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 the 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 |
$
|
55
|
|
3
years |
$
|
185
|
|
5
years |
$
|
372
|
|
10
years |
$
|
915
|
Portfolio
Turnover
The
fund will not incur transaction costs, such as commissions, when it buys and
sells shares of affiliated mutual funds but may incur transaction costs when
buying or selling non-affiliated funds and other types of securities (including
Exchange Traded Funds (ETFs)) 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
25
%
of the average value of its portfolio.
Principal
Investment Strategies
- Normally
investing primarily in non-U.S. securities, including securities of issuers
located in emerging markets. Emerging markets include countries that have an
emerging stock market as defined by MSCI, countries or markets with low- to
middle-income economies as classified by the World Bank, and other countries
or markets that the Adviser identifies as having similar emerging markets
characteristics.
- Normally
investing primarily in common stocks.
- Allocating
investments across different countries and regions.
- 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 international funds (i.e.,
Fidelity®
funds, including mutual funds and ETFs), non-affiliated international funds
that participate in Fidelity's FundsNetwork®,
non-affiliated ETFs (collectively, underlying funds), and sub-advisers.
- Allocating
assets among underlying funds and sub-advisers to attempt to diversify its
portfolio in terms of market capitalization, investment style, and geographic
region.
- Allocating
assets among sub-advisers and underlying funds using proprietary fundamental
and quantitative research, considering factors including, but not limited to,
performance in different market environments, manager experience and
investment style, management company infrastructure, costs, asset size, and
portfolio turnover.
Pursuant
to an exemptive order granted by the Securities and Exchange Commission (SEC),
Strategic Advisers LLC (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. Underlying funds that are passively managed
attempt to track the performance of an unmanaged index of securities and as such
their performance could be lower than actively managed funds, which may shift
their portfolio assets to take advantage of market opportunities or lessen the
impact of a market decline. In addition, errors in the construction of the index
tracked by an underlying passively managed fund may have an adverse impact on
the performance of such underlying fund.
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
markets, particularly emerging 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.
The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors.
Emerging
markets can be subject to greater social, economic, regulatory, and political
uncertainties and can be extremely volatile.
Foreign
exchange rates also can be extremely volatile.
Social,
political, and economic conditions and changes in regulatory, tax, or economic
policy in a country or region could significantly affect the market in that
country or region.
Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or group of related
industries.
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.
The
value of securities of smaller issuers can be more volatile than that of larger
issuers.
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.
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.
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.fidelity.com
for
more recent performance information.
Year-by-Year
Returns
|
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
|
|
22.20 %
|
-
5.08 %
|
0.78 %
|
0.36 %
|
26.22 %
|
-
15.14 %
|
24.06 %
|
14.88 %
|
10.84 %
|
-
17.47 %
|
|
During
the periods shown in the chart: |
Returns
|
Quarter
ended |
|
Highest
Quarter Return |
18.79
%
|
June
30, 2020 |
|
Lowest
Quarter Return |
-
22.31 %
|
March
31, 2020 |
|
Year-to-Date
Return |
8.55
%
|
March
31, 2023 |
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, such as an employee benefit plan
(profit sharing, 401(k), or 403(b) plan). Return
After Taxes on Distributions and Sale of Fund Shares may be higher than other
returns for the same period due to a tax benefit of realizing a capital loss
upon the sale of fund shares.
|
For
the periods ended December 31, 2022 |
Past
1
year
|
Past
5
years
|
Past
10
years
|
|
Strategic
Advisers® International Fund |
|
|
|
|
Return
Before Taxes |
-
17.47
%
|
2.04
%
|
5.06
%
|
|
Return
After Taxes on Distributions |
-
18.20
%
|
0.90
%
|
4.18
%
|
|
Return
After Taxes on Distributions and Sale of Fund Shares
|
-
9.59 %
|
1.61
%
|
4.05
%
|
|
MSCI
EAFE Index
(reflects
no deduction for fees or expenses) |
-
14.27
%
|
1.75
%
|
4.87
%
|
|
|
|
|
|
Investment
Adviser
Strategic
Advisers (the Adviser) is the fund's manager. Arrowstreet Capital, Limited
Partnership, Causeway Capital Management LLC, FIAM LLC, FIL Investment Advisors,
Geode Capital Management, LLC, Massachusetts Financial Services Company, T. Rowe
Price Associates, Inc., Thompson, Siegel & Walmsley LLC, and William Blair
Investment Management, LLC have been retained to serve as
sub-advisers for the fund.
FIL
Investment Advisors (UK) Limited (FIA(UK)), FMR Investment Management (UK)
Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR
H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan) have
been retained to serve as sub-subadvisers for the fund.
The
Adviser may change a sub-adviser's asset allocation at any time, including
allocating no assets to, or terminating the sub-advisory contract with, a
sub-adviser.
Portfolio
Manager(s)
Wilfred
Chilangwa (Lead Portfolio Manager) has managed the fund since 2006.
Purchase
and Sale of Shares
The
fund is not available for sale to the general public.
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 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 Company LLC (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.
Fund
Basics
Investment
Objective
Strategic
Advisers® International Fund seeks capital appreciation.
Principal
Investment Strategies
The
fund normally invests primarily in non-U.S. securities, including securities of
issuers located in emerging markets. The fund normally invests primarily in
common stocks. Emerging markets include countries that have an emerging stock
market as defined by MSCI, countries or markets with low- to middle-income
economies as classified by the World Bank, and other countries or markets that
the Adviser identifies as having similar emerging markets characteristics.
