by the Board of Trustees, Strategic Advisers has
the ultimate responsibility to oversee the fund's sub-advisers and recommend their hiring, termination, and replacement. In the event the
Board of Trustees approves a sub-advisory agreement with a new unaffiliated sub-adviser, shareholders will be provided with information
about the new sub-adviser and sub-advisory agreement.

## Principal Investment Risks

- Multiple Sub-Adviser Risk. Separate investment decisions and the resulting purchase and sale activities of the fund's sub-advisers might
adversely affect the fund's performance or lead to disadvantageous tax consequences.
- 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.
- 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, including different market sectors, and different types of securities can react differently to
these developments.
- Foreign Exposure. Foreign 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.
- Industry Exposure. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single
industry or group of related industries.
- 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.
- 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.

Summary Prospectus

- "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.
- 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.

In addition, the fund is considered non-diversified and can invest a greater portion of assets in securities of a smaller number of individual issuers
than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would
occur in a more diversified 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. You could lose money by investing in the fund.

## Performance

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the
performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market
index over various periods of time. The index description appears in the Additional Index Information section of the prospectus. Past performance is not an indication of future performance.

Visit www.401k.com and log in or www.fidelity.com for updated return information.

Performance history will be available for Class L and Class N after Class L and Class N have been in operation for one calendar year.

Summary Prospectus

Fund Summary - continued

Year-by-Year ReturnsA

|Calendar Years |  |  |  |  |  |  |  |  | 2012   | 2013  
|-------------- |  |  |  |  |  |  |  |  | ------ | ------
|               |  |  |  |  |  |  |  |  | 12.93% | 36.09%

ooo88840

|During the periods shown in the chart for Strategic Advisers Growth Multi-Manger Fund: | Returns | Quarter ended 
|-------------------------------------------------------------------------------------- | ------- | --------------
|Highest Quarter Return                                                                 | 15.04%  | March 31, 2012
|Lowest Quarter Return                                                                  | -6.32%  | June 30, 2012 
|Year-to-Date Return                                                                    | 4.97%   | June 30, 2014 

AThe returns shown above are for Strategic Advisers Growth Multi-Manager Fund, a class of shares of the fund that is not offered through this prospectus. Class L and Class N would have substantially similar annual
returns to Strategic Advisers Growth Multi-Manager Fund because the classes are invested in the same portfolio of securities. Class L's and Class N's returns would differ from Strategic Advisers Growth Multi-Manager
Fund's returns to the extent that the classes do not have the same expenses.

Average Annual Returns

|For the periods ended
December 31, 2013                                        | Past 1
year | Life of
classA
|------------------------------------------------------------------------------ | ----------- | --------------
|Strategic Advisers Growth Multi-Manager FundB                                  | 36.09%      | 21.95%        
|Russell 1000® Growth Index(reflects no deduction for fees, expenses, or taxes) | 33.48%      | 22.58%        

AFrom November 16, 2011.

BThe returns shown above are for Strategic Advisers Growth Multi-Manager Fund, a class of shares of the fund that is not offered through this prospectus. Class L and Class N would have substantially similar annual
returns to Strategic Advisers Growth Multi-Manager Fund because the classes are invested in the same portfolio of securities. Class L's and Class N's returns would differ from Strategic Advisers Growth Multi-Manager
Fund's returns to the extent that the classes do not have the same expenses.

## Investment Adviser

Strategic Advisers (the Adviser) is the fund's manager. ClariVest Asset Management LLC (ClariVest), Massachusetts Financial Services Company
(MFS), Morgan Stanley Investment Management Inc. (MSIM), Pyramis Global Advisors, LLC (Pyramis), and Waddell & Reed Investment Management Company (WRIMCO) have been retained to serve as sub-advisers for the fund.

## Portfolio Manager(s)

John A. Stone (portfolio manager) has managed the fund since November 2011.

Summary Prospectus

David J. Pavan (co-manager) and Frank Feng (co-manager) have managed ClariVest's portion of the fund's assets since November 2011.

Ed Wagner (co-manager) has managed ClariVest's portion of the fund's assets since February 2012.

Stacey Nutt (co-manager) has managed ClariVest's portion of the fund's assets since June 2013.

Matthew W. Krummell (portfolio manager) has managed MFS' portion of the fund's assets since September 2013.

Dennis P. Lynch (lead manager), David S. Cohen (co-manager), Sam G. Chainani (co-manager), Alexander T. Norton (co-manager), Jason C.
Yeung (co-manager), and Armistead B. Nash (co-manager) have managed MSIM's portion of the fund's assets since December 2011.

Stephen Balter (co-manager) and Christopher Galizio (co-manager) have managed Pyramis' portion of the fund's assets since November 2011.

Daniel P. Becker (co-manager) and Philip J. Sanders (co-manager) have managed WRIMCO's portion of the fund's assets since November 2011.

## Purchase and Sale of Shares

Class L and Class N shares are only offered to employee benefit plans (including profit sharing, 401(k), 403(b), and similar plans) investing
through an intermediary.

Plan participants may purchase Class L or Class N shares only if Class L or Class N shares are eligible for sale and available through their employee benefit plan. You may buy or sell shares by contacting your employee benefit plan.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in
proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for Class L or Class N shares.

## Tax Information

Distributions by the fund to tax-advantaged retirement plan accounts are not taxable currently (but you may be taxed later, upon withdrawal
of your investment from such account).

## Payments to Broker-Dealers and Other Financial Intermediaries

The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund
shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional
to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

Summary Prospectus

FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at
202-371-8300.

Strategic Advisers, Fidelity Investments & Pyramid Design, and FundsNetwork are registered service marks of FMR LLC. © 2014 FMR LLC. All rights reserved.

The third-party marks appearing above are the marks of their respective owners.

1.969646.101	MMG-L-MMG-N-SUM-0714