UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03407
Fidelity Boylston Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | March 31 |
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|
Date of reporting period: | September 30, 2013 |
Item 1. Reports to Stockholders
Strategic Advisers® Multi-Manager Target Date Funds -
Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055
Semiannual Report
September 30, 2013
(Fidelity Cover Art)
Contents
Shareholder Expense Example | An example of shareholder expenses. | |
Strategic Advisers Multi-Manager Income Fund | Investment Changes Investments Financial Statements | |
Strategic Advisers Multi-Manager 2005 Fund | Investment Changes Investments Financial Statements | |
Strategic Advisers Multi-Manager 2010 Fund | Investment Changes Investments Financial Statements | |
Strategic Advisers Multi-Manager 2015 Fund | Investment Changes Investments Financial Statements | |
Strategic Advisers Multi-Manager 2020 Fund | Investment Changes Investments Financial Statements | |
Strategic Advisers Multi-Manager 2025 Fund | Investment Changes Investments Financial Statements | |
Strategic Advisers Multi-Manager 2030 Fund | Investment Changes Investments Financial Statements | |
Strategic Advisers Multi-Manager 2035 Fund | Investment Changes Investments Financial Statements | |
Strategic Advisers Multi-Manager 2040 Fund | Investment Changes Investments Financial Statements | |
Strategic Advisers Multi-Manager 2045 Fund | Investment Changes Investments Financial Statements | |
Strategic Advisers Multi-Manager 2050 Fund | Investment Changes Investments Financial Statements | |
Strategic Advisers Multi-Manager 2055 Fund | Investment Changes Investments Financial Statements | |
Notes | Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5095 (plan accounts) or 1-800-544-3455 (all other accounts) to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2013 FMR LLC. All rights reserved.
Semiannual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2013 to September 30, 2013).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in underlying funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying funds. These fees and expenses are not included in each Fund's annualized expense ratio used to calculate the expense estimates in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
| Annualized | Beginning | Ending | Expenses Paid |
Strategic Advisers Multi-Manager Income Fund | .07% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,004.80 | $ .35 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.72 | $ .36 |
Strategic Advisers Multi-Manager 2005 Fund | .06% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,015.90 | $ .30 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.77 | $ .30 |
Strategic Advisers Multi-Manager 2010 Fund | .06% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,024.30 | $ .30 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.77 | $ .30 |
Strategic Advisers Multi-Manager 2015 Fund | .10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,025.40 | $ .51 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.57 | $ .51 |
Strategic Advisers Multi-Manager 2020 Fund | .10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,028.30 | $ .51 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.57 | $ .51 |
Strategic Advisers Multi-Manager 2025 Fund | .10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,040.30 | $ .51 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.57 | $ .51 |
Strategic Advisers Multi-Manager 2030 Fund | .10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,044.30 | $ .51 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.57 | $ .51 |
Strategic Advisers Multi-Manager 2035 Fund | .10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,055.10 | $ .52 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.57 | $ .51 |
| Annualized | Beginning | Ending | Expenses Paid |
Strategic Advisers Multi-Manager 2040 Fund | .10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,056.10 | $ .52 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.57 | $ .51 |
Strategic Advisers Multi-Manager 2045 Fund | .10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,058.40 | $ .52 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.57 | $ .51 |
Strategic Advisers Multi-Manager 2050 Fund | .10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,058.50 | $ .52 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.57 | $ .51 |
Strategic Advisers Multi-Manager 2055 Fund | .10% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,062.60 | $ .52 |
HypotheticalA |
| $ 1,000.00 | $ 1,024.57 | $ .51 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The fees and expenses of the underlying funds in which the Funds invest are not included in the Funds' annualized expense ratio.
Semiannual Report
Strategic Advisers Multi-Manager Income Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 2.0 | 2.0 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 3.9 | 3.9 |
Strategic Advisers Growth Multi-Manager Fund Class F | 3.3 | 3.3 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 2.1 | 2.0 |
Strategic Advisers Value Multi-Manager Fund Class F | 3.8 | 3.9 |
| 13.1 | 13.1 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 4.3 | 4.2 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 1.3 | 1.3 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.5 | 0.5 |
Fidelity Series Floating Rate High Income Fund Class F | 1.1 | 1.2 |
Fidelity Series Real Estate Income Fund Class F | 0.4 | 0.4 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 4.8 | 4.7 |
| 6.8 | 6.8 |
Inflation-Protected Bond Funds | ||
Fidelity Series Inflation-Protected Bond Index Fund Class F | 11.2 | 11.8 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 21.6 | 21.3 |
Short-Term Funds | ||
Fidelity Institutional Money Market Portfolio Class F | 21.8 | 21.7 |
Fidelity Short-Term Bond Fund Class F | 17.9 | 17.8 |
| 39.7 | 39.5 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 2.0% |
| |
Domestic Equity Funds | 13.1% |
| |
Developed International Equity Funds | 4.3% |
| |
Emerging Markets Equity Funds | 1.3% |
| |
High Yield Bond Funds | 6.8% |
| |
Inflation-Protected Bond Funds | 11.2% |
| |
Investment Grade Bond Funds | 21.6% |
| |
Short-Term Funds | 39.7% |
|
Six months ago | |||
Commodity Funds | 2.0% |
| |
Domestic Equity Funds | 13.1% |
| |
Developed International Equity Funds | 4.2% |
| |
Emerging Markets Equity Funds | 1.3% |
| |
High Yield Bond Funds | 6.8% |
| |
Inflation-Protected Bond Funds | 11.8% |
| |
Investment Grade Bond Funds | 21.3% |
| |
Short-Term Funds | 39.5% |
|
Semiannual Report
Strategic Advisers Multi-Manager Income Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 15.1% | |||
Shares | Value | ||
Commodity Funds - 2.0% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 357 | $ 2,876 | |
Domestic Equity Funds - 13.1% | |||
Strategic Advisers Core Multi-Manager Fund Class F (c) | 440 | 5,668 | |
Strategic Advisers Growth Multi-Manager Fund Class F (c) | 366 | 4,860 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (c) | 214 | 2,980 | |
Strategic Advisers Value Multi-Manager Fund Class F (c) | 419 | 5,601 | |
TOTAL DOMESTIC EQUITY FUNDS | 19,109 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $20,357) |
| ||
International Equity Funds - 5.6% | |||
|
|
|
|
Developed International Equity Funds - 4.3% | |||
Strategic Advisers International Multi-Manager Fund Class F (c) | 514 | 6,365 | |
Emerging Markets Equity Funds - 1.3% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (c) | 184 | 1,867 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $7,621) |
| ||
Bond Funds - 39.6% | |||
|
|
|
|
High Yield Bond Funds - 6.8% | |||
Fidelity Series Emerging Markets Debt Fund Class F (c) | 74 | 747 | |
Fidelity Series Floating Rate High Income Fund Class F (c) | 157 | 1,662 | |
| |||
Shares | Value | ||
Fidelity Series Real Estate Income Fund Class F (c) | 48 | $ 531 | |
Strategic Advisers Income Opportunities Fund of Funds | 669 | 6,992 | |
TOTAL HIGH YIELD BOND FUNDS | 9,932 | ||
Inflation-Protected Bond Funds - 11.2% | |||
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 1,506 | 16,358 | |
Investment Grade Bond Funds - 21.6% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (c) | 3,241 | 31,532 | |
TOTAL BOND FUNDS (Cost $59,671) |
| ||
Short-Term Funds - 39.7% | |||
|
|
|
|
Fidelity Institutional Money Market Portfolio Class F 0.07% (b)(c) | 31,783 | 31,783 | |
Fidelity Short-Term Bond Fund | 3,044 | 26,088 | |
TOTAL SHORT-TERM FUNDS (Cost $57,902) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $145,551) | 145,910 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (6) | ||
NET ASSETS - 100% | $ 145,904 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Fidelity Institutional Money Market Portfolio Class F | $ 22,105 | $ 9,791 | $ 113 | $ 14 | $ 31,783 |
Fidelity Series Commodity Strategy Fund Class F | 1,998 | 1,045 | 6 | - | 2,876 |
Fidelity Series Emerging Markets Debt Fund Class F | 537 | 252 | 1 | 16 | 747 |
Fidelity Series Floating Rate High Income Fund Class F | 1,173 | 527 | 30 | 29 | 1,662 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 11,969 | 4,964 | 31 | - | 16,358 |
Fidelity Series Real Estate Income Fund Class F | 379 | 179 | 1 | 14 | 531 |
Fidelity Short-Term Bond Fund Class F | 18,128 | 8,069 | 57 | 88 | 26,088 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 21,684 | 10,638 | 61 | 295 | 31,532 |
Strategic Advisers Core Multi-Manager Fund Class F | 4,006 | 1,856 | 321 | 15 | 5,668 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 1,310 | 584 | 4 | - | 1,867 |
Strategic Advisers Growth Multi-Manager Fund Class F | 3,325 | 1,453 | 256 | 5 | 4,860 |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Strategic Advisers Income Opportunities Fund of Funds Class F | $ 4,807 | $ 2,304 | $ 14 | $ 162 | $ 6,992 |
Strategic Advisers International Multi-Manager Fund Class F | 4,260 | 1,804 | 189 | 1 | 6,365 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 2,033 | 868 | 133 | - | 2,980 |
Strategic Advisers Value Multi-Manager Fund Class F | 4,016 | 1,757 | 360 | 19 | 5,601 |
Total | $ 101,730 | $ 46,091 | $ 1,577 | $ 658 | $ 145,910 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager Income Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $145,551) - See accompanying schedule | $ 145,910 | |
|
|
|
Liabilities | ||
Transfer agent fees payable |
| 6 |
|
|
|
Net Assets | $ 145,904 | |
Net Assets consist of: |
| |
Paid in capital | $ 144,868 | |
Undistributed net investment income | 159 | |
Accumulated undistributed net realized gain (loss) on investments | 518 | |
Net unrealized appreciation (depreciation) on investments | 359 | |
Net Assets, for 14,472 shares outstanding | $ 145,904 | |
Net Asset Value, offering price and redemption price per share ($145,904 ÷ 14,472 shares) | $ 10.08 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 658 |
|
|
|
Expenses | ||
Transfer agent fees | 37 | |
Net investment income (loss) | 621 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | $ 53 | |
Capital gain distributions from underlying funds | 475 |
|
Total net realized gain (loss) |
| 528 |
Change in net unrealized appreciation (depreciation) on underlying funds | (388) | |
Net gain (loss) | 140 | |
Net increase (decrease) in net assets resulting from operations | $ 761 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended September 30, 2013 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 621 | $ 427 |
Net realized gain (loss) | 528 | 543 |
Change in net unrealized appreciation (depreciation) | (388) | 747 |
Net increase (decrease) in net assets resulting from operations | 761 | 1,717 |
Distributions to shareholders from net investment income | (579) | (310) |
Distributions to shareholders from net realized gain | (553) | - |
Total distributions | (1,132) | (310) |
Share transactions | 43,676 | 100,000 |
Reinvestment of distributions | 1,132 | 310 |
Cost of shares redeemed | (250) | - |
Net increase (decrease) in net assets resulting from share transactions | 44,558 | 100,310 |
Total increase (decrease) in net assets | 44,187 | 101,717 |
Net Assets | ||
Beginning of period | 101,717 | - |
End of period (including undistributed net investment income of $159 and undistributed net investment income of $117, respectively) | $ 145,904 | $ 101,717 |
Other Information Shares | ||
Sold | 4,354 | 10,000 |
Issued in reinvestment of distributions | 112 | 31 |
Redeemed | (25) | - |
Net increase (decrease) | 4,441 | 10,031 |
Financial Highlights
| Six months ended September 30, 2013 | Year ended |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.14 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .05 | .04 |
Net realized and unrealized gain (loss) | - H | .13 |
Total from investment operations | .05 | .17 |
Distributions from net investment income | (.05) | (.03) |
Distributions from net realized gain | (.06) | - |
Total distributions | (.11) | (.03) |
Net asset value, end of period | $ 10.08 | $ 10.14 |
Total Return B,C | .48% | 1.71% |
Ratios to Average Net Assets E,G |
|
|
Expenses before reductions | .07% A | .15% A |
Expenses net of fee waivers, if any | .07% A | .06% A |
Expenses net of all reductions | .07% A | .06% A |
Net investment income (loss) | 1.10% A | 1.52% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 146 | $ 102 |
Portfolio turnover rate E | 3% A | 0% I |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Amount represents less than $.01 per share.
