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)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
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Date of fiscal year end: | March 31 |
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Date of reporting period: | March 31, 2016 |
Item 1.
Reports to Stockholders
Strategic Advisers® Multi-Manager Target Date Funds (to be renamed Fidelity® Multi-Manager Target Date Funds) - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060
Class L & Class N
Annual Report March 31, 2016 |
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Contents
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 participants) or 1-877-208-0098 (Advisors and Investment Professionals) 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. © 2016 FMR LLC. All rights reserved.
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.
Strategic Advisers® Multi-Manager Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (0.57)% | 2.70% |
| Class N | (0.90)% | 2.50% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager Income Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager Income Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager Income Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $10,914 | Strategic Advisers® Multi-Manager Income Fund - Class L |
| $10,782 | Barclays® U.S. Aggregate Bond Index |
Strategic Advisers® Multi-Manager 2005 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (1.39)% | 3.68% |
| Class N | (1.64)% | 3.49% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager 2005 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager 2005 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2005 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $11,259 | Strategic Advisers® Multi-Manager 2005 Fund - Class L |
| $10,782 | Barclays® U.S. Aggregate Bond Index |
Strategic Advisers® Multi-Manager 2010 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (1.86)% | 4.51% |
| Class N | (2.11)% | 4.32% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager 2010 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager 2010 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2010 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $11,558 | Strategic Advisers® Multi-Manager 2010 Fund - Class L |
| $10,782 | Barclays® U.S. Aggregate Bond Index |
Strategic Advisers® Multi-Manager 2015 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (2.24)% | 4.71% |
| Class N | (2.57)% | 4.52% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager 2015 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager 2015 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2015 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $11,631 | Strategic Advisers® Multi-Manager 2015 Fund - Class L |
| $10,782 | Barclays® U.S. Aggregate Bond Index |
Strategic Advisers® Multi-Manager 2020 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (2.58)% | 5.03% |
| Class N | (2.82)% | 4.84% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager 2020 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager 2020 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2020 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $11,747 | Strategic Advisers® Multi-Manager 2020 Fund - Class L |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2025 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (3.05)% | 5.94% |
| Class N | (3.31)% | 5.75% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager 2025 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager 2025 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2025 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $12,084 | Strategic Advisers® Multi-Manager 2025 Fund - Class L |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2030 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (3.90)% | 6.09% |
| Class N | (4.12)% | 5.90% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager 2030 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager 2030 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2030 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $12,141 | Strategic Advisers® Multi-Manager 2030 Fund - Class L |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2035 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (4.36)% | 6.67% |
| Class N | (4.65)% | 6.46% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager 2035 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager 2035 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2035 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $12,360 | Strategic Advisers® Multi-Manager 2035 Fund - Class L |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2040 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (4.36)% | 6.74% |
| Class N | (4.60)% | 6.55% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager 2040 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager 2040 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2040 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $12,387 | Strategic Advisers® Multi-Manager 2040 Fund - Class L |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2045 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (4.33)% | 6.91% |
| Class N | (4.65)% | 6.72% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager 2045 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager 2045 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2045 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $12,450 | Strategic Advisers® Multi-Manager 2045 Fund - Class L |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2050 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (4.39)% | 6.95% |
| Class N | (4.62)% | 6.76% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager 2050 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager 2050 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2050 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $12,466 | Strategic Advisers® Multi-Manager 2050 Fund - Class L |
| $15,285 | S&P 500® Index |
Fidelity® Multi-Manager 2055 Fund
Strategic Advisers® Multi-Manager 2055 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (4.39)% | 7.15% |
| Class N | (4.57)% | 6.98% |
A From December 20, 2012
The initial offering of Class L shares took place on December 4, 2013. Returns prior to December 4, 2013 are those of Strategic Advisers® Multi-Manager 2055 Fund, the original class of the fund.
Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on December 4, 2013. Returns prior to December 4, 2013, are those of Strategic Advisers® Multi-Manager 2055 Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to December 4, 2013, would have been lower.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2055 Fund - Class L on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
See above for additional information regarding the performance of Class L.
| Period Ending Values |
| $12,543 | Strategic Advisers® Multi-Manager 2055 Fund - Class L |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2060 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Class L | (4.38)% | 0.32% |
| Class N | (4.57)% | 0.07% |
A From August 5, 2014
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2060 Fund - Class L on August 5, 2014, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $10,052 | Strategic Advisers Multi-Manager 2060 Fund - Class L |
| $11,115 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: Around the globe, equities declined for the 12 months ending March 31, 2016. The Dow Jones U.S. Total Stock Market Index℠, a broad measure of U.S. equity performance, returned -0.43%. With no particular regional bias, the non-U.S. major-markets MSCI World ex USA Index fell further, returning -8.44%. And despite a robust, late-period rally, the MSCI Emerging Markets Index delivered a return of -11.70%.
Stocks took a late-summer dive on fear of an economic slowdown in China, recovering in October after the U.S. Federal Reserve delayed raising target interest rates until mid-December. A rate cut in China and stimulus in Europe also helped. Nevertheless, persistent commodity weakness and U.S.-dollar strength pushed many markets to their worst January in years. A volatile February saw central banks in Europe, Japan and China take aggressive action aimed at reigniting their economies; the Fed added fuel by softening its schedule for future rate hikes.
Large-cap stocks handily outpaced small-caps in the U.S.; overseas, rankings reversed. Globally, growth bested value-oriented stocks. Volatility helped traditionally defensive sectors outperform cyclicals, while falling bond yields only strengthened demand within these same dividend-rich corners of the market - telecommunication services, utilities and consumer staples, in particular. Conversely, commodity-related sectors such as energy and materials declined substantially, despite an impressive turnaround near period end.
Fixed-income investors shunned riskier debt for much of the year. The Barclays
® U.S. Aggregate Bond Index rose 1.96%, led by Treasury and agency mortgage-backed securities; investment-grade corporate credit lagged. Emerging-markets debt and real estate income-oriented securities each had solid runs, ranking among the top-performing asset classes for the year. Meanwhile, high-yield bonds, as measured by The BofA Merrill Lynch US High Yield Constrained Index℠, returned -3.96%. A spirited, late-period comeback could not overcome earlier spread-widening.
Comments from Co-Managers Andrew Dierdorf and Brett Sumsion: For the 12 months ending March 31, 2016, the share classes of each Fund posted a negative return. Results moved along a spectrum, with nearer-term, more conservative Funds posting modest negatives and longer-dated, more aggressive Funds posting somewhat larger negatives. On a relative basis, each Fund lagged its respective Composite benchmark.
(For specific Fund results, please refer to the performance section of this report.) Overall, allocation decisions detracted from Composite-relative results, largely due to underweighting investment-grade debt. Allocations to portfolio diversifiers, such as the commodity and high-yield debt segments, also detracted; however, we believe such exposures remain important. Commodities may help protect against inflation, and Fund exposure to high-yield debt is an expression of value we see relative to investment-grade bonds. Selection effects also detracted, as the market proved challenging for a subset of underlying equity managers, particularly among U.S. large-cap growth investments. In the non-U.S. equity asset class, allocation decisions contributed to relative results overall; selection effects were mixed. At period end, our positions align with a view that the U.S. economy is experiencing signs of late cycle. We believe the environment remains favorable to risk assets and supports the Funds’ modest overweightings in equities and corporate credit, underweightings in core fixed income. We recently increased Fund exposure to emerging-markets equities, Treasury Inflation-Protected Securities and commodities, while reducing exposure to nominal bonds.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to Shareholders: On April 1, 2016, Fidelity
® Commodity Strategy Central Fund shifted from an index-tracking to an enhanced-index approach, providing the Funds greater investment flexibility in managing commodity exposure.
Strategic Advisers® Multi-Manager Income Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 0.7 |
| Strategic Advisers Core Multi-Manager Fund Class F | 5.2 | 5.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 4.3 | 4.6 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 2.6 | 2.8 |
| Strategic Advisers Value Multi-Manager Fund Class F | 5.2 | 5.6 |
| | 18.5 | 19.3 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 4.5 | 3.3 |
| Strategic Advisers International Multi-Manager Fund Class F | 4.5 | 4.1 |
| | 9.0 | 7.4 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.2 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.8 | 3.5 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 38.9 | 41.0 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 47.0 | 49.0 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 16.5 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 9.0 | 7.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 17.0 |
| | 25.5 | 24.3 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 18.5% |
| | International Equity Funds | 9.0% |
| | Bond Funds | 47.0% |
| | Short-Term Funds | 25.5% |
| Six months ago |
| | Domestic Equity Funds | 19.3% |
| | International Equity Funds | 7.4% |
| | Bond Funds | 49.0% |
| | Short-Term Funds | 24.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager Income Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 18.5% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 2,595 | $12,821 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 4,514 | 53,445 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 3,436 | 44,598 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 2,720 | 26,768 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 4,023 | 53,390 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $206,647) | | | 191,022 |
|
| International Equity Funds - 9.0% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 5,430 | 45,826 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 4,274 | 46,760 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $99,245) | | | 92,586 |
|
| Bond Funds - 47.0% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 685 | 6,498 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 287 | 2,578 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 3,961 | 39,172 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 456 | 4,962 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 40,625 | 400,970 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 3,363 | 31,145 |
| TOTAL BOND FUNDS | | | |
| (Cost $488,007) | | | 485,325 |
|
| Short-Term Funds - 25.5% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 170,557 | 170,557 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 9,252 | 92,426 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $262,919) | | | 262,983 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,056,818) | | | 1,031,916 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (60) |
| NET ASSETS - 100% | | | $1,031,856 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $171,648 | $1,092 | $37 | $170,557 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 156,406 | 83,354 | 239,759 | 355 | - |
| Fidelity Series Commodity Strategy Fund Class F | 9,834 | 7,799 | 3,052 | - | 12,821 |
| Fidelity Series Emerging Markets Debt Fund Class F | 6,076 | 1,890 | 1,258 | 426 | 6,498 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,691 | 609 | 3,473 | 167 | 2,578 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 39,687 | 7,605 | 8,569 | 81 | 39,172 |
| Fidelity Series Real Estate Income Fund Class F | 5,486 | 854 | 1,151 | 271 | 4,962 |
| Fidelity Series Short-Term Credit Fund Class F | 117,519 | 42,033 | 66,952 | 1,097 | 92,426 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 468,643 | 58,798 | 117,196 | 12,146 | 400,970 |
| Strategic Advisers Core Multi-Manager Fund Class F | 61,298 | 18,498 | 20,987 | 539 | 53,445 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 29,047 | 30,923 | 8,847 | 610 | 45,826 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 50,991 | 14,307 | 17,313 | 253 | 44,598 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 38,623 | 6,008 | 9,274 | 2,023 | 31,145 |
| Strategic Advisers International Multi-Manager Fund Class F | 51,072 | 21,146 | 21,087 | 599 | 46,760 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 30,902 | 10,926 | 9,853 | - | 26,768 |
| Strategic Advisers Value Multi-Manager Fund Class F | 61,542 | 17,513 | 19,874 | 721 | 53,390 |
| Total | $1,132,817 | $493,911 | $549,737 | $19,325 | $1,031,916 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,056,818) — See accompanying schedule | | $1,031,916 |
| Receivable for investments sold | | 14,467 |
| Receivable for fund shares sold | | 1,771 |
| Total assets | | 1,048,154 |
| Liabilities | | |
| Payable for investments purchased | $16,237 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 39 | |
| Total liabilities | | 16,298 |
| Net Assets | | $1,031,856 |
| Net Assets consist of: | | |
| Paid in capital | | $1,070,619 |
| Undistributed net investment income | | 881 |
| Accumulated undistributed net realized gain (loss) on investments | | (14,742) |
| Net unrealized appreciation (depreciation) on investments | | (24,902) |
| Net Assets | | $1,031,856 |
| Multi-Manager Income: | | |
| Net Asset Value, offering price and redemption price per share ($821,653 ÷ 82,874 shares) | | $9.91 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($105,407 ÷ 10,630 shares) | | $9.92 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($104,796 ÷ 10,574 shares) | | $9.91 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $19,325 |
| Expenses | | |
| Transfer agent fees | $550 | |
| Distribution and service plan fees | 260 | |
| Independent trustees' compensation | 5 | |
| Total expenses | | 815 |
| Net investment income (loss) | | 18,510 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (19,163) | |
| Capital gain distributions from underlying funds | 13,741 | |
| Total net realized gain (loss) | | (5,422) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (25,916) |
| Net gain (loss) | | (31,338) |
| Net increase (decrease) in net assets resulting from operations | | $(12,828) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $18,510 | $18,193 |
| Net realized gain (loss) | (5,422) | 28,823 |
| Change in net unrealized appreciation (depreciation) | (25,916) | (8,319) |
| Net increase (decrease) in net assets resulting from operations | (12,828) | 38,697 |
| Distributions to shareholders from net investment income | (18,299) | (18,452) |
| Distributions to shareholders from net realized gain | (21,320) | (18,460) |
| Total distributions | (39,619) | (36,912) |
| Share transactions - net increase (decrease) | (48,542) | 225,410 |
| Total increase (decrease) in net assets | (100,989) | 227,195 |
| Net Assets | | |
| Beginning of period | 1,132,845 | 905,650 |
| End of period (including undistributed net investment income of $881 and undistributed net investment income of $949, respectively) | $1,031,856 | $1,132,845 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager Income Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.33 | $10.29 | $10.14 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .17 | .18 | .14 | .04 |
| Net realized and unrealized gain (loss) | (.24) | .22 | .24 | .13 |
| Total from investment operations | (.07) | .40 | .38 | .17 |
| Distributions from net investment income | (.16) | (.19) | (.12) | (.03) |
| Distributions from net realized gain | (.19) | (.18) | (.11) | – |
| Total distributions | (.35) | (.36)C | (.23) | (.03) |
| Net asset value, end of period | $9.91 | $10.33 | $10.29 | $10.14 |
| Total ReturnD,E | (.65)% | 3.98% | 3.79% | 1.71% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .05% | .05% | .06% | .15%H |
| Expenses net of fee waivers, if any | .05% | .05% | .06% | .06%H |
| Expenses net of all reductions | .05% | .05% | .06% | .06%H |
| Net investment income (loss) | 1.66% | 1.77% | 1.43% | 1.52%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $822 | $921 | $702 | $102 |
| Portfolio turnover rate F | 44% | 23% | 40% | 0%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.36 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.177 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager Income Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.33 | $10.29 | $10.19 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .17 | .18 | .05 |
| Net realized and unrealized gain (loss) | (.23) | .22 | .15 |
| Total from investment operations | (.06) | .40 | .20 |
| Distributions from net investment income | (.16) | (.19) | (.04) |
| Distributions from net realized gain | (.19) | (.18) | (.06) |
| Total distributions | (.35) | (.36)C | (.10) |
| Net asset value, end of period | $9.92 | $10.33 | $10.29 |
| Total ReturnD | (.57)% | 3.97% | 2.00% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .05% | .06% | .06%G |
| Expenses net of fee waivers, if any | .05% | .06% | .06%G |
| Expenses net of all reductions | .05% | .06% | .06%G |
| Net investment income (loss) | 1.66% | 1.77% | 1.62%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $105 | $106 | $102 |
| Portfolio turnover rate E | 44% | 23% | 40% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.36 per share is comprised of distributions from net investment income of $.185 and distributions from net realized gain of $.177 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager Income Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.33 | $10.29 | $10.19 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .14 | .16 | .04 |
| Net realized and unrealized gain (loss) | (.23) | .22 | .16 |
| Total from investment operations | (.09) | .38 | .20 |
| Distributions from net investment income | (.14) | (.16) | (.04) |
| Distributions from net realized gain | (.19) | (.18) | (.06) |
| Total distributions | (.33) | (.34) | (.10) |
| Net asset value, end of period | $9.91 | $10.33 | $10.29 |
| Total ReturnC | (.90)% | 3.71% | 1.94% |
| Ratios to Average Net AssetsD,E | | | |
| Expenses before reductions | .30% | .31% | .32%F |
| Expenses net of fee waivers, if any | .30% | .31% | .32%F |
| Expenses net of all reductions | .30% | .31% | .32%F |
| Net investment income (loss) | 1.41% | 1.52% | 1.36%F |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $105 | $106 | $102 |
| Portfolio turnover rateD | 44% | 23% | 40% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2005 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.7 |
| Strategic Advisers Core Multi-Manager Fund Class F | 7.8 | 8.4 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 6.5 | 7.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 3.9 | 4.2 |
| Strategic Advisers Value Multi-Manager Fund Class F | 7.8 | 8.4 |
| | 27.3 | 28.7 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 5.5 | 4.3 |
| Strategic Advisers International Multi-Manager Fund Class F | 7.5 | 7.4 |
| | 13.0 | 11.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.2 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.3 | 3.1 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 34.5 | 36.3 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 42.2 | 43.9 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 11.4 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 6.1 | 4.7 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 11.0 |
| | 17.5 | 15.7 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 27.3% |
| | International Equity Funds | 13.0% |
| | Bond Funds | 42.2% |
| | Short-Term Funds | 17.5% |
| Six months ago |
| | Domestic Equity Funds | 28.7% |
| | International Equity Funds | 11.7% |
| | Bond Funds | 43.9% |
| | Short-Term Funds | 15.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2005 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 27.3% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 880 | $4,349 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 2,277 | 26,954 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 1,733 | 22,492 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 1,372 | 13,500 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 2,029 | 26,926 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $100,202) | | | 94,221 |
|
| International Equity Funds - 13.0% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 2,253 | 19,015 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 2,364 | 25,864 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $48,267) | | | 44,879 |
|
| Bond Funds - 42.2% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 230 | 2,184 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 95 | 850 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,160 | 11,468 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 153 | 1,668 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 12,047 | 118,898 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 1,120 | 10,370 |
| TOTAL BOND FUNDS | | | |
| (Cost $146,560) | | | 145,438 |
|
| Short-Term Funds - 17.5% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 39,271 | 39,271 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 2,107 | 21,047 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $60,305) | | | 60,318 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $355,334) | | | 344,856 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (36) |
| NET ASSETS - 100% | | | $344,820 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $39,276 | $4 | $8 | $39,271 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 28,335 | 27,324 | 55,659 | 75 | - |
| Fidelity Series Commodity Strategy Fund Class F | 2,677 | 2,937 | 688 | - | 4,349 |
| Fidelity Series Emerging Markets Debt Fund Class F | 2,044 | 782 | 585 | 140 | 2,184 |
| Fidelity Series Floating Rate High Income Fund Class F | 1,673 | 319 | 1,064 | 52 | 850 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 10,183 | 4,092 | 2,937 | 22 | 11,468 |
| Fidelity Series Real Estate Income Fund Class F | 1,620 | 558 | 443 | 86 | 1,668 |
| Fidelity Series Short-Term Credit Fund Class F | 21,364 | 13,552 | 13,837 | 228 | 21,047 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 121,790 | 39,963 | 40,504 | 3,422 | 118,898 |
| Strategic Advisers Core Multi-Manager Fund Class F | 28,235 | 13,274 | 11,900 | 275 | 26,954 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 12,746 | 12,198 | 3,737 | 252 | 19,015 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 23,499 | 10,457 | 9,873 | 131 | 22,492 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 11,811 | 3,869 | 3,973 | 649 | 10,370 |
| Strategic Advisers International Multi-Manager Fund Class F | 26,468 | 13,197 | 11,450 | 356 | 25,864 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 14,257 | 7,246 | 5,576 | - | 13,500 |
| Strategic Advisers Value Multi-Manager Fund Class F | 28,345 | 12,278 | 10,919 | 368 | 26,926 |
| Total | $335,047 | $201,322 | $173,149 | $6,064 | $344,856 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $355,334) — See accompanying schedule | | $344,856 |
| Receivable for investments sold | | 5,680 |
| Total assets | | 350,536 |
| Liabilities | | |
| Payable for investments purchased | $5,682 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 12 | |
| Total liabilities | | 5,716 |
| Net Assets | | $344,820 |
| Net Assets consist of: | | |
| Paid in capital | | $359,353 |
| Undistributed net investment income | | 819 |
| Accumulated undistributed net realized gain (loss) on investments | | (4,874) |
| Net unrealized appreciation (depreciation) on investments | | (10,478) |
| Net Assets | | $344,820 |
| Multi-Manager 2005: | | |
| Net Asset Value, offering price and redemption price per share ($133,309 ÷ 13,361 shares) | | $9.98 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,062 ÷ 10,639 shares) | | $9.97 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($105,449 ÷ 10,584 shares) | | $9.96 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $6,064 |
| Expenses | | |
| Transfer agent fees | $281 | |
| Distribution and service plan fees | 263 | |
| Independent trustees' compensation | 1 | |
| Total expenses | | 545 |
| Net investment income (loss) | | 5,519 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (7,530) | |
| Capital gain distributions from underlying funds | 6,832 | |
| Total net realized gain (loss) | | (698) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (10,838) |
| Net gain (loss) | | (11,536) |
| Net increase (decrease) in net assets resulting from operations | | $(6,017) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,519 | $5,382 |
| Net realized gain (loss) | (698) | 15,183 |
| Change in net unrealized appreciation (depreciation) | (10,838) | (5,527) |
| Net increase (decrease) in net assets resulting from operations | (6,017) | 15,038 |
| Distributions to shareholders from net investment income | (5,516) | (5,317) |
| Distributions to shareholders from net realized gain | (10,129) | (11,687) |
| Total distributions | (15,645) | (17,004) |
| Share transactions - net increase (decrease) | 31,453 | 17,249 |
| Total increase (decrease) in net assets | 9,791 | 15,283 |
| Net Assets | | |
| Beginning of period | 335,029 | 319,746 |
| End of period (including undistributed net investment income of $819 and undistributed net investment income of $894, respectively) | $344,820 | $335,029 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2005 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.58 | $10.65 | $10.27 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .16 | .19 | .14 | .05 |
| Net realized and unrealized gain (loss) | (.30) | .31 | .49 | .22 |
| Total from investment operations | (.14) | .50 | .63 | .27 |
| Distributions from net investment income | (.16) | (.19) | (.10) | – |
| Distributions from net realized gain | (.30) | (.39) | (.15) | – |
| Total distributions | (.46) | (.57)C | (.25) | – |
| Net asset value, end of period | $9.98 | $10.58 | $10.65 | $10.27 |
| Total ReturnD,E | (1.34)% | 4.83% | 6.18% | 2.70% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .06% | .05% | .06% | .15%H |
| Expenses net of fee waivers, if any | .06% | .05% | .06% | .06%H |
| Expenses net of all reductions | .06% | .05% | .06% | .06%H |
| Net investment income (loss) | 1.63% | 1.76% | 1.32% | 1.63%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $133 | $120 | $115 | $103 |
| Portfolio turnover rateF | 48% | 17% | 44% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.57 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.385 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2005 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.57 | $10.64 | $10.51 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .16 | .18 | .06 |
| Net realized and unrealized gain (loss) | (.30) | .32 | .22 |
| Total from investment operations | (.14) | .50 | .28 |
| Distributions from net investment income | (.16) | (.18) | (.06) |
| Distributions from net realized gain | (.30) | (.39) | (.09) |
| Total distributions | (.46) | (.57) | (.15) |
| Net asset value, end of period | $9.97 | $10.57 | $10.64 |
| Total ReturnC,D | (1.39)% | 4.79% | 2.64% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .09% | .10% | .07%G |
| Expenses net of fee waivers, if any | .09% | .10% | .07%G |
| Expenses net of all reductions | .09% | .10% | .07%G |
| Net investment income (loss) | 1.59% | 1.71% | 1.90%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $108 | $103 |
| Portfolio turnover rateE | 48% | 17% | 44% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2005 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.56 | $10.63 | $10.51 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .14 | .16 | .05 |
| Net realized and unrealized gain (loss) | (.31) | .31 | .21 |
| Total from investment operations | (.17) | .47 | .26 |
| Distributions from net investment income | (.13) | (.16) | (.06) |
| Distributions from net realized gain | (.30) | (.39) | (.09) |
| Total distributions | (.43) | (.54)C | (.14)D |
| Net asset value, end of period | $9.96 | $10.56 | $10.63 |
| Total ReturnE,F | (1.64)% | 4.53% | 2.52% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .34% | .35% | .33%I |
| Expenses net of fee waivers, if any | .34% | .35% | .33%I |
| Expenses net of all reductions | .34% | .35% | .33%I |
| Net investment income (loss) | 1.34% | 1.46% | 1.65%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $105 | $107 | $103 |
| Portfolio turnover rateG | 48% | 17% | 44% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.54 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.385 per share.
D Total distributions of $.14 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.088 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 0.7 |
| Strategic Advisers Core Multi-Manager Fund Class F | 9.7 | 10.2 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 8.1 | 8.6 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 4.8 | 5.1 |
| Strategic Advisers Value Multi-Manager Fund Class F | 9.7 | 10.3 |
| | 33.5 | 34.9 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 6.3 | 5.1 |
| Strategic Advisers International Multi-Manager Fund Class F | 9.6 | 9.5 |
| | 15.9 | 14.6 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.7 | 2.4 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 31.4 | 33.2 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 38.5 | 40.2 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 7.8 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 4.3 | 3.1 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 7.2 |
| | 12.1 | 10.3 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 33.5% |
| | International Equity Funds | 15.9% |
| | Bond Funds | 38.5% |
| | Short-Term Funds | 12.1% |
| Six months ago |
| | Domestic Equity Funds | 34.9% |
| | International Equity Funds | 14.6% |
| | Bond Funds | 40.2% |
| | Short-Term Funds | 10.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2010 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 33.5% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 1,979 | $9,775 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 6,398 | 75,753 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 4,870 | 63,213 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 3,856 | 37,941 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 5,703 | 75,674 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $285,314) | | | 262,356 |
|
| International Equity Funds - 15.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 5,877 | 49,602 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 6,865 | 75,106 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $135,950) | | | 124,708 |
|
| Bond Funds - 38.5% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 522 | 4,958 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 217 | 1,952 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 2,152 | 21,280 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 348 | 3,787 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 24,942 | 246,174 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,529 | 23,422 |
| TOTAL BOND FUNDS | | | |
| (Cost $304,875) | | | 301,573 |
|
| Short-Term Funds - 12.1% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 61,062 | 61,062 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 3,323 | 33,200 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $94,233) | | | 94,262 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $820,372) | | | 782,899 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (50) |
| NET ASSETS - 100% | | | $782,849 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $61,070 | $7 | $12 | $61,062 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 41,289 | 36,363 | 77,653 | 107 | - |
| Fidelity Series Commodity Strategy Fund Class F | 6,129 | 5,653 | 849 | - | 9,775 |
| Fidelity Series Emerging Markets Debt Fund Class F | 4,632 | 1,126 | 693 | 302 | 4,958 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,829 | 467 | 2,179 | 114 | 1,952 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 18,496 | 5,402 | 2,913 | 40 | 21,280 |
| Fidelity Series Real Estate Income Fund Class F | 3,681 | 770 | 526 | 184 | 3,787 |
| Fidelity Series Short-Term Credit Fund Class F | 31,175 | 19,450 | 17,399 | 324 | 33,200 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 255,378 | 49,438 | 54,136 | 6,759 | 246,174 |
| Strategic Advisers Core Multi-Manager Fund Class F | 78,985 | 22,697 | 19,710 | 663 | 75,753 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 35,151 | 24,177 | 4,132 | 607 | 49,602 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 65,753 | 18,209 | 16,802 | 312 | 63,213 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 26,605 | 5,270 | 5,666 | 1,395 | 23,422 |
| Strategic Advisers International Multi-Manager Fund Class F | 76,863 | 24,607 | 19,549 | 950 | 75,106 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 39,907 | 13,382 | 9,196 | - | 37,941 |
| Strategic Advisers Value Multi-Manager Fund Class F | 79,069 | 21,944 | 18,643 | 886 | 75,674 |
| Total | $766,942 | $310,025 | $250,053 | $12,655 | $782,899 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $820,372) — See accompanying schedule | | $782,899 |
| Receivable for investments sold | | 11,982 |
| Total assets | | 794,881 |
| Liabilities | | |
| Payable for investments purchased | $11,984 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 26 | |
| Total liabilities | | 12,032 |
| Net Assets | | $782,849 |
| Net Assets consist of: | | |
| Paid in capital | | $820,105 |
| Undistributed net investment income | | 1,494 |
| Accumulated undistributed net realized gain (loss) on investments | | (1,277) |
| Net unrealized appreciation (depreciation) on investments | | (37,473) |
| Net Assets | | $782,849 |
| Multi-Manager 2010: | | |
| Net Asset Value, offering price and redemption price per share ($570,526 ÷ 56,243 shares) | | $10.14 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,471 ÷ 10,491 shares) | | $10.15 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($105,852 ÷ 10,437 shares) | | $10.14 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $12,655 |
| Expenses | | |
| Transfer agent fees | $385 | |
| Distribution and service plan fees | 264 | |
| Independent trustees' compensation | 3 | |
| Total expenses | | 652 |
| Net investment income (loss) | | 12,003 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (8,025) | |
| Capital gain distributions from underlying funds | 16,359 | |
| Total net realized gain (loss) | | 8,334 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (35,995) |
| Net gain (loss) | | (27,661) |
| Net increase (decrease) in net assets resulting from operations | | $(15,658) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $12,003 | $11,545 |
| Net realized gain (loss) | 8,334 | 39,218 |
| Change in net unrealized appreciation (depreciation) | (35,995) | (14,337) |
| Net increase (decrease) in net assets resulting from operations | (15,658) | 36,426 |
| Distributions to shareholders from net investment income | (12,026) | (10,709) |
| Distributions to shareholders from net realized gain | (26,838) | (26,028) |
| Total distributions | (38,864) | (36,737) |
| Share transactions - net increase (decrease) | 70,458 | 284,292 |
| Total increase (decrease) in net assets | 15,936 | 283,981 |
| Net Assets | | |
| Beginning of period | 766,913 | 482,932 |
| End of period (including undistributed net investment income of $1,494 and undistributed net investment income of $1,940, respectively) | $782,849 | $766,913 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2010 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.87 | $10.87 | $10.35 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .16 | .19 | .15 | .05 |
| Net realized and unrealized gain (loss) | (.35) | .37 | .67 | .30 |
| Total from investment operations | (.19) | .56 | .82 | .35 |
| Distributions from net investment income | (.17) | (.17) | (.12) | – |
| Distributions from net realized gain | (.37) | (.40) | (.18) | – |
| Total distributions | (.54) | (.56)C | (.30) | – |
| Net asset value, end of period | $10.14 | $10.87 | $10.87 | $10.35 |
| Total ReturnD,E | (1.85)% | 5.31% | 8.00% | 3.50% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .05% | .05% | .06% | .17%H |
| Expenses net of fee waivers, if any | .05% | .05% | .06% | .06%H |
| Expenses net of all reductions | .05% | .05% | .06% | .06%H |
| Net investment income (loss) | 1.58% | 1.73% | 1.45% | 1.87%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $571 | $550 | $277 | $104 |
| Portfolio turnover rateF | 32% | 15% | 24% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.56 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $.397 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2010 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.88 | $10.87 | $10.73 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .16 | .19 | .07 |
| Net realized and unrealized gain (loss) | (.35) | .38 | .25 |
| Total from investment operations | (.19) | .57 | .32 |
| Distributions from net investment income | (.16) | (.16) | (.07) |
| Distributions from net realized gain | (.37) | (.40) | (.11) |
| Total distributions | (.54)C | (.56) | (.18) |
| Net asset value, end of period | $10.15 | $10.88 | $10.87 |
| Total ReturnD | (1.86)% | 5.37% | 2.97% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .06% | .07% | .07%G |
| Expenses net of fee waivers, if any | .06% | .07% | .07%G |
| Expenses net of all reductions | .06% | .07% | .07%G |
| Net investment income (loss) | 1.56% | 1.71% | 1.96%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $108 | $103 |
| Portfolio turnover rateE | 32% | 15% | 24% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.54 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.371 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2010 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.87 | $10.87 | $10.73 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .14 | .16 | .06 |
| Net realized and unrealized gain (loss) | (.36) | .37 | .25 |
| Total from investment operations | (.22) | .53 | .31 |
| Distributions from net investment income | (.14) | (.14) | (.07) |
| Distributions from net realized gain | (.37) | (.40) | (.11) |
| Total distributions | (.51) | (.53)C | (.17)D |
| Net asset value, end of period | $10.14 | $10.87 | $10.87 |
| Total ReturnE | (2.11)% | 5.01% | 2.95% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .31% | .32% | .32%H |
| Expenses net of fee waivers, if any | .31% | .32% | .32%H |
| Expenses net of all reductions | .31% | .32% | .32%H |
| Net investment income (loss) | 1.31% | 1.46% | 1.70%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $108 | $103 |
| Portfolio turnover rateF | 32% | 15% | 24% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.53 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.397 per share.
D Total distributions of $.17 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.108 per share.
