UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 81121991

Fidelity Rutland Square Trust II
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices)       (Zip code)

Marc Bryant, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

February 28

 

 

Date of reporting period:

November 30, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Strategic Advisers ®
Income Opportunities Fund

Offered exclusively to certain clients of
Strategic Advisers, Inc.
- not available for sale to the
general public

November 30, 2012 

1.912885.102

SRQ-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Fixed-Income Funds - 100.0%

Shares

Value

High Yield Fixed-Income Funds - 100.0%

BlackRock High Yield Bond Portfolio Investor A Class

45,497,124

$ 363,976,994

Eaton Vance Income Fund of Boston - Class A

26,437,583

157,303,617

Fidelity Advisor High Income Advantage Fund Institutional Class (a)

10,441,819

101,285,640

Fidelity Advisor High Income Fund Institutional Class (a)

11,053,856

96,831,775

Fidelity Capital & Income Fund (a)

84,125,698

792,464,079

Fidelity High Income Fund (a)

60,663,947

563,568,068

Hotchkis and Wiley High Yield Fund A

1,438,635

18,270,663

Janus High-Yield Fund Class T

41,230,393

380,556,530

MainStay High Yield Corporate Bond Fund Class A

25,412,039

154,505,198

PIMCO High Yield Fund Administrative Class

36,334,421

348,447,093

T. Rowe Price High Yield Fund Advisor Class

132,407,908

912,290,487

TOTAL FIXED-INCOME FUNDS

(Cost $3,681,159,450)


3,889,500,144

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $3,681,159,450)

3,889,500,144

NET OTHER ASSETS (LIABILITIES) - 0.0%

(731,429 )

NET ASSETS - 100%

$ 3,888,768,715

Legend

(a) Affiliated company

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Advisor High Income Advantage Fund Institutional Class

$ 119,134,636

$ 4,982,140

$ 26,945,475

$ 4,982,140

$ 101,285,640

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Advisor High Income Fund Institutional Class

$ 95,934,593

$ 14,676,201

$ 16,109,037

$ 4,630,360

$ 96,831,775

Fidelity Capital & Income Fund

664,426,704

208,243,921

96,173,454

33,713,433

792,464,079

Fidelity Focused High Income Fund

10,053,758

90,263

10,090,088

88,838

-

Fidelity High Income Fund

430,747,864

166,859,686

49,534,527

23,522,994

563,568,068

Total

$ 1,320,297,555

$ 394,852,211

$ 198,852,581

$ 66,937,765

$ 1,554,149,562

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $3,684,313,440. Net unrealized appreciation aggregated $205,186,704, of which $209,111,790 related to appreciated investment securities and $3,925,086 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses third party pricing vendors approved by the Board of Trustees (the Board) to value its investments. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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 the Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ® Small-Mid Cap Fund

Offered exclusively to certain clients of
Strategic Advisers, Inc.
- not available for sale to
the general public

November 30, 2012 

1.912861.102

SMC-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 35.7%

Shares

Value

CONSUMER DISCRETIONARY - 5.9%

Auto Components - 0.6%

American Axle & Manufacturing Holdings, Inc. (a)

104,565

$ 1,093,750

BorgWarner, Inc. (a)

5,750

381,225

Dana Holding Corp.

332,252

4,711,333

Tenneco, Inc. (a)

67,865

2,176,431

TRW Automotive Holdings Corp. (a)

63,905

3,236,149

Visteon Corp. (a)

84,990

4,257,999

 

15,856,887

Automobiles - 0.1%

Thor Industries, Inc.

73,600

2,777,664

Distributors - 0.2%

LKQ Corp. (a)

79,464

1,741,851

Pool Corp.

60,047

2,515,369

 

4,257,220

Diversified Consumer Services - 0.0%

Sotheby's Class A (Ltd. vtg.)

19,807

571,630

Hotels, Restaurants & Leisure - 1.3%

Bloomin' Brands, Inc.

84,650

1,340,010

Choice Hotels International, Inc.

40,991

1,332,208

Darden Restaurants, Inc.

34,698

1,834,830

Domino's Pizza, Inc.

54,336

2,260,378

Dunkin' Brands Group, Inc.

46,055

1,465,470

Hyatt Hotels Corp. Class A (a)

138,608

5,059,192

Interval Leisure Group, Inc.

50,772

956,037

Jack in the Box, Inc. (a)

74,005

2,038,838

Life Time Fitness, Inc. (a)

49,408

2,325,140

Marriott Vacations Worldwide Corp.

52,625

2,095,001

Penn National Gaming, Inc. (a)

60,961

3,098,038

Ryman Hospitality Properties, Inc.

22,465

746,287

Scientific Games Corp. Class A (a)

149,600

1,246,168

Six Flags Entertainment Corp.

28,221

1,735,027

Vail Resorts, Inc.

104,846

5,904,927

Wendy's Co.

174,500

813,170

 

34,250,721

Household Durables - 0.7%

D.R. Horton, Inc.

30,470

592,946

Ethan Allen Interiors, Inc.

99,014

2,872,396

Jarden Corp.

32,150

1,701,057

M.D.C. Holdings, Inc.

130,764

4,608,123

Mohawk Industries, Inc. (a)

22,354

1,922,220

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Newell Rubbermaid, Inc.

85,900

$ 1,873,479

NVR, Inc. (a)

1,135

1,021,318

Ryland Group, Inc.

59,709

1,997,266

Toll Brothers, Inc. (a)

11,960

380,806

Tupperware Brands Corp.

10,040

651,094

 

17,620,705

Internet & Catalog Retail - 0.0%

Expedia, Inc.

22,300

1,379,478

Leisure Equipment & Products - 0.1%

Brunswick Corp.

125,801

3,241,892

Media - 0.1%

Cablevision Systems Corp. - NY Group Class A

23,440

324,410

Lions Gate Entertainment Corp. (a)

66,275

1,085,585

Regal Entertainment Group Class A

63,890

995,406

 

2,405,401

Multiline Retail - 0.1%

Dillard's, Inc. Class A

19,650

1,747,082

Specialty Retail - 2.0%

ANN, Inc. (a)

36,251

1,216,221

DSW, Inc. Class A

59,025

4,015,471

Express, Inc. (a)

34,600

516,578

Five Below, Inc.

35,655

1,324,583

Foot Locker, Inc.

435,337

15,602,478

GNC Holdings, Inc.

154,160

5,415,641

Group 1 Automotive, Inc.

36,476

2,216,282

Monro Muffler Brake, Inc.

47,356

1,519,180

OfficeMax, Inc.

327,600

3,276,000

Pier 1 Imports, Inc.

158,650

3,044,494

RadioShack Corp.

197,900

401,737

Sally Beauty Holdings, Inc. (a)

39,800

1,008,930

Staples, Inc.

57,670

674,739

The Children's Place Retail Stores, Inc. (a)

26,004

1,264,054

The Men's Wearhouse, Inc.

114,250

3,706,270

The Pep Boys - Manny, Moe & Jack

43,400

458,738

Tractor Supply Co.

34,552

3,096,550

Ulta Salon, Cosmetics & Fragrance, Inc.

12,240

1,227,427

Vitamin Shoppe, Inc. (a)

61,918

3,669,261

 

53,654,634

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 0.7%

Fifth & Pacific Companies, Inc. (a)

93,130

$ 1,122,217

Hanesbrands, Inc. (a)

27,330

986,613

PVH Corp.

77,724

8,906,393

Steven Madden Ltd. (a)

45,845

2,040,561

Under Armour, Inc. Class A (sub. vtg.) (a)

34,102

1,767,507

Warnaco Group, Inc. (a)

38,612

2,775,817

 

17,599,108

TOTAL CONSUMER DISCRETIONARY

155,362,422

CONSUMER STAPLES - 1.1%

Beverages - 0.1%

Coca-Cola Enterprises, Inc.

52,925

1,650,202

Constellation Brands, Inc. Class A (sub. vtg.) (a)

39,180

1,405,778

 

3,055,980

Food & Staples Retailing - 0.3%

Casey's General Stores, Inc.

61,115

3,019,081

Fresh Market, Inc. (a)

17,464

905,159

Harris Teeter Supermarkets, Inc.

41,533

1,577,839

United Natural Foods, Inc. (a)

37,563

1,944,637

 

7,446,716

Food Products - 0.5%

Annie's, Inc.

18,715

671,307

B&G Foods, Inc. Class A

71,378

2,082,810

Hain Celestial Group, Inc. (a)

46,892

2,826,181

Hillshire Brands Co.

12,510

348,404

Lancaster Colony Corp.

32,855

2,488,438

The J.M. Smucker Co.

45,550

4,029,353

WhiteWave Foods Co.

29,685

450,321

 

12,896,814

Household Products - 0.0%

Energizer Holdings, Inc.

6,730

536,785

Personal Products - 0.2%

Herbalife Ltd.

49,825

2,290,455

Nu Skin Enterprises, Inc. Class A

33,285

1,511,139

 

3,801,594

TOTAL CONSUMER STAPLES

27,737,889

Common Stocks - continued

Shares

Value

ENERGY - 2.2%

Energy Equipment & Services - 0.8%

Atwood Oceanics, Inc. (a)

41,516

$ 1,909,736

Dresser-Rand Group, Inc. (a)

40,305

2,128,507

Dril-Quip, Inc. (a)

30,085

2,117,081

Forum Energy Technologies, Inc.

23,740

599,198

Geospace Technologies Corp. (a)

5,120

389,990

ION Geophysical Corp. (a)

141,300

842,148

Lufkin Industries, Inc.

25,044

1,371,409

Noble Corp.

76,075

2,623,827

Oil States International, Inc. (a)

26,380

1,865,594

Pacific Drilling SA (a)

39,300

373,350

Patterson-UTI Energy, Inc.

70,040

1,243,910

SEACOR Holdings, Inc. (a)

32,970

2,987,082

TETRA Technologies, Inc. (a)

171,100

1,197,700

Tidewater, Inc.

11,530

517,236

 

20,166,768

Oil, Gas & Consumable Fuels - 1.4%

Berry Petroleum Co. Class A

60,657

1,887,039

Concho Resources, Inc. (a)

4,690

376,419

Diamondback Energy, Inc.

22,340

402,120

Energen Corp.

174,381

7,765,186

Energy XXI (Bermuda) Ltd.

36,665

1,161,547

HollyFrontier Corp.

97,250

4,408,343

Kodiak Oil & Gas Corp. (a)

55,988

480,377

Magnum Hunter Resources Corp. warrants 10/14/13 (a)

46,940

1,174

Oasis Petroleum, Inc. (a)

71,712

2,167,137

Peabody Energy Corp.

87,850

2,205,914

Pioneer Natural Resources Co.

39,260

4,200,820

Plains Exploration & Production Co. (a)

156,529

5,588,085

Range Resources Corp.

32,920

2,107,538

Resolute Energy Corp. (a)

134,225

1,146,282

Rosetta Resources, Inc. (a)

28,770

1,292,924

SM Energy Co.

26,075

1,295,667

Western Refining, Inc.

37,410

1,086,761

 

37,573,333

TOTAL ENERGY

57,740,101

FINANCIALS - 6.9%

Capital Markets - 0.7%

Affiliated Managers Group, Inc. (a)

33,885

4,366,760

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

FXCM, Inc. Class A

75,450

$ 755,255

Greenhill & Co., Inc.

21,019

998,823

Invesco Ltd.

18,700

467,313

Och-Ziff Capital Management Group LLC Class A

125,775

1,197,378

Raymond James Financial, Inc.

232,298

8,769,250

Stifel Financial Corp. (a)

55,915

1,700,934

Walter Investment Management Corp.

10,220

432,102

 

18,687,815

Commercial Banks - 2.2%

BankUnited, Inc.

33,000

775,500

CIT Group, Inc. (a)

130,026

4,817,463

City National Corp.

12,300

598,887

Comerica, Inc.

309,980

9,172,308

East West Bancorp, Inc.

87,314

1,846,691

Fifth Third Bancorp

50,881

744,898

First Niagara Financial Group, Inc.

163,100

1,229,774

FirstMerit Corp.

84,640

1,191,731

Huntington Bancshares, Inc.

676,367

4,159,657

IBERIABANK Corp.

10,480

510,900

Investors Bancorp, Inc.

206,226

3,530,589

KeyCorp

840,391

6,790,359

PrivateBancorp, Inc.

119,700

1,961,883

Prosperity Bancshares, Inc.

130,077

5,350,067

Regions Financial Corp.

1,054,000

7,030,180

SVB Financial Group (a)

33,065

1,825,849

TCF Financial Corp.

123,300

1,464,804

Texas Capital Bancshares, Inc. (a)

50,605

2,279,249

Umpqua Holdings Corp.

103,300

1,204,478

Zions Bancorporation

51,055

1,024,674

 

57,509,941

Consumer Finance - 0.3%

DFC Global Corp. (a)

70,380

1,228,131

Discover Financial Services

126,840

5,277,812

SLM Corp.

101,975

1,687,686

 

8,193,629

Diversified Financial Services - 0.2%

Interactive Brokers Group, Inc.

53,840

823,214

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Diversified Financial Services - continued

Leucadia National Corp.

193,020

$ 4,275,393

The NASDAQ Stock Market, Inc.

33,540

812,674

 

5,911,281

Insurance - 1.4%

Axis Capital Holdings Ltd.

44,400

1,597,068

Brown & Brown, Inc.

86,022

2,308,830

Fidelity National Financial, Inc. Class A

170,650

4,131,437

HCC Insurance Holdings, Inc.

146,130

5,389,274

Lincoln National Corp.

276,125

6,820,288

Platinum Underwriters Holdings Ltd.

8,700

387,324

Reinsurance Group of America, Inc.

25,170

1,288,704

Validus Holdings Ltd.

168,650

5,980,329

W.R. Berkley Corp.

79,939

3,177,575

White Mountains Insurance Group Ltd.

9,775

5,036,667

 

36,117,496

Real Estate Investment Trusts - 1.8%

American Campus Communities, Inc.

28,140

1,232,532

American Capital Mortgage Investment Corp.

38,460

982,268

BioMed Realty Trust, Inc.

245,150

4,724,041

Brandywine Realty Trust (SBI)

450,300

5,372,079

CBL & Associates Properties, Inc.

229,575

5,167,733

Colonial Properties Trust (SBI)

90,800

1,852,320

Douglas Emmett, Inc.

78,150

1,774,787

DuPont Fabros Technology, Inc.

121,875

2,814,094

Equity Lifestyle Properties, Inc.

8,640

567,130

Extra Space Storage, Inc.

30,540

1,073,481

Home Properties, Inc.

19,650

1,157,189

Kilroy Realty Corp.

116,025

5,232,728

Plum Creek Timber Co., Inc.

149,018

6,385,421

Post Properties, Inc.

18,320

900,062

Redwood Trust, Inc.

32,600

545,072

SL Green Realty Corp.

37,110

2,797,352

Sovran Self Storage, Inc.

18,910

1,168,449

Tanger Factory Outlet Centers, Inc.

29,610

973,577

Taubman Centers, Inc.

12,320

954,430

Two Harbors Investment Corp.

113,655

1,286,575

 

46,961,320

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - 0.2%

Alexander & Baldwin, Inc.

90,131

$ 2,691,312

Jones Lang LaSalle, Inc.

13,365

1,096,064

 

3,787,376

Thrifts & Mortgage Finance - 0.1%

EverBank Financial Corp.

163,075

2,410,249

Northwest Bancshares, Inc.

83,219

992,803

 

3,403,052

TOTAL FINANCIALS

180,571,910

HEALTH CARE - 3.7%

Biotechnology - 0.9%

Acorda Therapeutics, Inc. (a)

68,645

1,728,481

Alkermes PLC (a)

46,590

899,653

Amarin Corp. PLC ADR (a)

146,802

1,821,813

BioMarin Pharmaceutical, Inc. (a)

65,808

3,198,269

Cepheid, Inc. (a)

15,815

512,722

Cubist Pharmaceuticals, Inc. (a)

16,235

659,303

Genomic Health, Inc. (a)

15,090

417,389

Incyte Corp. (a)

123,370

2,171,312

Medivation, Inc. (a)

25,490

1,329,304

Merrimack Pharmaceuticals, Inc.

71,020

507,083

Myriad Genetics, Inc. (a)

84,873

2,437,553

Onyx Pharmaceuticals, Inc. (a)

20,140

1,519,966

Pharmacyclics, Inc. (a)

15,635

829,437

Seattle Genetics, Inc. (a)

83,343

2,109,411

Spectrum Pharmaceuticals, Inc. (a)

12,100

143,264

Synageva BioPharma Corp. (a)

10,390

508,383

Synta Pharmaceuticals Corp. (a)

36,520

294,716

Theravance, Inc. (a)

26,140

587,627

United Therapeutics Corp. (a)

39,189

2,059,382

 

23,735,068

Health Care Equipment & Supplies - 0.9%

Abiomed, Inc. (a)

14,620

195,177

Align Technology, Inc. (a)

33,265

911,128

EnteroMedics, Inc. (a)

107,920

334,552

HeartWare International, Inc. (a)

6,162

507,194

Insulet Corp. (a)

124,167

2,725,466

Mako Surgical Corp. (a)

24,050

331,890

Masimo Corp.

72,736

1,507,090

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Meridian Bioscience, Inc.

57,086

$ 1,143,433

NuVasive, Inc. (a)

103,657

1,505,100

NxStage Medical, Inc. (a)

45,980

552,680

Sirona Dental Systems, Inc. (a)

142,049

8,893,688

Steris Corp.

53,708

1,835,202

Symmetry Medical, Inc. (a)

69,555

678,161

Teleflex, Inc.

2,790

193,068

Thoratec Corp. (a)

75,076

2,792,827

Volcano Corp. (a)

34,029

927,631

 

25,034,287

Health Care Providers & Services - 0.8%

Catamaran Corp. (United States) (a)

34,204

1,665,393

Centene Corp. (a)

71,508

3,139,916

Chemed Corp.

47,141

3,209,359

Health Management Associates, Inc. Class A (a)

178,089

1,415,808

HMS Holdings Corp. (a)

89,998

2,085,254

MEDNAX, Inc. (a)

29,542

2,333,818

Team Health Holdings, Inc. (a)

46,007

1,287,736

Universal American Spin Corp.

237,820

1,971,528

Universal Health Services, Inc. Class B

35,262

1,589,258

VCA Antech, Inc. (a)

59,802

1,242,686

Wellcare Health Plans, Inc. (a)

10,830

522,764

 

20,463,520

Health Care Technology - 0.1%

Allscripts Healthcare Solutions, Inc. (a)

75,800

842,896

Computer Programs & Systems, Inc.

12,355

618,615

Greenway Medical Technologies

49,845

968,987

 

2,430,498

Life Sciences Tools & Services - 0.8%

Affymetrix, Inc. (a)

140,600

468,198

Bruker BioSciences Corp. (a)

73,570

1,074,122

Cambrex Corp. (a)

64,719

709,967

Charles River Laboratories International, Inc. (a)

136,575

5,240,383

Covance, Inc. (a)

15,135

862,846

Illumina, Inc. (a)

7,420

398,528

PAREXEL International Corp. (a)

85,923

2,774,454

PerkinElmer, Inc.

236,320

7,479,528

Techne Corp.

29,983

2,125,795

 

21,133,821

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - 0.2%

Hospira, Inc. (a)

10,420

$ 310,516

Jazz Pharmaceuticals PLC (a)

44,300

2,386,884

Questcor Pharmaceuticals, Inc.

25,945

673,273

Salix Pharmaceuticals Ltd. (a)

52,417

2,246,068

 

5,616,741

TOTAL HEALTH CARE

98,413,935

INDUSTRIALS - 5.4%

Aerospace & Defense - 0.8%

AeroVironment, Inc. (a)

23,520

480,043

BE Aerospace, Inc. (a)

17,410

824,538

Esterline Technologies Corp. (a)

24,638

1,506,367

Hexcel Corp. (a)

87,289

2,256,421

Spirit AeroSystems Holdings, Inc. Class A (a)

187,096

2,946,762

Teledyne Technologies, Inc. (a)

21,800

1,373,400

Textron, Inc.

50,800

1,193,292

TransDigm Group, Inc.

22,879

3,112,002

Triumph Group, Inc.

124,640

8,177,630

 

21,870,455

Air Freight & Logistics - 0.3%

Atlas Air Worldwide Holdings, Inc. (a)

106,110

4,592,441

Forward Air Corp.

52,989

1,761,884

Hub Group, Inc. Class A (a)

59,000

1,909,830

 

8,264,155

Airlines - 0.1%

Copa Holdings SA Class A

10,900

1,033,756

US Airways Group, Inc. (a)

76,935

991,692

 

2,025,448

Building Products - 0.3%

A.O. Smith Corp.

55,785

3,511,666

Armstrong World Industries, Inc.

18,045

911,453

Fortune Brands Home & Security, Inc. (a)

20,210

606,098

Owens Corning (a)

87,070

3,010,881

 

8,040,098

Commercial Services & Supplies - 0.5%

Avery Dennison Corp.

61,500

2,057,175

Clean Harbors, Inc. (a)

17,606

1,008,472

Corrections Corp. of America

77,630

2,631,657

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Covanta Holding Corp.

87,600

$ 1,653,888

Multi-Color Corp.

7,170

161,182

Tetra Tech, Inc. (a)

86,603

2,230,893

United Stationers, Inc.

43,350

1,330,412

Waste Connections, Inc.

53,260

1,753,319

 

12,826,998

Construction & Engineering - 0.3%

EMCOR Group, Inc.

58,450

1,920,083

KBR, Inc.

148,055

4,115,929

URS Corp.

35,275

1,329,162

 

7,365,174

Electrical Equipment - 0.4%

Acuity Brands, Inc.

33,029

2,184,868

AMETEK, Inc.

18,815

702,364

Encore Wire Corp.

129,099

4,045,963

Regal-Beloit Corp.

42,540

2,967,165

 

9,900,360

Industrial Conglomerates - 0.1%

Carlisle Companies, Inc.

18,450

1,045,562

Machinery - 1.5%

Actuant Corp. Class A

59,332

1,706,982

AGCO Corp. (a)

39,150

1,806,773

Barnes Group, Inc.

30,123

635,294

Colfax Corp. (a)

24,580

958,374

Crane Co.

41,293

1,752,475

ESCO Technologies, Inc.

38,200

1,401,940

Flowserve Corp.

4,730

655,342

IDEX Corp.

10,500

471,975

ITT Corp.

54,100

1,210,217

Lincoln Electric Holdings, Inc.

51,209

2,432,940

Lindsay Corp.

49,242

3,894,550

Manitowoc Co., Inc.

62,500

937,500

Navistar International Corp. (a)

39,000

795,990

Nordson Corp.

16,890

1,033,499

RBC Bearings, Inc. (a)

32,453

1,511,985

Snap-On, Inc.

30,650

2,434,836

SPX Corp.

21,236

1,446,596

Trinity Industries, Inc.

258,365

8,208,256

Twin Disc, Inc.

37,700

643,162

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

WABCO Holdings, Inc. (a)

33,292

$ 2,065,769

Wabtec Corp.

28,521

2,413,447

 

38,417,902

Marine - 0.0%

Danaos Corp. (a)

77,333

213,439

Professional Services - 0.0%

FTI Consulting, Inc. (a)

23,800

735,658

Road & Rail - 0.6%

AMERCO

25,535

3,064,455

Avis Budget Group, Inc. (a)

61,795

1,170,397

Genesee & Wyoming, Inc. Class A (a)

32,163

2,346,291

Hertz Global Holdings, Inc. (a)

182,625

2,856,255

Ryder System, Inc.

144,675

6,809,852

 

16,247,250

Trading Companies & Distributors - 0.5%

Rush Enterprises, Inc. Class A (a)

54,990

1,053,059

United Rentals, Inc. (a)

181,800

7,550,154

Watsco, Inc.

29,419

2,109,048

WESCO International, Inc. (a)

47,890

3,096,089

 

13,808,350

TOTAL INDUSTRIALS

140,760,849

INFORMATION TECHNOLOGY - 6.9%

Communications Equipment - 0.6%

Acme Packet, Inc. (a)

23,340

465,633

ADTRAN, Inc.

25,370

498,267

Arris Group, Inc. (a)

109,200

1,525,524

Brocade Communications Systems, Inc. (a)

266,600

1,514,288

Ciena Corp. (a)

110,464

1,643,704

Finisar Corp. (a)

154,970

2,102,943

Infinera Corp. (a)

148,700

829,746

Juniper Networks, Inc. (a)

35,840

644,403

NETGEAR, Inc. (a)

69,908

2,436,993

Procera Networks, Inc. (a)

31,805

656,773

Riverbed Technology, Inc. (a)

190,050

3,401,895

Ruckus Wireless, Inc.

25,945

343,512

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Sierra Wireless, Inc. (a)

7,400

$ 57,212

Sierra Wireless, Inc. (United States) (a)

72,000

557,280

 

16,678,173

Computers & Peripherals - 0.1%

3D Systems Corp. (a)

25,220

1,127,586

NCR Corp. (a)

37,970

908,622

Silicon Graphics International Corp. (a)

112,160

941,022

 

2,977,230

Electronic Equipment & Components - 1.1%

Avnet, Inc. (a)

143,435

4,201,211

Cognex Corp.

47,479

1,700,698

CTS Corp.

64,800

574,128

Dolby Laboratories, Inc. Class A (a)

30,000

1,001,100

Fabrinet (a)

59,620

740,480

FEI Co.

66,075

3,636,107

IPG Photonics Corp. (a)

15,806

934,135

Itron, Inc. (a)

30,800

1,349,040

Littelfuse, Inc.

35,698

2,060,132

Mercury Systems, Inc. (a)

56,300

494,877

Molex, Inc. Class A (non-vtg.)

174,715

3,793,063

National Instruments Corp.

72,997

1,775,287

Plexus Corp. (a)

80,480

1,863,112

SYNNEX Corp. (a)

52,406

1,730,446

Tech Data Corp. (a)

44,573

1,968,789

Trimble Navigation Ltd. (a)

19,528

1,086,538

Universal Display Corp. (a)

25,920

618,970

 

29,528,113

Internet Software & Services - 0.9%

Ancestry.com, Inc. (a)

41,590

1,314,244

Cornerstone OnDemand, Inc. (a)

54,375

1,524,675

CoStar Group, Inc. (a)

41,170

3,576,026

DealerTrack Holdings, Inc. (a)

112,832

3,034,052

Digital River, Inc. (a)

85,800

1,253,538

ExactTarget, Inc.

66,655

1,373,760

IAC/InterActiveCorp

20,698

975,911

Keynote Systems, Inc.

25,100

341,611

OpenTable, Inc. (a)

24,458

1,097,920

Responsys, Inc. (a)

38,140

248,673

SPS Commerce, Inc. (a)

46,019

1,696,260

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Trulia, Inc.

36,360

$ 646,481

ValueClick, Inc. (a)

286,847

5,412,803

 

22,495,954

IT Services - 0.8%

Acxiom Corp. (a)

86,900

1,537,261

Alliance Data Systems Corp. (a)

31,735

4,521,920

Convergys Corp.

93,400

1,457,974

CoreLogic, Inc. (a)

80,800

2,087,872

DST Systems, Inc.

26,500

1,527,460

ExlService Holdings, Inc. (a)

18,540

497,799

Fidelity National Information Services, Inc.

104,025

3,755,303

Gartner, Inc. Class A (a)

32,560

1,558,973

Genpact Ltd.

38,600

619,530

Global Payments, Inc.

14,500

636,695

InterXion Holding N.V. (a)

51,285

1,113,397

Lender Processing Services, Inc.

71,800

1,784,230

Sapient Corp. (a)

43,380

459,394

 

21,557,808

Semiconductors & Semiconductor Equipment - 1.3%

Ceva, Inc. (a)

34,800

525,828

Cirrus Logic, Inc. (a)

9,170

287,204

Cymer, Inc. (a)

38,304

3,359,261

Ezchip Semiconductor Ltd. (a)

23,720

899,225

FormFactor, Inc. (a)

99,000

438,570

Freescale Semiconductor Holdings I Ltd. (a)

67,850

628,291

Lam Research Corp. (a)

40,747

1,431,035

M/A-COM Technology Solutions, Inc.

18,430

260,232

Mellanox Technologies Ltd. (a)

15,696

1,143,924

Microsemi Corp. (a)

94,616

1,810,950

MKS Instruments, Inc.

62,561

1,517,104

Monolithic Power Systems, Inc. (a)

24,310

514,400

NXP Semiconductors NV (a)

156,650

3,834,792

ON Semiconductor Corp. (a)

134,676

892,902

Peregrine Semiconductor Corp.

38,290

648,250

Power Integrations, Inc.

49,168

1,529,616

Rambus, Inc. (a)

100,900

493,401

Rudolph Technologies, Inc. (a)

171,250

1,894,025

Semtech Corp. (a)

72,068

1,971,060

Skyworks Solutions, Inc. (a)

223,586

5,064,223

Spansion, Inc. Class A

72,200

846,184

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Teradyne, Inc. (a)

122,240

$ 1,911,834

Ultratech, Inc. (a)

34,200

1,122,444

 

33,024,755

Software - 2.1%

Accelrys, Inc. (a)

97,600

859,856

Allot Communications Ltd. (a)

14,600

318,864

ANSYS, Inc. (a)

33,889

2,247,857

Aspen Technology, Inc. (a)

193,028

5,016,798

BMC Software, Inc. (a)

11,080

453,837

Bottomline Technologies, Inc. (a)

23,560

577,456

BroadSoft, Inc. (a)

31,810

1,006,150

Cadence Design Systems, Inc. (a)

689,025

8,771,288

Check Point Software Technologies Ltd. (a)

9,100

420,147

CommVault Systems, Inc. (a)

33,311

2,210,518

Comverse Technology, Inc.

104,700

372,732

Comverse, Inc.

10,470

301,222

Eloqua, Inc.

47,270

853,224

FactSet Research Systems, Inc.

9,155

845,830

Fair Isaac Corp.

57,050

2,442,881

Fortinet, Inc. (a)

62,092

1,240,598

Informatica Corp. (a)

63,198

1,698,130

Interactive Intelligence Group, Inc. (a)

46,425

1,491,171

Manhattan Associates, Inc. (a)

84,452

4,834,032

MICROS Systems, Inc. (a)

70,156

3,048,980

MicroStrategy, Inc. Class A (a)

14,746

1,304,874

NICE Systems Ltd. sponsored ADR (a)

31,548

1,065,691

Opnet Technologies, Inc.

9,200

382,168

Parametric Technology Corp. (a)

71,246

1,442,019

QLIK Technologies, Inc. (a)

51,504

998,148

Rovi Corp. (a)

75,650

1,160,471

SeaChange International, Inc. (a)

81,817

756,807

SolarWinds, Inc. (a)

87,137

4,882,286

Sourcefire, Inc. (a)

28,050

1,380,902

Tangoe, Inc. (a)

68,190

889,198

Verint Systems, Inc. (a)

53,200

1,477,364

Websense, Inc. (a)

71,462

997,610

 

55,749,109

TOTAL INFORMATION TECHNOLOGY

182,011,142

Common Stocks - continued

Shares

Value

MATERIALS - 2.3%

Chemicals - 1.0%

Albemarle Corp.

9,530

$ 569,799

Ashland, Inc.

47,615

3,376,856

Cabot Corp.

100,660

3,797,902

Chemtura Corp. (a)

81,100

1,647,952

Cytec Industries, Inc.

39,050

2,680,392

Innophos Holdings, Inc.

11,210

537,071

Innospec, Inc.

14,180

451,349

Intrepid Potash, Inc.

186,470

3,968,082

Minerals Technologies, Inc.

10,700

791,800

Olin Corp.

93,522

1,938,711

PolyOne Corp.

80,770

1,626,708

Rockwood Holdings, Inc.

71,025

3,257,917

Valspar Corp.

15,350

963,673

 

25,608,212

Construction Materials - 0.1%

Eagle Materials, Inc.

11,090

590,210

Martin Marietta Materials, Inc.

29,482

2,653,380

 

3,243,590

Containers & Packaging - 0.4%

Aptargroup, Inc.

14,810

705,993

Ball Corp.

12,650

565,329

Bemis Co., Inc.

30,400

1,021,440

Berry Plastics Group, Inc.

50,220

748,780

Boise, Inc.

369,850

3,032,770

Crown Holdings, Inc. (a)

48,900

1,826,415

Rock-Tenn Co. Class A

6,340

412,354

Sealed Air Corp.

82,100

1,380,922

Silgan Holdings, Inc.

35,454

1,576,994

 

11,270,997

Metals & Mining - 0.7%

Allegheny Technologies, Inc.

105,650

2,765,917

Allied Nevada Gold Corp. (a)

20,262

659,528

AuRico Gold, Inc. (a)

77,006

606,807

Carpenter Technology Corp.

39,686

1,923,184

Detour Gold Corp. (a)

24,046

595,492

Globe Specialty Metals, Inc.

38,080

527,789

Kaiser Aluminum Corp.

150,354

9,152,048

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Royal Gold, Inc.

3,570

$ 288,313

Schnitzer Steel Industries, Inc. Class A

71,915

2,027,284

 

18,546,362

Paper & Forest Products - 0.1%

Resolute Forest Products (a)

78,250

916,308

TOTAL MATERIALS

59,585,469

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.0%

Cogent Communications Group, Inc.

7,590

160,453

Frontier Communications Corp.

57,190

275,084

 

435,537

Wireless Telecommunication Services - 0.2%

Clearwire Corp. Class A (a)

9,940

23,061

MetroPCS Communications, Inc. (a)

9,810

104,477

SBA Communications Corp. Class A (a)

81,725

5,624,315

 

5,751,853

TOTAL TELECOMMUNICATION SERVICES

6,187,390

UTILITIES - 1.1%

Electric Utilities - 0.5%

Cleco Corp.

106,575

4,293,907

ITC Holdings Corp.

56,525

4,440,039

OGE Energy Corp.

14,290

816,388

PNM Resources, Inc.

99,825

2,109,302

Portland General Electric Co.

23,060

623,312

UIL Holdings Corp.

17,870

640,997

 

12,923,945

Gas Utilities - 0.0%

Atmos Energy Corp.

20,180

706,502

Independent Power Producers & Energy Traders - 0.1%

GenOn Energy, Inc. (a)

430,900

1,098,795

Ormat Technologies, Inc.

57,400

1,057,308

 

2,156,103

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - 0.4%

CMS Energy Corp.

218,225

$ 5,331,237

NiSource, Inc.

231,450

5,594,147

 

10,925,384

Water Utilities - 0.1%

American Water Works Co., Inc.

64,090

2,446,315

TOTAL UTILITIES

29,158,249

TOTAL COMMON STOCKS

(Cost $828,427,365)


937,529,356

Equity Funds - 53.3%

 

 

 

 

Mid-Cap Blend Funds - 3.4%

FMI Common Stock Fund

3,826,124

90,258,238

Mid-Cap Growth Funds - 3.6%

Champlain Mid Cap Fund

3,091,626

37,285,007

Royce Premier Fund

2,550,891

50,941,300

RS Select Growth Fund A (a)

169,647

6,083,538

TOTAL MID-CAP GROWTH FUNDS

94,309,845

Sector Funds - 2.0%

Fidelity Advisor Real Estate Fund Institutional Class (c)

1,793,525

34,884,066

John Hancock Regional Bank Fund Class A

1,179,380

17,112,801

TOTAL SECTOR FUNDS

51,996,867

Small Blend Funds - 14.8%

Dreyfus Advantage Funds, Inc.