Emerging markets tend to have relatively low gross national product per capita
compared to the world's major economies and may have the potential for rapid
economic growth.
The
fund allocates investments across different countries and regions.
The
fund implements its investment strategies by investing directly in securities
through one or more sub-advisers or indirectly in securities through one or more
underlying funds, which in turn invest directly in securities.
The
Adviser may allocate the fund's assets among any number of underlying funds or
sub-advisers at any time. The Adviser may adjust allocations among underlying
funds or sub-advisers from time to time, including making no allocation at all
to one or more sub-advisers.
The
Adviser allocates the fund's assets among underlying funds and sub-advisers to
attempt to diversify the fund's portfolio in terms of market capitalization,
investment style, and geographic region.
The
Adviser pursues a disciplined, benchmark-driven approach to portfolio
construction, and monitors and adjusts allocations to underlying funds and
sub-advisers as necessary to favor those underlying funds and sub-advisers that
the Adviser believes will provide the most favorable outlook for achieving the
fund's investment objective.
When
determining how to allocate the fund's assets among sub-advisers and underlying
funds, the Adviser uses proprietary fundamental and quantitative research,
considering factors including, but not limited to, performance in different
market environments, manager experience and investment style, management company
infrastructure, costs, asset size, and portfolio turnover.
The
fund may invest in affiliated international funds ( i.e.,
Fidelity
®
funds,
including mutual funds and ETFs), non-affiliated international funds that
participate in Fidelity's FundsNetwork ®
and
in non-affiliated ETFs. Underlying funds include both funds managed by Fidelity
Management & Research Company LLC (FMR) (an affiliated company that,
together with the Adviser, is part of Fidelity Investments) or an affiliate and
funds managed by investment advisers other than Fidelity. Fidelity may receive
service fees that typically are at an annual rate of up to 0.40% of a
non-affiliated underlying fund's average daily net assets attributable to
purchases through Fidelity's FundsNetwork ®
,
though such fees may be higher or lower, or may be charged as transaction and/or
account fees. In addition, the fund may invest in ETFs in transactions not
occurring through Fidelity's FundsNetwork ®
.
The
Adviser generally identifies international funds by reference to a fund's name,
policies, or classification by a third-party ranking or ratings
organization.
The
Adviser may actively adjust the allocation of the fund's assets at any time. For
current information on fund holdings, please call 1-800-544-3455 or visit
Fidelity's web site at www.fidelity.com. For information on the underlying
funds, see the underlying funds' prospectuses. A copy of any underlying
Fidelity ®
fund's
prospectus is available at www.fidelity.com or institutional.fidelity.com. For a
copy of any other underlying fund's prospectus, visit the web site of the
company that manages or sponsors that underlying fund.
Common
types of investment approaches that a sub-adviser may use in selecting
investments for a fund include, but are not limited to, quantitative analysis,
fundamental analysis, or a combination of both approaches. Quantitative analysis
refers to programmatic models that analyze such factors as growth potential,
valuation, liquidity, and investment risk based on data inputs. Fundamental
analysis involves a bottom-up assessment of a company's potential for success in
light of factors including its financial condition, earnings outlook, strategy,
management, industry position, and economic and market conditions.
It
is not possible to predict the extent to which the fund's assets will be
invested by a particular sub-adviser at any given time and one or more
sub-advisers may not be managing any assets for the fund at any given
time.
The
fund's initial shareholder approved a proposal permitting the Adviser 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 conditions of an exemptive order that has been granted by the SEC (Exemptive
Order). One of the conditions of the Exemptive Order requires the Board of
Trustees to approve any such agreement. Subject to oversight by the Board of
Trustees, the Adviser 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 within ninety days of
appointment.
Description
of Principal Security Types
In
addition to investing in underlying funds, the fund may invest directly in the
following principal security types:
Equity
securities represent
an ownership interest, or the right to acquire an ownership interest, in an
issuer. Different types of equity securities provide different voting and
dividend rights and priority in the event of the bankruptcy of the
issuer. Equity securities include common stocks, preferred stocks,
convertible securities, and warrants.
Principal
Investment Risks
Many
factors affect the fund's performance. Developments that disrupt global
economies and financial markets, such as pandemics and epidemics, may magnify
factors that affect a fund's performance. The fund's share price changes daily
based on the performance of the underlying funds and securities in which it
invests and on changes in market conditions and interest rates and in response
to other economic, political, or financial developments. The fund's reaction to
these developments will be affected by the types of underlying funds and
securities in which the fund invests, the financial condition, industry and
economic sector, and geographic location of an issuer, and the fund's level of
investment in the securities of that underlying fund or issuer.
If
the Adviser's or a sub- adviser's allocation strategies do not work as intended,
the fund may not achieve its objective. A portfolio manager's evaluations and
assumptions in selecting underlying funds or individual securities may be
incorrect in view of actual market conditions.
When
your shares are sold they may be worth more or less than what you paid for them,
which means that you could lose money by investing in the fund.
The
following factors can significantly affect the fund's performance:
Multiple
Sub-Adviser Risk .
Because each sub-adviser manages its allocated portion, if any, independently
from another sub-adviser, it is possible that the sub-advisers' security
selection processes may not complement one another. As a result, the fund's
aggregate exposure to a particular industry or group of industries, or to a
single issuer, could unintentionally be larger or smaller than intended. Because
each sub-adviser directs the trading for its own portion, if any, of the fund,
and does not aggregate its transactions with those of the other sub-advisers,
the fund may incur higher brokerage costs than would be the case if a single
sub-adviser were managing the entire fund.
