N-Q 1 Main.htm

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 811-21991

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

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

John Hitt, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

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

Date of fiscal year end:	May 31

Date of reporting period:	February 28, 2015

Item 1. Schedule of Investments

Investments February 28, 2015 (Unaudited)

Quarterly Holdings Report

for

Strategic Advisers®
Core Fund

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

February 28, 2015

1.902944.105

SAI-COR-QTLY-0415

Investments February 28, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 54.4%
	Shares		Value
CONSUMER DISCRETIONARY - 7.2%
Auto Components - 0.3%
Autoliv, Inc.	24,500		$ 2,756,250
BorgWarner, Inc.	162,871		10,010,052
Cooper Tire & Rubber Co.	39,800		1,514,788
Delphi Automotive PLC	317,830		25,057,717
Johnson Controls, Inc.	351,400		17,854,634
Lear Corp.	60,500		6,589,660
The Goodyear Tire & Rubber Co.	131,500		3,514,995
TRW Automotive Holdings Corp. (a)	4,900		510,776
			67,808,872
Automobiles - 0.2%
Ford Motor Co.	613,300		10,021,322
General Motors Co.	471,980		17,609,574
Harley-Davidson, Inc.	174,500		11,092,965
			38,723,861
Hotels, Restaurants & Leisure - 0.8%
Brinker International, Inc.	61,900		3,680,574
Carnival Corp. unit	126,800		5,577,932
Chipotle Mexican Grill, Inc. (a)	6,300		4,189,311
Dunkin' Brands Group, Inc.	82,880		3,883,757
Hilton Worldwide Holdings, Inc. (a)	206,200		5,829,274
Hyatt Hotels Corp. Class A (a)	2,900		175,566
Las Vegas Sands Corp.	97,500		5,547,750
McDonald's Corp.	175,800		17,386,620
MGM Mirage, Inc. (a)	223,900		4,865,347
Norwegian Cruise Line Holdings Ltd. (a)	89,100		4,394,412
Royal Caribbean Cruises Ltd.	379,221		28,980,069
Shake Shack, Inc. Class A	12,383		534,326
Starbucks Corp.	230,500		21,548,293
Starwood Hotels & Resorts Worldwide, Inc.	103,700		8,330,221
Wyndham Worldwide Corp.	487,777		44,621,840
Wynn Resorts Ltd.	49,600		7,068,000
Yum! Brands, Inc.	244,871		19,861,487
			186,474,779
Household Durables - 0.2%
Garmin Ltd.	10,900		540,967
Lennar Corp. Class A	535,633		26,894,133
Mohawk Industries, Inc. (a)	66,583		12,274,576
Newell Rubbermaid, Inc.	24,900		978,321
PulteGroup, Inc.	23,400		527,904
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Toll Brothers, Inc. (a)	256,978		$ 9,844,827
Whirlpool Corp.	37,600		7,969,320
			59,030,048
Internet & Catalog Retail - 0.5%
Amazon.com, Inc. (a)	110,500		42,007,680
Netflix, Inc. (a)	36,300		17,239,233
Priceline Group, Inc. (a)	50,633		62,657,325
			121,904,238
Leisure Products - 0.1%
Hasbro, Inc.	11,200		697,928
Mattel, Inc.	1,035,625		27,257,650
			27,955,578
Media - 2.8%
CBS Corp. Class B	27,500		1,625,250
Comcast Corp.:
Class A	1,927,821		114,474,011
Class A (special) (non-vtg.)	748,050		44,093,807
DIRECTV (a)	244,100		21,627,260
Discovery Communications, Inc. Class A (a)	469,673		15,170,438
Gannett Co., Inc.	84,700		2,998,380
News Corp. Class A (a)	488,700		8,442,293
Omnicom Group, Inc.	19,500		1,551,030
Starz Series A (a)	66,200		2,200,488
The Madison Square Garden Co. Class A (a)	224,378		17,580,016
The Walt Disney Co.	1,122,593		116,839,479
Time Warner Cable, Inc.	83,700		12,893,985
Time Warner, Inc.	2,659,462		217,703,559
Time, Inc.	408,013		9,669,908
Twenty-First Century Fox, Inc. Class A	1,338,341		46,841,935
Viacom, Inc. Class B (non-vtg.)	339,492		23,744,070
			657,455,909
Multiline Retail - 0.5%
Big Lots, Inc.	13,500		644,085
Dillard's, Inc. Class A	22,200		2,889,552
Dollar General Corp. (a)	564,885		41,021,949
Dollar Tree, Inc. (a)	126,410		10,072,349
Kohl's Corp.	171,295		12,641,571
Macy's, Inc.	182,500		11,628,900
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Multiline Retail - continued
Nordstrom, Inc.	15,200		$ 1,222,536
Target Corp.	650,400		49,970,232
			130,091,174
Specialty Retail - 1.6%
Abercrombie & Fitch Co. Class A	36,100		893,114
AutoNation, Inc. (a)	573,349		35,260,964
AutoZone, Inc. (a)	38,422		24,693,051
Bed Bath & Beyond, Inc. (a)	371,650		27,747,389
Best Buy Co., Inc.	45,600		1,737,360
CarMax, Inc. (a)	252,600		16,951,986
Foot Locker, Inc.	33,200		1,864,844
GameStop Corp. Class A	4,900		181,153
Gap, Inc.	660,075		27,459,120
Home Depot, Inc.	1,079,001		123,815,365
L Brands, Inc.	116,600		10,710,876
Lowe's Companies, Inc.	1,013,062		75,057,764
Penske Automotive Group, Inc.	7,800		384,774
Ross Stores, Inc.	123,480		13,065,419
Staples, Inc.	18,500		310,153
TJX Companies, Inc.	199,200		13,673,088
Tractor Supply Co.	11,900		1,048,628
			374,855,048
Textiles, Apparel & Luxury Goods - 0.2%
Coach, Inc.	90,000		3,919,500
Fossil Group, Inc. (a)	2,900		249,429
Hanesbrands, Inc.	69,500		8,864,030
NIKE, Inc. Class B	212,400		20,628,288
PVH Corp.	34,780		3,705,113
Under Armour, Inc. Class A (sub. vtg.) (a)	49,600		3,819,696
			41,186,056
TOTAL CONSUMER DISCRETIONARY			1,705,485,563
CONSUMER STAPLES - 4.4%
Beverages - 1.0%
Coca-Cola Enterprises, Inc.	1,188,273		54,898,213
Diageo PLC	742,928		22,175,832
Dr. Pepper Snapple Group, Inc.	120,800		9,517,832
Molson Coors Brewing Co. Class B	27,000		2,049,030
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Monster Beverage Corp. (a)	27,300		$ 3,852,576
PepsiCo, Inc.	812,215		80,393,041
SABMiller PLC	130,511		7,404,736
The Coca-Cola Co.	1,307,836		56,629,299
			236,920,559
Food & Staples Retailing - 1.6%
Costco Wholesale Corp.	131,100		19,266,456
CVS Health Corp.	1,445,295		150,122,792
Kroger Co.	957,056		68,094,534
Rite Aid Corp. (a)	1,113,700		8,887,326
Sysco Corp.	755,976		29,475,504
Wal-Mart Stores, Inc.	781,800		65,616,474
Walgreens Boots Alliance, Inc.	336,704		27,973,368
Whole Foods Market, Inc.	180,500		10,196,445
			379,632,899