608,547

16,004,779

Natixis Vaughan Nelson Small Cap Value Fund Class A

1,636,216

31,971,662

Perritt Micro Cap Opportunities Fund (a)

160,059

4,311,981

Royce Low Priced Stock Fund Service Class

262

3,803

Royce Micro-Cap Fund Service Class

1,079,647

16,129,922

RS Partners Fund Class A

1,560,923

53,695,747

SouthernSun Small Cap Investor Fund

424,866

9,678,444

T. Rowe Price Small-Cap Value Fund

2,055,998

79,690,471

Vanguard Small-Cap ETF

1,821,400

145,675,572

Wells Fargo Small Cap Value Fund Class A

959,396

30,882,943

TOTAL SMALL BLEND FUNDS

388,045,324

Equity Funds - continued

Shares

Value

Small Growth Funds - 20.9%

Artisan Small Cap Fund Investor Shares (a)

3,166,351

$ 63,580,332

Aston/TAMRO Small Cap Fund Class N

3,058,056

62,384,350

Baron Small Cap Fund

1,369,390

35,111,168

Brown Capital Management Small Company Fund - Investor Shares (a)

1,325,174

66,311,691

Buffalo Small Cap Fund

2,162,768

62,309,352

Champlain Small Company Fund Advisor Class

6,384,243

96,146,699

JPMorgan Small Cap Equity Fund Class A

39

1,489

MFS New Discovery Fund A Shares

2,734,609

56,032,134

RS Small Cap Growth Fund Class A (a)

2,278,444

105,583,111

William Blair Small Cap Growth Fund Class N (a)

51,140

1,183,889

TOTAL SMALL GROWTH FUNDS

548,644,215

Small Value Funds - 8.6%

Fidelity Small Cap Value Fund (c)

3,290,830

51,501,487

Goldman Sachs Small Cap Value Fund Class A

2,357,637

103,311,661

Guggenheim Mid Cap Value Fund Class A

36,822

1,228,395

Hennessy Small Cap Financial Fund Investor Class Shares (a)

850,075

16,525,459

iShares Russell 2000 Value Index ETF

377,000

27,596,400

Royce Opportunity Fund Service Class

2,357,566

27,536,372

TOTAL SMALL VALUE FUNDS

227,699,774

TOTAL EQUITY FUNDS

(Cost $1,141,236,820)


1,400,954,263

Money Market Funds - 10.4%

 

 

 

 

Fidelity Institutional Money Market Portfolio Class I (c)

5

5

SSgA US Treasury Money Market Fund, 0% (b)

274,322,094

274,322,094

TOTAL MONEY MARKET FUNDS

(Cost $274,322,099)


274,322,099

TOTAL INVESTMENT PORTFOLIO - 99.4%

(Cost $2,243,986,284)

2,612,805,718

NET OTHER ASSETS (LIABILITIES) - 0.6%

15,197,242

NET ASSETS - 100%

$ 2,628,002,960

Futures Contracts

Expiration Date

Underlying
Face Amount
at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

1,220 CME E-mini S&P MidCap 400 Index Contracts

Dec. 2012

$ 121,926,800

$ 627,864

1,428 NYFE Russell 2000 Mini Index Contracts

Dec. 2012

117,195,960

(1,520,756 )

TOTAL EQUITY INDEX CONTRACTS

$ 239,122,760

$ (892,892 )

The face value of futures purchased as a percentage of net assets is 9.1%

Security Type Abbreviations

ETF

-

Exchange-Traded Fund

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

(c) Affiliated company

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Advisor Real Estate Fund Institutional Class

$ 60,380,545

$ -

$ 30,000,000

$ 440,344

$ 34,884,066

Fidelity Institutional Money Market Portfolio Class I

5

-

-

-

5

Fidelity Small Cap Value Fund

34,677,674

15,000,000

-

82,271

51,501,487

Total

$ 95,058,224

$ 15,000,000

$ 30,000,000

$ 522,615

$ 86,385,558

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $2,247,411,482. Net unrealized appreciation aggregated $365,394,236, of which $410,092,428 related to appreciated investment securities and $44,698,192 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Strategic Advisers Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ® U.S. Opportunity
Fund

Offered exclusively to certain clients of
Strategic Advisers, Inc.
- not available for sale to the
general public

November 30, 2012 

1.912877.102

SUO-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 100.0%

Shares

Value

Large Blend Funds - 17.9%

American Century Equity Growth Fund

225,694

$ 5,515,971

Fidelity Advisor Diversified Stock Fund Institutional Class (c)

9,325,402

164,593,353

Fidelity Advisor Mega Cap Stock Fund Institutional Class (c)

10,948,855

129,086,995

Fidelity Growth & Income Portfolio (c)

2,682,089

56,457,977

Fidelity Large Cap Core Enhanced Index Fund (c)

6,726,049

68,269,396

Fidelity Mega Cap Stock Fund (c)

573,461

6,784,041

iShares S&P 100 Index ETF

730,500

47,445,975

Oakmark Fund Class I

411,733

20,286,101

Oakmark Select Fund Class I

1,740,251

56,871,400

The Yacktman Fund Service Class

4,349,826

83,212,173

Vanguard Dividend Appreciation ETF

1,800

107,604

TOTAL LARGE BLEND FUNDS

638,630,986

Large Growth Funds - 1.1%

PowerShares QQQ Trust ETF

588,500

38,723,300

Large Value Funds - 5.4%

American Century Equity Income Fund Investor Class

35,866

283,340

American Century Income & Growth Fund Investor Class

524,046

14,275,006

BlackRock Equity Dividend Fund Investor A Class

2,695,638

53,535,378

Fidelity Advisor Equity Income Fund Institutional Class (c)

2,426,610

63,965,433

JPMorgan Value Advantage Fund Select Class

1,030,437

21,876,188

SPDR Dow Jones Industrial Average ETF

279,451

36,356,575

TOTAL LARGE VALUE FUNDS

190,291,920

Mid-Cap Value Funds - 0.5%

JPMorgan Mid Capital Value Fund Select Class

626,607

17,626,458

Sector Funds - 73.9%

Consumer Discretionary Select Sector SPDR ETF

1,035,400

49,212,562

Consumer Staples Select Sector SPDR ETF

10,700

385,628

Davis Financial Fund Class A

458,208

13,883,697

Energy Select Sector SPDR ETF

139,600

9,922,768

Fidelity Advisor Consumer Staples Fund Institutional Class (c)

2,333,266

194,547,719

Fidelity Advisor Materials Fund Institutional Class (c)

445,536

31,615,250

Fidelity Advisor Real Estate Fund Institutional Class (c)

87,208

1,696,188

Fidelity Advisor Technology Fund Institutional Class (a)(c)

1,332,714

36,636,296

Fidelity Air Transportation Portfolio (c)

15,366

606,503

Fidelity Banking Portfolio (c)

2,970,626

56,828,068

Fidelity Biotechnology Portfolio (c)

524,200

58,647,530

Fidelity Brokerage & Investment Management Portfolio (c)

385,865

18,922,813

Fidelity Chemicals Portfolio (c)

629,660

73,531,697

Equity Funds - continued

Shares

Value

Sector Funds - continued

Fidelity Communications Equipment Portfolio (c)

217,734

$ 4,920,787

Fidelity Computers Portfolio (a)(c)

898,059

54,027,256

Fidelity Construction & Housing Portfolio (c)

459,634

22,306,045

Fidelity Consumer Discretionary Portfolio (c)

2,528,481

71,126,183

Fidelity Consumer Finance Portfolio (c)

3,875,904

56,510,682

Fidelity Defense & Aerospace Portfolio (c)

398,221

34,163,373

Fidelity Energy Portfolio (c)

2,803,369

142,046,688

Fidelity Energy Service Portfolio (a)(c)

676,961

44,246,157

Fidelity Environmental & Alternative Energy Portfolio (c)

298,555

4,917,198

Fidelity Financial Services Portfolio (c)

673,904

40,609,459

Fidelity Gold Portfolio (c)

94,732

3,625,393

Fidelity Health Care Portfolio (c)

658,180

95,567,727

Fidelity Industrial Equipment Portfolio (c)

1,084,143

39,397,774

Fidelity Industrials Portfolio (c)

6,123,478

154,311,639

Fidelity Insurance Portfolio (c)

1,086,687

57,116,286

Fidelity IT Services Portfolio (c)

3,543,191

88,154,583

Fidelity Medical Delivery Portfolio (a)(c)

1,015,271

60,895,973

Fidelity Medical Equipment & Systems Portfolio (c)

1,168,151

33,350,701

Fidelity Multimedia Portfolio (c)

823,364

46,396,581

Fidelity Natural Resources Portfolio (c)

454,449

14,474,188

Fidelity Pharmaceuticals Portfolio (c)

6,113,032

93,896,170

Fidelity Retailing Portfolio (c)

930,642

61,282,781

Fidelity Software & Computer Services Portfolio (c)

1,261,206

107,732,237

Fidelity Telecom and Utilities Fund (c)

5,966,719

111,279,312

Fidelity Telecommunications Portfolio (c)

369,722

18,848,407

Fidelity Transportation Portfolio (c)

21,892

1,138,611

Financial Select Sector SPDR ETF

6,785,400

106,937,904

First Trust Consumer Discretionary AlphaDEX ETF

444,000

10,132,080

First Trust Consumer Staples AlphaDEX ETF

316,100

8,066,872

Franklin Gold and Precious Metals Fund Class A

1,293,670

40,867,042

Industrial Select Sector SPDR ETF

2,694,800

100,057,924

iShares Cohen & Steers Realty Majors ETF

4,700

359,033

iShares Dow Jones Transportation Average Index ETF

111,900

10,182,900

iShares Dow Jones U.S. Consumer Goods Sector Index ETF

105,300

8,051,238

iShares Dow Jones U.S. Consumer Services Sector Index ETF

92,500

8,095,600

iShares Dow Jones U.S. Energy Sector Index ETF

686,240

27,895,656

iShares Dow Jones U.S. Financial Sector Index ETF

244,500

14,398,605

iShares Dow Jones U.S. Home Construction Index ETF

744,900

15,270,450

iShares Dow Jones U.S. Utilities Sector Index ETF

1,800

156,618

iShares NASDAQ Biotechnology Index ETF

1,100

152,625

John Hancock Regional Bank Fund Class A

1,474,297

21,392,045

SPDR S&P Homebuilders ETF

791,800

20,840,176

Equity Funds - continued

Shares

Value

Sector Funds - continued

SPDR S&P Retail ETF

1,152,600

$ 72,925,002

T. Rowe Price Real Estate Fund Advisor Class

2,512,785

51,914,144

Technology Select Sector SPDR ETF

3,703,130

107,872,177

TOTAL SECTOR FUNDS

2,634,347,001

Small Growth Funds - 0.6%

Brown Capital Management Small Company Fund - Investor Shares (a)

448,759

22,455,902

Small Value Funds - 0.6%

Northern Small Cap Value Fund

1,270,810

20,968,373

TOTAL EQUITY FUNDS

(Cost $3,156,445,842)


3,563,043,940

Money Market Funds - 0.0%

 

 

 

 

SSgA US Treasury Money Market Fund, 0% (b)
(Cost $13,699)

13,699


13,699

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $3,156,459,541)

3,563,057,639

NET OTHER ASSETS (LIABILITIES) - 0.0%

10,142

NET ASSETS - 100%

$ 3,563,067,781

Security Type Abbreviations

ETF

-

Exchange-Traded Fund

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

(c) Affiliated company

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Advisor Consumer Staples Fund Institutional Class

$ 61,121,252

$ 134,276,250

$ 12,100,000

$ 158,424

$ 194,547,719

Fidelity Advisor Diversified Stock Fund Institutional Class

159,529,332

-

4,400,000

-

164,593,353

Fidelity Advisor Equity Income Fund Institutional Class

-

61,128,312

-

457,500

63,965,433

Fidelity Advisor Large Cap Fund Institutional Class

481,330

-

452,352

-

-

Fidelity Advisor Materials Fund Institutional Class

7,031,912

30,032,645

6,528,673

236

31,615,250

Fidelity Advisor Mega Cap Stock Fund Institutional Class

83,272,966

45,349,389

4,500,000

549,389

129,086,995

Fidelity Advisor Real Estate Fund Institutional Class

-

6,620,361

5,200,000

20,361

1,696,188

Fidelity Advisor Stock Selector Small Cap Fund Institutional Class

23,933,198

-

24,374,479

-

-

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Advisor Technology Fund Institutional Class

$ -

$ 36,330,663

$ -

$ -

$ 36,636,296

Fidelity Air Transportation Portfolio

669,564

2,870,000

2,890,000

-

606,503

Fidelity Automotive Portfolio

3,590,654

275

3,614,073

-

-

Fidelity Banking Portfolio

53,955,026

9,549,931

10,000,000

49,931

56,828,068

Fidelity Biotechnology Portfolio

40,380,390

67,600,064

56,000,000

-

58,647,530

Fidelity Brokerage & Investment Management Portfolio

17,052,885

17,650,000

16,820,266

-

18,922,813

Fidelity Chemicals Portfolio

62,067,137

44,117,963

36,800,000

40,480

73,531,697

Fidelity Communications Equipment Portfolio

15,944,775

20,276,629

31,544,962

34

4,920,787

Fidelity Computers Portfolio

96,131,601

18,800,000

57,657,346

-

54,027,256

Fidelity Construction & Housing Portfolio

21,569,061

5,400,000

8,500,000

-

22,306,045

Fidelity Consumer Discretionary Portfolio

55,391,373

10,564,122

-

42,658

71,126,183

Fidelity Consumer Finance Portfolio

43,061,728

9,812,455

3,600,000

12,455

56,510,682

Fidelity Consumer Staples Portfolio

55,956,206

3,299,093

57,830,270

119,011

-

Fidelity Contrafund

121,057

-

118,416

-

-

Fidelity Defense & Aerospace Portfolio

19,796,909

39,910,873

26,300,000

320

34,163,373

Fidelity Dividend Growth Fund

388,886

-

358,029

-

-

Fidelity Electronics Portfolio

62,648,361

18,700,000

78,581,343

-

-

Fidelity Energy Portfolio

92,308,401

80,765,708

25,410,083

-

142,046,688

Fidelity Energy Service Portfolio

17,469,953

58,542,090

29,400,000

-

44,246,157

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Environmental & Alternative Energy Portfolio

$ -

$ 4,876,594

$ -

$ -

$ 4,917,198

Fidelity Financial Services Portfolio

10,278,367

39,895,995

10,297,816

-

40,609,459

Fidelity Gold Portfolio

19,936,821

33,308,435

45,457,915

-

3,625,393

Fidelity Growth & Income Portfolio

49,031,913

4,762,782

-

738,756

56,457,977

Fidelity Growth Company Fund

386,876

-

404,037

-

-

Fidelity Health Care Portfolio

2,969,300

107,736,516

19,007,089

-

95,567,727

Fidelity Industrial Equipment Portfolio

56,535,332

4,996,149

20,702,602

93,547

39,397,774

Fidelity Industrials Portfolio

79,605,928

68,339,108

-

170,884

154,311,639

Fidelity Insurance Portfolio

68,614,678

53,380

16,600,000

53,380

57,116,286

Fidelity IT Services Portfolio

39,416,064

56,497,736

8,600,000

-

88,154,583

Fidelity Large Cap Core Enhanced Index Fund

66,006,802

-

900,000

-

68,269,396

Fidelity Leisure Portfolio

45,065,595

4,052,944

47,280,649

52,944

-

Fidelity Medical Delivery Portfolio

56,928,784

45,713,675

37,900,000

-

60,895,973

Fidelity Medical Equipment & Systems Portfolio

8,911,147

34,488,628

8,667,239

-

33,350,701

Fidelity Mega Cap Stock Fund

13,652,260

41,029

7,000,000

41,029

6,784,041

Fidelity Multimedia Portfolio

20,807,339

18,975,297

-

-

46,396,581

Fidelity Natural Gas Portfolio

4,410,215

12,713,937

17,557,496

7,370

-

Fidelity Natural Resources Portfolio

412,191

14,000,000

379,435

-

14,474,188

Fidelity OTC Portfolio

43,032,752

-

43,033,966

-

-

Fidelity Pharmaceuticals Portfolio

85,048,285

2,895,965

1,800,000

278,980

93,896,170

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Real Estate Investment Portfolio

$ 442,720

$ 2,426

$ 458,645

$ 908

$ -

Fidelity Retailing Portfolio

29,378,402

44,140,390

19,000,000

7,344

61,282,781

Fidelity Small Cap Growth Fund

251,782

-

234,681

-

-

Fidelity Software & Computer Services Portfolio

64,037,248

48,563,556

476,794

-

107,732,237

Fidelity Technology Portfolio

8,977,622

-

8,934,877

-

-

Fidelity Telecom and Utilities Fund

56,732,860

52,612,367

6,200,000

1,737,085

111,279,312

Fidelity Telecommuni-
cations Portfolio

17,809,110

36,345,146

41,000,000

63,890

18,848,407

Fidelity Transportation Portfolio

245,490

14,180,478

13,000,000

352

1,138,611

Fidelity Utilities Portfolio

273,240

5,001,346

5,492,748

1,346

-

Total

$ 1,843,073,080

$ 1,375,790,702

$ 883,366,281

$ 4,698,614

$ 2,424,531,450

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $3,157,796,193. Net unrealized appreciation aggregated $405,261,446, of which $418,586,015 related to appreciated investment securities and $13,324,569 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses third party pricing vendors approved by the Board of Trustees (the Board) to value its investments. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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 the Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy. Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ®
U.S. Opportunity II Fund

Offered exclusively to certain clients of
Strategic Advisers, Inc.
- not available for sale to the
general public

November 30, 2012 

1.912853.102

SUI-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 100.0%

Shares

Value

Large Blend Funds - 23.7%

Fidelity Advisor Diversified Stock Fund Institutional Class

3,048,423

$ 53,804,663

Fidelity Advisor Mega Cap Stock Fund Institutional Class

5,085,332

59,956,067

Fidelity Growth & Income Portfolio

356,486

7,504,032

Fidelity Large Cap Core Enhanced Index Fund

2,060,491

20,913,987

TOTAL LARGE BLEND FUNDS

142,178,749

Large Growth Funds - 1.3%

Fidelity New Millennium Fund

236,395

7,760,835

Large Value Funds - 3.8%

Fidelity Advisor Equity Income Fund Institutional Class

540,261

14,241,270

Fidelity Large Cap Value Enhanced Index Fund

1,047,349

8,619,683

TOTAL LARGE VALUE FUNDS

22,860,953

Sector Funds - 71.2%

Fidelity Advisor Consumer Staples Fund Institutional Class

507,872

42,346,361

Fidelity Advisor Materials Fund Institutional Class

29,056

2,061,820

Fidelity Advisor Real Estate Fund Institutional Class

459,250

8,932,412

Fidelity Advisor Technology Fund Institutional Class (a)

748,873

20,586,529

Fidelity Banking Portfolio

606,408

11,600,580

Fidelity Biotechnology Portfolio

85,447

9,559,841

Fidelity Brokerage & Investment Management Portfolio

226,246

11,095,113

Fidelity Chemicals Portfolio

100,883

11,781,073

Fidelity Communications Equipment Portfolio

23,563

532,517

Fidelity Construction & Housing Portfolio

161,383

7,831,940

Fidelity Consumer Discretionary Portfolio

1,105,900

31,108,967

Fidelity Consumer Finance Portfolio

421,551

6,146,209

Fidelity Defense & Aerospace Portfolio

151,076

12,960,806

Fidelity Electronics Portfolio

97,784

4,304,466

Fidelity Energy Portfolio

93,720

4,748,815

Fidelity Energy Service Portfolio (a)

265,646

17,362,636

Fidelity Financial Services Portfolio

279,650

16,851,719

Fidelity Gold Portfolio

175,864

6,730,332

Fidelity Health Care Portfolio

112,512

16,336,693

Fidelity Industrial Equipment Portfolio

77,296

2,808,918

Fidelity Industrials Portfolio

1,650,312

41,587,861

Fidelity Insurance Portfolio

306,786

16,124,683

Fidelity IT Services Portfolio

832,089

20,702,380

Fidelity Leisure Portfolio

18,852

1,952,280

Fidelity Medical Equipment & Systems Portfolio

187,598

5,355,913

Fidelity Multimedia Portfolio

204,022

11,496,652

Equity Funds - continued

Shares

Value

Sector Funds - continued

Fidelity Natural Resources Portfolio

451,558

$ 14,382,131

Fidelity Pharmaceuticals Portfolio

669,256

10,279,774

Fidelity Retailing Portfolio

214,554

14,128,383

Fidelity Software & Computer Services Portfolio

299,360

25,571,354

Fidelity Telecom and Utilities Fund

867,116

16,171,705

Fidelity Telecommunications Portfolio

64,041

3,264,823

Fidelity Wireless Portfolio

183,077

1,515,881

TOTAL SECTOR FUNDS

428,221,567

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $523,663,871)

601,022,104

NET OTHER ASSETS (LIABILITIES) - 0.0%

(21,325 )

NET ASSETS - 100%

$ 601,000,779

Legend

(a) Non-income producing

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $524,813,283. Net unrealized appreciation aggregated $76,208,821, of which $79,455,178 related to appreciated investment securities and $3,246,357 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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 the Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ®
Emerging Markets Fund

Offered exclusively to certain clients of
Strategic Advisers, Inc.
- not available for sale to the
general public

November 30, 2012 

1.918362.102

SAE-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 13.8%

Shares

Value

CONSUMER DISCRETIONARY - 1.1%

Auto Components - 0.0%

INZI Controls Co. Ltd.

14,050

$ 93,321

S&T Motiv Co. Ltd.

2,050

43,746

Sungwoo Hitech Co. Ltd.

29,476

325,393

 

462,460

Automobiles - 0.5%

Hyundai Motor Co.

20,714

4,315,020

Kia Motors Corp.

49,240

2,815,665

Qingling Motors Co. Ltd. (H Shares)

140,000

32,696

Tata Motors Ltd. sponsored ADR

36,431

913,325

UMW Holdings Bhd

66,700

233,030

 

8,309,736

Distributors - 0.1%

Imperial Holdings Ltd.

108,541

2,302,455

Hotels, Restaurants & Leisure - 0.0%

Shanghai Jin Jiang International Hotel Co. Ltd. (H Shares)

272,000

47,379

Shinsegae Food Co. Ltd.

451

44,996

 

92,375

Household Durables - 0.0%

Rodobens Negocios Imobiliarios SA

6,300

37,444

Vestel Elektonik Sanayi ve Ticaret A/S (a)

25,322

25,367

 

62,811

Internet & Catalog Retail - 0.0%

LG Home Shopping, Inc.

351

47,989

Media - 0.4%

Benpres Holdings Corp.

195,700

29,979

CJ E&M Corp. (a)

52,926

1,376,321

Daekyo Co. Ltd.

7,670

43,009

Grupo Televisa SA de CV (CPO) sponsored ADR

157,127

3,719,196

Hyundai Hy Communications & Networks Co. Ltd. (a)

248,470

1,023,720

Media Prima Bhd

79,900

59,667

PT Global Mediacom Tbk

1,392,000

348,235

 

6,600,127

Multiline Retail - 0.0%

Woolworths Holdings Ltd.

81,900

653,052

Textiles, Apparel & Luxury Goods - 0.1%

Aksa Akrilik Kimya Sanayii

96,089

257,585

China Great Star International Ltd.

33,559

49,137

Grendene SA

71,000

503,393

Hansae Yes24 Holdings Co. Ltd.

30,150

212,234

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Huvis Corp. (a)

58,010

$ 651,106

Menderes Tekstil Sanayi ve Ticaret AS

62,978

19,032

Weiqiao Textile Co. Ltd. (H Shares)

177,500

64,127

 

1,756,614

TOTAL CONSUMER DISCRETIONARY

20,287,619

CONSUMER STAPLES - 0.7%

Beverages - 0.3%

Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR

102,540

4,266,689

Hitejinro Holdings Co. Ltd.

5,900

81,483

Pepsi-Cola Products Philippines, Inc. (a)

1,396,000

183,738

 

4,531,910

Food & Staples Retailing - 0.0%

Organizacion Soriana Sab de CV Series B

51,600

183,005

Food Products - 0.2%

Chaoda Modern Agriculture ADR (a)

1,134

1,985

China Green (Holdings) Ltd. (a)

237,000

45,258

Daesang Corp.

6,050

159,284

Global Bio-Chem Technology Group Co. Ltd.

200,000

23,225

Gruma SAB de CV Series B (a)

220,800

623,470

Kulim Malaysia Bhd

403,700

579,038

Marfrig Frigor E Com de Alabama SA

207,400

1,125,908

Minerva SA

51,500

258,850

Pinar Entegre Et ve Un Sanayi AS

6,573

21,483

PT Malindo Feedmill Tbk

303,000

67,905

Samyang Holdings Corp.

785

53,373

Sao Martinho SA

17,700

199,382

TS Corp.

2,140

52,091

 

3,211,252

Personal Products - 0.2%

AMOREPACIFIC Group, Inc.

2,530

1,132,365

China King-highway Holdings Ltd.

77,075

208,619

Natura Cosmeticos SA

91,900

2,432,546

Real Nutriceutical Group Ltd.

242,000

85,244

 

3,858,774

TOTAL CONSUMER STAPLES

11,784,941

Common Stocks - continued

Shares

Value

ENERGY - 1.8%

Energy Equipment & Services - 0.0%

Honghua Group Ltd.

713,000

$ 189,515

Oil, Gas & Consumable Fuels - 1.8%

Bangchak Petroleum PCL NVDR

724,300

672,724

China Petroleum & Chemical Corp. (H Shares)

3,880,000

4,109,551

Cosan Ltd. Class A

101,029

1,636,670

Cosan SA Industria e Comercio

155,400

2,857,388

Gazprom Neft sponsored:

ADR

3,664

84,895

ADR

14,985

343,456

Gazprom OAO sponsored ADR (Reg. S)

464,219

4,126,907

Grupa Lotos SA (a)

42,100

504,300

Lukoil Oil Co. sponsored ADR (United Kingdom)

90,239

5,680,545

Petrobras Energia SA sponsored ADR (a)

22,142

98,532

PetroChina Co. Ltd. (H Shares)

3,362,000

4,485,586

Polski Koncern Naftowy Orlen SA (a)

226,321

3,281,940

PT Garda Tujuh Buana Tbk (a)

386,500

157,122

Surgutneftegaz JSC sponsored ADR

166,784

1,405,155

Tatneft OAO sponsored ADR

57,409

2,272,248

Thai Oil PCL NVDR

98,100

211,002

Ultrapar Participacoes SA

34,700

714,526

 

32,642,547

TOTAL ENERGY

32,832,062

FINANCIALS - 3.6%

Capital Markets - 0.0%

A.F.P. Provida SA sponsored ADR

1,621

166,153

Daishin Securities Co. Ltd.

17,410

142,336

Is Yatirim Menkul Degerler A/S

30,027

28,568

Reinet Investments SCA GDR (a)

87,033

165,541

 

502,598

Commercial Banks - 2.8%

Agricultural Bank of China Ltd. (H Shares)

960,000

421,150

Banco do Brasil SA

295,500

3,029,954

Banco do Estado Rio Grande do Sul SA

21,100

149,699

Banco Pine SA

3,900

24,074

Bangkok Bank Public Co. Ltd.

143,500

902,575

Bangkok Bank Public Co. Ltd. NVDR

152,000

906,502

Bank Communications Co. Ltd. (H Shares)

52,000

38,110

Bank of China Ltd. (H Shares)

14,173,000

5,979,937

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

BIMB Holdings Bhd

35,500

$ 34,335

Bumiputra-Commerce Holdings Bhd

358,200

880,255

China CITIC Bank Corp. Ltd. (H Shares)

3,026,000

1,561,766

China Construction Bank Corp. (H Shares)

6,838,000

5,240,861

China Minsheng Banking Corp. Ltd. (H Shares)

882,000

864,907

Chongqing Rural Commercial Bank Co. Ltd. (H Shares)

92,000

42,260

DGB Financial Group Co. Ltd.

11,200

139,677

Grupo Financiero Banorte SAB de CV Series O

515,100

2,951,974

Grupo Financiero Santander Mexico SAB de CV sponsored ADR (a)

11,678

170,616

Hana Financial Group, Inc.

29,040

901,381

ICICI Bank Ltd. sponsored ADR

75,257

3,084,784

Industrial & Commercial Bank of China Ltd. (H Shares)

2,451,000

1,653,987

Itausa-Investimentos Itau SA (PN)

180,000

811,213

Kasikornbank PCL NVDR

501,400

3,055,623

Kiatnakin Finance PCL (For. Reg.)

47,800

77,109

Komercni Banka A/S

1,886

376,119

Krung Thai Bank PCL:

(For. Reg.)

1,062,700

637,239

NVDR

4,054,900

2,431,486

Philippine National Bank (a)

69,520

150,797

PT Bank Jabar Banten

1,851,000

202,590

PT Bank PAN Indonesia Tbk (a)

784,500

52,335

RHB Capital Bhd

454,000

1,120,158

Security Bank Corp.

301,200

1,209,968

Thanachart Capital PCL:

(For. Reg.)

537,100

625,756

NVDR

479,700

558,881

TISCO Financial Group PCL NVDR

97,100

143,981

Turkiye Halk Bankasi A/S

305,439

2,957,212

Turkiye Is Bankasi A/S Series C

1,101,064

3,549,335

Turkiye Vakiflar Bankasi TAO

1,151,019

2,789,217

Woori Finance Holdings Co. Ltd.

46,740

438,255

 

50,166,078

Consumer Finance - 0.0%

Krungthai Card PCL NVDR (a)

136,700

118,056

Diversified Financial Services - 0.3%

BM&F Bovespa SA

536,900

3,226,224

FirstRand Ltd.

339,709

1,110,023

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Diversified Financial Services - continued

Meritz Financial Holdings Co. (a)

4,270

$ 15,502

Metro Pacific Investments Corp.

1,047,000

112,399

 

4,464,148

Insurance - 0.4%

Allianz Malaysia Bhd

31,000

72,407

Liberty Holdings Ltd.

110,381

1,312,966

LIG Non-Life Insurance Co. Ltd.

31,400

713,571

Meritz Fire & Marine Insurance Co. Ltd.

14,920

180,556

MMI Holdings Ltd.

779,305

1,829,400

MNRB Holdings Bhd

36,000

35,529

PICC Property & Casualty Co. Ltd. (H Shares)

720,000

926,221

Porto Seguro SA

187,800

1,980,126

PT Panin Life Tbk (a)

2,282,500

32,357

Syarikat Takaful Malaysia Bhd

51,500

88,946

 

7,172,079

Real Estate Investment Trusts - 0.0%

Torunlar Gayrimenkul Yatirim Ortakligi AS

141,661

222,776

Real Estate Management & Development - 0.1%

Aliansce Shopping Centers SA

14,200

145,203

BR Malls Participacoes SA

50,100

643,600

Greentown China Holdings Ltd.

63,000

98,846

Jiangsu Future Land Co. Ltd. (B Shares)

383,600

248,956

KLCC Property Holdings Bhd

65,900

124,657

Korea Real Estate Investment Trust Co. (a)

177,189

204,606

LBS Bina Group Bhd

190,300

52,900

PT Kawasan Industri Jababeka Tbk (a)

2,298,500

47,678

PT Lippo Cikarang Tbk (a)

162,500

56,321

Sansiri PCL NVDR

941,900

109,277

Sao Carlos Empreen E Part SA

2,000

43,055

Sunac China Holdings Ltd.

189,000

122,664

 

1,897,763

TOTAL FINANCIALS

64,543,498

HEALTH CARE - 0.2%

Health Care Equipment & Supplies - 0.0%

Top Glove Corp. Bhd

161,900

300,392

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - 0.0%

Faber Group Bhd

107,700

$ 54,563

Profarma Distribuidora de Produtos Farmaceuticos SA

10,400

71,546

 

126,109

Pharmaceuticals - 0.2%

Chong Kun Dang Pharmaceutical Corp.

27,500

906,929

Daewoong Pharmaceutical Co. Ltd.

7,200

307,954

Dong Wha Pharm Co. Ltd.

45,710

263,915

Dr. Reddy's Laboratories Ltd. sponsored ADR

12,555

421,095

Egis Rt.

2,388

185,538

Green Cross Holdings Corp.

3,160

45,247

Korea United Pharm, Inc.

16,090

125,004

Whanin Pharmaceutical Co. Ltd.

8,710

76,600

 

2,332,282

TOTAL HEALTH CARE

2,758,783

INDUSTRIALS - 0.6%

Airlines - 0.2%

Turk Hava Yollari AO (a)

1,353,062

3,983,046

Building Products - 0.0%

KCC Corp.

389

102,775

Vanachai Group PCL NVDR

258,900

37,124

 

139,899

Commercial Services & Supplies - 0.0%

China Stationery Ltd.

102,400

28,466

Ipek Dogal Enerji Kaynaklari Ve Uretim AS (a)

54,043

179,654

Valid Solucoes SA

35,700

651,582

 

859,702

Construction & Engineering - 0.0%

PT Surya Semesta Internusa Tbk

1,027,500

119,956

Tekfen Holding A/S

11,931

44,069

 

164,025

Electrical Equipment - 0.0%

DONGYANG E&P, Inc.

15,003

231,455

Korea Electric Terminal Co. Ltd.

4,710

123,787

 

355,242

Industrial Conglomerates - 0.3%

Akfen Holding AS (a)

68,585

353,893

Alarko Holding AS

34,732

80,471

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Industrial Conglomerates - continued

Alfa SA de CV Series A

907,000

$ 1,880,138

Cahya Mata Sarawak Bhd

45,500

47,899

CJ Corp.

8,996

893,368

Turk Sise ve Cam Fabrikalari A/S

756,159

1,112,963

Yazicilar Holding A/S

8,682

78,227

 

4,446,959

Machinery - 0.0%

CB Industrial Product Holding Bhd

34,900

30,884

Shanghai Shangling Electric Appliances Co. Ltd. (B Shares)

52,400

50,566

 

81,450

Transportation Infrastructure - 0.1%

Airports of Thailand PCL (depositary receipt)

245,300

751,449

Bangkok Expressway PCL NVDR

124,800

113,880

Grupo Aeroportuario del Pacifico SA de CV:

Series B

7,900

40,491

sponsored ADR

3,569

182,090

PT Citra Marga Nusaphala Persada Tbk

725,000

158,701

Sebang Co. Ltd.

4,450

67,213

 

1,313,824

TOTAL INDUSTRIALS

11,344,147

INFORMATION TECHNOLOGY - 2.3%

Communications Equipment - 0.0%

China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a)

6,986

9,571

China Wireless Technologies Ltd.

280,000

83,817

Humax Co. Ltd.

4,905

45,765

 

139,153

Computers & Peripherals - 0.0%

Bematech Industria e Comercio de Equipamentos Eletronicos SA

16,300

46,532

Positivo Informatica SA

15,500

35,761

 

82,293

Electronic Equipment & Components - 0.6%

Daeduck Electronics Co. Ltd.

38,280

392,525

Daeduck GDS Co. Ltd.

3,140

52,213

Daou Data Corp.

29,550

91,312

Delta Electronics PCL NVDR

59,800

59,439

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - continued

Digital Power Communications Co. Ltd.

18,970

$ 51,171

Hon Hai Precision Industry Co. Ltd. (Foxconn) unit

210,263

1,324,657

INTOPS Co. Ltd.

18,433

470,829

INZI Display Co. Ltd.

250,368

723,928

Ju Teng International Holdings Ltd.

356,000

144,693

LG Display Co. Ltd. (a)

95,340

3,045,751

LG Innotek Co. Ltd. (a)

682

53,867

Sam Young Electronics Co. Ltd.

4,410

34,628

Samsung Electro-Mechanics Co. Ltd.

4,955

482,912

Samsung SDI Co. Ltd.

19,630

2,819,831

 

9,747,756

Internet Software & Services - 0.1%

Daou Technology, Inc.

63,960

880,374

SBS Contents Hub Co. Ltd.

12,200

158,347

 

1,038,721

IT Services - 0.0%

CSU Cardsystem SA

20,600

40,394

Korea Information & Communication Co. Ltd. (a)

13,143

37,638

Wins Technet Co. Ltd.

15,201

193,787

 

271,819

Office Electronics - 0.0%

Sindoh Co. Ltd.

7,093

408,872

Semiconductors & Semiconductor Equipment - 1.6%

Advanced Semiconductor Engineering, Inc. sponsored ADR

370,226

1,529,033

AnaPass, Inc.

8,011

93,246

Apollo Solar Energy Technology Holdings Ltd. (a)

9,444,000

329,008

ChipMOS TECHNOLOGIES (Bermuda) Ltd.

1,834

20,082

e-LITECOM Co. Ltd.

10,641

176,941

Samsung Electronics Co. Ltd.

10,661

13,846,996

Silicon Motion Technology Corp. sponsored ADR (a)

139,401

1,812,213

Siliconware Precision Industries Co. Ltd. sponsored ADR

68,434

369,544

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

558,635

9,647,626

 

27,824,689

Software - 0.0%

Changyou.com Ltd. (A Shares) ADR

14,923

367,404

KongZhong Corp. sponsored ADR (a)

4,009

23,653

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Perfect World Co. Ltd. sponsored ADR Class B

25,874

$ 287,719

Shanda Games Ltd. sponsored ADR

45,317

140,483

 

819,259

TOTAL INFORMATION TECHNOLOGY

40,332,562

MATERIALS - 1.1%

Chemicals - 0.1%

Gubre Fabrikalari TAS (a)

20,121

150,892

Hanwha Corp.