E Total returns for periods of less than one year are not annualized.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 11.5 | 12.0 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 9.6 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 5.7 | 6.0 |
| Strategic Advisers Value Multi-Manager Fund Class F | 11.5 | 12.0 |
| | 39.6 | 40.8 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 6.9 | 5.6 |
| Strategic Advisers International Multi-Manager Fund Class F | 11.7 | 11.5 |
| | 18.6 | 17.1 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 1.9 | 1.6 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 28.5 | 30.3 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 34.7 | 36.5 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 4.6 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 2.5 | 1.7 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 3.9 |
| | 7.1 | 5.6 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 39.6% |
| | International Equity Funds | 18.6% |
| | Bond Funds | 34.7% |
| | Short-Term Funds | 7.1% |
| Six months ago |
| | Domestic Equity Funds | 40.8% |
| | International Equity Funds | 17.1% |
| | Bond Funds | 36.5% |
| | Short-Term Funds | 5.6% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2015 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 39.6% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 4,369 | $21,585 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 16,640 | 197,019 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 12,666 | 164,402 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 10,028 | 98,673 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 14,831 | 196,814 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $742,749) | | | 678,493 |
|
| International Equity Funds - 18.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 14,040 | 118,496 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 18,239 | 199,533 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $355,246) | | | 318,029 |
|
| Bond Funds - 34.7% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,150 | 10,915 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 475 | 4,267 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 3,305 | 32,684 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 767 | 8,341 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 49,437 | 487,943 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 5,507 | 50,996 |
| TOTAL BOND FUNDS | | | |
| (Cost $600,963) | | | 595,146 |
|
| Short-Term Funds - 7.1% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 79,055 | 79,055 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 4,252 | 42,482 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $121,509) | | | 121,537 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,820,467) | | | 1,713,205 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (132) |
| NET ASSETS - 100% | | | $1,713,073 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $80,277 | $1,222 | $15 | $79,055 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 52,123 | 59,409 | 111,532 | 143 | - |
| Fidelity Series Commodity Strategy Fund Class F | 14,338 | 13,576 | 3,469 | -- | 21,585 |
| Fidelity Series Emerging Markets Debt Fund Class F | 10,314 | 3,557 | 2,645 | 717 | 10,915 |
| Fidelity Series Floating Rate High Income Fund Class F | 9,014 | 1,367 | 5,702 | 274 | 4,267 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 29,131 | 11,117 | 8,015 | 64 | 32,684 |
| Fidelity Series Real Estate Income Fund Class F | 8,693 | 2,201 | 2,196 | 439 | 8,341 |
| Fidelity Series Short-Term Credit Fund Class F | 39,400 | 29,672 | 26,531 | 426 | 42,482 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 554,583 | 130,550 | 186,591 | 14,846 | 487,943 |
| Strategic Advisers Core Multi-Manager Fund Class F | 217,153 | 72,110 | 71,864 | 1,884 | 197,019 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 92,379 | 65,503 | 22,836 | 1,562 | 118,496 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 180,792 | 56,019 | 59,711 | 912 | 164,402 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 61,833 | 14,677 | 18,594 | 3,327 | 50,996 |
| Strategic Advisers International Multi-Manager Fund Class F | 214,584 | 73,293 | 66,845 | 2,775 | 199,533 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 109,767 | 40,473 | 33,382 | - | 98,673 |
| Strategic Advisers Value Multi-Manager Fund Class F | 217,195 | 67,181 | 66,279 | 2,569 | 196,814 |
| Total | $1,811,299 | $720,982 | $687,414 | $29,953 | $1,713,205 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,820,467) — See accompanying schedule | | $1,713,205 |
| Receivable for investments sold | | 22,734 |
| Receivable for fund shares sold | | 342 |
| Total assets | | 1,736,281 |
| Liabilities | | |
| Payable for investments purchased | $23,082 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 104 | |
| Total liabilities | | 23,208 |
| Net Assets | | $1,713,073 |
| Net Assets consist of: | | |
| Paid in capital | | $1,827,447 |
| Undistributed net investment income | | 3,895 |
| Accumulated undistributed net realized gain (loss) on investments | | (11,007) |
| Net unrealized appreciation (depreciation) on investments | | (107,262) |
| Net Assets | | $1,713,073 |
| Multi-Manager 2015: | | |
| Net Asset Value, offering price and redemption price per share ($1,500,233 ÷ 146,599 shares) | | $10.23 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,728 ÷ 10,424 shares) | | $10.24 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,112 ÷ 10,372 shares) | | $10.23 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $29,953 |
| Expenses | | |
| Transfer agent fees | $1,444 | |
| Distribution and service plan fees | 265 | |
| Independent trustees' compensation | 8 | |
| Total expenses | | 1,717 |
| Net investment income (loss) | | 28,236 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (31,456) | |
| Capital gain distributions from underlying funds | 47,604 | |
| Total net realized gain (loss) | | 16,148 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (100,177) |
| Net gain (loss) | | (84,029) |
| Net increase (decrease) in net assets resulting from operations | | $(55,793) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $28,236 | $23,423 |
| Net realized gain (loss) | 16,148 | 86,155 |
| Change in net unrealized appreciation (depreciation) | (100,177) | (32,594) |
| Net increase (decrease) in net assets resulting from operations | (55,793) | 76,984 |
| Distributions to shareholders from net investment income | (28,254) | (21,238) |
| Distributions to shareholders from net realized gain | (67,187) | (53,186) |
| Total distributions | (95,441) | (74,424) |
| Share transactions - net increase (decrease) | 53,122 | 948,104 |
| Total increase (decrease) in net assets | (98,112) | 950,664 |
| Net Assets | | |
| Beginning of period | 1,811,185 | 860,521 |
| End of period (including undistributed net investment income of $3,895 and undistributed net investment income of $4,172, respectively) | $1,713,073 | $1,811,185 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2015 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.04 | $10.97 | $10.36 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .16 | .19 | .15 | .05 |
| Net realized and unrealized gain (loss) | (.40) | .42 | .74 | .31 |
| Total from investment operations | (.24) | .61 | .89 | .36 |
| Distributions from net investment income | (.17) | (.15) | (.12) | – |
| Distributions from net realized gain | (.40) | (.39) | (.16) | – |
| Total distributions | (.57) | (.54) | (.28) | – |
| Net asset value, end of period | $10.23 | $11.04 | $10.97 | $10.36 |
| Total ReturnC,D | (2.32)% | 5.70% | 8.68% | 3.60% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .08% | .09% | .10% | .21%G |
| Expenses net of fee waivers, if any | .08% | .09% | .10% | .09%G |
| Expenses net of all reductions | .08% | .09% | .10% | .09%G |
| Net investment income (loss) | 1.53% | 1.73% | 1.44% | 1.88%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,500 | $1,593 | $654 | $104 |
| Portfolio turnover rate E | 37% | 16% | 38% | 1%H |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2015 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.04 | $10.97 | $10.77 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .16 | .19 | .06 |
| Net realized and unrealized gain (loss) | (.40) | .42 | .30 |
| Total from investment operations | (.24) | .61 | .36 |
| Distributions from net investment income | (.16) | (.15) | (.07) |
| Distributions from net realized gain | (.40) | (.39) | (.09) |
| Total distributions | (.56) | (.54) | (.16) |
| Net asset value, end of period | $10.24 | $11.04 | $10.97 |
| Total ReturnC,D | (2.24)% | 5.66% | 3.34% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .08% | .09% | .10%G |
| Expenses net of fee waivers, if any | .08% | .09% | .10%G |
| Expenses net of all reductions | .08% | .09% | .10%G |
| Net investment income (loss) | 1.52% | 1.72% | 1.81%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $109 | $103 |
| Portfolio turnover rate E | 37% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2015 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.04 | $10.96 | $10.77 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .13 | .16 | .05 |
| Net realized and unrealized gain (loss) | (.40) | .43 | .30 |
| Total from investment operations | (.27) | .59 | .35 |
| Distributions from net investment income | (.14) | (.12) | (.07) |
| Distributions from net realized gain | (.40) | (.39) | (.09) |
| Total distributions | (.54) | (.51) | (.16) |
| Net asset value, end of period | $10.23 | $11.04 | $10.96 |
| Total ReturnC,D | (2.57)% | 5.51% | 3.22% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .33% | .34% | .36%G |
| Expenses net of fee waivers, if any | .33% | .34% | .35%G |
| Expenses net of all reductions | .33% | .34% | .35%G |
| Net investment income (loss) | 1.27% | 1.47% | 1.56%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $109 | $103 |
| Portfolio turnover rateE | 37% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 12.8 | 13.3 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 10.6 | 11.1 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 6.4 | 6.6 |
| Strategic Advisers Value Multi-Manager Fund Class F | 12.8 | 13.2 |
| | 43.9 | 45.0 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 7.4 | 6.0 |
| Strategic Advisers International Multi-Manager Fund Class F | 13.0 | 12.9 |
| | 20.4 | 18.9 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 1.1 | 0.8 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 24.9 | 26.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 30.3 | 32.1 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 3.5 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 1.9 | 1.2 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 2.8 |
| | 5.4 | 4.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 43.9% |
| | International Equity Funds | 20.4% |
| | Bond Funds | 30.3% |
| | Short-Term Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 45.0% |
| | International Equity Funds | 18.9% |
| | Bond Funds | 32.1% |
| | Short-Term Funds | 4.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2020 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 43.9% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 11,323 | $55,937 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 47,579 | 563,341 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 36,216 | 470,079 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 28,672 | 282,137 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 42,408 | 562,756 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $2,116,896) | | | 1,934,250 |
|
| International Equity Funds - 20.4% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 38,396 | 324,060 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 52,446 | 573,764 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $986,548) | | | 897,824 |
|
| Bond Funds - 30.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 2,957 | 28,062 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 1,227 | 11,023 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 4,815 | 47,618 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 1,950 | 21,220 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 111,148 | 1,097,033 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 14,209 | 131,580 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,351,994) | | | 1,336,536 |
|
| Short-Term Funds - 5.4% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 156,531 | 156,531 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 8,417 | 84,084 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $240,521) | | | 240,615 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $4,695,959) | | | 4,409,225 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (295) |
| NET ASSETS - 100% | | | $4,408,930 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $157,824 | $1,293 | $29 | $156,531 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 68,522 | 131,240 | 199,762 | 240 | - |
| Fidelity Series Commodity Strategy Fund Class F | 26,574 | 40,220 | 4,501 | - | 55,937 |
| Fidelity Series Emerging Markets Debt Fund Class F | 19,553 | 13,361 | 4,281 | 1,615 | 28,062 |
| Fidelity Series Floating Rate High Income Fund Class F | 16,910 | 5,372 | 10,321 | 607 | 11,023 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 27,963 | 26,867 | 8,000 | 78 | 47,618 |
| Fidelity Series Real Estate Income Fund Class F | 16,215 | 9,143 | 3,456 | 981 | 21,220 |
| Fidelity Series Short-Term Credit Fund Class F | 48,188 | 67,645 | 31,718 | 680 | 84,084 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 917,434 | 503,624 | 308,206 | 29,145 | 1,097,033 |
| Strategic Advisers Core Multi-Manager Fund Class F | 450,681 | 298,028 | 138,068 | 4,949 | 563,341 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 187,066 | 208,505 | 35,309 | 4,098 | 324,060 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 375,240 | 239,124 | 114,410 | 2,324 | 470,079 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 114,600 | 62,758 | 30,743 | 7,442 | 131,580 |
| Strategic Advisers International Multi-Manager Fund Class F | 449,304 | 299,131 | 121,493 | 7,501 | 573,764 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 227,801 | 160,442 | 61,009 | - | 282,137 |
| Strategic Advisers Value Multi-Manager Fund Class F | 450,832 | 280,827 | 116,699 | 6,602 | 562,756 |
| Total | $3,396,883 | $2,504,111 | $1,189,269 | $66,291 | $4,409,225 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $4,695,959) — See accompanying schedule | | $4,409,225 |
| Receivable for investments sold | | 58,534 |
| Receivable for fund shares sold | | 85 |
| Total assets | | 4,467,844 |
| Liabilities | | |
| Payable for investments purchased | $58,628 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 264 | |
| Total liabilities | | 58,914 |
| Net Assets | | $4,408,930 |
| Net Assets consist of: | | |
| Paid in capital | | $4,688,602 |
| Undistributed net investment income | | 8,054 |
| Accumulated undistributed net realized gain (loss) on investments | | (992) |
| Net unrealized appreciation (depreciation) on investments | | (286,734) |
| Net Assets | | $4,408,930 |
| Multi-Manager 2020: | | |
| Net Asset Value, offering price and redemption price per share ($4,195,776 ÷ 408,600 shares) | | $10.27 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,886 ÷ 10,410 shares) | | $10.27 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,268 ÷ 10,358 shares) | | $10.26 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $66,291 |
| Expenses | | |
| Transfer agent fees | $3,162 | |
| Distribution and service plan fees | 266 | |
| Independent trustees' compensation | 17 | |
| Total expenses | | 3,445 |
| Net investment income (loss) | | 62,846 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (30,735) | |
| Capital gain distributions from underlying funds | 117,793 | |
| Total net realized gain (loss) | | 87,058 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (271,767) |
| Net gain (loss) | | (184,709) |
| Net increase (decrease) in net assets resulting from operations | | $(121,863) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $62,846 | $40,922 |
| Net realized gain (loss) | 87,058 | 172,004 |
| Change in net unrealized appreciation (depreciation) | (271,767) | (78,059) |
| Net increase (decrease) in net assets resulting from operations | (121,863) | 134,867 |
| Distributions to shareholders from net investment income | (60,710) | (38,591) |
| Distributions to shareholders from net realized gain | (163,441) | (107,622) |
| Total distributions | (224,151) | (146,213) |
| Share transactions - net increase (decrease) | 1,358,231 | 1,674,161 |
| Total increase (decrease) in net assets | 1,012,217 | 1,662,815 |
| Net Assets | | |
| Beginning of period | 3,396,713 | 1,733,898 |
| End of period (including undistributed net investment income of $8,054 and undistributed net investment income of $5,917, respectively) | $4,408,930 | $3,396,713 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2020 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.15 | $11.12 | $10.40 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .16 | .19 | .15 | .06 |
| Net realized and unrealized gain (loss) | (.43) | .45 | .83 | .34 |
| Total from investment operations | (.27) | .64 | .98 | .40 |
| Distributions from net investment income | (.15) | (.16) | (.12) | – |
| Distributions from net realized gain | (.46) | (.45) | (.14) | – |
| Total distributions | (.61) | (.61) | (.26) | – |
| Net asset value, end of period | $10.27 | $11.15 | $11.12 | $10.40 |
| Total ReturnC,D | (2.56)% | 5.91% | 9.50% | 4.00% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .08% | .08% | .10% | .21%G |
| Expenses net of fee waivers, if any | .08% | .08% | .10% | .09%G |
| Expenses net of all reductions | .08% | .08% | .10% | .09%G |
| Net investment income (loss) | 1.51% | 1.71% | 1.41% | 1.97%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $4,196 | $3,178 | $1,527 | $104 |
| Portfolio turnover rateE | 29% | 19% | 51% | 1%H |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2020 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.15 | $11.11 | $10.89 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .16 | .19 | .06 |
| Net realized and unrealized gain (loss) | (.43) | .46 | .32 |
| Total from investment operations | (.27) | .65 | .38 |
| Distributions from net investment income | (.15) | (.16) | (.08) |
| Distributions from net realized gain | (.46) | (.45) | (.09) |
| Total distributions | (.61) | (.61) | (.16)C |
| Net asset value, end of period | $10.27 | $11.15 | $11.11 |
| Total ReturnD | (2.58)% | 5.98% | 3.55% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .08% | .09% | .09%G |
| Expenses net of fee waivers, if any | .08% | .09% | .09%G |
| Expenses net of all reductions | .08% | .09% | .09%G |
| Net investment income (loss) | 1.51% | 1.71% | 1.75%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $110 | $104 |
| Portfolio turnover rateE | 29% | 19% | 51% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.16 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.087 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2020 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.14 | $11.11 | $10.89 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .13 | .16 | .05 |
| Net realized and unrealized gain (loss) | (.43) | .45 | .33 |
| Total from investment operations | (.30) | .61 | .38 |
| Distributions from net investment income | (.12) | (.13) | (.08) |
| Distributions from net realized gain | (.46) | (.45) | (.09) |
| Total distributions | (.58) | (.58) | (.16)C |
| Net asset value, end of period | $10.26 | $11.14 | $11.11 |
| Total ReturnD | (2.82)% | 5.63% | 3.53% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .33% | .34% | .35%G |
| Expenses net of fee waivers, if any | .33% | .34% | .35%G |
| Expenses net of all reductions | .33% | .34% | .35%G |
| Net investment income (loss) | 1.26% | 1.46% | 1.50%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $109 | $103 |
| Portfolio turnover rateE | 29% | 19% | 51% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.16 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.087 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 14.2 | 14.9 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 11.8 | 12.4 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 7.1 | 7.4 |
| Strategic Advisers Value Multi-Manager Fund Class F | 14.2 | 14.8 |
| | 48.6 | 50.3 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 7.8 | 6.5 |
| Strategic Advisers International Multi-Manager Fund Class F | 14.6 | 14.7 |
| | 22.4 | 21.2 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.2 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.3 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 19.9 | 19.9 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 24.8 | 24.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 2.7 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 1.5 | 1.1 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 2.7 |
| | 4.2 | 3.8 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 48.6% |
| | International Equity Funds | 22.4% |
| | Bond Funds | 24.8% |
| | Short-Term Funds | 4.2% |
| Six months ago |
| | Domestic Equity Funds | 50.3% |
| | International Equity Funds | 21.2% |
| | Bond Funds | 24.7% |
| | Short-Term Funds | 3.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2025 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 48.6% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 4,938 | $24,392 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 22,712 | 268,916 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 17,288 | 224,397 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 13,687 | 134,681 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 20,244 | 268,637 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $980,123) | | | 921,023 |
|
| International Equity Funds - 22.4% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 17,569 | 148,282 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 25,299 | 276,773 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $457,938) | | | 425,055 |
|
| Bond Funds - 24.8% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,252 | 11,879 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 526 | 4,720 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 981 | 9,701 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 847 | 9,219 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 38,273 | 377,754 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 6,065 | 56,162 |
| TOTAL BOND FUNDS | | | |
| (Cost $474,467) | | | 469,435 |
|
| Short-Term Funds - 4.2% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 52,133 | 52,133 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 2,808 | 28,055 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $80,147) | | | 80,188 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,992,675) | | | 1,895,701 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (173) |
| NET ASSETS - 100% | | | $1,895,528 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $52,210 | $77 | $11 | $52,133 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 16,567 | 54,233 | 70,802 | 81 | - |
| Fidelity Series Commodity Strategy Fund Class F | 8,913 | 18,030 | 391 | - | 24,392 |
| Fidelity Series Emerging Markets Debt Fund Class F | 5,831 | 6,696 | 475 | 605 | 11,879 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,629 | 2,724 | 3,294 | 223 | 4,720 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 9,793 | 325 | 9 | 9,701 |
| Fidelity Series Real Estate Income Fund Class F | 5,515 | 4,404 | 464 | 378 | 9,219 |
| Fidelity Series Short-Term Credit Fund Class F | 12,377 | 21,421 | 5,745 | 231 | 28,055 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 224,446 | 208,251 | 51,485 | 8,020 | 377,754 |
| Strategic Advisers Core Multi-Manager Fund Class F | 174,541 | 143,236 | 31,852 | 1,983 | 268,916 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 73,505 | 90,227 | 3,061 | 1,692 | 148,282 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 145,349 | 114,560 | 24,149 | 924 | 224,397 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 41,650 | 27,580 | 7,753 | 2,784 | 56,162 |
| Strategic Advisers International Multi-Manager Fund Class F | 176,888 | 147,151 | 25,058 | 3,222 | 276,773 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 88,311 | 76,852 | 13,043 | - | 134,681 |
| Strategic Advisers Value Multi-Manager Fund Class F | 175,215 | 137,529 | 24,387 | 2,630 | 268,637 |
| Total | $1,154,737 | $1,114,897 | $262,361 | $22,793 | $1,895,701 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,992,675) — See accompanying schedule | | $1,895,701 |
| Receivable for investments sold | | 20,861 |
| Receivable for fund shares sold | | 5,712 |
| Receivable from investment adviser for expense reductions | | 7 |
| Total assets | | 1,922,281 |
| Liabilities | | |
| Payable for investments purchased | $26,580 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 151 | |
| Total liabilities | | 26,753 |
| Net Assets | | $1,895,528 |
| Net Assets consist of: | | |
| Paid in capital | | $1,983,290 |
| Undistributed net investment income | | 2,722 |
| Accumulated undistributed net realized gain (loss) on investments | | 6,490 |
| Net unrealized appreciation (depreciation) on investments | | (96,974) |
| Net Assets | | $1,895,528 |
| Multi-Manager 2025: | | |
| Net Asset Value, offering price and redemption price per share ($1,681,662 ÷ 161,256 shares) | | $10.43 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($107,243 ÷ 10,273 shares) | | $10.44 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,623 ÷ 10,221 shares) | | $10.43 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $22,793 |
| Expenses | | |
| Transfer agent fees | $1,607 | |
| Distribution and service plan fees | 268 | |
| Independent trustees' compensation | 6 | |
| Total expenses before reductions | 1,881 | |
| Expense reductions | (92) | 1,789 |
| Net investment income (loss) | | 21,004 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (8,804) | |
| Capital gain distributions from underlying funds | 45,423 | |
| Total net realized gain (loss) | | 36,619 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (102,762) |
| Net gain (loss) | | (66,143) |
| Net increase (decrease) in net assets resulting from operations | | $(45,139) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $21,004 | $12,945 |
| Net realized gain (loss) | 36,619 | 68,231 |
| Change in net unrealized appreciation (depreciation) | (102,762) | (20,217) |
| Net increase (decrease) in net assets resulting from operations | (45,139) | 60,959 |
| Distributions to shareholders from net investment income | (19,664) | (12,541) |
| Distributions to shareholders from net realized gain | (64,890) | (40,327) |
| Total distributions | (84,554) | (52,868) |
| Share transactions - net increase (decrease) | 870,589 | 591,526 |
| Total increase (decrease) in net assets | 740,896 | 599,617 |
| Net Assets | | |
| Beginning of period | 1,154,632 | 555,015 |
| End of period (including undistributed net investment income of $2,722 and undistributed net investment income of $1,381, respectively) | $1,895,528 | $1,154,632 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2025 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.40 | $11.37 | $10.48 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .15 | .19 | .16 | .06 |
| Net realized and unrealized gain (loss) | (.48) | .51 | 1.06 | .42 |
| Total from investment operations | (.33) | .70 | 1.22 | .48 |
| Distributions from net investment income | (.13) | (.15) | (.15) | – |
| Distributions from net realized gain | (.51) | (.52) | (.18) | – |
| Total distributions | (.64) | (.67) | (.33) | – |
| Net asset value, end of period | $10.43 | $11.40 | $11.37 | $10.48 |
| Total ReturnC,D | (3.05)% | 6.37% | 11.77% | 4.80% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .11% | .12% | .12% | .21%G |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .09%G |
| Expenses net of all reductions | .10% | .10% | .10% | .09%G |
| Net investment income (loss) | 1.37% | 1.67% | 1.49% | 2.08%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,682 | $934 | $347 | $105 |
| Portfolio turnover rateE | 17% | 21% | 88% | 1%H |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2025 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.41 | $11.37 | $11.14 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .15 | .19 | .08 |
| Net realized and unrealized gain (loss) | (.48) | .52 | .36 |
| Total from investment operations | (.33) | .71 | .44 |
| Distributions from net investment income | (.13) | (.15) | (.09) |
| Distributions from net realized gain | (.51) | (.52) | (.12) |
| Total distributions | (.64) | (.67) | (.21) |
| Net asset value, end of period | $10.44 | $11.41 | $11.37 |
| Total ReturnC,D | (3.05)% | 6.41% | 3.96% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .09% | .11% | .11%G |
| Expenses net of fee waivers, if any | .09% | .10% | .10%G |
| Expenses net of all reductions | .09% | .10% | .10%G |
| Net investment income (loss) | 1.38% | 1.67% | 2.19%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $111 | $104 |
| Portfolio turnover rateE | 17% | 21% | 88% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2025 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.40 | $11.37 | $11.14 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .12 | .16 | .07 |
| Net realized and unrealized gain (loss) | (.48) | .51 | .37 |
| Total from investment operations | (.36) | .67 | .44 |
| Distributions from net investment income | (.10) | (.12) | (.09) |
| Distributions from net realized gain | (.51) | (.52) | (.12) |
| Total distributions | (.61) | (.64) | (.21) |
| Net asset value, end of period | $10.43 | $11.40 | $11.37 |
| Total ReturnC,D | (3.31)% | 6.07% | 3.94% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .34% | .36% | .37%G |
| Expenses net of fee waivers, if any | .34% | .35% | .35%G |
| Expenses net of all reductions | .34% | .35% | .35%G |
| Net investment income (loss) | 1.13% | 1.42% | 1.94%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $110 | $104 |
| Portfolio turnover rateE | 17% | 21% | 88% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 17.2 | 17.8 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 14.4 | 14.8 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 8.6 | 8.9 |
| Strategic Advisers Value Multi-Manager Fund Class F | 17.2 | 17.8 |
| | 58.7 | 60.1 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 8.8 | 7.4 |
| Strategic Advisers International Multi-Manager Fund Class F | 18.0 | 17.9 |
| | 26.8 | 25.3 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.3 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 9.6 | 8.6 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 14.4 | 13.5 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.1 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.8 |
| | 0.1 | 1.1 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 58.7% |
| | International Equity Funds | 26.8% |
| | Bond Funds | 14.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 60.1% |
| | International Equity Funds | 25.3% |
| | Bond Funds | 13.5% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2030 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 58.7% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 3,811 | $18,828 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 21,401 | 253,389 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 16,290 | 211,438 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 12,897 | 126,904 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 19,075 | 253,127 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $905,270) | | | 863,686 |
|
| International Equity Funds - 26.8% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 15,385 | 129,851 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 24,177 | 264,490 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $429,124) | | | 394,341 |
|
| Bond Funds - 14.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 970 | 9,206 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 408 | 3,660 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 766 | 7,578 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 653 | 7,102 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 14,289 | 141,028 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 4,731 | 43,810 |
| TOTAL BOND FUNDS | | | |
| (Cost $216,487) | | | 212,384 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 479 | 479 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 26 | 255 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $733) | | | 734 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,551,614) | | | 1,471,145 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (128) |
| NET ASSETS - 100% | | | $1,471,017 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $819 | $340 | $- | $479 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 9,888 | 11,389 | 21,277 | 17 | - |
| Fidelity Series Commodity Strategy Fund Class F | 11,001 | 15,313 | 5,515 | -- | 18,828 |
| Fidelity Series Emerging Markets Debt Fund Class F | 8,797 | 5,223 | 4,714 | 553 | 9,206 |
| Fidelity Series Floating Rate High Income Fund Class F | 6,967 | 2,413 | 5,425 | 211 | 3,660 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 9,532 | 2,132 | 7 | 7,578 |
| Fidelity Series Real Estate Income Fund Class F | 6,815 | 4,027 | 3,526 | 331 | 7,102 |
| Fidelity Series Short-Term Credit Fund Class F | 6,855 | 2,894 | 9,452 | 58 | 255 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 105,999 | 108,827 | 72,132 | 3,193 | 141,028 |
| Strategic Advisers Core Multi-Manager Fund Class F | 255,395 | 151,875 | 138,170 | 2,022 | 253,389 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 102,062 | 94,020 | 53,117 | 1,393 | 129,851 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 212,513 | 122,232 | 114,913 | 955 | 211,438 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 51,080 | 24,373 | 26,966 | 2,578 | 43,810 |
| Strategic Advisers International Multi-Manager Fund Class F | 261,262 | 152,461 | 128,139 | 2,939 | 264,490 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 128,703 | 80,296 | 65,809 | - | 126,904 |
| Strategic Advisers Value Multi-Manager Fund Class F | 256,375 | 144,027 | 131,089 | 2,707 | 253,127 |
| Total | $1,423,712 | $929,721 | $782,716 | $16,964 | $1,471,145 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,551,614) — See accompanying schedule | | $1,471,145 |
| Receivable for investments sold | | 14,716 |
| Receivable for fund shares sold | | 1,628 |
| Receivable from investment adviser for expense reductions | | 29 |
| Total assets | | 1,487,518 |
| Liabilities | | |
| Payable for investments purchased | $10,254 | |
| Payable for fund shares redeemed | 6,089 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 136 | |
| Total liabilities | | 16,501 |
| Net Assets | | $1,471,017 |
| Net Assets consist of: | | |
| Paid in capital | | $1,580,326 |
| Undistributed net investment income | | 990 |
| Accumulated undistributed net realized gain (loss) on investments | | (29,830) |
| Net unrealized appreciation (depreciation) on investments | | (80,469) |
| Net Assets | | $1,471,017 |
| Multi-Manager 2030: | | |
| Net Asset Value, offering price and redemption price per share ($1,257,495 ÷ 124,597 shares) | | $10.09 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($107,072 ÷ 10,612 shares) | | $10.09 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,450 ÷ 10,560 shares) | | $10.08 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $16,964 |
| Expenses | | |
| Transfer agent fees | $1,651 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 6 | |
| Total expenses before reductions | 1,926 | |
| Expense reductions | (241) | 1,685 |
| Net investment income (loss) | | 15,279 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (40,047) | |
| Capital gain distributions from underlying funds | 50,045 | |
| Total net realized gain (loss) | | 9,998 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (59,522) |
| Net gain (loss) | | (49,524) |
| Net increase (decrease) in net assets resulting from operations | | $(34,245) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $15,279 | $16,006 |
| Net realized gain (loss) | 9,998 | 106,404 |
| Change in net unrealized appreciation (depreciation) | (59,522) | (45,368) |
| Net increase (decrease) in net assets resulting from operations | (34,245) | 77,042 |
| Distributions to shareholders from net investment income | (14,250) | (16,789) |
| Distributions to shareholders from net realized gain | (83,657) | (79,626) |
| Total distributions | (97,907) | (96,415) |
| Share transactions - net increase (decrease) | 179,577 | 432,995 |
| Total increase (decrease) in net assets | 47,425 | 413,622 |
| Net Assets | | |
| Beginning of period | 1,423,592 | 1,009,970 |
| End of period (including undistributed net investment income of $990 and undistributed net investment income of $155, respectively) | $1,471,017 | $1,423,592 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2030 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.31 | $11.52 | $10.50 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .15 | .19 | .06 |
| Net realized and unrealized gain (loss) | (.52) | .59 | 1.14 | .44 |
| Total from investment operations | (.41) | .74 | 1.33 | .50 |
| Distributions from net investment income | (.12) | (.16) | (.14) | – |
| Distributions from net realized gain | (.68) | (.79) | (.17) | – |
| Total distributions | (.81)C | (.95) | (.31) | – |
| Net asset value, end of period | $10.09 | $11.31 | $11.52 | $10.50 |
| Total ReturnD,E | (3.92)% | 6.71% | 12.76% | 5.00% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .12% | .11% | .13% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .09%H |
| Expenses net of all reductions | .10% | .10% | .10% | .09%H |
| Net investment income (loss) | 1.08% | 1.34% | 1.74% | 2.14%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,257 | $1,201 | $801 | $105 |
| Portfolio turnover rateF | 54% | 27% | 63% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.81 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.684 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2030 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.31 | $11.51 | $11.22 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .11 | .15 | .08 |
| Net realized and unrealized gain (loss) | (.52) | .60 | .40 |
| Total from investment operations | (.41) | .75 | .48 |
| Distributions from net investment income | (.12) | (.16) | (.08) |
| Distributions from net realized gain | (.68) | (.79) | (.11) |
| Total distributions | (.81)C | (.95) | (.19) |
| Net asset value, end of period | $10.09 | $11.31 | $11.51 |
| Total ReturnD,E | (3.90)% | 6.80% | 4.32% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10% | .11% | .11%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | 1.08% | 1.34% | 2.25%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $111 | $104 |
| Portfolio turnover rateF | 54% | 27% | 63% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.81 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.684 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2030 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.30 | $11.51 | $11.22 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .13 | .07 |
| Net realized and unrealized gain (loss) | (.53) | .58 | .41 |
| Total from investment operations | (.44) | .71 | .48 |
| Distributions from net investment income | (.10) | (.13) | (.08) |
| Distributions from net realized gain | (.68) | (.79) | (.11) |
| Total distributions | (.78) | (.92) | (.19) |
| Net asset value, end of period | $10.08 | $11.30 | $11.51 |
| Total ReturnC,D | (4.12)% | 6.44% | 4.30% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .35% | .36% | .37%G |
| Expenses net of fee waivers, if any | .35% | .35% | .35%G |
| Expenses net of all reductions | .35% | .35% | .35%G |
| Net investment income (loss) | .83% | 1.09% | 2.00%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateE | 54% | 27% | 63% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.1 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 16.0 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.6 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.1 | 19.9 |
| | 29.5 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 2.9 | 3.3 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.1 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2035 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 4,671 | $23,073 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 29,032 | 343,740 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 22,098 | 286,826 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 17,495 | 172,149 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 25,877 | 343,389 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,237,182) | | | 1,169,177 |
|
| International Equity Funds - 29.5% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 20,019 | 168,959 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 33,045 | 361,510 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $569,372) | | | 530,469 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,191 | 11,299 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 497 | 4,467 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 936 | 9,257 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 803 | 8,740 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 911 | 8,995 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 5,717 | 52,943 |
| TOTAL BOND FUNDS | | | |
| (Cost $101,269) | | | 95,701 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 574 | 574 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 29 | 287 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $861) | | | 861 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,908,684) | | | 1,796,208 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (150) |
| NET ASSETS - 100% | | | $1,796,058 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $574 | $- | $- | $574 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 8,949 | 8,428 | 17,378 | 17 | - |
| Fidelity Series Commodity Strategy Fund Class F | 9,261 | 17,215 | 1,578 | - | 23,073 |
| Fidelity Series Emerging Markets Debt Fund Class F | 6,911 | 5,826 | 1,326 | 548 | 11,299 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,856 | 2,636 | 3,731 | 207 | 4,467 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 9,355 | 322 | 8 | 9,257 |
| Fidelity Series Real Estate Income Fund Class F | 5,734 | 4,333 | 1,130 | 339 | 8,740 |
| Fidelity Series Short-Term Credit Fund Class F | 6,578 | 2,524 | 8,777 | 53 | 287 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 6,058 | 17,044 | 14,080 | 230 | 8,995 |
| Strategic Advisers Core Multi-Manager Fund Class F | 231,860 | 171,984 | 41,366 | 2,364 | 343,740 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 91,203 | 105,038 | 14,471 | 1,802 | 168,959 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 193,111 | 142,340 | 36,861 | 1,098 | 286,826 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 43,528 | 24,862 | 10,939 | 2,509 | 52,943 |
| Strategic Advisers International Multi-Manager Fund Class F | 237,517 | 185,427 | 36,761 | 3,976 | 361,510 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 117,019 | 96,528 | 22,370 | - | 172,149 |
| Strategic Advisers Value Multi-Manager Fund Class F | 232,661 | 168,830 | 37,361 | 3,138 | 343,389 |
| Total | $1,196,246 | $962,944 | $248,451 | $16,289 | $1,796,208 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,908,684) — See accompanying schedule | | $1,796,208 |
| Receivable for investments sold | | 5,364 |
| Receivable for fund shares sold | | 5,863 |
| Receivable from investment adviser for expense reductions | | 69 |
| Total assets | | 1,807,504 |
| Liabilities | | |
| Payable for investments purchased | $11,224 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 200 | |
| Total liabilities | | 11,446 |
| Net Assets | | $1,796,058 |
| Net Assets consist of: | | |
| Paid in capital | | $1,901,604 |
| Undistributed net investment income | | 543 |
| Accumulated undistributed net realized gain (loss) on investments | | 6,387 |
| Net unrealized appreciation (depreciation) on investments | | (112,476) |
| Net Assets | | $1,796,058 |
| Multi-Manager 2035: | | |
| Net Asset Value, offering price and redemption price per share ($1,583,020 ÷ 151,849 shares) | | $10.42 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,828 ÷ 10,245 shares) | | $10.43 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,210 ÷ 10,199 shares) | | $10.41 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $16,289 |
| Expenses | | |
| Transfer agent fees | $2,160 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 6 | |
| Total expenses before reductions | 2,435 | |
| Expense reductions | (780) | 1,655 |
| Net investment income (loss) | | 14,634 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (12,694) | |
| Capital gain distributions from underlying funds | 54,736 | |
| Total net realized gain (loss) | | 42,042 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (101,836) |
| Net gain (loss) | | (59,794) |
| Net increase (decrease) in net assets resulting from operations | | $(45,160) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $14,634 | $10,855 |
| Net realized gain (loss) | 42,042 | 88,348 |
| Change in net unrealized appreciation (depreciation) | (101,836) | (40,442) |
| Net increase (decrease) in net assets resulting from operations | (45,160) | 58,761 |
| Distributions to shareholders from net investment income | (14,091) | (11,568) |
| Distributions to shareholders from net realized gain | (77,195) | (56,501) |
| Total distributions | (91,286) | (68,069) |
| Share transactions - net increase (decrease) | 736,362 | 584,379 |
| Total increase (decrease) in net assets | 599,916 | 575,071 |
| Net Assets | | |
| Beginning of period | 1,196,142 | 621,071 |
| End of period (including undistributed net investment income of $543 and undistributed net investment income of $0, respectively) | $1,796,058 | $1,196,142 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2035 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.65 | $11.75 | $10.56 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .15 | .15 | .05 |
| Net realized and unrealized gain (loss) | (.59) | .64 | 1.36 | .51 |
| Total from investment operations | (.48) | .79 | 1.51 | .56 |
| Distributions from net investment income | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.64) | (.75) | (.18) | – |
| Total distributions | (.75)C | (.89)D | (.32) | – |
| Net asset value, end of period | $10.42 | $11.65 | $11.75 | $10.56 |
| Total ReturnE,F | (4.45)% | 6.95% | 14.45% | 5.60% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .16% | .18% | .17% | .20%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.07% | 1.25% | 1.36% | 1.84%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,583 | $973 | $412 | $127 |
| Portfolio turnover rateG | 18% | 11% | 32% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.75 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.643 per share.
D Total distributions of $.89 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.745 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2035 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.65 | $11.75 | $11.47 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .12 | .15 | .08 |
| Net realized and unrealized gain (loss) | (.59) | .64 | .43 |
| Total from investment operations | (.47) | .79 | .51 |
| Distributions from net investment income | (.10) | (.14) | (.09) |
| Distributions from net realized gain | (.64) | (.75) | (.14) |
| Total distributions | (.75)C | (.89) | (.23) |
| Net asset value, end of period | $10.43 | $11.65 | $11.75 |
| Total ReturnD,E | (4.36)% | 6.94% | 4.50% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | 1.07% | 1.25% | 2.08%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $112 | $105 |
| Portfolio turnover rateF | 18% | 11% | 32% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.75 per share is comprised of distributions from net investment income of $.102 and distributions from net realized gain of $.643 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2035 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.64 | $11.75 | $11.47 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .12 | .07 |
| Net realized and unrealized gain (loss) | (.60) | .63 | .44 |
| Total from investment operations | (.51) | .75 | .51 |
| Distributions from net investment income | (.08) | (.11) | (.09) |
| Distributions from net realized gain | (.64) | (.75) | (.14) |
| Total distributions | (.72) | (.86) | (.23) |
| Net asset value, end of period | $10.41 | $11.64 | $11.75 |
| Total ReturnC,D | (4.65)% | 6.58% | 4.48% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .35% | .37% | .38%G |
| Expenses net of fee waivers, if any | .35% | .35% | .35%G |
| Expenses net of all reductions | .35% | .35% | .35%G |
| Net investment income (loss) | .81% | 1.00% | 1.83%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateE | 18% | 11% | 32% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.0 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.9 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.8 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.2 | 19.9 |
| | 29.6 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 2.9 | 3.3 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.0 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.6% |
| | Bond Funds | 5.3% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2040 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 2,452 | $12,113 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 15,168 | 179,585 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 11,529 | 149,643 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 9,382 | 92,320 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 13,590 | 180,338 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $659,141) | | | 613,999 |
|
| International Equity Funds - 29.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 10,510 | 88,703 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 17,373 | 190,064 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $304,168) | | | 278,767 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 636 | 6,035 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 261 | 2,346 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 497 | 4,913 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 426 | 4,636 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 479 | 4,724 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,960 | 27,408 |
| TOTAL BOND FUNDS | | | |
| (Cost $53,761) | | | 50,062 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 301 | 301 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 15 | 151 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $452) | | | 452 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,017,522) | | | 943,280 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (94) |
| NET ASSETS - 100% | | | $943,186 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $302 | $1 | $- | $301 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 5,676 | 4,571 | 10,248 | 10 | - |
| Fidelity Series Commodity Strategy Fund Class F | 5,883 | 8,250 | 815 | - | 12,113 |
| Fidelity Series Emerging Markets Debt Fund Class F | 4,494 | 2,490 | 844 | 332 | 6,035 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,755 | 1,193 | 2,419 | 126�� | 2,346 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 5,089 | 291 | 4 | 4,913 |
| Fidelity Series Real Estate Income Fund Class F | 3,679 | 1,810 | 712 | 204 | 4,636 |
| Fidelity Series Short-Term Credit Fund Class F | 4,212 | 920 | 4,957 | 33 | 151 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 3,910 | 9,151 | 8,299 | 144 | 4,724 |
| Strategic Advisers Core Multi-Manager Fund Class F | 148,714 | 73,140 | 28,913 | 1,441 | 179,585 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 58,513 | 48,585 | 8,729 | 1,079 | 88,703 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 123,938 | 57,285 | 23,078 | 668 | 149,643 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 27,988 | 10,352 | 7,976 | 1,520 | 27,408 |
| Strategic Advisers International Multi-Manager Fund Class F | 152,396 | 76,993 | 23,044 | 2,345 | 190,064 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 75,124 | 41,961 | 11,944 | - | 92,320 |
| Strategic Advisers Value Multi-Manager Fund Class F | 149,259 | 67,873 | 22,632 | 1,907 | 180,338 |
| Total | $767,541 | $409,965 | $154,902 | $9,813 | $943,280 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,017,522) — See accompanying schedule | | $943,280 |
| Receivable for investments sold | | 1,803 |
| Receivable for fund shares sold | | 6,148 |
| Receivable from investment adviser for expense reductions | | 66 |
| Total assets | | 951,297 |
| Liabilities | | |
| Payable for investments purchased | $7,953 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 136 | |
| Total liabilities | | 8,111 |
| Net Assets | | $943,186 |
| Net Assets consist of: | | |
| Paid in capital | | $1,017,815 |
| Accumulated undistributed net realized gain (loss) on investments | | (387) |
| Net unrealized appreciation (depreciation) on investments | | (74,242) |
| Net Assets | | $943,186 |
| Multi-Manager 2040: | | |
| Net Asset Value, offering price and redemption price per share ($730,143 ÷ 70,407 shares) | | $10.37 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,829 ÷ 10,300 shares) | | $10.37 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,214 ÷ 10,249 shares) | | $10.36 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $9,813 |
| Expenses | | |
| Transfer agent fees | $1,598 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 3 | |
| Total expenses before reductions | 1,870 | |
| Expense reductions | (761) | 1,109 |
| Net investment income (loss) | | 8,704 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (9,173) | |
| Capital gain distributions from underlying funds | 33,746 | |
| Total net realized gain (loss) | | 24,573 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (70,157) |
| Net gain (loss) | | (45,584) |
| Net increase (decrease) in net assets resulting from operations | | $(36,880) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $8,704 | $7,767 |
| Net realized gain (loss) | 24,573 | 62,237 |
| Change in net unrealized appreciation (depreciation) | (70,157) | (27,377) |
| Net increase (decrease) in net assets resulting from operations | (36,880) | 42,627 |
| Distributions to shareholders from net investment income | (8,470) | (8,390) |
| Distributions to shareholders from net realized gain | (52,618) | (42,068) |
| Total distributions | (61,088) | (50,458) |
| Share transactions - net increase (decrease) | 273,688 | 259,544 |
| Total increase (decrease) in net assets | 175,720 | 251,713 |
| Net Assets | | |
| Beginning of period | 767,466 | 515,753 |
| End of period | $943,186 | $767,466 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2040 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.65 | $11.80 | $10.57 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | (.58) | .63 | 1.39 | .51 |
| Total from investment operations | (.47) | .78 | 1.54 | .57 |
| Distributions from net investment income | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.71) | (.77) | (.17) | – |
| Total distributions | (.81) | (.93)C | (.31) | – |
| Net asset value, end of period | $10.37 | $11.65 | $11.80 | $10.57 |
| Total ReturnD,E | (4.35)% | 6.81% | 14.75% | 5.70% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .21% | .23% | .21% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.06% | 1.28% | 1.32% | 2.04%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $730 | $544 | $307 | $106 |
| Portfolio turnover rateF | 18% | 24% | 54% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.93 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.772 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2040 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.65 | $11.79 | $11.49 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .11 | .15 | .07 |
| Net realized and unrealized gain (loss) | (.58) | .63 | .44 |
| Total from investment operations | (.47) | .78 | .51 |
| Distributions from net investment income | (.10) | (.15) | (.09) |
| Distributions from net realized gain | (.71) | (.77) | (.13) |
| Total distributions | (.81) | (.92) | (.21)C |
| Net asset value, end of period | $10.37 | $11.65 | $11.79 |
| Total ReturnD,E | (4.36)% | 6.87% | 4.50% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .11% | .13% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | 1.06% | 1.28% | 2.03%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $112 | $105 |
| Portfolio turnover rateF | 18% | 24% | 54% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.126 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2040 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.64 | $11.79 | $11.49 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .12 | .07 |
| Net realized and unrealized gain (loss) | (.59) | .62 | .44 |
| Total from investment operations | (.50) | .74 | .51 |
| Distributions from net investment income | (.08) | (.12) | (.09) |
| Distributions from net realized gain | (.70) | (.77) | (.13) |
| Total distributions | (.78) | (.89) | (.21)C |
| Net asset value, end of period | $10.36 | $11.64 | $11.79 |
| Total ReturnD,E | (4.60)% | 6.53% | 4.49% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .36% | .38% | .38%H |
| Expenses net of fee waivers, if any | .35% | .35% | .35%H |
| Expenses net of all reductions | .35% | .35% | .35%H |
| Net investment income (loss) | .81% | 1.03% | 1.79%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateF | 18% | 24% | 54% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.126 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.1 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 16.0 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.6 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.2 | 19.9 |
| | 29.6 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 2.9 | 3.3 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.0 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.6% |
| | Bond Funds | 5.3% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2045 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 3,825 | $18,893 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 23,841 | 282,279 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 18,146 | 235,538 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 14,367 | 141,368 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 21,251 | 281,995 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,022,808) | | | 960,073 |
|
| International Equity Funds - 29.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 16,425 | 138,627 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 27,195 | 297,517 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $472,549) | | | 436,144 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 996 | 9,450 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 409 | 3,669 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 777 | 7,681 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 668 | 7,270 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 748 | 7,386 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 4,603 | 42,627 |
| TOTAL BOND FUNDS | | | |
| (Cost $83,056) | | | 78,083 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 471 | 471 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 24 | 237 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $707) | | | 708 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,579,120) | | | 1,475,008 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (144) |
| NET ASSETS - 100% | | | $1,474,864 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $472 | $2 | $- | $471 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 8,672 | 7,439 | 16,111 | 16 | - |
| Fidelity Series Commodity Strategy Fund Class F | 9,404 | 13,959 | 2,474 | -- | 18,893 |
| Fidelity Series Emerging Markets Debt Fund Class F | 6,369 | 5,020 | 1,741 | 529 | 9,450 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,711 | 2,067 | 3,806 | 200 | 3,669 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 8,776 | 1,270 | 7 | 7,681 |
| Fidelity Series Real Estate Income Fund Class F | 5,598 | 3,340 | 1,438 | 333 | 7,270 |
| Fidelity Series Short-Term Credit Fund Class F | 6,654 | 1,921 | 8,298 | 54 | 237 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 5,947 | 15,219 | 13,720 | 221 | 7,386 |
| Strategic Advisers Core Multi-Manager Fund Class F | 226,215 | 132,872 | 56,129 | 2,335 | 282,279 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 88,899 | 86,155 | 20,429 | 1,825 | 138,627 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 188,486 | 106,667 | 46,043 | 1,088 | 235,538 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 42,214 | 18,939 | 13,728 | 2,410 | 42,627 |
| Strategic Advisers International Multi-Manager Fund Class F | 231,890 | 143,380 | 51,028 | 3,942 | 297,517 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 114,271 | 73,860 | 25,678 | - | 141,368 |
| Strategic Advisers Value Multi-Manager Fund Class F | 227,030 | 127,952 | 49,447 | 3,104 | 281,995 |
| Total | $1,167,360 | $748,038 | $311,342 | $16,064 | $1,475,008 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,579,120) — See accompanying schedule | | $1,475,008 |
| Receivable for investments sold | | 3,153 |
| Receivable for fund shares sold | | 16,226 |
| Receivable from investment adviser for expense reductions | | 89 |
| Total assets | | 1,494,476 |
| Liabilities | | |
| Payable for investments purchased | $19,383 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 207 | |
| Total liabilities | | 19,612 |
| Net Assets | | $1,474,864 |
| Net Assets consist of: | | |
| Paid in capital | | $1,596,910 |
| Accumulated undistributed net realized gain (loss) on investments | | (17,934) |
| Net unrealized appreciation (depreciation) on investments | | (104,112) |
| Net Assets | | $1,474,864 |
| Multi-Manager 2045: | | |
| Net Asset Value, offering price and redemption price per share ($1,261,853 ÷ 119,552 shares) | | $10.55 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,813 ÷ 10,118 shares) | | $10.56 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,198 ÷ 10,068 shares) | | $10.55 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $16,064 |
| Expenses | | |
| Transfer agent fees | $2,522 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 5 | |
| Total expenses before reductions | 2,796 | |
| Expense reductions | (1,186) | 1,610 |
| Net investment income (loss) | | 14,454 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (35,714) | |
| Capital gain distributions from underlying funds | 53,761 | |
| Total net realized gain (loss) | | 18,047 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (93,334) |
| Net gain (loss) | | (75,287) |
| Net increase (decrease) in net assets resulting from operations | | $(60,833) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $14,454 | $9,207 |
| Net realized gain (loss) | 18,047 | 73,677 |
| Change in net unrealized appreciation (depreciation) | (93,334) | (34,008) |
| Net increase (decrease) in net assets resulting from operations | (60,833) | 48,876 |
| Distributions to shareholders from net investment income | (14,640) | (9,896) |
| Distributions to shareholders from net realized gain | (69,085) | (47,890) |
| Total distributions | (83,725) | (57,786) |
| Share transactions - net increase (decrease) | 452,162 | 636,573 |
| Total increase (decrease) in net assets | 307,604 | 627,663 |
| Net Assets | | |
| Beginning of period | 1,167,260 | 539,597 |
| End of period | $1,474,864 | $1,167,260 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2045 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.73 | $11.83 | $10.59 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | (.61) | .64 | 1.42 | .53 |
| Total from investment operations | (.49) | .79 | 1.57 | .59 |
| Distributions from net investment income | (.11) | (.15) | (.15) | – |
| Distributions from net realized gain | (.59) | (.74) | (.19) | – |
| Total distributions | (.69)C | (.89) | (.33)D | – |
| Net asset value, end of period | $10.55 | $11.73 | $11.83 | $10.59 |
| Total ReturnE,F | (4.40)% | 6.88% | 15.00% | 5.90% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .20% | .25% | .25% | .21%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.09% | 1.23% | 1.34% | 2.05%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,262 | $944 | $331 | $106 |
| Portfolio turnover rateG | 23% | 16% | 38% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.69 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.587 per share.