Food Products - 0.6%
Archer Daniels Midland Co.	319,100		15,278,508
Bunge Ltd.	134,000		10,958,520
Campbell Soup Co.	18,200		847,938
ConAgra Foods, Inc.	453,500		15,863,430
Fresh Del Monte Produce, Inc.	48,300		1,700,643
General Mills, Inc.	55,000		2,958,450
Ingredion, Inc.	44,800		3,683,008
Kellogg Co.	214,500		13,830,960
Keurig Green Mountain, Inc.	19,700		2,513,326
Kraft Foods Group, Inc.	87,200		5,586,032
Mondelez International, Inc.	1,365,670		50,441,021
Pilgrims Pride Corp.	16,000		438,880
Sanderson Farms, Inc.	30,300		2,581,863
The J.M. Smucker Co.	5,800		669,030
Tyson Foods, Inc. Class A	37,000		1,528,470
			128,880,079
Household Products - 0.7%
Colgate-Palmolive Co.	58,700		4,157,134
Energizer Holdings, Inc.	83,300		11,148,039
Henkel AG & Co. KGaA	177,530		18,676,492
Kimberly-Clark Corp.	33,200		3,640,712
Procter & Gamble Co.	1,410,730		120,095,445
			157,717,822
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Personal Products - 0.0%
Estee Lauder Companies, Inc. Class A	83,800		$ 6,927,746
Tobacco - 0.5%
Altria Group, Inc.	304,400		17,134,676
British American Tobacco PLC sponsored ADR	207,726		24,193,847
Philip Morris International, Inc.	948,506		78,688,058
Reynolds American, Inc.	108,700		8,219,894
			128,236,475
TOTAL CONSUMER STAPLES			1,038,315,580
ENERGY - 3.5%
Energy Equipment & Services - 0.4%
Atwood Oceanics, Inc.	30,500		945,805
Baker Hughes, Inc.	26,900		1,681,519
Ensco PLC Class A	596,650		14,600,026
Halliburton Co.	380,700		16,347,258
Helmerich & Payne, Inc.	24,400		1,636,264
National Oilwell Varco, Inc.	510,424		27,741,544
Noble Corp.	154,600		2,572,544
Schlumberger Ltd.	360,416		30,332,611
			95,857,571
Oil, Gas & Consumable Fuels - 3.1%
Anadarko Petroleum Corp.	479,713		40,406,226
Apache Corp.	498,700		32,834,408
BG Group PLC	1,244,900		18,328,252
Canadian Natural Resources Ltd.	219,600		6,387,214
Chevron Corp.	1,135,420		121,126,606
Cimarex Energy Co.	42,900		4,705,272
Concho Resources, Inc. (a)	20,400		2,221,968
ConocoPhillips Co.	298,500		19,462,200
CONSOL Energy, Inc.	62,840		2,023,448
Continental Resources, Inc. (a)	46,300		2,059,887
Devon Energy Corp.	124,500		7,667,955
EOG Resources, Inc.	293,164		26,302,674
EQT Corp.	73,600		5,874,016
Exxon Mobil Corp.	1,457,608		129,056,612
Hess Corp.	142,300		10,683,884
Imperial Oil Ltd.	299,200		11,545,803
Kinder Morgan, Inc.	156,000		6,397,560
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Marathon Oil Corp.	106,500		$ 2,967,090
Marathon Petroleum Corp.	482,233		50,634,465
Murphy Oil Corp.	22,600		1,150,114
Noble Energy, Inc.	307,210		14,509,528
Occidental Petroleum Corp.	551,348		42,938,982
Phillips 66 Co.	1,040,321		81,623,586
Pioneer Natural Resources Co.	63,100		9,624,012
Range Resources Corp.	89,000		4,409,060
Royal Dutch Shell PLC Class A sponsored ADR	302,175		19,753,180
Spectra Energy Corp.	261,300		9,273,537
Suncor Energy, Inc.	968,865		29,086,876
Tesoro Corp.	20,500		1,882,720
The Williams Companies, Inc.	243,554		11,943,888
Valero Energy Corp.	176,300		10,875,947
WPX Energy, Inc. (a)	276,333		2,978,870
			740,735,840
TOTAL ENERGY			836,593,411
FINANCIALS - 9.0%
Banks - 4.1%
Bank of America Corp.	6,962,304		110,074,026
BB&T Corp.	40,400		1,537,220
CIT Group, Inc.	118,990		5,503,288
Citigroup, Inc.	4,031,310		211,321,270
Comerica, Inc.	197,700		9,050,706
Commerce Bancshares, Inc.	8,680		360,394
Fifth Third Bancorp	261,500		5,062,640
Huntington Bancshares, Inc.	325,100		3,556,594
JPMorgan Chase & Co.	3,734,905		228,874,978
KeyCorp	294,400		4,100,992
M&T Bank Corp.	134,000		16,214,000
PNC Financial Services Group, Inc.	254,074		23,364,645
Regions Financial Corp.	637,800		6,129,258
Standard Chartered PLC (United Kingdom)	640,790		9,803,801
SunTrust Banks, Inc.	210,600		8,634,600
U.S. Bancorp	2,784,236		124,204,768
Wells Fargo & Co.	3,675,243		201,366,564
			969,159,744
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - 1.4%
Ameriprise Financial, Inc.	127,800		$ 17,077,914
Bank of New York Mellon Corp.	473,880		18,547,663
BlackRock, Inc. Class A	56,800		21,096,656
Charles Schwab Corp.	421,100		12,355,074
E*TRADE Financial Corp. (a)	194,000		5,050,790
Eaton Vance Corp. (non-vtg.)	6,900		290,490
Franklin Resources, Inc.	55,000		2,960,650
Goldman Sachs Group, Inc.	537,268		101,968,094
Invesco Ltd.	38,400		1,546,368
LPL Financial	109,900		4,930,114
Morgan Stanley	1,467,730		52,530,057
Northern Trust Corp.	204,500		14,280,235
Och-Ziff Capital Management Group LLC Class A	225,100		2,773,232
State Street Corp.	725,000		53,976,250
T. Rowe Price Group, Inc.	15,200		1,255,520
TD Ameritrade Holding Corp.	167,900		6,089,733
			316,728,840
Consumer Finance - 0.5%
Ally Financial, Inc. (a)	197,000		4,093,660
American Express Co.	135,091		11,022,075
Capital One Financial Corp.	873,145		68,725,243
Discover Financial Services	583,360		35,573,293
Navient Corp.	105,100		2,249,140
Nelnet, Inc. Class A	32,500		1,515,150
			123,178,561
Diversified Financial Services - 0.7%
Berkshire Hathaway, Inc. Class B (a)	429,994		63,385,416
CME Group, Inc.	265,110		25,432,002
IntercontinentalExchange Group, Inc.	70,953		16,699,498
McGraw Hill Financial, Inc.	609,248		62,813,469
The NASDAQ OMX Group, Inc.	9,600		481,536
Voya Financial, Inc.	14,100		623,079
			169,435,000
Insurance - 1.4%
ACE Ltd.	251,800		28,707,718
AFLAC, Inc.	93,500		5,820,375
Alleghany Corp. (a)	1,500		708,810
Allstate Corp.	132,100		9,326,260
American Financial Group, Inc.	58,600		3,691,800
American International Group, Inc.	650,200		35,975,566
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Arch Capital Group Ltd. (a)	7,400		$ 437,784
Assurant, Inc.	39,200		2,401,784
Assured Guaranty Ltd.	11,200		297,024
Axis Capital Holdings Ltd.	43,900		2,275,337
Cincinnati Financial Corp.	9,500		501,220
CNA Financial Corp.	219,500		9,181,685