17,320

509,600

Kolon Corp.

1,780

27,378

Kukdo Chemical Co. Ltd.

640

24,743

Kunsul Chemical Industrial Co. Ltd.

2,980

55,884

Soda Sanayii AS

20,816

26,211

Taekwang Industrial Co. Ltd.

168

144,953

 

939,661

Construction Materials - 0.2%

CEMEX SA de CV sponsored ADR

347,982

3,097,040

Eternit SA

38,500

142,519

TPI Polene PCL

787,700

385,058

TPI Polene PCL NVDR

127,000

62,082

 

3,686,699

Containers & Packaging - 0.1%

Bio Pappel SAB de CV (a)

103,900

107,568

Klabin SA (PN) (non-vtg.)

274,300

1,545,569

Tailim Packaging Industries Co. Ltd.

27,430

51,566

 

1,704,703

Metals & Mining - 0.7%

Dongil Industries Co. Ltd.

1,940

84,858

Gold Fields Ltd. sponsored ADR

124,924

1,534,067

Grupo Mexico SA de CV Series B

1,120,500

3,645,635

Grupo Simec SA de CV (a)

101,100

431,182

Grupo Simec SA de CV Series B sponsored ADR (a)

3,283

41,924

Husteel Co. Ltd.

12,640

299,507

Hyundai Hysco Co. Ltd.

990

41,246

Industrias CH SA de CV (a)

114,600

727,733

Jastrzebska Spolka Weglowa SA

1,587

44,038

Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D

110,098

73,323

KGHM Polska Miedz SA (Bearer)

50,195

2,846,260

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

KISCO Corp.

3,180

$ 76,085

KISWIRE Ltd.

1,630

45,173

KOZA, Inc. (a)

92,213

283,836

Lanna Resources PCL

35,600

26,568

Metalurgica Gerdau SA (PN)

179,000

1,880,639

Ternium SA sponsored ADR

56,844

1,297,749

 

13,379,823

Paper & Forest Products - 0.0%

Duratex SA

32,000

220,891

Hankuk Paper Manufacturing Co. Ltd.

3,240

62,256

Hansol Paper Co. Ltd.

53,800

476,621

Mondi Ltd.

3,296

33,737

Sappi Ltd. (a)

8,302

27,006

 

820,511

TOTAL MATERIALS

20,531,397

TELECOMMUNICATION SERVICES - 1.6%

Diversified Telecommunication Services - 0.4%

China Telecom Corp. Ltd. (H Shares)

3,710,000

2,017,758

Jasmine International Public Co. Ltd. (depositary receipt)

2,576,000

428,144

KT Corp.

53,590

1,859,004

PT Telkomunikasi Indonesia Tbk sponsored ADR

29,732

1,131,005

Telecom Argentina SA Class B sponsored ADR

17,242

174,489

Telefonica Brasil SA sponsored ADR

88,869

1,949,786

Telkom SA Ltd. (a)

117,986

205,040

 

7,765,226

Wireless Telecommunication Services - 1.2%

Advanced Information Service PCL NVDR

347,500

2,491,445

America Movil S.A.B. de C.V. Series L sponsored ADR

177,469

4,186,494

China Mobile Ltd.

325,500

3,715,933

MTN Group Ltd.

237,684

4,374,633

TIM Participacoes SA sponsored ADR

76,714

1,360,139

Total Access Communication PCL unit

769,600

2,200,828

Turkcell Iletisim Hizmet A/S (a)

59,687

360,693

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

VimpelCom Ltd. sponsored ADR

157,318

$ 1,664,424

Vodacom Group Ltd.

5,709

76,416

 

20,431,005

TOTAL TELECOMMUNICATION SERVICES

28,196,231

UTILITIES - 0.8%

Electric Utilities - 0.4%

Centrais Eletricas Brasileiras SA (Electrobras):

(PN-B)

173,200

782,188

sponsored ADR

38,274

140,083

Companhia Energetica de Minas Gerais (CEMIG):

(PN)

142,600

1,713,095

(PN) sponsored ADR (non-vtg.)

45,519

557,153

Companhia Energetica do Ceara

900

14,628

Eletropaulo Metropolitana SA (PN-B)

66,000

419,759

Enersis SA sponsored ADR

77,153

1,307,743

Tauron Polska Energia SA

428,174

588,299

Tenaga Nasional Bhd

1,019,100

2,326,689

 

7,849,637

Gas Utilities - 0.2%

Busan City Gas Co. Ltd.

320

6,503

Daesung Energy Co. Ltd.

30,040

170,389

E1 Corp.

2,117

142,763

Korea District Heating Corp.

2,543

190,989

Kyungnam Energy Co. Ltd.

21,890

85,740

PT Perusahaan Gas Negara Tbk Series B

3,759,500

1,773,252

Samchully Co. Ltd.

1,528

188,442

 

2,558,078

Independent Power Producers & Energy Traders - 0.0%

AES Tiete SA (PN) (non-vtg.)

10,800

115,238

Companhia Energetica de Sao Paulo Series A

33,600

274,392

Electricity Generating PCL NVDR unit

29,700

121,955

Huaneng Power International, Inc. (H Shares)

296,000

251,508

 

763,093

Water Utilities - 0.2%

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

5,700

230,742

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR

29,116

2,369,169

Common Stocks - continued

Shares

Value

UTILITIES - continued

Water Utilities - continued

Compania de Saneamento do Parana

8,000

$ 32,872

Puncak Niaga Holding BHD (a)

80,600

33,940

 

2,666,723

TOTAL UTILITIES

13,837,531

TOTAL COMMON STOCKS

(Cost $242,724,450)


246,448,771

Equity Funds - 85.5%

 

 

 

 

Emerging Markets Funds - 85.2%

Aberdeen Emerging Markets Institutional Fund

16,746,261

253,203,471

Eaton Vance Parametric Structured Emerging Markets Fund Class A

6,077,498

87,272,872

Fidelity Emerging Markets Fund (c)

8,486,331

191,197,049

GMO Emerging Markets Fund - Class V

21,682,645

243,496,099

Invesco Developing Markets Fund Class A

2,617,013

86,256,732

Lazard Emerging Markets Portfolio Institutional Class

13,489,542

258,729,423

Oppenheimer Developing Markets Fund Class A

2,577,744

88,158,847

SSgA Emerging Markets Fund

5,553,709

109,185,927

T. Rowe Price Emerging Markets Stock Fund

6,102,271

199,117,101

TOTAL EMERGING MARKETS FUNDS

1,516,617,521

Europe Stock Funds - 0.3%

Market Vectors Russia ETF

191,700

5,336,928

TOTAL EQUITY FUNDS

(Cost $1,626,953,828)


1,521,954,449

Money Market Funds - 0.7%

 

 

 

 

SSgA US Treasury Money Market Fund, 0% (b)
(Cost $11,882,795)

11,882,795

11,882,795

TOTAL INVESTMENT PORTFOLIO - 100.0%

(Cost $1,881,561,073)

1,780,286,015

NET OTHER ASSETS (LIABILITIES) - 0.0%

253,827

NET ASSETS - 100%

$ 1,780,539,842

Security Type Abbreviations

ETF - Exchange-Traded Fund

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

(c) Affiliated company

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Emerging Markets Fund

$ 255,277,738

$ -

$ 54,495,752

$ -

$ 191,197,049

Other Information

The following is a summary of the inputs used, as of November 30, 2012, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 20,287,619

$ 20,287,619

$ -

$ -

Consumer Staples

11,784,941

11,784,941

-

-

Energy

32,832,062

24,079,803

8,595,137

157,122

Financials

64,543,498

64,543,498

-

-

Health Care

2,758,783

2,758,783

-

-

Industrials

11,344,147

11,344,147

-

-

Information Technology

40,332,562

37,286,811

3,045,751

-

Materials

20,531,397

20,531,397

-

-

Telecommunication Services

28,196,231

20,242,843

7,953,388

-

Utilities

13,837,531

13,586,023

251,508

-

Equity Funds

1,521,954,449

1,521,954,449

-

-

Money Market Funds

11,882,795

11,882,795

-

-

Total Investments in Securities:

$ 1,780,286,015

$ 1,760,283,109

$ 19,845,784

$ 157,122

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $1,882,619,212. Net unrealized depreciation aggregated $102,333,197, of which $37,359,914 related to appreciated investment securities and $139,693,111 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Strategic Advisers Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ®
Core Income
Multi-Manager Fund


November 30, 2012 

1.941274.100

ACF-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 5.2%

 

Principal
Amount

Value

CONSUMER DISCRETIONARY - 0.6%

Media - 0.6%

Comcast Corp. 4.65% 7/15/42

$ 7,000

$ 7,403

COX Communications, Inc. 3.25% 12/15/22 (d)

4,000

4,046

NBCUniversal Media LLC 5.15% 4/30/20

100,000

118,951

Time Warner Cable, Inc.:

4% 9/1/21

100,000

108,708

4.5% 9/15/42

8,000

7,789

 

246,897

CONSUMER STAPLES - 0.4%

Beverages - 0.3%

Beam, Inc. 3.25% 5/15/22

100,000

104,486

Heineken NV:

1.4% 10/1/17 (d)

5,000

5,010

2.75% 4/1/23 (d)

5,000

4,948

4% 10/1/42 (d)

2,000

1,931

 

116,375

Food & Staples Retailing - 0.0%

Walgreen Co. 1.8% 9/15/17

4,000

4,044

Tobacco - 0.1%

Altria Group, Inc.:

2.85% 8/9/22

7,000

6,926

4.25% 8/9/42

7,000

6,937

Reynolds American, Inc.:

3.25% 11/1/22

5,000

5,082

4.75% 11/1/42

8,000

8,097

 

27,042

TOTAL CONSUMER STAPLES

147,461

ENERGY - 0.8%

Energy Equipment & Services - 0.3%

DCP Midstream LLC 4.75% 9/30/21 (d)

100,000

106,934

FMC Technologies, Inc.:

2% 10/1/17

2,000

2,022

3.45% 10/1/22

2,000

2,048

 

111,004

Oil, Gas & Consumable Fuels - 0.5%

DCP Midstream Operating LP 2.5% 12/1/17

5,000

4,993

Nonconvertible Bonds - continued

 

Principal
Amount

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Petrobras International Finance Co. Ltd. 3.875% 1/27/16

$ 100,000

$ 105,942

Petroleos Mexicanos 5.5% 6/27/44

110,000

120,450

 

231,385

TOTAL ENERGY

342,389

FINANCIALS - 2.3%

Capital Markets - 0.1%

Goldman Sachs Group, Inc. 5.75% 1/24/22

8,000

9,489

Morgan Stanley 4.875% 11/1/22

18,000

18,729

 

28,218

Commercial Banks - 0.3%

Credit Suisse 6% 2/15/18

2,000

2,304

Regions Financial Corp. 5.75% 6/15/15

100,000

108,000

Royal Bank of Scotland Group PLC 6.125% 12/15/22

10,000

10,247

 

120,551

Consumer Finance - 0.0%

Hyundai Capital America:

1.625% 10/2/15 (d)

3,000

3,021

2.125% 10/2/17 (d)

4,000

4,049

 

7,070

Diversified Financial Services - 0.4%

Citigroup, Inc. 6.125% 5/15/18

31,000

37,091

JPMorgan Chase & Co.:

3.25% 9/23/22

22,000

22,736

4.5% 1/24/22

100,000

113,049

 

172,876

Insurance - 0.3%

MetLife, Inc.:

1.756% 12/15/17 (b)

5,000

5,081

3.048% 12/15/22

10,000

10,229

Prudential Financial, Inc. 4.5% 11/16/21

100,000

111,809

Unum Group 5.75% 8/15/42

9,000

9,738

 

136,857

Real Estate Investment Trusts - 0.7%

Boston Properties, Inc. 3.85% 2/1/23

25,000

26,554

Developers Diversified Realty Corp. 4.75% 4/15/18

100,000

110,649

Nonconvertible Bonds - continued

 

Principal
Amount

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Duke Realty LP:

3.875% 10/15/22

$ 7,000

$ 7,146

5.95% 2/15/17

100,000

114,477

Equity One, Inc. 3.75% 11/15/22

20,000

19,973

Health Care REIT, Inc. 2.25% 3/15/18

3,000

2,999

Weingarten Realty Investors 3.375% 10/15/22

2,000

2,001

 

283,799

Real Estate Management & Development - 0.5%

BioMed Realty LP 4.25% 7/15/22

4,000

4,216

Brandywine Operating Partnership LP 4.95% 4/15/18

2,000

2,186

ERP Operating LP 4.625% 12/15/21

75,000

84,556

Liberty Property LP 5.5% 12/15/16

100,000

114,070

Mack-Cali Realty LP 2.5% 12/15/17

9,000

9,017

 

214,045

TOTAL FINANCIALS

963,416

HEALTH CARE - 0.5%

Health Care Providers & Services - 0.4%

Aetna, Inc.:

1.5% 11/15/17

2,000

2,017

2.75% 11/15/22

5,000

5,019

4.125% 11/15/42

3,000

3,005

Aristotle Holding, Inc. 3.5% 11/15/16 (d)

100,000

107,480

UnitedHealth Group, Inc.:

2.75% 2/15/23

2,000

2,029

3.95% 10/15/42

2,000

1,981

WellPoint, Inc.:

3.3% 1/15/23

15,000

15,419

4.65% 1/15/43

11,000

11,521

 

148,471

Pharmaceuticals - 0.1%

AbbVie, Inc.:

1.75% 11/6/17 (d)

10,000

10,138

2.9% 11/6/22 (d)

11,000

11,223

4.4% 11/6/42 (d)

9,000

9,521

Watson Pharmaceuticals, Inc.:

1.875% 10/1/17

3,000

3,055

Nonconvertible Bonds - continued

 

Principal
Amount

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Watson Pharmaceuticals, Inc.: - continued

3.25% 10/1/22

$ 5,000

$ 5,139

4.625% 10/1/42

3,000

3,159

 

42,235

TOTAL HEALTH CARE

190,706

INDUSTRIALS - 0.0%

Airlines - 0.0%

Continental Airlines, Inc. 4% 4/29/26

5,000

5,269

Industrial Conglomerates - 0.0%

General Electric Co. 4.125% 10/9/42

8,000

8,324

TOTAL INDUSTRIALS

13,593

MATERIALS - 0.0%

Chemicals - 0.0%

The Dow Chemical Co. 4.375% 11/15/42

4,000

3,935

TELECOMMUNICATION SERVICES - 0.3%

Diversified Telecommunication Services - 0.3%

AT&T, Inc.:

5.35% 9/1/40

6,000

6,967

5.55% 8/15/41

100,000

119,666

Embarq Corp. 7.082% 6/1/16

1,000

1,174

 

127,807

UTILITIES - 0.3%

Electric Utilities - 0.0%

American Electric Power Co., Inc. 2.95% 12/15/22

4,000

4,015

Multi-Utilities - 0.3%

NiSource Finance Corp. 4.45% 12/1/21

100,000

111,353

Sempra Energy 2.875% 10/1/22

4,000

4,023

 

115,376

TOTAL UTILITIES

119,391

TOTAL NONCONVERTIBLE BONDS

(Cost $2,076,603)


2,155,595

U.S. Government and Government Agency Obligations - 8.3%

 

Principal
Amount

Value

U.S. Treasury Inflation Protected Obligations - 0.7%

U.S. Treasury Inflation-Indexed Bonds 0.75% 2/15/42

$ 261,107

$ 291,983

U.S. Treasury Obligations - 7.6%

U.S. Treasury Bonds:

2.75% 8/15/42

129,000

127,609

2.75% 11/15/42

2,000

1,976

3% 5/15/42

131,000

136,608

U.S. Treasury Notes:

0.25% 4/30/14

200,000

200,055

0.25% 5/31/14

600,000

600,094

0.25% 6/30/14

302,000

302,035

0.25% 9/30/14

200,000

200,000

0.25% 10/31/14

700,000

700,000

0.5% 7/31/17

100,000

99,680

0.75% 6/30/17

445,000

448,928

0.75% 10/31/17

104,000

104,715

1.625% 8/15/22

146,000

146,627

1.75% 5/15/22

116,000

118,248

TOTAL U.S. TREASURY OBLIGATIONS

3,186,575

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $3,457,980)


3,478,558

U.S. Government Agency - Mortgage Securities - 13.8%

 

Fannie Mae - 13.3%

3% 12/1/42 (e)

100,000

105,172

3% 12/1/42 (e)

100,000

105,172

3% 12/1/42 (e)

100,000

105,172

3.5% 2/1/41 to 10/1/42

991,016

1,070,515

3.5% 12/1/42 (e)

600,000

640,219

4% 2/1/42 to 7/1/42

396,879

427,986

4% 12/1/42 (e)

100,000

107,136

4% 1/1/43 (e)

100,000

107,058

4.5% 3/1/41 to 10/1/41

99,225

108,506

4.5% 12/1/42 (e)

600,000

646,688

4.5% 12/1/42 (e)

100,000

107,781

4.5% 1/1/43 (e)

500,000

538,613

5% 12/1/42 (e)

400,000

433,437

5.5% 4/1/35 to 1/1/36

369,147

403,264

U.S. Government Agency - Mortgage Securities - continued

 

Principal
Amount

Value

Fannie Mae - continued

5.5% 12/1/42 (e)

$ 500,000

$ 543,444

6% 9/1/39 to 4/1/40

87,052

95,551

TOTAL FANNIE MAE

5,545,714

Freddie Mac - 0.5%

3.5% 10/1/42

99,775

106,137

3.5% 12/1/42 (e)

100,000

106,342

TOTAL FREDDIE MAC

212,479

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $5,754,814)


5,758,193

Collateralized Mortgage Obligations - 1.2%

 

U.S. Government Agency - 1.2%

Fannie Mae:

floater:

Series 2007-53 Class FB, 0.6075% 6/25/37 (f)

32,349

32,407

Series 2007-85 Class FL, 0.7475% 9/25/37 (f)

10,726

10,819

Series 2007-89 Class FT, 0.7775% 9/25/37 (f)

8,911

8,986

Series 2012-122:

Class FM, 0.6075% 11/25/42 (f)

99,640

100,234

Class LF, 0.6075% 11/25/42 (f)

99,716

100,310

floater planned amortization class:

Series 2012-111 Class NF, 0.5575% 5/25/42 (f)

9,917

9,931

Series 2012-113 Class PF, 0.5575% 10/25/40 (f)

19,881

19,936

Series 2012-128 Class VF, 0.4575% 6/25/42 (f)

39,879

40,032

Series 2012-128 Class YF, 0.5075% 6/25/42 (f)

39,873

40,098

Freddie Mac:

floater:

Series 3349 Class FE, 0.698% 7/15/37 (f)

10,336

10,405

Series 3376 Class FA, 0.808% 10/15/37 (f)

10,591

10,721

Series 4087 Class FB, 0.678% 7/15/42 (f)

85,109

85,335

Collateralized Mortgage Obligations - continued

 

Principal
Amount

Value

U.S. Government Agency - continued

Freddie Mac: - continued

floater planned amortization class Series 4094 Class BF, 0.608% 8/15/32 (f)

$ 9,863

$ 9,901

Ginnie Mae guaranteed REMIC pass-thru certificates floater sequential payer Series 2010-113 Class JF, 0.6107% 3/20/38 (f)

8,449

8,496

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $487,654)


487,611

Commercial Mortgage Securities - 1.9%

 

GE Capital Commercial Mortgage Corp. sequential payer Series 2007-C1 Class A4, 5.543% 12/10/49

88,500

101,268

Greenwich Capital Commercial Funding Corp. sequential payer Series 2007-GG9 Class A4, 5.444% 3/10/39

120,000

138,401

JPMorgan Chase Commercial Mortgage Securities Trust sequential payer Series 2007-LD11 Class A4, 5.8131% 6/15/49 (f)

200,000

233,335

Wachovia Bank Commercial Mortgage Trust sequential payer:

Series 2007-C30 Class A5, 5.342% 12/15/43

200,000

229,250

Series 2007-C32 Class A3, 5.7501% 6/15/49 (f)

90,000

105,116

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $763,589)


807,370

Municipal Securities - 0.5%

 

California Gen. Oblig.:

7.55% 4/1/39

5,000

7,223

7.6% 11/1/40

115,000

168,557

Illinois Gen. Oblig.:

Series 2003, 5.1% 6/1/33

20,000

20,181

Series 2010-1, 6.63% 2/1/35

5,000

5,800

Series 2010-3, 6.725% 4/1/35

5,000

5,857

TOTAL MUNICIPAL SECURITIES

(Cost $190,880)


207,618

Fixed-Income Funds - 75.4%

Shares

Value

High Yield Fixed-Income Funds - 1.6%

Fidelity Focused High Income Fund (c)

22,412

$ 210,673

Fidelity New Markets Income Fund (c)

24,828

445,655

TOTAL HIGH YIELD FIXED-INCOME FUNDS

656,328

Intermediate-Term Bond Funds - 73.8%

DoubleLine Total Return Bond Fund Class I

185,977

2,112,704

Fidelity GNMA Fund (c)

69,504

818,763

JPMorgan Core Bond Fund Select Class

455,172

5,521,234

Metropolitan West Total Return Bond Fund Class I

292,191

3,246,246

PIMCO Total Return Fund Institutional Class

801,099

9,308,778

Spartan U.S. Bond Index Fund Investor Class (c)

186,849

2,230,974

Western Asset Core Bond Fund Class I

202,728

2,513,832

Western Asset Core Plus Bond Fund Class I

435,336

5,084,722

TOTAL INTERMEDIATE-TERM BOND FUNDS

30,837,253

TOTAL FIXED-INCOME FUNDS

(Cost $30,819,242)


31,493,581

Money Market Funds - 1.1%

 

 

 

 

SSgA US Treasury Money Market Fund, 0% (a)
(Cost $444,455)

444,455


444,455

TOTAL INVESTMENT PORTFOLIO - 107.4%

(Cost $43,995,217)

44,832,981

NET OTHER ASSETS (LIABILITIES) - (7.4)%

(3,070,465 )

NET ASSETS - 100%

$ 41,762,516

TBA Sale Commitments

 

Principal
Amount

 

Fannie Mae

3.5% 12/1/42

$ (500,000)

(533,516)

3.5% 12/1/42

(100,000)

(106,703)

3.5% 1/1/43

(600,000)

(638,906)

4% 12/1/42

(100,000)

(107,136)

4.5% 12/1/42

(100,000)

(107,781)

4.5% 12/1/42

(500,000)

(538,906)

TBA Sale Commitments - continued

 

Principal
Amount

Value

Fannie Mae - continued

4.5% 12/1/42

$ (100,000)

$ (107,781)

5.5% 12/1/42

(500,000)

(543,444 )

TOTAL FANNIE MAE

(2,684,173 )

Freddie Mac

3.5% 12/1/42

(100,000)

(106,342 )

TOTAL TBA SALE COMMITMENTS

(Proceeds $2,791,165)

$ (2,790,515 )

Legend

(a) The rate quoted is the annualized seven-day yield of the fund at period end.

(b) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(c) Affiliated company

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $268,301 or 0.6% of net assets.

(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect 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 Focused High Income Fund

$ -

$ 204,754

$ 22

$ 4,609

$ 210,673

Fidelity GNMA Fund

-

829,153

754

8,366

818,763

Fidelity New Markets Income Fund

-

413,963

377

8,401

445,655

Spartan U.S. Bond Index Fund Investor Class

-

2,237,954

13,190

20,665

2,230,974

Total

$ -

$ 3,685,824

$ 14,343

$ 42,041

$ 3,706,065

Other Information

The following is a summary of the inputs used, as of November 30, 2012, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Corporate Bonds

$ 2,155,595

$ -

$ 2,155,595

$ -

U.S. Government and Government Agency Obligations

3,478,558

-

3,478,558

-

U.S. Government Agency - Mortgage Securities

5,758,193

-

5,758,193

-

Collateralized Mortgage Obligations

487,611

-

487,611

-

Commercial Mortgage Securities

807,370

-

807,370

-

Municipal Securities

207,618

-

207,618

-

Fixed-Income Funds

31,493,581

31,493,581

-

-

Money Market Funds

444,455

444,455

-

-

Total Investments in Securities:

$ 44,832,981

$ 31,938,036

$ 12,894,945

$ -

Other Financial Instruments:

TBA Sale Commitments

$ (2,790,515 )

$ -

$ (2,790,515 )

$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $43,995,203. Net unrealized appreciation aggregated $837,778, of which $860,425 related to appreciated investment securities and $22,647 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Strategic Advisers Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, municipal securities and U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. For collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ® Small-Mid Cap Multi-Manager Fund

November 30, 2012 

1.912861.102

AMM-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 78.6%

Shares

Value

CONSUMER DISCRETIONARY - 13.1%

Auto Components - 1.4%

American Axle & Manufacturing Holdings, Inc. (a)

4,025

$ 42,102

BorgWarner, Inc. (a)

220

14,586

Dana Holding Corp.

11,205

158,887

Tenneco, Inc. (a)

2,180

69,913

TRW Automotive Holdings Corp. (a)

2,137

108,218

Visteon Corp. (a)

3,150

157,815

 

551,521

Automobiles - 0.2%

Thor Industries, Inc.

2,300

86,802

Distributors - 0.4%

LKQ Corp. (a)

3,060

67,075

Pool Corp.

1,930

80,848

 

147,923

Diversified Consumer Services - 0.1%

Sotheby's Class A (Ltd. vtg.)

765

22,078

Hotels, Restaurants & Leisure - 2.9%

Bloomin' Brands, Inc.

2,700

42,741

Choice Hotels International, Inc.

1,456

47,320

Darden Restaurants, Inc.

1,253

66,259

Domino's Pizza, Inc.

1,659

69,014

Dunkin' Brands Group, Inc.

1,775

56,481

Hyatt Hotels Corp. Class A (a)

5,050

184,325

Interval Leisure Group, Inc.

1,955

36,813

Jack in the Box, Inc. (a)

2,658

73,228

Life Time Fitness, Inc. (a)

1,585

74,590

Marriott Vacations Worldwide Corp.

1,675

66,682

Penn National Gaming, Inc. (a)

1,961

99,658

Ryman Hospitality Properties, Inc.

865

28,735

Scientific Games Corp. Class A (a)

3,800

31,654

Six Flags Entertainment Corp.

1,085

66,706

Vail Resorts, Inc.

3,490

196,557

Wendy's Co.

4,500

20,970

 

1,161,733

Household Durables - 1.5%

D.R. Horton, Inc.

1,140

22,184

Ethan Allen Interiors, Inc.

3,409

98,895

Jarden Corp.

1,330

70,370

M.D.C. Holdings, Inc.

4,560

160,694

Mohawk Industries, Inc. (a)

725

62,343

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Newell Rubbermaid, Inc.

2,725

$ 59,432

NVR, Inc. (a)

45

40,493

Ryland Group, Inc.

1,907

63,789

Toll Brothers, Inc. (a)

450

14,328

Tupperware Brands Corp.

380

24,643

 

617,171

Internet & Catalog Retail - 0.1%

Expedia, Inc.

700

43,302

Leisure Equipment & Products - 0.3%

Brunswick Corp.

4,342

111,893

Media - 0.2%

Cablevision Systems Corp. - NY Group Class A

880

12,179

Lions Gate Entertainment Corp. (a)

2,550

41,769

Regal Entertainment Group Class A

2,380

37,080

 

91,028

Multiline Retail - 0.1%

Dillard's, Inc. Class A

625

55,569

Specialty Retail - 4.4%

ANN, Inc. (a)

1,395

46,802

DSW, Inc. Class A

2,027

137,897

Express, Inc. (a)

900

13,437

Five Below, Inc.

1,375

51,081

Foot Locker, Inc.

14,366

514,877

GNC Holdings, Inc.

5,045

177,231

Group 1 Automotive, Inc.

1,141

69,327

Monro Muffler Brake, Inc.

1,530

49,082

OfficeMax, Inc.

8,200

82,000

Pier 1 Imports, Inc.

5,050

96,910

RadioShack Corp.

4,900

9,947

Sally Beauty Holdings, Inc. (a)

1,480

37,518

Staples, Inc.

2,140

25,038

The Children's Place Retail Stores, Inc. (a)

1,000

48,610

The Men's Wearhouse, Inc.

3,580

116,135

The Pep Boys - Manny, Moe & Jack

1,100

11,627

Tractor Supply Co.

1,155

103,511

Ulta Salon, Cosmetics & Fragrance, Inc.

470

47,132

Vitamin Shoppe, Inc. (a)

2,125

125,928

 

1,764,090

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 1.5%

Fifth & Pacific Companies, Inc. (a)

3,585

$ 43,199

Hanesbrands, Inc. (a)

1,020

36,822

PVH Corp.

2,630

301,372

Steven Madden Ltd. (a)

1,513

67,344

Under Armour, Inc. Class A (sub. vtg.) (a)

1,134

58,775

Warnaco Group, Inc. (a)

1,248

89,719

 

597,231

TOTAL CONSUMER DISCRETIONARY

5,250,341

CONSUMER STAPLES - 2.4%

Beverages - 0.2%

Coca-Cola Enterprises, Inc.

1,675

52,227

Constellation Brands, Inc. Class A (sub. vtg.) (a)

1,180

42,338

 

94,565

Food & Staples Retailing - 0.7%

Casey's General Stores, Inc.

2,540

125,476

Fresh Market, Inc. (a)

670

34,726

Harris Teeter Supermarkets, Inc.

1,327

50,413

United Natural Foods, Inc. (a)

1,430

74,031

 

284,646

Food Products - 1.1%

Annie's, Inc.

720

25,826

B&G Foods, Inc. Class A

2,395

69,886

Hain Celestial Group, Inc. (a)

1,665

100,350

Hillshire Brands Co.

470

13,090

Lancaster Colony Corp.

1,085

82,178

The J.M. Smucker Co.

1,450

128,267

WhiteWave Foods Co.

1,145

17,370

 

436,967

Household Products - 0.1%

Energizer Holdings, Inc.

260

20,738

Personal Products - 0.3%

Herbalife Ltd.

1,600

73,552

Nu Skin Enterprises, Inc. Class A

1,105

50,167

 

123,719

TOTAL CONSUMER STAPLES

960,635

Common Stocks - continued

Shares

Value

ENERGY - 4.9%

Energy Equipment & Services - 1.7%

Atwood Oceanics, Inc. (a)

1,453

$ 66,838

Dresser-Rand Group, Inc. (a)

1,300

68,653

Dril-Quip, Inc. (a)

958

67,414

Forum Energy Technologies, Inc.

890

22,464

Geospace Technologies Corp. (a)

190

14,472

ION Geophysical Corp. (a)

3,500

20,860

Lufkin Industries, Inc.

836

45,779

Noble Corp.

2,425

83,638

Oil States International, Inc. (a)

990

70,013

Pacific Drilling SA (a)

1,500

14,250

Patterson-UTI Energy, Inc.

2,262

40,173

SEACOR Holdings, Inc. (a)

1,150

104,190

TETRA Technologies, Inc. (a)

4,300

30,100

Tidewater, Inc.

430

19,290

 

668,134

Oil, Gas & Consumable Fuels - 3.2%

Berry Petroleum Co. Class A

1,979

61,567

Concho Resources, Inc. (a)

180

14,447

Diamondback Energy, Inc.

830

14,940

Energen Corp.

5,612

249,902

Energy XXI (Bermuda) Ltd.

1,410

44,669

HollyFrontier Corp.

3,125

141,656

Kodiak Oil & Gas Corp. (a)

2,155

18,490

Oasis Petroleum, Inc. (a)

2,257

68,207

Peabody Energy Corp.

2,800

70,308

Pioneer Natural Resources Co.

1,540

164,780

Plains Exploration & Production Co. (a)

5,109

182,391

Range Resources Corp.

1,300

83,226

Resolute Energy Corp. (a)

5,154

44,015

Rosetta Resources, Inc. (a)

1,110

49,883

SM Energy Co.

1,005

49,938

Western Refining, Inc.

1,390

40,380

 

1,298,799

TOTAL ENERGY

1,966,933

FINANCIALS - 15.4%

Capital Markets - 1.7%

Affiliated Managers Group, Inc. (a)

1,153

148,587

FXCM, Inc. Class A

2,830

28,328

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Greenhill & Co., Inc.

674

$ 32,028

Invesco Ltd.

700

17,493

Och-Ziff Capital Management Group LLC Class A

4,845

46,124

Raymond James Financial, Inc.

8,395

316,911

Stifel Financial Corp. (a)

1,856

56,460

Walter Investment Management Corp.

380

16,066

 

661,997

Commercial Banks - 4.7%

BankUnited, Inc.

800

18,800

CIT Group, Inc. (a)

4,320

160,056

City National Corp.

300

14,607

Comerica, Inc.

10,140

300,043

East West Bancorp, Inc.

2,867

60,637

Fifth Third Bancorp

2,850

41,724

First Niagara Financial Group, Inc.

4,070

30,688

FirstMerit Corp.

3,150

44,352

Huntington Bancshares, Inc.

21,809

134,125

IBERIABANK Corp.

390

19,013

Investors Bancorp, Inc.

7,580

129,770

KeyCorp

26,490

214,039

PrivateBancorp, Inc.

3,868

63,397

Prosperity Bancshares, Inc.

4,161

171,142

Regions Financial Corp.

33,525

223,612

SVB Financial Group (a)

1,073

59,251

TCF Financial Corp.

3,100

36,828

Texas Capital Bancshares, Inc. (a)

1,575

70,938

Umpqua Holdings Corp.

2,580

30,083

Zions Bancorporation

1,965

39,438

 

1,862,543

Consumer Finance - 0.7%

DFC Global Corp. (a)

2,630

45,894

Discover Financial Services

4,540

188,909

SLM Corp.

3,250

53,788

 

288,591

Diversified Financial Services - 0.5%

Interactive Brokers Group, Inc.

2,020

30,886

Leucadia National Corp.

6,910

153,057

The NASDAQ Stock Market, Inc.

1,250

30,288

 

214,231

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - 3.1%

Axis Capital Holdings Ltd.

1,400

$ 50,358

Brown & Brown, Inc.

2,729

73,246

Fidelity National Financial, Inc. Class A

5,425

131,339

HCC Insurance Holdings, Inc.

4,653

171,603

Lincoln National Corp.

8,775

216,743

Platinum Underwriters Holdings Ltd.

600

26,712

Reinsurance Group of America, Inc.

930

47,616

Validus Holdings Ltd.

5,350

189,711

W.R. Berkley Corp.

2,970

118,058

White Mountains Insurance Group Ltd.

410

211,257

 

1,236,643

Real Estate Investment Trusts - 4.0%

American Campus Communities, Inc.

1,050

45,990

American Capital Mortgage Investment Corp.

1,480

37,799

BioMed Realty Trust, Inc.

7,850

151,270

Brandywine Realty Trust (SBI)

14,325

170,897

CBL & Associates Properties, Inc.

7,300

164,323

Colonial Properties Trust (SBI)

3,000

61,200

Douglas Emmett, Inc.

2,930

66,540

DuPont Fabros Technology, Inc.

3,875

89,474

Equity Lifestyle Properties, Inc.

335

21,989

Extra Space Storage, Inc.

1,140

40,071

Home Properties, Inc.

625

36,806

Kilroy Realty Corp.

3,700

166,870

Plum Creek Timber Co., Inc.

5,630

241,246

Post Properties, Inc.

680

33,408

Redwood Trust, Inc.

1,210

20,231

SL Green Realty Corp.

1,330

100,255

Sovran Self Storage, Inc.

730

45,107

Tanger Factory Outlet Centers, Inc.

1,140

37,483

Taubman Centers, Inc.

475

36,798

Two Harbors Investment Corp.

4,375

49,525

 

1,617,282

Real Estate Management & Development - 0.4%

Alexander & Baldwin, Inc.

3,780

112,871

Jones Lang LaSalle, Inc.

515

42,235

 

155,106

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - 0.3%

EverBank Financial Corp.

5,175

$ 76,487

Northwest Bancshares, Inc.

3,205

38,236

 

114,723

TOTAL FINANCIALS

6,151,116

HEALTH CARE - 8.3%

Biotechnology - 2.1%

Acorda Therapeutics, Inc. (a)

2,335

58,795

Alkermes PLC (a)

1,795

34,661

Amarin Corp. PLC ADR (a)

4,770

59,196

BioMarin Pharmaceutical, Inc. (a)

2,173

105,608

Cepheid, Inc. (a)

610

19,776

Cubist Pharmaceuticals, Inc. (a)

625

25,381

Genomic Health, Inc. (a)

560

15,490

Incyte Corp. (a)

3,918

68,957

Medivation, Inc. (a)

1,080

56,322

Merrimack Pharmaceuticals, Inc.

