Strategic Advisers International Fund

Strategic Advisers International Fund Key Takeaways For the semiannual reporting period ending August 31, 2017, the Fund gained 13.09%, outpacing the 12.32% return of the benchmark MSCI EAFE Index. Versus the benchmark, underlying managers with a growth emphasis in their strategies fueled the Fund's performance, as growth-oriented stocks topped value stocks this period. The top relative contributors were Fidelity International Discovery Fund and sub-adviser William Blair Investment Management. Both managers' growth-oriented investment styles and favorable overall positioning enabled them to outperform the MSCI EAFE Index by sizable margins. The primary relative detractors were several ETFs (exchangetraded funds) and a Fidelity sector fund that were held for riskmanagement purposes. Portfolio Manager Wilfred Chilangwa has a generally positive outlook for the global economy, and he plans to continue increasing the Fund's exposure to sub-advisers. MARKET RECAP For the six months ending August 31, 2017, synchronized global economic expansion lent support to equities, while mostly flagging commodity prices helped mitigate concern about potential overheating. Aided by a generally weaker U.S. dollar, international equities spearhead the global market rally. In this environment, the MSCI ACWI (All Country World Index) ex USA Index returned 13.19% for the sixmonth period, well ahead of U.S. counterparts. Favorable election results in France and elsewhere suggested ebbing political uncertainty and nearterm risk in the eurozone, and Europe (+18%) far outpaced the U.K. (+8%), which faced more-mixed conditions ahead of its anticipated exit from the European Union. Among other factors, "saber rattling" from North Korea bolstered the "safe haven" yen, and export-heavy Japan (+7%) lagged the rest of the Asia Pacific group (+12%). Commodity-price sluggishness slowed resource-rich Canada (+6%), but the emerging-markets group (+17%) sped ahead. Among sectors, information technology (+27%) fared best, led by major Chinese internet names; utilities (+17%) was a distant second. Bottomperformer energy (+5%) at least got its head back above water, with health care (+8%) and telecommunication services (+11%) the next-closest laggards. The remaining sectors were clustered closer to the index return. 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 An interview with Portfolio Manager Wilfred Chilangwa Fund Facts Trading Symbol: Wilfred Chilangwa Portfolio Manager FILFX Start Date: March 23, 2006 Size (in millions): $16,749.70 Investment Approach Strategic Advisers International Fund (the Fund) is a multi-manager investment strategy that seeks capital appreciation by investing primarily in a broadly diversified portfolio of non-u.s. equity securities. 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: Wilfred, how did the Fund perform for the six months ending August 31, 2017 The Fund gained 13.09%, outpacing the 12.32% return of the benchmark MSCI EAFE Index as well as our peer group average. Underlying managers with a growth emphasis in their investment strategies fueled the Fund's relative result, as growth-oriented stocks topped value stocks for the period. Looking back a full 12 months, the Fund lagged the benchmark slightly but edged the peer average. Q: What was the investment environment like during the review period Following a stretch in the second half of 2016 in which value-oriented strategies outperformed growth-driven approaches, growth stocks returned to ascendency the past six months and led developed-international markets. Information technology (+20%), a sector favored by growth managers, was among the top performers within the MSCI EAFE, led by the software & services group as well as semiconductors. Utilities (+20%), although not a category heavily trafficked by growth managers, nonetheless rebounded, as near-term expectations for higher interest rates weakened somewhat. The sector also benefited from regulatory reform in certain countries. By contrast, energy (+7%) was the weakest-performing sector, hampered by volatile crude oil prices and continued uncertainty about global oversupply. Health care (+8%), telecommunication services (+10%) and real estate (+10%) generated respectable absolute returns but also lagged the index. From a regional perspective, Europe excluding the United Kingdom gained close to 19%, bolstered by a strengthening euro, better-than-forecast growth in the eurozone, and election outcomes that investors generally cheered. Japan, meanwhile, rose 7%, as a stronger yen weighed on this export-heavy market. Outside of the MSCI EAFE index, emerging markets (EM) performed extremely well and actually outpaced developed markets, powered by rising raw materials prices, a weakening U.S. dollar, and strong results from Internet firms based in China. 