Endurance Specialty Holdings Ltd.	37,900		2,409,303
Everest Re Group Ltd.	32,000		5,677,760
FNF Group	168,273		6,178,985
Genworth Financial, Inc. Class A (a)	746,580		5,785,995
Hanover Insurance Group, Inc.	41,900		2,943,056
Hartford Financial Services Group, Inc.	147,500		6,041,600
HCC Insurance Holdings, Inc.	11,700		653,796
Lincoln National Corp.	360,300		20,767,692
Loews Corp.	75,600		3,100,356
Markel Corp. (a)	800		596,352
Marsh & McLennan Companies, Inc.	584,175		33,233,716
MetLife, Inc.	866,885		44,063,765
Montpelier Re Holdings Ltd.	30,700		1,106,428
PartnerRe Ltd.	33,900		3,881,550
Principal Financial Group, Inc.	25,500		1,304,835
Progressive Corp.	34,300		914,095
Prudential Financial, Inc.	102,800		8,311,380
Reinsurance Group of America, Inc.	30,900		2,759,679
RenaissanceRe Holdings Ltd.	10,000		1,025,300
The Chubb Corp.	136,600		13,721,470
The Travelers Companies, Inc.	142,200		15,277,968
Torchmark Corp.	31,000		1,650,750
Unum Group	784,675		26,333,693
W.R. Berkley Corp.	7,900		394,289
XL Group PLC Class A	667,764		24,173,057
			331,632,233
Real Estate Investment Trusts - 0.8%
American Tower Corp.	413,586		41,002,916
AvalonBay Communities, Inc.	81,200		13,669,208
Crown Castle International Corp.	591,624		51,063,067
Digital Realty Trust, Inc.	66,040		4,383,735
Federal Realty Investment Trust (SBI)	49,800		7,073,094
General Growth Properties, Inc.	107,200		3,109,872
Iron Mountain, Inc.	163,317		6,001,900
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Lamar Advertising Co. Class A	137,539		$ 7,991,016
Public Storage	21,100		4,161,342
Simon Property Group, Inc.	139,160		26,490,498
SL Green Realty Corp.	19,500		2,475,135
Vornado Realty Trust	115,300		12,687,612
Weyerhaeuser Co.	172,321		6,050,190
			186,159,585
Real Estate Management & Development - 0.1%
Realogy Holdings Corp. (a)	279,365		12,850,790
Thrifts & Mortgage Finance - 0.0%
Home Loan Servicing Solutions Ltd.	89,200		1,642,172
New York Community Bancorp, Inc.	38,200		634,502
People's United Financial, Inc.	17,900		270,827
Radian Group, Inc.	113,300		1,791,273
			4,338,774
TOTAL FINANCIALS			2,113,483,527
HEALTH CARE - 8.4%
Biotechnology - 1.2%
Alexion Pharmaceuticals, Inc. (a)	68,200		12,301,234
Amgen, Inc.	556,126		87,712,193
Biogen Idec, Inc. (a)	70,169		28,740,521
Celgene Corp. (a)	257,337		31,274,166
Gilead Sciences, Inc. (a)	888,802		92,017,671
Incyte Corp. (a)	38,100		3,270,885
Intercept Pharmaceuticals, Inc. (a)	13,700		3,032,769
Regeneron Pharmaceuticals, Inc. (a)	12,000		4,966,080
Spark Therapeutics, Inc.	25,605		1,474,592
United Therapeutics Corp. (a)	38,800		6,015,940
Vertex Pharmaceuticals, Inc. (a)	78,000		9,315,540
			280,121,591
Health Care Equipment & Supplies - 1.6%
Abbott Laboratories	2,027,431		96,039,406
Baxter International, Inc.	339,375		23,467,781
Becton, Dickinson & Co.	339,859		49,864,112
Intuitive Surgical, Inc. (a)	13,000		6,500,000
Medtronic PLC	2,129,154		165,201,059
St. Jude Medical, Inc.	72,400		4,827,632
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Stryker Corp.	148,800		$ 14,098,800
Zimmer Holdings, Inc.	31,700		3,816,363
			363,815,153
Health Care Providers & Services - 1.6%
Aetna, Inc.	277,500		27,625,125
Anthem, Inc.	201,600		29,524,320
Cardinal Health, Inc.	44,200		3,889,158
Cigna Corp.	93,500		11,372,405
DaVita HealthCare Partners, Inc. (a)	78,800		5,878,480
Express Scripts Holding Co. (a)	404,841		34,326,468
HCA Holdings, Inc. (a)	397,401		28,430,068
Humana, Inc.	194,630		31,993,279
Laboratory Corp. of America Holdings (a)	10,300		1,267,209
McKesson Corp.	511,287		116,931,337
Quest Diagnostics, Inc.	8,400		589,176
UnitedHealth Group, Inc.	664,850		75,546,906
Universal Health Services, Inc. Class B	18,600		2,108,310
			369,482,241
Health Care Technology - 0.0%
Inovalon Holdings, Inc. Class A	84,017		2,609,568
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.	201,600		8,509,536
Thermo Fisher Scientific, Inc.	153,059		19,897,670
			28,407,206
Pharmaceuticals - 3.9%
AbbVie, Inc.	699,228		42,303,294
Actavis PLC (a)	771,944		224,913,604
Allergan, Inc.	492,921		114,722,434
Bristol-Myers Squibb Co.	434,705		26,482,229
Eli Lilly & Co.	320,600		22,496,502
GlaxoSmithKline PLC sponsored ADR	525,900		24,938,178
Johnson & Johnson	1,471,604		150,854,126
Mallinckrodt PLC (a)	26,000		3,034,720
Merck & Co., Inc.	845,800		49,513,132
Mylan N.V. (a)	356,202		20,419,280
Novartis AG sponsored ADR	49,271		5,045,350
Perrigo Co. PLC	27,400		4,232,478
Pfizer, Inc.	3,687,860		126,567,355
Shire PLC sponsored ADR	181,296		43,857,315
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Teva Pharmaceutical Industries Ltd. sponsored ADR	750,540		$ 42,795,791
Zoetis, Inc. Class A	579,979		26,731,232
			928,907,020
TOTAL HEALTH CARE			1,973,342,779
INDUSTRIALS - 6.5%
Aerospace & Defense - 2.6%
Engility Holdings, Inc.	13,600		490,960
Exelis, Inc.	128,900		3,119,380
General Dynamics Corp.	32,100		4,454,838
Honeywell International, Inc.	329,695		33,886,052
Huntington Ingalls Industries, Inc.	2,800		395,724
L-3 Communications Holdings, Inc.	35,500		4,594,765
Lockheed Martin Corp.	310,647		62,144,932
Northrop Grumman Corp.	690,878		114,485,393
Precision Castparts Corp.	57,067		12,343,592
Raytheon Co.	938,944		102,128,939
Rockwell Collins, Inc.	11,700		1,042,236
Textron, Inc.	382,500		16,948,575
The Boeing Co.	686,888		103,617,055
United Technologies Corp.	1,223,418		149,146,888
Vectrus, Inc. (a)	3,372		107,263
			608,906,592
Air Freight & Logistics - 0.3%
Expeditors International of Washington, Inc.	44,400		2,144,520
FedEx Corp.	213,200		37,732,136
United Parcel Service, Inc. Class B	324,808		33,042,718
			72,919,374
Airlines - 0.4%
Alaska Air Group, Inc.	55,400		3,526,210
American Airlines Group, Inc.	352,110		16,866,069
