Strategic Advisers International Multi-Manager Fund

Strategic Advisers International Multi-Manager Fund Key Takeaways For the fiscal year ending February 28, 2018, the Fund's Retail class shares gained 20.41%, roughly in line with the 20.37% return of the benchmark MSCI EAFE Index. Versus the benchmark, underlying managers with a growth emphasis in their strategies aided the Fund's performance, as growth-oriented stocks topped value stocks this period. The top relative contributors were quality-growth-focused subadviser William Blair Investment Management and the Research Equity strategy managed by sub-adviser Massachusetts Financial Services (MFS), which follows a GARP (growth at a reasonable price) discipline. Select International strategy, managed by sub-adviser FIAM SM, was the primary relative detractor, as this broadly diversified core approach was hampered by poor picks across several sectors. As of period end, Portfolio Manager Wilfred Chilangwa believes global growth trends and solid corporate earnings should continue to provide a positive fundamental environment for international stocks. MARKET RECAP Stocks entered 2018 reinforced by accelerating corporate earnings, synchronous global economic growth and optimism around U.S. tax reform. Volatility spiked in February, though, amid fear that interest rates could rise faster than expected. Nevertheless, the MSCI World ex USA Index gained 19.12% for the 12 months ending February 28, 2018, aided partly by a generally weak U.S. dollar. Within the index, growth- led value-oriented stocks, and small-caps bested largecaps. Certain election results in continental Europe (+24%) suggested ebbing political risk there, whereas bumpy Brexit negotiations and sterling strength hindered the U.K. (+15%). Central-bank accommodation helped Japan (+22%) overcome recent yen strength and outperform the rest of the Asia-Pacific group (+15%). Meanwhile, commodity-price volatility weighed on Canada (+7%). Sector-wise, information technology (+36%) was lifted by software, semiconductor and internetrelated names. Financials (+21%) rode rising interest rates that, at the same time, hurt real estate (+14%) and three other "bond proxy" sectors: consumer staples (+12%), utilities (+12%) and telecom services (+8%). Demand from China aided materials (+24%) and industrials (+24%). Energy (+14%) and health care (+10%) rallied from earlyperiod difficulty. Elsewhere, the MSCI Emerging Markets Index rose 30.97% for the year, notably supported by China plus Brazil, Russia and India. 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 FMJDX Start Date: May 02, 2012 Size (in millions): $70.85 Investment Approach Strategic Advisers International Multi-Manager 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 12 months ending February 28, 2018 The Fund's Retail class shares gained 20.41%, performing roughly in line with the 20.37% return of the benchmark MSCI EAFE Index but topping our peer group average. Underlying managers with a growth emphasis in their investment strategies fueled the Fund's relative results, as growth-oriented stocks topped value stocks for the period. Q: What was the investment environment like the past year It was a strong period for growth stocks and momentumdriven investment strategies. Information technology (+36%), a sector favored by growth managers, was the top performer within the MSCI EAFE benchmark, led by the semiconductors & semiconductor equipment group, which rose about 54%. Consumer discretionary (+26%), another group heavily trafficked by growth managers, also outpaced the EAFE. An improving European economy and prospects for higher interest rates breathed life into banks and provided a major boost to the financials sector (+24%). On the downside, more-defensive, "bond-proxy" sectors and investment styles lagged, hampered by concern about rising rates, elevated valuations and shifting fundamentals. Telecommunication services, consumer staples, utilities and real estate all trailed the EAFE by sizable margins. Strategies with a heavy emphasis on minimum volatility or dividend yield underperformed. The relative value of major currencies played a big role for U.S.-based investors during the 12-month reporting period. The euro, the British pound and the Japanese yen respectively appreciated by 16%, 12% and 6% versus the dollar, providing a significant performance boost for U.S. investors. Accordingly, dollar-hedged strategies lagged due to the greenback's relative weakness. 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 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

exposure to growth-oriented managers, helped it keep pace with 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 Sub-adviser William Blair Investment Management outperformed the MSCI EAFE by 7 percentage points and proved the top contributor this period. William Blair benefited from favorable overall positioning in the technology sector, combined with solid stock picking in financials and health care. Regionally, security selection in emerging markets (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. The Research Equity strategy managed by sub-adviser MFS was another leading contributor. This MFS strategy follows a GARP discipline and this period did a nice job with picks in the financials and materials sectors, as well as beneficial positioning in technology, primarily in the Europe ex U.K. region. EM exposure provided a further boost to MFS's performance. I'll also mention MFS's International Value strategy, which performed better than expected, given the leadership of growth-driven approaches. This strategy seeks undervalued companies that its managers believe have high-quality franchises or meaningful potential