Investing
in Other Funds. Regulatory
restrictions may limit the amount that one fund can invest in another, and in
certain cases further limit investments to the extent a fund's shares are
already held by the Adviser or its affiliates. The fund bears all risks of
investment strategies employed by the underlying funds. The fund does not
control the investments of the underlying funds, which may have different
investment objectives and may engage in investment strategies that the fund
would not engage in directly. Aggregation of underlying fund holdings may result
in indirect concentration of assets in a particular industry or group of
industries, or in a single issuer, which may increase volatility. Some of the
underlying funds in which the fund invests are managed with a passive investment
strategy, attempting to track the performance of an unmanaged index of
securities, regardless of the current or projected performance of an underlying
fund's index or of the actual securities included in the index. This differs
from an actively managed fund, which typically seeks to outperform a benchmark
index. As a result, the performance of these underlying passively managed funds
could be lower than actively managed funds that may shift their portfolio assets
to take advantage of market opportunities or lessen the impact of a market
decline or a decline in the value of one or more issuers. In addition, errors in
the construction or calculation of the index tracked by an underlying passively
managed fund may occur from time to time and may not be identified and corrected
for some period of time, which may have an adverse impact on the performance of
the underlying fund and its shareholders.
Stock
Market Volatility .
The value of equity securities fluctuates in response to issuer, political,
market, and economic developments. Fluctuations, especially in foreign markets,
can be dramatic over the short as well as long term, and different parts of the
market, including different market sectors, and different types of equity
securities can react differently to these developments. For example, stocks of
companies in one sector can react differently from those in another, large cap
stocks can react differently from small cap stocks, "growth" stocks can react
differently from "value" stocks, and stocks selected using quantitative or
technical analysis can react differently than stocks selected using fundamental
analysis. Issuer, political, or economic developments can affect a single
issuer, issuers within an industry or economic sector or geographic region, or
the market as a whole. Changes in the financial condition of a single issuer can
impact the market as a whole. Terrorism and related geo-political risks have
led, and may in the future lead, to increased short-term market volatility and
may have adverse long-term effects on world economies and markets
generally.
Foreign
Exposure. Foreign
securities, foreign currencies, and securities issued by U.S. entities with
substantial foreign operations can involve additional risks relating to
political, economic, or regulatory conditions in foreign countries. These risks
include fluctuations in foreign exchange rates; withholding or other taxes;
trading, settlement, custodial, and other operational risks; and the less
stringent investor protection and disclosure standards of some foreign markets.
All of these factors can make foreign investments, especially those in emerging
markets, more volatile and potentially less liquid than U.S. investments. In
addition, foreign markets can perform differently from the U.S. market.
Investing
in emerging markets can involve risks in addition to and greater than those
generally associated with investing in more developed foreign markets. The
extent of economic development; political stability; market depth,
infrastructure, and capitalization; and regulatory oversight can be less than in
more developed markets. Emerging markets typically have less established legal,
accounting and financial reporting systems than those in more developed markets,
which may reduce the scope or quality of financial information available to
investors. Emerging markets economies can be subject to greater social,
economic, regulatory, and political uncertainties and can be extremely volatile.
All of these factors can make emerging markets securities more volatile and
potentially less liquid than securities issued in more developed markets.
Global
economies and financial markets are becoming increasingly interconnected, which
increases the possibilities that conditions in one country or region might
adversely impact issuers or providers in, or foreign exchange rates with, a
different country or region.
Geographic
Exposure. Social,
political, and economic conditions and changes in regulatory, tax, or economic
policy in a country or region could significantly affect the market in that
country or region. From time to time, a small number of companies and industries
may represent a large portion of the market in a particular country or region,
and these companies and industries can be sensitive to adverse social,
political, economic, currency, or regulatory developments. Similarly, from time
to time, the fund or an underlying fund may invest a meaningful portion of its
assets in the securities of issuers located in a single country or a limited
number of countries. If the fund or an underlying fund invests in this manner,
there is a higher risk that social, political, economic, tax (such as a tax on
foreign investments or financial transactions), currency, or regulatory
developments in those countries may have a significant impact on the fund's or
the underlying fund's investment performance.
Industry
Exposure. Market
conditions, interest rates, and economic, regulatory, or financial developments
could significantly affect a single industry or a group of related industries,
and the securities of companies in that industry or group of industries could
react similarly to these or other developments. In addition, from time to time,
a small number of companies may represent a large portion of a single industry
or a group of related industries as a whole, and these companies can be
sensitive to adverse economic, regulatory, or financial developments.
Issuer-Specific
Changes. Changes
in the financial condition of an issuer or counterparty, changes in specific
economic or political conditions that affect a particular type of security or
issuer, and changes in general economic or political conditions can increase the
risk of default by an issuer or counterparty, which can affect a security's or
instrument's value. The value of securities of smaller, less well-known issuers
can be more volatile than that of larger issuers. Smaller issuers can have more
limited product lines, markets, or financial resources.
Investing
in ETFs. ETFs
may trade in the secondary market ( e.g.
,
on a stock exchange) at prices below the value of their underlying portfolios
and may not be liquid. An ETF that is not actively managed cannot sell poorly
performing stocks or other assets as long as they are represented in its index
or other benchmark. ETFs that track an index are subject to tracking error risk
(the risk of errors in matching the ETF's underlying assets to its index or
other benchmark).