2,735

19,528

Myriad Genetics, Inc. (a)

2,765

79,411

Onyx Pharmaceuticals, Inc. (a)

760

57,357

Pharmacyclics, Inc. (a)

600

31,830

Seattle Genetics, Inc. (a)

2,694

68,185

Spectrum Pharmaceuticals, Inc. (a)

450

5,328

Synageva BioPharma Corp. (a)

400

19,572

Synta Pharmaceuticals Corp. (a)

1,370

11,056

Theravance, Inc. (a)

1,005

22,592

United Therapeutics Corp. (a)

1,261

66,266

 

825,311

Health Care Equipment & Supplies - 2.1%

Abiomed, Inc. (a)

550

7,343

Align Technology, Inc. (a)

1,280

35,059

EnteroMedics, Inc. (a)

4,155

12,881

HeartWare International, Inc. (a)

235

19,343

Insulet Corp. (a)

4,354

95,570

Mako Surgical Corp. (a)

900

12,420

Masimo Corp.

2,373

49,169

Meridian Bioscience, Inc.

1,883

37,716

NuVasive, Inc. (a)

3,462

50,268

NxStage Medical, Inc. (a)

1,769

21,263

Sirona Dental Systems, Inc. (a)

4,602

288,131

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Steris Corp.

1,942

$ 66,358

Symmetry Medical, Inc. (a)

1,800

17,550

Teleflex, Inc.

100

6,920

Thoratec Corp. (a)

2,506

93,223

Volcano Corp. (a)

1,285

35,029

 

848,243

Health Care Providers & Services - 1.7%

Catamaran Corp. (United States) (a)

1,312

63,881

Centene Corp. (a)

2,406

105,647

Chemed Corp.

1,395

94,972

Health Management Associates, Inc. Class A (a)

5,695

45,275

HMS Holdings Corp. (a)

3,226

74,746

MEDNAX, Inc. (a)

977

77,183

Team Health Holdings, Inc. (a)

1,770

49,542

Universal American Spin Corp.

6,860

56,869

Universal Health Services, Inc. Class B

1,345

60,619

VCA Antech, Inc. (a)

1,910

39,690

Wellcare Health Plans, Inc. (a)

415

20,032

 

688,456

Health Care Technology - 0.2%

Allscripts Healthcare Solutions, Inc. (a)

1,900

21,128

Computer Programs & Systems, Inc.

475

23,783

Greenway Medical Technologies

1,880

36,547

 

81,458

Life Sciences Tools & Services - 1.7%

Affymetrix, Inc. (a)

3,500

11,655

Bruker BioSciences Corp. (a)

2,820

41,172

Cambrex Corp. (a)

1,600

17,552

Charles River Laboratories International, Inc. (a)

4,080

156,550

Covance, Inc. (a)

585

33,351

Illumina, Inc. (a)

280

15,039

PAREXEL International Corp. (a)

2,804

90,541

PerkinElmer, Inc.

7,546

238,831

Techne Corp.

1,104

78,274

 

682,965

Pharmaceuticals - 0.5%

Hospira, Inc. (a)

390

11,622

Jazz Pharmaceuticals PLC (a)

1,425

76,779

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Questcor Pharmaceuticals, Inc.

1,000

$ 25,950

Salix Pharmaceuticals Ltd. (a)

1,680

71,988

 

186,339

TOTAL HEALTH CARE

3,312,772

INDUSTRIALS - 11.6%

Aerospace & Defense - 1.8%

AeroVironment, Inc. (a)

600

12,246

BE Aerospace, Inc. (a)

650

30,784

Esterline Technologies Corp. (a)

950

58,083

Hexcel Corp. (a)

2,857

73,853

Spirit AeroSystems Holdings, Inc. Class A (a)

6,140

96,705

Teledyne Technologies, Inc. (a)

500

31,500

Textron, Inc.

1,300

30,537

TransDigm Group, Inc.

742

100,927

Triumph Group, Inc.

4,180

274,250

 

708,885

Air Freight & Logistics - 0.8%

Atlas Air Worldwide Holdings, Inc. (a)

4,060

175,717

Forward Air Corp.

1,753

58,287

Hub Group, Inc. Class A (a)

2,027

65,614

 

299,618

Airlines - 0.2%

Copa Holdings SA Class A

400

37,936

US Airways Group, Inc. (a)

2,960

38,154

 

76,090

Building Products - 0.7%

A.O. Smith Corp.

1,856

116,835

Armstrong World Industries, Inc.

695

35,104

Fortune Brands Home & Security, Inc. (a)

760

22,792

Owens Corning (a)

3,230

111,693

 

286,424

Commercial Services & Supplies - 1.0%

Avery Dennison Corp.

1,500

50,175

Clean Harbors, Inc. (a)

680

38,950

Corrections Corp. of America

2,519

85,394

Covanta Holding Corp.

2,200

41,536

Multi-Color Corp.

350

7,868

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Tetra Tech, Inc. (a)

2,611

$ 67,259

United Stationers, Inc.

1,375

42,199

Waste Connections, Inc.

2,010

66,169

 

399,550

Construction & Engineering - 0.6%

EMCOR Group, Inc.

1,850

60,773

KBR, Inc.

4,380

121,764

URS Corp.

1,125

42,390

 

224,927

Electrical Equipment - 0.8%

Acuity Brands, Inc.

1,054

69,722

AMETEK, Inc.

700

26,131

Encore Wire Corp.

3,890

121,913

Regal-Beloit Corp.

1,416

98,766

 

316,532

Industrial Conglomerates - 0.1%

Carlisle Companies, Inc.

690

39,102

Machinery - 3.1%

Actuant Corp. Class A

2,280

65,596

AGCO Corp. (a)

1,275

58,841

Barnes Group, Inc.

1,160

24,464

Colfax Corp. (a)

920

35,871

Crane Co.

1,336

56,700

ESCO Technologies, Inc.

900

33,030

Flowserve Corp.

180

24,939

IDEX Corp.

330

14,834

ITT Corp.

1,300

29,081

Lincoln Electric Holdings, Inc.

1,675

79,579

Lindsay Corp.

1,694

133,978

Manitowoc Co., Inc.

1,600

24,000

Navistar International Corp. (a)

900

18,369

Nordson Corp.

630

38,550

RBC Bearings, Inc. (a)

1,225

57,073

Snap-On, Inc.

975

77,454

SPX Corp.

805

54,837

Trinity Industries, Inc.

8,575

272,428

Twin Disc, Inc.

1,000

17,060

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

WABCO Holdings, Inc. (a)

1,059

$ 65,711

Wabtec Corp.

925

78,274

 

1,260,669

Marine - 0.0%

Danaos Corp. (a)

1,900

5,244

Professional Services - 0.0%

FTI Consulting, Inc. (a)

600

18,546

Road & Rail - 1.4%

AMERCO

1,025

123,010

Avis Budget Group, Inc. (a)

2,380

45,077

Genesee & Wyoming, Inc. Class A (a)

1,200

87,540

Hertz Global Holdings, Inc. (a)

5,800

90,712

Ryder System, Inc.

4,380

206,167

 

552,506

Trading Companies & Distributors - 1.1%

Rush Enterprises, Inc. Class A (a)

2,115

40,502

United Rentals, Inc. (a)

5,975

248,142

Watsco, Inc.

935

67,030

WESCO International, Inc. (a)

1,606

103,828

 

459,502

TOTAL INDUSTRIALS

4,647,595

INFORMATION TECHNOLOGY - 15.1%

Communications Equipment - 1.4%

Acme Packet, Inc. (a)

870

17,357

ADTRAN, Inc.

1,250

24,550

Arris Group, Inc. (a)

2,800

39,116

Brocade Communications Systems, Inc. (a)

6,900

39,192

Ciena Corp. (a)

3,595

53,494

Finisar Corp. (a)

5,504

74,689

Infinera Corp. (a)

3,700

20,646

Juniper Networks, Inc. (a)

1,340

24,093

NETGEAR, Inc. (a)

2,374

82,758

Procera Networks, Inc. (a)

1,220

25,193

Riverbed Technology, Inc. (a)

6,050

108,295

Ruckus Wireless, Inc.

1,005

13,306

Sierra Wireless, Inc. (a)

2,000

15,463

 

538,152

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 0.3%

3D Systems Corp. (a)

970

$ 43,369

NCR Corp. (a)

1,420

33,981

Silicon Graphics International Corp. (a)

4,320

36,245

 

113,595

Electronic Equipment & Components - 2.5%

Avnet, Inc. (a)

5,150

150,844

Cognex Corp.

1,516

54,303

CTS Corp.

1,700

15,062

Dolby Laboratories, Inc. Class A (a)

700

23,359

Fabrinet (a)

2,295

28,504

FEI Co.

2,100

115,563

IPG Photonics Corp. (a)

508

30,023

Itron, Inc. (a)

800

35,040

Littelfuse, Inc.

1,162

67,059

Mercury Systems, Inc. (a)

1,300

11,427

Molex, Inc. Class A (non-vtg.)

6,620

143,720

National Instruments Corp.

2,330

56,666

Plexus Corp. (a)

2,980

68,987

SYNNEX Corp. (a)

1,673

55,242

Tech Data Corp. (a)

1,590

70,230

Trimble Navigation Ltd. (a)

750

41,730

Universal Display Corp. (a)

1,000

23,880

 

991,639

Internet Software & Services - 1.9%

Ancestry.com, Inc. (a)

1,381

43,640

Cornerstone OnDemand, Inc. (a)

2,095

58,744

CoStar Group, Inc. (a)

1,301

113,005

DealerTrack Holdings, Inc. (a)

3,934

105,785

Digital River, Inc. (a)

2,100

30,681

ExactTarget, Inc.

2,565

52,865

IAC/InterActiveCorp

795

37,484

Keynote Systems, Inc.

600

8,166

OpenTable, Inc. (a)

940

42,197

Responsys, Inc. (a)

1,870

12,192

SPS Commerce, Inc. (a)

1,770

65,242

Trulia, Inc.

1,400

24,892

ValueClick, Inc. (a)

9,414

177,642

 

772,535

IT Services - 1.7%

Acxiom Corp. (a)

2,200

38,918

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

Alliance Data Systems Corp. (a)

1,090

$ 155,314

Convergys Corp.

2,300

35,903

CoreLogic, Inc. (a)

2,000

51,680

DST Systems, Inc.

700

40,348

ExlService Holdings, Inc. (a)

690

18,527

Fidelity National Information Services, Inc.

3,300

119,130

Gartner, Inc. Class A (a)

1,255

60,089

Genpact Ltd.

1,400

22,470

Global Payments, Inc.

540

23,711

InterXion Holding N.V. (a)

1,975

42,877

Lender Processing Services, Inc.

1,800

44,730

Sapient Corp. (a)

1,620

17,156

 

670,853

Semiconductors & Semiconductor Equipment - 2.7%

Ceva, Inc. (a)

900

13,599

Cirrus Logic, Inc. (a)

350

10,962

Cymer, Inc. (a)

1,234

108,222

Ezchip Semiconductor Ltd. (a)

915

34,688

FormFactor, Inc. (a)

2,500

11,075

Freescale Semiconductor Holdings I Ltd. (a)

1,690

15,649

Lam Research Corp. (a)

1,569

55,103

M/A-COM Technology Solutions, Inc.

690

9,743

Mellanox Technologies Ltd. (a)

605

44,092

Microsemi Corp. (a)

3,037

58,128

MKS Instruments, Inc.

1,999

48,476

Monolithic Power Systems, Inc. (a)

1,190

25,180

NXP Semiconductors NV (a)

5,325

130,356

ON Semiconductor Corp. (a)

5,185

34,377

Peregrine Semiconductor Corp.

1,475

24,972

Power Integrations, Inc.

1,599

49,745

Rambus, Inc. (a)

2,500

12,225

Rudolph Technologies, Inc. (a)

5,450

60,277

Semtech Corp. (a)

2,312

63,233

Skyworks Solutions, Inc. (a)

7,450

168,743

Spansion, Inc. Class A

1,800

21,096

Teradyne, Inc. (a)

3,923

61,356

Ultratech, Inc. (a)

850

27,897

 

1,089,194

Software - 4.6%

Accelrys, Inc. (a)

2,500

22,025

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

Allot Communications Ltd. (a)

600

$ 13,104

ANSYS, Inc. (a)

1,093

72,499

Aspen Technology, Inc. (a)

6,772

176,004

BMC Software, Inc. (a)

410

16,794

Bottomline Technologies, Inc. (a)

880

21,569

BroadSoft, Inc. (a)

1,215

38,430

Cadence Design Systems, Inc. (a)

21,324

271,455

Check Point Software Technologies Ltd. (a)

300

13,851

CommVault Systems, Inc. (a)

1,082

71,802

Comverse Technology, Inc.

2,700

9,612

Comverse, Inc.

270

7,768

Eloqua, Inc.

1,820

32,851

FactSet Research Systems, Inc.

355

32,798

Fair Isaac Corp.

1,865

79,859

Fortinet, Inc. (a)

2,390

47,752

Informatica Corp. (a)

2,034

54,654

Interactive Intelligence Group, Inc. (a)

1,584

50,878

Manhattan Associates, Inc. (a)

2,731

156,322

MICROS Systems, Inc. (a)

2,512

109,172

MicroStrategy, Inc. Class A (a)

475

42,033

NICE Systems Ltd. sponsored ADR (a)

1,215

41,043

Opnet Technologies, Inc.

340

14,124

Parametric Technology Corp. (a)

2,328

47,119

QLIK Technologies, Inc. (a)

1,985

38,469

Rovi Corp. (a)

1,930

29,606

SeaChange International, Inc. (a)

2,100

19,425

SolarWinds, Inc. (a)

2,980

166,969

Sourcefire, Inc. (a)

1,070

52,676

Tangoe, Inc. (a)

2,625

34,230

Verint Systems, Inc. (a)

1,300

36,101

Websense, Inc. (a)

2,390

33,364

 

1,854,358

TOTAL INFORMATION TECHNOLOGY

6,030,326

MATERIALS - 5.0%

Chemicals - 2.1%

Albemarle Corp.

360

21,524

Ashland, Inc.

1,575

111,699

Cabot Corp.

3,190

120,359

Chemtura Corp. (a)

2,000

40,640

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Cytec Industries, Inc.

1,150

$ 78,936

Innophos Holdings, Inc.

420

20,122

Innospec, Inc.

530

16,870

Intrepid Potash, Inc.

6,587

140,171

Minerals Technologies, Inc.

350

25,900

Olin Corp.

2,839

58,852

PolyOne Corp.

3,110

62,635

Rockwood Holdings, Inc.

2,515

115,363

Valspar Corp.

590

37,040

 

850,111

Construction Materials - 0.3%

Eagle Materials, Inc.

410

21,820

Martin Marietta Materials, Inc.

991

89,190

 

111,010

Containers & Packaging - 0.9%

Aptargroup, Inc.

550

26,219

Ball Corp.

485

21,675

Bemis Co., Inc.

975

32,760

Berry Plastics Group, Inc.

1,935

28,851

Boise, Inc.

11,800

96,760

Crown Holdings, Inc. (a)

1,200

44,820

Rock-Tenn Co. Class A

240

15,610

Sealed Air Corp.

2,000

33,640

Silgan Holdings, Inc.

1,340

59,603

 

359,938

Metals & Mining - 1.6%

Allegheny Technologies, Inc.

3,920

102,626

Allied Nevada Gold Corp. (a)

645

20,995

AuRico Gold, Inc. (a)

2,905

22,891

Carpenter Technology Corp.

1,286

62,320

Detour Gold Corp. (a)

767

18,995

Globe Specialty Metals, Inc.

1,465

20,305

Kaiser Aluminum Corp.

5,120

311,654

Royal Gold, Inc.

130

10,499

Schnitzer Steel Industries, Inc. Class A

2,830

79,778

 

650,063

Common Stocks - continued

Shares

Value

MATERIALS - continued

Paper & Forest Products - 0.1%

Resolute Forest Products (a)

2,500

$ 29,275

TOTAL MATERIALS

2,000,397

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.0%

Cogent Communications Group, Inc.

280

5,919

Frontier Communications Corp.

2,140

10,293

 

16,212

Wireless Telecommunication Services - 0.5%

Clearwire Corp. Class A (a)

370

858

MetroPCS Communications, Inc. (a)

480

5,112

SBA Communications Corp. Class A (a)

2,842

195,586

 

201,556

TOTAL TELECOMMUNICATION SERVICES

217,768

UTILITIES - 2.3%

Electric Utilities - 1.1%

Cleco Corp.

3,400

136,986

ITC Holdings Corp.

1,960

153,958

OGE Energy Corp.

530

30,279

PNM Resources, Inc.

3,175

67,088

Portland General Electric Co.

860

23,246

UIL Holdings Corp.

670

24,033

 

435,590

Gas Utilities - 0.0%

Atmos Energy Corp.

750

26,258

Independent Power Producers & Energy Traders - 0.1%

GenOn Energy, Inc. (a)

10,800

27,540

Ormat Technologies, Inc.

1,400

25,788

 

53,328

Multi-Utilities - 0.9%

CMS Energy Corp.

6,950

169,789

NiSource, Inc.

7,350

177,650

 

347,439

Common Stocks - continued

Shares

Value

UTILITIES - continued

Water Utilities - 0.2%

American Water Works Co., Inc.

2,115

$ 80,730

TOTAL UTILITIES

943,345

TOTAL COMMON STOCKS

(Cost $28,100,077)


31,481,228

Equity Funds - 10.9%

 

 

 

 

Mid-Cap Growth Funds - 1.8%

iShares Russell Midcap Growth Index ETF

11,500

714,150

Mid-Cap Value Funds - 1.8%

iShares Russell Midcap Value Index ETF

14,600

719,780

Sector Funds - 1.4%

DJ Wilshire REIT ETF

7,886

559,748

Small Growth Funds - 2.3%

iShares Russell 2000 Growth Index ETF

9,800

916,398

Small Value Funds - 3.6%

iShares Russell 2000 Value Index ETF

20,100

1,471,320

TOTAL EQUITY FUNDS

(Cost $3,911,287)


4,381,396

Money Market Funds - 9.7%

 

 

 

 

SSgA US Treasury Money Market Fund, 0% (b)
(Cost $3,882,538)

3,882,538


3,882,538

TOTAL INVESTMENT PORTFOLIO - 99.2%

(Cost $35,893,902)

39,745,162

NET OTHER ASSETS (LIABILITIES) - 0.8%

309,814

NET ASSETS - 100%

$ 40,054,976

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value

Unrealized
Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

15 CME E-mini S&P MidCap 400 Index Contracts

Dec. 2012

$ 1,499,100

$ 1,164

17 NYFE Russell 2000 Mini Index Contracts

Dec. 2012

1,395,190

(24,235 )

TOTAL EQUITY INDEX CONTRACTS

$ 2,894,290

$ (23,071 )

 

The face value of futures purchased as a percentage of net assets is 7.2%

Security Type Abbreviations

ETF

-

Exchange-Traded Fund

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $35,934,647. Net unrealized appreciation aggregated $3,810,515, of which $4,764,130 related to appreciated investment securities and $953,615 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Strategic Advisers Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the heirarchy. If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ® International Fund

Offered exclusively to certain clients of
Strategic Advisers, Inc.
- not available for sale to the
general public

November 30, 2012 

1.912869.102

SIT-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 26.1%

Shares

Value

CONSUMER DISCRETIONARY - 2.6%

Auto Components - 0.2%

Denso Corp.

340,700

$ 11,262,425

GKN PLC

1,580,164

5,620,285

Nokian Tyres PLC

49,914

2,083,792

Pirelli & C SpA

211,905

2,458,290

 

21,424,792

Automobiles - 0.6%

Brilliance China Automotive Holdings Ltd. (a)

1,910,000

2,323,979

Daimler AG (Germany)

335,263

16,560,279

Great Wall Motor Co. Ltd. (H Shares)

875,000

2,862,023

Honda Motor Co. Ltd.

430,800

14,359,141

Hyundai Motor Co.

30,866

6,429,826

Tata Motors Ltd.

762,548

3,835,524

Toyota Motor Corp.

605,800

26,083,993

 

72,454,765

Distributors - 0.1%

Li & Fung Ltd.

5,092,000

8,383,515

Hotels, Restaurants & Leisure - 0.4%

Arcos Dorados Holdings, Inc. Class A

265,310

3,250,048

Compass Group PLC

1,561,304

18,035,406

InterContinental Hotel Group PLC

184,604

4,936,109

Paddy Power PLC (Ireland)

17,450

1,316,514

Sands China Ltd.

2,500,000

10,661,015

Whitbread PLC

179,042

6,881,583

 

45,080,675

Household Durables - 0.0%

ARNEST ONE Corp.

60,200

823,153

Berkeley Group Holdings PLC (a)

147,336

3,876,013

JM AB (B Shares)

29,592

507,036

 

5,206,202

Internet & Catalog Retail - 0.0%

Ocado Group PLC (a)

610,881

723,276

Leisure Equipment & Products - 0.1%

Sankyo Co. Ltd. (Gunma)

165,900

6,806,558

Media - 0.7%

BEC World PCL (For. Reg.)

519,300

985,798

Fuji Media Holdings, Inc.

4,082

5,947,950

ITV PLC

3,180,849

5,040,139

Mediaset Espana Comunicacion, S.A.

7,228

42,603

Naspers Ltd. Class N

53,177

3,283,786

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

Nippon Television Network Corp.

857,900

$ 11,249,160

Pearson PLC

463,636

8,761,647

PT Media Nusantara Citra Tbk

3,682,500

1,026,806

Publicis Groupe SA

153,388

8,676,764

Reed Elsevier NV

2,276,098

32,872,791

Rightmove PLC

46,300

1,111,210

Schibsted ASA (B Shares)

40,231

1,665,505

T4F Entretenimento SA

33,300

158,178

UBM PLC

237,596

2,801,690

 

83,624,027

Multiline Retail - 0.0%

Debenhams PLC

87,545

165,367

Dollarama, Inc.

26,580

1,697,791

Ryohin Keikaku Co. Ltd.

14,300

914,690

 

2,777,848

Specialty Retail - 0.3%

Cia.Hering SA

100,700

2,254,534

Dunelm Group PLC

172,382

1,699,899

Esprit Holdings Ltd.

2,949,300

4,581,762

Fast Retailing Co. Ltd.

15,700

3,580,851

H&M Hennes & Mauritz AB (B Shares)

200,450

6,504,566

Inditex SA

50,252

6,888,442

Nitori Holdings Co. Ltd.

19,900

1,481,339

Sa Sa International Holdings Ltd.

1,716,000

1,403,762

Shimamura Co. Ltd.

16,900

1,709,681

United Arrows Ltd.

25,600

658,753

USS Co. Ltd.

51,060

5,452,420

 

36,216,009

Textiles, Apparel & Luxury Goods - 0.2%

Christian Dior SA

33,828

5,466,379

Gerry Weber International AG (Bearer)

33,066

1,564,700

Hermes International SCA

5,173

1,598,512

LVMH Moet Hennessy - Louis Vuitton SA

54,430

9,549,428

Tod's SpA

12,535

1,528,349

Yue Yuen Industrial (Holdings) Ltd.

2,855,000

10,001,452

 

29,708,820

TOTAL CONSUMER DISCRETIONARY

312,406,487

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - 3.3%

Beverages - 0.5%

Diageo PLC

375,158

$ 11,189,920

Heineken NV (Bearer)

651,322

42,955,266

Ito En Ltd.

95,800

1,770,399

 

55,915,585

Food & Staples Retailing - 0.5%

Ain Pharmaciez, Inc.

10,500

598,503

Alimentation Couche-Tard, Inc. Class B (sub. vtg.)

61,258

3,026,053

Colruyt NV

36,448

1,677,099

Cosmos Pharmaceutical Corp.

6,100

629,496

FamilyMart Co. Ltd.

58,200

2,586,778

Lawson, Inc.

279,600

18,927,894

Metro, Inc. Class A (sub. vtg.)

53,082

3,268,229

PUREGOLD Price Club, Inc.

787,400

621,428

Sundrug Co. Ltd.

33,400

1,200,956

Tesco PLC

4,091,396

21,310,403

Tsuruha Holdings, Inc.

11,900

896,972

Wumart Stores, Inc. (H Shares)

512,000

1,066,254

 

55,810,065

Food Products - 0.9%

Danone SA

608,837

38,621,165

First Resources Ltd.

659,000

1,149,984

M. Dias Branco SA

145,000

4,833,560

Nestle SA

872,612

57,110,087

Tiger Brands Ltd.

53,631

1,806,722

Unilever NV (Certificaten Van Aandelen) (Bearer)

259,955

9,864,998

Viscofan Envolturas Celulosicas SA

23,818

1,164,716

 

114,551,232

Household Products - 0.3%

Reckitt Benckiser Group PLC

536,387

33,730,368

Personal Products - 0.2%

Kao Corp.

666,100

18,315,443

Kobayashi Pharmaceutical Co. Ltd.

117,000

5,840,356

Kose Corp.

137,400

2,923,220

 

27,079,019

Tobacco - 0.9%

British American Tobacco PLC (United Kingdom)

770,081

40,453,101

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Tobacco - continued

Japan Tobacco, Inc.

1,347,500

$ 40,404,203

KT&G Corp.

315,543

24,981,108

 

105,838,412

TOTAL CONSUMER STAPLES

392,924,681

ENERGY - 2.1%

Energy Equipment & Services - 0.4%

AMEC PLC

229,215

3,833,952

Fred Olsen Energy ASA

25,253

1,115,431

Fugro NV (Certificaten Van Aandelen)

8,993

539,588

John Wood Group PLC

270,268

3,364,487

Petrofac Ltd.

509,067

13,277,996

Schoeller-Bleckmann Oilfield Equipment AG

11,111

1,151,264

Technip SA

148,228

17,218,924

Tecnicas Reunidas SA

277,712

12,930,185

 

53,431,827

Oil, Gas & Consumable Fuels - 1.7%

BG Group PLC

1,106,402

18,967,055

BP PLC

5,332,697

37,021,151

Cairn Energy PLC

1,516,693

6,529,329

Cenovus Energy, Inc.

121,900

4,093,808

CNOOC Ltd.

8,020,000

17,128,170

Ecopetrol SA

1,543,927

4,499,431

INPEX Corp.

1,444

7,765,142

Peyto Exploration & Development Corp.

144,183

3,611,288

Reliance Industries Ltd.:

GDR (d)

121,142

3,565,209

GDR (Reg. S) (d)

43,600

1,283,148

Royal Dutch Shell PLC:

Class A (United Kingdom)

1,464,919

49,047,628

Class B (United Kingdom)

302,669

10,447,841

StatoilHydro ASA

377,377

9,219,611

Total SA

375,590

18,822,909

Tullow Oil PLC

190,774

4,208,781

 

196,210,501

TOTAL ENERGY

249,642,328

Common Stocks - continued

Shares

Value

FINANCIALS - 5.9%

Capital Markets - 0.4%

Ashmore Group PLC

451,801

$ 2,607,318

Azimut Holding SpA

74,437

970,995

CI Financial Corp.

104,418

2,522,809

Credit Suisse Group

126,980

3,008,370

Daiwa Securities Group, Inc.

1,820,000

8,100,510

Deutsche Bank AG

53,178

2,345,649

Hargreaves Lansdown PLC

36,189

438,910

Julius Baer Group Ltd.

174,180

5,965,764

Jupiter Fund Management PLC

255,987

1,133,598

Partners Group Holding AG

14,482

3,156,754

UBS AG

1,283,087

20,120,788

Value Partners Group Ltd.

907,000

499,715

 

50,871,180

Commercial Banks - 2.7%

Banco Santander SA (Spain)

813,261

6,264,987

Bank of Yokohama Ltd.

825,000

3,922,102

Banregio Grupo Financiero SA

188,300

848,507

Barclays PLC

7,718,944

30,615,906

BNP Paribas SA

758,041

42,338,197

BOC Hong Kong (Holdings) Ltd.

1,176,000

3,611,365

Chiba Bank Ltd.

453,000

2,710,277

DBS Group Holdings Ltd.

704,000

8,334,262

DnB NOR ASA

675,489

8,413,129

Erste Bank AG (a)

429,702

12,638,369

First Gulf Bank PJSC

318,808

902,696

Grupo Financiero Santander Mexico SAB de CV sponsored ADR (a)

250,250

3,656,153

Guaranty Trust Bank PLC GDR (Reg. S)

189,394

1,155,303

HDFC Bank Ltd. sponsored ADR

109,195

4,599,293

HSBC Holdings PLC:

(Hong Kong)

2,131,600

21,762,094

(United Kingdom)

2,894,851

29,562,625

ICICI Bank Ltd. sponsored ADR

85,370

3,499,316

IndusInd Bank Ltd.

104,334

801,275

Industrial & Commercial Bank of China Ltd. (H Shares)

3,381,000

2,281,571

Intesa Sanpaolo SpA

1,239,713

2,086,328

Itau Unibanco Holding SA sponsored ADR

190,760

2,890,014

Joyo Bank Ltd.

641,000

3,132,788

Jyske Bank A/S (Reg.) (a)

45,907

1,312,475

Kasikornbank PCL (For. Reg.)

528,400

3,220,166

KBC Groupe SA

196,646

5,924,401

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Mitsubishi UFJ Financial Group, Inc.

1,303,300

$ 5,994,401

North Pacific Bank Ltd. (a)

690,800

1,804,426

PT Bank Mandiri (Persero) Tbk

3,833,500

3,296,638

PT Bank Rakyat Indonesia Tbk

7,501,000

5,512,266

Siam Commercial Bank PCL (For. Reg.)

717,600

3,800,228

Skandinaviska Enskilda Banken AB (A Shares)

1,105,802

8,900,133

Standard Chartered PLC (United Kingdom)

633,960

14,778,421

Sumitomo Mitsui Financial Group, Inc.

1,048,000

33,924,187

Sydbank A/S (a)

73,756

1,325,636

The Hachijuni Bank Ltd.

443,000

2,247,387

The Suruga Bank Ltd.

150,000

1,943,400

Turkiye Halk Bankasi A/S

267,003

2,585,081

UniCredit SpA (a)

1,490,460

6,939,536

Unione di Banche Italiane SCPA

249,286

973,924

Westpac Banking Corp.

731,345

19,462,407

Yes Bank Ltd.

151,649

1,235,912

 

321,207,582

Consumer Finance - 0.1%

AEON Credit Service Co. Ltd.

259,000

5,075,224

Diversified Financial Services - 0.4%

Bolsas Y Mercados Espanoles

5,729

124,168

CRISIL Ltd.

29,873

528,702

Deutsche Boerse AG

237,325

13,367,763

FirstRand Ltd.

992,330

3,242,507

IG Group Holdings PLC

469,203

3,183,592

ING Groep NV (Certificaten Van Aandelen) (a)

2,123,494

19,187,841

Inversiones La Construccion SA

35,716

666,867

ORIX Corp.

95,940

9,667,156

 

49,968,596

Insurance - 1.6%

AIA Group Ltd.

4,961,600

19,301,726

Amlin PLC

735,879

4,555,612

Aviva PLC

2,667,287

15,011,632

AXA SA

1,202,747

19,764,079

Catlin Group Ltd.

419,451

3,244,529

Delta Lloyd NV

427,770

6,383,959

Euler Hermes SA

29,242

2,319,872

Hiscox Ltd.

1,532,072

11,801,761

Jardine Lloyd Thompson Group PLC

271,039

3,339,345

Lancashire Holdings Ltd.

181,701

2,318,709

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

Muenchener Rueckversicherungs AG

76,545

$ 13,066,016

Prudential PLC

372,488

5,414,824

RenaissanceRe Holdings Ltd.

53,932

4,463,412

Samsung Fire & Marine Insurance Co. Ltd.

8,680

1,756,047

Sony Financial Holdings, Inc.

1,230,500

21,226,958

St. James's Place Capital PLC

151,717

970,592

Swiss Re Ltd.

369,212

26,594,260

Zurich Financial Services AG

101,746

25,966,256

 

187,499,589

Real Estate Investment Trusts - 0.1%

Derwent London PLC

57,768

1,911,219

Unibail-Rodamco

33,265

7,806,772

 

9,717,991

Real Estate Management & Development - 0.6%

BR Malls Participacoes SA

159,800

2,052,841

Brookfield Asset Management, Inc.

222,051

7,714,052

China Overseas Land and Investment Ltd.

1,348,000

3,991,716

Daito Trust Construction Co. Ltd.

27,900

2,710,734

Deutsche Wohnen AG

562,835

10,884,767

Global Logistic Properties Ltd.

2,210,000

5,087,744

GSW Immobilien AG

272,027

11,529,844

Hang Lung Properties Ltd.

2,091,000

7,662,305

Oberoi Realty Ltd. (a)

142,758

751,212

Parque Arauco SA

876,593

1,950,212

PT Alam Sutera Realty Tbk

15,024,000

955,295

SM Prime Holdings, Inc.

3,425,100

1,306,239

Sumitomo Realty & Development Co. Ltd.

216,000

5,907,296

TAG Immobilien AG

395,438

4,782,868

TAG Immobilien AG rights 12/7/12 (a)

360,378

5

 

67,287,130

TOTAL FINANCIALS

691,627,292

HEALTH CARE - 2.6%

Biotechnology - 0.0%

Abcam PLC

173,422

1,000,948

Health Care Equipment & Supplies - 0.2%

Cochlear Ltd.

24,381

1,918,478

Coloplast A/S Series B

19,439

4,537,563

Getinge AB (B Shares)

171,900

5,541,953

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

GN Store Nordic A/S

115,473

$ 1,631,555

Nihon Kohden Corp.

110,900

3,644,028

Sonova Holding AG Class B

48,916

5,341,857

 

22,615,434

Health Care Providers & Services - 0.2%

Diagnosticos da America SA

624,500

3,629,862

Fresenius SE & Co. KGaA

36,567

4,226,885

Life Healthcare Group Holdings Ltd.

331,143

1,191,912

Miraca Holdings, Inc.

176,900

7,199,994

Qualicorp SA (a)

64,900

630,230

Ship Healthcare Holdings, Inc.

33,800

1,052,634

 

17,931,517

Health Care Technology - 0.0%

So-net M3, Inc.

628

1,157,855

Life Sciences Tools & Services - 0.0%

WuXi PharmaTech Cayman, Inc. sponsored ADR (a)

39,600

649,044

Pharmaceuticals - 2.2%

Aspen Pharmacare Holdings Ltd.

160,688

2,828,090

Astellas Pharma, Inc.

90,700

4,591,582

Bayer AG

633,543

57,306,025

Celltrion, Inc.

20,631

495,525

CFR Pharmaceuticals SA

4,065,753

989,070

GlaxoSmithKline PLC

814,308

17,439,311

Hisamitsu Pharmaceutical Co., Inc.

60,000

3,127,917

Ipca Laboratories Ltd.

101,352

854,390

Lupin Ltd. (a)

124,251

1,353,217

Novartis AG

734,964

45,543,782

PT Kalbe Farma Tbk

17,352,500

1,863,036

Roche Holding AG (participation certificate)

321,329

63,246,368

Sanofi SA

454,275

40,574,686

Santen Pharmaceutical Co. Ltd.

479,300

20,595,943

Sun Pharmaceutical Industries Ltd.

175,248

2,292,450

 

263,101,392

TOTAL HEALTH CARE

306,456,190

INDUSTRIALS - 3.6%

Aerospace & Defense - 0.3%

Cobham PLC

2,256,257

7,663,508

Meggitt PLC

320,829

2,001,579

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

MTU Aero Engines Holdings AG

33,707

$ 2,998,056

Rolls-Royce Group PLC

1,584,877

22,611,671

Rolls-Royce Group PLC Class C

120,450,652

192,980

Zodiac Aerospace

16,970

1,895,842

 

37,363,636

Air Freight & Logistics - 0.4%

Deutsche Post AG

682,293

14,162,204

PostNL NV

2,166,467

7,362,385

Yamato Holdings Co. Ltd.

1,369,800

20,560,768

 

42,085,357

Airlines - 0.2%

Copa Holdings SA Class A

20,086

1,904,956

Ryanair Holdings PLC sponsored ADR

285,500

9,829,765

Singapore Airlines Ltd.