Delta Air Lines, Inc.	1,287,467		57,318,031
United Continental Holdings, Inc. (a)	210,600		13,726,908
			91,437,218
Building Products - 0.0%
Owens Corning	6,900		273,654
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.2%
ADT Corp.	9,800		$ 384,356
Deluxe Corp.	27,100		1,803,505
Herman Miller, Inc.	51,800		1,604,246
Pitney Bowes, Inc.	7,700		178,409
R.R. Donnelley & Sons Co.	88,100		1,680,067
Republic Services, Inc.	169,490		6,935,531
The Brink's Co.	38,900		1,094,646
Tyco International Ltd.	855,845		36,133,776
			49,814,536
Construction & Engineering - 0.0%
Tutor Perini Corp. (a)	51,700		1,203,059
Electrical Equipment - 0.2%
Eaton Corp. PLC	27,600		1,959,876
Emerson Electric Co.	486,825		28,196,904
Hubbell, Inc. Class B	88,600		10,082,680
Rockwell Automation, Inc.	7,900		924,616
Sensata Technologies Holding BV (a)	285,000		15,315,900
			56,479,976
Industrial Conglomerates - 1.0%
3M Co.	142,900		24,100,085
Danaher Corp.	421,735		36,809,031
General Electric Co.	6,364,227		165,406,260
Roper Industries, Inc.	33,600		5,630,352
			231,945,728
Machinery - 0.8%
AGCO Corp.	32,500		1,616,550
Caterpillar, Inc.	103,200		8,555,280
Cummins, Inc.	201,175		28,613,120
Deere & Co.	430,590		39,011,454
Dover Corp.	49,400		3,559,270
Flowserve Corp.	580,340		36,056,524
Ingersoll-Rand PLC	108,300		7,276,677
Lincoln Electric Holdings, Inc.	5,000		345,200
Meritor, Inc. (a)	178,700		2,553,623
PACCAR, Inc.	20,600		1,319,430
Pall Corp.	28,500		2,873,085
Parker Hannifin Corp.	237,575		29,148,077
Pentair PLC	89,300		5,935,771
Snap-On, Inc.	5,100		750,873
Stanley Black & Decker, Inc.	58,600		5,762,724
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Timken Co.	37,400		$ 1,588,752
Trinity Industries, Inc.	30,300		1,018,686
			175,985,096
Professional Services - 0.1%
Dun & Bradstreet Corp.	3,400		450,432
Equifax, Inc.	99,900		9,327,663
Manpower, Inc.	4,600		370,116
Nielsen Holdings B.V.	183,860		8,312,311
			18,460,522
Road & Rail - 0.8%
AMERCO	1,100		359,502
Canadian National Railway Co.	133,120		9,195,194
Canadian Pacific Railway Ltd.	31,800		5,955,028
CSX Corp.	832,025		28,546,778
Norfolk Southern Corp.	289,625		31,615,465
Ryder System, Inc.	3,100		291,369
Union Pacific Corp.	995,059		119,665,795
			195,629,131
Trading Companies & Distributors - 0.1%
Aircastle Ltd.	98,900		2,281,623
TAL International Group, Inc.	43,100		1,798,563
W.W. Grainger, Inc.	87,608		20,755,211
			24,835,397
TOTAL INDUSTRIALS			1,527,890,283
INFORMATION TECHNOLOGY - 10.9%
Communications Equipment - 1.2%
Brocade Communications Systems, Inc.	339,900		4,211,361
Cisco Systems, Inc.	5,340,229		157,590,158
Harris Corp.	44,200		3,433,456
Juniper Networks, Inc.	24,800		592,968
Motorola Solutions, Inc.	113,400		7,704,396
QUALCOMM, Inc.	1,400,725		101,566,570
			275,098,909
Electronic Equipment & Components - 0.6%
Amphenol Corp. Class A	148,900		8,406,894
Arrow Electronics, Inc. (a)	51,400		3,184,744
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Avnet, Inc.	18,800		$ 861,228
Corning, Inc.	356,200		8,691,280
Flextronics International Ltd. (a)	364,100		4,434,738
Ingram Micro, Inc. Class A (a)	25,800		637,518
Keysight Technologies, Inc. (a)	100,800		3,784,032
TE Connectivity Ltd.	1,579,107		113,900,988
Tech Data Corp. (a)	38,400		2,284,800
Trimble Navigation Ltd. (a)	118,600		3,100,204
Vishay Intertechnology, Inc.	32,200		458,528
			149,744,954
Internet Software & Services - 2.1%
eBay, Inc. (a)	1,507,465		87,297,298
Facebook, Inc. Class A (a)	1,135,329		89,656,931
Google, Inc.:
Class A (a)	143,258		80,601,249
Class C (a)	293,096		163,664,806
LinkedIn Corp. (a)	9,700		2,591,840
Rackspace Hosting, Inc. (a)	154,100		7,654,147
Twitter, Inc. (a)	110,300		5,303,224
Velti PLC (a)(f)	147,198		2,027
VeriSign, Inc. (a)	115,500		7,394,310
Yahoo!, Inc. (a)	1,130,981		50,079,839
			494,245,671
IT Services - 1.6%
Accenture PLC Class A	383,308		34,509,219
Alliance Data Systems Corp. (a)	8,200		2,283,782
Amdocs Ltd.	365,280		19,177,200
ASAC II LP (a)(f)	241,305		3,711,873
Automatic Data Processing, Inc.	154,300		13,708,012
Cognizant Technology Solutions Corp. Class A (a)	1,068,407		66,759,411
Computer Sciences Corp.	12,800		907,776
Fidelity National Information Services, Inc.	150,000		10,138,500
Fiserv, Inc. (a)	24,600		1,920,522
FleetCor Technologies, Inc. (a)	5,900		905,237
IBM Corp.	293,000		47,448,420
MasterCard, Inc. Class A	797,210		71,852,537
Teradata Corp. (a)	8,900		396,228
The Western Union Co.	163,900		3,199,328
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - continued
Visa, Inc. Class A	348,475		$ 94,544,752
Xerox Corp.	1,084,180		14,799,057
			386,261,854
Semiconductors & Semiconductor Equipment - 1.1%
Altera Corp.	293,300		10,855,033
Applied Materials, Inc.	1,981,311		49,631,841
ASML Holding NV	39,700		4,274,896
Atmel Corp.	376,700		3,141,678
Broadcom Corp. Class A	743,064		33,608,785
Intel Corp.	3,394,680		112,873,110
Lam Research Corp.	283,400		23,369,164
Micron Technology, Inc. (a)	221,300		6,787,271
NVIDIA Corp.	50,100		1,105,206
Skyworks Solutions, Inc.	29,700		2,606,175
Texas Instruments, Inc.	42,000		2,469,600
			250,722,759
Software - 1.5%
Adobe Systems, Inc. (a)	118,500		9,373,350
Autodesk, Inc. (a)	77,200		4,959,328
CA Technologies, Inc.	25,800		839,016
Microsoft Corp.	4,533,151		198,778,671
Oracle Corp.	1,984,563		86,963,551
Red Hat, Inc. (a)	362,155		25,032,154
salesforce.com, Inc. (a)	394,500		27,370,410
Symantec Corp.	170,400		4,287,264
Synopsys, Inc. (a)	26,400		1,225,224
			358,828,968
Technology Hardware, Storage & Peripherals - 2.8%
Apple, Inc.	3,319,246		426,390,341
EMC Corp.	3,200,318		92,617,203
First Data Holdings, Inc. Class B (f)	669,601		2,665,012
Hewlett-Packard Co.	1,492,576		52,001,348
NetApp, Inc.	76,500		2,956,725
Samsung Electronics Co. Ltd.	1,732		2,134,504