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2005 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 3.6 | 3.8 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 6.3 | 6.7 |
Strategic Advisers Growth Multi-Manager Fund Class F | 5.4 | 5.6 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 3.4 | 3.4 |
Strategic Advisers Value Multi-Manager Fund Class F | 6.3 | 6.8 |
| 21.4 | 22.5 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 7.3 | 7.3 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 2.2 | 2.2 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 1.1 | 1.1 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 4.6 | 4.6 |
| 6.8 | 6.9 |
Inflation-Protected Bond Funds | ||
Fidelity Series Inflation-Protected Bond Index Fund Class F | 8.9 | 9.4 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 17.9 | 17.8 |
Short-Term Funds | ||
Fidelity Institutional Money Market Portfolio Class F | 17.5 | 16.5 |
Fidelity Short-Term Bond Fund Class F | 14.4 | 13.6 |
| 31.9 | 30.1 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 3.6% |
| |
Domestic Equity Funds | 21.4% |
| |
Developed International Equity Funds | 7.3% |
| |
Emerging Markets Equity Funds | 2.2% |
| |
High Yield Bond Funds | 6.8% |
| |
Inflation-Protected Bond Funds | 8.9% |
| |
Investment Grade Bond Funds | 17.9% |
| |
Short-Term Funds | 31.9% |
|
Six months ago | |||
Commodity Funds | 3.8% |
| |
Domestic Equity Funds | 22.5% |
| |
Developed International Equity Funds | 7.3% |
| |
Emerging Markets Equity Funds | 2.2% |
| |
High Yield Bond Funds | 6.9% |
| |
Inflation-Protected Bond Funds | 9.4% |
| |
Investment Grade Bond Funds | 17.8% |
| |
Short-Term Funds | 30.1% |
|
Semiannual Report
Strategic Advisers Multi-Manager 2005 Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 25.0% | |||
Shares | Value | ||
Commodity Funds - 3.6% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 468 | $ 3,766 | |
Domestic Equity Funds - 21.4% | |||
Strategic Advisers Core Multi-Manager Fund Class F (c) | 515 | 6,629 | |
Strategic Advisers Growth Multi-Manager Fund Class F (c) | 428 | 5,685 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (c) | 252 | 3,502 | |
Strategic Advisers Value Multi-Manager Fund Class F (c) | 489 | 6,549 | |
TOTAL DOMESTIC EQUITY FUNDS | 22,365 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $23,645) |
| ||
International Equity Funds - 9.5% | |||
|
|
|
|
Developed International Equity Funds - 7.3% | |||
Strategic Advisers International Multi-Manager Fund Class F (c) | 617 | 7,635 | |
Emerging Markets Equity Funds - 2.2% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (c) | 220 | 2,228 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $8,955) |
| ||
Bond Funds - 33.6% | |||
|
|
|
|
High Yield Bond Funds - 6.8% | |||
Fidelity Series Emerging Markets Debt Fund Class F (c) | 64 | 646 | |
Fidelity Series Floating Rate High Income Fund Class F (c) | 112 | 1,180 | |
| |||
Shares | Value | ||
Fidelity Series Real Estate Income Fund Class F (c) | 43 | $ 468 | |
Strategic Advisers Income Opportunities Fund of Funds | 459 | 4,798 | |
TOTAL HIGH YIELD BOND FUNDS | 7,092 | ||
Inflation-Protected Bond Funds - 8.9% | |||
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 854 | 9,274 | |
Investment Grade Bond Funds - 17.9% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (c) | 1,917 | 18,648 | |
TOTAL BOND FUNDS (Cost $36,627) |
| ||
Short-Term Funds - 31.9% | |||
|
|
|
|
Fidelity Institutional Money Market Portfolio Class F 0.07% (b)(c) | 18,301 | 18,301 | |
Fidelity Short-Term Bond Fund | 1,750 | 14,996 | |
TOTAL SHORT-TERM FUNDS (Cost $33,331) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $102,558) | 104,305 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (5) | ||
NET ASSETS - 100% | $ 104,300 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Fidelity Institutional Money Market Portfolio Class F | $ 16,995 | $ 1,356 | $ 50 | $ 10 | $ 18,301 |
Fidelity Series Commodity Strategy Fund Class F | 3,876 | 209 | 10 | - | 3,766 |
Fidelity Series Emerging Markets Debt Fund Class F | 676 | 19 | 2 | 18 | 646 |
Fidelity Series Floating Rate High Income Fund Class F | 1,173 | 29 | 17 | 26 | 1,180 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 9,604 | 145 | 25 | - | 9,274 |
Fidelity Series Real Estate Income Fund Class F | 495 | 23 | 22 | 14 | 468 |
Fidelity Short-Term Bond Fund Class F | 13,932 | 1,155 | 41 | 63 | 14,996 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 18,332 | 1,045 | 51 | 227 | 18,648 |
Strategic Advisers Core Multi-Manager Fund Class F | 6,928 | 358 | 864 | 25 | 6,629 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 2,277 | 23 | 6 | 2 | 2,228 |
Strategic Advisers Growth Multi-Manager Fund Class F | 5,753 | 142 | 723 | 9 | 5,685 |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Strategic Advisers Income Opportunities Fund of Funds Class F | $ 4,755 | $ 155 | $ 14 | $ 140 | $ 4,798 |
Strategic Advisers International Multi-Manager Fund Class F | 7,449 | 37 | 587 | 2 | 7,635 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 3,501 | 81 | 388 | - | 3,502 |
Strategic Advisers Value Multi-Manager Fund Class F | 6,933 | 193 | 915 | 32 | 6,549 |
Total | $ 102,679 | $ 4,970 | $ 3,715 | $ 568 | $ 104,305 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $102,558) - See accompanying schedule | $ 104,305 | |
|
|
|
Liabilities | ||
Transfer agent fees payable |
| 5 |
|
|
|
Net Assets | $ 104,300 | |
Net Assets consist of: |
| |
Paid in capital | $ 101,029 | |
Undistributed net investment income | 535 | |
Accumulated undistributed net realized gain (loss) on investments | 989 | |
Net unrealized appreciation (depreciation) on investments | 1,747 | |
Net Assets, for 10,099 shares outstanding | $ 104,300 | |
Net Asset Value, offering price and redemption price per share ($104,300 ÷ 10,099 shares) | $ 10.33 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 568 |
|
|
|
Expenses | ||
Transfer agent fees |
| 32 |
Net investment income (loss) | 536 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | $ 269 | |
Capital gain distributions from underlying funds | 731 |
|
Total net realized gain (loss) |
| 1,000 |
Change in net unrealized appreciation (depreciation) on underlying funds | 100 | |
Net gain (loss) | 1,100 | |
Net increase (decrease) in net assets resulting from operations | $ 1,636 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended September 30, 2013 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 536 | $ 460 |
Net realized gain (loss) | 1,000 | 560 |
Change in net unrealized appreciation (depreciation) | 100 | 1,647 |
Net increase (decrease) in net assets resulting from operations | 1,636 | 2,667 |
Distributions to shareholders from net investment income | (461) | - |
Distributions to shareholders from net realized gain | (571) | - |
Total distributions | (1,032) | - |
Share transactions | 250 | 100,000 |
Reinvestment of distributions | 1,032 | - |
Cost of shares redeemed | (253) | - |
Net increase (decrease) in net assets resulting from share transactions | 1,029 | 100,000 |
Total increase (decrease) in net assets | 1,633 | 102,667 |
Net Assets | ||
Beginning of period | 102,667 | - |
End of period (including undistributed net investment income of $535 and undistributed net investment income of $460, respectively) | $ 104,300 | $ 102,667 |
Other Information Shares | ||
Sold | 24 | 10,000 |
Issued in reinvestment of distributions | 100 | - |
Redeemed | (25) | - |
Net increase (decrease) | 99 | 10,000 |
Financial Highlights
| Six months ended September 30, 2013 | Year ended |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.27 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .05 | .05 |
Net realized and unrealized gain (loss) | .11 | .22 |
Total from investment operations | .16 | .27 |
Distributions from net investment income | (.05) | - |
Distributions from net realized gain | (.06) | - |
Total distributions | (.10) H | - |
Net asset value, end of period | $ 10.33 | $ 10.27 |
Total Return B,C | 1.59% | 2.70% |
Ratios to Average Net Assets E,G |
|
|
Expenses before reductions | .06% A | .15% A |
Expenses net of fee waivers, if any | .06% A | .06% A |
Expenses net of all reductions | .06% A | .06% A |
Net investment income (loss) | 1.04% A | 1.63% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 104 | $ 103 |
Portfolio turnover rate E | 7% A | 1% I |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Total distributions of $.10 per share is comprised of distributions from net investment income of $.046 and distributions from net realized gain of $.057 per share.
I Amount not annualized
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2010 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 5.1 | 5.1 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 9.0 | 9.2 |
Strategic Advisers Growth Multi-Manager Fund Class F | 7.7 | 7.7 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 4.7 | 4.7 |
Strategic Advisers Value Multi-Manager Fund Class F | 8.8 | 9.2 |
| 30.2 | 30.8 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 10.3 | 9.8 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 2.9 | 3.0 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 1.1 | 1.1 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 4.6 | 4.6 |
| 6.9 | 6.9 |
Inflation-Protected Bond Funds | ||
Fidelity Series Inflation-Protected Bond Index Fund Class F | 9.7 | 10.2 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 21.4 | 21.6 |
Short-Term Funds | ||
Fidelity Institutional Money Market Portfolio Class F | 7.4 | 6.9 |
Fidelity Short-Term Bond Fund Class F | 6.1 | 5.7 |
| 13.5 | 12.6 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 5.1% |
| |
Domestic Equity Funds | 30.2% |
| |
Developed International Equity Funds | 10.3% |
| |
Emerging Markets Equity Funds | 2.9% |
| |
High Yield Bond Funds | 6.9% |
| |
Inflation-Protected Bond Funds | 9.7% |
| |
Investment Grade Bond Funds | 21.4% |
| |
Short-Term Funds | 13.5% |
|
Six months ago | |||
Commodity Funds | 5.1% |
| |
Domestic Equity Funds | 30.8% |
| |
Developed International Equity Funds | 9.8% |
| |
Emerging Markets Equity Funds | 3.0% |
| |
High Yield Bond Funds | 6.9% |
| |
Inflation-Protected Bond Funds | 10.2% |
| |
Investment Grade Bond Funds | 21.6% |
| |
Short-Term Funds | 12.6% |
|
Semiannual Report
Strategic Advisers Multi-Manager 2010 Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 35.3% | |||
Shares | Value | ||
Commodity Funds - 5.1% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 956 | $ 7,696 | |
Domestic Equity Funds - 30.2% | |||
Strategic Advisers Core Multi-Manager Fund Class F (c) | 1,055 | 13,575 | |
Strategic Advisers Growth Multi-Manager Fund Class F (c) | 875 | 11,624 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (c) | 512 | 7,119 | |
Strategic Advisers Value Multi-Manager Fund Class F (c) | 1,002 | 13,412 | |
TOTAL DOMESTIC EQUITY FUNDS | 45,730 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $49,522) |
| ||
International Equity Funds - 13.2% | |||
|
|
|
|
Developed International Equity Funds - 10.3% | |||
Strategic Advisers International Multi-Manager Fund Class F (c) | 1,263 | 15,630 | |
Emerging Markets Equity Funds - 2.9% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (c) | 438 | 4,434 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $18,367) |
| ||
Bond Funds - 38.0% | |||
|
|
|
|
High Yield Bond Funds - 6.9% | |||
Fidelity Series Emerging Markets Debt Fund Class F (c) | 93 | 943 | |
Fidelity Series Floating Rate High Income Fund Class F (c) | 160 | 1,697 | |
| |||
Shares | Value | ||
Fidelity Series Real Estate Income Fund Class F (c) | 68 | $ 751 | |
Strategic Advisers Income Opportunities Fund of Funds | 666 | 6,956 | |
TOTAL HIGH YIELD BOND FUNDS | 10,347 | ||
Inflation-Protected Bond Funds - 9.7% | |||
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 1,354 | 14,701 | |
Investment Grade Bond Funds - 21.4% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (c) | 3,334 | 32,441 | |
TOTAL BOND FUNDS (Cost $59,576) |
| ||
Short-Term Funds - 13.5% | |||
|
|
|
|
Fidelity Institutional Money Market Portfolio Class F 0.07% (b)(c) | 11,236 | 11,236 | |
Fidelity Short-Term Bond Fund | 1,074 | 9,200 | |
TOTAL SHORT-TERM FUNDS (Cost $20,454) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $147,919) | 151,415 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (6) | ||
NET ASSETS - 100% | $ 151,409 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Fidelity Institutional Money Market Portfolio Class F | $ 7,142 | $ 4,116 | $ 22 | $ 5 | $ 11,236 |
Fidelity Series Commodity Strategy Fund Class F | 5,338 | 2,857 | 15 | - | 7,696 |
Fidelity Series Emerging Markets Debt Fund Class F | 676 | 327 | 2 | 23 | 943 |
Fidelity Series Floating Rate High Income Fund Class F | 1,173 | 543 | 13 | 33 | 1,697 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 10,536 | 4,737 | 29 | - | 14,701 |
Fidelity Series Real Estate Income Fund Class F | 538 | 255 | 1 | 19 | 751 |
Fidelity Short-Term Bond Fund Class F | 5,855 | 3,387 | 18 | 34 | 9,200 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 22,352 | 11,115 | 63 | 341 | 32,441 |
Strategic Advisers Core Multi-Manager Fund Class F | 9,550 | 4,675 | 895 | 3 | 13,575 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 3,114 | 1,371 | 9 | 51 | 4,434 |
Strategic Advisers Growth Multi-Manager Fund Class F | 7,933 | 3,581 | 772 | 18 | 11,624 |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Strategic Advisers Income Opportunities Fund of Funds Class F | $ 4,766 | $ 2,316 | $ 14 | $ 180 | $ 6,956 |
Strategic Advisers International Multi-Manager Fund Class F | 10,161 | 4,352 | 269 | 3 | 15,630 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 4,825 | 2,096 | 417 | - | 7,119 |
Strategic Advisers Value Multi-Manager Fund Class F | 9,558 | 4,344 | 964 | 62 | 13,412 |
Total | $ 103,517 | $ 50,072 | $ 3,503 | $ 772 | $ 151,415 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $147,919) - See accompanying schedule | $ 151,415 | |
|
|
|
Liabilities | ||
Transfer agent fees payable | 6 | |
|
|
|
Net Assets | $ 151,409 | |
Net Assets consist of: |
| |
Paid in capital | $ 145,693 | |
Undistributed net investment income | 734 | |
Accumulated undistributed net realized gain (loss) on investments | 1,486 | |
Net unrealized appreciation (depreciation) on investments | 3,496 | |
Net Assets, for 14,447 shares outstanding | $ 151,409 | |
Net Asset Value, offering price and redemption price per share ($151,409 ÷ 14,447 shares) | $ 10.48 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 772 |
|
|
|
Expenses | ||
Transfer agent fees |
| 38 |
Net investment income (loss) | 734 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | $ 144 | |
Capital gain distributions from underlying funds | 1,363 |
|
Total net realized gain (loss) |
| 1,507 |
Change in net unrealized appreciation (depreciation) on underlying funds | 1,183 | |
Net gain (loss) | 2,690 | |
Net increase (decrease) in net assets resulting from operations | $ 3,424 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended September 30, 2013 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 734 | $ 531 |
Net realized gain (loss) | 1,507 | 661 |
Change in net unrealized appreciation (depreciation) | 1,183 | 2,313 |
Net increase (decrease) in net assets resulting from operations | 3,424 | 3,505 |