Quantitative
Investing. The
value of securities selected using quantitative analysis can react differently
to issuer, political, market, and economic developments than the market as a
whole or securities selected using only fundamental analysis. The factors used
in quantitative analysis and the weight placed on those factors may not be
predictive of a security's value. In addition, factors that affect a security's
value can change over time and these changes may not be reflected in the
quantitative model.
In
response to market, economic, political, or other conditions, a fund may
temporarily use a different investment strategy for defensive purposes. If the
fund does so, different factors could affect its performance and the fund may
not achieve its investment objective.
Other
Investment Strategies
In
addition to the principal investment strategies discussed above, the Adviser may
lend the fund's securities to broker-dealers or other institutions to earn
income for the fund.
The
fund may also use various techniques, such as buying and selling futures
contracts, to increase or decrease its exposure to changing security prices or
other factors that affect security values. The fund may also enter into foreign
currency forward and options contracts for hedging purposes. In addition, the
fund may have indirect exposure to derivatives through its investments in
underlying funds.
Non-Fundamental
Investment Policies
The
fund's investment objective is non-fundamental and may be changed without
shareholder approval.
The
fund is open for business each day the NYSE is open.
The
NAV is the value of a single share. Fidelity normally calculates NAV as of the
close of business of the NYSE, normally 4:00 p.m. Eastern time. The fund's
assets normally are valued as of this time for the purpose of computing
NAV.
NAV
is not calculated and the fund will not process purchase and redemption requests
submitted on days when the fund is not open for business. The time at which
shares are priced and until which purchase and redemption orders are accepted
may be changed as permitted by the SEC.
To
the extent that the fund's assets are traded in other markets on days when the
fund is not open for business, the value of the fund's assets may be affected on
those days. In addition, trading in some of the fund's assets may not occur on
days when the fund is open for business.
Shares
of underlying funds (other than ETFs) are valued at their respective NAVs. NAV
is calculated using the values of the underlying funds in which the fund
invests. For an explanation of the circumstances under which the underlying
funds will use fair value pricing and the effects of using fair value pricing,
see the underlying funds' prospectuses and Statements of Additional Information
(SAIs). Other assets (including securities issued by ETFs) are valued primarily
on the basis of market quotations, official closing prices, or information
furnished by a pricing service. Certain short-term securities are valued on the
basis of amortized cost. If market quotations, official closing prices, or
information furnished by a pricing service are not readily available or, in the
Adviser's opinion, are deemed unreliable for a security, then that security will
be fair valued in good faith by the Adviser in accordance with applicable fair
value pricing policies. For example, if, in the Adviser's opinion, a security's
value has been materially affected by events occurring before a fund's pricing
time but after the close of the exchange or market on which the security is
principally traded, then that security will be fair valued in good faith by the
Adviser in accordance with applicable fair value pricing policies.
Arbitrage
opportunities may exist when trading in a portfolio security or securities is
halted and does not resume before a fund calculates its NAV. These arbitrage
opportunities may enable short-term traders to dilute the NAV of long-term
investors. Securities trading in overseas markets present time zone
arbitrage opportunities when events affecting portfolio security values occur
after the close of the overseas markets but prior to the close of the U.S.
market. Fair valuation of a fund's portfolio securities can serve to reduce
arbitrage opportunities available to short-term traders, but there is no
assurance that fair value pricing policies will prevent dilution of NAV by
short-term traders.
Fair
value pricing is based on subjective judgments and it is possible that the fair
value of a security may differ materially from the value that would be realized
if the security were sold.
Shareholder
Information
Additional
Information about the Purchase and Sale of Shares
NOT
AVAILABLE FOR SALE TO THE GENERAL PUBLIC.
As
used in this prospectus, the term "shares" generally refers to the shares
offered through this prospectus.
General
Information
Shares
can be purchased only through certain discretionary investment programs offered
by the Adviser or its affiliates. If you are not currently a client of a
Fidelity discretionary investment program, please call 1-800-544-3455 (9:00 a.m.
- 6:00 p.m., Monday through Friday) for more information. Additional fees apply
for discretionary investment programs. For more information on these fees,
please refer to the "Buying and Selling Information" section of the
SAI.
The
fund may reject for any reason, or cancel as permitted or required by law, any
purchase orders.
Excessive
trading of fund shares can harm shareholders in various ways, including reducing
the returns to long-term shareholders by increasing costs to the fund (such as
brokerage commissions or spreads paid to dealers who sell money market
instruments), disrupting portfolio management strategies, and diluting the value
of the shares in cases in which fluctuations in markets are not fully priced
into the fund's NAV.
Because
investments in the fund can only be made by the Adviser or an affiliate on
behalf of its clients, the potential for excessive or short-term disruptive
purchases and sales is reduced. Accordingly, the Board of Trustees has not
adopted policies and procedures designed to discourage excessive trading of fund
shares and the fund accommodates frequent trading.
The
fund does not place a limit on purchases or sales of fund shares by the Adviser
or its affiliates. The fund reserves the right, but does not have the
obligation, to reject any purchase transaction at any time. In addition, the
fund reserves the right to impose restrictions on disruptive, excessive, or
short-term trading.
Buying
Shares
Eligibility
Shares
are generally available only to investors residing in the United States.