SanDisk Corp.	46,300		3,700,759
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - continued
Seagate Technology LLC	273,500		$ 16,716,320
Western Digital Corp.	477,030		51,032,669
			650,214,881
TOTAL INFORMATION TECHNOLOGY			2,565,117,996
MATERIALS - 3.0%
Chemicals - 1.8%
Airgas, Inc.	97,300		11,405,506
Ashland, Inc.	83,500		10,656,270
Cabot Corp.	50,500		2,278,560
Celanese Corp. Class A	280,500		16,019,355
CF Industries Holdings, Inc.	139,375		42,680,806
E.I. du Pont de Nemours & Co.	302,400		23,541,840
Eastman Chemical Co.	71,200		5,301,552
Ecolab, Inc.	250,927		28,992,106
Huntsman Corp.	103,600		2,326,856
LyondellBasell Industries NV Class A	564,160		48,466,986
Monsanto Co.	322,575		38,847,707
Potash Corp. of Saskatchewan, Inc.	669,661		24,025,515
PPG Industries, Inc.	364,382		85,768,235
Praxair, Inc.	72,500		9,272,750
RPM International, Inc.	162,900		8,234,595
Sherwin-Williams Co.	61,800		17,625,360
Stepan Co.	46,100		1,893,788
Syngenta AG (Switzerland)	22,443		7,930,879
The Dow Chemical Co.	67,400		3,318,776
The Mosaic Co.	555,019		29,560,312
Valspar Corp.	4,800		415,920
			418,563,674
Construction Materials - 0.4%
Martin Marietta Materials, Inc.	410,136		58,374,657
Vulcan Materials Co.	351,260		29,154,580
			87,529,237
Containers & Packaging - 0.6%
Avery Dennison Corp.	82,400		4,412,520
Ball Corp.	83,100		5,959,101
Bemis Co., Inc.	8,900		434,320
Crown Holdings, Inc. (a)	12,600		667,800
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - continued
MeadWestvaco Corp.	10,300		$ 546,518
Packaging Corp. of America	1,094,253		90,669,804
Rock-Tenn Co. Class A	94,200		6,465,888
Sealed Air Corp.	907,739		42,781,739
Sonoco Products Co.	7,900		369,957
			152,307,647
Metals & Mining - 0.1%
Alcoa, Inc.	380,700		5,630,553
Franco-Nevada Corp.	46,600		2,458,792
Freeport-McMoRan, Inc.	599,000		12,956,370
Nucor Corp.	111,900		5,262,657
Steel Dynamics, Inc.	91,000		1,658,020
Teck Resources Ltd. Class B (sub. vtg.)	113,700		1,826,331
			29,792,723
Paper & Forest Products - 0.1%
Domtar Corp.	34,100		1,541,320
International Paper Co.	178,700		10,080,467
Schweitzer-Mauduit International, Inc.	37,500		1,755,750
			13,377,537
TOTAL MATERIALS			701,570,818
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.	766,000		26,472,960
CenturyLink, Inc.	33,000		1,249,380
Verizon Communications, Inc.	2,636,306		130,365,332
			158,087,672
Wireless Telecommunication Services - 0.0%
T-Mobile U.S., Inc. (a)	386,200		12,756,186
TOTAL TELECOMMUNICATION SERVICES			170,843,858
UTILITIES - 0.8%
Electric Utilities - 0.5%
American Electric Power Co., Inc.	426,000		24,529,080
Duke Energy Corp.	43,700		3,432,635
Edison International	20,100		1,291,425
Entergy Corp.	92,600		7,362,626
Eversource Energy	121,300		6,277,275
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Electric Utilities - continued
Exelon Corp.	959,719		$ 32,553,668
FirstEnergy Corp.	791,713		27,694,121
Great Plains Energy, Inc.	8,800		234,168
ITC Holdings Corp.	352,387		13,647,949
OGE Energy Corp.	8,600		279,586
Pinnacle West Capital Corp.	6,400		410,112
			117,712,645
Gas Utilities - 0.0%
Amerigas Partners LP	73,010		3,594,282
Independent Power and Renewable Electricity Producers - 0.1%
NRG Energy, Inc.	368,400		8,834,232
The AES Corp.	863,800		11,203,486
			20,037,718
Multi-Utilities - 0.2%
Alliant Energy Corp.	9,600		610,560
Ameren Corp.	21,000		890,610
CMS Energy Corp.	249,300		8,757,909
Consolidated Edison, Inc.	17,000		1,073,380
DTE Energy Co.	10,300		844,909
NiSource, Inc.	376,600		16,159,906
PG&E Corp.	215,700		11,589,561
Public Service Enterprise Group, Inc.	196,700		8,273,202
SCANA Corp.	103,000		5,865,850
			54,065,887
Water Utilities - 0.0%
American Water Works Co., Inc.	12,700		686,816
TOTAL UTILITIES			196,097,348
TOTAL COMMON STOCKS (Cost $10,097,315,668)		12,828,741,163
Convertible Bonds - 0.0%
	Principal Amount		Value
ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Amyris, Inc. 3% 2/27/17 (Cost $686,000)	$ 686,000		$ 589,034
Equity Funds - 44.1%
	Shares
Domestic Equity Funds - 5.0%
JPMorgan U.S. Equity Fund - Select Class	66,839,555		1,001,256,531
PIMCO StocksPLUS Absolute Return Fund - Institutional Class	16,479,501		163,806,241
TOTAL DOMESTIC EQUITY FUNDS			1,165,062,772
Large Blend Funds - 22.4%
BBH Core Select Fund Class N	24,267,489		553,541,423
FMI Large Cap Fund	50,299,414		1,094,012,255
JPMorgan U.S. Large Cap Core Plus Fund Select Class (g)	95,285,934		2,890,022,378
Spartan 500 Index Fund Investor Class (d)	9,972,920		745,076,868
TOTAL LARGE BLEND FUNDS			5,282,652,924
Large Growth Funds - 1.0%
Fidelity Advisor New Insights Fund Institutional Class (d)	8,076,405		224,927,884
iShares Russell 1000 Growth Index ETF	5,000		502,100
TOTAL LARGE GROWTH FUNDS			225,429,984
Mid-Cap Blend Funds - 3.4%
Putnam Equity Spectrum Fund Class A	18,674,678		809,920,765
Sector Funds - 12.3%
Fidelity Advisor Materials Fund Institutional Class	1,146,415		92,401,018
Fidelity Advisor Technology Fund Institutional Class (d)	14,156,609		546,869,789
Fidelity Consumer Discretionary Portfolio (d)	10,234,887		360,575,062
Fidelity Consumer Staples Portfolio (d)	2,814,790		287,221,184
Fidelity Energy Portfolio (d)	4,928,527		224,937,959
Fidelity Financial Services Portfolio (d)	5,147,086		457,267,149
Fidelity Health Care Portfolio (d)	1,885,591		445,829,056
Equity Funds - continued
	Shares		Value
Sector Funds - continued
Fidelity Industrials Portfolio (d)	8,983,520		$ 293,671,281
Fidelity Telecommunications Portfolio (d)	1,066,750		67,781,324
Fidelity Utilities Portfolio (d)	1,108,969		80,788,403
Health Care Select Sector SPDR ETF	733,789		52,979,566
TOTAL SECTOR FUNDS			2,910,321,791
TOTAL EQUITY FUNDS (Cost $8,754,794,732)		10,393,388,236
U.S. Treasury Obligations - 0.0%
	Principal Amount

