0001364924
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:MultipleSubAdviserRiskMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:InvestingInOtherFundsMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:StockMarketVolatilityMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:ForeignExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:GeographicExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:GeographicExposureToEuropeMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:IndustryExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:IssuerSpecificChangesMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:InvestingInEtfsMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:QuantitativeInvestingMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
oef:RiskNotInsuredDepositoryInstitutionMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
oef:RiskLoseMoneyMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2016-01-01
2016-12-31
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2017-01-01
2017-12-31
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2018-01-01
2018-12-31
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2019-01-01
2019-12-31
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2020-01-01
2020-12-31
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2021-01-01
2021-12-31
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2022-01-01
2022-12-31
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2023-01-01
2023-12-31
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2024-01-01
2024-12-31
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2025-01-01
2025-12-31
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
oef:AfterTaxesOnDistributionsMember
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
oef:AfterTaxesOnDistributionsMember
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
oef:AfterTaxesOnDistributionsMember
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
oef:AfterTaxesOnDistributionsAndSalesMember
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
oef:AfterTaxesOnDistributionsAndSalesMember
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:C000089634Member
oef:AfterTaxesOnDistributionsAndSalesMember
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:IndexMS001Member
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:IndexMS001Member
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersInternationalFund-PROMember
fmr:S000029152Member
fmr:IndexMS001Member
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:MultipleSubAdviserRiskMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:InvestingInOtherFundsMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:StockMarketVolatilityMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:InterestRateChangesMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:ForeignExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:IndustryExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:PrepaymentMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:IssuerSpecificChangesMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:LeverageRiskMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:InvestingInEtfsMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
oef:RiskNotInsuredDepositoryInstitutionMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
oef:RiskLoseMoneyMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2016-01-01
2016-12-31
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2017-01-01
2017-12-31
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2018-01-01
2018-12-31
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2019-01-01
2019-12-31
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2020-01-01
2020-12-31
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2021-01-01
2021-12-31
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2022-01-01
2022-12-31
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2023-01-01
2023-12-31
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2024-01-01
2024-12-31
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2025-01-01
2025-12-31
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
oef:AfterTaxesOnDistributionsMember
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
oef:AfterTaxesOnDistributionsMember
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
oef:AfterTaxesOnDistributionsMember
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
oef:AfterTaxesOnDistributionsAndSalesMember
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
oef:AfterTaxesOnDistributionsAndSalesMember
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:C000089633Member
oef:AfterTaxesOnDistributionsAndSalesMember
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:IndexML038Member
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:IndexML038Member
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:IndexML038Member
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:IndexLB091Member
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:IndexLB091Member
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersIncomeOpportunitiesFund-PROMember
fmr:S000029151Member
fmr:IndexLB091Member
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:MultipleSubAdviserRiskMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:InvestingInOtherFundsMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:StockMarketVolatilityMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:ForeignExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:GeographicExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:GeographicExposureToEuropeMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:GeographicExposureToJapanMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:IndustryExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:IssuerSpecificChangesMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:InvestingInEtfsMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:QuantitativeInvestingMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
oef:RiskNotInsuredDepositoryInstitutionMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
oef:RiskLoseMoneyMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2016-01-01
2016-12-31
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2017-01-01
2017-12-31
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2018-01-01
2018-12-31
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2019-01-01
2019-12-31
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2020-01-01
2020-12-31
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2021-01-01
2021-12-31
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2022-01-01
2022-12-31
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2023-01-01
2023-12-31
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2024-01-01
2024-12-31
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2025-01-01
2025-12-31
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
oef:AfterTaxesOnDistributionsMember
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
oef:AfterTaxesOnDistributionsMember
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
oef:AfterTaxesOnDistributionsMember
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
oef:AfterTaxesOnDistributionsAndSalesMember
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
oef:AfterTaxesOnDistributionsAndSalesMember
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:C000089635Member
oef:AfterTaxesOnDistributionsAndSalesMember
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:IndexMS001Member
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:IndexMS001Member
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersFidelityInternationalFund-PROMember
fmr:S000029153Member
fmr:IndexMS001Member