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Q: How did your investment strategy fare in this environment I think the Fund's diversification across managers with different investment styles, which includes substantial exposure to growth-oriented managers, helped it outperform the benchmark. Manager selection and style diversification are key ways in which I seek to add value. I work closely with our fund analysts to identify managers I want to invest with then allocate assets based on my conviction in each manager's strategy, with an eye toward its risk-management role within the portfolio. Q: Which managers aided performance versus the benchmark Fidelity International Discovery Fund was the top contributor, as strong stock selection and its growth-tilted style enabled it to beat the MSCI EAFE by roughly 6 percentage points. On a sector basis, stock picks in consumer discretionary and financials, along with positioning in technology, added the most value. From a country perspective, the fund's manager did his best work in Japan and Europe ex U.K., and also benefited from a sizable out-of-benchmark allocation to EM shares. In pursuing its investment strategy, Fidelity International Discovery Fund seeks to own businesses that have a high return on capital, durable competitive positions, consistent profitability, solid free-cash-flow generation, good balance sheets and management teams whose interests are aligned with those of shareholders. Sub-adviser William Blair Investment Management also generated strong relative performance this period and was the No. 2 contributor. This manager benefited from overall positioning in technology, combined with solid picks in financials and health care. Country-wise, security selection in EM, Japan and Europe ex U.K. contributed the most. Strategically, William Blair employs an opportunistic, allcountry, all-cap, quality-growth approach, with a bias toward EM. In its research process, this manager focuses on growth-level differentials between companies and is willing to hold stocks for a relatively long period of time until growth factors are realized. I'll also mention sub-adviser Massachusetts Financial Services' (MFS) Research Equity strategy. This MFS strategy follows a GARP (growth at a reasonable price) discipline, and this period did a nice job with picks in materials, financials and health care, primarily in Europe ex U.K. and in the Asia-Pacific region. Q: How about detractors The primary relative detractors were several ETFs and a Fidelity sector fund I held for risk-management purposes. These included ishares MSCI Japan ETF, ishares MSCI Australia ETF, Fidelity Japan Fund and WisdomTree Europe Hedged Equity Fund. I used these funds to partially offset the aggregate underweighting in these countries/ regions by our active managers. Similar to Japan, Australia posted a positive single-digit return in U.S.-dollar terms this period, but failed to keep pace with many other markets. Q: Did you make any notable changes to the Fund this period No, but I continued to gradually increase the Fund's exposure to sub-advisers. By period end, 43% of the portfolio was allocated to sub-advisers up from 40% six months ago and 54% was in mutual funds. We like the benefits sub-advisers bring to the Fund, such as the ability 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. Q: What is your outlook as of period end Recent data indicate that eurozone economic growth appears to be strengthening. Second-quarter growth in the 19-nation currency bloc came in at a 2.6% annual rate, a faster pace than the European Central Bank (ECB) had expected at the beginning of the year. The eurozone's strength has been one of the positive surprises for the global economy this year, as it outpaced the United States in the first quarter and accelerated further in the three months ending June 30, 2017. ECB monetary policy remains supportive, but an announcement by ECB President Mario Draghi shortly after the period ended signaled that the bank could announce a plan in October to gradually end its program of bond purchases. However, Mr. Draghi also warned that the bank's next steps would partly depend on the strength of the euro, which has surged by more than 12% against the dollar over the past five months. Eurozone stock valuations became more attractive amid the pullback following last year's Brexit vote wherein the U.K. voted to exit the European Union and our underlying managers think valuations in the region are still reasonable. Within this environment, I plan to continue gradually increasing the Fund's sub-adviser allocation. As always, I'll keep the portfolio well-diversified across investment styles while seeking to manage country and currency risk. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