U.S. Treasury Bills, yield at date of purchase 0.02% to 0.05% 3/5/15 to 5/28/15 (e) (Cost $7,079,835)	$ 7,080,000		7,079,920
Money Market Funds - 1.7%
	Shares
Dreyfus Treasury & Agency Cash Management Fund Institutional Shares, 0.01% (c)	391,707,389		391,707,389
Fidelity Cash Central Fund, 0.13% (b)	300,720		300,720
TOTAL MONEY MARKET FUNDS (Cost $392,008,109)		392,008,109
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $19,251,884,344)			23,621,806,462
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(35,643,520)
NET ASSETS - 100%		$ 23,586,162,942

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
1,204 CME E-mini S&P 500 Index Contracts (United States)	March 2015	$ 126,588,560	$ 6,711,197

The face value of futures purchased as a percentage of net assets is 0.5%

Security Type Abbreviations
ETF	-	Exchange-Traded Fund

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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.

(d) Affiliated Fund

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,879,949.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,378,912 or 0.0% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ASAC II LP	10/10/13	$ 2,413,050
First Data Holdings, Inc. Class B	6/26/14	$ 2,678,404
Velti PLC	4/19/13	$ 220,797

(g) The JPMorgan U.S. Large Cap Core Plus Fund seeks to provide a high total return from a portfolio of selected equity securities which includes both long and short positions.

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	$ 15,642

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 Materials Fund Institutional Class	$ -	$ 97,239,424	$ -	$ 603,236	$ 92,401,018
Fidelity Advisor New Insights Fund Institutional Class	459,828,323	-	233,000,000	1,054,423	224,927,884
Fidelity Advisor Technology Fund Institutional Class	-	537,448,455	-	1,018,663	546,869,789
Fidelity Consumer Discretionary Portfolio	-	316,476,835	-	952,445	360,575,062
Fidelity Consumer Staples Portfolio	-	255,365,696	-	3,529,297	287,221,184
Fidelity Energy Portfolio	-	287,824,291	-	1,780,357	224,937,959
Fidelity Financial Services Portfolio	-	426,616,846	-	3,996,752	457,267,149
Fidelity Health Care Portfolio	-	389,002,213	-	-	445,829,056
Fidelity Industrials Portfolio	-	279,610,307	-	1,543,710	293,671,281
Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Mega Cap Stock Fund	$ -	$ 706,837,602	$ 714,361,465	$ 4,542,867	$ -
Fidelity Telecommuni- cations Portfolio	-	64,728,374	-	987,374	67,781,324
Fidelity Utilities Portfolio	-	80,093,403	-	911,077	80,788,403
Spartan 500 Index Fund Investor Class	-	913,243,775	243,282,214	5,966,416	745,076,868
Total	$ 459,828,323	$ 4,354,487,221	$ 1,190,643,679	$ 26,886,617	$ 3,827,346,977

Other Information

The following is a summary of the inputs used, as of February 28, 2015, 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	$ 1,705,485,563	$ 1,705,485,563	$ -	$ -
Consumer Staples	1,038,315,580	1,016,139,748	22,175,832	-
Energy	836,593,411	818,265,159	18,328,252	-
Financials	2,113,483,527	2,113,483,527	-	-
Health Care	1,973,342,779	1,952,923,499	20,419,280	-
Industrials	1,527,890,283	1,527,890,283	-	-
Information Technology	2,565,117,996	2,558,739,084	2,027	6,376,885
Materials	701,570,818	693,639,939	7,930,879	-
Telecommunication Services	170,843,858	170,843,858	-	-
Utilities	196,097,348	196,097,348	-	-
Corporate Bonds	589,034	-	589,034	-
Equity Funds	10,393,388,236	10,393,388,236	-	-
U.S. Treasury Obligations	7,079,920	-	7,079,920	-
Money Market Funds	392,008,109	392,008,109	-	-
Total Investments in Securities:	$ 23,621,806,462	$ 23,538,904,353	$ 76,525,224	$ 6,376,885
Derivative Instruments:
Assets
Futures Contracts	$ 6,711,197	$ 6,711,197	$ -	$ -

Income Tax Information

At February 28, 2015, the cost of investment securities for income tax purposes was $19,300,149,666. Net unrealized appreciation aggregated $4,321,656,796, of which $4,539,210,341 related to appreciated investment securities and $217,553,545 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Strategic Advisers, Inc. (Strategic Advisers) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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. Corporate bonds and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by 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.

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, 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 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

Investments February 28, 2015 (Unaudited)