Distributions to shareholders from net investment income | (531) | - |
Distributions to shareholders from net realized gain | (682) | - |
Total distributions | (1,213) | - |
Share transactions | 44,739 | 100,000 |
Reinvestment of distributions | 1,213 | - |
Cost of shares redeemed | (259) | - |
Net increase (decrease) in net assets resulting from share transactions | 45,693 | 100,000 |
Total increase (decrease) in net assets | 47,904 | 103,505 |
Net Assets | ||
Beginning of period | 103,505 | - |
End of period (including undistributed net investment income of $734 and undistributed net investment income of $531, respectively) | $ 151,409 | $ 103,505 |
Other Information Shares | ||
Sold | 4,356 | 10,000 |
Issued in reinvestment of distributions | 116 | - |
Redeemed | (25) | - |
Net increase (decrease) | 4,447 | 10,000 |
Financial Highlights
| Six months ended September 30, 2013 | Year ended March 31, |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.35 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .06 | .05 |
Net realized and unrealized gain (loss) | .19 | .30 |
Total from investment operations | .25 | .35 |
Distributions from net investment income | (.05) | - |
Distributions from net realized gain | (.07) | - |
Total distributions | (.12) | - |
Net asset value, end of period | $ 10.48 | $ 10.35 |
Total Return B,C | 2.43% | 3.50% |
Ratios to Average Net Assets E,G |
|
|
Expenses before reductions | .06% A | .17% A |
Expenses net of fee waivers, if any | .06% A | .06% A |
Expenses net of all reductions | .06% A | .06% A |
Net investment income (loss) | 1.12% A | 1.87% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 151 | $ 104 |
Portfolio turnover rate E | 5% A | 1% H |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Amount not annualized
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2015 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 5.3 | 5.4 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 9.4 | 9.6 |
Strategic Advisers Growth Multi-Manager Fund Class F | 8.0 | 8.0 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 4.8 | 4.8 |
Strategic Advisers Value Multi-Manager Fund Class F | 9.3 | 9.6 |
| 31.5 | 32.0 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 10.6 | 10.2 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 3.2 | 3.1 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.6 |
Fidelity Series Floating Rate High Income Fund Class F | 1.1 | 1.1 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.6 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 4.6 | 4.6 |
| 6.9 | 6.9 |
Inflation-Protected Bond Funds | ||
Fidelity Series Inflation-Protected Bond Index Fund Class F | 9.9 | 10.1 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 22.7 | 22.5 |
Short-Term Funds | ||
Fidelity Institutional Money Market Portfolio Class F | 5.4 | 5.4 |
Fidelity Short-Term Bond Fund Class F | 4.5 | 4.4 |
| 9.9 | 9.8 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 5.3% |
| |
Domestic Equity Funds | 31.5% |
| |
Developed International Equity Funds | 10.6% |
| |
Emerging Markets Equity Funds | 3.2% |
| |
High Yield Bond Funds | 6.9% |
| |
Inflation-Protected Bond Funds | 9.9% |
| |
Investment Grade Bond Funds | 22.7% |
| |
Short-Term Funds | 9.9% |
|
Six months ago | |||
Commodity Funds | 5.4% |
| |
Domestic Equity Funds | 32.0% |
| |
Developed International Equity Funds | 10.2% |
| |
Emerging Markets Equity Funds | 3.1% |
| |
High Yield Bond Funds | 6.9% |
| |
Inflation-Protected Bond Funds | 10.1% |
| |
Investment Grade Bond Funds | 22.5% |
| |
Short-Term Funds | 9.8% |
|
Semiannual Report
Strategic Advisers Multi-Manager 2015 Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 36.8% | |||
Shares | Value | ||
Commodity Funds - 5.3% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 2,049 | $ 16,496 | |
Domestic Equity Funds - 31.5% | |||
Strategic Advisers Core Multi-Manager Fund Class F (c) | 2,262 | 29,116 | |
Strategic Advisers Growth Multi-Manager Fund Class F (c) | 1,866 | 24,795 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (c) | 1,080 | 15,018 | |
Strategic Advisers Value Multi-Manager Fund Class F (c) | 2,153 | 28,806 | |
TOTAL DOMESTIC EQUITY FUNDS | 97,735 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $108,809) |
| ||
International Equity Funds - 13.8% | |||
|
|
|
|
Developed International Equity Funds - 10.6% | |||
Strategic Advisers International Multi-Manager Fund Class F (c) | 2,652 | 32,835 | |
Emerging Markets Equity Funds - 3.2% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (c) | 975 | 9,862 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $40,074) |
| ||
Bond Funds - 39.5% | |||
|
|
|
|
High Yield Bond Funds - 6.9% | |||
Fidelity Series Emerging Markets Debt Fund Class F (c) | 199 | 2,017 | |
Fidelity Series Floating Rate High Income Fund Class F (c) | 329 | 3,481 | |
| |||
Shares | Value | ||
Fidelity Series Real Estate Income Fund Class F (c) | 154 | $ 1,689 | |
Strategic Advisers Income Opportunities Fund of Funds | 1,372 | 14,334 | |
TOTAL HIGH YIELD BOND FUNDS | 21,521 | ||
Inflation-Protected Bond Funds - 9.9% | |||
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 2,836 | 30,795 | |
Investment Grade Bond Funds - 22.7% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (c) | 7,218 | 70,231 | |
TOTAL BOND FUNDS (Cost $123,580) |
| ||
Short-Term Funds - 9.9% | |||
|
|
|
|
Fidelity Institutional Money Market Portfolio Class F 0.07% (b)(c) | 16,788 | 16,788 | |
Fidelity Short-Term Bond Fund | 1,608 | 13,778 | |
TOTAL SHORT-TERM FUNDS (Cost $30,546) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $303,009) | 310,041 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (13) | ||
NET ASSETS - 100% | $ 310,028 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Fidelity Institutional Money Market Portfolio Class F | $ 5,550 | $ 11,256 | $ 18 | $ 5 | $ 16,788 |
Fidelity Series Commodity Strategy Fund Class F | 5,577 | 11,452 | 18 | - | 16,496 |
Fidelity Series Emerging Markets Debt Fund Class F | 676 | 1,388 | 2 | 28 | 2,017 |
Fidelity Series Floating Rate High Income Fund Class F | 1,173 | 2,318 | 4 | 41 | 3,481 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 10,416 | 20,618 | 33 | - | 30,795 |
Fidelity Series Real Estate Income Fund Class F | 590 | 1,149 | 2 | 29 | 1,689 |
Fidelity Short-Term Bond Fund Class F | 4,551 | 9,228 | 15 | 31 | 13,778 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 23,335 | 47,271 | 74 | 429 | 70,231 |
Strategic Advisers Core Multi-Manager Fund Class F | 9,954 | 19,168 | 681 | 38 | 29,116 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 3,234 | 6,481 | 10 | - | 9,862 |
Strategic Advisers Growth Multi-Manager Fund Class F | 8,273 | 15,734 | 591 | 13 | 24,795 |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Strategic Advisers Income Opportunities Fund of Funds Class F | $ 4,755 | $ 9,649 | $ 15 | $ 225 | $ 14,334 |
Strategic Advisers International Multi-Manager Fund Class F | 10,566 | 20,326 | 143 | 3 | 32,835 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 5,029 | 9,442 | 323 | - | 15,018 |
Strategic Advisers Value Multi-Manager Fund Class F | 9,970 | 18,921 | 792 | 47 | 28,806 |
Total | $ 103,649 | $ 204,401 | $ 2,721 | $ 889 | $ 310,041 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $303,009) - See accompanying schedule | $ 310,041 | |
Receivable for fund shares sold | 8,131 | |
Receivable from investment adviser for expense reductions | 6 | |
Total assets | 318,178 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 8,131 | |
Transfer agent fees payable | 19 | |
Total liabilities | 8,150 | |
|
|
|
Net Assets | $ 310,028 | |
Net Assets consist of: |
| |
Paid in capital | $ 301,015 | |
Undistributed net investment income | 803 | |
Accumulated undistributed net realized gain (loss) on investments | 1,178 | |
Net unrealized appreciation (depreciation) on investments | 7,032 | |
Net Assets, for 29,513 shares outstanding | $ 310,028 | |
Net Asset Value, offering price and redemption price per share ($310,028 ÷ 29,513 shares) | $ 10.50 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 889 |
|
|
|
Expenses | ||
Transfer agent fees | $ 86 | |
Total expenses before reductions | 86 | |
Expense reductions | (6) | 80 |
Net investment income (loss) | 809 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 101 | |
Capital gain distributions from underlying funds | 1,089 |
|
Total net realized gain (loss) |
| 1,190 |
Change in net unrealized appreciation (depreciation) on underlying funds | 4,611 | |
Net gain (loss) | 5,801 | |
Net increase (decrease) in net assets resulting from operations | $ 6,610 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended September 30, 2013 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 809 | $ 535 |
Net realized gain (loss) | 1,190 | 670 |
Change in net unrealized appreciation (depreciation) | 4,611 | 2,421 |
Net increase (decrease) in net assets resulting from operations | 6,610 | 3,626 |
Distributions to shareholders from net investment income | (541) | - |
Distributions to shareholders from net realized gain | (682) | - |
Total distributions | (1,223) | - |
Share transactions | 200,047 | 100,000 |
Reinvestment of distributions | 1,223 | - |
Cost of shares redeemed | (255) | - |
Net increase (decrease) in net assets resulting from share transactions | 201,015 | 100,000 |
Total increase (decrease) in net assets | 206,402 | 103,626 |
Net Assets | ||
Beginning of period | 103,626 | - |
End of period (including undistributed net investment income of $803 and undistributed net investment income of $535, respectively) | $ 310,028 | $ 103,626 |
Other Information Shares | ||
Sold | 19,421 | 10,000 |
Issued in reinvestment of distributions | 117 | - |
Redeemed | (25) | - |
Net increase (decrease) | 19,513 | 10,000 |
Financial Highlights
| Six months ended September 30, 2013 | Year ended March 31, |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.36 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .05 | .05 |
Net realized and unrealized gain (loss) | .21 | .31 |
Total from investment operations | .26 | .36 |
Distributions from net investment income | (.05) | - |
Distributions from net realized gain | (.07) | - |
Total distributions | (.12) | - |
Net asset value, end of period | $ 10.50 | $ 10.36 |
Total Return B,C | 2.54% | 3.60% |
Ratios to Average Net Assets E,G |
|
|
Expenses before reductions | .11% A | .21% A |
Expenses net of fee waivers, if any | .10% A | .09% A |
Expenses net of all reductions | .10% A | .09% A |
Net investment income (loss) | 1.01% A | 1.88% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 310 | $ 104 |
Portfolio turnover rate E | 3% A | 1% H |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Amount not annualized
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2020 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 5.8 | 5.9 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 10.2 | 10.5 |
Strategic Advisers Growth Multi-Manager Fund Class F | 8.7 | 8.8 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 5.2 | 5.3 |
Strategic Advisers Value Multi-Manager Fund Class F | 10.1 | 10.5 |
| 34.2 | 35.1 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 11.5 | 11.2 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 3.5 | 3.4 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.8 | 0.8 |
Fidelity Series Floating Rate High Income Fund Class F | 1.1 | 1.1 |
Fidelity Series Real Estate Income Fund Class F | 0.6 | 0.6 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 5.1 | 5.2 |
| 7.6 | 7.7 |
Inflation-Protected Bond Funds | ||
Fidelity Series Inflation-Protected Bond Index Fund Class F | 8.3 | 8.3 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 21.9 | 21.7 |
Short-Term Funds | ||
Fidelity Institutional Money Market Portfolio Class F | 4.0 | 3.7 |
Fidelity Short-Term Bond Fund Class F | 3.2 | 3.0 |
| 7.2 | 6.7 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 5.8% |
| |
Domestic Equity Funds | 34.2% |
| |
Developed International Equity Funds | 11.5% |
| |
Emerging Markets Equity Funds | 3.5% |
| |
High Yield Bond Funds | 7.6% |
| |
Inflation-Protected Bond Funds | 8.3% |
| |
Investment Grade Bond Funds | 21.9% |
| |
Short-Term Funds | 7.2% |
|
Six months ago | |||
Commodity Funds | 5.9% |
| |
Domestic Equity Funds | 35.1% |
| |
Developed International Equity Funds | 11.2% |
| |
Emerging Markets Equity Funds | 3.4% |
| |
High Yield Bond Funds | 7.7% |
| |
Inflation-Protected Bond Funds | 8.3% |
| |
Investment Grade Bond Funds | 21.7% |
| |
Short-Term Funds | 6.7% |
|
Semiannual Report
Strategic Advisers Multi-Manager 2020 Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 40.0% | |||
Shares | Value | ||
Commodity Funds - 5.8% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 4,809 | $ 38,709 | |
Domestic Equity Funds - 34.2% | |||
Strategic Advisers Core Multi-Manager Fund Class F (c) | 5,294 | 68,133 | |
Strategic Advisers Growth Multi-Manager Fund Class F (c) | 4,387 | 58,301 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (c) | 2,536 | 35,273 | |
Strategic Advisers Value Multi-Manager Fund Class F (c) | 5,043 | 67,473 | |
TOTAL DOMESTIC EQUITY FUNDS | 229,180 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $259,411) |
| ||
International Equity Funds - 15.0% | |||
|
|
|
|
Developed International Equity Funds - 11.5% | |||
Strategic Advisers International Multi-Manager Fund Class F (c) | 6,225 | 77,061 | |
Emerging Markets Equity Funds - 3.5% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (c) | 2,309 | 23,363 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $94,502) |
| ||
Bond Funds - 37.8% | |||
|
|
|
|
High Yield Bond Funds - 7.6% | |||
Fidelity Series Emerging Markets Debt Fund Class F (c) | 508 | 5,141 | |
Fidelity Series Floating Rate High Income Fund Class F (c) | 713 | 7,544 | |
| |||
Shares | Value | ||
Fidelity Series Real Estate Income Fund Class F (c) | 351 | $ 3,859 | |
Strategic Advisers Income Opportunities Fund of Funds | 3,286 | 34,339 | |
TOTAL HIGH YIELD BOND FUNDS | 50,883 | ||
Inflation-Protected Bond Funds - 8.3% | |||
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 5,131 | 55,718 | |
Investment Grade Bond Funds - 21.9% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (c) | 15,090 | 146,822 | |
TOTAL BOND FUNDS (Cost $256,325) |
| ||
Short-Term Funds - 7.2% | |||
|
|
|
|
Fidelity Institutional Money Market Portfolio Class F 0.07% (b)(c) | 26,749 | 26,749 | |
Fidelity Short-Term Bond Fund | 2,559 | 21,926 | |
TOTAL SHORT-TERM FUNDS (Cost $48,667) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $658,905) | 670,411 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (45) | ||
NET ASSETS - 100% | $ 670,366 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Fidelity Institutional Money Market Portfolio Class F | $ 3,795 | $ 23,460 | $ 505 | $ 8 | $ 26,749 |
Fidelity Series Commodity Strategy Fund Class F | 6,133 | 34,268 | 722 | - | 38,709 |
Fidelity Series Emerging Markets Debt Fund Class F | 805 | 4,583 | 97 | 79 | 5,141 |
Fidelity Series Floating Rate High Income Fund Class F | 1,173 | 6,538 | 139 | 96 | 7,544 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 8,630 | 48,692 | 1,045 | - | 55,718 |
Fidelity Series Real Estate Income Fund Class F | 632 | 3,476 | 72 | 74 | 3,859 |