1,399,000

12,275,348

 

24,010,069

Building Products - 0.1%

Geberit AG (Reg.)

42,801

9,043,310

Commercial Services & Supplies - 0.1%

Babcock International Group PLC

317,224

5,064,616

BIC SA

18,472

2,308,683

Brambles Ltd.

400,473

3,025,839

RPS Group PLC

175,269

596,154

Valid Solucoes SA

37,700

688,085

 

11,683,377

Construction & Engineering - 0.4%

Balfour Beatty PLC

2,764,118

11,438,897

JGC Corp.

1,145,000

37,919,203

 

49,358,100

Electrical Equipment - 0.4%

Legrand SA

744,047

30,133,254

Schneider Electric SA

210,935

14,824,875

 

44,958,129

Industrial Conglomerates - 0.5%

Bidvest Group Ltd.

120,218

2,837,098

Hutchison Whampoa Ltd.

821,000

8,442,840

Keppel Corp. Ltd.

1,354,000

11,880,501

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Industrial Conglomerates - continued

SembCorp Industries Ltd.

900,000

$ 3,819,433

Siemens AG

319,196

33,000,458

 

59,980,330

Machinery - 0.6%

Andritz AG

60,906

3,881,354

Atlas Copco AB (A Shares)

240,655

6,199,624

Burckhardt Compression Holding AG

733

231,361

Fanuc Corp.

57,700

9,769,422

Glory Ltd.

464,000

10,279,528

Haitian International Holdings Ltd.

294,000

356,205

Joy Global, Inc.

160,360

9,138,916

Kone Oyj (B Shares)

57,909

4,338,060

PT United Tractors Tbk

195,000

346,562

Rotork PLC

47,950

1,905,213

Schindler Holding AG (participation certificate)

110,828

15,547,254

SembCorp Marine Ltd.

3,101,000

11,584,925

Sinotruk Hong Kong Ltd.

2,979,000

1,979,542

Spirax-Sarco Engineering PLC

33,595

1,174,983

 

76,732,949

Marine - 0.1%

Kuehne & Nagel International AG

66,630

8,024,073

Professional Services - 0.1%

Bertrandt AG

3,279

315,786

Experian PLC

186,539

3,099,214

Michael Page International PLC

1,306,868

7,460,204

SGS SA (Reg.)

1,631

3,659,058

 

14,534,262

Road & Rail - 0.1%

Canadian National Railway Co.

80,790

7,266,098

East Japan Railway Co.

89,200

5,863,782

 

13,129,880

Trading Companies & Distributors - 0.2%

Brenntag AG

56,869

7,351,721

Bunzl PLC

730,414

12,041,695

Mills Estruturas e Servicos de Engenharia SA

60,700

893,399

Misumi Group, Inc.

35,800

945,057

Mitsubishi Corp.

340,200

6,475,778

Wolseley PLC

40,636

1,886,091

 

29,593,741

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Transportation Infrastructure - 0.1%

CCR SA

305,400

$ 2,624,085

China Merchant Holdings International Co. Ltd.

1,418,000

4,299,631

International Container Terminal Services, Inc.

351,030

610,861

 

7,534,577

TOTAL INDUSTRIALS

428,031,790

INFORMATION TECHNOLOGY - 1.8%

Communications Equipment - 0.2%

Nokia Corp.

2,020,360

6,638,196

Telefonaktiebolaget LM Ericsson (B Shares)

2,456,031

23,022,034

 

29,660,230

Computers & Peripherals - 0.1%

ASUSTeK Computer, Inc.

183,000

2,017,943

ASUSTeK Computer, Inc. GDR (Reg. S)

63,673

3,431,975

Lenovo Group Ltd.

2,864,000

2,697,634

 

8,147,552

Electronic Equipment & Components - 0.2%

China High Precision Automation Group Ltd.

1,073,000

154,508

Halma PLC

997,256

6,975,793

Hirose Electric Co. Ltd.

36,500

4,161,308

HLS Systems International Ltd. (a)

67,474

732,768

Oxford Instruments PLC

28,851

629,104

Spectris PLC

154,801

4,769,317

Venture Corp. Ltd.

427,000

2,735,655

 

20,158,453

Internet Software & Services - 0.1%

Moneysupermarket.com Group PLC

517,798

1,349,743

Yahoo! Japan Corp.

26,044

8,773,900

 

10,123,643

IT Services - 0.4%

Amadeus IT Holding SA Class A

703,753

16,429,024

Cielo SA

75,120

1,956,396

Cognizant Technology Solutions Corp. Class A (a)

70,410

4,733,664

Computershare Ltd.

472,030

4,285,711

Nomura Research Institute Ltd.

591,700

11,470,004

Obic Co. Ltd.

26,860

5,984,076

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

Sonda SA

259,019

$ 770,136

Sonda SA rights 1/4/13 (a)

33,592

0

 

45,629,011

Office Electronics - 0.2%

Canon, Inc.

435,500

15,407,307

Neopost SA

116,755

6,100,402

 

21,507,709

Semiconductors & Semiconductor Equipment - 0.4%

Aixtron AG

66,315

835,861

ARM Holdings PLC

247,607

3,080,261

ASM International NV (Netherlands)

72,157

2,529,090

ASML Holding NV (Netherlands)

67,735

4,235,479

Samsung Electronics Co. Ltd.

11,668

15,154,934

Spreadtrum Communications, Inc. ADR

42,112

782,441

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

1,084,331

18,726,396

Tokyo Electron Ltd.

168,700

7,557,555

 

52,902,017

Software - 0.2%

Dassault Systemes SA

57,175

6,469,228

Nintendo Co. Ltd.

35,600

4,278,188

SAP AG

197,768

15,441,536

SimCorp A/S

4,580

1,017,991

 

27,206,943

TOTAL INFORMATION TECHNOLOGY

215,335,558

MATERIALS - 2.2%

Chemicals - 1.5%

Akzo Nobel NV

742,741

42,444,801

Arkema SA

63,135

6,457,969

BASF AG

51,751

4,637,298

China BlueChemical Ltd. (H Shares)

2,232,000

1,393,884

Chugoku Marine Paints Ltd.

346,000

1,881,799

Croda International PLC

29,172

1,112,830

Elementis PLC

371,842

1,322,558

Givaudan SA

25,151

25,254,133

HEXPOL AB (B Shares)

27,758

1,366,341

Johnson Matthey PLC

92,346

3,549,372

Linde AG

232,956

40,279,985

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Nippon Paint Co. Ltd.

376,000

$ 3,126,524

Shin-Etsu Chemical Co., Ltd.

326,255

19,268,718

Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR

37,413

2,117,576

Symrise AG

281,139

9,789,886

Syngenta AG (Switzerland)

11,830

4,736,228

Victrex PLC

62,828

1,548,149

 

170,288,051

Containers & Packaging - 0.2%

Rexam PLC

1,813,580

12,717,930

Smurfit Kappa Group PLC

1,137,317

13,415,778

 

26,133,708

Metals & Mining - 0.5%

Eurasian Natural Resources Corp. PLC

338,800

1,466,668

Glencore International PLC

1,551,169

8,586,385

Grupo Mexico SA de CV Series B

1,099,000

3,575,683

Iluka Resources Ltd.

1,057,756

9,084,884

Newcrest Mining Ltd.

168,302

4,505,165

Rio Tinto PLC

696,546

34,588,065

 

61,806,850

TOTAL MATERIALS

258,228,609

TELECOMMUNICATION SERVICES - 1.5%

Diversified Telecommunication Services - 0.5%

Bezeq Israeli Telecommunication Corp. Ltd.

1,814,700

2,231,750

BT Group PLC

1,026,580

3,839,467

China Unicom Ltd.

5,189,000

8,060,823

Deutsche Telekom AG

660,180

7,272,317

Hutchison Telecommunications Hong Kong Holdings Ltd.

3,240,000

1,442,285

Koninklijke KPN NV

285,397

1,614,603

TDC A/S

851,704

5,806,904

Telecom Italia SpA

2,040,866

1,859,367

Telenor ASA

304,759

6,187,235

Telstra Corp. Ltd.

1,947,495

8,759,669

Vivendi SA

256,661

5,514,384

 

52,588,804

Wireless Telecommunication Services - 1.0%

Advanced Info Service PCL (For. Reg.)

431,000

3,090,109

Empresa Nacional de Telecomunicaciones SA (ENTEL)

102,524

2,110,380

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

KDDI Corp.

850,900

$ 63,139,267

NTT DoCoMo, Inc.

6,145

8,908,574

SmarTone Telecommunications Holdings Ltd.

799,500

1,489,611

TIM Participacoes SA sponsored ADR

147,944

2,623,047

Vodafone Group PLC

15,441,641

39,833,805

 

121,194,793

TOTAL TELECOMMUNICATION SERVICES

173,783,597

UTILITIES - 0.5%

Electric Utilities - 0.1%

Ceske Energeticke Zavody A/S

117,701

3,911,108

Energias do Brasil SA

1,088,500

6,174,008

Red Electrica Corporacion SA

53,429

2,475,825

Scottish & Southern Energy PLC

274,153

6,259,088

 

18,820,029

Gas Utilities - 0.3%

China Resources Gas Group Ltd.

492,000

1,061,423

Enagas SA

617,358

12,633,709

Snam Rete Gas SpA

2,301,920

10,178,791

Tokyo Gas Co. Ltd.

1,735,000

8,517,481

 

32,391,404

Independent Power Producers & Energy Traders - 0.0%

Tractebel Energia SA

84,400

1,376,516

Multi-Utilities - 0.1%

GDF Suez

249,432

5,610,477

Suez Environnement SA

335,531

3,656,821

 

9,267,298

Water Utilities - 0.0%

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

39,300

1,590,907

TOTAL UTILITIES

63,446,154

TOTAL COMMON STOCKS

(Cost $2,917,585,233)


3,091,882,686

Nonconvertible Preferred Stocks - 0.3%

Shares

Value

CONSUMER STAPLES - 0.2%

Household Products - 0.2%

Henkel AG & Co. KGaA

194,953

$ 16,290,339

TELECOMMUNICATION SERVICES - 0.1%

Diversified Telecommunication Services - 0.1%

Telecom Italia SpA (Risparmio Shares)

14,141,416

11,295,047

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $27,788,857)


27,585,386

Equity Funds - 72.7%

 

 

 

 

Europe Stock Funds - 0.0%

Henderson European Focus Fund Class A

38

932

Foreign Large Blend Funds - 52.3%

American EuroPacific Growth Fund Class F-1

4,343,240

176,248,683

Artisan International Value Fund Investor Class

18,771,530

560,705,608

Fidelity Diversified International Fund (c)

19,314,826

575,195,522

Fidelity International Discovery Fund (c)

22,345,404

730,024,351

GE Institutional International Equity Fund Service Class

7,074,823

77,398,560

Harbor International Fund Retirement Class

22,431,825

1,363,182,010

Henderson International Opportunities Fund Class A

13,478,676

275,099,770

Litman Gregory Masters International Fund

18,076,271

256,321,520

Manning & Napier Fund, Inc. World Opportunities Series Class A

112,570,764

857,789,220

Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio Class B

53,381,860

753,218,040

Neuberger Berman International Fund - Trust Class

373

7,091

Oakmark International Fund Class I

28,418,181

571,773,806

TOTAL FOREIGN LARGE BLEND FUNDS

6,196,964,181

Foreign Large Growth Funds - 10.1%

AIM International Growth Fund Class A

3,761,312

106,971,706

Fidelity Canada Fund (c)

2,027,390

108,992,491

Fidelity International Capital Appreciation Fund (c)

4,866,275

66,132,683

Scout International Fund

12,665,975

413,670,748

Equity Funds - continued

Shares

Value

Foreign Large Growth Funds - continued

T. Rowe Price International Stock Fund Advisor Class

2,616,374

$ 36,707,729

Thornburg International Value Fund Class A

17,401,933

465,327,679

TOTAL FOREIGN LARGE GROWTH FUNDS

1,197,803,036

Foreign Large Value Funds - 1.2%

Pear Tree Polaris Foreign Value Fund - Ordinary Class

9,413,280

136,210,167

Foreign Small Mid Growth Funds - 0.0%

MFS International New Discovery Fund A Shares

57

1,332

Foreign Small Mid Value Funds - 2.2%

Third Avenue International Value Fund

16,331,642

265,715,813

Sector Funds - 1.5%

ING International Real Estate Fund Class A

15,628,590

143,001,596

SPDR DJ Wilshire International Real Estate ETF

706,300

29,184,316

TOTAL SECTOR FUNDS

172,185,912

Other - 5.4%

Fidelity Japan Fund (c)

16,172,606

154,448,392

Fidelity Japan Smaller Companies Fund (c)

6,307,574

56,705,089

iShares MSCI Australia Index ETF

3,709,700

92,631,209

iShares MSCI Japan Index ETF

31,397,200

292,935,876

Lazard Emerging Markets Equity Portfolio Open Shares

56

1,099

Matthews Pacific Tiger Fund Class I

15,358

367,982

SPDR Russell/Nomura Small Cap Japan ETF

160,400

6,579,608

SSgA Emerging Markets Fund

50

977

Wintergreen Fund (a)

2,541,069

38,522,603

TOTAL OTHER

642,192,835

TOTAL EQUITY FUNDS

(Cost $7,729,717,025)


8,611,074,208

Money Market Funds - 0.8%

Shares

Value

SSgA US Treasury Money Market Fund, 0% (b)
(Cost $95,638,849)

95,638,849

$ 95,638,849

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $10,770,729,964)

11,826,181,129

NET OTHER ASSETS (LIABILITIES) - 0.1%

16,446,586

NET ASSETS - 100%

$ 11,842,627,715

Security Type Abbreviations

ETF

-

Exchange-Traded Fund

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

(c) Affiliated company

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,848,357 or 0.0% of net assets.

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 Canada Fund

$ 131,113,064

$ -

$ 20,741,698

$ -

$ 108,992,491

Fidelity Diversified International Fund

486,092,992

66,129,575

7,373,983

-

575,195,522

Fidelity International Capital Appreciation Fund

62,580,302

-

-

-

66,132,683

Fidelity International Discovery Fund

708,180,205

-

24,568,613

-

730,024,351

Affiliate

Value,
beginning of period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Japan Fund

$ 162,372,969

$ -

$ -

$ -

$ 154,448,392

Fidelity Japan Smaller Companies Fund

55,885,104

-

-

-

56,705,089

Total

$ 1,606,224,636

$ 66,129,575

$ 52,684,294

$ -

$ 1,691,498,528

Other Information

The following is a summary of the inputs used, as of November 30, 2012, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 312,406,487

$ 204,543,093

$ 107,863,394

$ -

Consumer Staples

409,215,020

253,612,781

155,602,239

-

Energy

249,642,328

100,189,876

149,452,452

-

Financials

691,627,292

429,965,725

261,661,562

5

Health Care

306,456,190

161,528,458

144,927,732

-

Industrials

428,031,790

303,217,794

124,813,996

-

Information Technology

215,335,558

104,295,345

110,885,705

154,508

Materials

258,228,609

194,627,275

63,601,334

-

Telecommunication Services

185,078,644

48,142,294

136,936,350

-

Utilities

63,446,154

54,928,673

8,517,481

-

Equity Funds

8,611,074,208

8,611,074,208

-

-

Money Market Funds

95,638,849

95,638,849

-

-

Total Investments in Securities:

$ 11,826,181,129

$ 10,561,764,371

$ 1,264,262,245

$ 154,513

The following is a summary of transfers between Level 1 and Level 2 for the period ended November 30, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 398,765,488

Level 2 to Level 1

$ 472,782

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $10,795,087,072. Net unrealized appreciation aggregated $1,031,094,057, of which $1,325,313,555 related to appreciated investment securities and $294,219,498 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Strategic Advisers Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ® International II
Fund

Offered exclusively to certain clients of
Strategic Advisers, Inc.
- not available for sale to the general public

November 30, 2012 

1.912843.102

SIL-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 34.0%

Shares

Value

CONSUMER DISCRETIONARY - 3.4%

Auto Components - 0.4%

Aisin Seiki Co. Ltd.

12,400

$ 368,333

Bridgestone Corp.

42,800

1,037,383

Denso Corp.

21,500

710,720

Michelin CGDE Series B

7,400

688,217

NHK Spring Co. Ltd.

23,100

194,382

 

2,999,035

Automobiles - 1.1%

Bayerische Motoren Werke AG (BMW)

8,941

792,928

Daihatsu Motor Co. Ltd.

21,000

373,919

Dongfeng Motor Group Co. Ltd. (H Shares)

138,000

194,085

Fuji Heavy Industries Ltd.

40,000

451,025

Honda Motor Co. Ltd.

50,300

1,676,566

Kia Motors Corp.

3,860

220,724

Nissan Motor Co. Ltd.

81,000

789,464

Renault SA

19,190

959,743

Toyota Motor Corp.

76,200

3,280,951

 

8,739,405

Hotels, Restaurants & Leisure - 0.2%

Galaxy Entertainment Group Ltd. (a)

157,000

598,610

Sands China Ltd.

175,200

747,124

Shangri-La Asia Ltd.

104,000

201,285

William Hill PLC

51,200

276,605

 

1,823,624

Household Durables - 0.0%

Sekisui House Ltd.

2,000

18,804

Internet & Catalog Retail - 0.0%

Rakuten, Inc.

50,500

425,752

Leisure Equipment & Products - 0.0%

Amer Group PLC (A Shares)

12,600

189,433

Media - 0.5%

Eutelsat Communications

15,300

473,284

Fuji Media Holdings, Inc.

228

332,223

ITV PLC

303,000

480,111

Pearson PLC

15,200

287,245

Reed Elsevier NV

49,565

715,848

UBM PLC

37,900

446,910

WPP PLC

72,609

996,915

 

3,732,536

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.3%

Lifestyle International Holdings Ltd.

195,000

$ 414,144

Next PLC

6,200

363,659

PPR SA

7,240

1,350,252

 

2,128,055

Specialty Retail - 0.4%

Fast Retailing Co. Ltd.

2,100

478,967

H&M Hennes & Mauritz AB (B Shares)

44,225

1,435,093

Kingfisher PLC

165,800

738,469

Yamada Denki Co. Ltd.

8,780

310,799

 

2,963,328

Textiles, Apparel & Luxury Goods - 0.5%

Burberry Group PLC

26,200

540,235

Christian Dior SA

3,900

630,214

LVMH Moet Hennessy - Louis Vuitton SA

8,299

1,456,011

Swatch Group AG (Bearer)

1,900

917,708

 

3,544,168

TOTAL CONSUMER DISCRETIONARY

26,564,140

CONSUMER STAPLES - 4.0%

Beverages - 0.8%

Anheuser-Busch InBev SA NV

18,980

1,666,679

Diageo PLC

62,298

1,858,176

Pernod Ricard SA

2,690

304,578

SABMiller PLC

37,600

1,703,310

Treasury Wine Estates Ltd.

87,741

460,580

 

5,993,323

Food & Staples Retailing - 0.4%

J Sainsbury PLC

92,400

505,404

Lawson, Inc.

4,800

324,942

Seven & i Holdings Co., Ltd.

27,300

795,602

Tesco PLC

102,300

532,839

Woolworths Ltd.

31,477

961,830

 

3,120,617

Food Products - 1.5%

Ajinomoto Co., Inc.

30,000

429,020

Dairy Crest Group PLC

36,436

217,917

Nestle SA

108,707

7,114,578

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - continued

Unilever NV (Certificaten Van Aandelen) (Bearer)

62,900

$ 2,386,984

Unilever PLC

40,200

1,542,483

 

11,690,982

Household Products - 0.1%

Henkel AG & Co. KGaA

2,700

182,948

Svenska Cellulosa AB (SCA) (B Shares)

32,200

651,903

 

834,851

Personal Products - 0.2%

Beiersdorf AG

6,600

517,593

L'Oreal SA

7,500

1,017,843

 

1,535,436

Tobacco - 1.0%

British American Tobacco PLC (United Kingdom)

72,421

3,804,345

Imperial Tobacco Group PLC

29,558

1,182,488

Japan Tobacco, Inc.

71,600

2,146,895

Swedish Match Co. AB

21,200

746,247

 

7,879,975

TOTAL CONSUMER STAPLES

31,055,184

ENERGY - 2.9%

Energy Equipment & Services - 0.4%

Aker Solutions ASA

32,000

602,212

Saipem SpA

21,060

937,545

Technip SA

7,200

836,389

Transocean Ltd. (Switzerland)

19,095

874,492

 

3,250,638

Oil, Gas & Consumable Fuels - 2.5%

BG Group PLC

55,921

958,654

BP PLC

498,269

3,459,130

ENI SpA

144,016

3,415,241

INPEX Corp.

119

639,925

JX Holdings, Inc.

48,800

261,349

Oil Search Ltd. ADR

33,893

251,132

Ophir Energy PLC (a)

9,500

75,798

Origin Energy Ltd.

89,163

1,021,695

Repsol YPF SA

13,658

289,713

Royal Dutch Shell PLC:

Class A (United Kingdom)

126,716

4,242,637

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Royal Dutch Shell PLC: - continued

Class B (United Kingdom)

30,195

$ 1,042,302

Total SA

29,490

1,477,908

Tullow Oil PLC

63,355

1,397,713

Woodside Petroleum Ltd.

13,554

478,099

 

19,011,296

TOTAL ENERGY

22,261,934

FINANCIALS - 8.2%

Capital Markets - 0.7%

Aberdeen Asset Management PLC

43,800

237,189

Credit Suisse Group

20,503

485,751

Investec PLC

44,600

272,747

Macquarie Group Ltd.

7,330

250,601

Partners Group Holding AG

1,780

388,000

UBS AG

217,019

3,403,193

 

5,037,481

Commercial Banks - 4.6%

Australia & New Zealand Banking Group Ltd.

109,262

2,777,669

Banco Bilbao Vizcaya Argentaria SA

302,970

2,570,554

Barclays PLC

738,159

2,927,785

BNP Paribas SA

55,440

3,096,442

BOC Hong Kong (Holdings) Ltd.

167,000

512,838

Commonwealth Bank of Australia

50,669

3,156,298

Danske Bank A/S (a)

78,223

1,341,149

DBS Group Holdings Ltd.

100,000

1,183,844

DnB NOR ASA

45,600

567,942

Erste Bank AG (a)

33,740

992,359

HSBC Holdings PLC (United Kingdom)

377,229

3,852,315

Intesa Sanpaolo SpA

173,658

292,251

KBC Groupe SA

23,951

721,578

Lloyds Banking Group PLC (a)

2,091,900

1,562,131

Mitsubishi UFJ Financial Group, Inc.

488,900

2,248,648

Shinsei Bank Ltd.

335,000

570,728

Societe Generale Series A (a)

29,596

1,070,244

Standard Chartered PLC (United Kingdom)

24,342

567,443

Sumitomo Mitsui Financial Group, Inc.

64,200

2,078,180

Swedbank AB (A Shares)

52,000

960,539

United Overseas Bank Ltd.

58,860

902,719

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Westpac Banking Corp.

20,474

$ 544,850

Wing Hang Bank Ltd.

61,534

616,118

 

35,114,624

Consumer Finance - 0.0%

Credit Saison Co. Ltd.

12,200

272,260

Diversified Financial Services - 0.2%

ING Groep NV (Certificaten Van Aandelen) (a)

36,000

325,295

Mitsubishi UFJ Lease & Finance Co. Ltd.

5,500

240,416

ORIX Corp.

12,860

1,295,806

 

1,861,517

Insurance - 1.5%

AEGON NV

231,200

1,329,607

AIA Group Ltd.

406,800

1,582,542

Allianz AG

22,494

2,923,994

AXA SA

15,990

262,755

Legal & General Group PLC

373,985

873,005

MS&AD Insurance Group Holdings, Inc.

19,100

332,980

Prudential PLC

31,634

459,861

QBE Insurance Group Ltd.

27,480

313,739

Resolution Ltd.

84,400

321,421

Sampo Oyj (A Shares)

12,000

383,142

Sony Financial Holdings, Inc.

32,600

562,372

Tokio Marine Holdings, Inc.

30,200

777,718

Zurich Financial Services AG

6,707

1,711,671

 

11,834,807

Real Estate Investment Trusts - 0.5%

British Land Co. PLC

68,258

601,478

Goodman Group unit

109,325

527,103

Macquarie CountryWide Trust

85,079

317,863

Mirvac Group unit

225,080

345,293

Shopping Centres Australasia Property Group unit

6,295

9,526

Westfield Group unit

149,902

1,630,081

 

3,431,344

Real Estate Management & Development - 0.7%

Aeon Mall Co. Ltd.

9,900

256,490

Cheung Kong Holdings Ltd.

20,000

305,282

Daito Trust Construction Co. Ltd.

5,000

485,795

Global Logistic Properties Ltd.

199,000

458,127

Henderson Land Development Co. Ltd.

99,648

709,733

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - continued

Mitsubishi Estate Co. Ltd.

31,000

$ 600,038

Mitsui Fudosan Co. Ltd.

13,000

272,499

New World Development Co. Ltd.

191,739

303,806

Sun Hung Kai Properties Ltd.

83,000

1,214,446

Tokyo Tatemono Co. Ltd. (a)

77,000

308,981

Wharf Holdings Ltd.

102,000

785,051

 

5,700,248

TOTAL FINANCIALS

63,252,281

HEALTH CARE - 3.3%

Biotechnology - 0.4%

Amarin Corp. PLC ADR (a)

18,700

232,067

Biovitrum AB (a)

35,200

169,827

CSL Ltd.

38,857

2,096,495

Grifols SA ADR

22,183

541,043

Thrombogenics NV (a)

8,300

399,507

 

3,438,939

Health Care Equipment & Supplies - 0.2%

Essilor International SA

6,382

616,283

Nakanishi, Inc.

900

91,240

Olympus Corp. (a)

18,300

306,317

Sysmex Corp.

4,700

212,810

 

1,226,650

Life Sciences Tools & Services - 0.1%

Lonza Group AG

5,399

260,133

Tecan Group AG

2,850

213,742

 

473,875

Pharmaceuticals - 2.6%

Astellas Pharma, Inc.

20,500

1,037,789

AstraZeneca PLC (United Kingdom)

9,580

455,033

Bayer AG

22,999

2,080,334

Daiichi Sankyo Kabushiki Kaisha

14,900

230,375

Elan Corp. PLC (a)

28,300

282,909

GlaxoSmithKline PLC

106,172

2,273,791

Hikma Pharmaceuticals PLC

20,512

247,954

Novartis AG

8,834

547,420

Novo Nordisk A/S Series B

14,394

2,281,600

Roche Holding AG (participation certificate)

16,142

3,177,189

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Rohto Pharmaceutical Co. Ltd.

25,000

$ 319,174

Sanofi SA

57,773

5,160,137

Shionogi & Co. Ltd.

15,800

267,801

Takeda Pharmaceutical Co. Ltd.

21,000

961,323

UCB SA

11,800

669,798

 

19,992,627

TOTAL HEALTH CARE

25,132,091

INDUSTRIALS - 4.2%

Aerospace & Defense - 0.3%

Finmeccanica SpA (a)

59,900

314,884

Meggitt PLC

33,500

208,999

Rolls-Royce Group PLC

60,200

858,882

Rolls-Royce Group PLC Class C

4,575,200

7,330

Safran SA

21,500

880,518

 

2,270,613

Building Products - 0.4%

Asahi Glass Co. Ltd.

32,000

244,657

ASSA ABLOY AB (B Shares)

25,400

918,903

Compagnie de St. Gobain

25,259

1,007,856

JS Group Corp.

30,100

639,243

 

2,810,659

Commercial Services & Supplies - 0.0%

Serco Group PLC

6,044

52,968

Construction & Engineering - 0.2%

Chiyoda Corp.

34,000

492,436

VINCI SA

25,040

1,104,794

 

1,597,230

Electrical Equipment - 0.4%

Alstom SA

23,761

864,803

Legrand SA

10,300

417,141

Schneider Electric SA

26,682

1,875,257

Sumitomo Electric Industries Ltd.

34,200

370,969

 

3,528,170

Industrial Conglomerates - 0.3%

Keppel Corp. Ltd.

28,000

245,682

Koninklijke Philips Electronics NV

26,300

680,148

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Industrial Conglomerates - continued

Orkla ASA (A Shares)

85,800

$ 698,281

Siemens AG

5,036

520,653

 

2,144,764

Machinery - 1.0%

Atlas Copco AB (A Shares)

14,300

368,389

Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)

167,800

215,861

Fiat Industrial SpA

69,600

744,060

GEA Group AG

28,821

941,764

IMI PLC

28,400

479,581

Kubota Corp.

43,000

458,361

Lonking Holdings Ltd.

454,000

103,685

Makita Corp.

10,600

449,685

Mitsubishi Heavy Industries Ltd.

185,000

862,294

NSK Ltd.

100,000

597,886

Sandvik AB

68,800

1,028,378

Schindler Holding AG (participation certificate)

5,461

766,084

SMC Corp.

2,600

440,633

Vallourec SA

5,870

304,835

 

7,761,496

Marine - 0.2%

A.P. Moller - Maersk A/S Series B

106

756,892

Orient Overseas International Ltd.

61,000

387,242

SITC International Holdings Co. Ltd.

840,000

248,200

 

1,392,334

Professional Services - 0.4%

Adecco SA (Reg.)

17,174

848,600

Capita Group PLC

26,300

321,291

Experian PLC

33,900

563,225

Intertek Group PLC

5,300

262,384

Randstad Holding NV

9,600

312,194

SGS SA (Reg.)

280

628,164

 

2,935,858

Road & Rail - 0.2%

East Japan Railway Co.

15,400

1,012,357

West Japan Railway Co.

14,700

588,521

 

1,600,878

Trading Companies & Distributors - 0.6%

Brenntag AG

3,200

413,679

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Trading Companies & Distributors - continued

Bunzl PLC

16,000

$ 263,778

Itochu Corp.

62,900

630,917

Kloeckner & Co. AG (a)

13,444

141,590

Mitsubishi Corp.

55,500

1,056,454

Mitsui & Co. Ltd.

79,600

1,104,818

Noble Group Ltd.

313,000

278,228

Sumitomo Corp.

19,400

241,658

Wolseley PLC

14,700

682,290

 

4,813,412

Transportation Infrastructure - 0.2%

Sydney Airport unit

356,460

1,320,606

Transurban Group unit

80,832

523,852

 

1,844,458

TOTAL INDUSTRIALS

32,752,840

INFORMATION TECHNOLOGY - 1.8%

Communications Equipment - 0.0%

Alcatel-Lucent SA (a)

107,030

117,763

Computers & Peripherals - 0.1%

Gemalto NV

5,549

510,224

Toshiba Corp.

156,000

534,225

 

1,044,449

Electronic Equipment & Components - 0.6%

Hitachi High-Technologies Corp.

11,200

250,146

Hitachi Ltd.

238,000

1,379,290

Keyence Corp.

2,170

607,471

Kyocera Corp.

6,200

573,736

Murata Manufacturing Co. Ltd.

12,800

728,164

Omron Corp.

12,100

269,032

Shimadzu Corp.

39,000

249,548

Taiyo Yuden Co. Ltd.

21,600

188,862

 

4,246,249

Internet Software & Services - 0.1%

Kakaku.com, Inc.

7,800

268,939

Yahoo! Japan Corp.

612

206,175

 

475,114

IT Services - 0.1%

Amadeus IT Holding SA Class A

20,800

485,573

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

Atos Origin SA

4,888

$ 347,033

Nomura Research Institute Ltd.

12,400

240,372

 

1,072,978

Office Electronics - 0.2%

Canon, Inc.

35,300

1,248,859

Ricoh Co. Ltd.

63,000

587,325

 

1,836,184

Semiconductors & Semiconductor Equipment - 0.3%

ASML Holding NV (Netherlands)

11,011

688,519

Infineon Technologies AG

26,980

206,884

Shinko Electric Industries Co.Ltd.

20,100

141,029

STMicroelectronics NV

138,500

881,690

 

1,918,122

Software - 0.4%

Konami Corp.

7,500

181,500

Sage Group PLC

78,900

393,892

SAP AG

31,897

2,490,487

 

3,065,879

TOTAL INFORMATION TECHNOLOGY

13,776,738

MATERIALS - 3.1%

Chemicals - 1.5%

Air Water, Inc.

16,000

201,789

Akzo Nobel NV

6,928

395,909

Arkema SA

9,400

961,510

Asahi Kasei Corp.

58,000

331,978

BASF AG

6,144

550,551

Incitec Pivot Ltd.

73,758

242,468

Israel Chemicals Ltd.

53,700

661,538

Johnson Matthey PLC

28,939

1,112,287

JSR Corp.

14,800

274,535

Lanxess AG

16,333

1,421,719

Linde AG

7,326

1,266,725

Mitsubishi Gas Chemical Co., Inc.

35,000

207,295

Nippon Shokubai Co. Ltd.

30,000

293,007

Nitto Denko Corp.

17,800

929,639

Shin-Etsu Chemical Co., Ltd.

17,300

1,021,743

Sumitomo Chemical Co. Ltd.

65,000

186,319

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Syngenta AG (Switzerland)

2,640

$ 1,056,943

Toray Industries, Inc.

48,000

285,060

 

11,401,015

Construction Materials - 0.2%

Fletcher Building Ltd.

72,771

473,152

HeidelbergCement Finance AG

12,740

692,336

James Hardie Industries NV CDI

35,139

333,340

 

1,498,828

Metals & Mining - 1.4%

African Minerals Ltd. (a)

43,700

172,934

Anglo American PLC (United Kingdom)

16,500

457,995

ArcelorMittal SA (Netherlands)

17,400

264,534

BHP Billiton Ltd.

66,969

2,411,711

BHP Billiton PLC

89,818

2,828,851

Fortescue Metals Group Ltd.

204,999

836,494

Iluka Resources Ltd.

47,372

406,870

Kingsgate Consolidated NL

31,599

160,267

Medusa Mining Ltd.

20,754

130,820

Newcrest Mining Ltd.

38,127

1,020,597

Randgold Resources Ltd.

5,000

535,818

Rio Tinto PLC

11,100

551,188

Umicore SA

27,520

1,429,677

 

11,207,756

Paper & Forest Products - 0.0%

China Forestry Holdings Co. Ltd.

860,000

24,923

TOTAL MATERIALS

24,132,522

TELECOMMUNICATION SERVICES - 1.9%

Diversified Telecommunication Services - 0.9%

BT Group PLC

169,500

633,940

France Telecom SA

24,270

258,155

HKT Trust / HKT Ltd. unit

521,000

495,441

Iliad SA

1,515

269,542

Singapore Telecommunications Ltd.

468,000

1,269,114

Swisscom AG

2,490

1,048,449

TDC A/S

73,600

501,804

Telecom Italia SpA

782,500

712,910

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

Telefonica SA

84,780

$ 1,113,703

Telenor ASA

39,500

801,931

 

7,104,989

Wireless Telecommunication Services - 1.0%

NTT DoCoMo, Inc.

333

482,759

SK Telecom Co. Ltd. sponsored ADR

13,900

212,253

Softbank Corp.

56,300

2,117,577

Vodafone Group PLC

1,906,691

4,918,568

 

7,731,157

TOTAL TELECOMMUNICATION SERVICES

14,836,146

UTILITIES - 1.2%

Electric Utilities - 0.7%

Chubu Electric Power Co., Inc.

25,000

338,531

Enel SpA

168,473

638,479

Fortum Corp.