Quarterly Holdings Report

for

Strategic Advisers® Core
Multi-Manager Fund

February 28, 2015

1.931547.103

MMC-QTLY-0415

Investments February 28, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.2%
	Shares		Value
CONSUMER DISCRETIONARY - 12.9%
Auto Components - 0.5%
BorgWarner, Inc.	1,021		$ 62,751
Delphi Automotive PLC	1,772		139,704
Johnson Controls, Inc.	1,840		93,490
			295,945
Automobiles - 0.2%
General Motors Co.	1,647		61,450
Harley-Davidson, Inc.	1,040		66,113
			127,563
Hotels, Restaurants & Leisure - 1.4%
Carnival Corp. unit	570		25,074
Chipotle Mexican Grill, Inc. (a)	40		26,599
Dunkin' Brands Group, Inc.	408		19,119
Hilton Worldwide Holdings, Inc. (a)	1,300		36,751
Las Vegas Sands Corp.	322		18,322
McDonald's Corp.	760		75,164
MGM Mirage, Inc. (a)	1,410		30,639
Norwegian Cruise Line Holdings Ltd. (a)	560		27,619
Royal Caribbean Cruises Ltd.	1,712		130,831
Shake Shack, Inc. Class A	58		2,503
Starbucks Corp.	1,410		131,814
Starwood Hotels & Resorts Worldwide, Inc.	650		52,215
Wyndham Worldwide Corp.	2,172		198,695
Wynn Resorts Ltd.	310		44,175
Yum! Brands, Inc.	1,000		81,110
			900,630
Household Durables - 0.4%
Lennar Corp. Class A	2,658		133,458
Mohawk Industries, Inc. (a)	288		53,093
Toll Brothers, Inc. (a)	1,158		44,363
			230,914
Internet & Catalog Retail - 1.1%
Amazon.com, Inc. (a)	670		254,707
Netflix, Inc. (a)	230		109,229
Priceline Group, Inc. (a)	263		325,457
			689,393
Leisure Products - 0.3%
Mattel, Inc.	6,515		171,475
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Media - 5.0%
Comcast Corp.:
Class A	10,131		$ 601,579
Class A (special) (non-vtg.)	2,538		149,602
DIRECTV (a)	638		56,527
Discovery Communications, Inc. Class A (a)	2,653		85,692
News Corp. Class A (a)	2,940		50,789
The Madison Square Garden Co. Class A (a)	1,269		99,426
The Walt Disney Co.	5,625		585,450
Time Warner Cable, Inc.	530		81,647
Time Warner, Inc.	12,456		1,019,648
Time, Inc.	2,307		54,676
Twenty-First Century Fox, Inc. Class A	7,620		266,700
Viacom, Inc. Class B (non-vtg.)	1,258		87,985
			3,139,721
Multiline Retail - 0.7%
Dollar General Corp. (a)	2,813		204,280
Dollar Tree, Inc. (a)	595		47,410
Kohl's Corp.	510		37,638
Target Corp.	2,310		177,477
			466,805
Specialty Retail - 3.0%
AutoNation, Inc. (a)	2,656		163,344
AutoZone, Inc. (a)	192		123,395
Bed Bath & Beyond, Inc. (a)	2,273		169,702
CarMax, Inc. (a)	1,590		106,705
Gap, Inc.	3,425		142,480
Home Depot, Inc.	5,443		624,584
L Brands, Inc.	730		67,058
Lowe's Companies, Inc.	4,630		343,037
Ross Stores, Inc.	780		82,532
TJX Companies, Inc.	1,260		86,486
Tractor Supply Co.	100		8,812
			1,918,135
Textiles, Apparel & Luxury Goods - 0.3%
Coach, Inc.	470		20,469
Hanesbrands, Inc.	280		35,711
NIKE, Inc. Class B	1,220		118,486
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
PVH Corp.	171		$ 18,217
Under Armour, Inc. Class A (sub. vtg.) (a)	300		23,103
			215,986
TOTAL CONSUMER DISCRETIONARY			8,156,567
CONSUMER STAPLES - 7.6%
Beverages - 1.9%
Coca-Cola Enterprises, Inc.	6,371		294,340
Diageo PLC	3,043		90,831
Dr. Pepper Snapple Group, Inc.	760		59,880
Monster Beverage Corp. (a)	170		23,990
PepsiCo, Inc.	4,146		410,371
SABMiller PLC	433		24,567
The Coca-Cola Co.	6,293		272,487
			1,176,466
Food & Staples Retailing - 2.7%
Costco Wholesale Corp.	830		121,977
CVS Health Corp.	6,659		691,670
Kroger Co.	3,887		276,560
Rite Aid Corp. (a)	5,700		45,486
Sysco Corp.	3,840		149,722
Wal-Mart Stores, Inc.	2,760		231,647
Walgreens Boots Alliance, Inc.	1,624		134,922
Whole Foods Market, Inc.	1,140		64,399
			1,716,383
Food Products - 0.8%
Archer Daniels Midland Co.	760		36,389
Bunge Ltd.	490		40,072
ConAgra Foods, Inc.	1,780		62,264
Kellogg Co.	1,059		68,284
Keurig Green Mountain, Inc.	100		12,758
Kraft Foods Group, Inc.	390		24,983
Mondelez International, Inc.	7,769		286,948
			531,698
Household Products - 1.2%
Colgate-Palmolive Co.	420		29,744
Energizer Holdings, Inc.	500		66,915
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Household Products - continued
Henkel AG & Co. KGaA	874		$ 91,946
Procter & Gamble Co.	6,800		578,884
			767,489
Personal Products - 0.1%
Estee Lauder Companies, Inc. Class A	533		44,063
Tobacco - 0.9%
Altria Group, Inc.	1,920		108,077
British American Tobacco PLC sponsored ADR	705		82,111
Philip Morris International, Inc.	4,425		367,098
Reynolds American, Inc.	366		27,677
			584,963
TOTAL CONSUMER STAPLES			4,821,062
ENERGY - 5.8%
Energy Equipment & Services - 0.7%
Ensco PLC Class A	3,325		81,363
Halliburton Co.	1,689		72,526
National Oilwell Varco, Inc.	2,273		123,538
Schlumberger Ltd.	1,480		124,557
			401,984
Oil, Gas & Consumable Fuels - 5.1%
Anadarko Petroleum Corp.	2,448		206,195
Apache Corp.	2,243		147,679
BG Group PLC	4,211		61,997
Canadian Natural Resources Ltd.	1,380		40,138
Chevron Corp.	4,633		494,248
Cimarex Energy Co.	260		28,517
Concho Resources, Inc. (a)	130		14,160
ConocoPhillips Co.	390		25,428
CONSOL Energy, Inc.	400		12,880
Continental Resources, Inc. (a)	290		12,902
Devon Energy Corp.	560		34,490
EOG Resources, Inc.	1,476		132,427
EQT Corp.	460		36,713
Exxon Mobil Corp.	6,340		561,344
Hess Corp.	780		58,562
Imperial Oil Ltd.	1,000		38,589
Kinder Morgan, Inc.	521		21,366
Marathon Petroleum Corp.	1,992		209,160
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Noble Energy, Inc.	1,512		$ 71,412
Occidental Petroleum Corp.	2,534		197,348
Phillips 66 Co.	5,241		411,209
Pioneer Natural Resources Co.	358		54,602
Range Resources Corp.	560		27,742
Royal Dutch Shell PLC Class A sponsored ADR	1,905		124,530
Spectra Energy Corp.	1,640		58,204
Suncor Energy, Inc.	3,364		100,993
The Williams Companies, Inc.	812		39,820
WPX Energy, Inc. (a)	1,736		18,714
			3,241,369
TOTAL ENERGY			3,643,353
FINANCIALS - 14.2%
Banks - 6.2%
Bank of America Corp.	27,235		430,585
CIT Group, Inc.	280		12,950
Citigroup, Inc.	18,519		970,766
Comerica, Inc.	1,140		52,189
JPMorgan Chase & Co.	15,576		954,497
M&T Bank Corp.	840		101,640
PNC Financial Services Group, Inc.	425		39,083
Standard Chartered PLC (United Kingdom)	2,176		33,292
U.S. Bancorp	11,803		526,532
Wells Fargo & Co.	14,585		799,112
			3,920,646
Capital Markets - 2.2%
Ameriprise Financial, Inc.	570		76,169
Bank of New York Mellon Corp.	2,252		88,143
BlackRock, Inc. Class A	234		86,912
Charles Schwab Corp.	1,403		41,164
E*TRADE Financial Corp. (a)	1,620		42,177
Goldman Sachs Group, Inc.	2,208		419,056
LPL Financial	600		26,916
Morgan Stanley	6,054		216,673
Northern Trust Corp.	1,180		82,399
Och-Ziff Capital Management Group LLC Class A	1,300		16,016
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
State Street Corp.	3,400		$ 253,130
TD Ameritrade Holding Corp.	1,090		39,534
			1,388,289
Consumer Finance - 0.8%
Ally Financial, Inc. (a)	1,240		25,767
American Express Co.	260		21,213
Capital One Financial Corp.	4,061		319,641
Discover Financial Services	2,491		151,901