Shares
are available only to certain discretionary investment programs offered by the
Adviser or its affiliates.
There
is no minimum balance or purchase minimum for fund shares.
Price
to Buy
The
price to buy one share is its NAV. Shares are sold without a sales
charge.
Shares
will be bought at the NAV next calculated after an order is received in proper
form.
Provided
the fund receives an order to buy shares in proper form before the close of
business, the fund may place an order to buy shares of an underlying
Fidelity ®
fund
after the close of business, pursuant to a pre-determined allocation, and
receive that day's NAV.
The
fund may stop offering shares completely or may offer shares only on a limited
basis, for a period of time or permanently.
Under
applicable anti-money laundering rules and other regulations, purchase orders
may be suspended, restricted, or canceled and the monies may be withheld.
Selling
Shares
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.
Normally,
redemptions will be processed by the next business day, but it may take up to
seven days to pay the redemption proceeds if making immediate payment would
adversely affect the fund.
Provided
the fund receives an order to sell shares in proper form before the close of
business, the fund may place an order to sell shares of an underlying
Fidelity ®
fund
after the close of business, pursuant to a pre-determined allocation, and
receive that day's NAV.
See
"Policies Concerning the Redemption of Fund Shares" below for additional
redemption information.
Redemptions
may be suspended or payment dates postponed when the NYSE is closed (other than
weekends or holidays), when trading on the NYSE is restricted, or as permitted
by the SEC.
Redemption
proceeds may be paid in underlying fund shares, securities, or other property
rather than in cash if the Adviser determines it is in the best interests of the
fund.
Under
applicable anti-money laundering rules and other regulations, redemption
requests may be suspended, restricted, canceled, or processed and the proceeds
may be withheld.
Policies
Concerning the Redemption of Fund Shares
Shares
of the fund are only available to certain discretionary investment programs
offered by the Adviser or its affiliates.
If
your account is held directly with a fund ,
the
length of time that a fund typically expects to pay redemption proceeds depends
on the method you have elected to receive such proceeds. A fund typically
expects to make payment of redemption proceeds by wire, automated clearing house
(ACH) or by issuing a check by the next business day following receipt of a
redemption order in proper form. Proceeds from the periodic and automatic sale
of shares of a Fidelity ®
money
market fund that are used to buy shares of another Fidelity ®
fund
are settled simultaneously.
If
your account is held through an intermediary ,
the
length of time that a fund typically expects to pay redemption proceeds depends,
in part, on the terms of the agreement in place between the intermediary and a
fund. For redemption proceeds that are paid either directly to you from a fund
or to your intermediary for transmittal to you, a fund typically expects to make
payments by wire, by ACH or by issuing a check on the next business day
following receipt of a redemption order in proper form from the intermediary by
a fund. Redemption orders that are processed through investment professionals
that utilize the National Securities Clearing Corporation will generally settle
one to three business days following receipt of a redemption order in proper
form.
As
noted elsewhere, payment of redemption proceeds may take longer than the time a
fund typically expects and may take up to seven days from the date of receipt of
the redemption order as permitted by applicable law.
Redemption
Methods Available. Generally
a fund expects to pay redemption proceeds in cash. To do so, a fund typically
expects to satisfy redemption requests either by using available cash (or cash
equivalents) or by selling portfolio securities. On a less regular basis, a fund
may also satisfy redemption requests by utilizing one or more of the following
sources, if permitted: borrowing from another Fidelity ®
fund;
drawing on an available line or lines of credit from a bank or banks; or using
reverse repurchase agreements. These methods may be used during both normal and
stressed market conditions.
In
addition to paying redemption proceeds in cash, a fund reserves the right to pay
part or all of your redemption proceeds in readily marketable securities instead
of cash (redemption in-kind). Redemption in-kind proceeds will typically be made
by delivering the selected securities to the redeeming shareholder within seven
days after the receipt of the redemption order in proper form by a fund.
When
your relationship with your managed account provider is terminated, your shares
may be sold at the discretion of the managed account provider at the NAV next
calculated after the sell order is placed, in which case the redemption proceeds
will remain in your account pending your instruction.
Dividends
and Capital Gain Distributions
The
fund earns interest, dividends, and other income from its investments, and
distributes this income (less expenses) to shareholders as dividends. The fund
also realizes capital gains from its investments, and distributes these gains
(less any losses) to shareholders as capital gain distributions.
The
fund normally declares dividends and pays capital gain distributions per the
tables below:
|
Fund
Name |
Dividends
Paid |
|
Strategic
Advisers® International Fund |
April,
December |
|
Fund
Name |
Capital
Gains Paid |
|
Strategic
Advisers® International Fund |
April,
December |
Distribution
Options
Any
dividends and capital gain distributions may be reinvested in additional shares
or paid in cash.
As
with any investment, your investment in the fund could have tax consequences for
you (for non-retirement accounts).
Taxes
on Distributions
Distributions
you receive from the fund are subject to federal income tax, and may also be
subject to state or local taxes.
For
federal tax purposes, certain distributions, including dividends and
distributions of short-term capital gains, are taxable to you as ordinary
income, while certain distributions, including distributions of long-term
capital gains, are taxable to you generally as capital gains. A percentage of
certain distributions of dividends may qualify for taxation at long-term capital
gains rates (provided certain holding period requirements are met).
If
the Adviser buys shares on your behalf when a fund has realized but not yet
distributed income or capital gains, you will be "buying a dividend" by paying
the full price for the shares and then receiving a portion of the price back in
the form of a taxable distribution.