Fidelity Short-Term Bond Fund Class F | 3,109 | 19,227 | 413 | 53 | 21,926 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 22,544 | 128,411 | 2,726 | 971 | 146,822 |
Strategic Advisers Core Multi-Manager Fund Class F | 10,939 | 58,628 | 2,128 | 109 | 68,133 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 3,567 | 19,629 | 421 | - | 23,363 |
Strategic Advisers Growth Multi-Manager Fund Class F | 9,093 | 48,213 | 1,916 | 38 | 58,301 |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Strategic Advisers Income Opportunities Fund of Funds Class F | $ 5,446 | $ 29,914 | $ 627 | $ 589 | $ 34,339 |
Strategic Advisers International Multi-Manager Fund Class F | 11,647 | 62,116 | 1,538 | 3 | 77,061 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 5,524 | 28,705 | 1,189 | - | 35,273 |
Strategic Advisers Value Multi-Manager Fund Class F | 10,953 | 57,925 | 2,201 | 133 | 67,473 |
Total | $ 103,990 | $ 573,785 | $ 15,739 | $ 2,153 | $ 670,411 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $658,905) - See accompanying schedule | $ 670,411 | |
Receivable from investment adviser for expense reductions | 6 | |
Total assets | 670,417 | |
|
|
|
Liabilities | ||
Transfer agent fees payable | 51 | |
|
|
|
Net Assets | $ 670,366 | |
Net Assets consist of: |
| |
Paid in capital | $ 654,559 | |
Undistributed net investment income | 1,964 | |
Accumulated undistributed net realized gain (loss) on investments | 2,337 | |
Net unrealized appreciation (depreciation) on investments | 11,506 | |
Net Assets, for 63,218 shares outstanding | $ 670,366 | |
Net Asset Value, offering price and redemption price per share ($670,366 ÷ 63,218 shares) | $ 10.60 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 2,153 |
|
|
|
Expenses | ||
Transfer agent fees | $ 190 | |
Total expenses before reductions | 190 | |
Expense reductions | (6) | 184 |
Net investment income (loss) | 1,969 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (382) | |
Capital gain distributions from underlying funds | 2,735 |
|
Total net realized gain (loss) |
| 2,353 |
Change in net unrealized appreciation (depreciation) on underlying funds | 8,754 | |
Net gain (loss) | 11,107 | |
Net increase (decrease) in net assets resulting from operations | $ 13,076 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended September 30, 2013 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 1,969 | $ 561 |
Net realized gain (loss) | 2,353 | 655 |
Change in net unrealized appreciation (depreciation) | 8,754 | 2,752 |
Net increase (decrease) in net assets resulting from operations | 13,076 | 3,968 |
Distributions to shareholders from net investment income | (566) | - |
Distributions to shareholders from net realized gain | (671) | - |
Total distributions | (1,237) | - |
Share transactions | 565,688 | 100,000 |
Reinvestment of distributions | 1,237 | - |
Cost of shares redeemed | (12,366) | - |
Net increase (decrease) in net assets resulting from share transactions | 554,559 | 100,000 |
Total increase (decrease) in net assets | 566,398 | 103,968 |
Net Assets | ||
Beginning of period | 103,968 | - |
End of period (including undistributed net investment income of $1,964 and undistributed net investment income of $561, respectively) | $ 670,366 | $ 103,968 |
Other Information Shares | ||
Sold | 54,299 | 10,000 |
Issued in reinvestment of distributions | 118 | - |
Redeemed | (1,199) | - |
Net increase (decrease) | 53,218 | 10,000 |
Financial Highlights
| Six months ended September 30, 2013 | Year ended March 31, |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.40 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss)D | .05 | .06 |
Net realized and unrealized gain (loss) | .24 | .34 |
Total from investment operations | .29 | .40 |
Distributions from net investment income | (.04) | - |
Distributions from net realized gain | (.05) | - |
Total distributions | (.09) | - |
Net asset value, end of period | $ 10.60 | $ 10.40 |
Total Return B,C | 2.83% | 4.00% |
Ratios to Average Net Assets E,G |
|
|
Expenses before reductions | .10% A | .21% A |
Expenses net of fee waivers, if any | .10% A | .09% A |
Expenses net of all reductions | .10% A | .09% A |
Net investment income (loss) | 1.06% A | 1.97% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 670 | $ 104 |
Portfolio turnover rate E | 8% A | 1% H |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2025 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 7.0 | 7.2 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 12.4 | 12.8 |
Strategic Advisers Growth Multi-Manager Fund Class F | 10.6 | 10.7 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 6.4 | 6.5 |
Strategic Advisers Value Multi-Manager Fund Class F | 12.3 | 12.8 |
| 41.7 | 42.8 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 14.0 | 13.5 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 4.2 | 4.2 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.8 | 0.8 |
Fidelity Series Floating Rate High Income Fund Class F | 1.0 | 1.0 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 6.8 | 6.7 |
| 9.1 | 9.0 |
Inflation-Protected Bond Funds | ||
Fidelity Series Inflation-Protected Bond Index Fund Class F | 5.6 | 5.4 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 17.4 | 17.2 |
Short-Term Funds | ||
Fidelity Institutional Money Market Portfolio Class F | 0.5 | 0.4 |
Fidelity Short-Term Bond Fund Class F | 0.5 | 0.3 |
| 1.0 | 0.7 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 7.0% |
| |
Domestic Equity Funds | 41.7% |
| |
Developed International Equity Funds | 14.0% |
| |
Emerging Markets Equity Funds | 4.2% |
| |
High Yield Bond Funds | 9.1% |
| |
Inflation-Protected Bond Funds | 5.6% |
| |
Investment Grade Bond Funds | 17.4% |
| |
Short-Term Funds | 1.0% |
|
Six months ago | |||
Commodity Funds | 7.2% |
| |
Domestic Equity Funds | 42.8% |
| |
Developed International Equity Funds | 13.5% |
| |
Emerging Markets Equity Funds | 4.2% |
| |
High Yield Bond Funds | 9.0% |
| |
Inflation-Protected Bond Funds | 5.4% |
| |
Investment Grade Bond Funds | 17.2% |
| |
Short-Term Funds | 0.7% |
|
Semiannual Report
Strategic Advisers Multi-Manager 2025 Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 48.7% | |||
Shares | Value | ||
Commodity Funds - 7.0% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(c) | 2,484 | $ 19,998 | |
Domestic Equity Funds - 41.7% | |||
Strategic Advisers Core Multi-Manager Fund Class F (c) | 2,747 | 35,353 | |
Strategic Advisers Growth Multi-Manager Fund Class F (c) | 2,267 | 30,130 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (c) | 1,314 | 18,275 | |
Strategic Advisers Value Multi-Manager Fund Class F (c) | 2,615 | 34,985 | |
TOTAL DOMESTIC EQUITY FUNDS | 118,743 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $131,711) |
| ||
International Equity Funds - 18.2% | |||
|
|
|
|
Developed International Equity Funds - 14.0% | |||
Strategic Advisers International Multi-Manager Fund Class F (c) | 3,220 | 39,865 | |
Emerging Markets Equity Funds - 4.2% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (c) | 1,188 | 12,021 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $48,499) |
| ||
Bond Funds - 32.1% | |||
|
|
|
|
High Yield Bond Funds - 9.1% | |||
Fidelity Series Emerging Markets Debt Fund Class F (c) | 215 | 2,176 | |
Fidelity Series Floating Rate High Income Fund Class F (c) | 263 | 2,783 | |
| |||
Shares | Value | ||
Fidelity Series Real Estate Income Fund Class F (c) | 141 | $ 1,551 | |
Strategic Advisers Income Opportunities Fund of Funds | 1,848 | 19,312 | |
TOTAL HIGH YIELD BOND FUNDS | 25,822 | ||
Inflation-Protected Bond Funds - 5.6% | |||
Fidelity Series Inflation-Protected Bond Index Fund Class F (c) | 1,463 | 15,885 | |
Investment Grade Bond Funds - 17.4% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (c) | 5,092 | 49,546 | |
TOTAL BOND FUNDS (Cost $92,306) |
| ||
Short-Term Funds - 1.0% | |||
|
|
|
|
Fidelity Institutional Money Market Portfolio Class F 0.07% (b)(c) | 1,538 | 1,538 | |
Fidelity Short-Term Bond Fund | 147 | 1,260 | |
TOTAL SHORT-TERM FUNDS (Cost $2,797) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $275,313) | 284,678 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (14) | ||
NET ASSETS - 100% | $ 284,664 |
Legend |
(a) Non-income producing |
(b) The rate quoted is the annualized seven-day yield of the fund at period end. |
(c) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Fidelity Institutional Money Market Portfolio Class F | $ 414 | $ 1,156 | $ 32 | $ - | $ 1,538 |
Fidelity Series Commodity Strategy Fund Class F | 7,583 | 13,723 | 451 | - | 19,998 |
Fidelity Series Emerging Markets Debt Fund Class F | 805 | 1,471 | 50 | 30 | 2,176 |
Fidelity Series Floating Rate High Income Fund Class F | 1,018 | 1,834 | 62 | 32 | 2,783 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 5,663 | 10,783 | 349 | - | 15,885 |
Fidelity Series Real Estate Income Fund Class F | 590 | 1,053 | 35 | 32 | 1,551 |
Fidelity Short-Term Bond Fund Class F | 342 | 944 | 26 | 3 | 1,260 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 18,061 | 33,032 | 1,084 | 303 | 49,546 |
Strategic Advisers Core Multi-Manager Fund Class F | 13,418 | 22,662 | 1,590 | 54 | 35,353 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 4,343 | 7,616 | 263 | - | 12,021 |
Strategic Advisers Growth Multi-Manager Fund Class F | 11,152 | 18,548 | 1,344 | 19 | 30,130 |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Strategic Advisers Income Opportunities Fund of Funds Class F | $ 7,014 | $ 12,846 | $ 429 | $ 302 | $ 19,312 |
Strategic Advisers International Multi-Manager Fund Class F | 14,182 | 23,970 | 833 | 4 | 39,865 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 6,777 | 11,097 | 744 | - | 18,275 |
Strategic Advisers Value Multi-Manager Fund Class F | 13,432 | 22,309 | 1,699 | 68 | 34,985 |
Total | $ 104,794 | $ 183,044 | $ 8,991 | $ 847 | $ 284,678 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $275,313) - See accompanying schedule | $ 284,678 | |
Receivable from investment adviser for expense reductions | 4 | |
Total assets | 284,682 | |
|
|
|
Liabilities | ||
Transfer agent fees payable | 18 | |
|
|
|
Net Assets | $ 284,664 | |
Net Assets consist of: |
| |
Paid in capital | $ 273,016 | |
Undistributed net investment income | 765 | |
Accumulated undistributed net realized gain (loss) on investments | 1,518 | |
Net unrealized appreciation (depreciation) on investments | 9,365 | |
Net Assets, for 26,401 shares outstanding | $ 284,664 | |
Net Asset Value, offering price and redemption price per share ($284,664 ÷ 26,401 shares) | $ 10.78 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 847 |
|
|
|
Expenses | ||
Transfer agent fees | $ 82 | |
Total expenses before reductions | 82 | |
Expense reductions | (10) | 72 |
Net investment income (loss) | 775 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 36 | |
Capital gain distributions from underlying funds | 1,489 |
|
Total net realized gain (loss) |
| 1,525 |
Change in net unrealized appreciation (depreciation) on underlying funds | 5,796 | |
Net gain (loss) | 7,321 | |
Net increase (decrease) in net assets resulting from operations | $ 8,096 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended September 30, 2013 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 775 | $ 594 |
Net realized gain (loss) | 1,525 | 607 |
Change in net unrealized appreciation (depreciation) | 5,796 | 3,569 |
Net increase (decrease) in net assets resulting from operations | 8,096 | 4,770 |
Distributions to shareholders from net investment income | (604) | - |
Distributions to shareholders from net realized gain | (614) | - |
Total distributions | (1,218) | - |
Share transactions | 177,971 | 100,000 |
Reinvestment of distributions | 1,218 | - |
Cost of shares redeemed | (6,173) | - |
Net increase (decrease) in net assets resulting from share transactions | 173,016 | 100,000 |
Total increase (decrease) in net assets | 179,894 | 104,770 |
Net Assets | ||
Beginning of period | 104,770 | - |
End of period (including undistributed net investment income of $765 and undistributed net investment income of $594, respectively) | $ 284,664 | $ 104,770 |
Other Information Shares | ||
Sold | 16,880 | 10,000 |
Issued in reinvestment of distributions | 115 | - |
Redeemed | (594) | - |
Net increase (decrease) | 16,401 | 10,000 |
Financial Highlights
| Six months ended September 30, 2013 | Year ended March 31, |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.48 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .06 | .06 |
Net realized and unrealized gain (loss) | .36 | .42 |
Total from investment operations | .42 | .48 |
Distributions from net investment income | (.06) | - |
Distributions from net realized gain | (.06) | - |
Total distributions | (.12) | - |
Net asset value, end of period | $ 10.78 | $ 10.48 |
Total Return B,C | 4.03% | 4.80% |
Ratios to Average Net Assets E,G |
|
|
Expenses before reductions | .11% A | .21% A |
Expenses net of fee waivers, if any | .10% A | .09% A |
Expenses net of all reductions | .10% A | .09% A |
Net investment income (loss) | 1.07% A | 2.08% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 285 | $ 105 |
Portfolio turnover rate E | 11% A | 1% H |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2030 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 7.6 | 7.6 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 13.1 | 13.4 |
Strategic Advisers Growth Multi-Manager Fund Class F | 11.2 | 11.2 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 6.8 | 6.8 |
Strategic Advisers Value Multi-Manager Fund Class F | 13.0 | 13.5 |
| 44.1 | 44.9 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 14.9 | 14.2 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 4.3 | 4.3 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 0.9 | 0.9 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 6.9 | 6.8 |
| 9.0 | 8.9 |
Inflation-Protected Bond Funds | ||
Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.8 | 2.6 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 17.3 | 17.5 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 7.6% |
| |
Domestic Equity Funds | 44.1% |
| |
Developed International Equity Funds | 14.9% |
| |
Emerging Markets Equity Funds | 4.3% |
| |
High Yield Bond Funds | 9.0% |
| |
Inflation-Protected Bond Funds | 2.8% |
| |
Investment Grade Bond Funds | 17.3% |
|
Six months ago | |||
Commodity Funds | 7.6% |
| |
Domestic Equity Funds | 44.9% |
| |
Developed International Equity Funds | 14.2% |
| |
Emerging Markets Equity Funds | 4.3% |
| |
High Yield Bond Funds | 8.9% |
| |
Inflation-Protected Bond Funds | 2.6% |
| |
Investment Grade Bond Funds | 17.5% |
|
Semiannual Report
Strategic Advisers Multi-Manager 2030 Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 51.7% | |||
Shares | Value | ||
Commodity Funds - 7.6% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 1,474 | $ 11,866 | |
Domestic Equity Funds - 44.1% | |||
Strategic Advisers Core Multi-Manager Fund Class F (b) | 1,597 | 20,557 | |
Strategic Advisers Growth Multi-Manager Fund Class F (b) | 1,320 | 17,547 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | 767 | 10,672 | |
Strategic Advisers Value Multi-Manager Fund Class F (b) | 1,519 | 20,324 | |
TOTAL DOMESTIC EQUITY FUNDS | 69,100 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $74,823) |