ASSET ALLOCATION Wilfred Chilangwa on opportunities in international markets: "I think international stocks look much more compelling today than they have in years. This may be difficult for many U.S. investors to believe, given various negative news stories over the past year related to Brexit, European elections, recession in Brazil, and other developments. Part of my job as a portfolio manager is to look past the headlines and focus on the data. From that perspective, I think the outlook for foreign markets is pretty favorable. "For one thing, global economic growth appears to be improving. We trace the roots of the current recovery to about 18 months ago, when the Chinese government implemented policies intended to pull that country out of its 'growth recession.' As the world's second-largest economy, China purchases massive amounts of goods and services from around the globe. A growing China is therefore good for business, and as growth in that country has stabilized, it has provided a boost to many other economies. What's more, China's recovery has led to renewed demand for a variety of raw materials, helping to support growth in countries that are heavily dependent on producing and exporting commodities. "The overall improvement in global growth has helped boost corporate earnings for non-u.s. companies. In fact, foreign earnings are accelerating at a faster pace than U.S. earnings, and this trend is forecast to continue for 2017. "In addition to stronger earnings growth, the relative valuations of foreign stocks are below those of their U.S. counterparts the result of years of international underperformance. "In terms of investment opportunities, we see broad-based potential in Europe, Japan and emerging markets. Many of the managers we work with are looking to capitalize on opportunities that are leveraged to improving economic growth." Asset Class Portfolio Weight Portfolio Weight Six Months Ago Equity Investments 98.84% 99.02% Equities 44.94% 44.17% Mutual Funds 40.52% 40.72% ETFs 13.38% 14.13% Bonds 0.00% 0.00% Cash & Net Other Assets 1.16% 0.98% 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 43.24% MFS - International Value 9.64% CAUSEWAY CAPITAL MGMT LLC 8.94% MFS - International Research Equity 7.55% WILLIAM BLAIR INVST MGMT 6.20% ARROWSTREET CAPITAL 5.63% THOMPSON SIEGEL & WALMSLEY LLC 5.28% Top Mutual Fund Positions 41.70% Fidelity Intl Discovery Fund 7.04% Ishares MSCI Japan Etf 5.14% Oakmark International Fund Inv 5.04% Morgan Stanley Inst Internatio 4.54% Fidelity Diversified Intl Fund 4.41% Artisan International Value In 4.32% Harbor International Instituti 3.61% Fidelity Overseas Fund 3.02% Henderson Intl Opportunities I 2.86% Pear Tree Polaris Foreign Valu 1.72% Remaining Investments 15.06% 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 August 31, 2017 6 Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Strategic Advisers International Fund Gross Expense Ratio: 1.01% 2 13.09% 17.91% 17.31% 3.94% 8.70% 2.58% MSCI EAFE Index (Net Massachusetts tax) 12.32% 17.24% 17.88% 3.01% 8.65% 1.78% Morningstar Fund Foreign Large Blend 12.68% 17.90% 17.19% 2.95% 7.90% 1.52% % Rank in Morningstar Category (1% = Best) -- -- 53% 25% 26% 21% # of Funds in Morningstar Category -- -- 734 590 534 343 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 03/23/2006. 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 Foreign securities are subject to interest-rate, currency-exchangerate, economic, and political risks, all of which may be magnified in emerging markets. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. These risks may be magnified in foreign markets. 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. 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. MSCI EAFE Index (Net MA Tax) is a market-capitalization-weighted index that is designed to measure the investable equity market performance for global investors in developed markets, excluding the U.S. & Canada. Index returns are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts. RANKING INFORMATION 2017 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 Wilfred Chilangwa 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. Chilangwa is responsible for managing Strategic Advisers International Fund, Strategic Advisers International II Fund, Strategic Advisers Emerging Markets Fund, Strategic Advisers International Multi-Manager Fund, Strategic Advisers Emerging Markets Fund of Funds, and the international subportfolio for Fidelity Portfolio Advisory Service model portfolios. He also leads the Fidelity Charitable Gift Fund (CGF) investment efforts within SAI, where he is responsible for the oversight of all CGF investment pools. Prior to assuming his current position in 2006, Mr. Chilangwa held various positions of increasing stature in SAI from 1997 to 2006. Previously, he was a senior fund analyst/international strategist from 2001 to 2006, and a senior fund analyst from 1997 to 2001. Before joining Fidelity in 1997, Mr. Chilangwa worked as a senior research analyst and assistant vice president in new product development for global investment and asset administration at State Street Corporation from 1992 to 1997. He has been in the investments industry since 1992. Mr. Chilangwa earned his bachelor of arts degree in physics and economics from Brandeis University and his master of arts degree in international economics and finance from Brandeis International Business School. He is also a Chartered Financial Analyst (CFA) charterholder. 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 December 31, 2017 1 3 Annualized 5 10 / LOF 1 Strategic Advisers International Fund Gross Expense Ratio: 1.01% 2 26.22% 8.48% 8.17% 2.89% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 03/23/2006. 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. 718497.6.0