Mutual Fund Summary Prospectus (497k)
28 Dezember 2012 - 6:53PM
Edgar (US Regulatory)
Fund
/Ticker
Strategic Advisers
®
Short Duration Fund
/FAUDX
Offered exclusively to certain clients of Strategic Advisers, Inc. - not available for sale to the general public
Summary Prospectus
July 30, 2012
As Revised December 28, 2012
Fund Summary
Fund:
Strategic Advisers
®
Short Duration Fund
Investment Objective
The fund seeks to obtain a high level of current income consistent with preservation of capital.
Fee Table
The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.
|
Shareholder fees
(fees paid directly from your investment)
|
None
|
Annual fund operating expenses
(expenses that you pay each year as a % of the value of your investment)
|
Management fee (fluctuates based on the fund's allocation among underlying funds and sub-advisers)
A, C
|
0.28%
|
|
Distribution and/or Service (12b-1) fees
|
None
|
|
Other expenses
A
|
0.09%
|
|
Acquired fund fees and expenses (fees and expenses of underlying funds)
A
|
0.45%
|
|
Total annual fund operating expenses
B
|
0.82%
|
|
Fee waiver and/or expense reimbursement
C
|
0.25%
|
|
Total annual fund operating expenses after fee waiver and/or expense reimbursement
B
|
0.57%
|
A
Based on estimated amounts for the current fiscal year.
B
Differs from the ratios of expenses to average net assets in the Financial Highlights section of the prospectus because of acquired fund fees and expenses.
C
Strategic Advisers, Inc. (Strategic Advisers) has contractually agreed that the fund's maximum aggregate annual management fee will not exceed 0.55% of the fund's average daily net assets.
In addition,
Strategic
Advisers has contractually agreed to waive a portion of the fund's management fee in an amount equal to 0.25% of the fund's average daily net assets. This arrangement will remain in effect through September 30,
2014. Strategic Advisers may not discontinue or modify this arrangement without the approval of the Board of Trustees.
Summary Prospectus
This
example
helps compare the cost of investing in the fund with the cost of investing in other mutual funds.
Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses
for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in
total expenses if you sell all of your shares at the end of each time period indicated:
|
1 year
|
$ 58
|
|
3 years
|
$ 201
|
Portfolio Turnover
The fund will not incur transaction costs, such as commissions, when it buys and sells shares of affiliated funds and non-affiliated funds, but it
will incur transaction costs when it buys and sells other types of securities (including non-affiliated exchange traded funds) directly (or "turns
over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are
held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance.
For the period from December 20, 2011 to May 31, 2012, the fund's portfolio turnover rate was 5% of the average value of its portfolio.
Principal Investment Strategies
-
Normally investing in U.S. dollar-denominated money market and investment-grade debt securities, and repurchase agreements.
-
Normally maintaining a dollar-weighted average maturity of three years or less.
-
Investing in domestic and foreign issuers.
-
Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total
return, and credit default) and futures contracts - and forward-settling securities, to adjust the fund's risk exposure.
-
Implementing investment strategies by investing directly in securities through one or more managers (sub-advisers) or indirectly in securities
through one or more other funds, referred to as underlying funds, which in turn invest directly in securities (as described below).
-
Allocating assets among affiliated fixed-income funds (
i.e.,
Fidelity funds) and non-affiliated fixed-income funds that participate in Fidelity's
FundsNetwork
®
, and non-affiliated exchange traded funds (ETFs) (underlying funds) and sub-advisers.
Summary Prospectus
Fund Summary - continued
-
Allocating assets among underlying funds and sub-advisers to achieve similar overall interest rate risk to the Citigroup
®
6-Month U.S. Treasury
Bill Index.
-
Allocating assets among underlying funds and sub-advisers to attempt to diversify its portfolio in terms of different market sectors and maturities.
-
Allocating assets among underlying funds using proprietary fundamental and quantitative fund research, considering factors including fund
performance, a fund manager's experience and investment style, fund company infrastructure, and fund characteristics such as expense ratio,
asset size, and portfolio turnover.