| ||
International Equity Funds - 19.2% | |||
|
|
|
|
Developed International Equity Funds - 14.9% | |||
Strategic Advisers International Multi-Manager Fund Class F (b) | 1,888 | 23,369 | |
Emerging Markets Equity Funds - 4.3% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (b) | 667 | 6,752 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $27,697) |
| ||
Bond Funds - 29.1% | |||
|
|
|
|
High Yield Bond Funds - 9.0% | |||
Fidelity Series Emerging Markets Debt Fund Class F (b) | 113 | 1,139 | |
Fidelity Series Floating Rate High Income Fund Class F (b) | 133 | 1,403 | |
| |||
Shares | Value | ||
Fidelity Series Real Estate Income Fund Class F (b) | 70 | $ 765 | |
Strategic Advisers Income Opportunities Fund of Funds | 1,023 | 10,694 | |
TOTAL HIGH YIELD BOND FUNDS | 14,001 | ||
Inflation-Protected Bond Funds - 2.8% | |||
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | 405 | 4,393 | |
Investment Grade Bond Funds - 17.3% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (b) | 2,789 | 27,141 | |
TOTAL BOND FUNDS (Cost $46,731) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $149,251) | 156,622 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | (3) | ||
NET ASSETS - 100% | $ 156,619 |
Legend |
(a) Non-income producing |
(b) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Fidelity Series Commodity Strategy Fund Class F | $ 8,014 | $ 4,743 | $ 214 | $ - | $ 11,866 |
Fidelity Series Emerging Markets Debt Fund Class F | 805 | 405 | 10 | 25 | 1,139 |
Fidelity Series Floating Rate High Income Fund Class F | 936 | 484 | 12 | 25 | 1,403 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | 2,693 | 1,872 | 38 | - | 4,393 |
Fidelity Series Real Estate Income Fund Class F | 538 | 272 | 7 | 20 | 765 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 18,359 | 9,722 | 256 | 265 | 27,141 |
Strategic Advisers Core Multi-Manager Fund Class F | 14,114 | 6,813 | 861 | 63 | 20,557 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 4,554 | 2,316 | 58 | - | 6,752 |
Strategic Advisers Growth Multi-Manager Fund Class F | 11,730 | 5,286 | 783 | 22 | 17,547 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 7,118 | 3,817 | 91 | 252 | 10,694 |
Strategic Advisers International Multi-Manager Fund Class F | 14,888 | 6,717 | 185 | 4 | 23,369 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 7,130 | 3,130 | 438 | - | 10,672 |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Strategic Advisers Value Multi-Manager Fund Class F | $ 14,127 | $ 6,399 | $ 984 | $ 79 | $ 20,324 |
Total | $ 105,006 | $ 51,976 | $ 3,937 | $ 755 | $ 156,622 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $149,251) - See accompanying schedule | $ 156,622 | |
Receivable for fund shares sold | 1,779 | |
Receivable from investment adviser for expense reductions | 13 | |
Total assets | 158,414 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 1,778 | |
Transfer agent fees payable | 17 | |
Total liabilities | 1,795 | |
|
|
|
Net Assets | $ 156,619 | |
Net Assets consist of: |
| |
Paid in capital | $ 146,842 | |
Undistributed net investment income | 688 | |
Accumulated undistributed net realized gain (loss) on investments | 1,718 | |
Net unrealized appreciation (depreciation) on investments | 7,371 | |
Net Assets, for 14,435 shares outstanding | $ 156,619 | |
Net Asset Value, offering price and redemption price per share ($156,619 ÷ 14,435 shares) | $ 10.85 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 755 |
|
|
|
Expenses | ||
Transfer agent fees | $ 82 | |
Total expenses before reductions | 82 | |
Expense reductions | (20) | 62 |
Net investment income (loss) | 693 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 27 | |
Capital gain distributions from underlying funds | 1,704 |
|
Total net realized gain (loss) |
| 1,731 |
Change in net unrealized appreciation (depreciation) on underlying funds | 3,551 | |
Net gain (loss) | 5,282 | |
Net increase (decrease) in net assets resulting from operations | $ 5,975 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended September 30, 2013 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 693 | $ 612 |
Net realized gain (loss) | 1,731 | 551 |
Change in net unrealized appreciation (depreciation) | 3,551 | 3,820 |
Net increase (decrease) in net assets resulting from operations | 5,975 | 4,983 |
Distributions to shareholders from net investment income | (617) | - |
Distributions to shareholders from net realized gain | (564) | - |
Total distributions | (1,181) | - |
Share transactions | 46,954 | 100,000 |
Reinvestment of distributions | 1,181 | - |
Cost of shares redeemed | (1,293) | - |
Net increase (decrease) in net assets resulting from share transactions | 46,842 | 100,000 |
Total increase (decrease) in net assets | 51,636 | 104,983 |
Net Assets | ||
Beginning of period | 104,983 | - |
End of period (including undistributed net investment income of $688 and undistributed net investment income of $612, respectively) | $ 156,619 | $ 104,983 |
Other Information Shares | ||
Sold | 4,446 | 10,000 |
Issued in reinvestment of distributions | 111 | - |
Redeemed | (122) | - |
Net increase (decrease) | 4,435 | 10,000 |
Financial Highlights
| Six months ended September 30, 2013 | Year ended March 31, |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.50 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss)D | .06 | .06 |
Net realized and unrealized gain (loss) | .40 | .44 |
Total from investment operations | .46 | .50 |
Distributions from net investment income | (.06) | - |
Distributions from net realized gain | (.05) | - |
Total distributions | (.11) | - |
Net asset value, end of period | $ 10.85 | $ 10.50 |
Total Return B,C | 4.43% | 5.00% |
Ratios to Average Net Assets E,G |
|
|
Expenses before reductions | .13% A | .21% A |
Expenses net of fee waivers, if any | .10% A | .09% A |
Expenses net of all reductions | .10% A | .09% A |
Net investment income (loss) | 1.12% A | 2.14% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 157 | $ 105 |
Portfolio turnover rate E | 6% A | 1% H |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2035 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 8.6 | 8.8 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 15.0 | 15.5 |
Strategic Advisers Growth Multi-Manager Fund Class F | 12.8 | 12.8 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 7.8 | 7.8 |
Strategic Advisers Value Multi-Manager Fund Class F | 14.9 | 15.5 |
| 50.5 | 51.6 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 17.0 | 16.3 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 5.0 | 4.9 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.8 | 0.8 |
Fidelity Series Floating Rate High Income Fund Class F | 0.8 | 0.8 |
Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 6.8 | 6.8 |
| 8.9 | 8.9 |
Inflation-Protected Bond Funds | ||
Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.0* | 0.0 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 10.0 | 9.5 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 8.6% |
| |
Domestic Equity Funds | 50.5% |
| |
Developed International Equity Funds | 17.0% |
| |
Emerging Markets Equity Funds | 5.0% |
| |
High Yield Bond Funds | 8.9% |
| |
Inflation-Protected Bond Funds | 0.0%* |
| |
Investment Grade Bond Funds | 10.0% |
|
Six months ago | |||
Commodity Funds | 8.8% |
| |
Domestic Equity Funds | 51.6% |
| |
Developed International Equity Funds | 16.3% |
| |
Emerging Markets Equity Funds | 4.9% |
| |
High Yield Bond Funds | 8.9% |
| |
Inflation-Protected Bond Funds | 0.0% |
| |
Investment Grade Bond Funds | 9.5% |
|
Semiannual Report
Strategic Advisers Multi-Manager 2035 Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 59.1% | |||
Shares | Value | ||
Commodity Funds - 8.6% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 2,834 | $ 22,811 | |
Domestic Equity Funds - 50.5% | |||
Strategic Advisers Core Multi-Manager Fund Class F (b) | 3,097 | 39,853 | |
Strategic Advisers Growth Multi-Manager Fund Class F (b) | 2,558 | 34,002 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | 1,484 | 20,648 | |
Strategic Advisers Value Multi-Manager Fund Class F (b) | 2,945 | 39,403 | |
TOTAL DOMESTIC EQUITY FUNDS | 133,906 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $148,001) |
| ||
International Equity Funds - 22.0% | |||
|
|
|
|
Developed International Equity Funds - 17.0% | |||
Strategic Advisers International Multi-Manager Fund Class F (b) | 3,633 | 44,983 | |
Emerging Markets Equity Funds - 5.0% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (b) | 1,325 | 13,413 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $54,543) |
| ||
Bond Funds - 18.9% | |||
|
|
|
|
High Yield Bond Funds - 8.9% | |||
Fidelity Series Emerging Markets Debt Fund Class F (b) | 202 | 2,043 | |
Fidelity Series Floating Rate High Income Fund Class F (b) | 209 | 2,211 | |
| |||
Shares | Value | ||
Fidelity Series Real Estate Income Fund Class F (b) | 109 | $ 1,200 | |
Strategic Advisers Income Opportunities Fund of Funds Class F (b) | 1,732 | 18,101 | |
TOTAL HIGH YIELD BOND FUNDS | 23,555 | ||
Inflation-Protected Bond Funds - 0.0% | |||
Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | 3 | 37 | |
Investment Grade Bond Funds - 10.0% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (b) | 2,729 | 26,556 | |
TOTAL BOND FUNDS (Cost $50,968) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $253,512) | 265,261 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 2 | ||
NET ASSETS - 100% | $ 265,263 |
Legend |
(a) Non-income producing |
(b) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Fidelity Series Commodity Strategy Fund Class F | $ 11,132 | $ 13,461 | $ 890 | $ - | $ 22,811 |
Fidelity Series Emerging Markets Debt Fund Class F | 967 | 1,220 | 57 | 36 | 2,043 |
Fidelity Series Floating Rate High Income Fund Class F | 1,040 | 1,242 | 61 | 32 | 2,211 |
Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 37 | - | - | 37 |
Fidelity Series Real Estate Income Fund Class F | 593 | 696 | 33 | 26 | 1,200 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 12,041 | 15,667 | 705 | 206 | 26,556 |
Strategic Advisers Core Multi-Manager Fund Class F | 19,571 | 21,491 | 1,940 | 79 | 39,853 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 6,226 | 7,531 | 366 | - | 13,413 |
Strategic Advisers Growth Multi-Manager Fund Class F | 16,233 | 17,434 | 1,686 | 27 | 34,002 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 8,629 | 10,212 | 492 | 356 | 18,101 |
Strategic Advisers International Multi-Manager Fund Class F | 20,685 | 22,351 | 1,160 | 6 | 44,983 |
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Value, |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | $ 9,873 | $ 10,442 | $ 977 | $ - | $ 20,648 |
Strategic Advisers Value Multi-Manager Fund Class F | 19,644 | 20,955 | 2,127 | 97 | 39,403 |
Total | $ 126,634 | $ 142,739 | $ 10,494 | $ 865 | $ 265,261 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $253,512) - See accompanying schedule | $ 265,261 | |
Receivable for fund shares sold | 7,734 | |
Receivable from investment adviser for expense reductions | 31 | |
Total assets | 273,026 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 7,732 | |
Transfer agent fees payable | 31 | |
Total liabilities | 7,763 | |
|
|
|
Net Assets | $ 265,263 | |
Net Assets consist of: |
| |
Paid in capital | $ 250,512 | |
Undistributed net investment income | 778 | |
Accumulated undistributed net realized gain (loss) on investments | 2,224 | |
Net unrealized appreciation (depreciation) on investments | 11,749 | |
Net Assets, for 24,004 shares outstanding | $ 265,263 | |
Net Asset Value, offering price and redemption price per share ($265,263 ÷ 24,004 shares) | $ 11.05 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 865 |
|
|
|
Expenses | ||
Transfer agent fees | $ 132 | |
Total expenses before reductions | 132 | |
Expense reductions | (47) | 85 |
Net investment income (loss) | 780 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 146 | |
Capital gain distributions from underlying funds | 2,098 |
|
Total net realized gain (loss) |
| 2,244 |
Change in net unrealized appreciation (depreciation) on underlying funds | 6,238 | |
Net gain (loss) | 8,482 | |
Net increase (decrease) in net assets resulting from operations | $ 9,262 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended September 30, 2013 (Unaudited) | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 780 | $ 617 |
Net realized gain (loss) | 2,244 | 475 |
Change in net unrealized appreciation (depreciation) | 6,238 | 5,511 |
Net increase (decrease) in net assets resulting from operations | 9,262 | 6,603 |
Distributions to shareholders from net investment income | (619) | - |
Distributions to shareholders from net realized gain | (495) | - |
Total distributions | (1,114) | - |
Share transactions | 136,799 | 120,000 |
Reinvestment of distributions | 1,114 | - |
Cost of shares redeemed | (7,401) | - |
Net increase (decrease) in net assets resulting from share transactions | 130,512 | 120,000 |
Total increase (decrease) in net assets | 138,660 | 126,603 |
Net Assets | ||
Beginning of period | 126,603 | - |
End of period (including undistributed net investment income of $778 and undistributed net investment income of $617, respectively) | $ 265,263 | $ 126,603 |
Other Information Shares | ||
Sold | 12,598 | 11,984 |
Issued in reinvestment of distributions | 103 | - |
Redeemed | (681) | - |
Net increase (decrease) | 12,020 | 11,984 |
Financial Highlights
| Six months ended September 30, 2013 | Year ended March 31, |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.56 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .05 | .05 |
Net realized and unrealized gain (loss) | .53 | .51 |
Total from investment operations | .58 | .56 |
Distributions from net investment income | (.05) | - |
Distributions from net realized gain | (.04) | - |
Total distributions | (.09) | - |
Net asset value, end of period | $ 11.05 | $ 10.56 |
Total Return B,C | 5.51% | 5.60% |
Ratios to Average Net Assets E,G |
|
|
Expenses before reductions | .15% A | .20% A |
Expenses net of fee waivers, if any | .10% A | .10% A |
Expenses net of all reductions | .10% A | .10% A |
Net investment income (loss) | .91% A | 1.84% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 265 | $ 127 |
Portfolio turnover rate E | 12% A | 1% H |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2040 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 8.8 | 8.9 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 15.4 | 15.7 |
Strategic Advisers Growth Multi-Manager Fund Class F | 13.2 | 13.1 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 8.0 | 8.0 |
Strategic Advisers Value Multi-Manager Fund Class F | 15.1 | 15.7 |
| 51.7 | 52.5 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 17.4 | 16.5 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 5.1 | 5.0 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.8 | 0.8 |
Fidelity Series Floating Rate High Income Fund Class F | 0.8 | 0.8 |
Fidelity Series Real Estate Income Fund Class F | 0.4 | 0.4 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 6.8 | 6.9 |
| 8.8 | 8.9 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 8.2 | 8.2 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%.