D Total distributions of $.33 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.187 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2045 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.73 | $11.83 | $11.54 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .12 | .15 | .07 |
| Net realized and unrealized gain (loss) | (.60) | .63 | .45 |
| Total from investment operations | (.48) | .78 | .52 |
| Distributions from net investment income | (.11) | (.14) | (.09) |
| Distributions from net realized gain | (.59) | (.74) | (.14) |
| Total distributions | (.69)C | (.88) | (.23) |
| Net asset value, end of period | $10.56 | $11.73 | $11.83 |
| Total ReturnD,E | (4.33)% | 6.85% | 4.51% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | 1.09% | 1.23% | 1.94%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $112 | $105 |
| Portfolio turnover rateF | 23% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.69 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.587 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2045 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.73 | $11.82 | $11.54 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | (.60) | .65 | .45 |
| Total from investment operations | (.51) | .77 | .51 |
| Distributions from net investment income | (.08) | (.12) | (.09) |
| Distributions from net realized gain | (.58) | (.74) | (.14) |
| Total distributions | (.67)C | (.86) | (.23) |
| Net asset value, end of period | $10.55 | $11.73 | $11.82 |
| Total ReturnD,E | (4.65)% | 6.68% | 4.41% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .35% | .37% | .38%H |
| Expenses net of fee waivers, if any | .35% | .35% | .35%H |
| Expenses net of all reductions | .35% | .35% | .35%H |
| Net investment income (loss) | .84% | .98% | 1.70%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateF | 23% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.67 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.581 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.1 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 16.0 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.6 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.2 | 19.9 |
| | 29.6 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 2.9 | 3.3 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.0 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.6% |
| | Bond Funds | 5.3% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2050 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 3,509 | $17,336 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 21,796 | 258,069 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 16,611 | 215,609 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 13,184 | 129,729 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 19,452 | 258,133 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $936,148) | | | 878,876 |
|
| International Equity Funds - 29.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 15,041 | 126,946 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 24,887 | 272,269 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $431,027) | | | 399,215 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 905 | 8,585 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 374 | 3,358 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 706 | 6,986 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 607 | 6,605 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 685 | 6,761 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 4,229 | 39,163 |
| TOTAL BOND FUNDS | | | |
| (Cost $76,289) | | | 71,458 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 431 | 431 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 22 | 219 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $649) | | | 650 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,444,113) | | | 1,350,199 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (120) |
| NET ASSETS - 100% | | | $1,350,079 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $431 | $- | $- | $431 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 8,548 | 6,564 | 15,112 | 14 | - |
| Fidelity Series Commodity Strategy Fund Class F | 9,000 | 12,404 | 2,381 | - | 17,336 |
| Fidelity Series Emerging Markets Debt Fund Class F | 7,126 | 3,767 | 2,164 | 467 | 8,585 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,736 | 1,787 | 3,916 | 179 | 3,358 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 7,393 | 565 | 6 | 6,986 |
| Fidelity Series Real Estate Income Fund Class F | 5,617 | 2,921 | 1,733 | 289 | 6,605 |
| Fidelity Series Short-Term Credit Fund Class F | 6,332 | 1,543 | 7,621 | 47 | 219 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 5,939 | 13,215 | 12,330 | 195 | 6,761 |
| Strategic Advisers Core Multi-Manager Fund Class F | 228,439 | 115,376 | 68,007 | 2,054 | 258,069 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 89,856 | 75,634 | 25,533 | 1,424 | 126,946 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 190,318 | 91,958 | 56,356 | 971 | 215,609 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 43,110 | 16,242 | 16,143 | 2,134 | 39,163 |
| Strategic Advisers International Multi-Manager Fund Class F | 234,097 | 123,556 | 64,941 | 3,225 | 272,269 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 115,356 | 63,841 | 32,499 | - | 129,729 |
| Strategic Advisers Value Multi-Manager Fund Class F | 229,211 | 112,034 | 64,248 | 2,748 | 258,133 |
| Total | $1,178,685 | $648,666 | $373,549 | $13,753 | $1,350,199 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,444,113) — See accompanying schedule | | $1,350,199 |
| Receivable for investments sold | | 2,121 |
| Receivable for fund shares sold | | 17,435 |
| Receivable from investment adviser for expense reductions | | 94 |
| Total assets | | 1,369,849 |
| Liabilities | | |
| Payable for investments purchased | $19,553 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 195 | |
| Total liabilities | | 19,770 |
| Net Assets | | $1,350,079 |
| Net Assets consist of: | | |
| Paid in capital | | $1,445,201 |
| Undistributed net investment income | | 287 |
| Accumulated undistributed net realized gain (loss) on investments | | (1,495) |
| Net unrealized appreciation (depreciation) on investments | | (93,914) |
| Net Assets | | $1,350,079 |
| Multi-Manager 2050: | | |
| Net Asset Value, offering price and redemption price per share ($1,137,088 ÷ 109,652 shares) | | $10.37 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,804 ÷ 10,297 shares) | | $10.37 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,187 ÷ 10,248 shares) | | $10.36 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $13,753 |
| Expenses | | |
| Transfer agent fees | $2,325 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 5 | |
| Total expenses before reductions | 2,599 | |
| Expense reductions | (1,151) | 1,448 |
| Net investment income (loss) | | 12,305 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (17,748) | |
| Capital gain distributions from underlying funds | 49,322 | |
| Total net realized gain (loss) | | 31,574 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (85,853) |
| Net gain (loss) | | (54,279) |
| Net increase (decrease) in net assets resulting from operations | | $(41,974) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $12,305 | $12,659 |
| Net realized gain (loss) | 31,574 | 100,845 |
| Change in net unrealized appreciation (depreciation) | (85,853) | (45,685) |
| Net increase (decrease) in net assets resulting from operations | (41,974) | 67,819 |
| Distributions to shareholders from net investment income | (12,018) | (13,773) |
| Distributions to shareholders from net realized gain | (76,953) | (69,529) |
| Total distributions | (88,971) | (83,302) |
| Share transactions - net increase (decrease) | 302,445 | 374,356 |
| Total increase (decrease) in net assets | 171,500 | 358,873 |
| Net Assets | | |
| Beginning of period | 1,178,579 | 819,706 |
| End of period (including undistributed net investment income of $287 and undistributed net investment income of $0, respectively) | $1,350,079 | $1,178,579 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2050 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.67 | $11.85 | $10.60 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .15 | .16 | .06 |
| Net realized and unrealized gain (loss) | (.58) | .63 | 1.43 | .54 |
| Total from investment operations | (.47) | .78 | 1.59 | .60 |
| Distributions from net investment income | (.11) | (.16) | (.15) | – |
| Distributions from net realized gain | (.72) | (.81) | (.19) | – |
| Total distributions | (.83) | (.96)C | (.34) | – |
| Net asset value, end of period | $10.37 | $11.67 | $11.85 | $10.60 |
| Total ReturnD,E | (4.38)% | 6.85% | 15.13% | 6.00% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .22% | .20% | .20% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.06% | 1.28% | 1.38% | 2.04%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,137 | $956 | $611 | $106 |
| Portfolio turnover rateF | 31% | 15% | 21% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.96 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.806 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2050 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.67 | $11.85 | $11.56 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .11 | .15 | .07 |
| Net realized and unrealized gain (loss) | (.58) | .63 | .45 |
| Total from investment operations | (.47) | .78 | .52 |
| Distributions from net investment income | (.11) | (.16) | (.09) |
| Distributions from net realized gain | (.72) | (.81) | (.15) |
| Total distributions | (.83) | (.96)C | (.23)D |
| Net asset value, end of period | $10.37 | $11.67 | $11.85 |
| Total ReturnE,F | (4.39)% | 6.84% | 4.54% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .11% | .11% | .11%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10%I |
| Net investment income (loss) | 1.05% | 1.28% | 1.99%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $112 | $105 |
| Portfolio turnover rateG | 31% | 15% | 21% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.96 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.806 per share.
D Total distributions of $.23 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.145 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2050 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.66 | $11.84 | $11.56 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | (.59) | .63 | .45 |
| Total from investment operations | (.50) | .75 | .51 |
| Distributions from net investment income | (.09) | (.13) | (.08) |
| Distributions from net realized gain | (.71) | (.81) | (.15) |
| Total distributions | (.80) | (.93)C | (.23) |
| Net asset value, end of period | $10.36 | $11.66 | $11.84 |
| Total ReturnD,E | (4.62)% | 6.57% | 4.43% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .36% | .36% | .37%H |
| Expenses net of fee waivers, if any | .35% | .35% | .35%H |
| Expenses net of all reductions | .35% | .35% | .35%H |
| Net investment income (loss) | .80% | 1.03% | 1.74%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateF | 31% | 15% | 21% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.93 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.806 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.1 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 16.0 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.6 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.2 | 19.9 |
| | 29.6 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 2.9 | 3.3 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.0 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.6% |
| | Bond Funds | 5.3% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2055 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 3,589 | $17,731 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 22,219 | 263,072 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 16,937 | 219,840 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 13,449 | 132,336 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 19,834 | 263,199 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $966,110) | | | 896,178 |
|
| International Equity Funds - 29.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 15,343 | 129,496 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 25,379 | 277,647 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $445,159) | | | 407,143 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 929 | 8,817 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 381 | 3,424 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 712 | 7,044 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 619 | 6,737 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 698 | 6,894 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 4,300 | 39,820 |
| TOTAL BOND FUNDS | | | |
| (Cost $77,891) | | | 72,736 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 439 | 439 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 21 | 211 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $649) | | | 650 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,489,809) | | | 1,376,707 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (127) |
| NET ASSETS - 100% | | | $1,376,580 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $442 | $3 | $- | $439 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 8,530 | 5,866 | 14,396 | 14 | - |
| Fidelity Series Commodity Strategy Fund Class F | 8,459 | 12,210 | 1,283 | - | 17,731 |
| Fidelity Series Emerging Markets Debt Fund Class F | 5,860 | 4,136 | 1,053 | 462 | 8,817 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,222 | 1,622 | 3,164 | 176 | 3,424 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 7,431 | 553 | 6 | 7,044 |
| Fidelity Series Real Estate Income Fund Class F | 5,172 | 2,663 | 906 | 286 | 6,737 |
| Fidelity Series Short-Term Credit Fund Class F | 6,295 | 1,500 | 7,551 | 47 | 211 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 5,400 | 13,566 | 12,032 | 193 | 6,894 |
| Strategic Advisers Core Multi-Manager Fund Class F | 209,144 | 103,952 | 32,798 | 1,990 | 263,072 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 81,324 | 70,898 | 9,997 | 1,515 | 129,496 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 174,262 | 82,265 | 25,605 | 931 | 219,840 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 38,278 | 15,543 | 9,917 | 2,132 | 39,820 |
| Strategic Advisers International Multi-Manager Fund Class F | 215,583 | 111,232 | 27,048 | 3,296 | 277,647 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 105,601 | 57,221 | 12,879 | - | 132,336 |
| Strategic Advisers Value Multi-Manager Fund Class F | 209,940 | 98,691 | 26,247 | 2,651 | 263,199 |
| Total | $1,079,070 | $589,238 | $185,432 | $13,699 | $1,376,707 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2055 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,489,809) — See accompanying schedule | | $1,376,707 |
| Receivable for investments sold | | 2,125 |
| Receivable for fund shares sold | | 18,223 |
| Receivable from investment adviser for expense reductions | | 124 |
| Total assets | | 1,397,179 |
| Liabilities | | |
| Payable for investments purchased | $20,348 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 229 | |
| Total liabilities | | 20,599 |
| Net Assets | | $1,376,580 |
| Net Assets consist of: | | |
| Paid in capital | | $1,482,482 |
| Accumulated undistributed net realized gain (loss) on investments | | 7,200 |
| Net unrealized appreciation (depreciation) on investments | | (113,102) |
| Net Assets | | $1,376,580 |
| Multi-Manager 2055: | | |
| Net Asset Value, offering price and redemption price per share ($1,163,649 ÷ 110,100 shares) | | $10.57 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,774 ÷ 10,100 shares) | | $10.57 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,157 ÷ 10,055 shares) | | $10.56 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $13,699 |
| Expenses | | |
| Transfer agent fees | $2,679 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 5 | |
| Total expenses before reductions | 2,953 | |
| Expense reductions | (1,495) | 1,458 |
| Net investment income (loss) | | 12,241 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (8,337) | |
| Capital gain distributions from underlying funds | 46,628 | |
| Total net realized gain (loss) | | 38,291 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (97,832) |
| Net gain (loss) | | (59,541) |
| Net increase (decrease) in net assets resulting from operations | | $(47,300) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $12,241 | $9,949 |
| Net realized gain (loss) | 38,291 | 80,450 |
| Change in net unrealized appreciation (depreciation) | (97,832) | (37,205) |
| Net increase (decrease) in net assets resulting from operations | (47,300) | 53,194 |
| Distributions to shareholders from net investment income | (11,755) | (10,797) |
| Distributions to shareholders from net realized gain | (69,001) | (51,714) |
| Total distributions | (80,756) | (62,511) |
| Share transactions - net increase (decrease) | 425,655 | 522,066 |
| Total increase (decrease) in net assets | 297,599 | 512,749 |
| Net Assets | | |
| Beginning of period | 1,078,981 | 566,232 |
| End of period | $1,376,580 | $1,078,981 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2055 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.84 | $11.95 | $10.62 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | (.59) | .64 | 1.50 | .56 |
| Total from investment operations | (.48) | .79 | 1.65 | .62 |
| Distributions from net investment income | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.68) | (.75) | (.18) | – |
| Total distributions | (.79)C | (.90) | (.32) | – |
| Net asset value, end of period | $10.57 | $11.84 | $11.95 | $10.62 |
| Total ReturnD,E | (4.38)% | 6.83% | 15.67% | 6.20% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .25% | .26% | .24% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.05% | 1.26% | 1.34% | 1.98%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,164 | $856 | $357 | $106 |
| Portfolio turnover rateF | 15% | 11% | 19% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.79 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $.683 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2055 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.84 | $11.95 | $11.64 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .12 | .15 | .07 |
| Net realized and unrealized gain (loss) | (.60) | .64 | .46 |
| Total from investment operations | (.48) | .79 | .53 |
| Distributions from net investment income | (.10) | (.15) | (.08) |
| Distributions from net realized gain | (.68) | (.75) | (.14) |
| Total distributions | (.79)C | (.90) | (.22) |
| Net asset value, end of period | $10.57 | $11.84 | $11.95 |
| Total ReturnD,E | (4.39)% | 6.81% | 4.54% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .11% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | 1.05% | 1.26% | 1.96%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $112 | $105 |
| Portfolio turnover rateF | 15% | 11% | 19% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.79 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.683 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2055 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.83 | $11.94 | $11.64 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | (.59) | .64 | .45 |
| Total from investment operations | (.50) | .76 | .51 |
| Distributions from net investment income | (.08) | (.12) | (.08) |
| Distributions from net realized gain | (.68) | (.75) | (.14) |
| Total distributions | (.77)C | (.87) | (.21)D |
| Net asset value, end of period | $10.56 | $11.83 | $11.94 |
| Total ReturnE,F | (4.57)% | 6.54% | 4.44% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .36% | .37% | .38%I |
| Expenses net of fee waivers, if any | .35% | .35% | .35%I |
| Expenses net of all reductions | .35% | .35% | .35%I |
| Net investment income (loss) | .80% | 1.01% | 1.71%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateG | 15% | 11% | 19% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.77 per share is comprised of distributions from net investment income of $.082 and distributions from net realized gain of $.683 per share.
D Total distributions of $.21 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.137 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.1 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 16.0 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.6 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.1 | 19.9 |
| | 29.5 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.3 |
| | 5.4 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.0 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2060 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 1,270 | $6,272 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 7,937 | 93,978 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 6,042 | 78,419 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 4,783 | 47,067 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 7,075 | 93,886 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $339,947) | | | 319,622 |
|
| International Equity Funds - 29.5% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 5,468 | 46,146 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 9,028 | 98,771 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $159,455) | | | 144,917 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 326 | 3,094 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 136 | 1,221 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 257 | 2,541 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 221 | 2,403 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 249 | 2,459 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 1,576 | 14,594 |
| TOTAL BOND FUNDS | | | |
| (Cost $28,151) | | | 26,312 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 157 | 157 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 8 | 78 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $235) | | | 235 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $527,788) | | | 491,086 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (80) |
| NET ASSETS - 100% | | | $491,006 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $157 | $- | $- | $157 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 2,833 | 1,984 | 4,816 | 5 | - |
| Fidelity Series Commodity Strategy Fund Class F | 3,000 | 4,221 | 435 | - | 6,272 |
| Fidelity Series Emerging Markets Debt Fund Class F | 1,834 | 1,425 | 128 | 154 | 3,094 |
| Fidelity Series Floating Rate High Income Fund Class F | 1,698 | 534 | 926 | 59 | 1,221 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 2,528 | 48 | 2 | 2,541 |
| Fidelity Series Real Estate Income Fund Class F | 1,667 | 923 | 126 | 98 | 2,403 |
| Fidelity Series Short-Term Credit Fund Class F | 2,138 | 546 | 2,596 | 16 | 78 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 1,761 | 4,718 | 4,013 | 67 | 2,459 |
| Strategic Advisers Core Multi-Manager Fund Class F | 67,406 | 38,200 | 5,788 | 692 | 93,978 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 26,644 | 23,821 | 462 | 550 | 46,146 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 56,172 | 30,193 | 4,077 | 318 | 78,419 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 11,441 | 5,852 | 1,376 | 709 | 14,594 |
| Strategic Advisers International Multi-Manager Fund Class F | 69,318 | 38,740 | 1,996 | 1,071 | 98,771 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 34,035 | 21,151 | 2,219 | - | 47,067 |
| Strategic Advisers Value Multi-Manager Fund Class F | 67,663 | 35,336 | 2,735 | 911 | 93,886 |
| Total | $347,610 | $210,329 | $31,741 | $4,652 | $491,086 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2060 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $527,788) — See accompanying schedule | | $491,086 |
| Receivable for investments sold | | 1,924 |
| Receivable for fund shares sold | | 1,804 |
| Receivable from investment adviser for expense reductions | | 24 |
| Total assets | | 494,838 |
| Liabilities | | |
| Payable for investments purchased | $3,750 | |
| Distribution and service plan fees payable | 20 | |
| Other affiliated payables | 62 | |
| Total liabilities | | 3,832 |
| Net Assets | | $491,006 |
| Net Assets consist of: | | |
| Paid in capital | | $522,621 |
| Accumulated undistributed net realized gain (loss) on investments | | 5,087 |
| Net unrealized appreciation (depreciation) on investments | | (36,702) |
| Net Assets | | $491,006 |
| Multi-Manager 2060: | | |
| Net Asset Value, offering price and redemption price per share ($290,451 ÷ 31,458 shares) | | $9.23 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($100,485 ÷ 10,880 shares) | | $9.24 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($100,070 ÷ 10,847 shares) | | $9.23 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $4,652 |
| Expenses | | |
| Transfer agent fees | $681 | |
| Distribution and service plan fees | 253 | |
| Independent trustees' compensation | 2 | |
| Total expenses before reductions | 936 | |
| Expense reductions | (287) | 649 |
| Net investment income (loss) | | 4,003 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (1,435) | |
| Capital gain distributions from underlying funds | 15,637 | |
| Total net realized gain (loss) | | 14,202 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (33,708) |
| Net gain (loss) | | (19,506) |
| Net increase (decrease) in net assets resulting from operations | | $(15,503) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | For the period August 5, 2014 (commencement of operations) to March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,003 | $2,199 |
| Net realized gain (loss) | 14,202 | 16,491 |
| Change in net unrealized appreciation (depreciation) | (33,708) | (2,994) |
| Net increase (decrease) in net assets resulting from operations | (15,503) | 15,696 |
| Distributions to shareholders from net investment income | (3,886) | (2,357) |
| Distributions to shareholders from net realized gain | (22,886) | (2,679) |
| Total distributions | (26,772) | (5,036) |
| Share transactions - net increase (decrease) | 185,709 | 336,912 |
| Total increase (decrease) in net assets | 143,434 | 347,572 |
| Net Assets | | |
| Beginning of period | 347,572 | – |
| End of period | $491,006 | $347,572 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2060 Fund
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.33 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .10 | .08 |
| Net realized and unrealized gain (loss) | (.52) | .42 |
| Total from investment operations | (.42) | .50 |
| Distributions from net investment income | (.09) | (.08) |
| Distributions from net realized gain | (.60) | (.09) |
| Total distributions | (.68)C | (.17) |
| Net asset value, end of period | $9.23 | $10.33 |
| Total ReturnD,E | (4.37)% | 5.02% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | .20% | .15%H |
| Expenses net of fee waivers, if any | .10% | .10%H |
| Expenses net of all reductions | .10% | .10%H |
| Net investment income (loss) | 1.07% | 1.14%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $290 | $138 |
| Portfolio turnover rateF | 8% | 13%H |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.68 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.596 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2060 Fund Class L
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.34 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .10 | .08 |
| Net realized and unrealized gain (loss) | (.52) | .43 |
| Total from investment operations | (.42) | .51 |
| Distributions from net investment income | (.08) | (.08) |
| Distributions from net realized gain | (.60) | (.09) |
| Total distributions | (.68) | (.17) |
| Net asset value, end of period | $9.24 | $10.34 |
| Total ReturnC,D | (4.38)% | 5.12% |
| Ratios to Average Net AssetsE,F | | |
| Expenses before reductions | .14% | .14%G |
| Expenses net of fee waivers, if any | .10% | .10%G |
| Expenses net of all reductions | .10% | .10%G |
| Net investment income (loss) | 1.08% | 1.13%G |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $100 | $105 |
| Portfolio turnover rateE | 8% | 13%G |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2060 Fund Class N
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.33 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .08 | .06 |
| Net realized and unrealized gain (loss) | (.52) | .43 |
| Total from investment operations | (.44) | .49 |
| Distributions from net investment income | (.07) | (.07) |
| Distributions from net realized gain | (.60) | (.09) |
| Total distributions | (.66)C | (.16) |
| Net asset value, end of period | $9.23 | $10.33 |
| Total ReturnD,E | (4.57)% | 4.91% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | .39% | .38%H |
| Expenses net of fee waivers, if any | .35% | .35%H |
| Expenses net of all reductions | .35% | .35%H |
| Net investment income (loss) | .82% | .89%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $100 | $105 |
| Portfolio turnover rateF | 8% | 13%H |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.66 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.596 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2016
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, Strategic Advisers Multi-Manager 2055 Fund and Strategic Advisers Multi-Manager 2060 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 mutual funds and may also invest in unaffiliated mutual funds (the Underlying Funds). The Funds are available only to certain employer-sponsored retirement plans and certain Fidelity brokerage or mutual fund accounts. Each Fund offers Multi-Manager, Class L and Class N shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
In April 2016, the Board of Trustees approved a change in the name of Strategic Advisers Multi-Manager Target Date Funds to Fidelity Multi-Manager Target Date Funds effective on or about May 31, 2016.
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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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. As of March 31, 2016, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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 dividends and capital gain distributions are declared separately for each class. 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, losses deferred due to wash sales and excise tax regulations.
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 appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments |
| Strategic Advisers Multi-Manager Income Fund | $1,066,046 | $5,168 | $(39,298) | $(34,130) |
| Strategic Advisers Multi-Manager 2005 Fund | 358,851 | 3,193 | (17,188) | (13,995) |
| Strategic Advisers Multi-Manager 2010 Fund | 826,985 | 5,295 | (49,381) | (44,086) |
| Strategic Advisers Multi-Manager 2015 Fund | 1,833,226 | 8,355 | (128,376) | (120,021) |
| Strategic Advisers Multi-Manager 2020 Fund | 4,727,015 | 18,060 | (335,850) | (317,790) |
| Strategic Advisers Multi-Manager 2025 Fund | 2,002,654 | 16,695 | (123,648) | (106,953) |
| Strategic Advisers Multi-Manager 2030 Fund | 1,569,592 | 22,275 | (120,722) | (98,447) |
| Strategic Advisers Multi-Manager 2035 Fund | 1,923,983 | 24,307 | (152,082) | (127,775) |
| Strategic Advisers Multi-Manager 2040 Fund | 1,030,986 | 8,953 | (96,659) | (87,706) |
| Strategic Advisers Multi-Manager 2045 Fund | 1,615,157 | 8,726 | (148,875) | (140,149) |
| Strategic Advisers Multi-Manager 2050 Fund | 1,463,465 | 13,110 | (126,376) | (113,266) |
| Strategic Advisers Multi-Manager 2055 Fund | 1,501,271 | 12,690 | (137,254) | (124,564) |
| Strategic Advisers Multi-Manager 2060 Fund | 529,353 | 2,455 | (40,722) | (38,267) |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| | Undistributed ordinary income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities and other investments |
| Strategic Advisers Multi-Manager Income Fund | $881 | $– | $(34,130) |
| Strategic Advisers Multi-Manager 2005 Fund | 820 | – | (13,995) |
| Strategic Advisers Multi-Manager 2010 Fund | 1,495 | 5,336 | (44,086) |
| Strategic Advisers Multi-Manager 2015 Fund | 3,895 | 1,752 | (120,021) |
| Strategic Advisers Multi-Manager 2020 Fund | 8,054 | 36,643 | (317,790) |
| Strategic Advisers Multi-Manager 2025 Fund | 2,722 | 16,943 | (106,953) |
| Strategic Advisers Multi-Manager 2030 Fund | 989 | – | (98,447) |
| Strategic Advisers Multi-Manager 2035 Fund | 713 | 21,516 | (127,775) |
| Strategic Advisers Multi-Manager 2040 Fund | – | 13,080 | (87,706) |
| Strategic Advisers Multi-Manager 2045 Fund | 250 | 17,853 | (140,149) |
| Strategic Advisers Multi-Manager 2050 Fund | 311 | 17,833 | (113,266) |
| Strategic Advisers Multi-Manager 2055 Fund | – | 18,662 | (124,564) |
| Strategic Advisers Multi-Manager 2060 Fund | – | 6,651 | (38,267) |
In addition, certain Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2015 to March 31, 2016. Loss deferrals were as follows:
| | Capital losses |
| Strategic Advisers Multi-Manager Income Fund | $(5,515) |
| Strategic Advisers Multi-Manager 2005 Fund | (1,356) |
| Strategic Advisers Multi-Manager 2020 Fund | (6,580) |
| Strategic Advisers Multi-Manager 2025 Fund | (475) |
| Strategic Advisers Multi-Manager 2030 Fund | (11,853) |
The tax character of distributions paid was as follows:
| March 31, 2016 | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Strategic Advisers Multi-Manager Income Fund | $19,725 | $19,894 | $39,619 |
| Strategic Advisers Multi-Manager 2005 Fund | 6,232 | 9,413 | 15,645 |
| Strategic Advisers Multi-Manager 2010 Fund | 13,839 | 25,025 | 38,864 |
| Strategic Advisers Multi-Manager 2015 Fund | 34,902 | 60,539 | 95,441 |
| Strategic Advisers Multi-Manager 2020 Fund | 73,932 | 150,219 | 224,151 |
| Strategic Advisers Multi-Manager 2025 Fund | 23,436 | 61,118 | 84,554 |
| Strategic Advisers Multi-Manager 2030 Fund | 18,745 | 79,162 | 97,907 |
| Strategic Advisers Multi-Manager 2035 Fund | 17,566 | 73,720 | 91,286 |
| Strategic Advisers Multi-Manager 2040 Fund | 12,578 | 48,510 | 61,088 |
| Strategic Advisers Multi-Manager 2045 Fund | 18,132 | 65,593 | 83,725 |
| Strategic Advisers Multi-Manager 2050 Fund | 15,687 | 73,284 | 88,971 |
| Strategic Advisers Multi-Manager 2055 Fund | 15,440 | 65,316 | 80,756 |
| Strategic Advisers Multi-Manager 2060 Fund | 5,086 | 21,686 | 26,772 |
| March 31, 2015 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Strategic Advisers Multi-Manager Income Fund | $24,452 | $12,460 | $36,912 |
| Strategic Advisers Multi-Manager 2005 Fund | 8,238 | 8,766 | 17,004 |
| Strategic Advisers Multi-Manager 2010 Fund | 18,067 | 18,670 | 36,737 |
| Strategic Advisers Multi-Manager 2015 Fund | 37,370 | 37,054 | 74,424 |
| Strategic Advisers Multi-Manager 2020 Fund | 70,926 | 75,287 | 146,213 |
| Strategic Advisers Multi-Manager 2025 Fund | 24,627 | 28,241 | 52,868 |
| Strategic Advisers Multi-Manager 2030 Fund | 36,760 | 59,655 | 96,415 |
| Strategic Advisers Multi-Manager 2035 Fund | 28,855 | 39,214 | 68,069 |
| Strategic Advisers Multi-Manager 2040 Fund | 20,188 | 30,270 | 50,458 |
| Strategic Advisers Multi-Manager 2045 Fund | 23,956 | 33,830 | 57,786 |
| Strategic Advisers Multi-Manager 2050 Fund | 32,358 | 50,944 | 83,302 |
| Strategic Advisers Multi-Manager 2055 Fund | 25,133 | 37,378 | 62,511 |
| Strategic Advisers Multi-Manager 2060 Fund | 4,720 | 316 | 5,036 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Strategic Advisers Multi-Manager Income Fund | 493,911 | 549,737 |
| Strategic Advisers Multi-Manager 2005 Fund | 201,322 | 173,149 |
| Strategic Advisers Multi-Manager 2010 Fund | 310,025 | 250,053 |
| Strategic Advisers Multi-Manager 2015 Fund | 720,982 | 687,414 |
| Strategic Advisers Multi-Manager 2020 Fund | 2,504,111 | 1,189,269 |
| Strategic Advisers Multi-Manager 2025 Fund | 1,114,897 | 262,361 |
| Strategic Advisers Multi-Manager 2030 Fund | 929,721 | 782,716 |
| Strategic Advisers Multi-Manager 2035 Fund | 962,944 | 248,451 |
| Strategic Advisers Multi-Manager 2040 Fund | 409,965 | 154,902 |
| Strategic Advisers Multi-Manager 2045 Fund | 748,038 | 311,342 |
| Strategic Advisers Multi-Manager 2050 Fund | 648,666 | 373,549 |
| Strategic Advisers Multi-Manager 2055 Fund | 589,238 | 185,432 |
| Strategic Advisers Multi-Manager 2060 Fund | 210,329 | 31,741 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Effective October 1, 2015, FMR Co., Inc., an affiliate of Strategic Advisers, Inc. (SAI), replaced SAI as investment adviser to the Funds pursuant to a management contract between the Funds and FMR Co., Inc. The new contract does not impact the Funds' investment process, strategies or management fees. The Funds do not pay any fees for investment management related services.
Other Transactions. The investment adviser 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 distribution and service fees, transfer agent fees, 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.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Each Fund's Class N pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a Service Fee based on an annual percentage of Class N's average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Funds and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:
| | Service
Fee | Total Fees | Retained
by FDC |
| Strategic Advisers Multi-Manager Income Fund | | | |
| Class N | .25% | $ 260 | $ 260 |
| Strategic Advisers Multi-Manager 2005 Fund | | | |
| Class N | .25% | $ 263 | $ 263 |
| Strategic Advisers Multi-Manager 2010 Fund | | | |
| Class N | .25% | $ 264 | $ 264 |
| Strategic Advisers Multi-Manager 2015 Fund | | | |
| Class N | .25% | $ 265 | $ 265 |
| Strategic Advisers Multi-Manager 2020 Fund | | | |
| Class N | .25% | $ 266 | $ 266 |
| Strategic Advisers Multi-Manager 2025 Fund | | | |
| Class N | .25% | $ 268 | $268 |
| Strategic Advisers Multi-Manager 2030 Fund | | | |
| Class N | .25% | $ 269 | $ 269 |
| Strategic Advisers Multi-Manager 2035 Fund | | | |
| Class N | .25% | $ 269 | $269 |
| Strategic Advisers Multi-Manager 2040 Fund | | | |
| Class N | .25% | $ 269 | $269 |
| Strategic Advisers Multi-Manager 2045 Fund | | | |
| Class N | .25% | $ 269 | $ 269 |
| Strategic Advisers Multi-Manager 2050 Fund | | | |
| Class N | .25% | $ 269 | $269 |
| Strategic Advisers Multi-Manager 2055 Fund | | | |
| Class N | .25% | $ 269 | $ 269 |
| Strategic Advisers Multi-Manager 2060 Fund | | | |
| Class N | .25% | $ 253 | $ 253 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of each Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| | Amount | % of
Class Level Average
Net Assets |
| Strategic Advisers Multi-Manager Income Fund | | |
| Multi-Manager Income | $442 | .05 |
| Class L | 54 | .05 |
| Class N | 54 | .05 |
| | $550 | |
| Strategic Advisers Multi-Manager 2005 Fund | | |
| Multi-Manager 2005 | $86 | .06 |
| Class L | 98 | .09 |
| Class N | 97 | .09 |
| | $281 | |
| Strategic Advisers Multi-Manager 2010 Fund | | |
| Multi-Manager 2010 | $253 | .04 |
| Class L | 66 | .06 |
| Class N | 66 | .06 |
| | $385 | |
| Strategic Advisers Multi-Manager 2015 Fund | | |
| Multi-Manager 2015 | $1,272 | .08 |
| Class L | 86 | .08 |
| Class N | 86 | .08 |
| | $1,444 | |
| Strategic Advisers Multi-Manager 2020 Fund | | |
| Multi-Manager 2020 | $2,997 | .08 |
| Class L | 83 | .08 |
| Class N | 82 | .08 |
| | $3,162 | |
| Strategic Advisers Multi-Manager 2025 Fund | | |
| Multi-Manager 2025 | $1,412 | .11 |
| Class L | 98 | .09 |
| Class N | 97 | .09 |
| | $1,607 | |
| Strategic Advisers Multi-Manager 2030 Fund | | |
| Multi-Manager 2030 | $1,442 | .12 |
| Class L | 105 | .10 |
| Class N | 104 | .10 |
| | $1,651 | |
| Strategic Advisers Multi-Manager 2035 Fund | | |
| Multi-Manager 2035 | $1,936 | .16 |
| Class L | 112 | .10 |
| Class N | 112 | .10 |
| | $2,160 | |
| Strategic Advisers Multi-Manager 2040 Fund | | |
| Multi-Manager 2040 | $1,353 | .21 |
| Class L | 123 | .11 |
| Class N | 122 | .11 |
| | $1,598 | |
| Strategic Advisers Multi-Manager 2045 Fund | | |
| Multi-Manager 2045 | $2,297 | .20 |
| Class L | 113 | .10 |
| Class N | 112 | .10 |
| | $2,522 | |
| Strategic Advisers Multi-Manager 2050 Fund | | |
| Multi-Manager 2050 | $2,097 | .21 |
| Class L | 114 | .11 |
| Class N | 114 | .11 |
| | $2,325 | |
| Strategic Advisers Multi-Manager 2055 Fund | | |
| Multi-Manager 2055 | $2,450 | .25 |
| Class L | 115 | .11 |
| Class N | 114 | .11 |
| | $2,679 | |
| Strategic Advisers Multi-Manager 2060 Fund | | |
| Multi-Manager 2060 | $390 | .20 |
| Class L | 146 | .14 |
| Class N | 145 | .14 |
| | $681 | |
5. Expense Reductions.
The investment adviser contractually agreed to reimburse funds 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, 2017. Some expenses, for example interest expense, are excluded from this reimbursement.
The following classes of each applicable Fund were in reimbursement during the period:
| | Expense
Limitations | Reimbursement |
| Strategic Advisers Multi-Manager 2025 Fund | | |
| Multi-Manager 2025 | .10% | $92 |
| Class L | .10% | - |
| Class N | .35% | - |
| Strategic Advisers Multi-Manager 2030 Fund | | |
| Multi-Manager 2030 | .10% | $241 |
| Class L | .10% | - |
| Class N | .35% | - |
| Strategic Advisers Multi-Manager 2035 Fund | | |
| Multi-Manager 2035 | .10 % | $770 |
| Class L | .10% | 5 |
| Class N | .35 % | 5 |
| Strategic Advisers Multi-Manager 2040 Fund | | |
| Multi-Manager 2040 | .10% | $732 |
| Class L | .10% | 15 |
| Class N | .35% | 14 |
| Strategic Advisers Multi-Manager 2045 Fund | | |
| Multi-Manager 2045 | .10% | $1,176 |
| Class L | .10% | 5 |
| Class N | .35% | 5 |
| Strategic Advisers Multi-Manager 2050 Fund | | |
| Multi-Manager 2050 | .10% | $1,138 |
| Class L | .10% | 7 |
| Class N | .35% | 6 |
| Strategic Advisers Multi-Manager 2055 Fund | | |
| Multi-Manager 2055 | .10% | $1,481 |
| Class L | .10% | 7 |
| Class N | .35% | 7 |
| Strategic Advisers Multi-Manager 2060 Fund | | |
| Multi-Manager 2060 | .10% | $198 |
| Class L | .10% | 45 |
| Class N | .35% | 44 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Years ended March 31, | 2016 | 2015 |
| Strategic Advisers Multi-Manager Income Fund | | |
| From net investment income | | |
| Multi-Manager Income | $15,176 | $14,998 |
| Class L | 1,685 | 1,859 |
| Class N | 1,438 | 1,595 |
| Total | $18,299 | $18,452 |
| From net realized gain | | |
| Multi-Manager Income | $17,414 | $14,916 |
| Class L | 1,957 | 1,774 |
| Class N | 1,949 | 1,770 |
| Total | $21,320 | $18,460 |
| Strategic Advisers Multi-Manager 2005 Fund | | |
| From net investment income | | |
| Multi-Manager 2005 | $2,539 | $2,027 |
| Class L | 1,625 | 1,777 |
| Class N | 1,352 | 1,513 |
| Total | $5,516 | $5,317 |
| From net realized gain | | |
| Multi-Manager 2005 | $3,986 | $4,186 |
| Class L | 3,076 | 3,752 |
| Class N | 3,067 | 3,749 |
| Total | $10,129 | $11,687 |
| Strategic Advisers Multi-Manager 2010 Fund | | |
| From net investment income | | |
| Multi-Manager 2010 | $8,965 | $7,846 |
| Class L | 1,670 | 1,561 |
| Class N | 1,391 | 1,302 |
| Total | $12,026 | $10,709 |
| From net realized gain | | |
| Multi-Manager 2010 | $19,386 | $18,444 |
| Class L | 3,731 | 3,793 |
| Class N | 3,721 | 3,791 |
| Total | $26,838 | $26,028 |
| Strategic Advisers Multi-Manager 2015 Fund | | |
| From net investment income | | |
| Multi-Manager 2015 | $25,199 | $18,693 |
| Class L | 1,661 | 1,401 |
| Class N | 1,394 | 1,144 |
| Total | $28,254 | $21,238 |
| From net realized gain | | |
| Multi-Manager 2015 | $59,222 | $45,772 |
| Class L | 3,988 | 3,708 |
| Class N | 3,977 | 3,706 |
| Total | $67,187 | $53,186 |
| Strategic Advisers Multi-Manager 2020 Fund | | |
| From net investment income | | |
| Multi-Manager 2020 | $58,011 | $35,894 |
| Class L | 1,482 | 1,481 |
| Class N | 1,217 | 1,216 |
| Total | $60,710 | $38,591 |
| From net realized gain | | |
| Multi-Manager 2020 | $154,346 | $99,121 |
| Class L | 4,554 | 4,252 |
| Class N | 4,541 | 4,249 |
| Total | $163,441 | $107,622 |
| Strategic Advisers Multi-Manager 2025 Fund | | |
| From net investment income | | |
| Multi-Manager 2025 | $17,411 | $10,083 |
| Class L | 1,267 | 1,359 |
| Class N | 986 | 1,099 |
| Total | $19,664 | $12,541 |
| From net realized gain | | |
| Multi-Manager 2025 | $54,834 | $30,664 |
| Class L | 5,035 | 4,833 |
| Class N | 5,021 | 4,830 |
| Total | $64,890 | $40,327 |
| Strategic Advisers Multi-Manager 2030 Fund | | |
| From net investment income | | |
| Multi-Manager 2030 | $11,967 | $14,037 |
| Class L | 1,265 | 1,510 |
| Class N | 1,018 | 1,242 |
| Total | $14,250 | $16,789 |
| From net realized gain | | |
| Multi-Manager 2030 | $70,000 | $65,089 |
| Class L | 6,838 | 7,271 |
| Class N | 6,819 | 7,266 |
| Total | $83,657 | $79,626 |
| Strategic Advisers Multi-Manager 2035 Fund | | |
| From net investment income | | |
| Multi-Manager 2035 | $12,275 | $9,243 |
| Class L | 1,013 | 1,298 |
| Class N | 803 | 1,027 |
| Total | $14,091 | $11,568 |
| From net realized gain | | |
| Multi-Manager 2035 | $64,720 | $43,073 |
| Class L | 6,246 | 6,716 |
| Class N | 6,229 | 6,712 |
| Total | $77,195 | $56,501 |
| Strategic Advisers Multi-Manager 2040 Fund | | |
| From net investment income | | |
| Multi-Manager 2040 | $6,618 | $5,921 |
| Class L | 1,027 | 1,365 |
| Class N | 825 | 1,104 |
| Total | $8,470 | $8,390 |
| From net realized gain | | |
| Multi-Manager 2040 | $38,980 | $28,197 |
| Class L | 6,862 | 6,938 |
| Class N | 6,776 | 6,933 |
| Total | $52,618 | $42,068 |
| Strategic Advisers Multi-Manager 2045 Fund | | |
| From net investment income | | |
| Multi-Manager 2045 | $12,787 | $7,562 |
| Class L | 1,031 | 1,297 |
| Class N | 822 | 1,037 |
| Total | $14,640 | $9,896 |
| From net realized gain | | |
| Multi-Manager 2045 | $57,849 | $34,646 |
| Class L | 5,654 | 6,624 |
| Class N | 5,582 | 6,620 |
| Total | $69,085 | $47,890 |
| Strategic Advisers Multi-Manager 2050 Fund | | |
| From net investment income | | |
| Multi-Manager 2050 | $10,018 | $11,249 |
| Class L | 1,106 | 1,397 |
| Class N | 894 | 1,127 |
| Total | $12,018 | $13,773 |
| From net realized gain | | |
| Multi-Manager 2050 | $63,137 | $55,103 |
| Class L | 6,937 | 7,215 |
| Class N | 6,879 | 7,211 |
| Total | $76,953 | $69,529 |
| Strategic Advisers Multi-Manager 2055 Fund | | |
| From net investment income | | |
| Multi-Manager 2055 | $9,947 | $8,422 |
| Class L | 1,008 | 1,321 |
| Class N | 800 | 1,054 |
| Total | $11,755 | $10,797 |
| From net realized gain | | |
| Multi-Manager 2055 | $55,964 | $38,448 |
| Class L | 6,527 | 6,635 |
| Class N | 6,510 | 6,631 |
| Total | $69,001 | $51,714 |
| Strategic Advisers Multi-Manager 2060 Fund(a) | | |
| From net investment income | | |
| Multi-Manager 2060 | $2,311 | $845 |
| Class L | 888 | 811 |
| Class N | 687 | 701 |
| Total | $3,886 | $2,357 |
| From net realized gain | | |
| Multi-Manager 2060 | $10,623 | $917 |
| Class L | 6,135 | 881 |
| Class N | 6,128 | 881 |
| Total | $22,886 | $2,679 |
(a) Distributions for 2015 are for the period August 5, 2014 (commencement of operations) to March 31, 2015.