Any
taxable distributions you receive from the fund will normally be taxable
to you when you receive them, regardless of your distribution option.
Taxes
on Transactions
Your
redemptions may result in a capital gain or loss for federal tax purposes. A
capital gain or loss on your investment in the fund generally is the difference
between the cost of your shares and the price you receive when you sell
them.
Fund
Services
The
fund is a mutual fund, an investment that pools shareholders' money and invests
it toward a specified goal.
The
fund employs a multi-manager and a fund of funds investment structure. The
Adviser may allocate the fund's assets among any number of sub-advisers or
underlying funds. The Adviser may adjust allocations among underlying funds or
sub-advisers from time to time, including making no allocation to, or
terminating the sub-advisory contract with, a sub-adviser.
Adviser
Strategic
Advisers LLC.
The
Adviser is the fund's manager. The address of the Adviser is 245 Summer Street,
Boston, Massachusetts 02210.
As
of December 31, 2022, the Adviser had approximately $632.6 billion in
discretionary assets under management, and approximately $3.9 trillion when
combined with all of its affiliates' assets under management.
As
the manager, the Adviser has overall responsibility for directing the fund's
investments and handling its business affairs.
Sub-Adviser(s)
Arrowstreet
Capital, Limited Partnership (Arrowstreet) ,
at 200 Clarendon Street, 30th Floor, Boston, Massachusetts, 02116, has been
retained to serve as a sub-adviser for the fund. As of February 28, 2023,
Arrowstreet had approximately $147.2 billion in assets under management.
Causeway
Capital Management LLC (Causeway) ,
at 11111 Santa Monica Boulevard, 15th Floor, Los Angeles, California 90025, has
been retained to serve as a sub-adviser for the fund. As of February 28, 2023,
Causeway had approximately $41.9 billion in assets under management.
FIL
Investment Advisors (FIA) ,
at Pembroke Hall, 42 Crow Lane, Pembroke HM19, Bermuda, has been retained to
serve as a sub-adviser for the fund. As of December 31, 2022, FIA had
approximately $7.0 billion in discretionary assets under management.
Other
investment advisers have been retained to assist FIA with foreign
investments:
- FIA(UK),
at Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP,
United Kingdom, has been retained to serve as a sub-subadviser for the fund.
As of December 31, 2022, FIA(UK) had approximately $5.6 billion in
discretionary assets under management. FIA(UK) may provide investment research
and advice on issuers based outside the United States and may also provide
investment advisory services for the fund.
FIAM
LLC (FIAM) ,
at 900 Salem Street, Smithfield, Rhode Island 02917, has been retained to serve
as a sub-adviser for the fund. FIAM is an affiliate of Strategic Advisers. As of
December 31, 2022, FIAM had approximately $152.3 billion in discretionary assets
under management.
Other
investment advisers have been retained to assist FIAM with foreign
investments:
- FMR
UK
at 1 St. Martin's Le Grand, London, EC1A 4AS, United Kingdom, has been
retained to serve as a sub-subadviser for the fund. As of December 31, 2022,
FMR UK had approximately $14.7 billion in discretionary assets under
management. FMR UK may provide investment research and advice on issuers based
outside the United States and may also provide investment advisory services
for the fund. FMR UK is an affiliate of both FIAM and the Adviser.
- FMR
H.K.,
at Floor 19, 41 Connaught Road Central, Hong Kong, has been retained to serve
as a sub-subadviser for the fund. As of December 31, 2022, FMR H.K. had
approximately $21.4 billion in discretionary assets under management. FMR H.K.
may provide investment research and advice on issuers based outside the United
States and may also provide investment advisory services for the fund. FMR
H.K. is an affiliate of both FIAM and the Adviser.
- FMR
Japan,
at Kamiyacho Prime Place, 1-17, Toranomon-4-Chome, Minato-ku, Tokyo, Japan,
has been retained to serve as a sub-subadviser for the fund. As of March 31,
2022, FMR Japan had approximately $6.9 billion in discretionary assets under
management. FMR Japan may provide investment research and advice on issuers
based outside the United States and may also provide investment advisory
services for the fund. FMR Japan is an affiliate of both FIAM and the
Adviser.
Geode
Capital Management, LLC (Geode) , at
100 Summer Street, 12th Floor, Boston, Massachusetts 02110, has been retained to
serve as a sub-adviser for the fund. As of December 31, 2022, Geode had
approximately $803.4 billion in discretionary assets under management.
Massachusetts
Financial Services Company (MFS) ,
at 111 Huntington Avenue, Boston, Massachusetts 02199, has been retained to
serve as a sub-adviser for the fund. As of February 28, 2023, MFS had
approximately $560.1 billion in assets under management.
T.
Rowe Price Associates, Inc. (T. Rowe Price) ,
at 100 East Pratt Street, Baltimore, Maryland 21202, has been retained to serve
as a sub-adviser for the fund. As of December 31, 2022, T. Rowe Price had
approximately $1.27 trillion in assets under management.
Thompson,
Siegel & Walmsley LLC (TSW) ,
at 6641 West Broad Street, Suite 600, Richmond, Virginia 23230, has been
retained to serve as a sub-adviser for the fund. As of February 28, 2023, TSW
had approximately $19 billion in assets under management.
William
Blair Investment Management, LLC (William Blair) ,
at 150 North Riverside Plaza, Chicago, Illinois 60606, has been retained to
serve as a sub-adviser for the fund. As of February 28, 2023, William Blair had
approximately $60.1 billion in assets under management.