for improvement, and places considerable emphasis on downside protection. Overall positioning in technology and health care, along with picks in the real estate sector, bolstered its result this period. Regionally, picks in Europe and the U.K., along with EM exposure, were the most additive for this strategy. primarily in continental Europe and the United Kingdom. Q: Did you make any notable changes to the Fund this period There were no major changes, but I reduced the allocation to MFS's International Value strategy following a period of strong performance. I also increased our position in the ishares MSCI Japan exchange-traded fund (ETF) to about 2% of assets by period end. I held this ETF to partially offset the aggregate underweighting in Japan among the Fund's managers. As of period end, nearly all of the Fund was allocated across five sub-advised strategies. We like the benefits subadvisers 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 I think synchronous global growth and solid corporate earnings should continue to provide a positive fundamental environment for international stocks. The eurozone economy has continued to show improvement, the banking system appears to be more stable and the European Central Bank's monetary policy continues to support investor risk-taking, in my view. Political risk, while still present, seems to have diminished for now. Against this backdrop, the Fund retains a pro-growth bias, but remains well-diversified across investment styles. Q: How about detractors The Select International strategy managed by sub-adviser FIAM SM was the primary detractor versus the benchmark. FIAM's strategy is a broadly diversified core approach that combines bottom-up security selection with a quantitative portfolio-construction and risk-management overlay. This period, the strategy was hampered by poor stock picks in the health care, materials and consumer staples sectors, 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 the eurozone economy: "2017 represented the eurozone economy's best year in a decade, with growth running at a 2.4% annual rate. In addition, the jobless rate there fell to its lowest level since 2008. "Investors sold eurozone government bonds in response to this strong growth data, driving yields upward. Additionally, the European Central Bank (ECB) signaled that it might begin to phase out its massive bond-buying program sooner than investors expected. "Many asset managers are confident the selling of eurozone bonds reflects greater confidence in an economy that has been in the throes of political turmoil many times in recent years. This sentiment is partly why the euro significantly strengthened versus the U.S. dollar this past year. Moreover, many investors believe the ECB is more likely to undo its negative-rate policy even though eurozone inflation remains weak. In February, inflation in the region slowed to an annual rate of 1.1%. "The Fund's underlying managers continue to have a generally positive outlook for eurozone growth. However, many have concluded that positive investor sentiment may already be partially reflected in the strong stock performance of higher-quality growth companies. "In my view, if interest rates move higher in Europe, the financials sector one of the larger groups in the MSCI EAFE may continue to perform well. European banks and diversified financial companies have strengthened their balance sheets and improved their credit positions. Against the backdrop of a growing eurozone economy, I think the outlook for European financials appears to be brightening." Asset Class Portfolio Weight Portfolio Weight Six Months Ago Equity Investments 97.73% 97.71% Equities 95.49% 95.72% Mutual Funds 0.00% 0.00% ETFs 2.24% 1.99% Bonds 0.00% 0.00% Cash & Net Other Assets 2.27% 2.29% 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 91.41% FIAM LLC 20.04% CAUSEWAY CAPITAL MGMT LLC 18.49% MFS - International Value 18.43% MFS - International Research Equity 18.34% WILLIAM BLAIR INVST MGMT 16.11% Top Mutual Fund Positions 2.24% ishares MSCI Japan ETF 2.24% Remaining Investments 6.35% 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 International Multi-Manager Fund Gross Expense Ratio: 1.19% 2 6.53% -0.88% 20.41% 5.60% 7.38% 8.32% MSCI EAFE Index (Net Massachusetts tax) 7.17% 0.29% 20.37% 5.85% 7.23% 8.49% Morningstar Fund Foreign Large Blend 6.01% -0.04% 19.52% 5.61% 6.61% -- % Rank in Morningstar Category (1% = Best) -- -- 41% 50% 29% -- # of Funds in Morningstar Category -- -- 761 605 534 -- 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/02/2012. 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 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. (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. 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. 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. MSCI World ex USA Index is a market-capitalization-weighted index that is designed to measure the investable equity market performance for global investors of developed markets outside the United States. MSCI Emerging Markets Index is a market-capitalization-weighted index that is designed to measure the investable equity market performance for global investors in emerging markets. 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 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 June 30, 2018 1 3 Annualized 5 10 / LOF 1 Strategic Advisers International Multi-Manager Fund Gross Expense Ratio: 1.14% 2 7.32% 4.99% 6.52% 7.53% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 05/02/2012. 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. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. 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. 718385.7.0