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| Years ended March 31, | 2016 | 2015 | 2016 | 2015 |
| Strategic Advisers Multi-Manager Income Fund | | | | |
| Multi-Manager Income | | | | |
| Shares sold | 11,399 | 22,399 | $113,683 | $233,312 |
| Reinvestment of distributions | 3,251 | 2,916 | 32,590 | 29,914 |
| Shares redeemed | (20,904) | (4,341) | (201,844) | (44,814) |
| Net increase (decrease) | (6,254) | 20,974 | $(55,571) | $218,412 |
| Class L | | | | |
| Reinvestment of distributions | 363 | 354 | $3,642 | $3,633 |
| Class N | | | | |
| Reinvestment of distributions | 338 | 328 | $3,387 | $3,365 |
| Strategic Advisers Multi-Manager 2005 Fund | | | | |
| Multi-Manager 2005 | | | | |
| Shares sold | 9,150 | 23 | $93,793 | $245 |
| Reinvestment of distributions | 645 | 595 | 6,525 | 6,213 |
| Shares redeemed | (7,808) | – | (77,985) | – |
| Net increase (decrease) | 1,987 | 618 | $22,333 | $6,458 |
| Class L | | | | |
| Reinvestment of distributions | 463 | 529 | $4,701 | $5,529 |
| Class N | | | | |
| Reinvestment of distributions | 435 | 504 | $4,419 | $5,262 |
| Strategic Advisers Multi-Manager 2010 Fund | | | | |
| Multi-Manager 2010 | | | | |
| Shares sold | 10,422 | 22,695 | $110,816 | $247,555 |
| Reinvestment of distributions | 2,726 | 2,454 | 28,351 | 26,290 |
| Shares redeemed | (7,541) | – | (79,222) | – |
| Net increase (decrease) | 5,607 | 25,149 | $59,945 | $273,845 |
| Class L | | | | |
| Reinvestment of distributions | 519 | 499 | $5,401 | $5,354 |
| Class N | | | | |
| Reinvestment of distributions | 491 | 475 | $5,112 | $5,093 |
| Strategic Advisers Multi-Manager 2015 Fund | | | | |
| Multi-Manager 2015 | | | | |
| Shares sold | 32,066 | 84,482 | $343,602 | $938,353 |
| Reinvestment of distributions | 7,990 | 5,937 | 84,421 | 64,465 |
| Shares redeemed | (37,772) | (5,712) | (385,921) | (64,673) |
| Net increase (decrease) | 2,284 | 84,707 | $42,102 | $938,145 |
| Class L | | | | |
| Reinvestment of distributions | 534 | 470 | $5,649 | $5,109 |
| Class N | | | | |
| Reinvestment of distributions | 507 | 447 | $5,371 | $4,850 |
| Strategic Advisers Multi-Manager 2020 Fund | | | | |
| Multi-Manager 2020 | | | | |
| Shares sold | 156,312 | 155,423 | $1,694,454 | $1,750,691 |
| Reinvestment of distributions | 20,068 | 12,303 | 212,357 | 135,015 |
| Shares redeemed | (52,653) | (20,182) | (560,374) | (222,743) |
| Net increase (decrease) | 123,727 | 147,544 | $1,346,437 | $1,662,963 |
| Class L | | | | |
| Reinvestment of distributions | 567 | 522 | $6,036 | $5,733 |
| Class N | | | | |
| Reinvestment of distributions | 541 | 498 | $5,758 | $5,465 |
| Strategic Advisers Multi-Manager 2025 Fund | | | | |
| Multi-Manager 2025 | | | | |
| Shares sold | 76,777 | 58,082 | $829,793 | $657,060 |
| Reinvestment of distributions | 6,677 | 3,637 | 72,245 | 40,747 |
| Shares redeemed | (4,097) | (10,346) | (43,758) | (118,402) |
| Net increase (decrease) | 79,357 | 51,373 | $858,280 | $579,405 |
| Class L | | | | |
| Reinvestment of distributions | 577 | 552 | $6,302 | $6,192 |
| Class N | | | | |
| Reinvestment of distributions | 550 | 529 | $6,007 | $5,929 |
| Strategic Advisers Multi-Manager 2030 Fund | | | | |
| Multi-Manager 2030 | | | | |
| Shares sold | 74,942 | 51,840 | $775,264 | $597,602 |
| Reinvestment of distributions | 7,670 | 7,097 | 81,967 | 79,126 |
| Shares redeemed | (64,261) | (22,269) | (693,594) | (261,022) |
| Net increase (decrease) | 18,351 | 36,668 | $163,637 | $415,706 |
| Class L | | | | |
| Reinvestment of distributions | 761 | 787 | $8,103 | $8,781 |
| Class N | | | | |
| Reinvestment of distributions | 735 | 763 | $7,837 | $8,508 |
| Strategic Advisers Multi-Manager 2035 Fund | | | | |
| Multi-Manager 2035 | | | | |
| Shares sold | 77,261 | 48,556 | $824,537 | $571,977 |
| Reinvestment of distributions | 6,983 | 4,562 | 76,995 | 52,316 |
| Shares redeemed | (15,936) | (4,636) | (179,461) | (55,667) |
| Net increase (decrease) | 68,308 | 48,482 | $722,071 | $568,626 |
| Class L | | | | |
| Reinvestment of distributions | 654 | 698 | $7,259 | $8,014 |
| Class N | | | | |
| Reinvestment of distributions | 633 | 674 | $7,032 | $7,739 |
| Strategic Advisers Multi-Manager 2040 Fund | | | | |
| Multi-Manager 2040 | | | | |
| Shares sold | 30,701 | 28,047 | $332,212 | $332,625 |
| Reinvestment of distributions | 4,142 | 2,973 | 45,598 | 34,118 |
| Shares redeemed | (11,151) | (10,311) | (119,612) | (123,539) |
| Net increase (decrease) | 23,692 | 20,709 | $258,198 | $243,204 |
| Class L | | | | |
| Reinvestment of distributions | 713 | 723 | $7,889 | $8,303 |
| Class N | | | | |
| Reinvestment of distributions | 687 | 700 | $7,601 | $8,037 |
| Strategic Advisers Multi-Manager 2045 Fund | | | | |
| Multi-Manager 2045 | | | | |
| Shares sold | 58,212 | 57,992 | $630,540 | $686,592 |
| Reinvestment of distributions | 6,357 | 3,654 | 70,636 | 42,208 |
| Shares redeemed | (25,485) | (9,118) | (262,103) | (107,805) |
| Net increase (decrease) | 39,084 | 52,528 | $439,073 | $620,995 |
| Class L | | | | |
| Reinvestment of distributions | 597 | 686 | $6,685 | $7,921 |
| Class N | | | | |
| Reinvestment of distributions | 572 | 662 | $6,404 | $7,657 |
| Strategic Advisers Multi-Manager 2050 Fund | | | | |
| Multi-Manager 2050 | | | | |
| Shares sold | 52,504 | 33,556 | $560,155 | $397,173 |
| Reinvestment of distributions | 6,608 | 5,769 | 73,155 | 66,352 |
| Shares redeemed | (31,341) | (8,996) | (346,681) | (106,119) |
| Net increase (decrease) | 27,771 | 30,329 | $286,629 | $357,406 |
| Class L | | | | |
| Reinvestment of distributions | 727 | 748 | $8,043 | $8,612 |
| Class N | | | | |
| Reinvestment of distributions | 702 | 725 | $7,773 | $8,338 |
| Strategic Advisers Multi-Manager 2055 Fund | | | | |
| Multi-Manager 2055 | | | | |
| Shares sold | 45,428 | 43,717 | $496,282 | $522,555 |
| Reinvestment of distributions | 5,889 | 4,023 | 65,911 | 46,870 |
| Shares redeemed | (13,518) | (5,343) | (151,383) | (63,000) |
| Net increase (decrease) | 37,799 | 42,397 | $410,810 | $506,425 |
| Class L | | | | |
| Reinvestment of distributions | 670 | 682 | $7,535 | $7,956 |
| Class N | | | | |
| Reinvestment of distributions | 649 | 659 | $7,310 | $7,685 |
| Strategic Advisers Multi-Manager 2060 Fund(a) | | | | |
| Multi-Manager 2060 | | | | |
| Shares sold | 17,277 | 13,161 | $163,354 | $132,095 |
| Reinvestment of distributions | 1,332 | 174 | 12,934 | 1,762 |
| Shares redeemed | (464) | (22) | (4,417) | (221) |
| Net increase (decrease) | 18,145 | 13,313 | $171,871 | $133,636 |
| Class L | | | | |
| Shares sold | – | 10,000 | $– | $100,000 |
| Reinvestment of distributions | 713 | 167 | 7,023 | 1,693 |
| Net increase (decrease) | 713 | 10,167 | $7,023 | $101,693 |
| Class N | | | | |
| Shares sold | – | 10,000 | $– | $100,000 |
| Reinvestment of distributions | 691 | 156 | 6,815 | 1,583 |
| Net increase (decrease) | 691 | 10,156 | $6,815 | $101,583 |
(a) Share transactions for 2015 are for period August 5, 2014 (commencement of operations) to March 31, 2015.
8. 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, the investment adviser 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 | 31% | | |
| Strategic Advisers Multi-Manager 2005 Fund | 94% | | |
| Strategic Advisers Multi-Manager 2010 Fund | 42% | | |
| Strategic Advisers Multi-Manager 2015 Fund | 19% | | |
| Strategic Advisers Multi-Manager 2025 Fund | 18% | | |
| Strategic Advisers Multi-Manager 2030 Fund | 23% | | |
| Strategic Advisers Multi-Manager 2035 Fund | 19% | | |
| Strategic Advisers Multi-Manager 2040 Fund | 36% | | |
| Strategic Advisers Multi-Manager 2045 Fund | 23% | | |
| Strategic Advisers Multi-Manager 2050 Fund | 25% | | |
| Strategic Advisers Multi-Manager 2055 Fund | 25% | | |
| Strategic Advisers Multi-Manager 2060 Fund | 61% | | |
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Boylston Street Trust and the Shareholders of 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, Strategic Advisers Multi-Manager 2055 Fund and Strategic Advisers Multi-Manager 2060 Fund:
We have audited the accompanying statements of assets and liabilities of 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, Strategic Advisers Multi-Manager 2055 Fund and Strategic Advisers Multi-Manager 2060 Fund, including the schedules of investments, as of March 31, 2016, the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2016, by correspondence with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of 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, Strategic Advisers Multi-Manager 2055 Fund and Strategic Advisers Multi-Manager 2060 Fund as of March 31, 2016, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 24, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for Geoffrey A. von Kuhn, each of the Trustees oversees 240 funds. Mr. von Kuhn oversees 187 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5095 (plan participants) or 1-877-208-0098 (Advisors and Investment Professionals).
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Trustee
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2007
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2007
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (U.K.) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jeffrey S. Christian (1961)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (U.K.) Limited (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Linda J. Wondrack (1964)
Year of Election or Appointment: 2016
Chief Compliance Officer
Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), Fidelity Management & Research (U.K.) Inc. (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Chief Compliance Officer of certain Fidelity® funds (2014-2016) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2012-2016); Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Derek L. Young (1964)
Year of Election or Appointment: 2009
Vice President of Fidelity's Asset Allocation Funds
Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including distribution and/or service (12b-1) fees and 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 (October 1, 2015 to March 31, 2016).
Actual Expenses
The first line of the accompanying table for each class of 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 class of the 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 class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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 Expense Ratio-A | Beginning
Account Value
October 1, 2015 | Ending
Account Value
March 31, 2016 | Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 |
| Strategic Advisers Multi-Manager Income Fund | | | | |
| Multi-Manager Income | .05% | | | |
| Actual | | $1,000.00 | $1,023.50 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Class L | .05% | | | |
| Actual | | $1,000.00 | $1,024.40 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Class N | .30% | | | |
| Actual | | $1,000.00 | $1,023.20 | $1.52 |
| Hypothetical-C | | $1,000.00 | $1,023.50 | $1.52 |
| Strategic Advisers Multi-Manager 2005 Fund | | | | |
| Multi-Manager 2005 | .06% | | | |
| Actual | | $1,000.00 | $1,029.60 | $.30 |
| Hypothetical-C | | $1,000.00 | $1,024.70 | $.30 |
| Class L | .09% | | | |
| Actual | | $1,000.00 | $1,029.30 | $.46 |
| Hypothetical-C | | $1,000.00 | $1,024.55 | $.46 |
| Class N | .34% | | | |
| Actual | | $1,000.00 | $1,027.40 | $1.72 |
| Hypothetical-C | | $1,000.00 | $1,023.30 | $1.72 |
| Strategic Advisers Multi-Manager 2010 Fund | | | | |
| Multi-Manager 2010 | .04% | | | |
| Actual | | $1,000.00 | $1,031.80 | $.20 |
| Hypothetical-C | | $1,000.00 | $1,024.80 | $.20 |
| Class L | .06% | | | |
| Actual | | $1,000.00 | $1,031.70 | $.30 |
| Hypothetical-C | | $1,000.00 | $1,024.70 | $.30 |
| Class N | .31% | | | |
| Actual | | $1,000.00 | $1,030.80 | $1.57 |
| Hypothetical-C | | $1,000.00 | $1,023.45 | $1.57 |
| Strategic Advisers Multi-Manager 2015 Fund | | | | |
| Multi-Manager 2015 | .08% | | | |
| Actual | | $1,000.00 | $1,033.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class L | .08% | | | |
| Actual | | $1,000.00 | $1,034.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class N | .33% | | | |
| Actual | | $1,000.00 | $1,033.00 | $1.68 |
| Hypothetical-C | | $1,000.00 | $1,023.35 | $1.67 |
| Strategic Advisers Multi-Manager 2020 Fund | | | | |
| Multi-Manager 2020 | .08% | | | |
| Actual | | $1,000.00 | $1,036.40 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class L | .08% | | | |
| Actual | | $1,000.00 | $1,036.30 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class N | .33% | | | |
| Actual | | $1,000.00 | $1,034.30 | $1.68 |
| Hypothetical-C | | $1,000.00 | $1,023.35 | $1.67 |
| Strategic Advisers Multi-Manager 2025 Fund | | | | |
| Multi-Manager 2025 | .10% | | | |
| Actual | | $1,000.00 | $1,037.60 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .09% | | | |
| Actual | | $1,000.00 | $1,037.40 | $.46 |
| Hypothetical-C | | $1,000.00 | $1,024.55 | $.46 |
| Class N | .34% | | | |
| Actual | | $1,000.00 | $1,035.40 | $1.73 |
| Hypothetical-C | | $1,000.00 | $1,023.30 | $1.72 |
| Strategic Advisers Multi-Manager 2030 Fund | | | | |
| Multi-Manager 2030 | .10% | | | |
| Actual | | $1,000.00 | $1,040.40 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,040.60 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,038.60 | $1.78 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2035 Fund | | | | |
| Multi-Manager 2035 | .10% | | | |
| Actual | | $1,000.00 | $1,040.40 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,041.30 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,039.30 | $1.78 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2040 Fund | | | | |
| Multi-Manager 2040 | .10% | | | |
| Actual | | $1,000.00 | $1,041.30 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,041.20 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,039.30 | $1.78 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2045 Fund | | | | |
| Multi-Manager 2045 | .10% | | | |
| Actual | | $1,000.00 | $1,040.80 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,041.60 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,039.60 | $1.78 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2050 Fund | | | | |
| Multi-Manager 2050 | .10% | | | |
| Actual | | $1,000.00 | $1,041.20 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,041.20 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,039.20 | $1.78 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2055 Fund | | | | |
| Multi-Manager 2055 | .10% | | | |
| Actual | | $1,000.00 | $1,041.50 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,040.40 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,040.40 | $1.79 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2060 Fund | | | | |
| Multi-Manager 2060 | .10% | | | |
| Actual | | $1,000.00 | $1,040.30 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,040.30 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,041.20 | $1.79 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Class' annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
| Strategic Advisers Multi-Manager Income Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.006 | $0.000 |
| Class N | 05/16/2016 | 05/13/2016 | $0.004 | $0.000 |
| Strategic Advisers Multi-Manager 2005 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.029 | $0.000 |
| Class N | 05/16/2016 | 05/13/2016 | $0.022 | $0.000 |
| Strategic Advisers Multi-Manager 2010 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.022 | $0.070 |
| Class N | 05/16/2016 | 05/13/2016 | $0.016 | $0.070 |
| Strategic Advisers Multi-Manager 2015 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.027 | $0.011 |
| Class N | 05/16/2016 | 05/13/2016 | $0.021 | $0.011 |
| Strategic Advisers Multi-Manager 2020 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.021 | $0.087 |
| Class N | 05/16/2016 | 05/13/2016 | $0.015 | $0.087 |
| Strategic Advisers Multi-Manager 2025 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.018 | $0.098 |
| Class N | 05/16/2016 | 05/13/2016 | $0.012 | $0.098 |
| Strategic Advisers Multi-Manager 2030 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.009 | $0.000 |
| Class N | 05/16/2016 | 05/13/2016 | $0.003 | $0.000 |
| Strategic Advisers Multi-Manager 2035 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.003 | $0.131 |
| Class N | 05/16/2016 | 05/13/2016 | $0.000 | $0.128 |
| Strategic Advisers Multi-Manager 2040 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.000 | $0.146 |
| Class N | 05/16/2016 | 05/13/2016 | $0.000 | $0.146 |
| Strategic Advisers Multi-Manager 2045 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.000 | $0.130 |
| Class N | 05/16/2016 | 05/13/2016 | $0.000 | $0.127 |
| Strategic Advisers Multi-Manager 2050 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.002 | $0.145 |
| Class N | 05/16/2016 | 05/13/2016 | $0.000 | $0.143 |
| Strategic Advisers Multi-Manager 2055 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.000 | $0.156 |
| Class N | 05/16/2016 | 05/13/2016 | $0.000 | $0.156 |
| Strategic Advisers Multi-Manager 2060 Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Class L | 05/16/2016 | 05/13/2016 | $0.000 | $0.130 |
| Class N | 05/16/2016 | 05/13/2016 | $0.000 | $0.130 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March, 2016, or, if subsequently determined to be different, the net capital gain of such year.
| Fund | |
| Strategic Advisers Multi-Manager Income Fund | $ 5,683 |
| Strategic Advisers Multi-Manager 2005 Fund | $3,084 |
| Strategic Advisers Multi-Manager 2010 Fund | $12,924 |
| Strategic Advisers Multi-Manager 2015 Fund | $17,735 |
| Strategic Advisers Multi-Manager 2020 Fund | $98,674 |
| Strategic Advisers Multi-Manager 2025 Fund | $39,949 |
| Strategic Advisers Multi-Manager 2030 Fund | $28,163 |
| Strategic Advisers Multi-Manager 2035 Fund | $49,884 |
| Strategic Advisers Multi-Manager 2040 Fund | $31,096 |
| Strategic Advisers Multi-Manager 2045 Fund | $45,944 |
| Strategic Advisers Multi-Manager 2050 Fund | $40,743 |
| Strategic Advisers Multi-Manager 2055 Fund | $43,292 |
| Strategic Advisers Multi-Manager 2060 Fund | $14,418 |
A percentage of the dividends distributed during the fiscal year for the following funds was derived from interest on U.S. Government securities which is generally exempt from state income tax:
| Strategic Advisers Multi-Manager Income Fund | 4.79% |
| Strategic Advisers Multi-Manager 2005 Fund | 3.45% |
| Strategic Advisers Multi-Manager 2010 Fund | 3.08% |
| Strategic Advisers Multi-Manager 2015 Fund | 2.46% |
| Strategic Advisers Multi-Manager 2020 Fund | 1.93% |
| Strategic Advisers Multi-Manager 2025 Fund | 1.47% |
| Strategic Advisers Multi-Manager 2030 Fund | 0.60% |
| Strategic Advisers Multi-Manager 2035 Fund | 0.08% |
| Strategic Advisers Multi-Manager 2040 Fund | 0.07% |
| Strategic Advisers Multi-Manager 2045 Fund | 0.07% |
| Strategic Advisers Multi-Manager 2050 Fund | 0.07% |
| Strategic Advisers Multi-Manager 2055 Fund | 0.07% |
| Strategic Advisers Multi-Manager 2060 Fund | 0.08% |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| Strategic Advisers Multi-Manager Income Fund | Class L | Class N |
| May 2015 | 10% | 13% |
| June 2015 | 11% | 13% |
| July 2015 | 11% | 13% |
| August 2015 | 11% | 13% |
| September 2015 | 11% | 13% |
| October 2015 | 11% | 13% |
| November 2015 | 11% | 13% |
| December 2015 | 11% | 12% |
| February 2016 | 0% | 0% |
| March 2016 | 0% | 0% |
| Strategic Advisers Multi-Manager 2005 Fund | | |
| May 2015 | 1% | 1% |
| December 2015 | 17% | 19% |
| Strategic Advisers Multi-Manager 2010 Fund | | |
| May 2015 | 1% | 1% |
| December 2015 | 19% | 21% |
| Strategic Advisers Multi-Manager 2015 Fund | | |
| May 2015 | 2% | 2% |
| December 2015 | 23% | 26% |
| Strategic Advisers Multi-Manager 2020 Fund | | |
| May 2015 | 2% | 2% |
| December 2015 | 25% | 29% |
| Strategic Advisers Multi-Manager 2025 Fund | | |
| May 2015 | 4% | 6% |
| December 2015 | 29% | 35% |
| Strategic Advisers Multi-Manager 2030 Fund | | |
| May 2015 | 20% | 0% |
| December 2015 | 36% | 41% |
| Strategic Advisers Multi-Manager 2035 Fund | | |
| May 2015 | 0% | 0% |
| December 2015 | 43% | 51% |
| Strategic Advisers Multi-Manager 2040 Fund | | |
| May 2015 | 4% | 6% |
| December 2015 | 41% | 48% |
| Strategic Advisers Multi-Manager 2045 Fund | | |
| May 2015 | 12% | 0% |
| December 2015 | 43% | 51% |
| Strategic Advisers Multi-Manager 2050 Fund | | |
| May 2015 | 24% | 0% |
| December 2015 | 43% | 50% |
| Strategic Advisers Multi-Manager 2055 Fund | | |
| May 2015 | 0% | 0% |
| December 2015 | 42% | 49% |
| Strategic Advisers Multi-Manager 2060 Fund | | |
| May 2015 | 0% | 0% |
| December 2015 | 45% | 54% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| Strategic Advisers Multi-Manager Income Fund | Class L | Class N |
| May 2015 | 17% | 22% |
| June 2015 | 19% | 23% |
| July 2015 | 19% | 22% |
| August 2015 | 19% | 21% |
| September 2015 | 19% | 23% |
| October 2015 | 19% | 23% |
| November 2015 | 19% | 23% |
| December 2015 | 19% | 21% |
| February 2016 | 0% | 0% |
| March 2016 | 0% | 0% |
| Strategic Advisers Multi-Manager 2005 Fund | | |
| May 2015 | 2% | 3% |
| December 2015 | 29% | 33% |
| Strategic Advisers Multi-Manager 2010 Fund | | |
| May 2015 | 2% | 3% |
| December 2015 | 33% | 37% |
| Strategic Advisers Multi-Manager 2015 Fund | | |
| May 2015 | 3% | 3% |
| December 2015 | 39% | 45% |
| Strategic Advisers Multi-Manager 2020 Fund | | |
| May 2015 | 4% | 5% |
| December 2015 | 44% | 50% |
| Strategic Advisers Multi-Manager 2025 Fund | | |
| May 2015 | 7% | 12% |
| December 2015 | 53% | 62% |
| Strategic Advisers Multi-Manager 2030 Fund | | |
| May 2015 | 34% | 0% |
| December 2015 | 60% | 69% |
| Strategic Advisers Multi-Manager 2035 Fund | | |
| May 2015 | 0% | 0% |
| December 2015 | 76% | 90% |
| Strategic Advisers Multi-Manager 2040 Fund | | |
| May 2015 | 8% | 11% |
| December 2015 | 72% | 84% |
| Strategic Advisers Multi-Manager 2045 Fund | | |
| May 2015 | 22% | 0% |
| December 2015 | 76% | 90% |
| Strategic Advisers Multi-Manager 2050 Fund | | |
| May 2015 | 42% | 0% |
| December 2015 | 74% | 86% |
| Strategic Advisers Multi-Manager 2055 Fund | | |
| May 2015 | 0% | 0% |
| December 2015 | 73% | 86% |
| Strategic Advisers Multi-Manager 2060 Fund | | |
| May 2015 | 0% | 0% |
| December 2015 | 78% | 94% |
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| Fund | Pay Date | Income | Taxes |
| Strategic Advisers Multi-Manager Income Fund | | | |
| Class L | 12/31/2015 | $0.0151 | $0.0019 |
| Class N | 12/31/2015 | $0.0164 | $0.0019 |
| Strategic Advisers Multi-Manager 2005 Fund | | | |
| Class L | 12/31/2015 | $0.0231 | $0.0029 |
| Class N | 12/31/2015 | $0.0266 | $0.0029 |
| Strategic Advisers Multi-Manager 2010 Fund | | | |
| Class L | 12/31/2015 | $0.0303 | $0.0037 |
| Class N | 12/31/2015 | $0.0346 | $0.0037 |
| Strategic Advisers Multi-Manager 2015 Fund | | | |
| Class L | 12/31/2015 | $0.0365 | $0.0044 |
| Class N | 12/31/2015 | $0.0415 | $0.0044 |
| Strategic Advisers Multi-Manager 2020 Fund | | | |
| Class L | 12/31/2015 | $0.0372 | $0.0049 |
| Class N | 12/31/2015 | $0.0426 | $0.0049 |
| Strategic Advisers Multi-Manager 2025 Fund | | | |
| Class L | 12/31/2015 | $0.0396 | $0.0054 |
| Class N | 12/31/2015 | $0.0467 | $0.0054 |
| Strategic Advisers Multi-Manager 2030 Fund | | | |
| Class L | 12/31/2015 | $0.0568 | $0.0064 |
| Class N | 12/31/2015 | $0.0651 | $0.0064 |
| Strategic Advisers Multi-Manager 2035 Fund | | | |
| Class L | 12/31/2015 | $0.0555 | $0.0073 |
| Class N | 12/31/2015 | $0.0658 | $0.0073 |
| Strategic Advisers Multi-Manager 2040 Fund | | | |
| Class L | 12/31/2015 | $0.0580 | $0.0072 |
| Class N | 12/31/2015 | $0.0676 | $0.0072 |
| Strategic Advisers Multi-Manager 2045 Fund | | | |
| Class L | 12/31/2015 | $0.0546 | $0.0073 |
| Class N | 12/31/2015 | $0.0648 | $0.0073 |
| Strategic Advisers Multi-Manager 2050 Fund | | | |
| Class L | 12/31/2015 | $0.0610 | $0.0074 |
| Class N | 12/31/2015 | $0.0711 | $0.0074 |
| Strategic Advisers Multi-Manager 2055 Fund | | | |
| Class L | 12/31/2015 | $0.0577 | $0.0073 |
| Class N | 12/31/2015 | $0.0677 | $0.0073 |
The funds will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on January 15, 2016. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
| To elect a Board of Trustees. |
| | # of
Votes | % of
Votes |
| Elizabeth S. Acton | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| John Engler | | |
| Affirmative | 6,221,741.96 | 91.269 |
| Withheld | 595,205.12 | 8.731 |
| TOTAL | 6,816,947.08 | 100.000 |
| Albert R. Gamper, Jr. | | |
| Affirmative | 6,221,741.96 | 91.269 |
| Withheld | 595,205.12 | 8.731 |
| TOTAL | 6,816,947.08 | 100.000 |
| Robert F. Gartland | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| Abigail P. Johnson | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| Arthur E. Johnson | | |
| Affirmative | 6,207,439.24 | 91.059 |
| Withheld | 609,507.84 | 8.941 |
| TOTAL | 6,816,947.08 | 100.000 |
| Michael E. Kenneally | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| James H. Keyes | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| Marie L. Knowles | | |
| Affirmative | 6,207,439.24 | 91.059 |
| Withheld | 609,507.84 | 8.941 |
| TOTAL | 6,816,947.08 | 100.000 |
| Geoffrey A. von Kuhn | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. |
OLF-L-OLF-N-ANN-0516
1.9584950.102
Strategic Advisers® Multi-Manager Target Date Funds (to be renamed Fidelity® Multi-Manager Target Date Funds) - Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060
Annual Report March 31, 2016 |
|
Contents
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. © 2016 FMR LLC. All rights reserved.
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.
Strategic Advisers® Multi-Manager Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager Income Fund | (0.65)% | 2.68% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager Income Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $10,906 | Strategic Advisers® Multi-Manager Income Fund |
| $10,782 | Barclays® U.S. Aggregate Bond Index |
Strategic Advisers® Multi-Manager 2005 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2005 Fund | (1.34)% | 3.74% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2005 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $11,278 | Strategic Advisers® Multi-Manager 2005 Fund |
| $10,782 | Barclays® U.S. Aggregate Bond Index |
Strategic Advisers® Multi-Manager 2010 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2010 Fund | (1.85)% | 4.50% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2010 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $11,554 | Strategic Advisers® Multi-Manager 2010 Fund |
| $10,782 | Barclays® U.S. Aggregate Bond Index |
Strategic Advisers® Multi-Manager 2015 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2015 Fund | (2.32)% | 4.70% |
A From December 20, 2012
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2015 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the Barclays® U.S. Aggregate Bond Index performed over the same period.
| Period Ending Values |
| $11,625 | Strategic Advisers® Multi-Manager 2015 Fund |
| $10,782 | Barclays® U.S. Aggregate Bond Index |
Strategic Advisers® Multi-Manager 2020 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2020 Fund | (2.56)% | 5.04% |
A From December 20, 2012.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2020 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $11,751 | Strategic Advisers® Multi-Manager 2020 Fund |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2025 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2025 Fund | (3.05)% | 5.93% |
A From December 20, 2012.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2025 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $12,080 | Strategic Advisers® Multi-Manager 2025 Fund |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2030 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2030 Fund | (3.92)% | 6.09% |
A From December 20, 2012.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2030 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $12,139 | Strategic Advisers® Multi-Manager 2030 Fund |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2035 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2035 Fund | (4.45)% | 6.65% |
A From December 20, 2012.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2035 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $12,351 | Strategic Advisers® Multi-Manager 2035 Fund |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2040 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2040 Fund | (4.35)% | 6.76% |
A From December 20, 2012.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2040 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $12,392 | Strategic Advisers® Multi-Manager 2040 Fund |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2045 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2045 Fund | (4.40)% | 6.90% |
A From December 20, 2012.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2045 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $12,444 | Strategic Advisers® Multi-Manager 2045 Fund |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2050 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2050 Fund | (4.38)% | 6.96% |
A From December 20, 2012.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2050 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $12,468 | Strategic Advisers® Multi-Manager 2050 Fund |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2055 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2055 Fund | (4.38)% | 7.17% |
A From December 20, 2012.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2055 Fund, a class of the fund, on December 20, 2012, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $12,548 | Strategic Advisers® Multi-Manager 2055 Fund |
| $15,285 | S&P 500® Index |
Strategic Advisers® Multi-Manager 2060 Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
| For the periods ended March 31, 2016 | Past 1 year | Life of fundA |
| Strategic Advisers® Multi-Manager 2060 Fund | (4.37)% | 0.26% |
A From August 5, 2014.
$10,000 Over Life of Fund
Let's say hypothetically that $10,000 was invested in Strategic Advisers® Multi-Manager 2060 Fund, a class of the fund, on August 5, 2014, when the fund started.
The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.
| Period Ending Values |
| $10,044 | Strategic Advisers® Multi-Manager 2060 Fund |
| $11,115 | S&P 500® Index |
Management's Discussion of Fund Performance
Market Recap: Around the globe, equities declined for the 12 months ending March 31, 2016. The Dow Jones U.S. Total Stock Market Index℠, a broad measure of U.S. equity performance, returned -0.43%. With no particular regional bias, the non-U.S. major-markets MSCI World ex USA Index fell further, returning -8.44%. And despite a robust, late-period rally, the MSCI Emerging Markets Index delivered a return of -11.70%.
Stocks took a late-summer dive on fear of an economic slowdown in China, recovering in October after the U.S. Federal Reserve delayed raising target interest rates until mid-December. A rate cut in China and stimulus in Europe also helped. Nevertheless, persistent commodity weakness and U.S.-dollar strength pushed many markets to their worst January in years. A volatile February saw central banks in Europe, Japan and China take aggressive action aimed at reigniting their economies; the Fed added fuel by softening its schedule for future rate hikes.
Large-cap stocks handily outpaced small-caps in the U.S.; overseas, rankings reversed. Globally, growth bested value-oriented stocks. Volatility helped traditionally defensive sectors outperform cyclicals, while falling bond yields only strengthened demand within these same dividend-rich corners of the market - telecommunication services, utilities and consumer staples, in particular. Conversely, commodity-related sectors such as energy and materials declined substantially, despite an impressive turnaround near period end.
Fixed-income investors shunned riskier debt for much of the year. The Barclays
® U.S. Aggregate Bond Index rose 1.96%, led by Treasury and agency mortgage-backed securities; investment-grade corporate credit lagged. Emerging-markets debt and real estate income-oriented securities each had solid runs, ranking among the top-performing asset classes for the year. Meanwhile, high-yield bonds, as measured by The BofA Merrill Lynch US High Yield Constrained Index℠, returned -3.96%. A spirited, late-period comeback could not overcome earlier spread-widening.
Comments from Co-Managers Andrew Dierdorf and Brett Sumsion: For the 12 months ending March 31, 2016, the share classes of each Fund posted a negative return. Results moved along a spectrum, with nearer-term, more conservative Funds posting modest negatives and longer-dated, more aggressive Funds posting somewhat larger negatives. On a relative basis, each Fund lagged its respective Composite benchmark.
(For specific Fund results, please refer to the performance section of this report.) Overall, allocation decisions detracted from Composite-relative results, largely due to underweighting investment-grade debt. Allocations to portfolio diversifiers, such as the commodity and high-yield debt segments, also detracted; however, we believe such exposures remain important. Commodities may help protect against inflation, and Fund exposure to high-yield debt is an expression of value we see relative to investment-grade bonds. Selection effects also detracted, as the market proved challenging for a subset of underlying equity managers, particularly among U.S. large-cap growth investments. In the non-U.S. equity asset class, allocation decisions contributed to relative results overall; selection effects were mixed. At period end, our positions align with a view that the U.S. economy is experiencing signs of late cycle. We believe the environment remains favorable to risk assets and supports the Funds’ modest overweightings in equities and corporate credit, underweightings in core fixed income. We recently increased Fund exposure to emerging-markets equities, Treasury Inflation-Protected Securities and commodities, while reducing exposure to nominal bonds.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Note to Shareholders: On April 1, 2016, Fidelity
® Commodity Strategy Central Fund shifted from an index-tracking to an enhanced-index approach, providing the Funds greater investment flexibility in managing commodity exposure.