10,500

189,132

Iberdrola SA

365,900

1,817,828

Scottish & Southern Energy PLC

63,100

1,440,613

SP AusNet unit

178,738

197,723

Spark Infrastructure Group unit

236,378

403,328

 

5,025,634

Gas Utilities - 0.1%

Gas Natural SDG SA

37,000

574,316

Multi-Utilities - 0.4%

Centrica PLC

310,200

1,619,680

RWE AG

42,329

1,765,210

 

3,384,890

TOTAL UTILITIES

8,984,840

TOTAL COMMON STOCKS

(Cost $260,081,394)


262,748,716

Nonconvertible Preferred Stocks - 0.6%

 

 

 

 

CONSUMER DISCRETIONARY - 0.5%

Automobiles - 0.4%

Volkswagen AG

12,125

2,624,778

Nonconvertible Preferred Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - 0.1%

ProSiebenSat.1 Media AG

30,800

$ 901,481

TOTAL CONSUMER DISCRETIONARY

3,526,259

CONSUMER STAPLES - 0.1%

Household Products - 0.1%

Henkel AG & Co. KGaA

9,500

793,823

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $3,586,172)


4,320,082

Equity Funds - 63.7%

 

 

 

 

Foreign Large Blend Funds - 42.6%

Fidelity Advisor Overseas Fund Institutional Class (c)

4,892,633

85,963,564

Fidelity Diversified International Fund (c)

4,306,140

128,236,873

Fidelity International Discovery Fund (c)

3,527,611

115,247,051

TOTAL FOREIGN LARGE BLEND FUNDS

329,447,488

Foreign Large Growth Funds - 9.7%

Fidelity Canada Fund (c)

31,402

1,688,195

Fidelity International Capital Appreciation Fund (c)

5,401,955

73,412,573

TOTAL FOREIGN LARGE GROWTH FUNDS

75,100,768

Foreign Large Value Funds - 3.9%

Fidelity International Value Fund (c)

3,998,721

30,350,294

Foreign Small Mid Growth Funds - 1.4%

Fidelity International Small Cap Opportunities Fund (c)

970,079

10,670,870

Sector Funds - 1.7%

Fidelity International Real Estate Fund (c)

1,451,481

13,382,658

Other - 4.4%

Fidelity Advisor Global Capital Appreciation Fund Institutional Class (a)(c)

929,944

10,154,990

Equity Funds - continued

Shares

Value

Other - continued

Fidelity Japan Fund (c)

1,276,712

$ 12,192,602

Fidelity Japan Smaller Companies Fund (c)

1,280,527

11,511,934

TOTAL OTHER

33,859,526

TOTAL EQUITY FUNDS

(Cost $529,844,612)


492,811,604

Money Market Funds - 1.6%

 

 

 

 

SSgA US Treasury Money Market Fund, 0% (b)
(Cost $12,188,172)

12,188,172


12,188,172

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $805,700,350)

772,068,574

NET OTHER ASSETS (LIABILITIES) - 0.1%

1,116,539

NET ASSETS - 100%

$ 773,185,113

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Appreciation/
(Depreciation)

Purchased

Equity Index Contracts

117 NYSE E-mini MSCI EAFE Index Contracts

Dec. 2012

$ 9,121,905

$ 352,876

 

The face value of futures purchased as a percentage of net assets is 1.2%

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

(c) Affiliated company

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate

Value,
beginning of period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Advisor Global Capital Appreciation Fund Institutional Class

$ 10,174,126

$ -

$ 609,554

$ -

$ 10,154,990

Fidelity Advisor Overseas Fund Institutional Class

114,999,687

-

29,974,735

-

85,963,564

Fidelity Canada Fund

2,927,278

30,157

1,180,168

-

1,688,195

Fidelity Diversified International Fund

130,110,310

10,690,690

18,728,903

-

128,236,873

Fidelity International Capital Appreciation Fund

67,963,098

1,602,740

217,468

-

73,412,573

Fidelity International Discovery Fund

128,208,120

150,787

20,214,514

-

115,247,051

Fidelity International Real Estate Fund

11,588,513

367,585

-

177,891

13,382,658

Fidelity International Small Cap Opportunities Fund

10,983,480

30,157

914,331

-

10,670,870

Fidelity International Value Fund

27,677,306

703,263

217,468

-

30,350,294

Fidelity Japan Fund

25,830,548

-

12,245,906

-

12,192,602

Fidelity Japan Smaller Companies Fund

12,204,960

60,315

914,331

-

11,511,934

Total

$ 542,667,426

$ 13,635,694

$ 85,217,378

$ 177,891

$ 492,811,604

Other Information

The following is a summary of the inputs used, as of November 30, 2012, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 30,090,399

$ 18,356,951

$ 11,733,448

$ -

Consumer Staples

31,849,007

16,893,881

14,955,126

-

Energy

22,261,934

7,723,442

14,538,492

-

Financials

63,252,281

36,032,878

27,219,403

-

Health Care

25,132,091

10,704,372

14,427,719

-

Industrials

32,752,840

22,361,150

10,391,690

-

Information Technology

13,776,738

1,943,606

11,833,132

-

Materials

24,132,522

12,727,189

11,380,410

24,923

Telecommunication Services

14,836,146

4,598,534

10,237,612

-

Utilities

8,984,840

8,646,309

338,531

-

Equity Funds

492,811,604

492,811,604

-

-

Money Market Funds

12,188,172

12,188,172

-

-

Total Investments in Securities:

$ 772,068,574

$ 644,988,088

$ 127,055,563

$ 24,923

Derivative Instruments:

Assets

Futures Contracts

$ 352,876

$ 352,876

$ -

$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended November 30, 2012. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers

Total

Level 1 to Level 2

$ 43,318,039

Level 2 to Level 1

$ 0

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $819,515,470. Net unrealized depreciation aggregated $47,446,896, of which $47,038,743 related to appreciated investment securities and $94,485,639 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Strategic Advisers Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ®
Income Opportunities
Fund of Funds


November 30, 2012 

1.941264.100

ODF-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Fixed-Income Funds - 99.2%

Shares

Value

High Yield Fixed-Income Funds - 99.2%

BlackRock High Yield Bond Fund Institutional Class

6,019

$ 48,149

Eaton Vance Income Fund of Boston Class I

5,018

29,858

Fidelity Advisor High Income Advantage Fund Institutional Class (a)

1,866

18,096

Fidelity Advisor High Income Fund Institutional Class (a)

2,044

17,908

Fidelity Capital & Income Fund (a)

12,131

114,274

Fidelity High Income Fund (a)

9,682

89,943

Janus High-Yield Fund Class I Shares

5,173

47,751

MainStay High Yield Corporate Bond Fund Class I

4,926

29,952

PIMCO High-Yield Fund Institutional Class

6,264

60,074

T. Rowe Price High Yield Fund

20,921

144,565

TOTAL INVESTMENT PORTFOLIO - 99.2%

(Cost $579,832)

600,570

NET OTHER ASSETS (LIABILITIES) - 0.8%

4,976

NET ASSETS - 100%

$ 605,546

Legend

(a) Affiliated company

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Advisor High Income Advantage Fund Institutional Class

$ -

$ 18,102

$ 771

$ 386

$ 18,096

Fidelity Advisor High Income Fund Institutional Class

-

18,135

771

420

17,908

Fidelity Capital & Income Fund

-

114,701

4,886

2,503

114,274

Fidelity High Income Fund

-

90,544

3,857

1,966

89,943

Total

$ -

$ 241,482

$ 10,285

$ 5,275

$ 240,221

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $579,932. Net unrealized appreciation aggregated $20,638, of which $20,689 related to appreciated investment securities and $51 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses third party pricing vendors approved by the Board of Trustees (the Board) to value its investments. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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 the Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ®
Emerging Markets Fund of Funds


November 30, 2012 

1.938038.100

RMF-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 99.8%

Shares

Value

Emerging Markets Funds - 99.8%

Aberdeen Emerging Markets Fund Institutional Class

79,599

$ 1,206,723

Acadian Emerging Markets Portfolio Institutional Class

63,191

1,162,083

Eaton Vance Parametric Structured Emerging Markets Fund Class I

28,716

414,088

Fidelity Emerging Markets Fund (b)

37,872

853,263

GMO Emerging Markets Fund - Class V

105,434

1,184,027

Lazard Emerging Markets Portfolio Institutional Class

60,430

1,159,044

Oppenheimer Developing Markets Fund Class Y

12,547

425,204

SSgA Emerging Markets Fund Select Class

27,753

547,565

T. Rowe Price Emerging Markets Stock Fund

27,323

891,547

Thornburg Developing World - Class I (a)

21,234

339,750

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $8,128,393)

8,183,294

NET OTHER ASSETS (LIABILITIES) - 0.2%

15,540

NET ASSETS - 100%

$ 8,198,834

Legend

(a) Non-income producing

(b) Affiliated company

Affiliated Underlying Funds

Information regarding the Fund's fiscal year to date purchases and sales of the affiliated Underlying Funds and income earned by the Fund from investments in affiliated Underlying Funds is as follows:

Affiliate

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Fidelity Emerging Markets Fund

$ -

$ 870,152

$ 19

$ -

$ 853,263

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $8,128,957. Net unrealized appreciation aggregated $54,337, of which $114,371 related to appreciated investment securities and $60,034 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses third party pricing vendors approved by the Board of Trustees (the Board) to value its investments. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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 the Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ® International
Multi-Manager Fund

November 30, 2012 

1.938048.100

STG-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%

Shares

Value

CONSUMER DISCRETIONARY - 9.6%

Auto Components - 0.7%

Aisin Seiki Co. Ltd.

500

$ 14,852

Bridgestone Corp.

1,500

36,357

Denso Corp.

4,800

158,672

GKN PLC

18,033

64,139

Michelin CGDE Series B

400

37,201

Nokian Tyres PLC

750

31,311

Pirelli & C SpA

2,961

34,350

 

376,882

Automobiles - 2.3%

Bayerische Motoren Werke AG (BMW)

307

27,226

Brilliance China Automotive Holdings Ltd. (a)

26,000

31,635

Daihatsu Motor Co. Ltd.

1,000

17,806

Daimler AG (Germany)

3,681

181,823

Fuji Heavy Industries Ltd.

3,000

33,827

Great Wall Motor Co. Ltd. (H Shares)

13,000

42,521

Honda Motor Co. Ltd.

6,800

226,653

Hyundai Motor Co.

431

89,783

Nissan Motor Co. Ltd.

3,000

29,239

Renault SA

700

35,009

Tata Motors Ltd. sponsored ADR

2,150

53,901

Toyota Motor Corp.

10,000

430,571

 

1,199,994

Distributors - 0.2%

Li & Fung Ltd.

58,000

95,492

Hotels, Restaurants & Leisure - 1.3%

Arcos Dorados Holdings, Inc. Class A

3,010

36,873

Compass Group PLC

22,180

256,212

Galaxy Entertainment Group Ltd. (a)

8,000

30,502

InterContinental Hotel Group PLC

2,580

68,986

Paddy Power PLC (Ireland)

244

18,409

Sands China Ltd.

37,200

158,636

Shangri-La Asia Ltd.

6,000

11,613

Whitbread PLC

2,039

78,370

William Hill PLC

3,600

19,449

 

679,050

Household Durables - 0.1%

ARNEST ONE Corp.

800

10,939

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Berkeley Group Holdings PLC (a)

2,060

$ 54,193

JM AB (B Shares)

415

7,111

 

72,243

Internet & Catalog Retail - 0.1%

Ocado Group PLC (a)

8,539

10,110

Rakuten, Inc.

2,600

21,920

 

32,030

Leisure Equipment & Products - 0.1%

Sankyo Co. Ltd. (Gunma)

800

32,822

Media - 2.3%

BEC World PCL (For. Reg.)

7,300

13,858

Eutelsat Communications

600

18,560

Fuji Media Holdings, Inc.

62

90,341

ITV PLC

60,921

96,531

Mediaset Espana Comunicacion, S.A.

199

1,173

Naspers Ltd. Class N

743

45,882

Nippon Television Network Corp.

11,300

148,171

Pearson PLC

8,110

153,260

PT Media Nusantara Citra Tbk

51,500

14,360

Publicis Groupe SA

1,743

98,597

Reed Elsevier NV

28,562

412,510

Rightmove PLC

658

15,792

Schibsted ASA (B Shares)

562

23,266

T4F Entretenimento SA

200

950

UBM PLC

5,607

66,117

WPP PLC

2,437

33,460

 

1,232,828

Multiline Retail - 0.3%

Debenhams PLC

1,223

2,310

Dollarama, Inc.

374

23,889

Lifestyle International Holdings Ltd.

8,000

16,991

Next PLC

300

17,596

PPR SA

300

55,950

Ryohin Keikaku Co. Ltd.

300

19,189

 

135,925

Specialty Retail - 1.1%

Cia.Hering SA

1,400

31,344

Dunelm Group PLC

2,410

23,766

Esprit Holdings Ltd.

45,450

70,607

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Fast Retailing Co. Ltd.

300

$ 68,424

H&M Hennes & Mauritz AB (B Shares)

4,370

141,806

Inditex SA

702

96,229

Kingfisher PLC

5,500

24,497

Sa Sa International Holdings Ltd.

24,000

19,633

Shimamura Co. Ltd.

200

20,233

United Arrows Ltd.

400

10,293

USS Co. Ltd.

790

84,360

 

591,192

Textiles, Apparel & Luxury Goods - 1.1%

Burberry Group PLC

1,500

30,930

Christian Dior SA

673

108,752

Gerry Weber International AG (Bearer)

462

21,862

Hermes International SCA

73

22,558

LVMH Moet Hennessy - Louis Vuitton SA

1,067

187,199

Swatch Group AG (Bearer)

100

48,300

Tod's SpA

175

21,337

Yue Yuen Industrial (Holdings) Ltd.

47,500

166,399

 

607,337

TOTAL CONSUMER DISCRETIONARY

5,055,795

CONSUMER STAPLES - 12.5%

Beverages - 1.9%

Anheuser-Busch InBev SA NV

700

61,469

Diageo PLC

7,820

233,249

Heineken NV (Bearer)

8,811

581,093

Ito En Ltd.

1,500

27,720

SABMiller PLC

1,900

86,072

Treasury Wine Estates Ltd.

6,517

34,210

 

1,023,813

Food & Staples Retailing - 1.5%

Ain Pharmaciez, Inc.

100

5,700

Alimentation Couche-Tard, Inc. Class B (sub. vtg.)

856

42,285

Colruyt NV

509

23,421

Cosmos Pharmaceutical Corp.

100

10,320

FamilyMart Co. Ltd.

800

35,557

J Sainsbury PLC

3,800

20,785

Lawson, Inc.

4,100

277,555

Metro, Inc. Class A (sub. vtg.)

742

45,685

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

PUREGOLD Price Club, Inc.

11,000

$ 8,681

Seven & i Holdings Co., Ltd.

900

26,229

Sundrug Co. Ltd.

500

17,978

Tesco PLC

43,380

225,949

Tsuruha Holdings, Inc.

200

15,075

Woolworths Ltd.

1,376

42,046

Wumart Stores, Inc. (H Shares)

3,000

6,248

 

803,514

Food Products - 4.0%

Ajinomoto Co., Inc.

2,000

28,601

Danone SA

8,273

524,792

First Resources Ltd.

9,000

15,705

M. Dias Branco SA

1,600

53,336

Nestle SA

16,411

1,074,055

Tiger Brands Ltd.

750

25,266

Unilever NV (Certificaten Van Aandelen) (Bearer)

7,032

266,856

Unilever PLC

2,300

88,251

Viscofan Envolturas Celulosicas SA

332

16,235

 

2,093,097

Household Products - 1.0%

Reckitt Benckiser Group PLC

7,391

464,779

Svenska Cellulosa AB (SCA) (B Shares)

1,600

32,393

 

497,172

Personal Products - 0.9%

Beiersdorf AG

200

15,685

Kao Corp.

10,200

280,465

Kobayashi Pharmaceutical Co. Ltd.

1,800

89,852

Kose Corp.

2,200

46,806

L'Oreal SA

375

50,892

 

483,700

Tobacco - 3.2%

British American Tobacco PLC (United Kingdom)

13,304

698,872

Imperial Tobacco Group PLC

1,124

44,966

Japan Tobacco, Inc.

21,200

635,673

KT&G Corp.

3,593

284,453

Swedish Match Co. AB

900

31,680

 

1,695,644

TOTAL CONSUMER STAPLES

6,596,940

Common Stocks - continued

Shares

Value

ENERGY - 7.5%

Energy Equipment & Services - 1.4%

Aker Solutions ASA

1,700

$ 31,993

AMEC PLC

3,203

53,575

Fred Olsen Energy ASA

352

15,548

Fugro NV (Certificaten Van Aandelen)

126

7,560

John Wood Group PLC

3,779

47,044

Petrofac Ltd.

4,563

119,017

Saipem SpA

1,213

54,000

Schoeller-Bleckmann Oilfield Equipment AG

155

16,060

Technip SA

2,044

237,442

Tecnicas Reunidas SA

3,223

150,062

Transocean Ltd. (Switzerland)

770

35,264

 

767,565

Oil, Gas & Consumable Fuels - 6.1%

BG Group PLC

13,766

235,991

BP PLC

93,553

649,472

Cairn Energy PLC

21,961

94,542

Cenovus Energy, Inc.

1,390

46,681

CNOOC Ltd.

88,000

187,940

Ecopetrol SA

21,580

62,890

ENI SpA

5,900

139,914

INPEX Corp.

22

118,305

JX Holdings, Inc.

2,500

13,389

Oil Search Ltd. ADR

1,900

14,078

Origin Energy Ltd.

4,600

52,710

Peyto Exploration & Development Corp.

2,016

50,494

Reliance Industries Ltd. GDR (c)

1,877

55,240

Royal Dutch Shell PLC:

Class A (United Kingdom)

23,750

795,185

Class B (United Kingdom)

5,630

194,342

StatoilHydro ASA

5,272

128,799

Total SA

4,809

241,006

Tullow Oil PLC

5,465

120,567

Woodside Petroleum Ltd.

727

25,644

 

3,227,189

TOTAL ENERGY

3,994,754

FINANCIALS - 21.9%

Capital Markets - 1.7%

Aberdeen Asset Management PLC

2,700

14,621

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Ashmore Group PLC

6,311

$ 36,420

Azimut Holding SpA

1,039

13,553

CI Financial Corp.

1,460

35,275

Credit Suisse Group

3,156

74,771

Daiwa Securities Group, Inc.

28,000

124,623

Deutsche Bank AG

743

32,773

Hargreaves Lansdown PLC

505

6,125

Investec PLC

2,300

14,065

Julius Baer Group Ltd.

2,420

82,886

Jupiter Fund Management PLC

3,585

15,876

Partners Group Holding AG

262

57,110

UBS AG

23,354

366,227

Value Partners Group Ltd.

12,000

6,611

 

880,936

Commercial Banks - 10.6%

Australia & New Zealand Banking Group Ltd.

6,000

152,533

Banco Bilbao Vizcaya Argentaria SA

13,812

117,188

Banco Santander SA (Spain)

9,230

71,104

Bank of Yokohama Ltd.

9,000

42,787

Banregio Grupo Financiero SA

2,600

11,716

Barclays PLC

117,934

467,766

BNP Paribas SA

12,261

684,803

BOC Hong Kong (Holdings) Ltd.

22,000

67,560

Chiba Bank Ltd.

7,000

41,881

Commonwealth Bank of Australia

2,600

161,960

Danske Bank A/S (a)

2,831

48,538

DBS Group Holdings Ltd.

12,000

142,061

DnB NOR ASA

12,456

155,138

Erste Bank AG (a)

6,077

178,736

First Gulf Bank PJSC

4,446

12,589

Grupo Financiero Santander Mexico SAB de CV sponsored ADR (a)

2,830

41,346

Guaranty Trust Bank PLC GDR (Reg. S)

2,528

15,421

HDFC Bank Ltd. sponsored ADR

2,438

102,689

HSBC Holdings PLC:

(Hong Kong)

23,200

236,855

(United Kingdom)

58,499

597,400

ICICI Bank Ltd. sponsored ADR

960

39,350

Industrial & Commercial Bank of China Ltd. (H Shares)

47,000

31,717

Intesa Sanpaolo SpA

17,322

29,151

Itau Unibanco Holding SA sponsored ADR

2,170

32,876

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Joyo Bank Ltd.

10,000

$ 48,873

Jyske Bank A/S (Reg.) (a)

693

19,813

Kasikornbank PCL (For. Reg.)

7,400

45,097

KBC Groupe SA

3,732

112,435

Lloyds Banking Group PLC (a)

100,000

74,675

Mitsubishi UFJ Financial Group, Inc.

36,500

167,878

North Pacific Bank Ltd. (a)

10,700

27,949

PT Bank Mandiri (Persero) Tbk

44,000

37,838

PT Bank Rakyat Indonesia Tbk

92,500

67,976

Shinsei Bank Ltd.

17,000

28,962

Siam Commercial Bank PCL (For. Reg.)

8,200

43,425

Skandinaviska Enskilda Banken AB (A Shares)

12,097

97,364

Societe Generale Series A (a)

1,100

39,778

Standard Chartered PLC (United Kingdom)

8,439

196,724

Sumitomo Mitsui Financial Group, Inc.

16,300

527,638

Swedbank AB (A Shares)

2,300

42,485

Sydbank A/S (a)

1,121

20,148

The Hachijuni Bank Ltd.

7,000

35,512

The Suruga Bank Ltd.

2,000

25,912

Turkiye Halk Bankasi A/S

3,732

36,133

UniCredit SpA (a)

22,613

105,285

Unione di Banche Italiane SCPA

3,760

14,690

United Overseas Bank Ltd.

3,000

46,010

Westpac Banking Corp.

8,310

221,144

Wing Hang Bank Ltd.

2,013

20,155

 

5,587,064

Consumer Finance - 0.1%

AEON Credit Service Co. Ltd.

2,900

56,827

Credit Saison Co. Ltd.

600

13,390

 

70,217

Diversified Financial Services - 1.3%

Bolsas Y Mercados Espanoles

79

1,712

Deutsche Boerse AG

2,604

146,675

FirstRand Ltd.

13,883

45,364

IG Group Holdings PLC

6,929

47,014

ING Groep NV (Certificaten Van Aandelen) (a)

27,272

246,429

Inversiones La Construccion SA

502

9,373

Mitsubishi UFJ Lease & Finance Co. Ltd.

280

12,239

ORIX Corp.

1,840

185,403

 

694,209

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - 5.4%

AEGON NV

10,100

$ 58,084

AIA Group Ltd.

82,200

319,776

Allianz AG

958

124,530

Amlin PLC

10,772

66,686

Aviva PLC

27,303

153,663

AXA SA

15,162

249,149

Catlin Group Ltd.

6,427

49,714

Delta Lloyd NV

5,740

85,663

Euler Hermes SA

446

35,383

Hiscox Ltd.

21,007

161,820

Jardine Lloyd Thompson Group PLC

4,182

51,524

Lancashire Holdings Ltd.

2,540

32,413

Legal & General Group PLC

19,194

44,805

MS&AD Insurance Group Holdings, Inc.

1,000

17,434

Muenchener Rueckversicherungs AG

862

147,141

Prudential PLC

5,217

75,839

RenaissanceRe Holdings Ltd.

755

62,484

Resolution Ltd.

3,700

14,091

Sampo Oyj (A Shares)

500

15,964

Samsung Fire & Marine Insurance Co. Ltd.

120

24,277

Sony Financial Holdings, Inc.

15,000

258,760

St. James's Place Capital PLC

2,121

13,569

Swiss Re Ltd.

4,960

357,268

Tokio Marine Holdings, Inc.

1,000

25,752

Zurich Financial Services AG

1,623

414,200

 

2,859,989

Real Estate Investment Trusts - 0.5%

British Land Co. PLC

2,936

25,872

Derwent London PLC

808

26,732

Goodman Group unit

5,603

27,014

Mirvac Group unit

9,356

14,353

Shopping Centres Australasia Property Group unit

275

416

Unibail-Rodamco

465

109,128

Westfield Group unit

6,000

65,246

 

268,761

Real Estate Management & Development - 2.3%

Aeon Mall Co. Ltd.

400

10,363

BR Malls Participacoes SA

2,200

28,262

Brookfield Asset Management, Inc. Class A

3,104

108,055

China Overseas Land and Investment Ltd.

18,000

53,302

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Management & Development - continued

Daito Trust Construction Co. Ltd.

700

$ 68,011

Deutsche Wohnen AG

8,536

165,079

Global Logistic Properties Ltd.

41,000

94,388

GSW Immobilien AG

3,790

160,639

Hang Lung Properties Ltd.

24,000

87,946

Henderson Land Development Co. Ltd.

5,032

35,840

Mitsubishi Estate Co. Ltd.

2,000

38,712

Parque Arauco SA

12,254

27,262

PT Alam Sutera Realty Tbk

210,000

13,353

SM Prime Holdings, Inc.

47,875

18,258

Sumitomo Realty & Development Co. Ltd.

3,000

82,046

Sun Hung Kai Properties Ltd.

4,000

58,528

TAG Immobilien AG

6,100

73,780

TAG Immobilien AG rights 12/7/12 (a)

5,560

0

Tokyo Tatemono Co. Ltd. (a)

3,000

12,038

Wharf Holdings Ltd.

6,000

46,179

 

1,182,041

TOTAL FINANCIALS

11,543,217

HEALTH CARE - 9.4%

Biotechnology - 0.3%

Abcam PLC

2,426

14,002

Amarin Corp. PLC ADR (a)

800

9,928

CSL Ltd.

1,800

97,117

Grifols SA ADR

1,000

24,390

Thrombogenics NV (a)

300

14,440

 

159,877

Health Care Equipment & Supplies - 0.7%

Cochlear Ltd.

339

26,675

Coloplast A/S Series B

272

63,492

Essilor International SA

226

21,824

Getinge AB (B Shares)

2,403

77,471

GN Store Nordic A/S

1,614

22,805

Nihon Kohden Corp.

1,800

59,146

Olympus Corp. (a)

700

11,717

Sonova Holding AG Class B

556

60,718

Sysmex Corp.

300

13,584

 

357,432

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - 0.4%

Diagnosticos da America SA

7,000

$ 40,687

Fresenius SE & Co. KGaA

511

59,068

Life Healthcare Group Holdings Ltd.

4,626

16,651

Miraca Holdings, Inc.

2,000

81,402

Qualicorp SA (a)

900

8,740

Ship Healthcare Holdings, Inc.

500

15,572

 

222,120

Health Care Technology - 0.0%

So-net M3, Inc.

9

16,593

Life Sciences Tools & Services - 0.0%

WuXi PharmaTech Cayman, Inc. sponsored ADR (a)

554

9,080

Pharmaceuticals - 8.0%

Aspen Pharmacare Holdings Ltd.

2,246

39,529

Astellas Pharma, Inc.

2,300

116,435

Bayer AG

9,307

841,848

Celltrion, Inc.

289

6,941

CFR Pharmaceuticals SA

56,837

13,827

Daiichi Sankyo Kabushiki Kaisha

1,000

15,461

Elan Corp. PLC (a)

1,000

9,997

GlaxoSmithKline PLC

17,535

375,532

Hikma Pharmaceuticals PLC

1,053

12,729

Hisamitsu Pharmaceutical Co., Inc.

900

46,919

Novartis AG

8,266

512,222

Novo Nordisk A/S Series B

769

121,895

PT Kalbe Farma Tbk

242,500

26,036

Roche Holding AG (participation certificate)

4,620

909,343

Rohto Pharmaceutical Co. Ltd.

1,000

12,767

Sanofi SA

8,100

723,471

Santen Pharmaceutical Co. Ltd.

6,000

257,825

Shionogi & Co. Ltd.

800

13,560

Takeda Pharmaceutical Co. Ltd.

1,300

59,510

Teva Pharmaceutical Industries Ltd. sponsored ADR

1,496

60,364

UCB SA

500

28,381

 

4,204,592

TOTAL HEALTH CARE

4,969,694

INDUSTRIALS - 12.6%

Aerospace & Defense - 1.1%

Cobham PLC

34,505

117,198

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Meggitt PLC

6,185

$ 38,587

MTU Aero Engines Holdings AG

471

41,893

Rolls-Royce Group PLC

21,857

311,837

Rolls-Royce Group PLC Class C

1,661,132

2,661

Safran SA

1,300

53,241

Zodiac Aerospace

237

26,477

 

591,894

Air Freight & Logistics - 1.0%

Deutsche Post AG

7,495

155,572

PostNL NV

34,153

116,063

Yamato Holdings Co. Ltd.

18,200

273,183

 

544,818

Airlines - 0.5%

Copa Holdings SA Class A

280

26,555

Ryanair Holdings PLC sponsored ADR

2,600

89,518

Singapore Airlines Ltd.

16,000

140,390

 

256,463

Building Products - 0.5%

ASSA ABLOY AB (B Shares)

1,300

47,030

Compagnie de St. Gobain

1,100

43,891

Geberit AG (Reg.)

640

135,224

JS Group Corp.

1,500

31,856

 

258,001

Commercial Services & Supplies - 0.3%

Babcock International Group PLC

4,435

70,807

BIC SA

259

32,371

Brambles Ltd.

6,122

46,256

RPS Group PLC

2,450

8,333

Serco Group PLC

593

5,197

Valid Solucoes SA

500

9,126

 

172,090

Construction & Engineering - 1.2%

Balfour Beatty PLC

30,375

125,702

Chiyoda Corp.

2,000

28,967

JGC Corp.

13,000

430,524

VINCI SA

900

39,709

 

624,902

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Electrical Equipment - 1.3%

Alstom SA

742

$ 27,006

Legrand SA

10,500

425,241

Schneider Electric SA

3,397

238,747

Sumitomo Electric Industries Ltd.

1,000

10,847

 

701,841

Industrial Conglomerates - 1.4%

Bidvest Group Ltd.

1,680

39,647

Hutchison Whampoa Ltd.

9,000

92,552

Keppel Corp. Ltd.

17,000

149,164

Koninklijke Philips Electronics NV

1,300

33,619

Orkla ASA (A Shares)

2,600

21,160

SembCorp Industries Ltd.

9,000

38,194

Siemens AG

3,568

368,882

 

743,218

Machinery - 2.3%

Andritz AG

851

54,232

Atlas Copco AB (A Shares)

4,064

104,695

Burckhardt Compression Holding AG

10

3,156

Fanuc Corp.

700

118,520

Fiat Industrial SpA

2,400

25,657

GEA Group AG

900

29,409

Glory Ltd.

5,900

130,710

IMI PLC

1,100

18,575

Joy Global, Inc.

1,820

103,722

Kone Oyj (B Shares)

809

60,604

Kubota Corp.

2,000

21,319

Makita Corp.

500

21,212

Mitsubishi Heavy Industries Ltd.

9,000

41,949

NSK Ltd.

2,000

11,958

PT United Tractors Tbk

3,000

5,332

Rotork PLC

670

26,621

Sandvik AB

2,600

38,863

Schindler Holding AG (participation certificate)

1,645

230,765

SembCorp Marine Ltd.

32,000

119,548

Sinotruk Hong Kong Ltd.

33,500

22,261

SMC Corp.

100

16,947

Spirax-Sarco Engineering PLC

470

16,438

 

1,222,493

Marine - 0.3%

A.P. Moller - Maersk A/S Series B

6

42,843

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Marine - continued

Kuehne & Nagel International AG

760

$ 91,525

Orient Overseas International Ltd.

3,000

19,045

 

153,413

Professional Services - 0.6%

Adecco SA (Reg.)

805

39,777

Bertrandt AG

47

4,526

Capita Group PLC

1,300

15,881

Experian PLC

4,409

73,252

Intertek Group PLC

400

19,803

Michael Page International PLC

13,608

77,681

SGS SA (Reg.)

33

74,034

 

304,954

Road & Rail - 0.5%

Canadian National Railway Co.

1,129

101,540

East Japan Railway Co.

1,800

118,327

West Japan Railway Co.

500

20,018

 

239,885

Trading Companies & Distributors - 1.2%

Brenntag AG

1,052

135,997

Bunzl PLC

11,796

194,470

Itochu Corp.

4,000

40,122

Mills Estruturas e Servicos de Engenharia SA

800

11,775

Misumi Group, Inc.

500

13,199

Mitsubishi Corp.

5,800

110,404

Mitsui & Co. Ltd.

4,100

56,906

Noble Group Ltd.

12,000

10,667

Wolseley PLC

1,367

63,448

 

636,988

Transportation Infrastructure - 0.4%

CCR SA

4,300

36,947

China Merchant Holdings International Co. Ltd.

16,000

48,515

International Container Terminal Services, Inc.

4,900

8,527

Sydney Airport unit

19,000

70,391

Transurban Group unit

4,300

27,867

 

192,247

TOTAL INDUSTRIALS

6,643,207

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - 6.7%

Communications Equipment - 0.8%

Nokia Corp.

31,172

$ 102,420

Telefonaktiebolaget LM Ericsson (B Shares)

33,319

312,321

 

414,741

Computers & Peripherals - 0.3%

ASUSTeK Computer, Inc.

3,000

33,081

ASUSTeK Computer, Inc. GDR (Reg. S)

967

52,121

Gemalto NV

366

33,653

Lenovo Group Ltd.

40,000

37,676

Toshiba Corp.

3,000

10,274

 

166,805

Electronic Equipment & Components - 0.9%

China High Precision Automation Group Ltd.

15,000

2,160

Halma PLC

14,893

104,176

Hirose Electric Co. Ltd.

600

68,405

Hitachi High-Technologies Corp.

600

13,401

Hitachi Ltd.

8,000

46,363

HLS Systems International Ltd. (a)

943

10,241

Keyence Corp.

100

27,994

Kyocera Corp.

400

37,015

Murata Manufacturing Co. Ltd.

700

39,821

Oxford Instruments PLC

399

8,700

Shimadzu Corp.

2,000

12,797

Spectris PLC

2,354

72,525

Venture Corp. Ltd.

7,000

44,847

 

488,445

Internet Software & Services - 0.3%

Kakaku.com, Inc.

400

13,792

Moneysupermarket.com Group PLC

7,232

18,852

Yahoo! Japan Corp.

351

118,248

 

150,892

IT Services - 1.3%

Amadeus IT Holding SA Class A

11,107

259,291

Atos Origin SA

251

17,820

Cielo SA

1,100

28,648

Cognizant Technology Solutions Corp. Class A (a)

810

54,456

Computershare Ltd.

7,324

66,497

Nomura Research Institute Ltd.

8,600

166,710

Obic Co. Ltd.

430

95,799

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

IT Services - continued

Sonda SA

3,621

$ 10,766

Sonda SA rights 1/4/13 (a)

469

0

 

699,987

Office Electronics - 0.7%

Canon, Inc.

6,900

244,111

Neopost SA

1,808

94,467

Ricoh Co. Ltd.

4,000

37,290

 

375,868

Semiconductors & Semiconductor Equipment - 1.5%

Aixtron AG

926

11,672

ARM Holdings PLC

3,457

43,005

ASM International NV (Netherlands)

1,101

38,590

ASML Holding NV (Netherlands)

1,390

86,917

Samsung Electronics Co. Ltd.

166

215,608

Spreadtrum Communications, Inc. ADR

589

10,944

STMicroelectronics NV

5,300

33,740

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

14,900

257,323

Tokyo Electron Ltd.

1,800

80,638

 

778,437

Software - 0.9%

Dassault Systemes SA

643

72,754

Nintendo Co. Ltd.

600

72,104

Sage Group PLC

2,600

12,980

SAP AG

3,873

302,400

SimCorp A/S

64

14,225

 

474,463

TOTAL INFORMATION TECHNOLOGY

3,549,638

MATERIALS - 7.7%

Chemicals - 4.8%

Air Water, Inc.

1,000

12,612

Akzo Nobel NV

8,516

486,657

Arkema SA

1,282

131,134

Asahi Kasei Corp.

4,000

22,895

BASF AG

532

47,671

China BlueChemical Ltd. (H Shares)

34,000

21,233

Chugoku Marine Paints Ltd.

4,000

21,755

Croda International PLC

408

15,564

Common Stocks - continued

Shares

Value

MATERIALS - continued

Chemicals - continued

Elementis PLC

5,198

$ 18,488

Givaudan SA

306

307,255

HEXPOL AB (B Shares)

384

18,902

Israel Chemicals Ltd.

2,900

35,726

Johnson Matthey PLC

2,818

108,311

JSR Corp.

1,200

22,260

Lanxess AG

800

69,637

Linde AG

2,997

518,206

Nippon Paint Co. Ltd.

4,000

33,261

Nitto Denko Corp.

900

47,004

Shin-Etsu Chemical Co., Ltd.

4,700

277,583

Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR

523

29,602

Sumitomo Chemical Co. Ltd.

3,000

8,599

Symrise AG

3,839

133,683

Syngenta AG (Switzerland)

300

120,107

Toray Industries, Inc.

2,000

11,878

Victrex PLC

878

21,635

 

2,541,658

Construction Materials - 0.1%

Fletcher Building Ltd.

3,732

24,265

HeidelbergCement Finance AG

400

21,737

James Hardie Industries NV CDI

1,395

13,233

 

59,235

Containers & Packaging - 0.5%

Rexam PLC

19,482

136,620

Smurfit Kappa Group PLC

10,639

124,667

 

261,287

Metals & Mining - 2.3%

Anglo American PLC (United Kingdom)

700

19,430

BHP Billiton Ltd.

2,607

93,884

BHP Billiton PLC

4,521

142,391

Fortescue Metals Group Ltd.