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 8.8% |
| |
Domestic Equity Funds | 51.7% |
| |
Developed International Equity Funds | 17.4% |
| |
Emerging Markets Equity Funds | 5.1% |
| |
High Yield Bond Funds | 8.8% |
| |
Investment Grade Bond Funds | 8.2% |
|
Six months ago | |||
Commodity Funds | 8.9% |
| |
Domestic Equity Funds | 52.5% |
| |
Developed International Equity Funds | 16.5% |
| |
Emerging Markets Equity Funds | 5.0% |
| |
High Yield Bond Funds | 8.9% |
| |
Investment Grade Bond Funds | 8.2% |
|
Semiannual Report
Strategic Advisers Multi-Manager 2040 Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 60.5% | |||
Shares | Value | ||
Commodity Funds - 8.8% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 1,804 | $ 14,526 | |
Domestic Equity Funds - 51.7% | |||
Strategic Advisers Core Multi-Manager Fund Class F (b) | 1,970 | 25,354 | |
Strategic Advisers Growth Multi-Manager Fund Class F (b) | 1,635 | 21,734 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | 948 | 13,184 | |
Strategic Advisers Value Multi-Manager Fund Class F (b) | 1,869 | 25,006 | |
TOTAL DOMESTIC EQUITY FUNDS | 85,278 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $92,095) |
| ||
International Equity Funds - 22.5% | |||
|
|
|
|
Developed International Equity Funds - 17.4% | |||
Strategic Advisers International Multi-Manager Fund Class F (b) | 2,308 | 28,574 | |
Emerging Markets Equity Funds - 5.1% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (b) | 834 | 8,444 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $34,091) |
| ||
Bond Funds - 17.0% | |||
Shares | Value | ||
High Yield Bond Funds - 8.8% | |||
Fidelity Series Emerging Markets Debt Fund Class F (b) | 123 | $ 1,240 | |
Fidelity Series Floating Rate High Income Fund Class F (b) | 119 | 1,254 | |
Fidelity Series Real Estate Income Fund Class F (b) | 62 | 676 | |
Strategic Advisers Income Opportunities Fund of Funds Class F (b) | 1,076 | 11,247 | |
TOTAL HIGH YIELD BOND FUNDS | 14,417 | ||
Investment Grade Bond Funds - 8.2% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (b) | 1,394 | 13,567 | |
TOTAL BOND FUNDS (Cost $28,468) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $154,654) | 164,806 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 6 | ||
NET ASSETS - 100% | $ 164,812 |
Legend |
(a) Non-income producing |
(b) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Fidelity Series Commodity Strategy Fund Class F | $ 9,435 | $ 12,300 | $ 6,471 | $ - | $ 14,526 |
Fidelity Series Emerging Markets Debt Fund Class F | 805 | 1,078 | 558 | 29 | 1,240 |
Fidelity Series Floating Rate High Income Fund Class F | 782 | 1,010 | 531 | 24 | 1,254 |
Fidelity Series Real Estate Income Fund Class F | 453 | 558 | 296 | 18 | 676 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 8,721 | 11,076 | 5,831 | 141 | 13,567 |
Strategic Advisers Core Multi-Manager Fund Class F | 16,616 | 19,357 | 11,077 | 71 | 25,354 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 5,340 | 6,949 | 3,646 | - | 8,444 |
Strategic Advisers Growth Multi-Manager Fund Class F | 13,803 | 15,605 | 9,223 | 25 | 21,734 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 7,331 | 8,935 | 4,804 | 288 | 11,247 |
Strategic Advisers International Multi-Manager Fund Class F | 17,424 | 20,515 | 11,544 | 4 | 28,574 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 8,402 | 9,287 | 5,475 | - | 13,184 |
Strategic Advisers Value Multi-Manager Fund Class F | 16,642 | 18,830 | 11,191 | 88 | 25,006 |
Total | $ 105,754 | $ 125,500 | $ 70,647 | $ 688 | $ 164,806 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $154,654) - See accompanying schedule | $ 164,806 | |
Receivable for fund shares sold | 962 | |
Receivable from investment adviser for expense reductions | 36 | |
Total assets | 165,804 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 963 | |
Transfer agent fees payable | 29 | |
Total liabilities | 992 | |
|
|
|
Net Assets | $ 164,812 | |
Net Assets consist of: |
| |
Paid in capital | $ 153,476 | |
Undistributed net investment income | 610 | |
Accumulated undistributed net realized gain (loss) on investments | 574 | |
Net unrealized appreciation (depreciation) on investments | 10,152 | |
Net Assets, for 14,899 shares outstanding | $ 164,812 | |
Net Asset Value, offering price and redemption price per share ($164,812 ÷ 14,899 shares) | $ 11.06 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 688 |
|
|
|
Expenses | ||
Transfer agent fees | $ 128 | |
Total expenses before reductions | 128 | |
Expense reductions | (57) | 71 |
Net investment income (loss) | 617 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (1,287) | |
Capital gain distributions from underlying funds | 1,869 |
|
Total net realized gain (loss) |
| 582 |
Change in net unrealized appreciation (depreciation) on underlying funds | 5,486 | |
Net gain (loss) | 6,068 | |
Net increase (decrease) in net assets resulting from operations | $ 6,685 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 617 | $ 586 |
Net realized gain (loss) | 582 | 477 |
Change in net unrealized appreciation (depreciation) | 5,486 | 4,666 |
Net increase (decrease) in net assets resulting from operations | 6,685 | 5,729 |
Distributions to shareholders from net investment income | (593) | - |
Distributions to shareholders from net realized gain | (485) | - |
Total distributions | (1,078) | - |
Share transactions | 121,730 | 100,000 |
Reinvestment of distributions | 1,078 | - |
Cost of shares redeemed | (69,332) | - |
Net increase (decrease) in net assets resulting from share transactions | 53,476 | 100,000 |
Total increase (decrease) in net assets | 59,083 | 105,729 |
|
|
|
Net Assets | ||
Beginning of period | 105,729 | - |
End of period (including undistributed net investment income of $610 and undistributed net investment income of $586, respectively) | $ 164,812 | $ 105,729 |
Other Information Shares | ||
Sold | 11,219 | 10,000 |
Issued in reinvestment of distributions | 100 | - |
Redeemed | (6,420) | - |
Net increase (decrease) | 4,899 | 10,000 |
Financial Highlights
| Six months ended | Year ended March 31, |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.57 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .05 | .06 |
Net realized and unrealized gain (loss) | .54 | .51 |
Total from investment operations | .59 | .57 |
Distributions from net investment income | (.06) | - |
Distributions from net realized gain | (.05) | - |
Total distributions | (.10) H | - |
Net asset value, end of period | $ 11.06 | $ 10.57 |
Total Return B, C | 5.61% | 5.70% |
Ratios to Average Net Assets E, G |
|
|
Expenses before reductions | .18% A | .21% A |
Expenses net of fee waivers, if any | .10% A | .10% A |
Expenses net of all reductions | .10% A | .10% A |
Net investment income (loss) | .88% A | 2.04% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 165 | $ 106 |
Portfolio turnover rate E | 99% A | 1% I |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Total distributions of $.10 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.045 per share.
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2045 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 9.0 | 9.3 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 15.8 | 16.1 |
Strategic Advisers Growth Multi-Manager Fund Class F | 13.4 | 13.4 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 8.2 | 8.2 |
Strategic Advisers Value Multi-Manager Fund Class F | 15.6 | 16.1 |
| 53.0 | 53.8 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 17.8 | 16.9 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 5.3 | 5.1 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 0.4 | 0.4 |
Fidelity Series Real Estate Income Fund Class F | 0.4 | 0.4 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 8.8 | 8.9 |
| 10.3 | 10.4 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 4.6 | 4.5 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%.
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 9.0% |
| |
Domestic Equity Funds | 53.0% |
| |
Developed International Equity Funds | 17.8% |
| |
Emerging Markets Equity Funds | 5.3% |
| |
High Yield Bond Funds | 10.3% |
| |
Investment Grade Bond Funds | 4.6% |
|
Six months ago | |||
Commodity Funds | 9.3% |
| |
Domestic Equity Funds | 53.8% |
| |
Developed International Equity Funds | 16.9% |
| |
Emerging Markets Equity Funds | 5.1% |
| |
High Yield Bond Funds | 10.4% |
| |
Investment Grade Bond Funds | 4.5% |
|
Semiannual Report
Strategic Advisers Multi-Manager 2045 Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 62.0% | |||
Shares | Value | ||
Commodity Funds - 9.0% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 1,733 | $ 13,951 | |
Domestic Equity Funds - 53.0% | |||
Strategic Advisers Core Multi-Manager Fund Class F (b) | 1,886 | 24,268 | |
Strategic Advisers Growth Multi-Manager Fund Class F (b) | 1,559 | 20,714 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | 905 | 12,593 | |
Strategic Advisers Value Multi-Manager Fund Class F (b) | 1,793 | 23,989 | |
TOTAL DOMESTIC EQUITY FUNDS | 81,564 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $88,287) |
| ||
International Equity Funds - 23.1% | |||
|
|
|
|
Developed International Equity Funds - 17.8% | |||
Strategic Advisers International Multi-Manager Fund Class F (b) | 2,209 | 27,347 | |
Emerging Markets Equity Funds - 5.3% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (b) | 806 | 8,157 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $32,729) |
| ||
Bond Funds - 14.9% | |||
Shares | Value | ||
High Yield Bond Funds - 10.3% | |||
Fidelity Series Emerging Markets Debt Fund Class F (b) | 115 | $ 1,161 | |
Fidelity Series Floating Rate High Income Fund Class F (b) | 60 | 633 | |
Fidelity Series Real Estate Income Fund Class F (b) | 51 | 558 | |
Strategic Advisers Income Opportunities Fund of Funds Class F (b) | 1,295 | 13,537 | |
TOTAL HIGH YIELD BOND FUNDS | 15,889 | ||
Investment Grade Bond Funds - 4.6% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (b) | 721 | 7,020 | |
TOTAL BOND FUNDS (Cost $23,319) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $144,335) | 153,928 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 11 | ||
NET ASSETS - 100% | $ 153,939 |
Legend |
(a) Non-income producing |
(b) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Fidelity Series Commodity Strategy Fund Class F | $ 9,848 | $ 6,510 | $ 1,608 | $ - | $ 13,951 |
Fidelity Series Emerging Markets Debt Fund Class F | 805 | 542 | 123 | 25 | 1,161 |
Fidelity Series Floating Rate High Income Fund Class F | 391 | 307 | 61 | 11 | 633 |
Fidelity Series Real Estate Income Fund Class F | 390 | 252 | 56 | 14 | 558 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 4,790 | 3,088 | 687 | 67 | 7,020 |
Strategic Advisers Core Multi-Manager Fund Class F | 17,065 | 9,576 | 2,954 | 68 | 24,268 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 5,471 | 3,596 | 822 | - | 8,157 |
Strategic Advisers Growth Multi-Manager Fund Class F | 14,177 | 7,547 | 2,503 | 24 | 20,714 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 9,387 | 5,751 | 1,380 | 320 | 13,537 |
Strategic Advisers International Multi-Manager Fund Class F | 17,882 | 9,850 | 2,602 | 5 | 27,347 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 8,631 | 4,502 | 1,478 | - | 12,593 |
Strategic Advisers Value Multi-Manager Fund Class F | 17,093 | 9,115 | 3,080 | 84 | 23,989 |
Total | $ 105,930 | $ 60,636 | $ 17,354 | $ 618 | $ 153,928 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $144,335) - See accompanying schedule | $ 153,928 | |
Receivable for fund shares sold | 983 | |
Receivable from investment adviser for expense reductions | 36 | |
Total assets | 154,947 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 980 | |
Transfer agent fees payable | 28 | |
Total liabilities | 1,008 | |
|
|
|
Net Assets | $ 153,939 | |
Net Assets consist of: |
| |
Paid in capital | $ 142,044 | |
Undistributed net investment income | 551 | |
Accumulated undistributed net realized gain (loss) on investments | 1,751 | |
Net unrealized appreciation (depreciation) on investments | 9,593 | |
Net Assets, for 13,866 shares outstanding | $ 153,939 | |
Net Asset Value, offering price and redemption price per share ($153,939 ÷ 13,866 shares) | $ 11.10 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 618 |
|
|
|
Expenses | ||
Transfer agent fees | $ 129 | |
Total expenses before reductions | 129 | |
Expense reductions | (69) | 60 |
Net investment income (loss) | 558 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | (25) | |
Capital gain distributions from underlying funds | 1,790 |
|
Total net realized gain (loss) |
| 1,765 |
Change in net unrealized appreciation (depreciation) on underlying funds | 4,743 | |
Net gain (loss) | 6,508 | |
Net increase (decrease) in net assets resulting from operations | $ 7,066 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2045 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 558 | $ 591 |
Net realized gain (loss) | 1,765 | 463 |
Change in net unrealized appreciation (depreciation) | 4,743 | 4,850 |
Net increase (decrease) in net assets resulting from operations | 7,066 | 5,904 |
Distributions to shareholders from net investment income | (598) | - |
Distributions to shareholders from net realized gain | (477) | - |
Total distributions | (1,075) | - |
Share transactions | 56,562 | 100,000 |