Strategic Advisers® Multi-Manager Income Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 0.7 |
| Strategic Advisers Core Multi-Manager Fund Class F | 5.2 | 5.6 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 4.3 | 4.6 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 2.6 | 2.8 |
| Strategic Advisers Value Multi-Manager Fund Class F | 5.2 | 5.6 |
| | 18.5 | 19.3 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 4.5 | 3.3 |
| Strategic Advisers International Multi-Manager Fund Class F | 4.5 | 4.1 |
| | 9.0 | 7.4 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.2 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.8 | 3.5 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 38.9 | 41.0 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 47.0 | 49.0 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 16.5 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 9.0 | 7.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 17.0 |
| | 25.5 | 24.3 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 18.5% |
| | International Equity Funds | 9.0% |
| | Bond Funds | 47.0% |
| | Short-Term Funds | 25.5% |
| Six months ago |
| | Domestic Equity Funds | 19.3% |
| | International Equity Funds | 7.4% |
| | Bond Funds | 49.0% |
| | Short-Term Funds | 24.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager Income Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 18.5% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 2,595 | $12,821 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 4,514 | 53,445 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 3,436 | 44,598 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 2,720 | 26,768 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 4,023 | 53,390 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $206,647) | | | 191,022 |
|
| International Equity Funds - 9.0% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 5,430 | 45,826 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 4,274 | 46,760 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $99,245) | | | 92,586 |
|
| Bond Funds - 47.0% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 685 | 6,498 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 287 | 2,578 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 3,961 | 39,172 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 456 | 4,962 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 40,625 | 400,970 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 3,363 | 31,145 |
| TOTAL BOND FUNDS | | | |
| (Cost $488,007) | | | 485,325 |
|
| Short-Term Funds - 25.5% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 170,557 | 170,557 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 9,252 | 92,426 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $262,919) | | | 262,983 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,056,818) | | | 1,031,916 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (60) |
| NET ASSETS - 100% | | | $1,031,856 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $171,648 | $1,092 | $37 | $170,557 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 156,406 | 83,354 | 239,759 | 355 | - |
| Fidelity Series Commodity Strategy Fund Class F | 9,834 | 7,799 | 3,052 | - | 12,821 |
| Fidelity Series Emerging Markets Debt Fund Class F | 6,076 | 1,890 | 1,258 | 426 | 6,498 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,691 | 609 | 3,473 | 167 | 2,578 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 39,687 | 7,605 | 8,569 | 81 | 39,172 |
| Fidelity Series Real Estate Income Fund Class F | 5,486 | 854 | 1,151 | 271 | 4,962 |
| Fidelity Series Short-Term Credit Fund Class F | 117,519 | 42,033 | 66,952 | 1,097 | 92,426 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 468,643 | 58,798 | 117,196 | 12,146 | 400,970 |
| Strategic Advisers Core Multi-Manager Fund Class F | 61,298 | 18,498 | 20,987 | 539 | 53,445 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 29,047 | 30,923 | 8,847 | 610 | 45,826 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 50,991 | 14,307 | 17,313 | 253 | 44,598 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 38,623 | 6,008 | 9,274 | 2,023 | 31,145 |
| Strategic Advisers International Multi-Manager Fund Class F | 51,072 | 21,146 | 21,087 | 599 | 46,760 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 30,902 | 10,926 | 9,853 | - | 26,768 |
| Strategic Advisers Value Multi-Manager Fund Class F | 61,542 | 17,513 | 19,874 | 721 | 53,390 |
| Total | $1,132,817 | $493,911 | $549,737 | $19,325 | $1,031,916 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager Income Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,056,818) — See accompanying schedule | | $1,031,916 |
| Receivable for investments sold | | 14,467 |
| Receivable for fund shares sold | | 1,771 |
| Total assets | | 1,048,154 |
| Liabilities | | |
| Payable for investments purchased | $16,237 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 39 | |
| Total liabilities | | 16,298 |
| Net Assets | | $1,031,856 |
| Net Assets consist of: | | |
| Paid in capital | | $1,070,619 |
| Undistributed net investment income | | 881 |
| Accumulated undistributed net realized gain (loss) on investments | | (14,742) |
| Net unrealized appreciation (depreciation) on investments | | (24,902) |
| Net Assets | | $1,031,856 |
| Multi-Manager Income: | | |
| Net Asset Value, offering price and redemption price per share ($821,653 ÷ 82,874 shares) | | $9.91 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($105,407 ÷ 10,630 shares) | | $9.92 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($104,796 ÷ 10,574 shares) | | $9.91 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $19,325 |
| Expenses | | |
| Transfer agent fees | $550 | |
| Distribution and service plan fees | 260 | |
| Independent trustees' compensation | 5 | |
| Total expenses | | 815 |
| Net investment income (loss) | | 18,510 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (19,163) | |
| Capital gain distributions from underlying funds | 13,741 | |
| Total net realized gain (loss) | | (5,422) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (25,916) |
| Net gain (loss) | | (31,338) |
| Net increase (decrease) in net assets resulting from operations | | $(12,828) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $18,510 | $18,193 |
| Net realized gain (loss) | (5,422) | 28,823 |
| Change in net unrealized appreciation (depreciation) | (25,916) | (8,319) |
| Net increase (decrease) in net assets resulting from operations | (12,828) | 38,697 |
| Distributions to shareholders from net investment income | (18,299) | (18,452) |
| Distributions to shareholders from net realized gain | (21,320) | (18,460) |
| Total distributions | (39,619) | (36,912) |
| Share transactions - net increase (decrease) | (48,542) | 225,410 |
| Total increase (decrease) in net assets | (100,989) | 227,195 |
| Net Assets | | |
| Beginning of period | 1,132,845 | 905,650 |
| End of period (including undistributed net investment income of $881 and undistributed net investment income of $949, respectively) | $1,031,856 | $1,132,845 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager Income Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.33 | $10.29 | $10.14 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .17 | .18 | .14 | .04 |
| Net realized and unrealized gain (loss) | (.24) | .22 | .24 | .13 |
| Total from investment operations | (.07) | .40 | .38 | .17 |
| Distributions from net investment income | (.16) | (.19) | (.12) | (.03) |
| Distributions from net realized gain | (.19) | (.18) | (.11) | – |
| Total distributions | (.35) | (.36)C | (.23) | (.03) |
| Net asset value, end of period | $9.91 | $10.33 | $10.29 | $10.14 |
| Total ReturnD,E | (.65)% | 3.98% | 3.79% | 1.71% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .05% | .05% | .06% | .15%H |
| Expenses net of fee waivers, if any | .05% | .05% | .06% | .06%H |
| Expenses net of all reductions | .05% | .05% | .06% | .06%H |
| Net investment income (loss) | 1.66% | 1.77% | 1.43% | 1.52%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $822 | $921 | $702 | $102 |
| Portfolio turnover rate F | 44% | 23% | 40% | 0%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.36 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.177 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager Income Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.33 | $10.29 | $10.19 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .17 | .18 | .05 |
| Net realized and unrealized gain (loss) | (.23) | .22 | .15 |
| Total from investment operations | (.06) | .40 | .20 |
| Distributions from net investment income | (.16) | (.19) | (.04) |
| Distributions from net realized gain | (.19) | (.18) | (.06) |
| Total distributions | (.35) | (.36)C | (.10) |
| Net asset value, end of period | $9.92 | $10.33 | $10.29 |
| Total ReturnD | (.57)% | 3.97% | 2.00% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .05% | .06% | .06%G |
| Expenses net of fee waivers, if any | .05% | .06% | .06%G |
| Expenses net of all reductions | .05% | .06% | .06%G |
| Net investment income (loss) | 1.66% | 1.77% | 1.62%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $105 | $106 | $102 |
| Portfolio turnover rate E | 44% | 23% | 40% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.36 per share is comprised of distributions from net investment income of $.185 and distributions from net realized gain of $.177 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager Income Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.33 | $10.29 | $10.19 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .14 | .16 | .04 |
| Net realized and unrealized gain (loss) | (.23) | .22 | .16 |
| Total from investment operations | (.09) | .38 | .20 |
| Distributions from net investment income | (.14) | (.16) | (.04) |
| Distributions from net realized gain | (.19) | (.18) | (.06) |
| Total distributions | (.33) | (.34) | (.10) |
| Net asset value, end of period | $9.91 | $10.33 | $10.29 |
| Total ReturnC | (.90)% | 3.71% | 1.94% |
| Ratios to Average Net AssetsD,E | | | |
| Expenses before reductions | .30% | .31% | .32%F |
| Expenses net of fee waivers, if any | .30% | .31% | .32%F |
| Expenses net of all reductions | .30% | .31% | .32%F |
| Net investment income (loss) | 1.41% | 1.52% | 1.36%F |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $105 | $106 | $102 |
| Portfolio turnover rateD | 44% | 23% | 40% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Amounts do not include the activity of the Underlying Funds.
E Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2005 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.7 |
| Strategic Advisers Core Multi-Manager Fund Class F | 7.8 | 8.4 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 6.5 | 7.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 3.9 | 4.2 |
| Strategic Advisers Value Multi-Manager Fund Class F | 7.8 | 8.4 |
| | 27.3 | 28.7 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 5.5 | 4.3 |
| Strategic Advisers International Multi-Manager Fund Class F | 7.5 | 7.4 |
| | 13.0 | 11.7 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.2 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 3.3 | 3.1 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 34.5 | 36.3 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 42.2 | 43.9 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 11.4 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 6.1 | 4.7 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 11.0 |
| | 17.5 | 15.7 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 27.3% |
| | International Equity Funds | 13.0% |
| | Bond Funds | 42.2% |
| | Short-Term Funds | 17.5% |
| Six months ago |
| | Domestic Equity Funds | 28.7% |
| | International Equity Funds | 11.7% |
| | Bond Funds | 43.9% |
| | Short-Term Funds | 15.7% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2005 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 27.3% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 880 | $4,349 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 2,277 | 26,954 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 1,733 | 22,492 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 1,372 | 13,500 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 2,029 | 26,926 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $100,202) | | | 94,221 |
|
| International Equity Funds - 13.0% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 2,253 | 19,015 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 2,364 | 25,864 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $48,267) | | | 44,879 |
|
| Bond Funds - 42.2% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 230 | 2,184 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 95 | 850 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 1,160 | 11,468 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 153 | 1,668 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 12,047 | 118,898 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 1,120 | 10,370 |
| TOTAL BOND FUNDS | | | |
| (Cost $146,560) | | | 145,438 |
|
| Short-Term Funds - 17.5% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 39,271 | 39,271 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 2,107 | 21,047 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $60,305) | | | 60,318 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $355,334) | | | 344,856 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (36) |
| NET ASSETS - 100% | | | $344,820 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $39,276 | $4 | $8 | $39,271 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 28,335 | 27,324 | 55,659 | 75 | - |
| Fidelity Series Commodity Strategy Fund Class F | 2,677 | 2,937 | 688 | - | 4,349 |
| Fidelity Series Emerging Markets Debt Fund Class F | 2,044 | 782 | 585 | 140 | 2,184 |
| Fidelity Series Floating Rate High Income Fund Class F | 1,673 | 319 | 1,064 | 52 | 850 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 10,183 | 4,092 | 2,937 | 22 | 11,468 |
| Fidelity Series Real Estate Income Fund Class F | 1,620 | 558 | 443 | 86 | 1,668 |
| Fidelity Series Short-Term Credit Fund Class F | 21,364 | 13,552 | 13,837 | 228 | 21,047 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 121,790 | 39,963 | 40,504 | 3,422 | 118,898 |
| Strategic Advisers Core Multi-Manager Fund Class F | 28,235 | 13,274 | 11,900 | 275 | 26,954 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 12,746 | 12,198 | 3,737 | 252 | 19,015 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 23,499 | 10,457 | 9,873 | 131 | 22,492 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 11,811 | 3,869 | 3,973 | 649 | 10,370 |
| Strategic Advisers International Multi-Manager Fund Class F | 26,468 | 13,197 | 11,450 | 356 | 25,864 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 14,257 | 7,246 | 5,576 | - | 13,500 |
| Strategic Advisers Value Multi-Manager Fund Class F | 28,345 | 12,278 | 10,919 | 368 | 26,926 |
| Total | $335,047 | $201,322 | $173,149 | $6,064 | $344,856 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2005 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $355,334) — See accompanying schedule | | $344,856 |
| Receivable for investments sold | | 5,680 |
| Total assets | | 350,536 |
| Liabilities | | |
| Payable for investments purchased | $5,682 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 12 | |
| Total liabilities | | 5,716 |
| Net Assets | | $344,820 |
| Net Assets consist of: | | |
| Paid in capital | | $359,353 |
| Undistributed net investment income | | 819 |
| Accumulated undistributed net realized gain (loss) on investments | | (4,874) |
| Net unrealized appreciation (depreciation) on investments | | (10,478) |
| Net Assets | | $344,820 |
| Multi-Manager 2005: | | |
| Net Asset Value, offering price and redemption price per share ($133,309 ÷ 13,361 shares) | | $9.98 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,062 ÷ 10,639 shares) | | $9.97 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($105,449 ÷ 10,584 shares) | | $9.96 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $6,064 |
| Expenses | | |
| Transfer agent fees | $281 | |
| Distribution and service plan fees | 263 | |
| Independent trustees' compensation | 1 | |
| Total expenses | | 545 |
| Net investment income (loss) | | 5,519 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (7,530) | |
| Capital gain distributions from underlying funds | 6,832 | |
| Total net realized gain (loss) | | (698) |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (10,838) |
| Net gain (loss) | | (11,536) |
| Net increase (decrease) in net assets resulting from operations | | $(6,017) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $5,519 | $5,382 |
| Net realized gain (loss) | (698) | 15,183 |
| Change in net unrealized appreciation (depreciation) | (10,838) | (5,527) |
| Net increase (decrease) in net assets resulting from operations | (6,017) | 15,038 |
| Distributions to shareholders from net investment income | (5,516) | (5,317) |
| Distributions to shareholders from net realized gain | (10,129) | (11,687) |
| Total distributions | (15,645) | (17,004) |
| Share transactions - net increase (decrease) | 31,453 | 17,249 |
| Total increase (decrease) in net assets | 9,791 | 15,283 |
| Net Assets | | |
| Beginning of period | 335,029 | 319,746 |
| End of period (including undistributed net investment income of $819 and undistributed net investment income of $894, respectively) | $344,820 | $335,029 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2005 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.58 | $10.65 | $10.27 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .16 | .19 | .14 | .05 |
| Net realized and unrealized gain (loss) | (.30) | .31 | .49 | .22 |
| Total from investment operations | (.14) | .50 | .63 | .27 |
| Distributions from net investment income | (.16) | (.19) | (.10) | – |
| Distributions from net realized gain | (.30) | (.39) | (.15) | – |
| Total distributions | (.46) | (.57)C | (.25) | – |
| Net asset value, end of period | $9.98 | $10.58 | $10.65 | $10.27 |
| Total ReturnD,E | (1.34)% | 4.83% | 6.18% | 2.70% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .06% | .05% | .06% | .15%H |
| Expenses net of fee waivers, if any | .06% | .05% | .06% | .06%H |
| Expenses net of all reductions | .06% | .05% | .06% | .06%H |
| Net investment income (loss) | 1.63% | 1.76% | 1.32% | 1.63%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $133 | $120 | $115 | $103 |
| Portfolio turnover rateF | 48% | 17% | 44% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.57 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.385 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2005 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.57 | $10.64 | $10.51 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .16 | .18 | .06 |
| Net realized and unrealized gain (loss) | (.30) | .32 | .22 |
| Total from investment operations | (.14) | .50 | .28 |
| Distributions from net investment income | (.16) | (.18) | (.06) |
| Distributions from net realized gain | (.30) | (.39) | (.09) |
| Total distributions | (.46) | (.57) | (.15) |
| Net asset value, end of period | $9.97 | $10.57 | $10.64 |
| Total ReturnC,D | (1.39)% | 4.79% | 2.64% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .09% | .10% | .07%G |
| Expenses net of fee waivers, if any | .09% | .10% | .07%G |
| Expenses net of all reductions | .09% | .10% | .07%G |
| Net investment income (loss) | 1.59% | 1.71% | 1.90%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $108 | $103 |
| Portfolio turnover rateE | 48% | 17% | 44% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2005 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.56 | $10.63 | $10.51 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .14 | .16 | .05 |
| Net realized and unrealized gain (loss) | (.31) | .31 | .21 |
| Total from investment operations | (.17) | .47 | .26 |
| Distributions from net investment income | (.13) | (.16) | (.06) |
| Distributions from net realized gain | (.30) | (.39) | (.09) |
| Total distributions | (.43) | (.54)C | (.14)D |
| Net asset value, end of period | $9.96 | $10.56 | $10.63 |
| Total ReturnE,F | (1.64)% | 4.53% | 2.52% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .34% | .35% | .33%I |
| Expenses net of fee waivers, if any | .34% | .35% | .33%I |
| Expenses net of all reductions | .34% | .35% | .33%I |
| Net investment income (loss) | 1.34% | 1.46% | 1.65%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $105 | $107 | $103 |
| Portfolio turnover rateG | 48% | 17% | 44% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.54 per share is comprised of distributions from net investment income of $.155 and distributions from net realized gain of $.385 per share.
D Total distributions of $.14 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.088 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2010 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.2 | 0.7 |
| Strategic Advisers Core Multi-Manager Fund Class F | 9.7 | 10.2 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 8.1 | 8.6 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 4.8 | 5.1 |
| Strategic Advisers Value Multi-Manager Fund Class F | 9.7 | 10.3 |
| | 33.5 | 34.9 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 6.3 | 5.1 |
| Strategic Advisers International Multi-Manager Fund Class F | 9.6 | 9.5 |
| | 15.9 | 14.6 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 2.7 | 2.4 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 31.4 | 33.2 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 38.5 | 40.2 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 7.8 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 4.3 | 3.1 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 7.2 |
| | 12.1 | 10.3 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 33.5% |
| | International Equity Funds | 15.9% |
| | Bond Funds | 38.5% |
| | Short-Term Funds | 12.1% |
| Six months ago |
| | Domestic Equity Funds | 34.9% |
| | International Equity Funds | 14.6% |
| | Bond Funds | 40.2% |
| | Short-Term Funds | 10.3% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2010 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 33.5% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 1,979 | $9,775 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 6,398 | 75,753 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 4,870 | 63,213 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 3,856 | 37,941 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 5,703 | 75,674 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $285,314) | | | 262,356 |
|
| International Equity Funds - 15.9% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 5,877 | 49,602 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 6,865 | 75,106 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $135,950) | | | 124,708 |
|
| Bond Funds - 38.5% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 522 | 4,958 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 217 | 1,952 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 2,152 | 21,280 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 348 | 3,787 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 24,942 | 246,174 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,529 | 23,422 |
| TOTAL BOND FUNDS | | | |
| (Cost $304,875) | | | 301,573 |
|
| Short-Term Funds - 12.1% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 61,062 | 61,062 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 3,323 | 33,200 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $94,233) | | | 94,262 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $820,372) | | | 782,899 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (50) |
| NET ASSETS - 100% | | | $782,849 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $61,070 | $7 | $12 | $61,062 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 41,289 | 36,363 | 77,653 | 107 | - |
| Fidelity Series Commodity Strategy Fund Class F | 6,129 | 5,653 | 849 | - | 9,775 |
| Fidelity Series Emerging Markets Debt Fund Class F | 4,632 | 1,126 | 693 | 302 | 4,958 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,829 | 467 | 2,179 | 114 | 1,952 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 18,496 | 5,402 | 2,913 | 40 | 21,280 |
| Fidelity Series Real Estate Income Fund Class F | 3,681 | 770 | 526 | 184 | 3,787 |
| Fidelity Series Short-Term Credit Fund Class F | 31,175 | 19,450 | 17,399 | 324 | 33,200 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 255,378 | 49,438 | 54,136 | 6,759 | 246,174 |
| Strategic Advisers Core Multi-Manager Fund Class F | 78,985 | 22,697 | 19,710 | 663 | 75,753 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 35,151 | 24,177 | 4,132 | 607 | 49,602 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 65,753 | 18,209 | 16,802 | 312 | 63,213 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 26,605 | 5,270 | 5,666 | 1,395 | 23,422 |
| Strategic Advisers International Multi-Manager Fund Class F | 76,863 | 24,607 | 19,549 | 950 | 75,106 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 39,907 | 13,382 | 9,196 | - | 37,941 |
| Strategic Advisers Value Multi-Manager Fund Class F | 79,069 | 21,944 | 18,643 | 886 | 75,674 |
| Total | $766,942 | $310,025 | $250,053 | $12,655 | $782,899 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2010 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $820,372) — See accompanying schedule | | $782,899 |
| Receivable for investments sold | | 11,982 |
| Total assets | | 794,881 |
| Liabilities | | |
| Payable for investments purchased | $11,984 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 26 | |
| Total liabilities | | 12,032 |
| Net Assets | | $782,849 |
| Net Assets consist of: | | |
| Paid in capital | | $820,105 |
| Undistributed net investment income | | 1,494 |
| Accumulated undistributed net realized gain (loss) on investments | | (1,277) |
| Net unrealized appreciation (depreciation) on investments | | (37,473) |
| Net Assets | | $782,849 |
| Multi-Manager 2010: | | |
| Net Asset Value, offering price and redemption price per share ($570,526 ÷ 56,243 shares) | | $10.14 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,471 ÷ 10,491 shares) | | $10.15 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($105,852 ÷ 10,437 shares) | | $10.14 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $12,655 |
| Expenses | | |
| Transfer agent fees | $385 | |
| Distribution and service plan fees | 264 | |
| Independent trustees' compensation | 3 | |
| Total expenses | | 652 |
| Net investment income (loss) | | 12,003 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (8,025) | |
| Capital gain distributions from underlying funds | 16,359 | |
| Total net realized gain (loss) | | 8,334 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (35,995) |
| Net gain (loss) | | (27,661) |
| Net increase (decrease) in net assets resulting from operations | | $(15,658) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $12,003 | $11,545 |
| Net realized gain (loss) | 8,334 | 39,218 |
| Change in net unrealized appreciation (depreciation) | (35,995) | (14,337) |
| Net increase (decrease) in net assets resulting from operations | (15,658) | 36,426 |
| Distributions to shareholders from net investment income | (12,026) | (10,709) |
| Distributions to shareholders from net realized gain | (26,838) | (26,028) |
| Total distributions | (38,864) | (36,737) |
| Share transactions - net increase (decrease) | 70,458 | 284,292 |
| Total increase (decrease) in net assets | 15,936 | 283,981 |
| Net Assets | | |
| Beginning of period | 766,913 | 482,932 |
| End of period (including undistributed net investment income of $1,494 and undistributed net investment income of $1,940, respectively) | $782,849 | $766,913 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2010 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $10.87 | $10.87 | $10.35 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .16 | .19 | .15 | .05 |
| Net realized and unrealized gain (loss) | (.35) | .37 | .67 | .30 |
| Total from investment operations | (.19) | .56 | .82 | .35 |
| Distributions from net investment income | (.17) | (.17) | (.12) | – |
| Distributions from net realized gain | (.37) | (.40) | (.18) | – |
| Total distributions | (.54) | (.56)C | (.30) | – |
| Net asset value, end of period | $10.14 | $10.87 | $10.87 | $10.35 |
| Total ReturnD,E | (1.85)% | 5.31% | 8.00% | 3.50% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .05% | .05% | .06% | .17%H |
| Expenses net of fee waivers, if any | .05% | .05% | .06% | .06%H |
| Expenses net of all reductions | .05% | .05% | .06% | .06%H |
| Net investment income (loss) | 1.58% | 1.73% | 1.45% | 1.87%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $571 | $550 | $277 | $104 |
| Portfolio turnover rateF | 32% | 15% | 24% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.56 per share is comprised of distributions from net investment income of $.167 and distributions from net realized gain of $.397 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2010 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.88 | $10.87 | $10.73 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .16 | .19 | .07 |
| Net realized and unrealized gain (loss) | (.35) | .38 | .25 |
| Total from investment operations | (.19) | .57 | .32 |
| Distributions from net investment income | (.16) | (.16) | (.07) |
| Distributions from net realized gain | (.37) | (.40) | (.11) |
| Total distributions | (.54)C | (.56) | (.18) |
| Net asset value, end of period | $10.15 | $10.88 | $10.87 |
| Total ReturnD | (1.86)% | 5.37% | 2.97% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .06% | .07% | .07%G |
| Expenses net of fee waivers, if any | .06% | .07% | .07%G |
| Expenses net of all reductions | .06% | .07% | .07%G |
| Net investment income (loss) | 1.56% | 1.71% | 1.96%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $108 | $103 |
| Portfolio turnover rateE | 32% | 15% | 24% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.54 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.371 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2010 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $10.87 | $10.87 | $10.73 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .14 | .16 | .06 |
| Net realized and unrealized gain (loss) | (.36) | .37 | .25 |
| Total from investment operations | (.22) | .53 | .31 |
| Distributions from net investment income | (.14) | (.14) | (.07) |
| Distributions from net realized gain | (.37) | (.40) | (.11) |
| Total distributions | (.51) | (.53)C | (.17)D |
| Net asset value, end of period | $10.14 | $10.87 | $10.87 |
| Total ReturnE | (2.11)% | 5.01% | 2.95% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .31% | .32% | .32%H |
| Expenses net of fee waivers, if any | .31% | .32% | .32%H |
| Expenses net of all reductions | .31% | .32% | .32%H |
| Net investment income (loss) | 1.31% | 1.46% | 1.70%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $108 | $103 |
| Portfolio turnover rateF | 32% | 15% | 24% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.53 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.397 per share.
D Total distributions of $.17 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $.108 per share.
E Total returns for periods of less than one year are not annualized.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2015 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 11.5 | 12.0 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 9.6 | 10.0 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 5.7 | 6.0 |
| Strategic Advisers Value Multi-Manager Fund Class F | 11.5 | 12.0 |
| | 39.6 | 40.8 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 6.9 | 5.6 |
| Strategic Advisers International Multi-Manager Fund Class F | 11.7 | 11.5 |
| | 18.6 | 17.1 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 1.9 | 1.6 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 28.5 | 30.3 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 34.7 | 36.5 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 4.6 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 2.5 | 1.7 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 3.9 |
| | 7.1 | 5.6 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 39.6% |
| | International Equity Funds | 18.6% |
| | Bond Funds | 34.7% |
| | Short-Term Funds | 7.1% |
| Six months ago |
| | Domestic Equity Funds | 40.8% |
| | International Equity Funds | 17.1% |
| | Bond Funds | 36.5% |
| | Short-Term Funds | 5.6% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2015 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 39.6% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 4,369 | $21,585 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 16,640 | 197,019 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 12,666 | 164,402 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 10,028 | 98,673 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 14,831 | 196,814 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $742,749) | | | 678,493 |
|
| International Equity Funds - 18.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 14,040 | 118,496 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 18,239 | 199,533 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $355,246) | | | 318,029 |
|
| Bond Funds - 34.7% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,150 | 10,915 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 475 | 4,267 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 3,305 | 32,684 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 767 | 8,341 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 49,437 | 487,943 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 5,507 | 50,996 |
| TOTAL BOND FUNDS | | | |
| (Cost $600,963) | | | 595,146 |
|
| Short-Term Funds - 7.1% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 79,055 | 79,055 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 4,252 | 42,482 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $121,509) | | | 121,537 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,820,467) | | | 1,713,205 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (132) |
| NET ASSETS - 100% | | | $1,713,073 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $80,277 | $1,222 | $15 | $79,055 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 52,123 | 59,409 | 111,532 | 143 | - |
| Fidelity Series Commodity Strategy Fund Class F | 14,338 | 13,576 | 3,469 | -- | 21,585 |
| Fidelity Series Emerging Markets Debt Fund Class F | 10,314 | 3,557 | 2,645 | 717 | 10,915 |
| Fidelity Series Floating Rate High Income Fund Class F | 9,014 | 1,367 | 5,702 | 274 | 4,267 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 29,131 | 11,117 | 8,015 | 64 | 32,684 |
| Fidelity Series Real Estate Income Fund Class F | 8,693 | 2,201 | 2,196 | 439 | 8,341 |
| Fidelity Series Short-Term Credit Fund Class F | 39,400 | 29,672 | 26,531 | 426 | 42,482 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 554,583 | 130,550 | 186,591 | 14,846 | 487,943 |
| Strategic Advisers Core Multi-Manager Fund Class F | 217,153 | 72,110 | 71,864 | 1,884 | 197,019 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 92,379 | 65,503 | 22,836 | 1,562 | 118,496 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 180,792 | 56,019 | 59,711 | 912 | 164,402 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 61,833 | 14,677 | 18,594 | 3,327 | 50,996 |
| Strategic Advisers International Multi-Manager Fund Class F | 214,584 | 73,293 | 66,845 | 2,775 | 199,533 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 109,767 | 40,473 | 33,382 | - | 98,673 |
| Strategic Advisers Value Multi-Manager Fund Class F | 217,195 | 67,181 | 66,279 | 2,569 | 196,814 |
| Total | $1,811,299 | $720,982 | $687,414 | $29,953 | $1,713,205 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2015 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,820,467) — See accompanying schedule | | $1,713,205 |
| Receivable for investments sold | | 22,734 |
| Receivable for fund shares sold | | 342 |
| Total assets | | 1,736,281 |
| Liabilities | | |
| Payable for investments purchased | $23,082 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 104 | |
| Total liabilities | | 23,208 |
| Net Assets | | $1,713,073 |
| Net Assets consist of: | | |
| Paid in capital | | $1,827,447 |
| Undistributed net investment income | | 3,895 |
| Accumulated undistributed net realized gain (loss) on investments | | (11,007) |
| Net unrealized appreciation (depreciation) on investments | | (107,262) |
| Net Assets | | $1,713,073 |
| Multi-Manager 2015: | | |
| Net Asset Value, offering price and redemption price per share ($1,500,233 ÷ 146,599 shares) | | $10.23 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,728 ÷ 10,424 shares) | | $10.24 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,112 ÷ 10,372 shares) | | $10.23 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $29,953 |
| Expenses | | |
| Transfer agent fees | $1,444 | |
| Distribution and service plan fees | 265 | |
| Independent trustees' compensation | 8 | |
| Total expenses | | 1,717 |
| Net investment income (loss) | | 28,236 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (31,456) | |
| Capital gain distributions from underlying funds | 47,604 | |
| Total net realized gain (loss) | | 16,148 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (100,177) |
| Net gain (loss) | | (84,029) |
| Net increase (decrease) in net assets resulting from operations | | $(55,793) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $28,236 | $23,423 |
| Net realized gain (loss) | 16,148 | 86,155 |
| Change in net unrealized appreciation (depreciation) | (100,177) | (32,594) |
| Net increase (decrease) in net assets resulting from operations | (55,793) | 76,984 |
| Distributions to shareholders from net investment income | (28,254) | (21,238) |
| Distributions to shareholders from net realized gain | (67,187) | (53,186) |
| Total distributions | (95,441) | (74,424) |
| Share transactions - net increase (decrease) | 53,122 | 948,104 |
| Total increase (decrease) in net assets | (98,112) | 950,664 |
| Net Assets | | |
| Beginning of period | 1,811,185 | 860,521 |
| End of period (including undistributed net investment income of $3,895 and undistributed net investment income of $4,172, respectively) | $1,713,073 | $1,811,185 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2015 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.04 | $10.97 | $10.36 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .16 | .19 | .15 | .05 |
| Net realized and unrealized gain (loss) | (.40) | .42 | .74 | .31 |
| Total from investment operations | (.24) | .61 | .89 | .36 |
| Distributions from net investment income | (.17) | (.15) | (.12) | – |
| Distributions from net realized gain | (.40) | (.39) | (.16) | – |
| Total distributions | (.57) | (.54) | (.28) | – |
| Net asset value, end of period | $10.23 | $11.04 | $10.97 | $10.36 |
| Total ReturnC,D | (2.32)% | 5.70% | 8.68% | 3.60% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .08% | .09% | .10% | .21%G |
| Expenses net of fee waivers, if any | .08% | .09% | .10% | .09%G |
| Expenses net of all reductions | .08% | .09% | .10% | .09%G |
| Net investment income (loss) | 1.53% | 1.73% | 1.44% | 1.88%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,500 | $1,593 | $654 | $104 |
| Portfolio turnover rate E | 37% | 16% | 38% | 1%H |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2015 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.04 | $10.97 | $10.77 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .16 | .19 | .06 |
| Net realized and unrealized gain (loss) | (.40) | .42 | .30 |
| Total from investment operations | (.24) | .61 | .36 |
| Distributions from net investment income | (.16) | (.15) | (.07) |
| Distributions from net realized gain | (.40) | (.39) | (.09) |
| Total distributions | (.56) | (.54) | (.16) |
| Net asset value, end of period | $10.24 | $11.04 | $10.97 |
| Total ReturnC,D | (2.24)% | 5.66% | 3.34% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .08% | .09% | .10%G |
| Expenses net of fee waivers, if any | .08% | .09% | .10%G |
| Expenses net of all reductions | .08% | .09% | .10%G |
| Net investment income (loss) | 1.52% | 1.72% | 1.81%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $109 | $103 |
| Portfolio turnover rate E | 37% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2015 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.04 | $10.96 | $10.77 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .13 | .16 | .05 |
| Net realized and unrealized gain (loss) | (.40) | .43 | .30 |
| Total from investment operations | (.27) | .59 | .35 |
| Distributions from net investment income | (.14) | (.12) | (.07) |
| Distributions from net realized gain | (.40) | (.39) | (.09) |
| Total distributions | (.54) | (.51) | (.16) |
| Net asset value, end of period | $10.23 | $11.04 | $10.96 |
| Total ReturnC,D | (2.57)% | 5.51% | 3.22% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .33% | .34% | .36%G |
| Expenses net of fee waivers, if any | .33% | .34% | .35%G |
| Expenses net of all reductions | .33% | .34% | .35%G |
| Net investment income (loss) | 1.27% | 1.47% | 1.56%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $109 | $103 |
| Portfolio turnover rateE | 37% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2020 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 12.8 | 13.3 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 10.6 | 11.1 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 6.4 | 6.6 |
| Strategic Advisers Value Multi-Manager Fund Class F | 12.8 | 13.2 |
| | 43.9 | 45.0 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 7.4 | 6.0 |
| Strategic Advisers International Multi-Manager Fund Class F | 13.0 | 12.9 |
| | 20.4 | 18.9 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 1.1 | 0.8 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 24.9 | 26.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 30.3 | 32.1 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 3.5 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 1.9 | 1.2 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 2.8 |
| | 5.4 | 4.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 43.9% |
| | International Equity Funds | 20.4% |
| | Bond Funds | 30.3% |
| | Short-Term Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 45.0% |
| | International Equity Funds | 18.9% |
| | Bond Funds | 32.1% |
| | Short-Term Funds | 4.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2020 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 43.9% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 11,323 | $55,937 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 47,579 | 563,341 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 36,216 | 470,079 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 28,672 | 282,137 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 42,408 | 562,756 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $2,116,896) | | | 1,934,250 |
|
| International Equity Funds - 20.4% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 38,396 | 324,060 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 52,446 | 573,764 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $986,548) | | | 897,824 |
|
| Bond Funds - 30.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 2,957 | 28,062 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 1,227 | 11,023 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 4,815 | 47,618 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 1,950 | 21,220 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 111,148 | 1,097,033 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 14,209 | 131,580 |
| TOTAL BOND FUNDS | | | |
| (Cost $1,351,994) | | | 1,336,536 |
|
| Short-Term Funds - 5.4% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 156,531 | 156,531 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 8,417 | 84,084 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $240,521) | | | 240,615 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $4,695,959) | | | 4,409,225 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (295) |
| NET ASSETS - 100% | | | $4,408,930 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $157,824 | $1,293 | $29 | $156,531 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 68,522 | 131,240 | 199,762 | 240 | - |
| Fidelity Series Commodity Strategy Fund Class F | 26,574 | 40,220 | 4,501 | - | 55,937 |
| Fidelity Series Emerging Markets Debt Fund Class F | 19,553 | 13,361 | 4,281 | 1,615 | 28,062 |
| Fidelity Series Floating Rate High Income Fund Class F | 16,910 | 5,372 | 10,321 | 607 | 11,023 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 27,963 | 26,867 | 8,000 | 78 | 47,618 |
| Fidelity Series Real Estate Income Fund Class F | 16,215 | 9,143 | 3,456 | 981 | 21,220 |
| Fidelity Series Short-Term Credit Fund Class F | 48,188 | 67,645 | 31,718 | 680 | 84,084 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 917,434 | 503,624 | 308,206 | 29,145 | 1,097,033 |
| Strategic Advisers Core Multi-Manager Fund Class F | 450,681 | 298,028 | 138,068 | 4,949 | 563,341 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 187,066 | 208,505 | 35,309 | 4,098 | 324,060 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 375,240 | 239,124 | 114,410 | 2,324 | 470,079 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 114,600 | 62,758 | 30,743 | 7,442 | 131,580 |
| Strategic Advisers International Multi-Manager Fund Class F | 449,304 | 299,131 | 121,493 | 7,501 | 573,764 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 227,801 | 160,442 | 61,009 | - | 282,137 |
| Strategic Advisers Value Multi-Manager Fund Class F | 450,832 | 280,827 | 116,699 | 6,602 | 562,756 |
| Total | $3,396,883 | $2,504,111 | $1,189,269 | $66,291 | $4,409,225 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2020 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $4,695,959) — See accompanying schedule | | $4,409,225 |
| Receivable for investments sold | | 58,534 |
| Receivable for fund shares sold | | 85 |
| Total assets | | 4,467,844 |
| Liabilities | | |
| Payable for investments purchased | $58,628 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 264 | |
| Total liabilities | | 58,914 |
| Net Assets | | $4,408,930 |
| Net Assets consist of: | | |
| Paid in capital | | $4,688,602 |
| Undistributed net investment income | | 8,054 |
| Accumulated undistributed net realized gain (loss) on investments | | (992) |
| Net unrealized appreciation (depreciation) on investments | | (286,734) |
| Net Assets | | $4,408,930 |
| Multi-Manager 2020: | | |
| Net Asset Value, offering price and redemption price per share ($4,195,776 ÷ 408,600 shares) | | $10.27 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,886 ÷ 10,410 shares) | | $10.27 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,268 ÷ 10,358 shares) | | $10.26 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $66,291 |
| Expenses | | |
| Transfer agent fees | $3,162 | |
| Distribution and service plan fees | 266 | |
| Independent trustees' compensation | 17 | |
| Total expenses | | 3,445 |
| Net investment income (loss) | | 62,846 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (30,735) | |
| Capital gain distributions from underlying funds | 117,793 | |
| Total net realized gain (loss) | | 87,058 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (271,767) |
| Net gain (loss) | | (184,709) |
| Net increase (decrease) in net assets resulting from operations | | $(121,863) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $62,846 | $40,922 |
| Net realized gain (loss) | 87,058 | 172,004 |
| Change in net unrealized appreciation (depreciation) | (271,767) | (78,059) |
| Net increase (decrease) in net assets resulting from operations | (121,863) | 134,867 |
| Distributions to shareholders from net investment income | (60,710) | (38,591) |
| Distributions to shareholders from net realized gain | (163,441) | (107,622) |
| Total distributions | (224,151) | (146,213) |
| Share transactions - net increase (decrease) | 1,358,231 | 1,674,161 |
| Total increase (decrease) in net assets | 1,012,217 | 1,662,815 |
| Net Assets | | |
| Beginning of period | 3,396,713 | 1,733,898 |
| End of period (including undistributed net investment income of $8,054 and undistributed net investment income of $5,917, respectively) | $4,408,930 | $3,396,713 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2020 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.15 | $11.12 | $10.40 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .16 | .19 | .15 | .06 |
| Net realized and unrealized gain (loss) | (.43) | .45 | .83 | .34 |
| Total from investment operations | (.27) | .64 | .98 | .40 |
| Distributions from net investment income | (.15) | (.16) | (.12) | – |
| Distributions from net realized gain | (.46) | (.45) | (.14) | – |
| Total distributions | (.61) | (.61) | (.26) | – |
| Net asset value, end of period | $10.27 | $11.15 | $11.12 | $10.40 |
| Total ReturnC,D | (2.56)% | 5.91% | 9.50% | 4.00% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .08% | .08% | .10% | .21%G |
| Expenses net of fee waivers, if any | .08% | .08% | .10% | .09%G |
| Expenses net of all reductions | .08% | .08% | .10% | .09%G |
| Net investment income (loss) | 1.51% | 1.71% | 1.41% | 1.97%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $4,196 | $3,178 | $1,527 | $104 |
| Portfolio turnover rateE | 29% | 19% | 51% | 1%H |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2020 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.15 | $11.11 | $10.89 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .16 | .19 | .06 |
| Net realized and unrealized gain (loss) | (.43) | .46 | .32 |
| Total from investment operations | (.27) | .65 | .38 |
| Distributions from net investment income | (.15) | (.16) | (.08) |
| Distributions from net realized gain | (.46) | (.45) | (.09) |
| Total distributions | (.61) | (.61) | (.16)C |
| Net asset value, end of period | $10.27 | $11.15 | $11.11 |
| Total ReturnD | (2.58)% | 5.98% | 3.55% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .08% | .09% | .09%G |
| Expenses net of fee waivers, if any | .08% | .09% | .09%G |
| Expenses net of all reductions | .08% | .09% | .09%G |
| Net investment income (loss) | 1.51% | 1.71% | 1.75%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $110 | $104 |
| Portfolio turnover rateE | 29% | 19% | 51% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.16 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.087 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2020 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.14 | $11.11 | $10.89 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .13 | .16 | .05 |
| Net realized and unrealized gain (loss) | (.43) | .45 | .33 |
| Total from investment operations | (.30) | .61 | .38 |
| Distributions from net investment income | (.12) | (.13) | (.08) |
| Distributions from net realized gain | (.46) | (.45) | (.09) |
| Total distributions | (.58) | (.58) | (.16)C |
| Net asset value, end of period | $10.26 | $11.14 | $11.11 |
| Total ReturnD | (2.82)% | 5.63% | 3.53% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .33% | .34% | .35%G |
| Expenses net of fee waivers, if any | .33% | .34% | .35%G |
| Expenses net of all reductions | .33% | .34% | .35%G |
| Net investment income (loss) | 1.26% | 1.46% | 1.50%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $109 | $103 |
| Portfolio turnover rateE | 29% | 19% | 51% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.16 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.087 per share.