Portfolio
Manager(s)
Wilfred
Chilangwa is Lead Portfolio Manager of Strategic Advisers ®
International
Fund, which he has managed since 2006. He also manages other funds. Since
joining Fidelity Investments in 1997, Mr. Chilangwa has worked as a senior fund
analyst, an international strategist, and portfolio manager.
The
SAI provides additional information about the compensation of, any other
accounts managed by, and any fund shares held by the portfolio
manager(s).
From
time to time a manager, analyst, or other Fidelity employee may express views
regarding a particular company, security, industry, or market sector. The views
expressed by any such person are the views of only that individual as of the
time expressed and do not necessarily represent the views of Fidelity or any
other person in the Fidelity organization. Any such 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 fund are based on
numerous factors, may not be relied on as an indication of trading intent on
behalf of any fund.
Advisory
Fee(s)
The
fund pays a management fee to the Adviser.
The
management fee is calculated and paid to the Adviser every month.
The
fund's management fee is calculated by adding the annual rate of 0.25% of the
fund's average daily net assets throughout the month plus the total fees payable
monthly to the fund's sub-advisers, if any, pursuant to the applicable
investment sub-advisory agreement(s).
Because
the fund's management fee rate may fluctuate, the fund's management fee may be
higher or lower in the future.
The
fund's maximum aggregate annual management fee will not exceed 1.00% of the
fund's average daily net assets.
The
Adviser has contractually agreed to waive a portion of the fund's management fee
in an amount equal to 0.25% of the fund's average daily net assets through
September 30, 2025.
The
management fee paid, as a percentage of a fund's average net assets, for the
fiscal year ended February 28, 2023, is shown in the following table:
|
Fund
|
Management
Fee Rate |
|
Strategic
Advisers® International Fund |
0.16%*
|
*After
waiver and/or reimbursement
In
return for the services of the fund's sub-advisers, the Adviser will pay each of
the fund's sub-advisers the fee (as described above) payable to that
sub-adviser.
FIA,
in turn, will pay FIA(UK) for providing sub-subadvisory services. FIAM, in turn,
will pay FMR UK, FMR H.K., and FMR Japan for proving sub-subadvisory
services.
The
basis for the Board of Trustees approving the management contract, sub-advisory
agreements, and sub-subadvisory agreements for the fund is available in the
fund's semi-annual report for the fiscal period ended August 31, 2022, the
fund's annual report for the fiscal period ended February 28, 2023, and will be
included in the fund's semi-annual report for the fiscal period ending August
31, 2023, when available.
FDC
distributes the fund's shares.
Distribution
and Service Plan(s)
The
fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under
the Investment Company Act of 1940 (1940 Act) with respect to its shares that
recognizes that the Adviser may use its management fee revenues, as well as its
past profits or its resources from any other source, to pay FDC for expenses
incurred in connection with providing services intended to result in the sale of
shares of the fund and/or shareholder support services. The Adviser, directly or
through FDC, may pay significant amounts to intermediaries that provide those
services. Currently, the Board of Trustees of the fund has authorized such
payments for shares of the fund.
Affiliates
of the Adviser may receive service fees or distribution fees or both with
respect to underlying funds that participate in Fidelity's FundsNetwork
®
.
If
payments made by the Adviser to FDC or to intermediaries under the Distribution
and Service Plan were considered to be paid out of the fund's assets on an
ongoing basis, they might increase the cost of your investment and might cost
you more than paying other types of sales charges.
No
dealer, sales representative, or any other person has been authorized to give
any information or to make any representations, other than those contained in
this prospectus and in the related SAI, in connection with the offer contained
in this prospectus. If given or made, such other information or representations
must not be relied upon as having been authorized by the fund or FDC. This
prospectus and the related SAI do not constitute an offer by the fund or by FDC
to sell shares of the fund to, or to buy shares of the fund from, any person to
whom it is unlawful to make such offer.
Appendix
Financial
Highlights are intended to help you understand the financial history of fund
shares for the past 5 years (or, if shorter, the period of operations). Certain
information reflects financial results for a single share. The total returns in
the table represent the rate that an investor would have earned (or lost) on an
investment in shares (assuming reinvestment of all dividends and distributions).
The annual information has been audited by PricewaterhouseCoopers LLP,
independent registered public accounting firm, whose report(s), along with
fund financial statements, is included in the annual report. Annual reports are
available for free upon request.