-
Allocating assets among sub-advisers considering factors including, but not limited to, a sub-adviser's investment approach, the characteristics
of a sub-adviser's typical investment portfolio, and a sub-adviser's performance patterns in different market environments.
-
Analyzing the credit quality of the issuer, the issuer's potential for success, the credit, currency and economic risks of the security and its issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments.
Pursuant to an exemptive order granted by the Securities and Exchange Commission (SEC), Strategic Advisers, Inc. (Strategic Advisers) is permitted, subject to the approval of the Board of Trustees, to enter into new or amended sub-advisory agreements with one or more unaffiliated sub-advisers without obtaining shareholder approval of such agreements. Subject to oversight by the Board of Trustees, Strategic Advisers has the
ultimate responsibility to oversee the fund's sub-advisers and recommend their hiring, termination, and replacement. In the event the Board of
Trustees approves a sub-advisory agreement with a new unaffiliated sub-adviser, shareholders will be provided with information about the new
sub-adviser and sub-advisory agreement.
Principal Investment Risks
-
Investing in Other Funds.
Regulatory restrictions may limit the amount that one fund can invest in another, which means that the fund's
manager may not be able to invest as much as it wants to in some other funds. The fund bears all risks of investment strategies employed by the
underlying funds, including the risk that the underlying funds will not meet their investment objectives.
-
Interest Rate Changes.
Interest rate increases can cause the price of a debt or money market security to decrease.
-
Foreign Exposure.
Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory,
market, or economic developments and can perform differently from the U.S. market.
-
Prepayment.
The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if
interest rates change.
Summary Prospectus
-
Issuer-Specific Changes.
The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a
security can cause the price of a security to decrease.
-
Leverage Risk.
Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
-
Investing in ETFs.
ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid.
ETFs that track an index are subject to tracking error and may be unable to sell poorly performing assets that are included in their index or
other benchmark.
-
Multiple Sub-Adviser Risk.
Separate investment decisions and the resulting purchase and sale activities of the fund's sub-advisers might
adversely affect the fund's performance or lead to disadvantageous tax consequences.
-
Quantitative Investing.
Securities selected using quantitative analysis can perform differently from the market as a whole as a result of the
factors used in the analysis, the weight placed on each factor, and changes in the factors' historical trends.
An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. You could lose money by investing in the fund.
Performance
Performance history will be available for the fund after the fund has been in operation for one calendar year.
Investment Advisers
Strategic Advisers is the fund's manager. Pyramis Global Advisors, LLC (Pyramis) and T. Rowe Price Associates, Inc. (T. Rowe Price) have been
retained to serve as sub-advisers for the fund.
Portfolio Manager(s)
Gregory Pappas (lead portfolio manager) has managed the fund since December 2011.
Robert Galusza (portfolio manager) has managed Pyramis' portion of the fund's assets since January 2012.
Edward A. Wiese (portfolio manager) has managed T. Rowe Price's portion of the fund's assets since December 2012.
Purchase and Sale of Shares
The fund is not available for sale to the general public.
The price to buy one share of the fund is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is
received in proper form.
The price to sell one share of the fund is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.
Summary Prospectus
Fund Summary - continued
The fund is open for business each day the New York Stock Exchange (NYSE) is open.
The fund has no minimum investment requirement.
Tax Information
Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may
also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later,
upon withdrawal of your investment from such account).
Payments to Financial Intermediaries
The fund, Strategic Advisers, Fidelity Management & Research Company (FMR), Fidelity Distributors Corporation (FDC), and/or their affiliates
may pay intermediaries, including retirement plan sponsors, administrators, or service-providers (who may be affiliated with Strategic Advisers,
FMR, or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.
Summary Prospectus
FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at
202-371-8300.
Strategic Advisers and FundsNetwork are registered service marks of FMR LLC. © 2012 FMR LLC. All rights reserved.
The third-party marks appearing above are the marks of their respective owners.
1.934456.102 ASD-SUM-0712-01
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