D Total returns for periods of less than one year are not annualized.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2025 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 14.2 | 14.9 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 11.8 | 12.4 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 7.1 | 7.4 |
| Strategic Advisers Value Multi-Manager Fund Class F | 14.2 | 14.8 |
| | 48.6 | 50.3 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 7.8 | 6.5 |
| Strategic Advisers International Multi-Manager Fund Class F | 14.6 | 14.7 |
| | 22.4 | 21.2 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.2 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.3 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 19.9 | 19.9 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 24.8 | 24.7 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 2.7 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 1.5 | 1.1 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 2.7 |
| | 4.2 | 3.8 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 48.6% |
| | International Equity Funds | 22.4% |
| | Bond Funds | 24.8% |
| | Short-Term Funds | 4.2% |
| Six months ago |
| | Domestic Equity Funds | 50.3% |
| | International Equity Funds | 21.2% |
| | Bond Funds | 24.7% |
| | Short-Term Funds | 3.8% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2025 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 48.6% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 4,938 | $24,392 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 22,712 | 268,916 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 17,288 | 224,397 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 13,687 | 134,681 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 20,244 | 268,637 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $980,123) | | | 921,023 |
|
| International Equity Funds - 22.4% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 17,569 | 148,282 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 25,299 | 276,773 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $457,938) | | | 425,055 |
|
| Bond Funds - 24.8% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,252 | 11,879 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 526 | 4,720 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 981 | 9,701 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 847 | 9,219 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 38,273 | 377,754 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 6,065 | 56,162 |
| TOTAL BOND FUNDS | | | |
| (Cost $474,467) | | | 469,435 |
|
| Short-Term Funds - 4.2% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 52,133 | 52,133 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 2,808 | 28,055 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $80,147) | | | 80,188 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,992,675) | | | 1,895,701 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (173) |
| NET ASSETS - 100% | | | $1,895,528 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $52,210 | $77 | $11 | $52,133 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 16,567 | 54,233 | 70,802 | 81 | - |
| Fidelity Series Commodity Strategy Fund Class F | 8,913 | 18,030 | 391 | - | 24,392 |
| Fidelity Series Emerging Markets Debt Fund Class F | 5,831 | 6,696 | 475 | 605 | 11,879 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,629 | 2,724 | 3,294 | 223 | 4,720 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 9,793 | 325 | 9 | 9,701 |
| Fidelity Series Real Estate Income Fund Class F | 5,515 | 4,404 | 464 | 378 | 9,219 |
| Fidelity Series Short-Term Credit Fund Class F | 12,377 | 21,421 | 5,745 | 231 | 28,055 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 224,446 | 208,251 | 51,485 | 8,020 | 377,754 |
| Strategic Advisers Core Multi-Manager Fund Class F | 174,541 | 143,236 | 31,852 | 1,983 | 268,916 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 73,505 | 90,227 | 3,061 | 1,692 | 148,282 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 145,349 | 114,560 | 24,149 | 924 | 224,397 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 41,650 | 27,580 | 7,753 | 2,784 | 56,162 |
| Strategic Advisers International Multi-Manager Fund Class F | 176,888 | 147,151 | 25,058 | 3,222 | 276,773 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 88,311 | 76,852 | 13,043 | - | 134,681 |
| Strategic Advisers Value Multi-Manager Fund Class F | 175,215 | 137,529 | 24,387 | 2,630 | 268,637 |
| Total | $1,154,737 | $1,114,897 | $262,361 | $22,793 | $1,895,701 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2025 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,992,675) — See accompanying schedule | | $1,895,701 |
| Receivable for investments sold | | 20,861 |
| Receivable for fund shares sold | | 5,712 |
| Receivable from investment adviser for expense reductions | | 7 |
| Total assets | | 1,922,281 |
| Liabilities | | |
| Payable for investments purchased | $26,580 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 151 | |
| Total liabilities | | 26,753 |
| Net Assets | | $1,895,528 |
| Net Assets consist of: | | |
| Paid in capital | | $1,983,290 |
| Undistributed net investment income | | 2,722 |
| Accumulated undistributed net realized gain (loss) on investments | | 6,490 |
| Net unrealized appreciation (depreciation) on investments | | (96,974) |
| Net Assets | | $1,895,528 |
| Multi-Manager 2025: | | |
| Net Asset Value, offering price and redemption price per share ($1,681,662 ÷ 161,256 shares) | | $10.43 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($107,243 ÷ 10,273 shares) | | $10.44 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,623 ÷ 10,221 shares) | | $10.43 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $22,793 |
| Expenses | | |
| Transfer agent fees | $1,607 | |
| Distribution and service plan fees | 268 | |
| Independent trustees' compensation | 6 | |
| Total expenses before reductions | 1,881 | |
| Expense reductions | (92) | 1,789 |
| Net investment income (loss) | | 21,004 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (8,804) | |
| Capital gain distributions from underlying funds | 45,423 | |
| Total net realized gain (loss) | | 36,619 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (102,762) |
| Net gain (loss) | | (66,143) |
| Net increase (decrease) in net assets resulting from operations | | $(45,139) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $21,004 | $12,945 |
| Net realized gain (loss) | 36,619 | 68,231 |
| Change in net unrealized appreciation (depreciation) | (102,762) | (20,217) |
| Net increase (decrease) in net assets resulting from operations | (45,139) | 60,959 |
| Distributions to shareholders from net investment income | (19,664) | (12,541) |
| Distributions to shareholders from net realized gain | (64,890) | (40,327) |
| Total distributions | (84,554) | (52,868) |
| Share transactions - net increase (decrease) | 870,589 | 591,526 |
| Total increase (decrease) in net assets | 740,896 | 599,617 |
| Net Assets | | |
| Beginning of period | 1,154,632 | 555,015 |
| End of period (including undistributed net investment income of $2,722 and undistributed net investment income of $1,381, respectively) | $1,895,528 | $1,154,632 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2025 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.40 | $11.37 | $10.48 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .15 | .19 | .16 | .06 |
| Net realized and unrealized gain (loss) | (.48) | .51 | 1.06 | .42 |
| Total from investment operations | (.33) | .70 | 1.22 | .48 |
| Distributions from net investment income | (.13) | (.15) | (.15) | – |
| Distributions from net realized gain | (.51) | (.52) | (.18) | – |
| Total distributions | (.64) | (.67) | (.33) | – |
| Net asset value, end of period | $10.43 | $11.40 | $11.37 | $10.48 |
| Total ReturnC,D | (3.05)% | 6.37% | 11.77% | 4.80% |
| Ratios to Average Net AssetsE,F | | | | |
| Expenses before reductions | .11% | .12% | .12% | .21%G |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .09%G |
| Expenses net of all reductions | .10% | .10% | .10% | .09%G |
| Net investment income (loss) | 1.37% | 1.67% | 1.49% | 2.08%G |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,682 | $934 | $347 | $105 |
| Portfolio turnover rateE | 17% | 21% | 88% | 1%H |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
H Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2025 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.41 | $11.37 | $11.14 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .15 | .19 | .08 |
| Net realized and unrealized gain (loss) | (.48) | .52 | .36 |
| Total from investment operations | (.33) | .71 | .44 |
| Distributions from net investment income | (.13) | (.15) | (.09) |
| Distributions from net realized gain | (.51) | (.52) | (.12) |
| Total distributions | (.64) | (.67) | (.21) |
| Net asset value, end of period | $10.44 | $11.41 | $11.37 |
| Total ReturnC,D | (3.05)% | 6.41% | 3.96% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .09% | .11% | .11%G |
| Expenses net of fee waivers, if any | .09% | .10% | .10%G |
| Expenses net of all reductions | .09% | .10% | .10%G |
| Net investment income (loss) | 1.38% | 1.67% | 2.19%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $111 | $104 |
| Portfolio turnover rateE | 17% | 21% | 88% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2025 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.40 | $11.37 | $11.14 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .12 | .16 | .07 |
| Net realized and unrealized gain (loss) | (.48) | .51 | .37 |
| Total from investment operations | (.36) | .67 | .44 |
| Distributions from net investment income | (.10) | (.12) | (.09) |
| Distributions from net realized gain | (.51) | (.52) | (.12) |
| Total distributions | (.61) | (.64) | (.21) |
| Net asset value, end of period | $10.43 | $11.40 | $11.37 |
| Total ReturnC,D | (3.31)% | 6.07% | 3.94% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .34% | .36% | .37%G |
| Expenses net of fee waivers, if any | .34% | .35% | .35%G |
| Expenses net of all reductions | .34% | .35% | .35%G |
| Net investment income (loss) | 1.13% | 1.42% | 1.94%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $110 | $104 |
| Portfolio turnover rateE | 17% | 21% | 88% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2030 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 17.2 | 17.8 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 14.4 | 14.8 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 8.6 | 8.9 |
| Strategic Advisers Value Multi-Manager Fund Class F | 17.2 | 17.8 |
| | 58.7 | 60.1 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 8.8 | 7.4 |
| Strategic Advisers International Multi-Manager Fund Class F | 18.0 | 17.9 |
| | 26.8 | 25.3 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.2 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.3 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 9.6 | 8.6 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.2 |
| | 14.4 | 13.5 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.1 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.8 |
| | 0.1 | 1.1 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 58.7% |
| | International Equity Funds | 26.8% |
| | Bond Funds | 14.4% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 60.1% |
| | International Equity Funds | 25.3% |
| | Bond Funds | 13.5% |
| | Short-Term Funds | 1.1% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2030 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 58.7% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 3,811 | $18,828 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 21,401 | 253,389 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 16,290 | 211,438 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 12,897 | 126,904 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 19,075 | 253,127 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $905,270) | | | 863,686 |
|
| International Equity Funds - 26.8% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 15,385 | 129,851 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 24,177 | 264,490 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $429,124) | | | 394,341 |
|
| Bond Funds - 14.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 970 | 9,206 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 408 | 3,660 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 766 | 7,578 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 653 | 7,102 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 14,289 | 141,028 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 4,731 | 43,810 |
| TOTAL BOND FUNDS | | | |
| (Cost $216,487) | | | 212,384 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 479 | 479 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 26 | 255 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $733) | | | 734 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,551,614) | | | 1,471,145 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (128) |
| NET ASSETS - 100% | | | $1,471,017 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $819 | $340 | $- | $479 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 9,888 | 11,389 | 21,277 | 17 | - |
| Fidelity Series Commodity Strategy Fund Class F | 11,001 | 15,313 | 5,515 | -- | 18,828 |
| Fidelity Series Emerging Markets Debt Fund Class F | 8,797 | 5,223 | 4,714 | 553 | 9,206 |
| Fidelity Series Floating Rate High Income Fund Class F | 6,967 | 2,413 | 5,425 | 211 | 3,660 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 9,532 | 2,132 | 7 | 7,578 |
| Fidelity Series Real Estate Income Fund Class F | 6,815 | 4,027 | 3,526 | 331 | 7,102 |
| Fidelity Series Short-Term Credit Fund Class F | 6,855 | 2,894 | 9,452 | 58 | 255 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 105,999 | 108,827 | 72,132 | 3,193 | 141,028 |
| Strategic Advisers Core Multi-Manager Fund Class F | 255,395 | 151,875 | 138,170 | 2,022 | 253,389 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 102,062 | 94,020 | 53,117 | 1,393 | 129,851 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 212,513 | 122,232 | 114,913 | 955 | 211,438 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 51,080 | 24,373 | 26,966 | 2,578 | 43,810 |
| Strategic Advisers International Multi-Manager Fund Class F | 261,262 | 152,461 | 128,139 | 2,939 | 264,490 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 128,703 | 80,296 | 65,809 | - | 126,904 |
| Strategic Advisers Value Multi-Manager Fund Class F | 256,375 | 144,027 | 131,089 | 2,707 | 253,127 |
| Total | $1,423,712 | $929,721 | $782,716 | $16,964 | $1,471,145 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2030 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,551,614) — See accompanying schedule | | $1,471,145 |
| Receivable for investments sold | | 14,716 |
| Receivable for fund shares sold | | 1,628 |
| Receivable from investment adviser for expense reductions | | 29 |
| Total assets | | 1,487,518 |
| Liabilities | | |
| Payable for investments purchased | $10,254 | |
| Payable for fund shares redeemed | 6,089 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 136 | |
| Total liabilities | | 16,501 |
| Net Assets | | $1,471,017 |
| Net Assets consist of: | | |
| Paid in capital | | $1,580,326 |
| Undistributed net investment income | | 990 |
| Accumulated undistributed net realized gain (loss) on investments | | (29,830) |
| Net unrealized appreciation (depreciation) on investments | | (80,469) |
| Net Assets | | $1,471,017 |
| Multi-Manager 2030: | | |
| Net Asset Value, offering price and redemption price per share ($1,257,495 ÷ 124,597 shares) | | $10.09 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($107,072 ÷ 10,612 shares) | | $10.09 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,450 ÷ 10,560 shares) | | $10.08 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $16,964 |
| Expenses | | |
| Transfer agent fees | $1,651 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 6 | |
| Total expenses before reductions | 1,926 | |
| Expense reductions | (241) | 1,685 |
| Net investment income (loss) | | 15,279 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (40,047) | |
| Capital gain distributions from underlying funds | 50,045 | |
| Total net realized gain (loss) | | 9,998 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (59,522) |
| Net gain (loss) | | (49,524) |
| Net increase (decrease) in net assets resulting from operations | | $(34,245) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $15,279 | $16,006 |
| Net realized gain (loss) | 9,998 | 106,404 |
| Change in net unrealized appreciation (depreciation) | (59,522) | (45,368) |
| Net increase (decrease) in net assets resulting from operations | (34,245) | 77,042 |
| Distributions to shareholders from net investment income | (14,250) | (16,789) |
| Distributions to shareholders from net realized gain | (83,657) | (79,626) |
| Total distributions | (97,907) | (96,415) |
| Share transactions - net increase (decrease) | 179,577 | 432,995 |
| Total increase (decrease) in net assets | 47,425 | 413,622 |
| Net Assets | | |
| Beginning of period | 1,423,592 | 1,009,970 |
| End of period (including undistributed net investment income of $990 and undistributed net investment income of $155, respectively) | $1,471,017 | $1,423,592 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2030 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.31 | $11.52 | $10.50 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .15 | .19 | .06 |
| Net realized and unrealized gain (loss) | (.52) | .59 | 1.14 | .44 |
| Total from investment operations | (.41) | .74 | 1.33 | .50 |
| Distributions from net investment income | (.12) | (.16) | (.14) | – |
| Distributions from net realized gain | (.68) | (.79) | (.17) | – |
| Total distributions | (.81)C | (.95) | (.31) | – |
| Net asset value, end of period | $10.09 | $11.31 | $11.52 | $10.50 |
| Total ReturnD,E | (3.92)% | 6.71% | 12.76% | 5.00% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .12% | .11% | .13% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .09%H |
| Expenses net of all reductions | .10% | .10% | .10% | .09%H |
| Net investment income (loss) | 1.08% | 1.34% | 1.74% | 2.14%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,257 | $1,201 | $801 | $105 |
| Portfolio turnover rateF | 54% | 27% | 63% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.81 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.684 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2030 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.31 | $11.51 | $11.22 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .11 | .15 | .08 |
| Net realized and unrealized gain (loss) | (.52) | .60 | .40 |
| Total from investment operations | (.41) | .75 | .48 |
| Distributions from net investment income | (.12) | (.16) | (.08) |
| Distributions from net realized gain | (.68) | (.79) | (.11) |
| Total distributions | (.81)C | (.95) | (.19) |
| Net asset value, end of period | $10.09 | $11.31 | $11.51 |
| Total ReturnD,E | (3.90)% | 6.80% | 4.32% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10% | .11% | .11%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | 1.08% | 1.34% | 2.25%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $111 | $104 |
| Portfolio turnover rateF | 54% | 27% | 63% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.81 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.684 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2030 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.30 | $11.51 | $11.22 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .13 | .07 |
| Net realized and unrealized gain (loss) | (.53) | .58 | .41 |
| Total from investment operations | (.44) | .71 | .48 |
| Distributions from net investment income | (.10) | (.13) | (.08) |
| Distributions from net realized gain | (.68) | (.79) | (.11) |
| Total distributions | (.78) | (.92) | (.19) |
| Net asset value, end of period | $10.08 | $11.30 | $11.51 |
| Total ReturnC,D | (4.12)% | 6.44% | 4.30% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .35% | .36% | .37%G |
| Expenses net of fee waivers, if any | .35% | .35% | .35%G |
| Expenses net of all reductions | .35% | .35% | .35%G |
| Net investment income (loss) | .83% | 1.09% | 2.00%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateE | 54% | 27% | 63% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2035 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.1 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 16.0 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.6 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.1 | 19.9 |
| | 29.5 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 2.9 | 3.3 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.1 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.1 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.3% |
| | Short-Term Funds | 0.1% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2035 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 4,671 | $23,073 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 29,032 | 343,740 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 22,098 | 286,826 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 17,495 | 172,149 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 25,877 | 343,389 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,237,182) | | | 1,169,177 |
|
| International Equity Funds - 29.5% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 20,019 | 168,959 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 33,045 | 361,510 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $569,372) | | | 530,469 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 1,191 | 11,299 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 497 | 4,467 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 936 | 9,257 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 803 | 8,740 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 911 | 8,995 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 5,717 | 52,943 |
| TOTAL BOND FUNDS | | | |
| (Cost $101,269) | | | 95,701 |
|
| Short-Term Funds - 0.1% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 574 | 574 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 29 | 287 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $861) | | | 861 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,908,684) | | | 1,796,208 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (150) |
| NET ASSETS - 100% | | | $1,796,058 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $574 | $- | $- | $574 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 8,949 | 8,428 | 17,378 | 17 | - |
| Fidelity Series Commodity Strategy Fund Class F | 9,261 | 17,215 | 1,578 | - | 23,073 |
| Fidelity Series Emerging Markets Debt Fund Class F | 6,911 | 5,826 | 1,326 | 548 | 11,299 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,856 | 2,636 | 3,731 | 207 | 4,467 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 9,355 | 322 | 8 | 9,257 |
| Fidelity Series Real Estate Income Fund Class F | 5,734 | 4,333 | 1,130 | 339 | 8,740 |
| Fidelity Series Short-Term Credit Fund Class F | 6,578 | 2,524 | 8,777 | 53 | 287 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 6,058 | 17,044 | 14,080 | 230 | 8,995 |
| Strategic Advisers Core Multi-Manager Fund Class F | 231,860 | 171,984 | 41,366 | 2,364 | 343,740 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 91,203 | 105,038 | 14,471 | 1,802 | 168,959 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 193,111 | 142,340 | 36,861 | 1,098 | 286,826 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 43,528 | 24,862 | 10,939 | 2,509 | 52,943 |
| Strategic Advisers International Multi-Manager Fund Class F | 237,517 | 185,427 | 36,761 | 3,976 | 361,510 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 117,019 | 96,528 | 22,370 | - | 172,149 |
| Strategic Advisers Value Multi-Manager Fund Class F | 232,661 | 168,830 | 37,361 | 3,138 | 343,389 |
| Total | $1,196,246 | $962,944 | $248,451 | $16,289 | $1,796,208 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2035 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,908,684) — See accompanying schedule | | $1,796,208 |
| Receivable for investments sold | | 5,364 |
| Receivable for fund shares sold | | 5,863 |
| Receivable from investment adviser for expense reductions | | 69 |
| Total assets | | 1,807,504 |
| Liabilities | | |
| Payable for investments purchased | $11,224 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 200 | |
| Total liabilities | | 11,446 |
| Net Assets | | $1,796,058 |
| Net Assets consist of: | | |
| Paid in capital | | $1,901,604 |
| Undistributed net investment income | | 543 |
| Accumulated undistributed net realized gain (loss) on investments | | 6,387 |
| Net unrealized appreciation (depreciation) on investments | | (112,476) |
| Net Assets | | $1,796,058 |
| Multi-Manager 2035: | | |
| Net Asset Value, offering price and redemption price per share ($1,583,020 ÷ 151,849 shares) | | $10.42 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,828 ÷ 10,245 shares) | | $10.43 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,210 ÷ 10,199 shares) | | $10.41 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $16,289 |
| Expenses | | |
| Transfer agent fees | $2,160 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 6 | |
| Total expenses before reductions | 2,435 | |
| Expense reductions | (780) | 1,655 |
| Net investment income (loss) | | 14,634 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (12,694) | |
| Capital gain distributions from underlying funds | 54,736 | |
| Total net realized gain (loss) | | 42,042 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (101,836) |
| Net gain (loss) | | (59,794) |
| Net increase (decrease) in net assets resulting from operations | | $(45,160) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $14,634 | $10,855 |
| Net realized gain (loss) | 42,042 | 88,348 |
| Change in net unrealized appreciation (depreciation) | (101,836) | (40,442) |
| Net increase (decrease) in net assets resulting from operations | (45,160) | 58,761 |
| Distributions to shareholders from net investment income | (14,091) | (11,568) |
| Distributions to shareholders from net realized gain | (77,195) | (56,501) |
| Total distributions | (91,286) | (68,069) |
| Share transactions - net increase (decrease) | 736,362 | 584,379 |
| Total increase (decrease) in net assets | 599,916 | 575,071 |
| Net Assets | | |
| Beginning of period | 1,196,142 | 621,071 |
| End of period (including undistributed net investment income of $543 and undistributed net investment income of $0, respectively) | $1,796,058 | $1,196,142 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2035 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.65 | $11.75 | $10.56 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .15 | .15 | .05 |
| Net realized and unrealized gain (loss) | (.59) | .64 | 1.36 | .51 |
| Total from investment operations | (.48) | .79 | 1.51 | .56 |
| Distributions from net investment income | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.64) | (.75) | (.18) | – |
| Total distributions | (.75)C | (.89)D | (.32) | – |
| Net asset value, end of period | $10.42 | $11.65 | $11.75 | $10.56 |
| Total ReturnE,F | (4.45)% | 6.95% | 14.45% | 5.60% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .16% | .18% | .17% | .20%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.07% | 1.25% | 1.36% | 1.84%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,583 | $973 | $412 | $127 |
| Portfolio turnover rateG | 18% | 11% | 32% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.75 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.643 per share.
D Total distributions of $.89 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $.745 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2035 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.65 | $11.75 | $11.47 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .12 | .15 | .08 |
| Net realized and unrealized gain (loss) | (.59) | .64 | .43 |
| Total from investment operations | (.47) | .79 | .51 |
| Distributions from net investment income | (.10) | (.14) | (.09) |
| Distributions from net realized gain | (.64) | (.75) | (.14) |
| Total distributions | (.75)C | (.89) | (.23) |
| Net asset value, end of period | $10.43 | $11.65 | $11.75 |
| Total ReturnD,E | (4.36)% | 6.94% | 4.50% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | 1.07% | 1.25% | 2.08%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $112 | $105 |
| Portfolio turnover rateF | 18% | 11% | 32% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.75 per share is comprised of distributions from net investment income of $.102 and distributions from net realized gain of $.643 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2035 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.64 | $11.75 | $11.47 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .12 | .07 |
| Net realized and unrealized gain (loss) | (.60) | .63 | .44 |
| Total from investment operations | (.51) | .75 | .51 |
| Distributions from net investment income | (.08) | (.11) | (.09) |
| Distributions from net realized gain | (.64) | (.75) | (.14) |
| Total distributions | (.72) | (.86) | (.23) |
| Net asset value, end of period | $10.41 | $11.64 | $11.75 |
| Total ReturnC,D | (4.65)% | 6.58% | 4.48% |
| Ratios to Average Net AssetsE,F | | | |
| Expenses before reductions | .35% | .37% | .38%G |
| Expenses net of fee waivers, if any | .35% | .35% | .35%G |
| Expenses net of all reductions | .35% | .35% | .35%G |
| Net investment income (loss) | .81% | 1.00% | 1.83%G |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateE | 18% | 11% | 32% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2040 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.0 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 15.9 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.8 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.2 | 19.9 |
| | 29.6 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 2.9 | 3.3 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.0 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.6% |
| | Bond Funds | 5.3% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2040 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 2,452 | $12,113 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 15,168 | 179,585 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 11,529 | 149,643 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 9,382 | 92,320 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 13,590 | 180,338 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $659,141) | | | 613,999 |
|
| International Equity Funds - 29.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 10,510 | 88,703 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 17,373 | 190,064 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $304,168) | | | 278,767 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 636 | 6,035 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 261 | 2,346 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 497 | 4,913 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 426 | 4,636 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 479 | 4,724 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 2,960 | 27,408 |
| TOTAL BOND FUNDS | | | |
| (Cost $53,761) | | | 50,062 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 301 | 301 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 15 | 151 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $452) | | | 452 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,017,522) | | | 943,280 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (94) |
| NET ASSETS - 100% | | | $943,186 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $302 | $1 | $- | $301 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 5,676 | 4,571 | 10,248 | 10 | - |
| Fidelity Series Commodity Strategy Fund Class F | 5,883 | 8,250 | 815 | - | 12,113 |
| Fidelity Series Emerging Markets Debt Fund Class F | 4,494 | 2,490 | 844 | 332 | 6,035 |
| Fidelity Series Floating Rate High Income Fund Class F | 3,755 | 1,193 | 2,419 | 126 | 2,346 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 5,089 | 291 | 4 | 4,913 |
| Fidelity Series Real Estate Income Fund Class F | 3,679 | 1,810 | 712 | 204 | 4,636 |
| Fidelity Series Short-Term Credit Fund Class F | 4,212 | 920 | 4,957 | 33 | 151 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 3,910 | 9,151 | 8,299 | 144 | 4,724 |
| Strategic Advisers Core Multi-Manager Fund Class F | 148,714 | 73,140 | 28,913 | 1,441 | 179,585 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 58,513 | 48,585 | 8,729 | 1,079 | 88,703 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 123,938 | 57,285 | 23,078 | 668 | 149,643 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 27,988 | 10,352 | 7,976 | 1,520 | 27,408 |
| Strategic Advisers International Multi-Manager Fund Class F | 152,396 | 76,993 | 23,044 | 2,345 | 190,064 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 75,124 | 41,961 | 11,944 | - | 92,320 |
| Strategic Advisers Value Multi-Manager Fund Class F | 149,259 | 67,873 | 22,632 | 1,907 | 180,338 |
| Total | $767,541 | $409,965 | $154,902 | $9,813 | $943,280 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2040 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,017,522) — See accompanying schedule | | $943,280 |
| Receivable for investments sold | | 1,803 |
| Receivable for fund shares sold | | 6,148 |
| Receivable from investment adviser for expense reductions | | 66 |
| Total assets | | 951,297 |
| Liabilities | | |
| Payable for investments purchased | $7,953 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 136 | |
| Total liabilities | | 8,111 |
| Net Assets | | $943,186 |
| Net Assets consist of: | | |
| Paid in capital | | $1,017,815 |
| Accumulated undistributed net realized gain (loss) on investments | | (387) |
| Net unrealized appreciation (depreciation) on investments | | (74,242) |
| Net Assets | | $943,186 |
| Multi-Manager 2040: | | |
| Net Asset Value, offering price and redemption price per share ($730,143 ÷ 70,407 shares) | | $10.37 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,829 ÷ 10,300 shares) | | $10.37 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,214 ÷ 10,249 shares) | | $10.36 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $9,813 |
| Expenses | | |
| Transfer agent fees | $1,598 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 3 | |
| Total expenses before reductions | 1,870 | |
| Expense reductions | (761) | 1,109 |
| Net investment income (loss) | | 8,704 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (9,173) | |
| Capital gain distributions from underlying funds | 33,746 | |
| Total net realized gain (loss) | | 24,573 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (70,157) |
| Net gain (loss) | | (45,584) |
| Net increase (decrease) in net assets resulting from operations | | $(36,880) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $8,704 | $7,767 |
| Net realized gain (loss) | 24,573 | 62,237 |
| Change in net unrealized appreciation (depreciation) | (70,157) | (27,377) |
| Net increase (decrease) in net assets resulting from operations | (36,880) | 42,627 |
| Distributions to shareholders from net investment income | (8,470) | (8,390) |
| Distributions to shareholders from net realized gain | (52,618) | (42,068) |
| Total distributions | (61,088) | (50,458) |
| Share transactions - net increase (decrease) | 273,688 | 259,544 |
| Total increase (decrease) in net assets | 175,720 | 251,713 |
| Net Assets | | |
| Beginning of period | 767,466 | 515,753 |
| End of period | $943,186 | $767,466 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2040 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.65 | $11.80 | $10.57 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | (.58) | .63 | 1.39 | .51 |
| Total from investment operations | (.47) | .78 | 1.54 | .57 |
| Distributions from net investment income | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.71) | (.77) | (.17) | – |
| Total distributions | (.81) | (.93)C | (.31) | – |
| Net asset value, end of period | $10.37 | $11.65 | $11.80 | $10.57 |
| Total ReturnD,E | (4.35)% | 6.81% | 14.75% | 5.70% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .21% | .23% | .21% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.06% | 1.28% | 1.32% | 2.04%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $730 | $544 | $307 | $106 |
| Portfolio turnover rateF | 18% | 24% | 54% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.93 per share is comprised of distributions from net investment income of $.154 and distributions from net realized gain of $.772 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2040 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.65 | $11.79 | $11.49 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .11 | .15 | .07 |
| Net realized and unrealized gain (loss) | (.58) | .63 | .44 |
| Total from investment operations | (.47) | .78 | .51 |
| Distributions from net investment income | (.10) | (.15) | (.09) |
| Distributions from net realized gain | (.71) | (.77) | (.13) |
| Total distributions | (.81) | (.92) | (.21)C |
| Net asset value, end of period | $10.37 | $11.65 | $11.79 |
| Total ReturnD,E | (4.36)% | 6.87% | 4.50% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .11% | .13% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | 1.06% | 1.28% | 2.03%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $112 | $105 |
| Portfolio turnover rateF | 18% | 24% | 54% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.088 and distributions from net realized gain of $.126 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2040 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.64 | $11.79 | $11.49 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .12 | .07 |
| Net realized and unrealized gain (loss) | (.59) | .62 | .44 |
| Total from investment operations | (.50) | .74 | .51 |
| Distributions from net investment income | (.08) | (.12) | (.09) |
| Distributions from net realized gain | (.70) | (.77) | (.13) |
| Total distributions | (.78) | (.89) | (.21)C |
| Net asset value, end of period | $10.36 | $11.64 | $11.79 |
| Total ReturnD,E | (4.60)% | 6.53% | 4.49% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .36% | .38% | .38%H |
| Expenses net of fee waivers, if any | .35% | .35% | .35%H |
| Expenses net of all reductions | .35% | .35% | .35%H |
| Net investment income (loss) | .81% | 1.03% | 1.79%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateF | 18% | 24% | 54% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.21 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.126 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2045 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.1 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 16.0 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.6 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.2 | 19.9 |
| | 29.6 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 2.9 | 3.3 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.0 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.6% |
| | Bond Funds | 5.3% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2045 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 3,825 | $18,893 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 23,841 | 282,279 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 18,146 | 235,538 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 14,367 | 141,368 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 21,251 | 281,995 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $1,022,808) | | | 960,073 |
|
| International Equity Funds - 29.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 16,425 | 138,627 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 27,195 | 297,517 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $472,549) | | | 436,144 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 996 | 9,450 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 409 | 3,669 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 777 | 7,681 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 668 | 7,270 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 748 | 7,386 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 4,603 | 42,627 |
| TOTAL BOND FUNDS | | | |
| (Cost $83,056) | | | 78,083 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 471 | 471 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 24 | 237 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $707) | | | 708 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,579,120) | | | 1,475,008 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (144) |
| NET ASSETS - 100% | | | $1,474,864 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $472 | $2 | $- | $471 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 8,672 | 7,439 | 16,111 | 16 | - |
| Fidelity Series Commodity Strategy Fund Class F | 9,404 | 13,959 | 2,474 | -- | 18,893 |
| Fidelity Series Emerging Markets Debt Fund Class F | 6,369 | 5,020 | 1,741 | 529 | 9,450 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,711 | 2,067 | 3,806 | 200 | 3,669 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 8,776 | 1,270 | 7 | 7,681 |
| Fidelity Series Real Estate Income Fund Class F | 5,598 | 3,340 | 1,438 | 333 | 7,270 |
| Fidelity Series Short-Term Credit Fund Class F | 6,654 | 1,921 | 8,298 | 54 | 237 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 5,947 | 15,219 | 13,720 | 221 | 7,386 |
| Strategic Advisers Core Multi-Manager Fund Class F | 226,215 | 132,872 | 56,129 | 2,335 | 282,279 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 88,899 | 86,155 | 20,429 | 1,825 | 138,627 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 188,486 | 106,667 | 46,043 | 1,088 | 235,538 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 42,214 | 18,939 | 13,728 | 2,410 | 42,627 |
| Strategic Advisers International Multi-Manager Fund Class F | 231,890 | 143,380 | 51,028 | 3,942 | 297,517 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 114,271 | 73,860 | 25,678 | - | 141,368 |
| Strategic Advisers Value Multi-Manager Fund Class F | 227,030 | 127,952 | 49,447 | 3,104 | 281,995 |
| Total | $1,167,360 | $748,038 | $311,342 | $16,064 | $1,475,008 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2045 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,579,120) — See accompanying schedule | | $1,475,008 |
| Receivable for investments sold | | 3,153 |
| Receivable for fund shares sold | | 16,226 |
| Receivable from investment adviser for expense reductions | | 89 |
| Total assets | | 1,494,476 |
| Liabilities | | |
| Payable for investments purchased | $19,383 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 207 | |
| Total liabilities | | 19,612 |
| Net Assets | | $1,474,864 |
| Net Assets consist of: | | |
| Paid in capital | | $1,596,910 |
| Accumulated undistributed net realized gain (loss) on investments | | (17,934) |
| Net unrealized appreciation (depreciation) on investments | | (104,112) |
| Net Assets | | $1,474,864 |
| Multi-Manager 2045: | | |
| Net Asset Value, offering price and redemption price per share ($1,261,853 ÷ 119,552 shares) | | $10.55 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,813 ÷ 10,118 shares) | | $10.56 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,198 ÷ 10,068 shares) | | $10.55 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $16,064 |
| Expenses | | |
| Transfer agent fees | $2,522 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 5 | |
| Total expenses before reductions | 2,796 | |
| Expense reductions | (1,186) | 1,610 |
| Net investment income (loss) | | 14,454 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (35,714) | |
| Capital gain distributions from underlying funds | 53,761 | |
| Total net realized gain (loss) | | 18,047 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (93,334) |
| Net gain (loss) | | (75,287) |
| Net increase (decrease) in net assets resulting from operations | | $(60,833) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $14,454 | $9,207 |
| Net realized gain (loss) | 18,047 | 73,677 |
| Change in net unrealized appreciation (depreciation) | (93,334) | (34,008) |
| Net increase (decrease) in net assets resulting from operations | (60,833) | 48,876 |
| Distributions to shareholders from net investment income | (14,640) | (9,896) |
| Distributions to shareholders from net realized gain | (69,085) | (47,890) |
| Total distributions | (83,725) | (57,786) |
| Share transactions - net increase (decrease) | 452,162 | 636,573 |
| Total increase (decrease) in net assets | 307,604 | 627,663 |
| Net Assets | | |
| Beginning of period | 1,167,260 | 539,597 |
| End of period | $1,474,864 | $1,167,260 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2045 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.73 | $11.83 | $10.59 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .12 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | (.61) | .64 | 1.42 | .53 |
| Total from investment operations | (.49) | .79 | 1.57 | .59 |
| Distributions from net investment income | (.11) | (.15) | (.15) | – |
| Distributions from net realized gain | (.59) | (.74) | (.19) | – |
| Total distributions | (.69)C | (.89) | (.33)D | – |
| Net asset value, end of period | $10.55 | $11.73 | $11.83 | $10.59 |
| Total ReturnE,F | (4.40)% | 6.88% | 15.00% | 5.90% |
| Ratios to Average Net AssetsG,H | | | | |
| Expenses before reductions | .20% | .25% | .25% | .21%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10% | .10%I |
| Net investment income (loss) | 1.09% | 1.23% | 1.34% | 2.05%I |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,262 | $944 | $331 | $106 |
| Portfolio turnover rateG | 23% | 16% | 38% | 1%J |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.69 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.587 per share.
D Total distributions of $.33 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $.187 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
J Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2045 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.73 | $11.83 | $11.54 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .12 | .15 | .07 |
| Net realized and unrealized gain (loss) | (.60) | .63 | .45 |
| Total from investment operations | (.48) | .78 | .52 |
| Distributions from net investment income | (.11) | (.14) | (.09) |
| Distributions from net realized gain | (.59) | (.74) | (.14) |
| Total distributions | (.69)C | (.88) | (.23) |
| Net asset value, end of period | $10.56 | $11.73 | $11.83 |
| Total ReturnD,E | (4.33)% | 6.85% | 4.51% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .10% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | 1.09% | 1.23% | 1.94%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $112 | $105 |
| Portfolio turnover rateF | 23% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.69 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.587 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2045 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.73 | $11.82 | $11.54 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | (.60) | .65 | .45 |
| Total from investment operations | (.51) | .77 | .51 |
| Distributions from net investment income | (.08) | (.12) | (.09) |
| Distributions from net realized gain | (.58) | (.74) | (.14) |
| Total distributions | (.67)C | (.86) | (.23) |
| Net asset value, end of period | $10.55 | $11.73 | $11.82 |
| Total ReturnD,E | (4.65)% | 6.68% | 4.41% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .35% | .37% | .38%H |
| Expenses net of fee waivers, if any | .35% | .35% | .35%H |
| Expenses net of all reductions | .35% | .35% | .35%H |
| Net investment income (loss) | .84% | .98% | 1.70%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateF | 23% | 16% | 38% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.67 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.581 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2050 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.1 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 16.0 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.6 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.2 | 19.9 |
| | 29.6 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 2.9 | 3.3 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.0 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.6% |
| | Bond Funds | 5.3% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2050 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 3,509 | $17,336 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 21,796 | 258,069 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 16,611 | 215,609 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 13,184 | 129,729 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 19,452 | 258,133 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $936,148) | | | 878,876 |
|
| International Equity Funds - 29.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 15,041 | 126,946 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 24,887 | 272,269 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $431,027) | | | 399,215 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 905 | 8,585 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 374 | 3,358 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 706 | 6,986 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 607 | 6,605 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 685 | 6,761 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 4,229 | 39,163 |
| TOTAL BOND FUNDS | | | |
| (Cost $76,289) | | | 71,458 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 431 | 431 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 22 | 219 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $649) | | | 650 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,444,113) | | | 1,350,199 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (120) |
| NET ASSETS - 100% | | | $1,350,079 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $431 | $- | $- | $431 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 8,548 | 6,564 | 15,112 | 14 | - |
| Fidelity Series Commodity Strategy Fund Class F | 9,000 | 12,404 | 2,381 | - | 17,336 |
| Fidelity Series Emerging Markets Debt Fund Class F | 7,126 | 3,767 | 2,164 | 467 | 8,585 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,736 | 1,787 | 3,916 | 179 | 3,358 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 7,393 | 565 | 6 | 6,986 |
| Fidelity Series Real Estate Income Fund Class F | 5,617 | 2,921 | 1,733 | 289 | 6,605 |
| Fidelity Series Short-Term Credit Fund Class F | 6,332 | 1,543 | 7,621 | 47 | 219 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 5,939 | 13,215 | 12,330 | 195 | 6,761 |
| Strategic Advisers Core Multi-Manager Fund Class F | 228,439 | 115,376 | 68,007 | 2,054 | 258,069 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 89,856 | 75,634 | 25,533 | 1,424 | 126,946 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 190,318 | 91,958 | 56,356 | 971 | 215,609 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 43,110 | 16,242 | 16,143 | 2,134 | 39,163 |
| Strategic Advisers International Multi-Manager Fund Class F | 234,097 | 123,556 | 64,941 | 3,225 | 272,269 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 115,356 | 63,841 | 32,499 | - | 129,729 |
| Strategic Advisers Value Multi-Manager Fund Class F | 229,211 | 112,034 | 64,248 | 2,748 | 258,133 |
| Total | $1,178,685 | $648,666 | $373,549 | $13,753 | $1,350,199 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2050 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,444,113) — See accompanying schedule | | $1,350,199 |
| Receivable for investments sold | | 2,121 |
| Receivable for fund shares sold | | 17,435 |
| Receivable from investment adviser for expense reductions | | 94 |
| Total assets | | 1,369,849 |
| Liabilities | | |
| Payable for investments purchased | $19,553 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 195 | |
| Total liabilities | | 19,770 |
| Net Assets | | $1,350,079 |
| Net Assets consist of: | | |
| Paid in capital | | $1,445,201 |
| Undistributed net investment income | | 287 |
| Accumulated undistributed net realized gain (loss) on investments | | (1,495) |
| Net unrealized appreciation (depreciation) on investments | | (93,914) |
| Net Assets | | $1,350,079 |
| Multi-Manager 2050: | | |
| Net Asset Value, offering price and redemption price per share ($1,137,088 ÷ 109,652 shares) | | $10.37 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,804 ÷ 10,297 shares) | | $10.37 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,187 ÷ 10,248 shares) | | $10.36 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $13,753 |
| Expenses | | |
| Transfer agent fees | $2,325 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 5 | |
| Total expenses before reductions | 2,599 | |
| Expense reductions | (1,151) | 1,448 |
| Net investment income (loss) | | 12,305 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (17,748) | |
| Capital gain distributions from underlying funds | 49,322 | |
| Total net realized gain (loss) | | 31,574 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (85,853) |
| Net gain (loss) | | (54,279) |
| Net increase (decrease) in net assets resulting from operations | | $(41,974) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $12,305 | $12,659 |
| Net realized gain (loss) | 31,574 | 100,845 |
| Change in net unrealized appreciation (depreciation) | (85,853) | (45,685) |
| Net increase (decrease) in net assets resulting from operations | (41,974) | 67,819 |
| Distributions to shareholders from net investment income | (12,018) | (13,773) |
| Distributions to shareholders from net realized gain | (76,953) | (69,529) |
| Total distributions | (88,971) | (83,302) |
| Share transactions - net increase (decrease) | 302,445 | 374,356 |
| Total increase (decrease) in net assets | 171,500 | 358,873 |
| Net Assets | | |
| Beginning of period | 1,178,579 | 819,706 |
| End of period (including undistributed net investment income of $287 and undistributed net investment income of $0, respectively) | $1,350,079 | $1,178,579 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2050 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.67 | $11.85 | $10.60 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .15 | .16 | .06 |
| Net realized and unrealized gain (loss) | (.58) | .63 | 1.43 | .54 |
| Total from investment operations | (.47) | .78 | 1.59 | .60 |
| Distributions from net investment income | (.11) | (.16) | (.15) | – |
| Distributions from net realized gain | (.72) | (.81) | (.19) | – |
| Total distributions | (.83) | (.96)C | (.34) | – |
| Net asset value, end of period | $10.37 | $11.67 | $11.85 | $10.60 |
| Total ReturnD,E | (4.38)% | 6.85% | 15.13% | 6.00% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .22% | .20% | .20% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.06% | 1.28% | 1.38% | 2.04%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,137 | $956 | $611 | $106 |
| Portfolio turnover rateF | 31% | 15% | 21% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.96 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.806 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2050 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.67 | $11.85 | $11.56 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .11 | .15 | .07 |
| Net realized and unrealized gain (loss) | (.58) | .63 | .45 |
| Total from investment operations | (.47) | .78 | .52 |
| Distributions from net investment income | (.11) | (.16) | (.09) |
| Distributions from net realized gain | (.72) | (.81) | (.15) |
| Total distributions | (.83) | (.96)C | (.23)D |
| Net asset value, end of period | $10.37 | $11.67 | $11.85 |
| Total ReturnE,F | (4.39)% | 6.84% | 4.54% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .11% | .11% | .11%I |
| Expenses net of fee waivers, if any | .10% | .10% | .10%I |
| Expenses net of all reductions | .10% | .10% | .10%I |
| Net investment income (loss) | 1.05% | 1.28% | 1.99%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $112 | $105 |
| Portfolio turnover rateG | 31% | 15% | 21% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.96 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.806 per share.