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:MultipleSubAdviserRiskMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:InvestingInOtherFundsMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:StockMarketVolatilityMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:ForeignAndEmergingMarketsRiskMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:GeographicExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:GeographicExposureToAsiaMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:GeographicExposureToTheChinaRegionMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:IndustryExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:IssuerSpecificChangesMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:InvestingInEtfsAndClosedEndFundsMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:QuantitativeInvestingMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
oef:RiskNotInsuredDepositoryInstitutionMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
oef:RiskLoseMoneyMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2016-01-01
2016-12-31
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2017-01-01
2017-12-31
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2018-01-01
2018-12-31
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2019-01-01
2019-12-31
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2020-01-01
2020-12-31
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2021-01-01
2021-12-31
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2022-01-01
2022-12-31
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2023-01-01
2023-12-31
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2024-01-01
2024-12-31
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2025-01-01
2025-12-31
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
oef:AfterTaxesOnDistributionsMember
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
oef:AfterTaxesOnDistributionsMember
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
oef:AfterTaxesOnDistributionsMember
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
oef:AfterTaxesOnDistributionsAndSalesMember
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
oef:AfterTaxesOnDistributionsAndSalesMember
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:C000092425Member
oef:AfterTaxesOnDistributionsAndSalesMember
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:IndexMC041Member
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:IndexMC041Member
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersEmergingMarketsFund-PROMember
fmr:S000030092Member
fmr:IndexMC041Member
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:MultipleSubAdviserRiskMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:InvestingInOtherFundsMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:InterestRateChangesMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:ForeignExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:IndustryExposureMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:PrepaymentMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:IssuerSpecificChangesMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:LeverageRiskMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:InvestingInEtfsMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:QuantitativeInvestingMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:HighPortfolioTurnoverMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
oef:RiskNotInsuredDepositoryInstitutionMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
oef:RiskLoseMoneyMember
2026-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2016-01-01
2016-12-31
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2017-01-01
2017-12-31
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2018-01-01
2018-12-31
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2019-01-01
2019-12-31
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2020-01-01
2020-12-31
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2021-01-01
2021-12-31
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2022-01-01
2022-12-31
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2023-01-01
2023-12-31
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2024-01-01
2024-12-31
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2025-01-01
2025-12-31
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
oef:AfterTaxesOnDistributionsMember
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
oef:AfterTaxesOnDistributionsMember
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
oef:AfterTaxesOnDistributionsMember
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
oef:AfterTaxesOnDistributionsAndSalesMember
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
oef:AfterTaxesOnDistributionsAndSalesMember
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:C000089632Member
oef:AfterTaxesOnDistributionsAndSalesMember
2016-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:IndexLB001Member
2025-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:IndexLB001Member
2021-04-29
2026-04-29
0001364924
fmr:StrategicAdvisersCoreIncomeFund-PROMember
fmr:S000029150Member
fmr:IndexLB001Member
2016-04-29
2026-04-29
iso4217:USD
pure
485BPOS
2026-04-29
false
0001364924
N-1A
Fidelity Rutland Square Trust II
Fund Summary
Fund:
Strategic Advisers® International Fund
Investment Objective
Strategic Advisers® International Fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund.
Shareholder fees
0
Annual Operating Expenses
0
0.0001
0.0022
September 30,
2028
Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.
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:
42
143
301
758
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
45
% of the average value of its portfolio.
0.45
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.
The Adviser considers non-U.S. securities to include investments that are tied economically to a particular country or region outside the U.S.
The Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or region; the issuer's domicile, incorporation, and location of assets; whether the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a particular country or region; the source of government guarantees (if any); and the primary trading market or listing exchange. Whether an issuer is located in or tied economically to a particular country can be determined under any of these factors.
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
funds (i.e., Fidelity® funds, including mutual funds and ETFs), non-affiliated
funds
and non-affiliated ETFs
.
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 .
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 Market Volatility.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.
Foreign Exposure.
Foreign markets, 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.
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.
Geographic Exposure to Europe.
Because the fund invests a meaningful portion of its assets in Europe, the fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.
Industry Exposure.
Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.
Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.
The value of securities of smaller issuers can be more volatile than that of larger issuers.
Investing in ETFs.
ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.
Quantitative Investing.
Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.
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.
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.
Past performance (before and after taxes) is not an indication of future performance.
www.fidelity.com
Year-by-Year Returns
0.0036
0.2622
-0.1514
0.2406
0.1488
0.1084
-0.1747
0.1822
0.0481
0.3052
Highest Quarter Return
0.1879
2020-06-30
Lowest Quarter Return
-0.2231
2020-03-31
Year-to-Date Return
0.0064
2026-03-31
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.