7,000

28,563

Glencore International PLC

21,682

120,019

Grupo Mexico SA de CV Series B

15,400

50,105

Iluka Resources Ltd.

14,105

121,145

Medusa Mining Ltd.

2,800

17,649

Newcrest Mining Ltd.

3,710

99,311

Randgold Resources Ltd.

300

32,149

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Rio Tinto PLC

7,718

$ 383,249

Umicore SA

1,600

83,121

 

1,191,016

TOTAL MATERIALS

4,053,196

TELECOMMUNICATION SERVICES - 5.6%

Diversified Telecommunication Services - 2.0%

Bezeq Israeli Telecommunication Corp. Ltd.

20,590

25,322

BT Group PLC

20,350

76,110

China Unicom Ltd.

68,000

105,634

Deutsche Telekom AG

10,190

112,250

HKT Trust / HKT Ltd. unit

27,000

25,675

Hutchison Telecommunications Hong Kong Holdings Ltd.

46,000

20,477

Iliad SA

115

20,460

Koninklijke KPN NV

4,336

24,530

Singapore Telecommunications Ltd.

19,000

51,524

Swisscom AG

110

46,317

TDC A/S

16,938

115,483

Telecom Italia SpA

59,960

54,628

Telefonica SA

2,693

35,376

Telenor ASA

6,556

133,100

Telstra Corp. Ltd.

27,191

122,303

Vivendi SA

3,584

77,003

 

1,046,192

Wireless Telecommunication Services - 3.6%

Advanced Info Service PCL (For. Reg.)

6,000

43,018

Empresa Nacional de Telecomunicaciones SA (ENTEL)

1,433

29,497

KDDI Corp.

11,200

831,073

NTT DoCoMo, Inc.

111

160,920

SmarTone Telecommunications Holdings Ltd.

11,000

20,495

Softbank Corp.

2,500

94,031

TIM Participacoes SA sponsored ADR

1,670

29,609

Vodafone Group PLC

276,510

713,295

 

1,921,938

TOTAL TELECOMMUNICATION SERVICES

2,968,130

Common Stocks - continued

Shares

Value

UTILITIES - 2.2%

Electric Utilities - 0.9%

Ceske Energeticke Zavody A/S

1,333

$ 44,295

Chubu Electric Power Co., Inc.

1,300

17,604

Enel SpA

5,362

20,321

Energias do Brasil SA

12,300

69,766

Iberdrola SA

16,600

82,470

Red Electrica Corporacion SA

595

27,571

Scottish & Southern Energy PLC

6,733

153,719

Spark Infrastructure Group unit

25,000

42,657

 

458,403

Gas Utilities - 0.7%

China Resources Gas Group Ltd.

6,000

12,944

Enagas SA

6,780

138,747

Gas Natural SDG SA

1,400

21,731

Snam Rete Gas SpA

24,177

106,908

Tokyo Gas Co. Ltd.

20,000

98,184

 

378,514

Independent Power Producers & Energy Traders - 0.1%

Tractebel Energia SA

1,200

19,571

Multi-Utilities - 0.5%

Centrica PLC

16,000

83,543

GDF Suez

2,830

63,655

RWE AG

2,200

91,745

Suez Environnement SA

3,820

41,633

 

280,576

Water Utilities - 0.0%

Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)

400

16,192

TOTAL UTILITIES

1,153,256

TOTAL COMMON STOCKS

(Cost $47,771,242)


50,527,827

Nonconvertible Preferred Stocks - 1.1%

 

 

 

 

CONSUMER DISCRETIONARY - 0.3%

Automobiles - 0.2%

Volkswagen AG

500

108,238

Nonconvertible Preferred Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - 0.1%

ProSiebenSat.1 Media AG

1,600

$ 46,830

TOTAL CONSUMER DISCRETIONARY

155,068

CONSUMER STAPLES - 0.5%

Household Products - 0.5%

Henkel AG & Co. KGaA

3,451

288,367

TELECOMMUNICATION SERVICES - 0.3%

Diversified Telecommunication Services - 0.3%

Telecom Italia SpA (Risparmio Shares)

194,801

155,592

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $560,458)


599,027

Equity Funds - 0.5%

 

 

 

 

Foreign Large Blend Funds - 0.5%

iShares MSCI EAFE Index ETF
(Cost $243,530)

4,550


250,660

Money Market Funds - 2.5%

 

 

 

 

SSgA US Treasury Money Market Fund, 0% (b)
(Cost $1,298,869)

1,298,869


1,298,869

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $49,874,099)

52,676,383

NET OTHER ASSETS (LIABILITIES) - 0.2%

88,811

NET ASSETS - 100%

$ 52,765,194

Security Type Abbreviations

ETF

-

Exchange-Traded Fund

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $55,240 or 0.1% of net assets.

Other Information

The following is a summary of the inputs used, as of November 30, 2012, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 5,210,863

$ 3,500,488

$ 1,710,375

$ -

Consumer Staples

6,885,307

4,039,079

2,846,228

-

Energy

3,994,754

1,526,402

2,468,352

-

Financials

11,543,217

7,117,453

4,425,764

-

Health Care

4,969,694

2,506,086

2,463,608

-

Industrials

6,643,207

4,743,738

1,899,469

-

Information Technology

3,549,638

1,570,241

1,977,237

2,160

Materials

4,053,196

2,823,569

1,229,627

-

Telecommunication Services

3,123,722

897,063

2,226,659

-

Utilities

1,153,256

1,037,468

115,788

-

Equity Funds

250,660

250,660

-

-

Money Market Funds

1,298,869

1,298,869

-

-

Total Investments in Securities:

$ 52,676,383

$ 31,311,116

$ 21,363,107

$ 2,160

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $49,939,254. Net unrealized appreciation aggregated $2,737,129, of which $3,994,190 related to appreciated investment securities and $1,257,061 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Strategic Advisers Fair Value Committee (the Committee), in accordance with procedures adopted by the Fund's Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers ®
Core Income Fund

Offered exclusively to certain clients of
Strategic Advisers, Inc.
- not available for sale to the
general public

November 30, 2012 

1.912893.102

SSC-QTLY-0113

Investments November 30, 2012 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 4.4%

 

Principal Amount

Value

CONSUMER DISCRETIONARY - 0.4%

Media - 0.4%

Comcast Corp.:

4.65% 7/15/42

$ 6,237,000

$ 6,595,989

5.15% 3/1/20

2,184,000

2,607,091

5.7% 5/15/18

1,615,000

1,961,923

6.4% 3/1/40

660,000

861,443

6.5% 1/15/17

1,764,000

2,140,439

COX Communications, Inc. 3.25% 12/15/22 (e)

956,000

966,945

NBCUniversal Media LLC:

5.15% 4/30/20

1,382,000

1,643,903

6.4% 4/30/40

2,438,000

3,120,223

News America Holdings, Inc. 7.75% 12/1/45

1,100,000

1,550,648

News America, Inc.:

6.15% 3/1/37

2,054,000

2,507,846

6.15% 2/15/41

3,381,000

4,245,343

Time Warner Cable, Inc.:

4% 9/1/21

7,100,000

7,718,268

4.5% 9/15/42

1,735,000

1,689,243

6.75% 7/1/18

1,413,000

1,768,772

Time Warner, Inc. 6.2% 3/15/40

2,433,000

3,041,369

Viacom, Inc.:

3.5% 4/1/17

530,000

574,703

6.75% 10/5/37

1,010,000

1,334,113

 

44,328,261

CONSUMER STAPLES - 0.3%

Beverages - 0.1%

Beam, Inc.:

1.875% 5/15/17

453,000

465,043

3.25% 5/15/22

537,000

561,090

FBG Finance Ltd. 5.125% 6/15/15 (e)

1,313,000

1,447,716

Fortune Brands, Inc.:

5.375% 1/15/16

146,000

164,042

5.875% 1/15/36

478,000

563,845

6.375% 6/15/14

623,000

674,140

Heineken NV:

1.4% 10/1/17 (e)

1,262,000

1,264,461

2.75% 4/1/23 (e)

1,319,000

1,305,391

4% 10/1/42 (e)

423,000

408,395

SABMiller Holdings, Inc. 3.75% 1/15/22 (e)

1,593,000

1,727,803

 

8,581,926

Nonconvertible Bonds - continued

 

Principal Amount

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - 0.0%

Walgreen Co. 1.8% 9/15/17

$ 1,045,000

$ 1,056,591

Food Products - 0.1%

Kraft Foods, Inc.:

5.375% 2/10/20

3,787,000

4,605,045

6.125% 2/1/18

1,549,000

1,895,528

6.5% 8/11/17

1,194,000

1,466,762

6.5% 2/9/40

435,000

587,149

 

8,554,484

Tobacco - 0.1%

Altria Group, Inc.:

2.85% 8/9/22

4,568,000

4,519,798

4.25% 8/9/42

1,568,000

1,553,805

9.25% 8/6/19

449,000

625,172

9.7% 11/10/18

476,000

671,579

Reynolds American, Inc.:

3.25% 11/1/22

1,294,000

1,315,291

4.75% 11/1/42

2,000,000

2,024,268

6.75% 6/15/17

1,810,000

2,210,415

7.25% 6/15/37

2,443,000

3,238,495

 

16,158,823

TOTAL CONSUMER STAPLES

34,351,824

ENERGY - 0.5%

Energy Equipment & Services - 0.1%

DCP Midstream LLC:

4.75% 9/30/21 (e)

1,717,000

1,836,053

5.35% 3/15/20 (e)

2,258,000

2,498,838

El Paso Pipeline Partners Operating Co. LLC:

4.1% 11/15/15

1,549,000

1,668,101

5% 10/1/21

1,212,000

1,377,728

FMC Technologies, Inc.:

2% 10/1/17

315,000

318,506

3.45% 10/1/22

571,000

584,767

Transocean, Inc.:

5.05% 12/15/16

1,260,000

1,402,417

6.375% 12/15/21

1,664,000

2,009,210

 

11,695,620

Nonconvertible Bonds - continued

 

Principal Amount

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - 0.4%

Anadarko Petroleum Corp. 6.375% 9/15/17

$ 6,072,000

$ 7,289,381

DCP Midstream Operating LP 2.5% 12/1/17

1,182,000

1,180,452

Enbridge Energy Partners LP 4.2% 9/15/21

2,044,000

2,209,670

Marathon Petroleum Corp. 5.125% 3/1/21

2,870,000

3,372,569

Motiva Enterprises LLC 5.75% 1/15/20 (e)

1,497,000

1,826,732

Nakilat, Inc. 6.067% 12/31/33 (e)

666,000

815,850

Petro-Canada 6.05% 5/15/18

497,000

606,418

Petrobras International Finance Co. Ltd.:

3.875% 1/27/16

5,441,000

5,764,321

5.375% 1/27/21

3,246,000

3,650,419

Petroleos Mexicanos:

4.875% 1/24/22

2,000,000

2,260,000

5.5% 6/27/44

2,207,000

2,416,665

6.5% 6/2/41

2,928,000

3,681,960

Phillips 66:

4.3% 4/1/22 (e)

1,979,000

2,190,868

5.875% 5/1/42 (e)

1,694,000

2,032,719

Plains All American Pipeline LP/PAA Finance Corp. 3.65% 6/1/22

5,776,000

6,160,757

Ras Laffan Liquefied Natural Gas Co. Ltd. III 6.75% 9/30/19 (e)

647,000

811,985

Spectra Energy Partners, LP:

2.95% 6/15/16

737,000

759,257

4.6% 6/15/21

390,000

427,232

Suncor Energy, Inc. 6.1% 6/1/18

1,527,000

1,867,100

Transcontinental Gas Pipe Line Corp. 6.4% 4/15/16

482,000

561,573

Western Gas Partners LP 5.375% 6/1/21

2,207,000

2,531,319

Williams Partners LP 4.125% 11/15/20

394,000

431,949

 

52,849,196

TOTAL ENERGY

64,544,816

FINANCIALS - 1.9%

Capital Markets - 0.2%

Goldman Sachs Group, Inc.:

5.25% 7/27/21

2,497,000

2,853,237

5.75% 1/24/22

3,211,000

3,808,625

5.95% 1/18/18

1,219,000

1,410,483

6.75% 10/1/37

4,983,000

5,534,992

Nonconvertible Bonds - continued

 

Principal Amount

Value

FINANCIALS - continued

Capital Markets - continued

Lazard Group LLC:

6.85% 6/15/17

$ 623,000

$ 719,326

7.125% 5/15/15

1,957,000

2,169,904

Morgan Stanley:

4.75% 4/1/14

428,000

442,987

4.875% 11/1/22

4,525,000

4,708,353

5.75% 1/25/21

3,389,000

3,869,147

6.625% 4/1/18

2,019,000

2,350,740

7.3% 5/13/19

1,209,000

1,466,640

 

29,334,434

Commercial Banks - 0.3%

Bank of America NA 5.3% 3/15/17

984,000

1,099,829

Credit Suisse 6% 2/15/18

2,345,000

2,701,944

Discover Bank:

7% 4/15/20

1,627,000

2,039,732

8.7% 11/18/19

357,000

472,859

Fifth Third Bancorp:

4.5% 6/1/18

520,000

575,336

8.25% 3/1/38

603,000

873,796

Fifth Third Capital Trust IV 6.5% 4/15/67 (g)

1,003,000

1,005,508

HBOS PLC 6.75% 5/21/18 (e)

773,000

821,313

Huntington Bancshares, Inc. 7% 12/15/20

404,000

492,222

JPMorgan Chase Bank 6% 10/1/17

6,514,000

7,713,143

Marshall & Ilsley Bank 5% 1/17/17

3,905,000

4,346,351

Regions Bank:

6.45% 6/26/37

2,533,000

2,640,653

7.5% 5/15/18

4,546,000

5,455,200

Regions Financial Corp.:

5.75% 6/15/15

277,000

299,160

7.75% 11/10/14

1,190,000

1,311,975

Royal Bank of Scotland Group PLC 6.125% 12/15/22

2,529,000

2,591,535

Wachovia Corp. 4.875% 2/15/14

1,083,000

1,129,777

 

35,570,333

Consumer Finance - 0.0%

Discover Financial Services:

3.85% 11/21/22 (e)

1,268,000

1,276,763

5.2% 4/27/22

1,093,000

1,227,044

Nonconvertible Bonds - continued

 

Principal Amount

Value

FINANCIALS - continued

Consumer Finance - continued

Hyundai Capital America:

1.625% 10/2/15 (e)

$ 797,000

$ 802,519

2.125% 10/2/17 (e)

881,000

891,798

 

4,198,124

Diversified Financial Services - 0.4%

Bank of America Corp.:

3.875% 3/22/17

890,000

967,636

5.65% 5/1/18

1,325,000

1,534,921

5.75% 12/1/17

3,470,000

4,012,070

6.5% 8/1/16

1,370,000

1,591,074

BP Capital Markets PLC 4.742% 3/11/21

3,200,000

3,754,621

Capital One Capital V 10.25% 8/15/39

2,059,000

2,069,295

Citigroup, Inc.:

3.953% 6/15/16

1,713,000

1,845,331

4.75% 5/19/15

5,000,000

5,402,395

5.875% 1/30/42

2,667,000

3,317,671

6.125% 5/15/18

495,000

592,259

6.5% 8/19/13

333,000

346,182

JPMorgan Chase & Co.:

3.25% 9/23/22

8,415,000

8,696,448

4.35% 8/15/21

3,217,000

3,603,014

4.5% 1/24/22

2,000,000

2,260,984

4.95% 3/25/20

3,248,000

3,756,036

RBS Citizens Financial Group, Inc. 4.15% 9/28/22 (e)

1,619,000

1,642,947

TECO Finance, Inc.:

4% 3/15/16

364,000

391,081

5.15% 3/15/20

523,000

614,072

 

46,398,037

Insurance - 0.3%

American International Group, Inc. 4.875% 9/15/16

1,209,000

1,353,183

Aon Corp.:

3.125% 5/27/16

3,625,000

3,836,526

5% 9/30/20

540,000

623,053

Axis Capital Holdings Ltd. 5.75% 12/1/14

1,589,000

1,703,004

Great-West Life & Annuity Insurance Co. 7.153% 5/16/46 (e)(g)

2,630,000

2,695,750

Hartford Financial Services Group, Inc.:

5.125% 4/15/22

2,077,000

2,362,828

6.625% 4/15/42

745,000

932,430

Nonconvertible Bonds - continued

 

Principal Amount

Value

FINANCIALS - continued

Insurance - continued

Liberty Mutual Group, Inc.:

5% 6/1/21 (e)

$ 1,847,000

$ 2,004,294

6.7% 8/15/16 (e)

1,887,000

2,169,401

Marsh & McLennan Companies, Inc. 4.8% 7/15/21

1,026,000

1,168,513

Massachusetts Mutual Life Insurance Co. 5.375% 12/1/41 (e)

1,109,000

1,304,651

MetLife, Inc.:

1.756% 12/15/17 (c)

1,057,000

1,074,226

3.048% 12/15/22

2,166,000

2,215,497

6.75% 6/1/16

1,135,000

1,355,713

Pacific Life Insurance Co. 9.25% 6/15/39 (e)

1,338,000

1,899,126

Prudential Financial, Inc.:

4.5% 11/16/21

1,118,000

1,250,027

4.75% 9/17/15

1,859,000

2,048,025

5.8% 11/16/41

1,463,000

1,715,094

6.2% 11/15/40

725,000

883,589

7.375% 6/15/19

438,000

559,311

Symetra Financial Corp. 6.125% 4/1/16 (e)

1,239,000

1,347,888

Unum Group:

5.625% 9/15/20

1,220,000

1,398,160

5.75% 8/15/42

2,210,000

2,391,273

 

38,291,562

Real Estate Investment Trusts - 0.3%

Alexandria Real Estate Equities, Inc. 4.6% 4/1/22

631,000

678,654

Boston Properties, Inc. 3.85% 2/1/23

2,456,000

2,608,616

Camden Property Trust 5.375% 12/15/13

460,000

479,409

DDR Corp. 4.625% 7/15/22

1,599,000

1,739,392

Developers Diversified Realty Corp.:

4.75% 4/15/18

1,652,000

1,827,925

7.5% 4/1/17

663,000

797,738

9.625% 3/15/16

1,009,000

1,246,126

Duke Realty LP:

3.875% 10/15/22

1,804,000

1,841,577

4.375% 6/15/22

1,237,000

1,310,474

4.625% 5/15/13

80,000

81,354

5.4% 8/15/14

1,410,000

1,502,441

5.5% 3/1/16

1,275,000

1,411,782

5.95% 2/15/17

389,000

445,314

6.25% 5/15/13

4,501,000

4,606,512

6.5% 1/15/18

1,281,000

1,504,674

Nonconvertible Bonds - continued

 

Principal Amount

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Equity One, Inc.:

3.75% 11/15/22

$ 3,200,000

$ 3,195,622

5.375% 10/15/15

203,000

222,406

6% 9/15/17

822,000

946,450

6.25% 1/15/17

540,000

617,313

Federal Realty Investment Trust:

5.4% 12/1/13

664,000

693,499

5.9% 4/1/20

351,000

418,317

6.2% 1/15/17

307,000

358,192

Health Care REIT, Inc. 2.25% 3/15/18

780,000

779,650

HRPT Properties Trust:

5.75% 11/1/15

564,000

601,424

6.65% 1/15/18

809,000

912,829

UDR, Inc. 5.5% 4/1/14

1,615,000

1,703,602

United Dominion Realty Trust, Inc. 5.25% 1/15/15

439,000

473,325

Weingarten Realty Investors 3.375% 10/15/22

472,000

472,351

 

33,476,968

Real Estate Management & Development - 0.4%

AMB Property LP:

5.9% 8/15/13

1,148,000

1,180,942

6.3% 6/1/13

1,166,000

1,192,097

BioMed Realty LP:

3.85% 4/15/16

1,500,000

1,591,854

4.25% 7/15/22

975,000

1,027,677

6.125% 4/15/20

473,000

555,753

Brandywine Operating Partnership LP:

4.95% 4/15/18

386,000

421,846

5.7% 5/1/17

567,000

636,990

7.5% 5/15/15

111,000

125,066

Colonial Properties Trust 5.5% 10/1/15

1,516,000

1,651,076

Colonial Realty LP 6.05% 9/1/16

1,122,000

1,258,674

Digital Realty Trust LP 4.5% 7/15/15

1,675,000

1,795,416

ERP Operating LP:

4.625% 12/15/21

2,855,000

3,218,753

4.75% 7/15/20

3,056,000

3,447,238

5.2% 4/1/13

1,606,000

1,628,145

5.75% 6/15/17

437,000

517,836

Liberty Property LP:

4.125% 6/15/22

1,061,000

1,120,408

4.75% 10/1/20

2,674,000

2,919,543

Nonconvertible Bonds - continued

 

Principal Amount

Value

FINANCIALS - continued

Real Estate Management & Development - continued

Liberty Property LP: - continued

5.5% 12/15/16

$ 799,000

$ 911,421

6.625% 10/1/17

938,000

1,128,882

Mack-Cali Realty LP:

2.5% 12/15/17

1,744,000

1,747,376

4.5% 4/18/22

644,000

687,177

Post Apartment Homes LP:

3.375% 12/1/22

460,000

464,531

6.3% 6/1/13

1,384,000

1,423,494

Prime Property Funding, Inc.:

5.125% 6/1/15 (e)

1,762,000

1,858,780

5.5% 1/15/14 (e)

1,140,000

1,175,638

Reckson Operating Partnership LP 6% 3/31/16

310,000

341,701

Simon Property Group LP:

4.125% 12/1/21

1,213,000

1,364,773

4.2% 2/1/15

511,000

543,050

5.1% 6/15/15

795,000

878,810

Tanger Properties LP:

6.125% 6/1/20

1,439,000

1,720,913

6.15% 11/15/15

3,307,000

3,766,356

 

42,302,216

TOTAL FINANCIALS

229,571,674

HEALTH CARE - 0.3%

Biotechnology - 0.1%

Amgen, Inc.:

5.15% 11/15/41

4,224,000

4,806,887

5.375% 5/15/43

731,000

862,059

5.65% 6/15/42

1,868,000

2,261,037

 

7,929,983

Health Care Providers & Services - 0.1%

Aetna, Inc.:

1.5% 11/15/17

305,000

307,605

2.75% 11/15/22

1,231,000

1,235,593

4.125% 11/15/42

687,000

688,258

Aristotle Holding, Inc.:

3.5% 11/15/16 (e)

3,017,000

3,242,684

4.75% 11/15/21 (e)

3,998,000

4,571,565

Nonconvertible Bonds - continued

 

Principal Amount

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Express Scripts, Inc.:

3.125% 5/15/16

$ 1,541,000

$ 1,630,182

6.25% 6/15/14

394,000

425,911

Medco Health Solutions, Inc. 4.125% 9/15/20

1,049,000

1,151,194

UnitedHealth Group, Inc.:

2.75% 2/15/23

412,000

417,900

3.95% 10/15/42

564,000

558,706

WellPoint, Inc.:

3.3% 1/15/23

2,489,000

2,558,543

4.65% 1/15/43

2,651,000

2,776,448

 

19,564,589

Pharmaceuticals - 0.1%

AbbVie, Inc.:

1.75% 11/6/17 (e)

2,480,000

2,514,249

2.9% 11/6/22 (e)

2,543,000

2,594,539

4.4% 11/6/42 (e)

2,484,000

2,627,680

Watson Pharmaceuticals, Inc.:

1.875% 10/1/17

829,000

844,258

3.25% 10/1/22

1,238,000

1,272,315

4.625% 10/1/42

747,000

786,688

 

10,639,729

TOTAL HEALTH CARE

38,134,301

INDUSTRIALS - 0.1%

Airlines - 0.1%

Continental Airlines, Inc.:

4% 4/29/26

1,117,000

1,177,039

6.545% 8/2/20

274,982

303,855

6.795% 2/2/20

75,354

79,023

U.S. Airways pass-thru trust certificates:

6.85% 1/30/18

469,609

489,567

8.36% 1/20/19

1,760,387

1,927,624

 

3,977,108

Industrial Conglomerates - 0.0%

General Electric Co. 4.125% 10/9/42

1,921,000

1,998,827

Nonconvertible Bonds - continued

 

Principal Amount

Value

INDUSTRIALS - continued

Transportation Infrastructure - 0.0%

BNSF Funding Trust I 6.613% 12/15/55 (g)

$ 755,000

$ 855,981

TOTAL INDUSTRIALS

6,831,916

INFORMATION TECHNOLOGY - 0.0%

Electronic Equipment & Components - 0.0%

Tyco Electronics Group SA:

5.95% 1/15/14

1,188,000

1,256,216

6.55% 10/1/17

612,000

732,898

 

1,989,114

MATERIALS - 0.1%

Chemicals - 0.1%

The Dow Chemical Co.:

4.125% 11/15/21

3,812,000

4,148,470

4.25% 11/15/20

980,000

1,083,074

4.375% 11/15/42

919,000

904,046

7.6% 5/15/14

3,295,000

3,611,086

 

9,746,676

Metals & Mining - 0.0%

Corporacion Nacional del Cobre de Chile (Codelco) 3.875% 11/3/21 (e)

1,810,000

1,962,945

TOTAL MATERIALS

11,709,621

TELECOMMUNICATION SERVICES - 0.3%

Diversified Telecommunication Services - 0.2%

AT&T, Inc.:

4.35% 6/15/45 (e)

3,307,000

3,304,718

5.35% 9/1/40

1,502,000

1,744,131

5.55% 8/15/41

4,943,000

5,915,090

6.3% 1/15/38

2,523,000

3,231,638

BellSouth Capital Funding Corp. 7.875% 2/15/30

56,000

74,778

CenturyLink, Inc.:

6.15% 9/15/19

1,651,000

1,822,068

6.45% 6/15/21

661,000

726,101

Embarq Corp.:

7.082% 6/1/16

306,000

359,193

Nonconvertible Bonds - continued

 

Principal Amount

Value

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

Embarq Corp.: - continued

7.995% 6/1/36

$ 614,000

$ 668,620

Verizon Communications, Inc. 6.1% 4/15/18

4,623,000

5,725,715

 

23,572,052

Wireless Telecommunication Services - 0.1%

America Movil S.A.B. de C.V.:

2.375% 9/8/16

2,609,000

2,725,421

3.125% 7/16/22

1,527,000

1,566,470

DIRECTV Holdings LLC/DIRECTV Financing, Inc.:

5.15% 3/15/42

860,000

862,003

5.875% 10/1/19

1,592,000

1,891,197

 

7,045,091

TOTAL TELECOMMUNICATION SERVICES

30,617,143

UTILITIES - 0.5%

Electric Utilities - 0.3%

American Electric Power Co., Inc.:

1.65% 12/15/17

1,039,000

1,041,598

2.95% 12/15/22

984,000

987,734

Cleveland Electric Illuminating Co. 5.65% 12/15/13

1,369,000

1,433,116

Duke Capital LLC 5.668% 8/15/14

1,596,000

1,719,714

Duquesne Light Holdings, Inc.:

5.9% 12/1/21 (e)

3,202,000

3,840,584

6.4% 9/15/20 (e)

2,344,000

2,855,836

Edison International 3.75% 9/15/17

940,000

1,025,430

FirstEnergy Corp. 7.375% 11/15/31

2,804,000

3,673,150

FirstEnergy Solutions Corp. 6.05% 8/15/21

2,918,000

3,326,765

LG&E and KU Energy LLC:

2.125% 11/15/15

1,070,000

1,088,444

3.75% 11/15/20

211,000

219,593

Pennsylvania Electric Co. 6.05% 9/1/17

1,245,000

1,465,184

Pepco Holdings, Inc. 2.7% 10/1/15

997,000

1,033,744

Progress Energy, Inc. 4.4% 1/15/21

2,710,000

3,040,157

 

26,751,049

Nonconvertible Bonds - continued

 

Principal Amount

Value

UTILITIES - continued

Gas Utilities - 0.0%

Southern Natural Gas Co. 5.9% 4/1/17 (e)

$ 732,000

$ 864,335

Southern Natural Gas Co. / Southern Natural Issuing Corp. 4.4% 6/15/21

527,000

590,333

 

1,454,668

Independent Power Producers & Energy Traders - 0.0%

PPL Energy Supply LLC:

6.2% 5/15/16

641,000

738,074

6.5% 5/1/18

1,354,000

1,637,032

PSEG Power LLC 2.75% 9/15/16

429,000

446,882

 

2,821,988

Multi-Utilities - 0.2%

Dominion Resources, Inc.:

2.6623% 9/30/66 (g)

3,267,000

3,069,281

7.5% 6/30/66 (g)

924,000

1,025,640

National Grid PLC 6.3% 8/1/16

1,687,000

1,963,607

NiSource Finance Corp.:

4.45% 12/1/21

820,000

913,097

5.25% 2/15/43

2,232,000

2,388,262

5.4% 7/15/14

353,000

377,581

5.45% 9/15/20

3,370,000

3,998,933

5.8% 2/1/42

1,054,000

1,198,449

5.95% 6/15/41

1,711,000

1,996,566

6.15% 3/1/13

818,000

828,052

6.4% 3/15/18

1,146,000

1,382,774

Sempra Energy:

2.3% 4/1/17

2,249,000

2,347,266

2.875% 10/1/22

1,006,000

1,011,895

Wisconsin Energy Corp. 6.25% 5/15/67 (g)

1,012,000

1,092,960

 

23,594,363

TOTAL UTILITIES

54,622,068

TOTAL NONCONVERTIBLE BONDS

(Cost $479,627,790)


516,700,738

U.S. Government and Government Agency Obligations - 7.5%

 

U.S. Treasury Inflation Protected Obligations - 0.6%

U.S. Treasury Inflation-Indexed Bonds 0.75% 2/15/42

68,143,873

76,201,854

U.S. Government and Government Agency Obligations - continued

 

Principal Amount

Value

U.S. Treasury Obligations - 6.9%

U.S. Treasury Bonds:

2.75% 8/15/42

$ 36,997,000

$ 36,598,135

2.75% 11/15/42

11,852,000

11,709,409

3% 5/15/42

12,548,000

13,085,205

U.S. Treasury Notes:

0.125% 7/31/14

22,000,000

21,955,318

0.25% 4/30/14

83,072,000

83,094,679

0.25% 6/30/14

61,932,000

61,939,246

0.25% 9/30/14

123,470,000

123,470,000

0.5% 7/31/17

22,580,000

22,507,676

0.75% 6/30/17

7,482,000

7,548,051

0.75% 10/31/17

55,537,000

55,918,817

1% 1/15/14

205,911,000

207,704,691

1.625% 8/15/22

133,009,000

133,580,540

1.75% 5/15/22

34,321,000

34,985,969

1.875% 10/31/17

1,430,000

1,517,364

TOTAL U.S. TREASURY OBLIGATIONS

815,615,100

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $888,190,263)


891,816,954

U.S. Government Agency - Mortgage Securities - 6.9%

 

Fannie Mae - 4.5%

2.5% 5/1/27 to 12/1/27

16,199,984

16,955,451

2.559% 6/1/36 (g)

33,615

36,045

2.849% 2/1/35 (g)

635,762

683,642

2.944% 7/1/37 (g)

94,482

101,598

3% 3/1/27 to 7/1/27

6,534,229

6,899,894

3% 12/1/27 (f)

2,200,000

2,319,281

3% 12/1/42 (f)

100,000

105,172

3% 12/1/42 (f)

29,700,000

31,236,063

3% 12/1/42 (f)

20,900,000

21,980,933

3% 12/1/42 (f)

20,900,000

21,980,933

3.5% 1/1/22 to 11/1/42

52,174,819

55,998,099

3.5% 7/1/42

150,712

162,010

3.5% 7/1/42

218,287

234,650

3.5% 8/1/42

279,246

300,179

3.5% 8/1/42

258,253

277,612

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Fannie Mae - continued

3.5% 12/1/42 (f)

$ 5,000,000

$ 5,335,157

3.5% 12/1/42 (f)

10,200,000

10,883,719

3.5% 12/1/42 (f)

5,000,000

5,335,157

3.5% 12/1/42 (f)

2,300,000

2,454,172

3.5% 12/1/42 (f)

4,100,000

4,374,828

3.5% 1/1/43 (f)

3,800,000

4,046,406

3.5% 1/1/43 (f)

4,100,000

4,365,859

4% 7/1/15 to 7/1/42

82,996,865

90,006,803

4% 10/1/41

3,152,042

3,433,616

4% 12/1/42 (f)

6,500,000

6,963,853

4% 12/1/42 (f)

6,500,000

6,963,853

4% 1/1/43 (f)

2,300,000

2,462,336

4.5% 6/1/24 to 11/1/41

65,923,882

71,881,295

4.5% 12/1/42 (f)

16,300,000

17,568,344

4.5% 12/1/42 (f)

2,500,000

2,694,531

5% 6/1/20 to 6/1/40

19,626,643

21,322,055

5.5% 7/1/28 to 2/1/38

45,369,091

49,892,781

6% 3/1/22 to 1/1/42

51,557,177

57,041,033

6.5% 2/1/36

35,606

39,961

TOTAL FANNIE MAE

526,337,321

Freddie Mac - 1.5%

3.454% 10/1/35 (g)

49,215

52,921

3.5% 4/1/32 to 11/1/42

23,694,303

25,460,027

3.5% 12/1/42 (f)

7,300,000

7,762,951

3.5% 12/1/42 (f)

5,300,000

5,636,115

4% 6/1/24 to 4/1/42

25,207,183

27,224,889

4% 9/1/41

817,387

887,212

4% 12/1/42 (f)

1,000,000

1,066,050

4% 12/1/42 (f)

1,000,000

1,066,050

4.5% 7/1/25 to 10/1/41

42,786,819

46,741,648

4.5% 12/1/42 (f)

7,400,000

7,919,252

5% 1/1/35 to 4/1/41

18,461,120

20,043,427

5.5% 12/1/28 to 1/1/40

23,169,036

25,079,997

6% 7/1/37 to 8/1/37

599,155

654,421

6.5% 9/1/39

7,165,341

8,004,213

TOTAL FREDDIE MAC

177,599,173

Ginnie Mae - 0.9%

3% 12/1/42 (f)

16,100,000

17,174,181

U.S. Government Agency - Mortgage Securities - continued

 

Principal Amount

Value

Ginnie Mae - continued

3.5% 11/15/41 to 5/15/42

$ 4,545,207

$ 4,983,743

4% 1/15/25 to 12/15/41

16,142,335

17,801,457

4.5% 5/15/39 to 4/15/41

32,051,292

35,225,314

5% 3/15/39 to 9/15/41

28,833,719

31,716,235

5.5% 12/20/28 to 12/15/38

1,766,558

1,956,235

6% 9/20/38

2,134,772

2,382,788

TOTAL GINNIE MAE

111,239,953

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $802,119,639)


815,176,447

Asset-Backed Securities - 0.0%

 

Accredited Mortgage Loan Trust Series 2005-1 Class M1, 0.6775% 4/25/35 (g)

138,303

121,495

ACE Securities Corp. Home Equity Loan Trust:

Series 2004-HE1 Class M2, 1.8575% 3/25/34 (g)

47,631

45,269

Series 2005-HE2 Class M2, 0.8825% 4/25/35 (g)

9,653

9,497

Advanta Business Card Master Trust Series 2006-C1 Class C1, 0.6758% 10/20/14 (g)

95,000

950

Ameriquest Mortgage Securities, Inc. pass-thru certificates:

Series 2003-10 Class M1, 0.9075% 12/25/33 (g)

12,015

10,545

Series 2004-R2 Class M3, 0.7575% 4/25/34 (g)

17,571

7,711

Series 2005-R2 Class M1, 0.6575% 4/25/35 (g)

331,000

318,206

Argent Securities, Inc. pass-thru certificates:

Series 2003-W7 Class A2, 0.9875% 3/25/34 (g)

7,674

6,405

Series 2004-W7 Class M1, 0.7575% 5/25/34 (g)

204,000

175,052

Series 2006-W4 Class A2C, 0.3675% 5/25/36 (g)

206,871

63,521

Carrington Mortgage Loan Trust Series 2007-RFC1 Class A3, 0.3475% 12/25/36 (g)

289,000

134,583

Countrywide Asset-Backed Certificates Trust Series 2007-4 Class A1A, 0.3307% 9/25/37 (g)

8,692

8,661

Countrywide Home Loans, Inc.:

Series 2003-BC1 Class B1, 5.4607% 3/25/32 (MGIC Investment Corp. Insured) (g)