D Total distributions of $.23 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.145 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2050 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.66 | $11.84 | $11.56 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | (.59) | .63 | .45 |
| Total from investment operations | (.50) | .75 | .51 |
| Distributions from net investment income | (.09) | (.13) | (.08) |
| Distributions from net realized gain | (.71) | (.81) | (.15) |
| Total distributions | (.80) | (.93)C | (.23) |
| Net asset value, end of period | $10.36 | $11.66 | $11.84 |
| Total ReturnD,E | (4.62)% | 6.57% | 4.43% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .36% | .36% | .37%H |
| Expenses net of fee waivers, if any | .35% | .35% | .35%H |
| Expenses net of all reductions | .35% | .35% | .35%H |
| Net investment income (loss) | .80% | 1.03% | 1.74%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateF | 31% | 15% | 21% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.93 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.806 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2055 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.1 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 16.0 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.6 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.2 | 19.9 |
| | 29.6 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 2.9 | 3.3 |
| | 5.3 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.0 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.6% |
| | Bond Funds | 5.3% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2055 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 3,589 | $17,731 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 22,219 | 263,072 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 16,937 | 219,840 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 13,449 | 132,336 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 19,834 | 263,199 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $966,110) | | | 896,178 |
|
| International Equity Funds - 29.6% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 15,343 | 129,496 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 25,379 | 277,647 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $445,159) | | | 407,143 |
|
| Bond Funds - 5.3% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 929 | 8,817 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 381 | 3,424 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 712 | 7,044 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 619 | 6,737 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 698 | 6,894 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 4,300 | 39,820 |
| TOTAL BOND FUNDS | | | |
| (Cost $77,891) | | | 72,736 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 439 | 439 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 21 | 211 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $649) | | | 650 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $1,489,809) | | | 1,376,707 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (127) |
| NET ASSETS - 100% | | | $1,376,580 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $442 | $3 | $- | $439 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 8,530 | 5,866 | 14,396 | 14 | - |
| Fidelity Series Commodity Strategy Fund Class F | 8,459 | 12,210 | 1,283 | - | 17,731 |
| Fidelity Series Emerging Markets Debt Fund Class F | 5,860 | 4,136 | 1,053 | 462 | 8,817 |
| Fidelity Series Floating Rate High Income Fund Class F | 5,222 | 1,622 | 3,164 | 176 | 3,424 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 7,431 | 553 | 6 | 7,044 |
| Fidelity Series Real Estate Income Fund Class F | 5,172 | 2,663 | 906 | 286 | 6,737 |
| Fidelity Series Short-Term Credit Fund Class F | 6,295 | 1,500 | 7,551 | 47 | 211 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 5,400 | 13,566 | 12,032 | 193 | 6,894 |
| Strategic Advisers Core Multi-Manager Fund Class F | 209,144 | 103,952 | 32,798 | 1,990 | 263,072 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 81,324 | 70,898 | 9,997 | 1,515 | 129,496 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 174,262 | 82,265 | 25,605 | 931 | 219,840 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 38,278 | 15,543 | 9,917 | 2,132 | 39,820 |
| Strategic Advisers International Multi-Manager Fund Class F | 215,583 | 111,232 | 27,048 | 3,296 | 277,647 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 105,601 | 57,221 | 12,879 | - | 132,336 |
| Strategic Advisers Value Multi-Manager Fund Class F | 209,940 | 98,691 | 26,247 | 2,651 | 263,199 |
| Total | $1,079,070 | $589,238 | $185,432 | $13,699 | $1,376,707 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2055 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $1,489,809) — See accompanying schedule | | $1,376,707 |
| Receivable for investments sold | | 2,125 |
| Receivable for fund shares sold | | 18,223 |
| Receivable from investment adviser for expense reductions | | 124 |
| Total assets | | 1,397,179 |
| Liabilities | | |
| Payable for investments purchased | $20,348 | |
| Distribution and service plan fees payable | 22 | |
| Other affiliated payables | 229 | |
| Total liabilities | | 20,599 |
| Net Assets | | $1,376,580 |
| Net Assets consist of: | | |
| Paid in capital | | $1,482,482 |
| Accumulated undistributed net realized gain (loss) on investments | | 7,200 |
| Net unrealized appreciation (depreciation) on investments | | (113,102) |
| Net Assets | | $1,376,580 |
| Multi-Manager 2055: | | |
| Net Asset Value, offering price and redemption price per share ($1,163,649 ÷ 110,100 shares) | | $10.57 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($106,774 ÷ 10,100 shares) | | $10.57 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($106,157 ÷ 10,055 shares) | | $10.56 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $13,699 |
| Expenses | | |
| Transfer agent fees | $2,679 | |
| Distribution and service plan fees | 269 | |
| Independent trustees' compensation | 5 | |
| Total expenses before reductions | 2,953 | |
| Expense reductions | (1,495) | 1,458 |
| Net investment income (loss) | | 12,241 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (8,337) | |
| Capital gain distributions from underlying funds | 46,628 | |
| Total net realized gain (loss) | | 38,291 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (97,832) |
| Net gain (loss) | | (59,541) |
| Net increase (decrease) in net assets resulting from operations | | $(47,300) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | Year ended March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $12,241 | $9,949 |
| Net realized gain (loss) | 38,291 | 80,450 |
| Change in net unrealized appreciation (depreciation) | (97,832) | (37,205) |
| Net increase (decrease) in net assets resulting from operations | (47,300) | 53,194 |
| Distributions to shareholders from net investment income | (11,755) | (10,797) |
| Distributions to shareholders from net realized gain | (69,001) | (51,714) |
| Total distributions | (80,756) | (62,511) |
| Share transactions - net increase (decrease) | 425,655 | 522,066 |
| Total increase (decrease) in net assets | 297,599 | 512,749 |
| Net Assets | | |
| Beginning of period | 1,078,981 | 566,232 |
| End of period | $1,376,580 | $1,078,981 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2055 Fund
| Years ended March 31, | 2016 | 2015 | 2014 | 2013 A |
| Selected Per–Share Data | | | | |
| Net asset value, beginning of period | $11.84 | $11.95 | $10.62 | $10.00 |
| Income from Investment Operations | | | | |
| Net investment income (loss)B | .11 | .15 | .15 | .06 |
| Net realized and unrealized gain (loss) | (.59) | .64 | 1.50 | .56 |
| Total from investment operations | (.48) | .79 | 1.65 | .62 |
| Distributions from net investment income | (.10) | (.15) | (.14) | – |
| Distributions from net realized gain | (.68) | (.75) | (.18) | – |
| Total distributions | (.79)C | (.90) | (.32) | – |
| Net asset value, end of period | $10.57 | $11.84 | $11.95 | $10.62 |
| Total ReturnD,E | (4.38)% | 6.83% | 15.67% | 6.20% |
| Ratios to Average Net AssetsF,G | | | | |
| Expenses before reductions | .25% | .26% | .24% | .21%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10% | .10%H |
| Net investment income (loss) | 1.05% | 1.26% | 1.34% | 1.98%H |
| Supplemental Data | | | | |
| Net assets, end of period (000 omitted) | $1,164 | $856 | $357 | $106 |
| Portfolio turnover rateF | 15% | 11% | 19% | 1%I |
A For the period December 20, 2012 (commencement of operations) to March 31, 2013.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.79 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $.683 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
I Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2055 Fund Class L
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.84 | $11.95 | $11.64 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .12 | .15 | .07 |
| Net realized and unrealized gain (loss) | (.60) | .64 | .46 |
| Total from investment operations | (.48) | .79 | .53 |
| Distributions from net investment income | (.10) | (.15) | (.08) |
| Distributions from net realized gain | (.68) | (.75) | (.14) |
| Total distributions | (.79)C | (.90) | (.22) |
| Net asset value, end of period | $10.57 | $11.84 | $11.95 |
| Total ReturnD,E | (4.39)% | 6.81% | 4.54% |
| Ratios to Average Net AssetsF,G | | | |
| Expenses before reductions | .11% | .12% | .12%H |
| Expenses net of fee waivers, if any | .10% | .10% | .10%H |
| Expenses net of all reductions | .10% | .10% | .10%H |
| Net investment income (loss) | 1.05% | 1.26% | 1.96%H |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $107 | $112 | $105 |
| Portfolio turnover rateF | 15% | 11% | 19% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.79 per share is comprised of distributions from net investment income of $.103 and distributions from net realized gain of $.683 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2055 Fund Class N
| Years ended March 31, | 2016 | 2015 | 2014 A |
| Selected Per–Share Data | | | |
| Net asset value, beginning of period | $11.83 | $11.94 | $11.64 |
| Income from Investment Operations | | | |
| Net investment income (loss)B | .09 | .12 | .06 |
| Net realized and unrealized gain (loss) | (.59) | .64 | .45 |
| Total from investment operations | (.50) | .76 | .51 |
| Distributions from net investment income | (.08) | (.12) | (.08) |
| Distributions from net realized gain | (.68) | (.75) | (.14) |
| Total distributions | (.77)C | (.87) | (.21)D |
| Net asset value, end of period | $10.56 | $11.83 | $11.94 |
| Total ReturnE,F | (4.57)% | 6.54% | 4.44% |
| Ratios to Average Net AssetsG,H | | | |
| Expenses before reductions | .36% | .37% | .38%I |
| Expenses net of fee waivers, if any | .35% | .35% | .35%I |
| Expenses net of all reductions | .35% | .35% | .35%I |
| Net investment income (loss) | .80% | 1.01% | 1.71%I |
| Supplemental Data | | | |
| Net assets, end of period (000 omitted) | $106 | $111 | $104 |
| Portfolio turnover rateG | 15% | 11% | 19% |
A For the period December 4, 2013 (commencement of sale of shares) to March 31, 2014.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.77 per share is comprised of distributions from net investment income of $.082 and distributions from net realized gain of $.683 per share.
D Total distributions of $.21 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $.137 per share.
E Total returns for periods of less than one year are not annualized.
F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
G Amounts do not include the activity of the Underlying Funds.
H Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
I Annualized
See accompanying notes which are an integral part of the financial statements.
Strategic Advisers® Multi-Manager 2060 Fund
Investment Summary (Unaudited)
The information in the following tables is based on the direct investments of the Fund.
Fund Holdings as of March 31, 2016
| | % of fund's net assets | % of fund's net assets 6 months ago |
| Domestic Equity Funds | | |
| Fidelity Series Commodity Strategy Fund Class F | 1.3 | 0.8 |
| Strategic Advisers Core Multi-Manager Fund Class F | 19.1 | 19.5 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 16.0 | 16.2 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 9.6 | 9.7 |
| Strategic Advisers Value Multi-Manager Fund Class F | 19.1 | 19.4 |
| | 65.1 | 65.6 |
| International Equity Funds | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 9.4 | 7.9 |
| Strategic Advisers International Multi-Manager Fund Class F | 20.1 | 19.9 |
| | 29.5 | 27.8 |
| Bond Funds | | |
| Fidelity Series Emerging Markets Debt Fund Class F | 0.6 | 0.6 |
| Fidelity Series Floating Rate High Income Fund Class F | 0.3 | 0.3 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | 0.5 | 0.2 |
| Fidelity Series Real Estate Income Fund Class F | 0.5 | 0.5 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 0.5 | 0.7 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 3.0 | 3.3 |
| | 5.4 | 5.6 |
| Short-Term Funds | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | 0.0 | 0.0 |
| Fidelity Series Short-Term Credit Fund Class F | 0.0 | 0.3 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 0.0 | 0.7 |
| | 0.0 | 1.0 |
| Net Other Assets (Liabilities) | 0.0 | 0.0 |
| | 100.0 | 100.0 |
Asset Allocation (% of fund's net assets)
| Period end |
| | Domestic Equity Funds | 65.1% |
| | International Equity Funds | 29.5% |
| | Bond Funds | 5.4% |
| Six months ago |
| | Domestic Equity Funds | 65.6% |
| | International Equity Funds | 27.8% |
| | Bond Funds | 5.6% |
| | Short-Term Funds | 1.0% |
Domestic Equity Funds category includes Fidelity Series Commodity Strategy Fund which invests in commodity-related investments. Percentages shown as 0.0% may reflect amounts less than 0.05%.
Strategic Advisers® Multi-Manager 2060 Fund
Investments March 31, 2016
Showing Percentage of Net Assets
| Domestic Equity Funds - 65.1% | | | |
| | | Shares | Value |
| Fidelity Series Commodity Strategy Fund Class F (a)(b) | | 1,270 | $6,272 |
| Strategic Advisers Core Multi-Manager Fund Class F (b) | | 7,937 | 93,978 |
| Strategic Advisers Growth Multi-Manager Fund Class F (b) | | 6,042 | 78,419 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F (b) | | 4,783 | 47,067 |
| Strategic Advisers Value Multi-Manager Fund Class F (b) | | 7,075 | 93,886 |
| TOTAL DOMESTIC EQUITY FUNDS | | | |
| (Cost $339,947) | | | 319,622 |
|
| International Equity Funds - 29.5% | | | |
| Strategic Advisers Emerging Markets Fund of Funds Class F (b) | | 5,468 | 46,146 |
| Strategic Advisers International Multi-Manager Fund Class F (b) | | 9,028 | 98,771 |
| TOTAL INTERNATIONAL EQUITY FUNDS | | | |
| (Cost $159,455) | | | 144,917 |
|
| Bond Funds - 5.4% | | | |
| Fidelity Series Emerging Markets Debt Fund Class F (b) | | 326 | 3,094 |
| Fidelity Series Floating Rate High Income Fund Class F (b) | | 136 | 1,221 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F (b) | | 257 | 2,541 |
| Fidelity Series Real Estate Income Fund Class F (b) | | 221 | 2,403 |
| Strategic Advisers Core Income Multi-Manager Fund Class F (b) | | 249 | 2,459 |
| Strategic Advisers Income Opportunities Fund of Funds Class F (b) | | 1,576 | 14,594 |
| TOTAL BOND FUNDS | | | |
| (Cost $28,151) | | | 26,312 |
|
| Short-Term Funds - 0.0% | | | |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% (b)(c) | | 157 | 157 |
| Fidelity Series Short-Term Credit Fund Class F (b) | | 8 | 78 |
| TOTAL SHORT-TERM FUNDS | | | |
| (Cost $235) | | | 235 |
| TOTAL INVESTMENT PORTFOLIO - 100.0% | | | |
| (Cost $527,788) | | | 491,086 |
| NET OTHER ASSETS (LIABILITIES) - 0.0% | | | (80) |
| NET ASSETS - 100% | | | $491,006 |
Legend
(a) Non-income producing
(b) Affiliated Fund
(c) The rate quoted is the annualized seven-day yield of the fund at period end.
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, end of period |
| Fidelity Institutional Money Market Government Portfolio Institutional Class 0.27% | $- | $157 | $- | $- | $157 |
| Fidelity Institutional Money Market Portfolio Class F 0.39% | 2,833 | 1,984 | 4,816 | 5 | - |
| Fidelity Series Commodity Strategy Fund Class F | 3,000 | 4,221 | 435 | - | 6,272 |
| Fidelity Series Emerging Markets Debt Fund Class F | 1,834 | 1,425 | 128 | 154 | 3,094 |
| Fidelity Series Floating Rate High Income Fund Class F | 1,698 | 534 | 926 | 59 | 1,221 |
| Fidelity Series Inflation-Protected Bond Index Fund Class F | - | 2,528 | 48 | 2 | 2,541 |
| Fidelity Series Real Estate Income Fund Class F | 1,667 | 923 | 126 | 98 | 2,403 |
| Fidelity Series Short-Term Credit Fund Class F | 2,138 | 546 | 2,596 | 16 | 78 |
| Strategic Advisers Core Income Multi-Manager Fund Class F | 1,761 | 4,718 | 4,013 | 67 | 2,459 |
| Strategic Advisers Core Multi-Manager Fund Class F | 67,406 | 38,200 | 5,788 | 692 | 93,978 |
| Strategic Advisers Emerging Markets Fund of Funds Class F | 26,644 | 23,821 | 462 | 550 | 46,146 |
| Strategic Advisers Growth Multi-Manager Fund Class F | 56,172 | 30,193 | 4,077 | 318 | 78,419 |
| Strategic Advisers Income Opportunities Fund of Funds Class F | 11,441 | 5,852 | 1,376 | 709 | 14,594 |
| Strategic Advisers International Multi-Manager Fund Class F | 69,318 | 38,740 | 1,996 | 1,071 | 98,771 |
| Strategic Advisers Small-Mid Cap Multi-Manager Fund Class F | 34,035 | 21,151 | 2,219 | - | 47,067 |
| Strategic Advisers Value Multi-Manager Fund Class F | 67,663 | 35,336 | 2,735 | 911 | 93,886 |
| Total | $347,610 | $210,329 | $31,741 | $4,652 | $491,086 |
Investment Valuation
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.
Strategic Advisers® Multi-Manager 2060 Fund
Financial Statements
Statement of Assets and Liabilities
| | | March 31, 2016 |
| Assets | | |
| Investment in securities, at value (cost $527,788) — See accompanying schedule | | $491,086 |
| Receivable for investments sold | | 1,924 |
| Receivable for fund shares sold | | 1,804 |
| Receivable from investment adviser for expense reductions | | 24 |
| Total assets | | 494,838 |
| Liabilities | | |
| Payable for investments purchased | $3,750 | |
| Distribution and service plan fees payable | 20 | |
| Other affiliated payables | 62 | |
| Total liabilities | | 3,832 |
| Net Assets | | $491,006 |
| Net Assets consist of: | | |
| Paid in capital | | $522,621 |
| Accumulated undistributed net realized gain (loss) on investments | | 5,087 |
| Net unrealized appreciation (depreciation) on investments | | (36,702) |
| Net Assets | | $491,006 |
| Multi-Manager 2060: | | |
| Net Asset Value, offering price and redemption price per share ($290,451 ÷ 31,458 shares) | | $9.23 |
| Class L: | | |
| Net Asset Value, offering price and redemption price per share ($100,485 ÷ 10,880 shares) | | $9.24 |
| Class N: | | |
| Net Asset Value, offering price and redemption price per share ($100,070 ÷ 10,847 shares) | | $9.23 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
| | | Year ended March 31, 2016 |
| Investment Income | | |
| Income distributions from underlying funds | | $4,652 |
| Expenses | | |
| Transfer agent fees | $681 | |
| Distribution and service plan fees | 253 | |
| Independent trustees' compensation | 2 | |
| Total expenses before reductions | 936 | |
| Expense reductions | (287) | 649 |
| Net investment income (loss) | | 4,003 |
| Realized and Unrealized Gain (Loss) | | |
| Realized gain (loss) on sale of underlying fund shares | (1,435) | |
| Capital gain distributions from underlying funds | 15,637 | |
| Total net realized gain (loss) | | 14,202 |
| Change in net unrealized appreciation (depreciation) on underlying funds | | (33,708) |
| Net gain (loss) | | (19,506) |
| Net increase (decrease) in net assets resulting from operations | | $(15,503) |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
| | Year ended March 31, 2016 | For the period August 5, 2014 (commencement of operations) to March 31, 2015 |
| Increase (Decrease) in Net Assets | | |
| Operations | | |
| Net investment income (loss) | $4,003 | $2,199 |
| Net realized gain (loss) | 14,202 | 16,491 |
| Change in net unrealized appreciation (depreciation) | (33,708) | (2,994) |
| Net increase (decrease) in net assets resulting from operations | (15,503) | 15,696 |
| Distributions to shareholders from net investment income | (3,886) | (2,357) |
| Distributions to shareholders from net realized gain | (22,886) | (2,679) |
| Total distributions | (26,772) | (5,036) |
| Share transactions - net increase (decrease) | 185,709 | 336,912 |
| Total increase (decrease) in net assets | 143,434 | 347,572 |
| Net Assets | | |
| Beginning of period | 347,572 | – |
| End of period | $491,006 | $347,572 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2060 Fund
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.33 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .10 | .08 |
| Net realized and unrealized gain (loss) | (.52) | .42 |
| Total from investment operations | (.42) | .50 |
| Distributions from net investment income | (.09) | (.08) |
| Distributions from net realized gain | (.60) | (.09) |
| Total distributions | (.68)C | (.17) |
| Net asset value, end of period | $9.23 | $10.33 |
| Total ReturnD,E | (4.37)% | 5.02% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | .20% | .15%H |
| Expenses net of fee waivers, if any | .10% | .10%H |
| Expenses net of all reductions | .10% | .10%H |
| Net investment income (loss) | 1.07% | 1.14%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $290 | $138 |
| Portfolio turnover rateF | 8% | 13%H |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.68 per share is comprised of distributions from net investment income of $.086 and distributions from net realized gain of $.596 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2060 Fund Class L
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.34 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .10 | .08 |
| Net realized and unrealized gain (loss) | (.52) | .43 |
| Total from investment operations | (.42) | .51 |
| Distributions from net investment income | (.08) | (.08) |
| Distributions from net realized gain | (.60) | (.09) |
| Total distributions | (.68) | (.17) |
| Net asset value, end of period | $9.24 | $10.34 |
| Total ReturnC,D | (4.38)% | 5.12% |
| Ratios to Average Net AssetsE,F | | |
| Expenses before reductions | .14% | .14%G |
| Expenses net of fee waivers, if any | .10% | .10%G |
| Expenses net of all reductions | .10% | .10%G |
| Net investment income (loss) | 1.08% | 1.13%G |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $100 | $105 |
| Portfolio turnover rateE | 8% | 13%G |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Amounts do not include the activity of the Underlying Funds.
F Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights — Strategic Advisers Multi-Manager 2060 Fund Class N
| Years ended March 31, | 2016 | 2015 A |
| Selected Per–Share Data | | |
| Net asset value, beginning of period | $10.33 | $10.00 |
| Income from Investment Operations | | |
| Net investment income (loss)B | .08 | .06 |
| Net realized and unrealized gain (loss) | (.52) | .43 |
| Total from investment operations | (.44) | .49 |
| Distributions from net investment income | (.07) | (.07) |
| Distributions from net realized gain | (.60) | (.09) |
| Total distributions | (.66)C | (.16) |
| Net asset value, end of period | $9.23 | $10.33 |
| Total ReturnD,E | (4.57)% | 4.91% |
| Ratios to Average Net AssetsF,G | | |
| Expenses before reductions | .39% | .38%H |
| Expenses net of fee waivers, if any | .35% | .35%H |
| Expenses net of all reductions | .35% | .35%H |
| Net investment income (loss) | .82% | .89%H |
| Supplemental Data | | |
| Net assets, end of period (000 omitted) | $100 | $105 |
| Portfolio turnover rateF | 8% | 13%H |
A For the period August 5, 2014 (commencement of operations) to March 31, 2015.
B Calculated based on average shares outstanding during the period.
C Total distributions of $.66 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.596 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Amounts do not include the activity of the Underlying Funds.
G Expense ratios reflect operating expenses of the class. 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 class during periods when reimbursements or reductions occur. 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 class but do not include expenses of the underlying funds in which the Fund invests.
H Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements
For the period ended March 31, 2016
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, Strategic Advisers Multi-Manager 2055 Fund and Strategic Advisers Multi-Manager 2060 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 mutual funds and may also invest in unaffiliated mutual funds (the Underlying Funds). The Funds are available only to certain employer-sponsored retirement plans and certain Fidelity brokerage or mutual fund accounts. Each Fund offers Multi-Manager, Class L and Class N shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.
In April 2016, the Board of Trustees approved a change in the name of Strategic Advisers Multi-Manager Target Date Funds to Fidelity Multi-Manager Target Date Funds effective on or about May 31, 2016.
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.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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. As of March 31, 2016, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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 dividends and capital gain distributions are declared separately for each class. 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, losses deferred due to wash sales and excise tax regulations.
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 appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities and other investments |
| Strategic Advisers Multi-Manager Income Fund | $1,066,046 | $ 5,168 | $(39,298) | $(34,130) |
| Strategic Advisers Multi-Manager 2005 Fund | 358,851 | 3,193 | (17,188) | (13,995) |
| Strategic Advisers Multi-Manager 2010 Fund | 826,985 | 5,295 | (49,381) | (44,086) |
| Strategic Advisers Multi-Manager 2015 Fund | 1,833,226 | 8,355 | (128,376) | (120,021) |
| Strategic Advisers Multi-Manager 2020 Fund | 4,727,015 | 18,060 | (335,850) | (317,790) |
| Strategic Advisers Multi-Manager 2025 Fund | 2,002,654 | 16,695 | (123,648) | (106,953) |
| Strategic Advisers Multi-Manager 2030 Fund | 1,569,592 | 22,275 | (120,722) | (98,447) |
| Strategic Advisers Multi-Manager 2035 Fund | 1,923,983 | 24,307 | (152,082) | (127,775) |
| Strategic Advisers Multi-Manager 2040 Fund | 1,030,986 | 8,953 | (96,659) | (87,706) |
| Strategic Advisers Multi-Manager 2045 Fund | 1,615,157 | 8,726 | (148,875) | (140,149) |
| Strategic Advisers Multi-Manager 2050 Fund | 1,463,465 | 13,110 | (126,376) | (113,266) |
| Strategic Advisers Multi-Manager 2055 Fund | 1,501,271 | 12,690 | (137,254) | (124,564) |
| Strategic Advisers Multi-Manager 2060 Fund | 529,353 | 2,455 | (40,722) | (38,267) |
The tax-based components of distributable earnings as of period end were as follows for each Fund:
| | Undistributed ordinary income | Undistributed long-term capital gain | Net unrealized appreciation (depreciation) on securities and other investments |
| Strategic Advisers Multi-Manager Income Fund | $881 | $– | $(34,130) |
| Strategic Advisers Multi-Manager 2005 Fund | 820 | – | (13,995) |
| Strategic Advisers Multi-Manager 2010 Fund | 1,495 | 5,336 | (44,086) |
| Strategic Advisers Multi-Manager 2015 Fund | 3,895 | 1,752 | (120,021) |
| Strategic Advisers Multi-Manager 2020 Fund | 8,054 | 36,643 | (317,790) |
| Strategic Advisers Multi-Manager 2025 Fund | 2,722 | 16,943 | (106,953) |
| Strategic Advisers Multi-Manager 2030 Fund | 989 | – | (98,447) |
| Strategic Advisers Multi-Manager 2035 Fund | 713 | 21,516 | (127,775) |
| Strategic Advisers Multi-Manager 2040 Fund | – | 13,080 | (87,706) |
| Strategic Advisers Multi-Manager 2045 Fund | 250 | 17,853 | (140,149) |
| Strategic Advisers Multi-Manager 2050 Fund | 311 | 17,833 | (113,266) |
| Strategic Advisers Multi-Manager 2055 Fund | – | 18,662 | (124,564) |
| Strategic Advisers Multi-Manager 2060 Fund | – | 6,651 | (38,267) |
In addition, certain Funds intend to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2015 to March 31, 2016. Loss deferrals were as follows:
| | Capital losses |
| Strategic Advisers Multi-Manager Income Fund | $(5,515) |
| Strategic Advisers Multi-Manager 2005 Fund | (1,356) |
| Strategic Advisers Multi-Manager 2020 Fund | (6,580) |
| Strategic Advisers Multi-Manager 2025 Fund | (475) |
| Strategic Advisers Multi-Manager 2030 Fund | (11,853) |
The tax character of distributions paid was as follows:
| March 31, 2016 | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Strategic Advisers Multi-Manager Income Fund | $19,725 | $19,894 | $39,619 |
| Strategic Advisers Multi-Manager 2005 Fund | 6,232 | 9,413 | 15,645 |
| Strategic Advisers Multi-Manager 2010 Fund | 13,839 | 25,025 | 38,864 |
| Strategic Advisers Multi-Manager 2015 Fund | 34,902 | 60,539 | 95,441 |
| Strategic Advisers Multi-Manager 2020 Fund | 73,932 | 150,219 | 224,151 |
| Strategic Advisers Multi-Manager 2025 Fund | 23,436 | 61,118 | 84,554 |
| Strategic Advisers Multi-Manager 2030 Fund | 18,745 | 79,162 | 97,907 |
| Strategic Advisers Multi-Manager 2035 Fund | 17,566 | 73,720 | 91,286 |
| Strategic Advisers Multi-Manager 2040 Fund | 12,578 | 48,510 | 61,088 |
| Strategic Advisers Multi-Manager 2045 Fund | 18,132 | 65,593 | 83,725 |
| Strategic Advisers Multi-Manager 2050 Fund | 15,687 | 73,284 | 88,971 |
| Strategic Advisers Multi-Manager 2055 Fund | 15,440 | 65,316 | 80,756 |
| Strategic Advisers Multi-Manager 2060 Fund | 5,086 | 21,686 | 26,772 |
| March 31, 2015 | | | |
| | Ordinary Income | Long-term Capital Gains | Total |
| Strategic Advisers Multi-Manager Income Fund | $24,452 | $12,460 | $36,912 |
| Strategic Advisers Multi-Manager 2005 Fund | 8,238 | 8,766 | 17,004 |
| Strategic Advisers Multi-Manager 2010 Fund | 18,067 | 18,670 | 36,737 |
| Strategic Advisers Multi-Manager 2015 Fund | 37,370 | 37,054 | 74,424 |
| Strategic Advisers Multi-Manager 2020 Fund | 70,926 | 75,287 | 146,213 |
| Strategic Advisers Multi-Manager 2025 Fund | 24,627 | 28,241 | 52,868 |
| Strategic Advisers Multi-Manager 2030 Fund | 36,760 | 59,655 | 96,415 |
| Strategic Advisers Multi-Manager 2035 Fund | 28,855 | 39,214 | 68,069 |
| Strategic Advisers Multi-Manager 2040 Fund | 20,188 | 30,270 | 50,458 |
| Strategic Advisers Multi-Manager 2045 Fund | 23,956 | 33,830 | 57,786 |
| Strategic Advisers Multi-Manager 2050 Fund | 32,358 | 50,944 | 83,302 |
| Strategic Advisers Multi-Manager 2055 Fund | 25,133 | 37,378 | 62,511 |
| Strategic Advisers Multi-Manager 2060 Fund | 4,720 | 316 | 5,036 |
3. Purchases and Redemptions of Underlying Fund Shares.
Purchases and redemptions of the Underlying Fund shares are noted in the table below.
| | Purchases ($) | Redemptions ($) |
| Strategic Advisers Multi-Manager Income Fund | 493,911 | 549,737 |
| Strategic Advisers Multi-Manager 2005 Fund | 201,322 | 173,149 |
| Strategic Advisers Multi-Manager 2010 Fund | 310,025 | 250,053 |
| Strategic Advisers Multi-Manager 2015 Fund | 720,982 | 687,414 |
| Strategic Advisers Multi-Manager 2020 Fund | 2,504,111 | 1,189,269 |
| Strategic Advisers Multi-Manager 2025 Fund | 1,114,897 | 262,361 |
| Strategic Advisers Multi-Manager 2030 Fund | 929,721 | 782,716 |
| Strategic Advisers Multi-Manager 2035 Fund | 962,944 | 248,451 |
| Strategic Advisers Multi-Manager 2040 Fund | 409,965 | 154,902 |
| Strategic Advisers Multi-Manager 2045 Fund | 748,038 | 311,342 |
| Strategic Advisers Multi-Manager 2050 Fund | 648,666 | 373,549 |
| Strategic Advisers Multi-Manager 2055 Fund | 589,238 | 185,432 |
| Strategic Advisers Multi-Manager 2060 Fund | 210,329 | 31,741 |
4. Fees and Other Transactions with Affiliates.
Management Fee. Effective October 1, 2015, FMR Co., Inc., an affiliate of Strategic Advisers, Inc. (SAI), replaced SAI as investment adviser to the Funds pursuant to a management contract between the Funds and FMR Co., Inc. The new contract does not impact the Funds' investment process, strategies or management fees. The Funds do not pay any fees for investment management related services.
Other Transactions. The investment adviser 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 distribution and service fees, transfer agent fees, 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.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, each Fund has adopted separate Distribution and Service Plans for each class of shares. Each Fund's Class N pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a Service Fee based on an annual percentage of Class N's average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Funds and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:
| | Service
Fee | Total Fees | Retained
by FDC |
| Strategic Advisers Multi-Manager Income Fund | | | |
| Class N | .25% | $ 260 | $ 260 |
| Strategic Advisers Multi-Manager 2005 Fund | | | |
| Class N | .25% | $ 263 | $ 263 |
| Strategic Advisers Multi-Manager 2010 Fund | | | |
| Class N | .25% | $ 264 | $ 264 |
| Strategic Advisers Multi-Manager 2015 Fund | | | |
| Class N | .25% | $ 265 | $ 265 |
| Strategic Advisers Multi-Manager 2020 Fund | | | |
| Class N | .25% | $ 266 | $ 266 |
| Strategic Advisers Multi-Manager 2025 Fund | | | |
| Class N | .25% | $ 268 | $268 |
| Strategic Advisers Multi-Manager 2030 Fund | | | |
| Class N | .25% | $ 269 | $ 269 |
| Strategic Advisers Multi-Manager 2035 Fund | | | |
| Class N | .25% | $ 269 | $269 |
| Strategic Advisers Multi-Manager 2040 Fund | | | |
| Class N | .25% | $ 269 | $269 |
| Strategic Advisers Multi-Manager 2045 Fund | | | |
| Class N | .25% | $ 269 | $ 269 |
| Strategic Advisers Multi-Manager 2050 Fund | | | |
| Class N | .25% | $ 269 | $269 |
| Strategic Advisers Multi-Manager 2055 Fund | | | |
| Class N | .25% | $ 269 | $ 269 |
| Strategic Advisers Multi-Manager 2060 Fund | | | |
| Class N | .25% | $ 253 | $ 253 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of each Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:
| | Amount | % of
Class Level Average
Net Assets |
| Strategic Advisers Multi-Manager Income Fund | | |
| Multi-Manager Income | $442 | .05 |
| Class L | 54 | .05 |
| Class N | 54 | .05 |
| | $550 | |
| Strategic Advisers Multi-Manager 2005 Fund | | |
| Multi-Manager 2005 | $86 | .06 |
| Class L | 98 | .09 |
| Class N | 97 | .09 |
| | $281 | |
| Strategic Advisers Multi-Manager 2010 Fund | | |
| Multi-Manager 2010 | $253 | .04 |
| Class L | 66 | .06 |
| Class N | 66 | .06 |
| | $385 | |
| Strategic Advisers Multi-Manager 2015 Fund | | |
| Multi-Manager 2015 | $1,272 | .08 |
| Class L | 86 | .08 |
| Class N | 86 | .08 |
| | $1,444 | |
| Strategic Advisers Multi-Manager 2020 Fund | | |
| Multi-Manager 2020 | $2,997 | .08 |
| Class L | 83 | .08 |
| Class N | 82 | .08 |
| | $3,162 | |
| Strategic Advisers Multi-Manager 2025 Fund | | |
| Multi-Manager 2025 | $1,412 | .11 |
| Class L | 98 | .09 |
| Class N | 97 | .09 |
| | $1,607 | |
| Strategic Advisers Multi-Manager 2030 Fund | | |
| Multi-Manager 2030 | $1,442 | .12 |
| Class L | 105 | .10 |
| Class N | 104 | .10 |
| | $1,651 | |
| Strategic Advisers Multi-Manager 2035 Fund | | |
| Multi-Manager 2035 | $1,936 | .16 |
| Class L | 112 | .10 |
| Class N | 112 | .10 |
| | $2,160 | |
| Strategic Advisers Multi-Manager 2040 Fund | | |
| Multi-Manager 2040 | $1,353 | .21 |
| Class L | 123 | .11 |
| Class N | 122 | .11 |
| | $1,598 | |
| Strategic Advisers Multi-Manager 2045 Fund | | |
| Multi-Manager 2045 | $2,297 | .20 |
| Class L | 113 | .10 |
| Class N | 112 | .10 |
| | $2,522 | |
| Strategic Advisers Multi-Manager 2050 Fund | | |
| Multi-Manager 2050 | $2,097 | .21 |
| Class L | 114 | .11 |
| Class N | 114 | .11 |
| | $2,325 | |
| Strategic Advisers Multi-Manager 2055 Fund | | |
| Multi-Manager 2055 | $2,450 | .25 |
| Class L | 115 | .11 |
| Class N | 114 | .11 |
| | $2,679 | |
| Strategic Advisers Multi-Manager 2060 Fund | | |
| Multi-Manager 2060 | $390 | .20 |
| Class L | 146 | .14 |
| Class N | 145 | .14 |
| | $681 | |
5. Expense Reductions.
The investment adviser contractually agreed to reimburse funds 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, 2017. Some expenses, for example interest expense, are excluded from this reimbursement.
The following classes of each applicable Fund were in reimbursement during the period:
| | Expense
Limitations | Reimbursement |
| Strategic Advisers Multi-Manager 2025 Fund | | |
| Multi-Manager 2025 | .10% | $92 |
| Class L | .10% | - |
| Class N | .35% | - |
| Strategic Advisers Multi-Manager 2030 Fund | | |
| Multi-Manager 2030 | .10% | $241 |
| Class L | .10% | - |
| Class N | .35% | - |
| Strategic Advisers Multi-Manager 2035 Fund | | |
| Multi-Manager 2035 | .10 % | $770 |
| Class L | .10% | 5 |
| Class N | .35 % | 5 |
| Strategic Advisers Multi-Manager 2040 Fund | | |
| Multi-Manager 2040 | .10% | $732 |
| Class L | .10% | 15 |
| Class N | .35% | 14 |
| Strategic Advisers Multi-Manager 2045 Fund | | |
| Multi-Manager 2045 | .10% | $1,176 |
| Class L | .10% | 5 |
| Class N | .35% | 5 |
| Strategic Advisers Multi-Manager 2050 Fund | | |
| Multi-Manager 2050 | .10% | $1,138 |
| Class L | .10% | 7 |
| Class N | .35% | 6 |
| Strategic Advisers Multi-Manager 2055 Fund | | |
| Multi-Manager 2055 | .10% | $1,481 |
| Class L | .10% | 7 |
| Class N | .35% | 7 |
| Strategic Advisers Multi-Manager 2060 Fund | | |
| Multi-Manager 2060 | .10% | $198 |
| Class L | .10% | 45 |
| Class N | .35% | 44 |
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Years ended March 31, | 2016 | 2015 |
| Strategic Advisers Multi-Manager Income Fund | | |
| From net investment income | | |
| Multi-Manager Income | $15,176 | $14,998 |
| Class L | 1,685 | 1,859 |
| Class N | 1,438 | 1,595 |
| Total | $18,299 | $18,452 |
| From net realized gain | | |
| Multi-Manager Income | $17,414 | $14,916 |
| Class L | 1,957 | 1,774 |
| Class N | 1,949 | 1,770 |
| Total | $21,320 | $18,460 |
| Strategic Advisers Multi-Manager 2005 Fund | | |
| From net investment income | | |
| Multi-Manager 2005 | $2,539 | $2,027 |
| Class L | 1,625 | 1,777 |
| Class N | 1,352 | 1,513 |
| Total | $5,516 | $5,317 |
| From net realized gain | | |
| Multi-Manager 2005 | $3,986 | $4,186 |
| Class L | 3,076 | 3,752 |
| Class N | 3,067 | 3,749 |
| Total | $10,129 | $11,687 |
| Strategic Advisers Multi-Manager 2010 Fund | | |
| From net investment income | | |
| Multi-Manager 2010 | $8,965 | $7,846 |
| Class L | 1,670 | 1,561 |
| Class N | 1,391 | 1,302 |
| Total | $12,026 | $10,709 |
| From net realized gain | | |
| Multi-Manager 2010 | $19,386 | $18,444 |
| Class L | 3,731 | 3,793 |
| Class N | 3,721 | 3,791 |
| Total | $26,838 | $26,028 |
| Strategic Advisers Multi-Manager 2015 Fund | | |
| From net investment income | | |
| Multi-Manager 2015 | $25,199 | $18,693 |
| Class L | 1,661 | 1,401 |
| Class N | 1,394 | 1,144 |
| Total | $28,254 | $21,238 |
| From net realized gain | | |
| Multi-Manager 2015 | $59,222 | $45,772 |
| Class L | 3,988 | 3,708 |
| Class N | 3,977 | 3,706 |
| Total | $67,187 | $53,186 |
| Strategic Advisers Multi-Manager 2020 Fund | | |
| From net investment income | | |
| Multi-Manager 2020 | $58,011 | $35,894 |
| Class L | 1,482 | 1,481 |
| Class N | 1,217 | 1,216 |
| Total | $60,710 | $38,591 |
| From net realized gain | | |
| Multi-Manager 2020 | $154,346 | $99,121 |
| Class L | 4,554 | 4,252 |
| Class N | 4,541 | 4,249 |
| Total | $163,441 | $107,622 |
| Strategic Advisers Multi-Manager 2025 Fund | | |
| From net investment income | | |
| Multi-Manager 2025 | $17,411 | $10,083 |
| Class L | 1,267 | 1,359 |
| Class N | 986 | 1,099 |
| Total | $19,664 | $12,541 |
| From net realized gain | | |
| Multi-Manager 2025 | $54,834 | $30,664 |
| Class L | 5,035 | 4,833 |
| Class N | 5,021 | 4,830 |
| Total | $64,890 | $40,327 |
| Strategic Advisers Multi-Manager 2030 Fund | | |
| From net investment income | | |
| Multi-Manager 2030 | $11,967 | $14,037 |
| Class L | 1,265 | 1,510 |
| Class N | 1,018 | 1,242 |
| Total | $14,250 | $16,789 |
| From net realized gain | | |
| Multi-Manager 2030 | $70,000 | $65,089 |
| Class L | 6,838 | 7,271 |
| Class N | 6,819 | 7,266 |
| Total | $83,657 | $79,626 |
| Strategic Advisers Multi-Manager 2035 Fund | | |
| From net investment income | | |
| Multi-Manager 2035 | $12,275 | $9,243 |
| Class L | 1,013 | 1,298 |
| Class N | 803 | 1,027 |
| Total | $14,091 | $11,568 |
| From net realized gain | | |
| Multi-Manager 2035 | $64,720 | $43,073 |
| Class L | 6,246 | 6,716 |
| Class N | 6,229 | 6,712 |
| Total | $77,195 | $56,501 |
| Strategic Advisers Multi-Manager 2040 Fund | | |
| From net investment income | | |
| Multi-Manager 2040 | $6,618 | $5,921 |
| Class L | 1,027 | 1,365 |
| Class N | 825 | 1,104 |
| Total | $8,470 | $8,390 |
| From net realized gain | | |
| Multi-Manager 2040 | $38,980 | $28,197 |
| Class L | 6,862 | 6,938 |
| Class N | 6,776 | 6,933 |
| Total | $52,618 | $42,068 |
| Strategic Advisers Multi-Manager 2045 Fund | | |
| From net investment income | | |
| Multi-Manager 2045 | $12,787 | $7,562 |
| Class L | 1,031 | 1,297 |
| Class N | 822 | 1,037 |
| Total | $14,640 | $9,896 |
| From net realized gain | | |
| Multi-Manager 2045 | $57,849 | $34,646 |
| Class L | 5,654 | 6,624 |
| Class N | 5,582 | 6,620 |
| Total | $69,085 | $47,890 |
| Strategic Advisers Multi-Manager 2050 Fund | | |
| From net investment income | | |
| Multi-Manager 2050 | $10,018 | $11,249 |
| Class L | 1,106 | 1,397 |
| Class N | 894 | 1,127 |
| Total | $12,018 | $13,773 |
| From net realized gain | | |
| Multi-Manager 2050 | $63,137 | $55,103 |
| Class L | 6,937 | 7,215 |
| Class N | 6,879 | 7,211 |
| Total | $76,953 | $69,529 |
| Strategic Advisers Multi-Manager 2055 Fund | | |
| From net investment income | | |
| Multi-Manager 2055 | $9,947 | $8,422 |
| Class L | 1,008 | 1,321 |
| Class N | 800 | 1,054 |
| Total | $11,755 | $10,797 |
| From net realized gain | | |
| Multi-Manager 2055 | $55,964 | $38,448 |
| Class L | 6,527 | 6,635 |
| Class N | 6,510 | 6,631 |
| Total | $69,001 | $51,714 |
| Strategic Advisers Multi-Manager 2060 Fund(a) | | |
| From net investment income | | |
| Multi-Manager 2060 | $2,311 | $845 |
| Class L | 888 | 811 |
| Class N | 687 | 701 |
| Total | $3,886 | $2,357 |
| From net realized gain | | |
| Multi-Manager 2060 | $10,623 | $917 |
| Class L | 6,135 | 881 |
| Class N | 6,128 | 881 |
| Total | $22,886 | $2,679 |
(a) Distributions for 2015 are for the period August 5, 2014 (commencement of operations) to March 31, 2015.