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.
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.
Return Before Taxes
0.3052
0.0815
0.0853
Return After Taxes on Distributions
0.2833
0.0680
0.0748
Return After Taxes on Distributions and Sale of Fund Shares
0.1954
0.0618
0.0675
MSCI EAFE Index
0.3159
0.0917
0.0842
Fund Summary
Fund:
Strategic Advisers® Income Opportunities Fund
Investment Objective
Strategic Advisers® Income Opportunities Fund seeks a high level of current income. The fund may also seek capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund.
Shareholder fees
0
Annual Operating Expenses
0
0.0001
0.0036
September 30,
2028
Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.
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:
53
178
361
891
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
41
% of the average value of its portfolio.
0.41
Principal Investment Strategies
Normally investing at least 80% of assets in a combination of debt securities and income-producing equity securities and in shares of other income-producing funds.
Debt securities are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Debt securities include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, mortgage and other asset-backed securities, loans and loan participations, and other securities, such as hybrids and synthetic securities, believed to have debt-like characteristics (e.g., securities classified as Tier 2 Regulatory capital, securities that rank above share capital in an insolvency waterfall, securities with maturity dates and non-cancellable interest payment structures).
Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.
Income-producing equity securities are equity securities that pay, or are expected to pay within the next three months, dividends or interest.
Income-producing funds are funds (including mutual funds and ETFs) that invest at least 80% of assets in debt securities and/or income-producing equity securities. Whether an underlying fund is included in the fund's 80% policy is determined at the time of investment and evaluated periodically thereafter.
Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives.
Normally investing primarily in income producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds).
Potentially investing in non-income producing securities.
Investing in companies in troubled or uncertain financial condition.
Investing in domestic and foreign issuers.
Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default), forwards and futures contracts - and forward-settling securities, to adjust the fund's risk exposure and/or to manage liquidity.
Implementing investment strategies by investing directly in securities through one or more managers (sub-advisers) or indirectly in securities through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).
Allocating assets among affiliated
funds (i.e., Fidelity® funds, including mutual funds and ETFs), non-affiliated
funds
and non-affiliated ETFs
.
Allocating assets among underlying funds and sub-advisers to achieve portfolio characteristics similar to those of the ICE® BofA® US High Yield Constrained Index.
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 .
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 Market Volatility.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.
Interest Rate Changes.
Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure.
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.
Industry Exposure.
Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.
Prepayment.
The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.
Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer.
The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.
Investments in covenant-lite loans carry more risk than traditional loans as they allow issuers to engage in activities that would otherwise be difficult or impossible under a traditional loan agreement. In the event of default, covenant-lite obligations have lower recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default.
Leverage Risk.
Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
Investing in ETFs.
ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.
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 and an additional index over various periods of time.
The additional index has characteristics relevant to the fund's investment strategies. Index descriptions appear 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.
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 and an additional index over various periods of time.
Past performance (before and after taxes) is not an indication of future performance.
www.fidelity.com
Year-by-Year Returns
0.1352
0.0818
-0.0356
0.1476
0.0524
0.0572
-0.1055
0.1243
0.0841
0.0949
Highest Quarter Return
0.0972
2020-06-30
Lowest Quarter Return
-0.1353
2020-03-31
Year-to-Date Return
-0.0019
2026-03-31
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.
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.
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.
Return Before Taxes
0.0949
0.0477
0.0609
Return After Taxes on Distributions
0.0669
0.0229
0.0369
Return After Taxes on Distributions and Sale of Fund Shares
0.0555
0.0253
0.0363
ICE® BofA® US High Yield Constrained Index
0.0850
0.0450
0.0644
Bloomberg U.S. Universal Bond Index
0.0758
0.0006
0.0244
Fund Summary
Fund:
Strategic Advisers® Fidelity® International Fund
Investment Objective
Strategic Advisers® Fidelity® International Fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund.
Shareholder fees
0
Annual Operating Expenses
0
0.0000
0.0016
September 30, 2028
Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.
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:
30
105
234
612
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
34
% of the average value of its portfolio.
0.34
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.
The Adviser considers non-U.S. securities to include investments that are tied economically to a particular country or region outside the U.S.
The Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or region; the issuer's domicile, incorporation, and location of assets; whether the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a particular country or region; the source of government guarantees (if any); and the primary trading market or listing exchange. Whether an issuer is located in or tied economically to a particular country can be determined under any of these factors.
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). The fund may allocate assets to affiliated or unaffiliated sub-advisers and funds but normally allocates assets primarily to Fidelity® funds and sub-advisers.
Allocating assets among affiliated funds (i.e., Fidelity® funds, including mutual funds and ETFs), non-affiliated funds and non-affiliated ETFs.
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 .
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 Market Volatility.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.
Foreign Exposure.
Foreign markets, 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.
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.
Geographic Exposure to Europe.
Because the fund invests a meaningful portion of its assets in Europe, the fund's performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.
Geographic Exposure to Japan.
Because an underlying fund invests a meaningful portion of its assets in Japan, the underlying fund's performance is expected to be closely tied to social, political, and economic conditions within Japan and to be more volatile than the performance of more geographically diversified funds.
Industry Exposure.
Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.
Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.
The value of securities of smaller issuers can be more volatile than that of larger issuers.
Investing in ETFs.
ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.
Quantitative Investing.
Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.
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.
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.
Past performance (before and after taxes) is not an indication of future performance.
www.fidelity.com
Year-by-Year Returns
-0.0298
0.2772
-0.1445
0.2561
0.1323
0.1248
-0.1777
0.1816
0.0563
0.3119
Highest Quarter Return
0.1757
2020-06-30
Lowest Quarter Return
-0.2084
2020-03-31
Year-to-Date Return
0.0080
2026-03-31
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.
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.
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.
Return Before Taxes
0.3119
0.0866
0.0861
Return After Taxes on Distributions
0.3019
0.0767
0.0786
Return After Taxes on Distributions and Sale of Fund Shares
0.1903
0.0662
0.0687
MSCI EAFE Index
0.3159
0.0917
0.0842
Fund Summary
Fund:
Strategic Advisers® Emerging Markets Fund
Investment Objective
Strategic Advisers® Emerging Markets Fund seeks capital appreciation.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund.
Shareholder fees
0
Annual Operating Expenses
0
0.0002
0.0013
September 30,
2028
Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.
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:
44
150
312
783
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
48
% of the average value of its portfolio.
0.48
Principal Investment Strategies
Normally investing at least 80% of assets in securities of issuers in emerging markets and other investments that are tied economically to emerging markets and in shares of other emerging markets equity funds.
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 funds are funds (including mutual funds and ETFs) that invest at least 80% of assets in securities of issuers in emerging markets and other investments that are tied economically to emerging markets. Whether an underlying fund is included in the fund's 80% policy is determined at the time of investment and evaluated periodically thereafter.
The Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or region; the issuer's domicile, incorporation, and location of assets; whether the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a particular country or region; the source of government guarantees (if any); and the primary trading market or listing exchange. Whether an issuer is located in or tied economically to a particular country can be determined under any of these factors.
Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives.
Normally investing primarily in common stocks.
Allocating investments across different emerging markets countries.
Implementing investment strategies by investing directly in securities through one or more managers (sub-advisers) or indirectly in securities through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).
Allocating assets among affiliated
funds (i.e., Fidelity® funds, including mutual funds and ETFs), non-affiliated
funds, non-affiliated ETFs, and closed-end funds
.
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 .
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 Market Volatility.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.
Foreign and Emerging Markets Risk.
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.
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.
Geographic Exposure to Asia.
Because the fund invests a meaningful portion of its assets in Asia, the fund's performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds.
Geographic Exposure to the China Region.
Because the fund invests a meaningful portion of its assets in the China region, the fund's performance is expected to be closely tied to social, political, and economic conditions within the China region and to be more volatile than the performance of more geographically diversified funds. The fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (VIEs). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company.
Industry Exposure.
Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.
Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.
Investing in ETFs and Closed-End Funds.
ETFs and closed-end funds 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.
Quantitative Investing.
Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.
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.
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.
Past performance (before and after taxes) is not an indication of future performance.
www.fidelity.com
Year-by-Year Returns
0.1117
0.3837
-0.1713
0.2188
0.2037
-0.0217
-0.2235
0.1192
0.0835
0.3409
Highest Quarter Return
0.1972
2020-12-31
Lowest Quarter Return
-0.2314
2020-03-31
Year-to-Date Return
0.0451
2026-03-31
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.