Reinvestment of distributions | 1,075 | - |
Cost of shares redeemed | (15,593) | - |
Net increase (decrease) in net assets resulting from share transactions | 42,044 | 100,000 |
Total increase (decrease) in net assets | 48,035 | 105,904 |
|
|
|
Net Assets | ||
Beginning of period | 105,904 | - |
End of period (including undistributed net investment income of $551 and undistributed net investment income of $591, respectively) | $ 153,939 | $ 105,904 |
Other Information Shares | ||
Sold | 5,203 | 10,000 |
Issued in reinvestment of distributions | 99 | - |
Redeemed | (1,436) | - |
Net increase (decrease) | 3,866 | 10,000 |
Financial Highlights
| Six months ended | Year ended |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.59 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .05 | .06 |
Net realized and unrealized gain (loss) | .57 | .53 |
Total from investment operations | .62 | .59 |
Distributions from net investment income | (.06) | - |
Distributions from net realized gain | (.05) | - |
Total distributions | (.11) | - |
Net asset value, end of period | $ 11.10 | $ 10.59 |
Total Return B, C | 5.84% | 5.90% |
Ratios to Average Net Assets E, G |
|
|
Expenses before reductions | .21% A | .21% A |
Expenses net of fee waivers, if any | .10% A | .10% A |
Expenses net of all reductions | .10% A | .10% A |
Net investment income (loss) | .93% A | 2.05% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 154 | $ 106 |
Portfolio turnover rate E | 29% A | 1% H |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2050 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 9.1 | 9.3 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 15.9 | 16.3 |
Strategic Advisers Growth Multi-Manager Fund Class F | 13.6 | 13.6 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 8.2 | 8.3 |
Strategic Advisers Value Multi-Manager Fund Class F | 15.7 | 16.3 |
| 53.4 | 54.5 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 17.9 | 17.1 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 5.4 | 5.3 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.8 | 0.8 |
Fidelity Series Floating Rate High Income Fund Class F | 0.1 | 0.1 |
Fidelity Series Real Estate Income Fund Class F | 0.3 | 0.3 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 9.1 | 9.1 |
| 10.3 | 10.3 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 3.9 | 3.5 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 9.1% |
| |
Domestic Equity Funds | 53.4% |
| |
Developed International Equity Funds | 17.9% |
| |
Emerging Markets Equity Funds | 5.4% |
| |
High Yield Bond Funds | 10.3% |
| |
Investment Grade Bond Funds | 3.9% |
|
Six months ago | |||
Commodity Funds | 9.3% |
| |
Domestic Equity Funds | 54.5% |
| |
Developed International Equity Funds | 17.1% |
| |
Emerging Markets Equity Funds | 5.3% |
| |
High Yield Bond Funds | 10.3% |
| |
Investment Grade Bond Funds | 3.5% |
|
Semiannual Report
Strategic Advisers Multi-Manager 2050 Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 62.5% | |||
Shares | Value | ||
Commodity Funds - 9.1% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 3,654 | $ 29,411 | |
Domestic Equity Funds - 53.4% | |||
Strategic Advisers Core Multi-Manager Fund Class F (b) | 3,998 | 51,452 | |
Strategic Advisers Growth Multi-Manager Fund Class F (b) | 3,306 | 43,935 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | 1,919 | 26,700 | |
Strategic Advisers Value Multi-Manager Fund Class F (b) | 3,800 | 50,848 | |
TOTAL DOMESTIC EQUITY FUNDS | 172,935 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $193,668) |
| ||
International Equity Funds - 23.3% | |||
|
|
|
|
Developed International Equity Funds - 17.9% | |||
Strategic Advisers International Multi-Manager Fund Class F (b) | 4,691 | 58,074 | |
Emerging Markets Equity Funds - 5.4% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (b) | 1,724 | 17,444 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $70,387) |
| ||
Bond Funds - 14.2% | |||
Shares | Value | ||
High Yield Bond Funds - 10.3% | |||
Fidelity Series Emerging Markets Debt Fund Class F (b) | 245 | $ 2,476 | |
Fidelity Series Floating Rate High Income Fund Class F (b) | 43 | 450 | |
Fidelity Series Real Estate Income Fund Class F (b) | 96 | 1,052 | |
Strategic Advisers Income Opportunities Fund of Funds Class F (b) | 2,811 | 29,376 | |
TOTAL HIGH YIELD BOND FUNDS | 33,354 | ||
Investment Grade Bond Funds - 3.9% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (b) | 1,285 | 12,502 | |
TOTAL BOND FUNDS (Cost $46,470) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $310,525) | 323,720 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 13 | ||
NET ASSETS - 100% | $ 323,733 |
Legend |
(a) Non-income producing |
(b) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Fidelity Series Commodity Strategy Fund Class F | $ 9,862 | $ 20,880 | $ 233 | $ - | $ 29,411 |
Fidelity Series Emerging Markets Debt Fund Class F | 805 | 1,781 | 6 | 44 | 2,476 |
Fidelity Series Floating Rate High Income Fund Class F | 113 | 340 | 1 | 6 | 450 |
Fidelity Series Real Estate Income Fund Class F | 348 | 754 | 3 | 20 | 1,052 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 3,683 | 9,072 | 31 | 96 | 12,502 |
Strategic Advisers Core Multi-Manager Fund Class F | 17,311 | 34,422 | 669 | 145 | 51,452 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 5,562 | 11,703 | 42 | - | 17,444 |
Strategic Advisers Growth Multi-Manager Fund Class F | 14,384 | 27,741 | 666 | 50 | 43,935 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 9,691 | 20,084 | 71 | 586 | 29,376 |
Strategic Advisers International Multi-Manager Fund Class F | 18,162 | 35,789 | 133 | 5 | 58,074 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 8,753 | 16,473 | 502 | - | 26,700 |
Strategic Advisers Value Multi-Manager Fund Class F | 17,337 | 33,394 | 689 | 179 | 50,848 |
Total | $ 106,011 | $ 212,433 | $ 3,046 | $ 1,131 | $ 323,720 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $310,525) - See accompanying schedule | $ 323,720 | |
Receivable for fund shares sold | 906 | |
Receivable from investment adviser for expense reductions | 61 | |
Total assets | 324,687 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 906 | |
Transfer agent fees payable | 48 | |
Total liabilities | 954 | |
|
|
|
Net Assets | $ 323,733 | |
Net Assets consist of: |
| |
Paid in capital | $ 305,919 | |
Undistributed net investment income | 1,025 | |
Accumulated undistributed net realized gain (loss) on investments | 3,594 | |
Net unrealized appreciation (depreciation) on investments | 13,195 | |
Net Assets, for 29,129 shares outstanding | $ 323,733 | |
Net Asset Value, offering price and redemption price per share ($323,733 ÷ 29,129 shares) | $ 11.11 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 1,131 |
|
|
|
Expenses | ||
Transfer agent fees | $ 184 | |
Total expenses before reductions | 184 | |
Expense reductions | (80) | 104 |
Net investment income (loss) | 1,027 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 56 | |
Capital gain distributions from underlying funds | 3,552 |
|
Total net realized gain (loss) |
| 3,608 |
Change in net unrealized appreciation (depreciation) on underlying funds | 8,264 | |
Net gain (loss) | 11,872 | |
Net increase (decrease) in net assets resulting from operations | $ 12,899 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 1,027 | $ 589 |
Net realized gain (loss) | 3,608 | 467 |
Change in net unrealized appreciation (depreciation) | 8,264 | 4,931 |
Net increase (decrease) in net assets resulting from operations | 12,899 | 5,987 |
Distributions to shareholders from net investment income | (591) | - |
Distributions to shareholders from net realized gain | (481) | - |
Total distributions | (1,072) | - |
Share transactions | 205,650 | 100,000 |
Reinvestment of distributions | 1,072 | - |
Cost of shares redeemed | (803) | - |
Net increase (decrease) in net assets resulting from share transactions | 205,919 | 100,000 |
Total increase (decrease) in net assets | 217,746 | 105,987 |
|
|
|
Net Assets | ||
Beginning of period | 105,987 | - |
End of period (including undistributed net investment income of $1,025 and undistributed net investment income of $589, respectively) | $ 323,733 | $ 105,987 |
Other Information Shares | ||
Sold | 19,105 | 10,000 |
Issued in reinvestment of distributions | 99 | - |
Redeemed | (75) | - |
Net increase (decrease) | 19,129 | 10,000 |
Financial Highlights
| Six months ended | Year ended March 31, |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.60 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .05 | .06 |
Net realized and unrealized gain (loss) | .57 | .54 |
Total from investment operations | .62 | .60 |
Distributions from net investment income | (.06) | - |
Distributions from net realized gain | (.05) | - |
Total distributions | (.11) | - |
Net asset value, end of period | $ 11.11 | $ 10.60 |
Total Return B, C | 5.85% | 6.00% |
Ratios to Average Net Assets E, G |
|
|
Expenses before reductions | .18% A | .21% A |
Expenses net of fee waivers, if any | .10% A | .10% A |
Expenses net of all reductions | .10% A | .10% A |
Net investment income (loss) | .98% A | 2.04% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 324 | $ 106 |
Portfolio turnover rate E | 3% A | 1% H |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Amount not annualized
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2055 Fund
Investment Changes (Unaudited)
The information in the following tables is based on the direct investments of the Fund. |
Fund Holdings as of September 30, 2013 | ||
| % of fund's | % of fund's net assets |
Commodity Funds | ||
Fidelity Series Commodity Strategy Fund Class F | 9.4 | 9.8 |
Domestic Equity Funds | ||
Strategic Advisers Core Multi-Manager Fund Class F | 16.7 | 17.0 |
Strategic Advisers Growth Multi-Manager Fund Class F | 14.2 | 14.2 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 8.6 | 8.6 |
Strategic Advisers Value Multi-Manager Fund Class F | 16.5 | 17.0 |
| 56.0 | 56.8 |
Developed International Equity Funds | ||
Strategic Advisers International Multi-Manager Fund Class F | 18.7 | 17.8 |
Emerging Markets Equity Funds | ||
Strategic Advisers Emerging Markets Fund of Funds Class F | 5.7 | 5.4 |
High Yield Bond Funds | ||
Fidelity Series Emerging Markets Debt Fund Class F | 0.7 | 0.7 |
Fidelity Series Floating Rate High Income Fund Class F | 0.0* | 0.0 |
Fidelity Series Real Estate Income Fund Class F | 0.3 | 0.3 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 8.8 | 8.9 |
| 9.8 | 9.9 |
Investment Grade Bond Funds | ||
Strategic Advisers Core Income Multi-Manager Fund Class F | 0.4 | 0.3 |
Net Other Assets (Liabilities)* | 0.0 | 0.0 |
| 100.0 | 100.0 |
* Amount represents less than 0.1%
Asset Allocation (% of fund's net assets) | |||
Period end | |||
Commodity Funds | 9.4% |
| |
Domestic Equity Funds | 56.0% |
| |
Developed International Equity Funds | 18.7% |
| |
Emerging Markets Equity Funds | 5.7% |
| |
High Yield Bond Funds | 9.8% |
| |
Investment Grade Bond Funds | 0.4% |
|
Six months ago | |||
Commodity Funds | 9.8% |
| |
Domestic Equity Funds | 56.8% |
| |
Developed International Equity Funds | 17.8% |
| |
Emerging Markets Equity Funds | 5.4% |
| |
High Yield Bond Funds | 9.9% |
| |
Investment Grade Bond Funds | 0.3% |
|
Semiannual Report
Strategic Advisers Multi-Manager 2055 Fund
Investments September 30, 2013 (Unaudited)
Showing Percentage of Net Assets
Domestic Equity Funds - 65.4% | |||
Shares | Value | ||
Commodity Funds - 9.4% | |||
Fidelity Series Commodity Strategy Fund Class F (a)(b) | 1,637 | $ 13,174 | |
Domestic Equity Funds - 56.0% | |||
Strategic Advisers Core Multi-Manager Fund Class F (b) | 1,808 | 23,273 | |
Strategic Advisers Growth Multi-Manager Fund Class F (b) | 1,494 | 19,860 | |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | 867 | 12,057 | |
Strategic Advisers Value Multi-Manager Fund Class F (b) | 1,719 | 23,005 | |
TOTAL DOMESTIC EQUITY FUNDS | 78,195 | ||
TOTAL DOMESTIC EQUITY FUNDS (Cost $83,833) |
| ||
International Equity Funds - 24.4% | |||
|
|
|
|
Developed International Equity Funds - 18.7% | |||
Strategic Advisers International Multi-Manager Fund Class F (b) | 2,117 | 26,214 | |
Emerging Markets Equity Funds - 5.7% | |||
Strategic Advisers Emerging Markets Fund of Funds Class F (b) | 784 | 7,935 | |
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $31,357) |
| ||
Bond Funds - 10.2% | |||
Shares | Value | ||
High Yield Bond Funds - 9.8% | |||
Fidelity Series Emerging Markets Debt Fund Class F (b) | 97 | $ 980 | |
Fidelity Series Floating Rate High Income Fund Class F (b) | 1 | 15 | |
Fidelity Series Real Estate Income Fund Class F (b) | 36 | 397 | |
Strategic Advisers Income Opportunities Fund of Funds Class F (b) | 1,182 | 12,354 | |
TOTAL HIGH YIELD BOND FUNDS | 13,746 | ||
Investment Grade Bond Funds - 0.4% | |||
Strategic Advisers Core Income Multi-Manager Fund Class F (b) | 50 | 489 | |
TOTAL BOND FUNDS (Cost $14,445) |
| ||
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $129,635) | 139,753 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 9 | ||
NET ASSETS - 100% | $ 139,762 |
Legend |
(a) Non-income producing |
(b) Affiliated company |
Affiliated Underlying Funds |
Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows: |
Affiliate | Value, | Purchases | Sales | Dividend | Value, |