7. Share Transactions.
Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
| | Shares | Shares | Dollars | Dollars |
| Years ended March 31, | 2016 | 2015 | 2016 | 2015 |
| Strategic Advisers Multi-Manager Income Fund | | | | |
| Multi-Manager Income | | | | |
| Shares sold | 11,399 | 22,399 | $113,683 | $233,312 |
| Reinvestment of distributions | 3,251 | 2,916 | 32,590 | 29,914 |
| Shares redeemed | (20,904) | (4,341) | (201,844) | (44,814) |
| Net increase (decrease) | (6,254) | 20,974 | $(55,571) | $218,412 |
| Class L | | | | |
| Reinvestment of distributions | 363 | 354 | $3,642 | $3,633 |
| Class N | | | | |
| Reinvestment of distributions | 338 | 328 | $3,387 | $3,365 |
| Strategic Advisers Multi-Manager 2005 Fund | | | | |
| Multi-Manager 2005 | | | | |
| Shares sold | 9,150 | 23 | $93,793 | $245 |
| Reinvestment of distributions | 645 | 595 | 6,525 | 6,213 |
| Shares redeemed | (7,808) | – | (77,985) | – |
| Net increase (decrease) | 1,987 | 618 | $22,333 | $6,458 |
| Class L | | | | |
| Reinvestment of distributions | 463 | 529 | $4,701 | $5,529 |
| Class N | | | | |
| Reinvestment of distributions | 435 | 504 | $4,419 | $5,262 |
| Strategic Advisers Multi-Manager 2010 Fund | | | | |
| Multi-Manager 2010 | | | | |
| Shares sold | 10,422 | 22,695 | $110,816 | $247,555 |
| Reinvestment of distributions | 2,726 | 2,454 | 28,351 | 26,290 |
| Shares redeemed | (7,541) | – | (79,222) | – |
| Net increase (decrease) | 5,607 | 25,149 | $59,945 | $273,845 |
| Class L | | | | |
| Reinvestment of distributions | 519 | 499 | $5,401 | $5,354 |
| Class N | | | | |
| Reinvestment of distributions | 491 | 475 | $5,112 | $5,093 |
| Strategic Advisers Multi-Manager 2015 Fund | | | | |
| Multi-Manager 2015 | | | | |
| Shares sold | 32,066 | 84,482 | $343,602 | $938,353 |
| Reinvestment of distributions | 7,990 | 5,937 | 84,421 | 64,465 |
| Shares redeemed | (37,772) | (5,712) | (385,921) | (64,673) |
| Net increase (decrease) | 2,284 | 84,707 | $42,102 | $938,145 |
| Class L | | | | |
| Reinvestment of distributions | 534 | 470 | $5,649 | $5,109 |
| Class N | | | | |
| Reinvestment of distributions | 507 | 447 | $5,371 | $4,850 |
| Strategic Advisers Multi-Manager 2020 Fund | | | | |
| Multi-Manager 2020 | | | | |
| Shares sold | 156,312 | 155,423 | $1,694,454 | $1,750,691 |
| Reinvestment of distributions | 20,068 | 12,303 | 212,357 | 135,015 |
| Shares redeemed | (52,653) | (20,182) | (560,374) | (222,743) |
| Net increase (decrease) | 123,727 | 147,544 | $1,346,437 | $1,662,963 |
| Class L | | | | |
| Reinvestment of distributions | 567 | 522 | $6,036 | $5,733 |
| Class N | | | | |
| Reinvestment of distributions | 541 | 498 | $5,758 | $5,465 |
| Strategic Advisers Multi-Manager 2025 Fund | | | | |
| Multi-Manager 2025 | | | | |
| Shares sold | 76,777 | 58,082 | $829,793 | $657,060 |
| Reinvestment of distributions | 6,677 | 3,637 | 72,245 | 40,747 |
| Shares redeemed | (4,097) | (10,346) | (43,758) | (118,402) |
| Net increase (decrease) | 79,357 | 51,373 | $858,280 | $579,405 |
| Class L | | | | |
| Reinvestment of distributions | 577 | 552 | $6,302 | $6,192 |
| Class N | | | | |
| Reinvestment of distributions | 550 | 529 | $6,007 | $5,929 |
| Strategic Advisers Multi-Manager 2030 Fund | | | | |
| Multi-Manager 2030 | | | | |
| Shares sold | 74,942 | 51,840 | $775,264 | $597,602 |
| Reinvestment of distributions | 7,670 | 7,097 | 81,967 | 79,126 |
| Shares redeemed | (64,261) | (22,269) | (693,594) | (261,022) |
| Net increase (decrease) | 18,351 | 36,668 | $163,637 | $415,706 |
| Class L | | | | |
| Reinvestment of distributions | 761 | 787 | $8,103 | $8,781 |
| Class N | | | | |
| Reinvestment of distributions | 735 | 763 | $7,837 | $8,508 |
| Strategic Advisers Multi-Manager 2035 Fund | | | | |
| Multi-Manager 2035 | | | | |
| Shares sold | 77,261 | 48,556 | $824,537 | $571,977 |
| Reinvestment of distributions | 6,983 | 4,562 | 76,995 | 52,316 |
| Shares redeemed | (15,936) | (4,636) | (179,461) | (55,667) |
| Net increase (decrease) | 68,308 | 48,482 | $722,071 | $568,626 |
| Class L | | | | |
| Reinvestment of distributions | 654 | 698 | $7,259 | $8,014 |
| Class N | | | | |
| Reinvestment of distributions | 633 | 674 | $7,032 | $7,739 |
| Strategic Advisers Multi-Manager 2040 Fund | | | | |
| Multi-Manager 2040 | | | | |
| Shares sold | 30,701 | 28,047 | $332,212 | $332,625 |
| Reinvestment of distributions | 4,142 | 2,973 | 45,598 | 34,118 |
| Shares redeemed | (11,151) | (10,311) | (119,612) | (123,539) |
| Net increase (decrease) | 23,692 | 20,709 | $258,198 | $243,204 |
| Class L | | | | |
| Reinvestment of distributions | 713 | 723 | $7,889 | $8,303 |
| Class N | | | | |
| Reinvestment of distributions | 687 | 700 | $7,601 | $8,037 |
| Strategic Advisers Multi-Manager 2045 Fund | | | | |
| Multi-Manager 2045 | | | | |
| Shares sold | 58,212 | 57,992 | $630,540 | $686,592 |
| Reinvestment of distributions | 6,357 | 3,654 | 70,636 | 42,208 |
| Shares redeemed | (25,485) | (9,118) | (262,103) | (107,805) |
| Net increase (decrease) | 39,084 | 52,528 | $439,073 | $620,995 |
| Class L | | | | |
| Reinvestment of distributions | 597 | 686 | $6,685 | $7,921 |
| Class N | | | | |
| Reinvestment of distributions | 572 | 662 | $6,404 | $7,657 |
| Strategic Advisers Multi-Manager 2050 Fund | | | | |
| Multi-Manager 2050 | | | | |
| Shares sold | 52,504 | 33,556 | $560,155 | $397,173 |
| Reinvestment of distributions | 6,608 | 5,769 | 73,155 | 66,352 |
| Shares redeemed | (31,341) | (8,996) | (346,681) | (106,119) |
| Net increase (decrease) | 27,771 | 30,329 | $286,629 | $357,406 |
| Class L | | | | |
| Reinvestment of distributions | 727 | 748 | $8,043 | $8,612 |
| Class N | | | | |
| Reinvestment of distributions | 702 | 725 | $7,773 | $8,338 |
| Strategic Advisers Multi-Manager 2055 Fund | | | | |
| Multi-Manager 2055 | | | | |
| Shares sold | 45,428 | 43,717 | $496,282 | $522,555 |
| Reinvestment of distributions | 5,889 | 4,023 | 65,911 | 46,870 |
| Shares redeemed | (13,518) | (5,343) | (151,383) | (63,000) |
| Net increase (decrease) | 37,799 | 42,397 | $410,810 | $506,425 |
| Class L | | | | |
| Reinvestment of distributions | 670 | 682 | $7,535 | $7,956 |
| Class N | | | | |
| Reinvestment of distributions | 649 | 659 | $7,310 | $7,685 |
| Strategic Advisers Multi-Manager 2060 Fund(a) | | | | |
| Multi-Manager 2060 | | | | |
| Shares sold | 17,277 | 13,161 | $163,354 | $132,095 |
| Reinvestment of distributions | 1,332 | 174 | 12,934 | 1,762 |
| Shares redeemed | (464) | (22) | (4,417) | (221) |
| Net increase (decrease) | 18,145 | 13,313 | $171,871 | $133,636 |
| Class L | | | | |
| Shares sold | – | 10,000 | $– | $100,000 |
| Reinvestment of distributions | 713 | 167 | 7,023 | 1,693 |
| Net increase (decrease) | 713 | 10,167 | $7,023 | $101,693 |
| Class N | | | | |
| Shares sold | – | 10,000 | $– | $100,000 |
| Reinvestment of distributions | 691 | 156 | 6,815 | 1,583 |
| Net increase (decrease) | 691 | 10,156 | $6,815 | $101,583 |
(a) Share transactions for 2015 are for period August 5, 2014 (commencement of operations) to March 31, 2015.
8. 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, the investment adviser 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 | 31% | | |
| Strategic Advisers Multi-Manager 2005 Fund | 94% | | |
| Strategic Advisers Multi-Manager 2010 Fund | 42% | | |
| Strategic Advisers Multi-Manager 2015 Fund | 19% | | |
| Strategic Advisers Multi-Manager 2025 Fund | 18% | | |
| Strategic Advisers Multi-Manager 2030 Fund | 23% | | |
| Strategic Advisers Multi-Manager 2035 Fund | 19% | | |
| Strategic Advisers Multi-Manager 2040 Fund | 36% | | |
| Strategic Advisers Multi-Manager 2045 Fund | 23% | | |
| Strategic Advisers Multi-Manager 2050 Fund | 25% | | |
| Strategic Advisers Multi-Manager 2055 Fund | 25% | | |
| Strategic Advisers Multi-Manager 2060 Fund | 61% | | |
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Boylston Street Trust and the Shareholders of 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, Strategic Advisers Multi-Manager 2055 Fund and Strategic Advisers Multi-Manager 2060 Fund:
We have audited the accompanying statements of assets and liabilities of 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, Strategic Advisers Multi-Manager 2055 Fund and Strategic Advisers Multi-Manager 2060 Fund, including the schedules of investments, as of March 31, 2016, the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of March 31, 2016, by correspondence with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of 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, Strategic Advisers Multi-Manager 2055 Fund and Strategic Advisers Multi-Manager 2060 Fund as of March 31, 2016, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
May 24, 2016
Trustees and Officers
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. If the interests of a fund and an underlying Fidelity® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. FMRC has structured the funds to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, FMRC, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Except for Geoffrey A. von Kuhn, each of the Trustees oversees 240 funds. Mr. von Kuhn oversees 187 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5095 (plan accounts) or 1-800-544-3455 (all other accounts).
Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Marie L. Knowles serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income, sector and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as President (2013-present) and Chief Executive Officer (2014-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-present), Chairman and Director of FMR (investment adviser firm, 2011-present), and the Vice Chairman and Director (2007-present) of FMR LLC. Previously, Ms. Johnson served as President and a Director of FMR (2001-2005), a Trustee of other investment companies advised by FMR, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Geoffrey A. von Kuhn (1951)
Year of Election or Appointment: 2015
Trustee
Mr. von Kuhn also serves as Trustee or Member of the Advisory Board of other Fidelity funds. Mr. von Kuhn is Chief Administrative Officer for FMR LLC (diversified financial services company, 2013-present), a Director of Pembroke Real Estate, Inc. (2009-present), and a Director of Discovery Natural Resources LLC (2012-present). Previously, Mr. von Kuhn was a managing director of Crosby Group (private wealth management company, 2007-2013), a member of the management committee and senior executive in the Wealth Management Group of AmSouth Bank (2001-2006), and head of the U.S. private bank at Citigroup (2000-2001).
* Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement in April 2012, Ms. Acton was Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011), and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board of Directors and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Previously, Ms. Acton served as a Member of the Advisory Board of certain Fidelity® funds (2013-2016).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity® funds. He serves as president of the Business Roundtable (2011-present), and on the board of directors for Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-present) and K12 Inc. (technology-based education company, 2012-present). Previously, Mr. Engler served as a Member of the Advisory Board of certain Fidelity® funds (2014-2016), a trustee of The Munder Funds (2003-2014), president and CEO of the National Association of Manufacturers (2004-2011), member of the Board of Trustees of the Annie E. Casey Foundation (2004-2015), and as governor of Michigan (1991-2003). He is a past chairman of the National Governors Association.
Albert R. Gamper, Jr. (1942)
Year of Election or Appointment: 2007
Trustee
Mr. Gamper also serves as Trustee of other Fidelity® funds. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (2002-2003). Mr. Gamper currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2000-present), and Member of the Board of Trustees of Barnabas Health Care System (1997-present). Previously, Mr. Gamper served as Chairman (2012-2015) and Vice Chairman (2011-2012) of the Independent Trustees of certain Fidelity® funds and as Chairman of the Board of Governors, Rutgers University (2004-2007).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity® funds. Mr. Gartland is Chairman and an investor in Gartland and Mellina Group Corp. (consulting, 2009-present). Previously, Mr. Gartland served as a partner and investor of Vietnam Partners LLC (investments and consulting, 2008-2011). Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007) including Managing Director (1987-2007).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Vice Chairman of the Independent Trustees
Mr. Johnson also serves as Trustee of other Fidelity® funds. Mr. Johnson serves as a member of the Board of Directors of Eaton Corporation plc (diversified power management, 2009-present), AGL Resources, Inc. (holding company, 2002-present) and Booz Allen Hamilton (management consulting, 2011-present). Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). He previously served on the Board of Directors of IKON Office Solutions, Inc. (1999-2008) and Delta Airlines (2005-2007). Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Before joining Credit Suisse, he was an Executive Vice President and Chief Investment Officer for Bank of America Corporation. Earlier roles at Bank of America included Director of Research, Senior Portfolio Manager and Research Analyst, and Mr. Kenneally was awarded the Chartered Financial Analyst (CFA) designation in 1991.
James H. Keyes (1940)
Year of Election or Appointment: 2007
Trustee
Mr. Keyes also serves as Trustee of other Fidelity® funds. Mr. Keyes serves as a member of the Board and Non-Executive Chairman of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, since 2002). Previously, Mr. Keyes served as a member of the Board of Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions, 1998-2013). Prior to his retirement, Mr. Keyes served as Chairman (1993-2002) and Chief Executive Officer (1988-2002) of Johnson Controls (automotive, building, and energy) and as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008).
Marie L. Knowles (1946)
Year of Election or Appointment: 2007
Trustee
Chairman of the Independent Trustees
Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company (pipeline and tanker operations). Ms. Knowles currently serves as a Director and Chairman of the Audit Committee of McKesson Corporation (healthcare service, since 2002). Ms. Knowles is a member of the Board of the Santa Catalina Island Company (real estate, 2009-present). Ms. Knowles is a Member of the Investment Company Institute Board of Governors and a Member of the Governing Council of the Independent Directors Council (2014-present). She also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007), URS Corporation (engineering and construction, 2000-2003) and America West (airline, 1999-2002). Ms. Knowles previously served as Vice Chairman of the Independent Trustees of certain Fidelity® funds (2012-2015).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Marc R. Bryant (1966)
Year of Election or Appointment: 2015
Secretary and Chief Legal Officer (CLO)
Mr. Bryant also serves as Secretary and CLO of other funds. Mr. Bryant serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2015-present) and FMR Co., Inc. (investment adviser firm, 2015-present); Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (investment adviser firm, 2015-present); and CLO of Fidelity Management & Research (Hong Kong) Limited and FMR Investment Management (U.K.) Limited (investment adviser firms, 2015-present) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present). He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company). Previously, Mr. Bryant served as Secretary and CLO of Fidelity Rutland Square Trust II (2010-2014) and Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds (2013-2015). Prior to joining Fidelity Investments, Mr. Bryant served as a Senior Vice President and the Head of Global Retail Legal for AllianceBernstein L.P. (2006-2010), and as the General Counsel for ProFund Advisors LLC (2001-2006).
Jeffrey S. Christian (1961)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Christian also serves as Assistant Treasurer of other funds. Mr. Christian is an employee of Fidelity Investments (2003-present).
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2013
President and Treasurer
Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014
Chief Financial Officer
Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2015
Vice President
Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of Fidelity Management & Research Company (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).
John F. Papandrea (1972)
Year of Election or Appointment: 2016
Anti-Money Laundering (AML) Officer
Mr. Papandrea also serves as AML Officer of other funds. Mr. Papandrea is Vice President of FMR LLC (diversified financial services company, 2008-present) and is an employee of Fidelity Investments (2005-present).
Jason P. Pogorelec (1975)
Year of Election or Appointment: 2015
Assistant Secretary
Mr. Pogorelec also serves as Assistant Secretary of other funds. Mr. Pogorelec serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2006-present).
Nancy D. Prior (1967)
Year of Election or Appointment: 2014
Vice President
Ms. Prior also serves as Vice President of other funds. Ms. Prior serves as a Director of FMR Investment Management (U.K.) Limited (investment adviser firm, 2015-present) and Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2014-present), President, Fixed Income (2014-present), Vice Chairman of FIAM LLC (investment adviser firm, 2014-present), and is an employee of Fidelity Investments (2002-present). Previously, Ms. Prior served as Vice President of Fidelity's Money Market Funds (2012-2014), President, Money Market and Short Duration Bond Group of Fidelity Management & Research (FMR) (investment adviser firm, 2013-2014), President, Money Market Group of FMR (2011-2013), Managing Director of Research (2009-2011), Senior Vice President and Deputy General Counsel (2007-2009), and Assistant Secretary of other Fidelity® funds (2008-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Renee Stagnone (1975)
Year of Election or Appointment: 2016
Assistant Treasurer
Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity funds (2013-2016).
Linda J. Wondrack (1964)
Year of Election or Appointment: 2016
Chief Compliance Officer
Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (investment adviser firm, 2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc. (investment adviser firm), Fidelity Investments Money Management, Inc. (investment adviser firm), Fidelity Management & Research (U.K.) Inc. (investment adviser firm), Fidelity Management & Research (Hong Kong) (investment adviser firm), Fidelity Management & Research Company (investment adviser firm), FIAM LLC (investment adviser firm), and Strategic Advisers, Inc. (investment adviser firm), Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Chief Compliance Officer of certain Fidelity® funds (2014-2016) and Fidelity Management & Research (Japan) Limited (investment adviser firm, 2012-2016); Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Derek L. Young (1964)
Year of Election or Appointment: 2009
Vice President of Fidelity's Asset Allocation Funds
Mr. Young also serves as an officer of other funds. He is a Director of Strategic Advisers, Inc. (investment adviser firm, 2011-present) and FMR Investment Management (U.K.) Limited (investment adviser firm, 2016-present), President of Fidelity Global Asset Allocation (GAA) (2011-present), and Vice Chairman of FIAM LLC (investment adviser firm, 2011-present). Previously, Mr. Young served as Trustee of certain funds (2012-2015), President of Strategic Advisers, Inc. (2011-2015), Chief Investment Officer of GAA (2009-2011), and as a portfolio manager.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including distribution and/or service (12b-1) fees and 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 (October 1, 2015 to March 31, 2016).
Actual Expenses
The first line of the accompanying table for each class of 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 class of the 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 class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' 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 Expense Ratio-A | Beginning
Account Value
October 1, 2015 | Ending
Account Value
March 31, 2016 | Expenses Paid
During Period-B
October 1, 2015
to March 31, 2016 |
| Strategic Advisers Multi-Manager Income Fund | | | | |
| Multi-Manager Income | .05% | | | |
| Actual | | $1,000.00 | $1,023.50 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Class L | .05% | | | |
| Actual | | $1,000.00 | $1,024.40 | $.25 |
| Hypothetical-C | | $1,000.00 | $1,024.75 | $.25 |
| Class N | .30% | | | |
| Actual | | $1,000.00 | $1,023.20 | $1.52 |
| Hypothetical-C | | $1,000.00 | $1,023.50 | $1.52 |
| Strategic Advisers Multi-Manager 2005 Fund | | | | |
| Multi-Manager 2005 | .06% | | | |
| Actual | | $1,000.00 | $1,029.60 | $.30 |
| Hypothetical-C | | $1,000.00 | $1,024.70 | $.30 |
| Class L | .09% | | | |
| Actual | | $1,000.00 | $1,029.30 | $.46 |
| Hypothetical-C | | $1,000.00 | $1,024.55 | $.46 |
| Class N | .34% | | | |
| Actual | | $1,000.00 | $1,027.40 | $1.72 |
| Hypothetical-C | | $1,000.00 | $1,023.30 | $1.72 |
| Strategic Advisers Multi-Manager 2010 Fund | | | | |
| Multi-Manager 2010 | .04% | | | |
| Actual | | $1,000.00 | $1,031.80 | $.20 |
| Hypothetical-C | | $1,000.00 | $1,024.80 | $.20 |
| Class L | .06% | | | |
| Actual | | $1,000.00 | $1,031.70 | $.30 |
| Hypothetical-C | | $1,000.00 | $1,024.70 | $.30 |
| Class N | .31% | | | |
| Actual | | $1,000.00 | $1,030.80 | $1.57 |
| Hypothetical-C | | $1,000.00 | $1,023.45 | $1.57 |
| Strategic Advisers Multi-Manager 2015 Fund | | | | |
| Multi-Manager 2015 | .08% | | | |
| Actual | | $1,000.00 | $1,033.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class L | .08% | | | |
| Actual | | $1,000.00 | $1,034.90 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class N | .33% | | | |
| Actual | | $1,000.00 | $1,033.00 | $1.68 |
| Hypothetical-C | | $1,000.00 | $1,023.35 | $1.67 |
| Strategic Advisers Multi-Manager 2020 Fund | | | | |
| Multi-Manager 2020 | .08% | | | |
| Actual | | $1,000.00 | $1,036.40 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class L | .08% | | | |
| Actual | | $1,000.00 | $1,036.30 | $.41 |
| Hypothetical-C | | $1,000.00 | $1,024.60 | $.40 |
| Class N | .33% | | | |
| Actual | | $1,000.00 | $1,034.30 | $1.68 |
| Hypothetical-C | | $1,000.00 | $1,023.35 | $1.67 |
| Strategic Advisers Multi-Manager 2025 Fund | | | | |
| Multi-Manager 2025 | .10% | | | |
| Actual | | $1,000.00 | $1,037.60 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .09% | | | |
| Actual | | $1,000.00 | $1,037.40 | $.46 |
| Hypothetical-C | | $1,000.00 | $1,024.55 | $.46 |
| Class N | .34% | | | |
| Actual | | $1,000.00 | $1,035.40 | $1.73 |
| Hypothetical-C | | $1,000.00 | $1,023.30 | $1.72 |
| Strategic Advisers Multi-Manager 2030 Fund | | | | |
| Multi-Manager 2030 | .10% | | | |
| Actual | | $1,000.00 | $1,040.40 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,040.60 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,038.60 | $1.78 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2035 Fund | | | | |
| Multi-Manager 2035 | .10% | | | |
| Actual | | $1,000.00 | $1,040.40 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,041.30 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,039.30 | $1.78 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2040 Fund | | | | |
| Multi-Manager 2040 | .10% | | | |
| Actual | | $1,000.00 | $1,041.30 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,041.20 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,039.30 | $1.78 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2045 Fund | | | | |
| Multi-Manager 2045 | .10% | | | |
| Actual | | $1,000.00 | $1,040.80 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,041.60 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,039.60 | $1.78 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2050 Fund | | | | |
| Multi-Manager 2050 | .10% | | | |
| Actual | | $1,000.00 | $1,041.20 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,041.20 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,039.20 | $1.78 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2055 Fund | | | | |
| Multi-Manager 2055 | .10% | | | |
| Actual | | $1,000.00 | $1,041.50 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,040.40 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,040.40 | $1.79 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| Strategic Advisers Multi-Manager 2060 Fund | | | | |
| Multi-Manager 2060 | .10% | | | |
| Actual | | $1,000.00 | $1,040.30 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class L | .10% | | | |
| Actual | | $1,000.00 | $1,040.30 | $.51 |
| Hypothetical-C | | $1,000.00 | $1,024.50 | $.51 |
| Class N | .35% | | | |
| Actual | | $1,000.00 | $1,041.20 | $1.79 |
| Hypothetical-C | | $1,000.00 | $1,023.25 | $1.77 |
| | | | | |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 366 (to reflect the one-half year period). The fees and expenses of the underlying Fidelity Funds in which each Fund invests are not included in each Class' annualized expense ratio.
C 5% return per year before expenses
Distributions (Unaudited)
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:
| Fund | Pay Date | Record Date | Dividends | Capital Gains |
| Strategic Advisers Multi-Manager Income Fund | 05/16/2016 | 05/13/2016 | $0.006 | $0.000 |
| Strategic Advisers Multi-Manager 2005 Fund | 05/16/2016 | 05/13/2016 | $0.029 | $0.000 |
| Strategic Advisers Multi-Manager 2010 Fund | 05/16/2016 | 05/13/2016 | $0.022 | $0.070 |
| Strategic Advisers Multi-Manager 2015 Fund | 05/16/2016 | 05/13/2016 | $0.027 | $0.011 |
| Strategic Advisers Multi-Manager 2020 Fund | 05/16/2016 | 05/13/2016 | $0.021 | $0.087 |
| Strategic Advisers Multi-Manager 2025 Fund | 05/16/2016 | 05/13/2016 | $0.018 | $0.098 |
| Strategic Advisers Multi-Manager 2030 Fund | 05/16/2016 | 05/13/2016 | $0.009 | $0.000 |
| Strategic Advisers Multi-Manager 2035 Fund | 05/16/2016 | 05/13/2016 | $0.003 | $0.131 |
| Strategic Advisers Multi-Manager 2040 Fund | 05/16/2016 | 05/13/2016 | $0.000 | $0.146 |
| Strategic Advisers Multi-Manager 2045 Fund | 05/16/2016 | 05/13/2016 | $0.000 | $0.130 |
| Strategic Advisers Multi-Manager 2050 Fund | 05/16/2016 | 05/13/2016 | $0.003 | $0.145 |
| Strategic Advisers Multi-Manager 2055 Fund | 05/16/2016 | 05/13/2016 | $0.000 | $0.156 |
| Strategic Advisers Multi-Manager 2060 Fund | 05/16/2016 | 05/13/2016 | $0.000 | $0.130 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended March, 2016, or, if subsequently determined to be different, the net capital gain of such year.
| Fund | |
| Strategic Advisers Multi-Manager Income Fund | $5,683 |
| Strategic Advisers Multi-Manager 2005 Fund | $3,084 |
| Strategic Advisers Multi-Manager 2010 Fund | $12,924 |
| Strategic Advisers Multi-Manager 2015 Fund | $17,735 |
| Strategic Advisers Multi-Manager 2020 Fund | $98,674 |
| Strategic Advisers Multi-Manager 2025 Fund | $39,949 |
| Strategic Advisers Multi-Manager 2030 Fund | $28,163 |
| Strategic Advisers Multi-Manager 2035 Fund | $49,884 |
| Strategic Advisers Multi-Manager 2040 Fund | $31,096 |
| Strategic Advisers Multi-Manager 2045 Fund | $45,944 |
| Strategic Advisers Multi-Manager 2050 Fund | $40,743 |
| Strategic Advisers Multi-Manager 2055 Fund | $43,292 |
| Strategic Advisers Multi-Manager 2060 Fund | $14,418 |
A percentage of the dividends distributed during the fiscal year for the following funds was derived from interest on U.S. Government securities which is generally exempt from state income tax:
| Strategic Advisers Multi-Manager Income Fund | 4.79% |
| Strategic Advisers Multi-Manager 2005 Fund | 3.45% |
| Strategic Advisers Multi-Manager 2010 Fund | 3.08% |
| Strategic Advisers Multi-Manager 2015 Fund | 2.46% |
| Strategic Advisers Multi-Manager 2020 Fund | 1.93% |
| Strategic Advisers Multi-Manager 2025 Fund | 1.47% |
| Strategic Advisers Multi-Manager 2030 Fund | 0.60% |
| Strategic Advisers Multi-Manager 2035 Fund | 0.08% |
| Strategic Advisers Multi-Manager 2040 Fund | 0.07% |
| Strategic Advisers Multi-Manager 2045 Fund | 0.07% |
| Strategic Advisers Multi-Manager 2050 Fund | 0.07% |
| Strategic Advisers Multi-Manager 2055 Fund | 0.07% |
| Strategic Advisers Multi-Manager 2060 Fund | 0.08% |
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:
| Strategic Advisers Multi-Manager Income Fund | |
| May 2015 | 9% |
| June 2015 | 11% |
| July 2015 | 11% |
| August 2015 | 11% |
| September 2015 | 11% |
| October 2015 | 11% |
| November 2015 | 11% |
| December 2015 | 11% |
| February 2016 | 0% |
| March 2016 | 0% |
| Strategic Advisers Multi-Manager 2005 Fund | |
| May 2015 | 1% |
| December 2015 | 16% |
| Strategic Advisers Multi-Manager 2010 Fund | |
| May 2015 | 1% |
| December 2015 | 19% |
| Strategic Advisers Multi-Manager 2015 Fund | |
| May 2015 | 1% |
| December 2015 | 23% |
| Strategic Advisers Multi-Manager 2020 Fund | |
| May 2015 | 2% |
| December 2015 | 25% |
| Strategic Advisers Multi-Manager 2025 Fund | |
| May 2015 | 4% |
| December 2015 | 29% |
| Strategic Advisers Multi-Manager 2030 Fund | |
| May 2015 | 20% |
| December 2015 | 37% |
| Strategic Advisers Multi-Manager 2035 Fund | |
| May 2015 | 0% |
| December 2015 | 43% |
| Strategic Advisers Multi-Manager 2040 Fund | |
| May 2015 | 4% |
| December 2015 | 41% |
| Strategic Advisers Multi-Manager 2045 Fund | |
| May 2015 | 12% |
| December 2015 | 42% |
| Strategic Advisers Multi-Manager 2050 Fund | |
| May 2015 | 20% |
| December 2015 | 43% |
| Strategic Advisers Multi-Manager 2055 Fund | |
| May 2015 | 0% |
| December 2015 | 41% |
| Strategic Advisers Multi-Manager 2060 Fund | |
| May 2015 | 0% |
| December 2015 | 44% |
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
| Strategic Advisers Multi-Manager Income Fund | |
| May 2015 | 15% |
| June 2015 | 19% |
| July 2015 | 19% |
| August 2015 | 19% |
| September 2015 | 19% |
| October 2015 | 19% |
| November 2015 | 19% |
| December 2015 | 19% |
| February 2016 | 0% |
| March 2016 | 0% |
| Strategic Advisers Multi-Manager 2005 Fund | |
| May 2015 | 2% |
| December 2015 | 28% |
| Strategic Advisers Multi-Manager 2010 Fund | |
| May 2015 | 2% |
| December 2015 | 32% |
| Strategic Advisers Multi-Manager 2015 Fund | |
| May 2015 | 3% |
| December 2015 | 39% |
| Strategic Advisers Multi-Manager 2020 Fund | |
| May 2015 | 4% |
| December 2015 | 44% |
| Strategic Advisers Multi-Manager 2025 Fund | |
| May 2015 | 7% |
| December 2015 | 52% |
| Strategic Advisers Multi-Manager 2030 Fund | |
| May 2015 | 34% |
| December 2015 | 61% |
| Strategic Advisers Multi-Manager 2035 Fund | |
| May 2015 | 0% |
| December 2015 | 76% |
| Strategic Advisers Multi-Manager 2040 Fund | |
| May 2015 | 7% |
| December 2015 | 71% |
| Strategic Advisers Multi-Manager 2045 Fund | |
| May 2015 | 22% |
| December 2015 | 75% |
| Strategic Advisers Multi-Manager 2050 Fund | |
| May 2015 | 34% |
| December 2015 | 74% |
| Strategic Advisers Multi-Manager 2055 Fund | |
| May 2015 | 0% |
| December 2015 | 73% |
| Strategic Advisers Multi-Manager 2060 Fund | |
| May 2015 | 0% |
| December 2015 | 76% |
The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:
| Fund | Pay Date | Income | Taxes |
| Strategic Advisers Multi-Manager Income Fund | 12/31/2015 | $0.0164 | $0.0019 |
| Strategic Advisers Multi-Manager 2005 Fund | 12/31/2015 | $0.0271 | $0.0029 |
| Strategic Advisers Multi-Manager 2010 Fund | 12/31/2015 | $0.0348 | $0.0037 |
| Strategic Advisers Multi-Manager 2015 Fund | 12/31/2015 | $0.0415 | $0.0044 |
| Strategic Advisers Multi-Manager 2020 Fund | 12/31/2015 | $0.0429 | $0.0049 |
| Strategic Advisers Multi-Manager 2025 Fund | 12/31/2015 | $0.0470 | $0.0054 |
| Strategic Advisers Multi-Manager 2030 Fund | 12/31/2015 | $0.0643 | $0.0064 |
| Strategic Advisers Multi-Manager 2035 Fund | 12/31/2015 | $0.0663 | $0.0073 |
| Strategic Advisers Multi-Manager 2040 Fund | 12/31/2015 | $0.0681 | $0.0072 |
| Strategic Advisers Multi-Manager 2045 Fund | 12/31/2015 | $0.0658 | $0.0073 |
| Strategic Advisers Multi-Manager 2050 Fund | 12/31/2015 | $0.0711 | $0.0074 |
| Strategic Advisers Multi-Manager 2055 Fund | 12/31/2015 | $0.0682 | $0.0073 |
The funds will notify shareholders in January 2017 of amounts for use in preparing 2016 income tax returns.
Proxy Voting Results
A special meeting of shareholders was held on January 15, 2016. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
| To elect a Board of Trustees. |
| | # of
Votes | % of
Votes |
| Elizabeth S. Acton | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| John Engler | | |
| Affirmative | 6,221,741.96 | 91.269 |
| Withheld | 595,205.12 | 8.731 |
| TOTAL | 6,816,947.08 | 100.000 |
| Albert R. Gamper, Jr. | | |
| Affirmative | 6,221,741.96 | 91.269 |
| Withheld | 595,205.12 | 8.731 |
| TOTAL | 6,816,947.08 | 100.000 |
| Robert F. Gartland | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| Abigail P. Johnson | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| Arthur E. Johnson | | |
| Affirmative | 6,207,439.24 | 91.059 |
| Withheld | 609,507.84 | 8.941 |
| TOTAL | 6,816,947.08 | 100.000 |
| Michael E. Kenneally | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| James H. Keyes | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| Marie L. Knowles | | |
| Affirmative | 6,207,439.24 | 91.059 |
| Withheld | 609,507.84 | 8.941 |
| TOTAL | 6,816,947.08 | 100.000 |
| Geoffrey A. von Kuhn | | |
| Affirmative | 6,222,998.73 | 91.288 |
| Withheld | 593,948.35 | 8.712 |
| TOTAL | 6,816,947.08 | 100.000 |
| Proposal 1 reflects trust wide proposal and voting results. |
OLF-ANN-0516
1.954274.103
Item 2.
Code of Ethics
As of the end of the period, March 31, 2016, Fidelity Boylston Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3.
Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Acton is independent for purposes of Item 3 of Form N-CSR.
Item 4.
Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to 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, Strategic Advisers Multi-Manager 2055 Fund and Strategic Advisers Multi-Manager 2060 Fund (the “Funds”):
Services Billed by Deloitte Entities
March 31, 2016 FeesA
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Strategic Advisers Multi-Manager Income Fund | $21,000 | $- | $5,000 | $600 |
Strategic Advisers Multi-Manager 2005 Fund | $21,000 | $- |
$5,000 | $600 |
Strategic Advisers Multi-Manager 2010 Fund | $21,000 | $- | $5,000 | $600 |
Strategic Advisers Multi-Manager 2015 Fund | $21,000 | $- | $5,000 | $600 |
Strategic Advisers Multi-Manager 2020 Fund | $21,000 | $- | $5,000 | $600 |
Strategic Advisers Multi-Manager 2025 Fund | $21,000 | $- | $5,000 | $600 |
Strategic Advisers Multi-Manager 2030 Fund | $21,000 | $- | $5,000 | $600 |
Strategic Advisers Multi-Manager 2035 Fund | $21,000 | $- | $5,000 | $600 |
Strategic Advisers Multi-Manager 2040 Fund | $21,000 | $- | $5,000 | $600 |
Strategic Advisers Multi-Manager 2045 Fund | $21,000 | $- | $5,000 | $600 |
Strategic Advisers Multi-Manager 2050 Fund | $21,000 | $- | $5,000 | $600 |
Strategic Advisers Multi-Manager 2055 Fund | $21,000 | $- | $5,000 | $600 |
Strategic Advisers Multi-Manager 2060 Fund | $21,000 | $- | $5,000 | $600 |
| | | | |
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Strategic Advisers Multi-Manager Income Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2005 Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2010 Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2015 Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2020 Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2025 Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2030 Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2035 Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2040 Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2045 Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2050 Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2055 Fund | $20,000 | $- | $4,700 | $600 |
Strategic Advisers Multi-Manager 2060 Fund | $14,000 | $- | $4,700 | $400 |
A Amounts may reflect rounding.
B Strategic Advisers Multi-Manager 2060 Fund commenced operations on August 5, 2014.
The following table presents fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company (“FMR”) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds (“Fund Service Providers”):
Services Billed by Deloitte Entities
| | |
| March 31, 2016A | March 31, 2015A,B |
Audit-Related Fees | $40,000 | $- |
Tax Fees | $10,000 | $- |
All Other Fees | $- | $220,000 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Strategic Advisers Multi-Manager 2060 Fund’s commencement operations.
“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
| | |
Billed By | March 31, 2016 A | March 31, 2015 A,B |
Deloitte Entities | $170,000 | $1,435,000 |
A Amounts may reflect rounding.
B May include amounts billed prior to the Strategic Advisers Multi-Manager 2060 Fund’s commencement operations.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the Funds, taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer
determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds’ last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
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 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 trust’s 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) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(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: | May 26, 2016 |
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: | May 26, 2016 |
| |
By: | /s/Howard J. Galligan III |
| Howard J. Galligan III |
| Chief Financial Officer |
| |
Date: | May 26, 2016 |