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.
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.
Return Before Taxes
0.3409
0.0432
0.0873
Return After Taxes on Distributions
0.3344
0.0370
0.0828
Return After Taxes on Distributions and Sale of Fund Shares
0.2080
0.0325
0.0711
MSCI Emerging Markets Index
0.3353
0.0420
0.0844
Fund Summary
Fund:
Strategic Advisers® Core Income Fund
Investment Objective
Strategic Advisers® Core Income Fund seeks a high level of current income.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy, hold, and sell shares of the fund.
Shareholder fees
0
Annual Operating Expenses
0
0.0000
0.0019
September 30,
2028
Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.
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:
26
92
212
563
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
211
% of the average value of its portfolio.
2.11
Principal Investment Strategies
Normally investing at least 80% of assets in debt securities and in shares of other debt funds.
Debt securities are used by issuers to borrow money. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. Debt securities include corporate bonds, government securities (including Treasury securities), repurchase agreements, money market securities, mortgage and other asset-backed securities, loans and loan participations, and other securities, such as hybrids and synthetic securities, believed to have debt-like characteristics (e.g., securities classified as Tier 2 Regulatory capital, securities that rank above share capital in an insolvency waterfall, securities with maturity dates and non-cancellable interest payment structures).
Debt funds are funds (including mutual funds and ETFs) that invest at least 80% of assets in debt securities. Whether an underlying fund is included in the fund's 80% policy is determined at the time of investment and evaluated periodically thereafter.
Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives.
Normally investing primarily in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities.
Investing up to 30% of assets in high yield and emerging markets debt securities.
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.
The Adviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or region; the issuer's domicile, incorporation, and location of assets; whether the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a particular country or region; the source of government guarantees (if any); and the primary trading market or listing exchange. Whether an issuer is located in or tied economically to a particular country can be determined under any of these factors.
Investing in domestic and foreign issuers.
Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default), options, forward contracts, and futures contracts - and forward-settling securities, to adjust the fund's risk exposure (including through hedging) and/or to create and adjust the fund's investment exposure.
Implementing investment strategies by investing directly in securities through one or more managers (sub-advisers) or indirectly in securities through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).
Allocating assets among affiliated
funds (i.e., Fidelity® funds, including mutual funds and ETFs), non-affiliated
funds
and non-affiliated ETFs
.
Using the Bloomberg U.S. Aggregate Bond Index as a guide in allocating assets among underlying funds and sub-advisers.
Allocating assets among underlying funds and sub-advisers to attempt to diversify its portfolio in terms of different market sectors and maturities.
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.
Analyzing the credit quality of the issuer, the issuer's potential for success, the credit, currency and economic risks of the security and its issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments.
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 .
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.
Interest Rate Changes.
Interest rate increases can cause the price of a debt security to decrease.
Foreign Exposure.
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.
Industry Exposure.
Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or group of related industries.
Prepayment.
The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.
Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole.
A decline in the credit quality of an issuer or a provider of credit support (such as guarantees) or a maturity-shortening structure (such as demand and put features) for a security can cause the price of a security to decrease.
Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer.
The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.
Leverage Risk.
Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
Investing in ETFs.
ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or other benchmark.
Quantitative Investing.
Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.
High Portfolio Turnover.
High portfolio turnover (more than 100%) may result in increased transaction costs and potentially higher capital gains or losses. The effects of higher than normal portfolio turnover may adversely affect the fund's performance.
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.
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.
Past performance (before and after taxes) is not an indication of future performance.
www.fidelity.com
Year-by-Year Returns
0.0437
0.0471
-0.0033
0.0919
0.0938
-0.0067
-0.1411
0.0636
0.0208
0.0818
Highest Quarter Return
0.0717
2023-12-31
Lowest Quarter Return
-0.0612
2022-03-31
Year-to-Date Return
0.0005
2026-03-31
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.
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.
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.
Return Before Taxes
0.0818
0.0004
0.0269
Return After Taxes on Distributions
0.0618
-0.0148
0.0117
Return After Taxes on Distributions and Sale of Fund Shares
0.0481
-0.0060
0.0143
Bloomberg U.S. Aggregate Bond Index
0.0730
-0.0036
0.0201