|
Strategic
Advisers® International Fund |
|
Years
ended February 28, |
|
2023
|
|
2022
|
|
2021
|
|
2020
A
|
|
2019
|
|
Selected
Per-Share Data
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
$
|
11.55
|
$
|
12.55
|
$
|
9.93
|
$
|
10.03
|
$
|
11.43
|
|
Income
from Investment Operations |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss) B,C
|
|
.22
|
|
.24
|
|
.13
|
|
.20
|
|
.21
|
|
Net
realized and unrealized gain (loss) |
|
(.83)
|
|
(.12)
|
|
2.71
|
|
.06
|
|
(.98)
|
|
Total
from investment operations |
|
(.61)
|
|
.12
|
|
2.84
|
|
.26
|
|
(.77)
|
|
Distributions
from net investment income |
|
(.23)
|
|
(.26)
|
|
(.14)
|
|
(.22)
|
|
(.18)
|
|
Distributions
from net realized gain |
|
(.22)
|
|
(.86)
|
|
(.08)
|
|
(.14)
|
|
(.44)
|
|
Total
distributions |
|
(.46)
D
|
|
(1.12)
|
|
(.22)
|
|
(.36)
|
|
(.63)
D
|
|
Net
asset value, end of period |
$
|
10.48
|
$
|
11.55
|
$
|
12.55
|
$
|
9.93
|
$
|
10.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return
E
|
|
(5.30)%
|
|
.30%
|
|
28.99%
|
|
2.35%
|
|
(6.57)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios
to Average Net Assets F,G,C
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
before reductions |
|
.41%
|
|
.41%
|
|
.43%
|
|
.44%
|
|
.45%
|
|
Expenses
net of fee waivers, if any |
|
.16%
|
|
.16%
|
|
.18%
|
|
.19%
|
|
.20%
|
|
Expenses
net of all reductions |
|
.16%
|
|
.16%
|
|
.18%
|
|
.19%
|
|
.20%
|
|
Net
investment income (loss) |
|
2.16%
|
|
1.83%
|
|
1.25%
|
|
1.91%
|
|
1.95%
|
|
Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000 omitted) |
$
|
15,546,881
|
$
|
22,658,482
|
$
|
19,800,311
|
$
|
15,096,568
|
$
|
15,904,961
|
|
Portfolio
turnover rate H
|
|
25%
|
|
29%
|
|
41%
|
|
33%
|
|
39%
|
A
For
the year ended February 29.
B
Calculated
based on average shares outstanding during the period.
C
Net
investment income (loss) is affected by the timing of the declaration of
dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net
investment income (loss) of any mutual funds or ETFs is not included in the
Fund's net investment income (loss) ratio.
D
Total
distributions per share do not sum due to rounding.
E
Total
returns would have been lower if certain expenses had not been reduced during
the applicable periods shown.
F
Fees
and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are
not included in the Fund's expense ratio. The Fund indirectly bears its
proportionate share of these expenses. For additional expense information
related to investments in Fidelity Central Funds, please refer to the
"Investments in Fidelity Central Funds" note found in the Notes to Financial
Statements section of the most recent Annual or Semi-Annual report.
G
Expense
ratios reflect operating expenses of the class. Expenses before reductions do
not reflect amounts reimbursed, waived, or reduced through arrangements with the
investment adviser, brokerage services, or other offset arrangements, if
applicable, and do not represent the amount paid by the class during periods
when reimbursements, waivers or reductions occur.
H
Amount
does not include the portfolio activity of any underlying mutual funds or
exchange-traded funds (ETFs).
Additional
Index Information
MSCI
EAFE Index is
a market capitalization-weighted index that is designed to measure the
investable equity market performance for global investors of 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.
|
IMPORTANT
INFORMATION ABOUT OPENING A NEW ACCOUNT
To
help the government fight the funding of terrorism and money laundering
activities, the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT ACT), requires all financial institutions to obtain, verify, and
record information that identifies each person or entity that opens an
account.
For
individual investors opening an account: When
you open an account, you will be asked for your name, address, date of
birth, and other information that will allow Fidelity to identify you. You
may also be asked to provide documents that may help to establish your
identity, such as your driver's license.
For
investors other than individuals:
When
you open an account, you will be asked for the name of the entity, its
principal place of business and taxpayer identification number (TIN). You
will be asked to provide information about the entity's control person and
beneficial owners, and person(s) with authority over the account,
including name, address, date of birth and social security number. You may
also be asked to provide documents, such as drivers' licenses, articles of
incorporation, trust instruments or partnership agreements and other
information that will help Fidelity identify the entity.
|
You
can obtain additional information about the fund. A description of the fund's
policies and procedures for disclosing its holdings is available in its
Statement of Additional Information (SAI) and on Fidelity's web sites. The SAI
also includes more detailed information about the fund and its investments. The
SAI is incorporated herein by reference (legally forms a part of the
prospectus). The fund's annual and semi-annual reports also include additional
information. The fund's annual report includes a discussion of the fund's
holdings and recent market conditions and the fund's investment strategies that
affected performance.
For
a free copy of any of these documents or to request other information or ask
questions about the fund, call Fidelity at 1-800-544-3455. In addition, you may
visit Fidelity's web site at www.fidelity.com for a free copy of a prospectus,
SAI, or annual or semi-annual report or to request other information.
|
The
SAI, the fund's annual and semi-annual reports and other related materials
are available from the Electronic Data Gathering, Analysis, and Retrieval
(EDGAR) Database on the SEC's web site (http://www.sec.gov). You can
obtain copies of this information, after paying a duplicating fee, by
sending a request by e-mail to publicinfo@sec.gov or by writing the Public
Reference Section of the SEC, Washington, D.C. 20549-1520. You can also
review and copy information about the fund, including the fund's SAI, at
the SEC's Public Reference Room in Washington, D.C. Call 1-202-551-8090
for information on the operation of the SEC's Public Reference
Room. |
|
Investment
Company Act of 1940, File Number(s), 811-21991
|
Fidelity
Distributors Company LLC (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.
Fidelity,
the Fidelity Investments Logo and all other Fidelity trademarks or service marks
used herein are trademarks or service marks of FMR LLC. Any third-party marks
that are used herein are trademarks or service marks of their respective owners.
© 2023 FMR LLC. All rights reserved.
|
1.912871.114
|
SIT-PRO-0423
|
