Strategic Advisers Core Income Fund
Conservative allocation fund
As of its 2026 Q2 report, Strategic Advisers Core Income Fund held 11,228 positions with $42.84B in net assets. Its ten largest holdings made up 33.2% of the fund. The FPCIX share class costs 0.25% a year. Over the 12 months to May 2026, FPCIX returned 5.9%, with dividends reinvested. In 2026 Q2 it added 1,705 new positions and exited 1,339.
Strategic Advisers Core Income Fund seeks a high level of current income.
The fund allocates assets among sub-advisers and underlying funds—including affiliated and non-affiliated mutual funds and ETFs—that invest directly in debt securities, using the Bloomberg U.S. Aggregate Bond Index as a guide for diversification across sectors and maturities. The portfolio normally holds at least 80% in investment-grade debt securities of all types, with up to 30% in high-yield and emerging-markets debt. Because the fund invests indirectly through other funds rather than holding securities directly, its returns depend on the selection and performance of those underlying funds and sub-advisers.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
FSMTXFidelity Salem Street Trust | 6.38% | $2.73B | 301.4M | $9.06 |
PIMCO Mortgage Opportunities and Bond Fund | 4.84% | $2.07B | 222.4M | $9.32 |
IICIXVoya Funds/USA | 3.33% | $1.42B | 163.0M | $8.74 |
BOND FUND AMERICA INC | 3.30% | $1.41B | 125.3M | $11.28 |
DOUBLELINE FDS TR | 3.00% | $1.28B | 146.5M | $8.76 |
PIMCO STOCKSPLUS LONG DURATION FUND | 2.94% | $1.26B | 116.1M | $10.85 |
BAIRD FDS INC | 2.67% | $1.14B | 112.2M | $10.19 |
BAIRD FDS INC | 2.65% | $1.13B | 115.4M | $9.82 |
FNMA/FHLG TBA ISSUER 5.50% · due 2056-06-01 | 2.09% | $894.55M | — | — |
ISHARES TR | 2.06% | $883.28M | 9.3M | $94.65 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
The 200 largest of 11,228 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 52.91% |
| Securitized | 47.79% |
| Stocks | 9.38% |
| Cash & short-term | 1.71% |
| 3 smaller | 1.06% |
Look-through blends 21 underlying funds; 1.666% of NAV was not looked through and stays direct-classified.
How it has done
FPCIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.39%. Past returns are a record, not a forecast.
Fees & fund details
Strategic Advisers Core Income Fund is a conservative allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Conservative
- Features
- Fund of funds
- Expense ratio, by class
- 0.25%· FPCIX 0.25%
- Portfolio turnover
- 211.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
1705 new· the largest 3
1339 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 85.0% |
| Floating rate | 15.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.0% |
| 1-3y | 8.5% |
| 3-5y | 12.2% |
| 5-10y | 15.6% |
| 10y+ | 59.7% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.96 yr |
| High yield | +0.14 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.25 yr | 8% |
| 5 yr | 0.76 yr | 25% |
| 10 yr | 1.03 yr | 34% |
| 30 yr | 0.95 yr | 32% |
| 3 mo | 0.07 yr | 2% |
| 1 yr | 0.45 yr | 15% |
| 5 yr | 0.94 yr | 30% |
| 10 yr | 1.05 yr | 34% |
| 30 yr | 0.58 yr | 19% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.06 | +0.01 | $278.2k | $37.8k |
| 1 yr | +0.25 | +0.42 | +0.03 | $1.79m | $133.8k |
| 5 yr | +0.76 | +0.90 | +0.04 | $3.87m | $173.3k |
| 10 yr | +1.03 | +1.00 | +0.04 | $4.30m | $174.7k |
| 30 yr | +0.95 | +0.57 | +0.01 | $2.43m | $60.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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