15,322

14,345

Series 2004-3 Class M4, 1.6625% 4/25/34 (g)

25,557

11,787

Series 2004-4 Class M2, 1.0025% 6/25/34 (g)

94,124

56,527

Fannie Mae Series 2004-T5 Class AB3, 1.074% 5/28/35 (g)

6,234

4,664

Asset-Backed Securities - continued

 

Principal Amount

Value

First Franklin Mortgage Loan Trust Series 2004-FF2 Class M3, 1.0325% 3/25/34 (g)

$ 3,173

$ 1,838

Fremont Home Loan Trust Series 2005-A Class M4, 1.2275% 1/25/35 (g)

58,000

7,358

GE Business Loan Trust:

Series 2003-1 Class A, 0.638% 4/15/31 (e)(g)

28,953

27,401

Series 2006-2A:

Class A, 0.388% 11/15/34 (e)(g)

215,303

186,361

Class B, 0.488% 11/15/34 (e)(g)

77,875

54,624

Class C, 0.588% 11/15/34 (e)(g)

129,411

75,174

GSAMP Trust Series 2004-AR1 Class B4, 3.7712% 6/25/34 (e)(g)

65,519

24,294

Home Equity Asset Trust:

Series 2003-2 Class M1, 1.5275% 8/25/33 (g)

41,663

37,708

Series 2003-3 Class M1, 1.4975% 8/25/33 (g)

105,990

91,390

Series 2003-5 Class A2, 0.9075% 12/25/33 (g)

5,278

4,154

HSI Asset Securitization Corp. Trust Series 2007-HE1 Class 2A3, 0.3975% 1/25/37 (g)

231,000

88,259

JPMorgan Mortgage Acquisition Trust Series 2007-CH1 Class AV4, 0.3375% 11/25/36 (g)

231,000

219,398

Keycorp Student Loan Trust:

Series 1999-A Class A2, 0.6935% 12/27/29 (g)

77,602

70,595

Series 2006-A Class 2C, 1.5135% 3/27/42 (g)

406,000

19,619

Marriott Vacation Club Owner Trust Series 2006-2A Class D, 6.01% 10/20/28 (e)

9,120

9,110

MASTR Asset Backed Securities Trust Series 2007-HE1 Class M1, 0.5075% 5/25/37 (g)

126,000

2,176

Meritage Mortgage Loan Trust Series 2004-1 Class M1, 0.9575% 7/25/34 (g)

18,586

11,664

Merrill Lynch Mortgage Investors Trust:

Series 2003-OPT1 Class M1, 1.1825% 7/25/34 (g)

60,665

43,898

Series 2006-FM1 Class A2B, 0.3175% 4/25/37 (g)

202,877

189,441

Series 2006-OPT1 Class A1A, 0.4675% 6/25/35 (g)

380,992

323,207

Morgan Stanley ABS Capital I Trust:

Series 2004-HE6 Class A2, 0.5475% 8/25/34 (g)

9,173

7,598

Series 2004-NC8 Class M6, 1.4575% 9/25/34 (g)

22,030

10,133

Series 2005-NC1 Class M1, 0.6475% 1/25/35 (g)

64,000

52,262

Series 2005-NC2 Class B1, 1.3775% 3/25/35 (g)

66,866

2,536

National Collegiate Student Loan Trust Series 2006-4 Class D, 1.3075% 5/25/32 (g)

310,000

34

New Century Home Equity Loan Trust Series 2005-4 Class M2, 0.7175% 9/25/35 (g)

229,000

170,013

Park Place Securities, Inc. Series 2004-WCW1:

Class M3, 1.4575% 9/25/34 (g)

85,000

39,807

Asset-Backed Securities - continued

 

Principal Amount

Value

Park Place Securities, Inc. Series 2004-WCW1: - continued

Class M4, 1.6575% 9/25/34 (g)

$ 109,000

$ 27,532

Salomon Brothers Mortgage Securities VII, Inc. Series 2003-HE1 Class A, 1.0075% 4/25/33 (g)

815

709

Sierra Receivables Funding Co. Series 2007-1A Class A2, 0.3575% 3/20/19 (FGIC Insured) (e)(g)

54,510

54,100

SLM Private Credit Student Loan Trust Series 2004-A Class C, 1.3388% 6/15/33 (g)

204,000

132,347

SVO VOI Mortgage Corp. Series 2006-AA Class A, 5.28% 2/20/24 (e)

49,580

50,582

Terwin Mortgage Trust Series 2003-4HE Class A1, 1.0675% 9/25/34 (g)

4,618

3,988

TOTAL ASSET-BACKED SECURITIES

(Cost $2,879,392)


3,028,528

Collateralized Mortgage Obligations - 1.3%

 

Private Sponsor - 0.0%

COMM pass-thru certificates floater Series 2001-J2A Class A2F, 0.7075% 7/16/34 (e)(g)

989

989

Credit Suisse Mortgage Capital Certificates sequential payer Series 2010-16 Class A1, 3% 6/25/50 (e)

428,683

431,997

First Horizon Mortgage pass-thru Trust Series 2004-AR5 Class 2A1, 2.6312% 10/25/34 (g)

158,997

161,602

Granite Master Issuer PLC floater:

Series 2006-4:

Class B1, 0.3875% 12/20/54 (g)

682,000

630,850

Class M1, 0.5475% 12/20/54 (g)

179,000

159,310

Series 2007-1:

Class 1M1, 0.5075% 12/20/54 (g)

226,000

201,140

Class 2M1, 0.7075% 12/20/54 (g)

290,000

258,100

JPMorgan Mortgage Trust sequential payer Series 2006-A5 Class 3A5, 5.6575% 8/25/36 (g)

262,085

205,837

MASTR Adjustable Rate Mortgages Trust Series 2007-3 Class 22A2, 0.4175% 5/25/47 (g)

114,026

76,272

Merrill Lynch Alternative Note Asset Trust floater Series 2007-OAR1 Class A1, 0.3775% 2/25/37 (g)

200,510

168,773

Opteum Mortgage Acceptance Corp. floater Series 2005-3 Class APT, 0.4975% 7/25/35 (g)

289,591

277,207

RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B:

Class B5, 2.559% 7/10/35 (e)(g)

137,911

115,879

Collateralized Mortgage Obligations - continued

 

Principal Amount

Value

Private Sponsor - continued

RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B: - continued

Class B6, 3.059% 7/10/35 (e)(g)

$ 182,926

$ 150,909

Residential Funding Securities Corp. floater Series 2003-RP2 Class A1, 0.6575% 6/25/33 (e)(g)

24,541

23,668

Sequoia Mortgage Trust floater Series 2004-6 Class A3B, 1.6169% 7/20/34 (g)

5,271

4,938

Structured Asset Securities Corp. Series 2003-15A Class 4A, 5.2091% 4/25/33 (g)

54,032

52,047

TOTAL PRIVATE SPONSOR

2,919,518

U.S. Government Agency - 1.3%

Fannie Mae:

floater:

Series 2007-53 Class FB, 0.6075% 6/25/37 (g)

8,034,978

8,049,417

Series 2007-85 Class FL, 0.7475% 9/25/37 (g)

2,855,917

2,880,591

Series 2007-89 Class FT, 0.7775% 9/25/37 (g)

2,212,831

2,231,445

Series 2012-110 Class JF, 0.6575% 10/25/42 (g)

3,225,570

3,234,396

Series 2012-122:

Class FM, 0.6075% 11/25/42 (g)

11,099,931

11,166,064

Class LF, 0.6075% 11/25/42 (g)

16,605,587

16,704,523

Series 2012-93 Class FE, 0.6075% 9/25/42 (g)

8,834,910

8,831,117

floater planned amortization class:

Series 2012-128 Class VF, 0.4575% 6/25/42 (g)

1,236,254

1,240,987

Series 2012-111 Class NF, 0.5575% 5/25/42 (g)

1,894,135

1,896,848

Series 2012-113 Class PF, 0.5575% 10/25/40 (g)

5,059,768

5,073,756

floater sequential payer:

Series 2012-101 Class FB, 0.6575% 5/25/39 (g)

7,612,011

7,678,070

Series 2012-111 Class JF 0.6075% 7/25/40 (g)

36,871,693

37,055,988

Freddie Mac:

floater:

Series 3349 Class FE, 0.698% 7/15/37 (g)

2,566,876

2,583,880

Series 3376 Class FA, 0.808% 10/15/37 (g)

2,630,166

2,662,407

Series 4087 Class FB, 0.678% 7/15/42 (g)

19,707,398

19,759,879

floater planned amortization class Series 4094 Class BF, 0.608% 8/15/32 (g)

2,860,149

2,871,370

Ginnie Mae guaranteed REMIC pass-thru certificates:

floater:

Series 2010-133 Class FB, 0.694% 10/16/40 (g)

3,135,414

3,150,831

Series 2012-48 Class FA, 0.564% 4/16/42 (g)

5,247,474

5,258,897

Collateralized Mortgage Obligations - continued

 

Principal Amount

Value

U.S. Government Agency - continued

Ginnie Mae guaranteed REMIC pass-thru certificates: - continued

floater: - continued

Series 2012-75 Class FA, 0.6607% 6/20/42 (g)

$ 4,895,725

$ 4,935,987

Series 2012-93 Class NF, 0.6107% 7/20/42 (g)

3,765,018

3,770,994

floater sequential payer Series 2010-113 Class JF, 0.6107% 3/20/38 (g)

2,644,680

2,659,378

TOTAL U.S. GOVERNMENT AGENCY

153,696,825

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $156,570,968)


156,616,343

Commercial Mortgage Securities - 1.5%

 

Asset Securitization Corp. Series 1997-D5 Class A6, 7.3614% 2/14/43 (g)

10,871

10,893

Banc of America Commercial Mortgage Trust:

sequential payer:

Series 2006-2 Class AAB, 5.7086% 5/10/45 (g)

209,432

221,166

Series 2006-6 Class A3, 5.369% 10/10/45

554,000

604,078

Series 2007-4 Class A3, 5.7964% 2/10/51 (g)

270,113

285,276

Series 2006-6 Class E, 5.619% 10/10/45 (e)

160,000

16,096

Series 2007-3:

Class A3, 5.5348% 6/10/49 (g)

463,000

467,579

Class A4, 5.5348% 6/10/49 (g)

577,000

666,747

Banc of America Commercial Mortgage, Inc.:

sequential payer:

Series 2004-2 Class A4, 4.153% 11/10/38

287,458

290,810

Series 2005-1 Class A3, 4.877% 11/10/42

53,718

53,692

Series 2001-3 Class H, 6.562% 4/11/37 (e)

155,000

155,645

Series 2005-3 Class A3B, 5.09% 7/10/43 (g)

860,000

905,890

Banc of America Large Loan, Inc. floater Series 2006-BIX1:

Class F, 0.518% 10/15/19 (e)(g)

224,023

220,102

Class G, 0.538% 10/15/19 (e)(g)

192,000

188,640

Bayview Commercial Asset Trust floater:

Series 2004-1:

Class A, 0.5675% 4/25/34 (e)(g)

146,347

131,028

Class B, 2.1075% 4/25/34 (e)(g)

16,381

9,706

Series 2005-2A:

Class A1, 0.5175% 8/25/35 (e)(g)

220,097

159,092

Class M2, 0.6875% 8/25/35 (e)(g)

19,124

10,300

Commercial Mortgage Securities - continued

 

Principal Amount

Value

Bayview Commercial Asset Trust floater: - continued

Series 2005-3A Class A2, 0.6075% 11/25/35 (e)(g)

$ 78,165

$ 59,577

Series 2005-4A:

Class A2, 0.5975% 1/25/36 (e)(g)

196,941

143,642

Class M1, 0.6575% 1/25/36 (e)(g)

63,567

35,538

Series 2006-2A Class A1, 0.4375% 7/25/36 (e)(g)

522,259

375,799

Series 2006-4A:

Class A1, 0.4375% 12/25/36 (e)(g)

111,620

88,183

Class A2, 0.4775% 12/25/36 (e)(g)

565,321

320,116

Series 2007-1 Class A2, 0.4775% 3/25/37 (e)(g)

120,392

67,026

Series 2007-2A:

Class A1, 0.4775% 7/25/37 (e)(g)

318,782

211,210

Class A2, 0.5275% 7/25/37 (e)(g)

298,464

104,817

Class M1, 0.5775% 7/25/37 (e)(g)

101,590

27,839

Class M4, 0.8575% 7/25/37 (e)(g)

111,398

6,256

Class M5, 0.9575% 7/25/37 (e)(g)

98,087

4,379

Class M6, 1.2075% 7/25/37 (e)(g)

123,368

1,851

Series 2007-3:

Class A2, 0.4975% 7/25/37 (e)(g)

116,234

58,283

Class B1, 1.1575% 7/25/37 (e)(g)

70,169

5,332

Class B2, 1.8075% 7/25/37 (e)(g)

70,914

3,774

Class M1, 0.5175% 7/25/37 (e)(g)

61,599

20,856

Class M2, 0.5475% 7/25/37 (e)(g)

65,884

18,312

Class M3, 0.5775% 7/25/37 (e)(g)

105,521

22,830

Class M4, 0.7075% 7/25/37 (e)(g)

166,584

27,974

Class M5, 0.8075% 7/25/37 (e)(g)

84,631

12,051

Class M6, 1.0075% 7/25/37 (e)(g)

64,277

7,726

Series 2007-4A:

Class M4, 1.8075% 9/25/37 (e)(g)

110,522

5,990

Class M5, 1.9575% 9/25/37 (e)(g)

110,522

4,014

Class M6, 2.1575% 9/25/37 (e)(g)

16,280

570

Bear Stearns Commercial Mortgage Securities Trust:

floater Series 2007-BBA8:

Class E, 0.508% 3/15/22 (e)(g)

514,000

465,091

Class F, 0.558% 3/15/22 (e)(g)

315,000

278,727

sequential payer Series 2004-PWR3 Class A3, 4.487% 2/11/41

22,950

23,020

Series 2006-T22 Class A4, 5.5388% 4/12/38 (g)

35,000

39,806

C-BASS Trust floater Series 2006-SC1 Class A, 0.4775% 5/25/36 (e)(g)

107,357

93,352

CDC Commercial Mortgage Trust Series 2002-FX1 Class G, 6.625% 5/15/35 (e)

325,000

341,804

Commercial Mortgage Securities - continued

 

Principal Amount

Value

Citigroup Commercial Mortgage Trust:

floater Series 2006-FL2 Class H, 0.579% 8/15/21 (e)(g)

$ 30,247

$ 28,865

Series 2007-FL3A Class A2, 0.348% 4/15/22 (e)(g)

26,657

26,289

Series 2008-C7 Class A2B, 6.2624% 12/10/49 (g)

169,838

172,433

Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2007-CD4 Class A3, 5.293% 12/11/49

270,000

280,575

Cobalt CMBS Commercial Mortgage Trust:

sequential payer Series 2007-C3 Class A3, 5.804% 5/15/46 (g)

277,000

295,831

Series 2006-C1 Class B, 5.359% 8/15/48

831,000

111,396

Series 2007-C2 Class B, 5.617% 4/15/47 (g)

310,000

133,222

COMM pass-thru certificates:

floater:

Series 2005-FL11:

Class C, 0.508% 11/15/17 (e)(g)

170,265

161,690

Class D, 0.548% 11/15/17 (e)(g)

8,834

8,213

Class E, 0.598% 11/15/17 (e)(g)

31,322

28,805

Class F, 0.658% 11/15/17 (e)(g)

24,094

21,917

Class G, 0.708% 11/15/17 (e)(g)

16,598

14,766

Series 2006-FL12 Class AJ, 0.338% 12/15/20 (e)(g)

395,000

367,128

sequential payer:

Series 2006-C8 Class A3, 5.31% 12/10/46

789,000

815,281

Series 2006-CN2A:

Class A2FX, 5.449% 2/5/19 (e)

341,988

343,224

Class AJFX, 5.478% 2/5/19 (e)

828,000

829,466

Credit Suisse Commercial Mortgage Trust:

sequential payer:

Series 2007-C2 Class A3, 5.542% 1/15/49 (g)

554,000

629,908

Series 2007-C3 Class A4, 5.6765% 6/15/39 (g)

7,147,000

8,145,107

Series 2007-C5 Class A4, 5.695% 9/15/40 (g)

251,000

289,725

Credit Suisse First Boston Mortgage Capital Certificates floater Series 2007-TF2A Class B, 0.558% 4/15/22 (e)(g)

988,000

821,359

Credit Suisse First Boston Mortgage Securities Corp. Series 2006-C1 Class A3, 5.4101% 2/15/39 (g)

958,186

982,711

Credit Suisse Mortgage Capital Certificates:

floater Series 2007-TFL1:

Class B, 0.358% 2/15/22 (e)(g)

105,000

101,499

Class C:

0.378% 2/15/22 (e)(g)

299,000

278,086

0.478% 2/15/22 (e)(g)

107,000

99,676

Commercial Mortgage Securities - continued

 

Principal Amount

Value

Credit Suisse Mortgage Capital Certificates: - continued

floater Series 2007-TFL1: - continued

Class F, 0.528% 2/15/22 (e)(g)

$ 213,000

$ 198,315

Series 2007-C1 Class B, 5.487% 2/15/40 (e)(g)

420,000

59,682

Greenwich Capital Commercial Funding Corp.:

floater Series 2006-FL4 Class B, 0.4% 11/5/21 (e)(g)

104,000

99,299

sequential payer Series 2007-GG9 Class A4, 5.444% 3/10/39

5,923,000

6,831,257

GS Mortgage Securities Corp. II floater:

Series 2006-FL8A:

Class E, 0.5885% 6/6/20 (e)(g)

50,334

50,300

Class F, 0.6585% 6/6/20 (e)(g)

134,000

133,820

Series 2007-EOP:

Class A2, 1.2601% 3/6/20 (e)(g)

1,030,000

1,031,957

Class C, 2.0056% 3/6/20 (e)(g)

263,000

263,736

Class D, 2.2018% 3/6/20 (e)(g)

1,737,000

1,741,864

Class H, 3.3004% 3/6/20 (e)(g)

121,000

121,762

Class J, 4.0852% 3/6/20 (e)(g)

174,000

175,409

GS Mortgage Securities Trust sequential payer:

Series 2006-GG8 Class A2, 5.479% 11/10/39

82,873

84,250

Series 2007-GG10 Class A2, 5.778% 8/10/45

61,887

62,185

JPMorgan Chase Commercial Mortgage Securities Trust:

floater Series 2006-FLA2:

Class B, 0.378% 11/15/18 (e)(g)

137,146

132,796

Class C, 0.418% 11/15/18 (e)(g)

97,629

94,003

Class F, 0.538% 11/15/18 (e)(g)

66,636

58,830

Class G, 0.568% 11/15/18 (e)(g)

57,725

48,654

sequential payer:

Series 2006-LDP9 Class A2, 5.134% 5/15/47 (g)

83,485

87,578

Series 2007-CB19 Class A4, 5.7282% 2/12/49 (g)

1,180,000

1,387,956

Series 2007-LD11 Class A4, 5.8131% 6/15/49 (g)

25,480,461

29,727,417

Series 2007-LDPX Class A2 S, 5.305% 1/15/49

404,987

407,152

Series 2006-CB17 Class A3, 5.45% 12/12/43

63,497

63,586

Series 2007-CB18 Class A3, 5.447% 6/12/47 (g)

249,261

260,412

Series 2007-CB19:

Class B, 5.7282% 2/12/49 (g)

24,000

8,280

Class C, 5.7282% 2/12/49 (g)

62,000

16,739

Class D, 5.7282% 2/12/49 (g)

65,000

6,410

Series 2007-LDP10:

Class CS, 5.466% 1/15/49 (g)

23,000

1,798

Class ES, 5.5618% 1/15/49 (e)(g)

143,000

6,833

LB-UBS Commercial Mortgage Trust:

sequential payer:

Series 2006-C1 Class A2, 5.084% 2/15/31

3,688

3,691

Commercial Mortgage Securities - continued

 

Principal Amount

Value

LB-UBS Commercial Mortgage Trust: - continued

sequential payer: - continued

Series 2006-C6 Class A2, 5.262% 9/15/39 (g)

$ 15,011

$ 15,027

Series 2006-C7 Class A2, 5.3% 11/15/38

159,990

164,050

Series 2007-C7 Class A3, 5.866% 9/15/45

294,000

352,704

Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2006-LLFA:

Class D, 0.438% 9/15/21 (e)(g)

88,297

83,970

Class E, 0.498% 9/15/21 (e)(g)

320,310

296,608

Class F, 0.548% 9/15/21 (e)(g)

183,169

165,035

Class G, 0.568% 9/15/21 (e)(g)

361,641

316,798

Class H, 0.608% 9/15/21 (e)(g)

92,993

78,208

Merrill Lynch Mortgage Trust:

sequential payer Series 2005-CIP1 Class A2, 4.96% 7/12/38

240,177

244,894

Series 2005-LC1 Class F, 5.4357% 1/12/44 (e)(g)

241,000

162,021

Series 2006-C1 Class A2, 5.6401% 5/12/39 (g)

129,885

130,549

Series 2007-C1 Class A4, 5.847% 6/12/50 (g)

7,022,000

8,082,294

Series 2008-C1 Class A4, 5.69% 2/12/51

591,000

703,443

Merrill Lynch-CFC Commercial Mortgage Trust:

floater Series 2006-4 Class A2FL, 0.329% 12/12/49 (g)

24,878

24,755

sequential payer:

Series 2006-4 Class ASB, 5.133% 12/12/49 (g)

190,160

199,835

Series 2007-5:

Class A3, 5.364% 8/12/48

108,000

111,987

Class A4, 5.378% 8/12/48

6,120,000

6,984,799

Series 2007-6 Class A4, 5.485% 3/12/51 (g)

2,446,000

2,819,240

Series 2007-7 Class A4, 5.7277% 6/12/50 (g)

970,000

1,109,318

Series 2007-6 Class B, 5.635% 3/12/51 (g)

277,000

58,173

Series 2007-7 Class B, 5.7277% 6/12/50 (g)

356,000

21,651

Series 2007-8 Class A3, 5.9492% 8/12/49 (g)

239,000

277,738

Morgan Stanley Capital I Trust:

floater:

Series 2006-XLF Class C, 1.408% 7/15/19 (e)(g)

57,391

37,878

Series 2007-XLFA:

Class C, 0.368% 10/15/20 (e)(g)

159,000

147,473

Class D, 0.398% 10/15/20 (e)(g)

107,000

97,103

Class E, 0.458% 10/15/20 (e)(g)

134,000

117,920

sequential payer Series 2005-IQ9 Class A3, 4.54% 7/15/56

248,725

251,397

Series 2006-T23 Class A3, 5.8159% 8/12/41 (g)

141,000

147,108

Series 2007-HQ12 Class A4, 5.5763% 4/12/49 (g)

1,466,000

1,590,594

Commercial Mortgage Securities - continued

 

Principal Amount

Value

Morgan Stanley Capital I Trust: - continued

Series 2007-IQ14:

Class A4, 5.692% 4/15/49 (g)

$ 4,221,000

$ 4,894,507

Class B, 5.7272% 4/15/49 (g)

68,000

18,499

Wachovia Bank Commercial Mortgage Trust:

floater:

Series 2006-WL7A:

Class E, 0.4875% 9/15/21 (e)(g)

278,000

250,204

Class F, 0.5475% 9/15/21 (e)(g)

301,000

264,885

Class G, 0.5675% 9/15/21 (e)(g)

285,000

245,105

Series 2007-WHL8 Class F, 0.688% 6/15/20 (e)(g)

686,000

514,500

sequential payer:

Series 2006-C29 Class A3, 5.313% 11/15/48

736,000

765,468

Series 2007-C30:

Class A3, 5.246% 12/15/43

88,345

91,838

Class A4, 5.305% 12/15/43

81,000

87,310

Class A5, 5.342% 12/15/43

18,376,000

21,063,497

Series 2007-C31:

Class A4, 5.509% 4/15/47

13,271,000

15,340,029

Class A5, 5.5% 4/15/47

3,030,000

3,386,040

Series 2007-C32 Class A3, 5.7501% 6/15/49 (g)

19,939,000

23,287,755

Series 2007-C33:

Class A4, 5.9225% 2/15/51 (g)

6,410,000

7,586,248

Class A5, 5.9225% 2/15/51 (g)

4,253,000

4,971,574

Series 2005-C19 Class B, 4.892% 5/15/44

277,000

293,496

Series 2005-C22:

Class B, 5.3835% 12/15/44 (g)

614,000

419,608

Class F, 5.3835% 12/15/44 (e)(g)

462,000

99,723

Series 2007-C31 Class C, 5.6818% 4/15/47 (g)

1,142,000

262,434

Series 2007-C31A Class A2, 5.421% 4/15/47

555,248

571,731

Series 2007-C32:

Class D, 5.7501% 6/15/49 (g)

208,000

52,256

Class E, 5.7501% 6/15/49 (g)

328,000

77,229

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $164,409,386)


174,762,134

Municipal Securities - 0.3%

 

Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.) Series 2005 A, 3.375%, tender 7/1/15 (g)

465,000

480,829

California Gen. Oblig.:

Series 2009, 7.35% 11/1/39

435,000

607,517

Municipal Securities - continued

 

Principal
Amount

Value

California Gen. Oblig.: - continued

7.3% 10/1/39

$ 345,000

$ 478,932

7.5% 4/1/34

2,915,000

4,072,576

7.55% 4/1/39

3,035,000

4,384,058

7.6% 11/1/40

6,425,000

9,417,187

7.625% 3/1/40

665,000

963,785

Chicago Gen. Oblig. (Taxable Proj.) Series 2010 C1, 7.781% 1/1/35

320,000

421,744

Illinois Gen. Oblig.:

Series 2003, 5.1% 6/1/33

6,045,000

6,099,768

Series 2010-1, 6.63% 2/1/35

1,580,000

1,832,642

Series 2010-3:

6.725% 4/1/35

2,510,000

2,940,089

7.35% 7/1/35

810,000

998,301

Series 2011, 5.877% 3/1/19

240,000

276,701

TOTAL MUNICIPAL SECURITIES

(Cost $30,878,203)


32,974,129

Fixed-Income Funds - 76.8%

Shares

 

High Yield Fixed-Income Funds - 0.6%

Fidelity Focused High Income Fund (d)

3,317,570

31,185,163

Fidelity New Markets Income Fund (d)

2,085,816

37,440,391

TOTAL HIGH YIELD FIXED-INCOME FUNDS

68,625,554

Intermediate-Term Bond Funds - 74.5%

DoubleLine Total Return Bond Fund

52,547,481

596,413,909

Fidelity GNMA Fund (d)

28,664,640

337,669,455

JPMorgan Core Bond Fund Class A

106,863,793

1,297,326,450

Metropolitan West Total Return Bond Fund Class M

111,760,418

1,241,658,241

PIMCO Total Return Fund Administrative Class

223,126,993

2,592,735,653

Spartan U.S. Bond Index Fund Investor Class (d)

56,178,504

670,771,338

Westcore Plus Bond Fund

4,145,601

46,845,288

Fixed-Income Funds - continued

Shares

Value

Intermediate-Term Bond Funds - continued

Western Asset Core Bond Portfolio Class F

55,135,233

$ 683,676,891

Western Asset Core Plus Bond Portfolio

117,174,579

1,368,599,088

TOTAL INTERMEDIATE-TERM BOND FUNDS

8,835,696,313

Long-Term Bond Funds - 1.2%

ING Intermediate Bond Fund - Class A

2,900,008

29,754,080

PIMCO Long-Term Credit Fund Institutional Class

8,147,269

110,476,972

TOTAL LONG-TERM BOND FUNDS

140,231,052

Municipal Bond Funds - 0.5%

Spartan Long-Term Treasury Bond Index Fund Investor Class (d)

4,679,505

62,284,217

TOTAL FIXED-INCOME FUNDS

(Cost $8,682,302,650)


9,106,837,136

Short-Term Funds - 1.7%

 

 

 

 

Short-Term Funds - 1.7%

Prudential Short-Term Corporate Bond Fund, Inc. Class A
(Cost $202,895,076)

17,596,503


203,943,470

Money Market Funds - 1.0%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (a)

119,170,685

119,170,685

SSgA US Treasury Money Market Fund, 0% (b)

3

3

TOTAL MONEY MARKET FUNDS

(Cost $119,170,688)


119,170,688

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $11,529,044,055)

12,021,026,567

NET OTHER ASSETS (LIABILITIES) - (1.4)%

(167,723,752 )

NET ASSETS - 100%

$ 11,853,302,815

TBA Sale Commitments

 

Principal
Amount

Value

Fannie Mae

3% 12/1/27

$ (2,200,000)

$ (2,319,281)

3% 12/1/42

(2,200,000)

(2,313,782)

3.5% 12/1/42

(7,300,000)

(7,789,328)

3.5% 12/1/42

(5,000,000)

(5,335,157)

3.5% 12/1/42

(2,300,000)

(2,454,172)

3.5% 12/1/42

(3,800,000)

(4,054,719)

3.5% 12/1/42

(4,100,000)

(4,374,828)

3.5% 12/1/42

(4,100,000)

(4,374,828)

4% 12/1/42

(4,200,000)

(4,499,720)

4% 12/1/42

(2,300,000)

(2,464,133)

4% 12/1/42

(6,500,000)

(6,963,853)

4.5% 12/1/42

(13,800,000)

(14,873,813)

4.5% 12/1/42

(2,500,000)

(2,694,531)

4.5% 12/1/42

(2,500,000)

(2,694,531)

4.5% 1/1/43

(16,300,000)

(17,558,794 )

TOTAL FANNIE MAE

(84,765,470 )

Freddie Mac

3.5% 12/1/42

(5,300,000)

(5,636,115)

3.5% 12/1/42

(2,000,000)

(2,126,836)

3.5% 12/1/42

(5,300,000)

(5,636,115)

4% 12/1/42

(1,000,000)

(1,066,050)

TBA Sale Commitments - continued

 

Principal
Amount

Value

Freddie Mac - continued

4% 12/1/42

$ (1,000,000)

$ (1,066,050)

4.5% 12/1/42

(7,400,000)

(7,919,252 )

TOTAL FREDDIE MAC

(23,450,418 )

TOTAL TBA SALE COMMITMENTS

(Proceeds $108,086,293)

$ (108,215,888 )

Swap Agreements

Credit Default Swaps

Underlying Reference

Expiration Date

Counterparty

Fixed
Payment
Received/
(Paid)

Notional
Amount

Value

Upfront
Premium
Received/
(Paid)

Unrealized
Appreciation/
(Depreciation)

Buy Protection

Deutsche Bank AG

Dec. 2018

Credit Suisse First Boston

(1%)

$ 2,000,000

$ 25,171

$ (127,039)

$ (101,868)

Deutsche Bank AG

Mar. 2019

JPMorgan Chase, Inc.

(1%)

1,655,634

23,413

(122,322)

(98,909)

National Australia Bank Ltd

Dec. 2018

Credit Suisse First Boston

(1%)

2,000,000

92,335

(215,168)

(122,833)

National Australia Bank Ltd

Dec. 2018

Credit Suisse First Boston

(1%)

2,000,000

92,335

(181,756)

(89,421)

Societe Generale

Dec. 2017

Credit Suisse First Boston

(3%)

1,764,000

(97,746)

27,821

(69,925)

Swap Agreements - continued

Credit Default Swaps - continued

Underlying Reference

Expiration Date

Counterparty

Fixed Payment Received/(Paid)

Notional
Amount

Value

Upfront
Premium
Received/
(Paid)

Unrealized
Appreciation/
(Depreciation)

Buy Protection - continued

Societe Generale

Dec. 2017

Credit Suisse First Boston

(3%)

$ 1,765,000

$ (97,801)

$ 73,261

$ (24,540)

UFJ Finance Aruba AEC

Mar. 2018

Credit Suisse First Boston

(1%)

1,500,000

42,931

(36,245)

6,686

UFJ Finance Aruba AEC

Mar. 2018

Credit Suisse First Boston

(1%)

1,765,000

50,515

(95,915 )

(45,400 )

TOTAL CREDIT DEFAULT SWAPS

$ 131,153

$ (677,363 )

$ (546,210 )

 

Legend

(a) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

(b) The rate quoted is the annualized seven-day yield of the fund at period end.

(c) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(d) Affiliated company

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $82,538,049 or 0.7% of net assets.

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(g) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 217,807

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 Focused High Income Fund

$ 89,617,886

$ 2,497,911

$ 61,400,370

$ 2,301,082

$ 31,185,163

Fidelity GNMA Fund

200,333,417

139,334,147

-

4,947,794

337,669,455

Fidelity New Markets Income Fund

89,895,550

2,494,232

59,534,382

2,492,232

37,440,391

Fidelity Real Estate Income Fund

13,713,708

8,580,234

23,686,894

528,055

-

Spartan Long-Term Treasury Bond Index Fund Investor Class

-

61,210,060

-

123,165

62,284,217

Spartan U.S. Bond Index Fund Investor Class

424,239,258

259,463,971

17,912,143

9,572,435

670,771,338

Total

$ 817,799,819

$ 473,580,555

$ 162,533,789

$ 19,964,763

$ 1,139,350,564

Other Information

The following is a summary of the inputs used, as of November 30, 2012, involving the Fund's assets and liabilities carried at fair value. 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, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Corporate Bonds

$ 516,700,738

$ -

$ 516,700,738

$ -

U.S. Government and Government Agency Obligations

891,816,954

-

891,816,954

-

U.S. Government Agency - Mortgage Securities

815,176,447

-

815,176,447

-

Asset-Backed Securities

3,028,528

-

3,013,233

15,295

Collateralized Mortgage Obligations

156,616,343

-

156,616,343

-

Commercial Mortgage Securities

174,762,134

-

174,724,256

37,878

Municipal Securities

32,974,129

-

32,974,129

-

Fixed-Income Funds

9,106,837,136

9,106,837,136

-

-

Short-Term Funds

203,943,470

203,943,470

-

-

Money Market Funds

119,170,688

119,170,688

-

-

Total Investments in Securities:

$ 12,021,026,567

$ 9,429,951,294

$ 2,591,022,100

$ 53,173

Derivative Instruments:

Assets

Swap Agreements

$ 326,700

$ -

$ 326,700

$ -

Liabilities

Swap Agreements

$ (195,547 )

$ -

$ (195,547 )

$ -

Total Derivative Instruments:

$ 131,153

$ -

$ 131,153

$ -

Other Financial Instruments:

TBA Sale Commitments

$ (108,215,888 )

$ -

$ (108,215,888 )

$ -

Income Tax Information

At November 30, 2012, the cost of investment securities for income tax purposes was $11,533,878,123. Net unrealized appreciation aggregated $487,148,444, of which $493,494,507 related to appreciated investment securities and $6,346,063 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair value in good faith by the Strategic Advisers Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, municipal securities and U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. For asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. Swap agreements are marked-to-market daily based on valuations from third party pricing vendors or broker-supplied valuations. Pricing vendors utilize matrix pricing which considers comparisons to interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swap agreements may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities and swap agreements are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Credit Default Swap Agreements

The Fund entered into credit default swaps, which are agreements with a counterparty that enable the Fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. The Fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs.

For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index.

As a seller, if an underlying credit event occurs, the Fund will pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will the Fund be required to take delivery of the reference obligation or underlying securities comprising an index and pay an amount equal to the notional amount of the swap.

As a buyer, if an underlying credit event occurs, the Fund will receive a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will the Fund be required to deliver the reference obligation or underlying securities comprising an index in exchange for payment of an amount equal to the notional amount of the swap.

Credit default swaps are marked-to-market daily. Any upfront premiums paid or received upon entering a swap to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as realized gain or (loss) ratably over the term of the swap. Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Realized gain or (loss) is also recorded in the event of an early termination of a swap.

The Fund is exposed to additional risks from investing in credit default swaps, such as liquidity risk and counterparty risk. Liquidity risk is the risk that the Fund will be unable to close out a credit default swap in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain over-the-counter (OTC) derivatives such as credit default swaps, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement on a bilateral basis with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivatives contracts under an ISDA Master Agreement exceed certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on OTC derivatives in an amount not less than the counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified.

Typically, the value of each credit default swap and credit rating disclosed for each reference obligation, where the Fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, FMR monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/performance risk.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Rutland Square Trust II's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

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 Rutland Square Trust II

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

January 29, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

January 29, 2013

By:

/s/Nicholas E. Steck

 

Nicholas E. Steck

 

Chief Financial Officer

 

 

Date:

January 29, 2013

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