Fidelity Series Commodity Strategy Fund Class F | $ 10,380 | $ 3,928 | $ 282 | $ - | $ 13,174 |
Fidelity Series Emerging Markets Debt Fund Class F | 805 | 240 | 5 | 23 | 980 |
Fidelity Series Floating Rate High Income Fund Class F | - | 15 | - | - | 15 |
Fidelity Series Real Estate Income Fund Class F | 306 | 114 | 2 | 11 | 397 |
Strategic Advisers Core Income Multi-Manager Fund Class F | 311 | 226 | 28 | 6 | 489 |
Strategic Advisers Core Multi-Manager Fund Class F | 18,068 | 5,360 | 739 | 73 | 23,273 |
Strategic Advisers Emerging Markets Fund of Funds Class F | 5,784 | 2,327 | 39 | - | 7,935 |
Strategic Advisers Growth Multi-Manager Fund Class F | 15,007 | 4,019 | 701 | 26 | 19,860 |
Strategic Advisers Income Opportunities Fund of Funds Class F | 9,411 | 3,231 | 62 | 316 | 12,354 |
Strategic Advisers International Multi-Manager Fund Class F | 18,898 | 5,187 | 122 | 5 | 26,214 |
Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9,149 | 2,374 | 437 | - | 12,057 |
Strategic Advisers Value Multi-Manager Fund Class F | 18,083 | 4,870 | 881 | 93 | 23,005 |
Total | $ 106,202 | $ 31,891 | $ 3,298 | $ 553 | $ 139,753 |
Other Information |
All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2055 Fund
Financial Statements
Statement of Assets and Liabilities
| September 30, 2013 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value (cost $129,635) - See accompanying schedule | $ 139,753 | |
Receivable for fund shares sold | 519 | |
Receivable from investment adviser for expense reductions | 32 | |
Total assets | 140,304 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 516 | |
Transfer agent fees payable | 26 | |
Total liabilities | 542 | |
|
|
|
Net Assets | $ 139,762 | |
Net Assets consist of: |
| |
Paid in capital | $ 127,226 | |
Undistributed net investment income | 493 | |
Accumulated undistributed net realized gain (loss) on investments | 1,925 | |
Net unrealized appreciation (depreciation) on investments | 10,118 | |
Net Assets, for 12,498 shares outstanding | $ 139,762 | |
Net Asset Value, offering price and redemption price per share ($139,762 ÷ 12,498 shares) | $ 11.18 |
Statement of Operations
Six months ended September 30, 2013 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Income distributions from underlying funds |
| $ 553 |
|
|
|
Expenses | ||
Transfer agent fees | $ 115 | |
Total expenses before reductions | 115 | |
Expense reductions | (56) | 59 |
Net investment income (loss) | 494 | |
Realized and Unrealized Gain (Loss) Realized gain (loss) on sale of underlying fund shares | 6 | |
Capital gain distributions from underlying funds | 1,933 |
|
Total net realized gain (loss) |
| 1,939 |
Change in net unrealized appreciation (depreciation) on underlying funds | 4,950 | |
Net gain (loss) | 6,889 | |
Net increase (decrease) in net assets resulting from operations | $ 7,383 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Strategic Advisers Multi-Manager 2055 Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | For the period |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income (loss) | $ 494 | $ 572 |
Net realized gain (loss) | 1,939 | 457 |
Change in net unrealized appreciation (depreciation) | 4,950 | 5,168 |
Net increase (decrease) in net assets resulting from operations | 7,383 | 6,197 |
Distributions to shareholders from net investment income | (573) | - |
Distributions to shareholders from net realized gain | (471) | - |
Total distributions | (1,044) | - |
Share transactions | 27,399 | 100,000 |
Reinvestment of distributions | 1,044 | - |
Cost of shares redeemed | (1,217) | - |
Net increase (decrease) in net assets resulting from share transactions | 27,226 | 100,000 |
Total increase (decrease) in net assets | 33,565 | 106,197 |
|
|
|
Net Assets | ||
Beginning of period | 106,197 | - |
End of period (including undistributed net investment income of $493 and undistributed net investment income of $572, respectively) | $ 139,762 | $ 106,197 |
Other Information Shares | ||
Sold | 2,514 | 10,000 |
Issued in reinvestment of distributions | 96 | - |
Redeemed | (112) | - |
Net increase (decrease) | 2,498 | 10,000 |
Financial Highlights
| Six months ended | Year ended |
| (Unaudited) | 2013 F |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 10.62 | $ 10.00 |
Income from Investment Operations |
|
|
Net investment income (loss) D | .05 | .06 |
Net realized and unrealized gain (loss) | .61 | .56 |
Total from investment operations | .66 | .62 |
Distributions from net investment income | (.06) | - |
Distributions from net realized gain | (.05) | - |
Total distributions | (.10) H | - |
Net asset value, end of period | $ 11.18 | $ 10.62 |
Total Return B, C | 6.26% | 6.20% |
Ratios to Average Net Assets E, G |
|
|
Expenses before reductions | .19% A | .21% A |
Expenses net of fee waivers, if any | .10% A | .10% A |
Expenses net of all reductions | .10% A | .10% A |
Net investment income (loss) | .83% A | 1.98% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 140 | $ 106 |
Portfolio turnover rate E | 6% A | 1% I |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Amounts do not include the activity of the Underlying Funds.
F For the period December 20, 2012 (commencement of operations) to March 31, 2013.
G Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund but do not include expenses of the investment companies in which the Fund invests.
H Total distributions of $.10 per share is comprised of distributions from net investment income of $.056 and distributions from net realized gain of $.046 per share.
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended September 30, 2013 (Unaudited)
1. Organization.
Strategic Advisers® Multi-Manager Income Fund, Strategic Advisers® Multi-Manager 2005 Fund, Strategic Advisers Multi-Manager 2010 Fund, Strategic Advisers Multi-Manager 2015 Fund, Strategic Advisers Multi-Manager 2020 Fund, Strategic Advisers Multi-Manager 2025 Fund, Strategic Advisers Multi-Manager 2030 Fund, Strategic Advisers Multi-Manager 2035 Fund, Strategic Advisers Multi-Manager 2040 Fund, Strategic Advisers Multi-Manager 2045 Fund, Strategic Advisers Multi-Manager 2050 Fund and Strategic Advisers Multi-Manager 2055 Fund (the Funds) are funds of Fidelity Boylston Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. Each Fund is authorized to issue an unlimited number of shares. The Funds invest primarily in affiliated and unaffiliated mutual funds (the Underlying Funds). The Funds are available only to certain employer-sponsored retirement plans and Fidelity brokerage or mutual fund accounts.
In September 2013, the Board of Trustees approved the creation of additional classes of shares. Each Fund will commence sale of shares of Class L and Class N in December 2013.
2. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from the Underlying Funds, if any, are recorded on the ex-dividend date.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Although not included in each Fund's expenses, each Fund indirectly bears its proportionate share of the Underlying Funds' expenses through the impact of these expenses on each Underlying Fund's NAV. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds.
Semiannual Report
2. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Tax cost | Gross unrealized | Gross unrealized | Net unrealized |
Strategic Advisers Multi-Manager Income Fund | $ 145,557 | $ 2,576 | $ (2,223) | $ 353 |
Strategic Advisers Multi-Manager 2005 Fund | 102,562 | 3,836 | (2,093) | 1,743 |
Strategic Advisers Multi-Manager 2010 Fund | 147,932 | 6,308 | (2,825) | 3,483 |
Strategic Advisers Multi-Manager 2015 Fund | 303,020 | 9,773 | (2,752) | 7,021 |
Strategic Advisers Multi-Manager 2020 Fund | 659,041 | 16,110 | (4,740) | 11,370 |
Strategic Advisers Multi-Manager 2025 Fund | 275,416 | 11,923 | (2,661) | 9,262 |
Strategic Advisers Multi-Manager 2030 Fund | 149,269 | 9,649 | (2,296) | 7,353 |
Strategic Advisers Multi-Manager 2035 Fund | 253,573 | 13,977 | (2,289) | 11,688 |
Strategic Advisers Multi-Manager 2040 Fund | 155,337 | 11,066 | (1,597) | 9,469 |
Strategic Advisers Multi-Manager 2045 Fund | 144,424 | 11,142 | (1,638) | 9,504 |
Strategic Advisers Multi-Manager 2050 Fund | 310,550 | 15,629 | (2,459) | 13,170 |
Strategic Advisers Multi-Manager 2055 Fund | 129,655 | 11,548 | (1,450) | 10,098 |
3. Purchases and Sales of Investments.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| Purchases ($) | Redemptions ($) |
Strategic Advisers Multi-Manager Income Fund | 46,091 | 1,577 |
Strategic Advisers Multi-Manager 2005 Fund | 4,970 | 3,715 |
Strategic Advisers Multi-Manager 2010 Fund | 50,072 | 3,503 |
Strategic Advisers Multi-Manager 2015 Fund | 204,401 | 2,721 |
Strategic Advisers Multi-Manager 2020 Fund | 573,785 | 15,739 |
Strategic Advisers Multi-Manager 2025 Fund | 183,044 | 8,991 |
Strategic Advisers Multi-Manager 2030 Fund | 51,976 | 3,937 |
Strategic Advisers Multi-Manager 2035 Fund | 142,739 | 10,494 |
Strategic Advisers Multi-Manager 2040 Fund | 125,500 | 70,647 |
Strategic Advisers Multi-Manager 2045 Fund | 60,636 | 17,354 |
Strategic Advisers Multi-Manager 2050 Fund | 212,433 | 3,046 |
Strategic Advisers Multi-Manager 2055 Fund | 31,891 | 3,298 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Strategic Advisers, Inc. (Strategic Advisers), an affiliate of Fidelity Management & Research Company (FMR), provides the Funds with investment management related services. The Funds do not pay any fees for these services.
Other Transactions. Strategic Advisers has entered into an administration agreement with FMR under which FMR provides management and administrative services (other than investment advisory services) necessary for the operation of each Fund. Pursuant to this agreement, FMR pays all expenses of each Fund, excluding the transfer agent fees, the compensation of the independent Trustees and certain other expenses such as interest expense. FMR also contracts with other Fidelity companies to perform the services necessary for the operation of each Fund. The Funds do not pay any fees for these services.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of Strategic Advisers, is the Funds' transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Strategic Advisers Multi-Manager Income Fund | .07% |
Strategic Advisers Multi-Manager 2005 Fund | .06% |
Strategic Advisers Multi-Manager 2010 Fund | .06% |
Strategic Advisers Multi-Manager 2015 Fund | .11% |
Strategic Advisers Multi-Manager 2020 Fund | .10% |
Strategic Advisers Multi-Manager 2025 Fund | .11% |
Strategic Advisers Multi-Manager 2030 Fund | .13% |
Strategic Advisers Multi-Manager 2035 Fund | .15% |
Strategic Advisers Multi-Manager 2040 Fund | .18% |
Strategic Advisers Multi-Manager 2045 Fund | .21% |
Strategic Advisers Multi-Manager 2050 Fund | .18% |
Strategic Advisers Multi-Manager 2055 Fund | .19% |
5. Expense Reductions.
Strategic Advisers contractually agreed to reimburse each Fund to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through May 31, 2015. Some expenses, for example interest expense, are excluded from this reimbursement.
The following Funds were in reimbursement during the period:
| Expense Limitations | Reimbursement |
Strategic Advisers Multi-Manager 2015 Fund | .10% | $ 6 |
Strategic Advisers Multi-Manager 2020 Fund | .10% | 6 |
Strategic Advisers Multi-Manager 2025 Fund | .10% | 10 |
Strategic Advisers Multi-Manager 2030 Fund | .10% | 20 |
Strategic Advisers Multi-Manager 2035 Fund | .10% | 47 |
Strategic Advisers Multi-Manager 2040 Fund | .10% | 57 |
Strategic Advisers Multi-Manager 2045 Fund | .10% | 69 |
Strategic Advisers Multi-Manager 2050 Fund | .10% | 80 |
Strategic Advisers Multi-Manager 2055 Fund | .10% | 56 |
6. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
At the end of the period, Strategic Advisers or its affiliates were owners of record of more than 10% of the outstanding shares of the following funds:
| Affiliated % |
Strategic Advisers Multi-Manager Income Fund | 70% |
Strategic Advisers Multi-Manager 2005 Fund | 100% |
Strategic Advisers Multi-Manager 2010 Fund | 70% |
Strategic Advisers Multi-Manager 2015 Fund | 34% |
Strategic Advisers Multi-Manager 2020 Fund | 16% |
Strategic Advisers Multi-Manager 2025 Fund | 38% |
Strategic Advisers Multi-Manager 2030 Fund | 70% |
Strategic Advisers Multi-Manager 2035 Fund | 50% |
Strategic Advisers Multi-Manager 2040 Fund | 68% |
Strategic Advisers Multi-Manager 2045 Fund | 73% |
Strategic Advisers Multi-Manager 2050 Fund | 35% |
Strategic Advisers Multi-Manager 2055 Fund | 81% |
Semiannual Report
Investment Adviser
Strategic Advisers, Inc.
Boston, MA
Administrator
Fidelity Management & Research Company
Boston, MA
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York Mellon
New York, NY
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
OLF-USAN-1113 1.954276.100
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Boylston Street Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Boylston Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Boylston Street Trust
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
|
|
Date: | November 25, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stephanie J. Dorsey |
| Stephanie J. Dorsey |
| President and Treasurer |
|
|
Date: | November 25, 2013 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | November 25, 2013 |