			518,522
Diversified Financial Services - 1.4%
Berkshire Hathaway, Inc. Class B (a)	2,237		329,756
CME Group, Inc.	1,435		137,660
IntercontinentalExchange Group, Inc.	406		95,556
McGraw Hill Financial, Inc.	2,916		300,640
			863,612
Insurance - 1.8%
ACE Ltd.	1,400		159,614
American International Group, Inc.	2,148		118,849
CNA Financial Corp.	1,380		57,725
FNF Group	860		31,579
Genworth Financial, Inc. Class A (a)	3,224		24,986
Lincoln National Corp.	1,450		83,578
Loews Corp.	400		16,404
Marsh & McLennan Companies, Inc.	3,185		181,195
MetLife, Inc.	3,603		183,140
Unum Group	4,105		137,764
XL Group PLC Class A	4,131		149,542
			1,144,376
Real Estate Investment Trusts - 1.7%
American Tower Corp.	2,178		215,927
AvalonBay Communities, Inc.	520		87,537
Crown Castle International Corp.	2,948		254,442
Digital Realty Trust, Inc.	325		21,574
Federal Realty Investment Trust (SBI)	312		44,313
General Growth Properties, Inc.	600		17,406
Iron Mountain, Inc.	1,007		37,007
Lamar Advertising Co. Class A	777		45,144
Public Storage	160		31,555
Simon Property Group, Inc.	853		162,377
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
SL Green Realty Corp.	150		$ 19,040
Vornado Realty Trust	699		76,918
Weyerhaeuser Co.	1,100		38,621
			1,051,861
Real Estate Management & Development - 0.1%
Realogy Holdings Corp. (a)	1,311		60,306
TOTAL FINANCIALS			8,947,612
HEALTH CARE - 15.1%
Biotechnology - 2.1%
Alexion Pharmaceuticals, Inc. (a)	420		75,755
Amgen, Inc.	2,107		332,316
Biogen Idec, Inc. (a)	401		164,246
Celgene Corp. (a)	1,313		159,569
Gilead Sciences, Inc. (a)	4,020		416,191
Incyte Corp. (a)	240		20,604
Intercept Pharmaceuticals, Inc. (a)	100		22,137
Regeneron Pharmaceuticals, Inc. (a)	80		33,107
Spark Therapeutics, Inc.	120		6,911
United Therapeutics Corp. (a)	100		15,505
Vertex Pharmaceuticals, Inc. (a)	490		58,521
			1,304,862
Health Care Equipment & Supplies - 2.9%
Abbott Laboratories	11,181		529,644
Baxter International, Inc.	1,175		81,251
Becton, Dickinson & Co.	2,002		293,733
Intuitive Surgical, Inc. (a)	80		40,000
Medtronic PLC	10,569		820,049
St. Jude Medical, Inc.	270		18,004
Stryker Corp.	920		87,170
			1,869,851
Health Care Providers & Services - 2.5%
Aetna, Inc.	880		87,604
Anthem, Inc.	670		98,122
Cardinal Health, Inc.	190		16,718
DaVita HealthCare Partners, Inc. (a)	500		37,300
Express Scripts Holding Co. (a)	1,664		141,091
HCA Holdings, Inc. (a)	1,736		124,193
Humana, Inc.	1,074		176,544
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
McKesson Corp.	2,344		$ 536,073
UnitedHealth Group, Inc.	3,081		350,094
Universal Health Services, Inc. Class B	120		13,602
			1,581,341
Health Care Technology - 0.0%
Inovalon Holdings, Inc. Class A	394		12,238
Life Sciences Tools & Services - 0.3%
Agilent Technologies, Inc.	1,510		63,737
Thermo Fisher Scientific, Inc.	805		104,650
			168,387
Pharmaceuticals - 7.3%
AbbVie, Inc.	3,413		206,487
Actavis PLC (a)	3,905		1,137,761
Allergan, Inc.	2,884		671,222
Bristol-Myers Squibb Co.	2,440		148,645
Eli Lilly & Co.	2,020		141,743
GlaxoSmithKline PLC sponsored ADR	1,783		84,550
Johnson & Johnson	6,864		703,629
Mallinckrodt PLC (a)	200		23,344
Merck & Co., Inc.	3,690		216,013
Mylan N.V. (a)	2,014		115,453
Novartis AG sponsored ADR	164		16,794
Perrigo Co. PLC	170		26,260
Pfizer, Inc.	15,447		530,141
Shire PLC sponsored ADR	1,053		254,731
Teva Pharmaceutical Industries Ltd. sponsored ADR	3,598		205,158
Zoetis, Inc. Class A	3,216		148,225
			4,630,156
TOTAL HEALTH CARE			9,566,835
INDUSTRIALS - 11.6%
Aerospace & Defense - 4.5%
Honeywell International, Inc.	1,600		164,448
Lockheed Martin Corp.	1,299		259,865
Northrop Grumman Corp.	3,179		526,792
Precision Castparts Corp.	360		77,868
Raytheon Co.	4,896		532,538
Textron, Inc.	2,310		102,356
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
The Boeing Co.	3,374		$ 508,968
United Technologies Corp.	5,644		688,060
			2,860,895
Air Freight & Logistics - 0.5%
Expeditors International of Washington, Inc.	300		14,490
FedEx Corp.	1,111		196,625
United Parcel Service, Inc. Class B	1,294		131,639
			342,754
Airlines - 0.7%
American Airlines Group, Inc.	2,220		106,338
Delta Air Lines, Inc.	6,001		267,165
United Continental Holdings, Inc. (a)	1,330		86,689
			460,192
Commercial Services & Supplies - 0.4%
Republic Services, Inc.	834		34,127
Tyco International Ltd.	4,888		206,371
			240,498
Electrical Equipment - 0.5%
Emerson Electric Co.	2,700		156,384
Hubbell, Inc. Class B	600		68,280
Sensata Technologies Holding BV (a)	1,750		94,045
			318,709
Industrial Conglomerates - 1.7%
3M Co.	885		149,255
Danaher Corp.	2,422		211,392
General Electric Co.	26,533		689,593
Roper Industries, Inc.	210		35,190
			1,085,430
Machinery - 1.4%
Caterpillar, Inc.	380		31,502
Cummins, Inc.	1,170		166,409
Deere & Co.	1,335		120,951
Dover Corp.	310		22,336
Flowserve Corp.	3,481		216,275
Ingersoll-Rand PLC	580		38,970
Pall Corp.	180		18,146
Parker Hannifin Corp.	1,405		172,379
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Pentair PLC	560		$ 37,223
Stanley Black & Decker, Inc.	280		27,535
			851,726
Professional Services - 0.2%
Equifax, Inc.	630		58,823
Nielsen Holdings B.V.	905		40,915
			99,738
Road & Rail - 1.5%
Canadian National Railway Co.	655		45,244
Canadian Pacific Railway Ltd.	200		37,453
CSX Corp.	2,661		91,299
Norfolk Southern Corp.	1,393		152,060
Union Pacific Corp.	4,874		586,147
			912,203
Trading Companies & Distributors - 0.2%
W.W. Grainger, Inc.	550		130,301
TOTAL INDUSTRIALS			7,302,446
INFORMATION TECHNOLOGY - 18.9%
Communications Equipment - 2.0%
Cisco Systems, Inc.	23,285		687,140
Motorola Solutions, Inc.	730		49,596
QUALCOMM, Inc.	7,529		545,928
			1,282,664
Electronic Equipment & Components - 1.1%
Amphenol Corp. Class A	940		53,072
Keysight Technologies, Inc. (a)	755		28,343
TE Connectivity Ltd.	8,526		614,980
Trimble Navigation Ltd. (a)	730		19,082
			715,477
Internet Software & Services - 3.9%
eBay, Inc. (a)	7,570		438,379
Facebook, Inc. Class A (a)	6,149		485,587
Google, Inc.:
Class A (a)	675		379,775
Class C (a)	1,397		780,085
LinkedIn Corp. (a)	100		26,720
Rackspace Hosting, Inc. (a)	970		48,180
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Twitter, Inc. (a)	352		$ 16,924
Velti PLC (a)(d)	976		13
VeriSign, Inc. (a)	730		46,735
Yahoo!, Inc. (a)	5,574		246,817
			2,469,215
IT Services - 2.9%
Accenture PLC Class A	2,032		182,941
Amdocs Ltd.	1,359		71,348
ASAC II LP (a)(d)	1,527		23,489
Automatic Data Processing, Inc.	950		84,398
Cognizant Technology Solutions Corp. Class A (a)	4,827		301,615
Fidelity National Information Services, Inc.	920		62,183
IBM Corp.	1,301		210,684
MasterCard, Inc. Class A	3,927		353,941
Visa, Inc. Class A	1,732		469,909
Xerox Corp.	3,235		44,158
			1,804,666
Semiconductors & Semiconductor Equipment - 1.9%
Altera Corp.	1,780		65,878
Applied Materials, Inc.	10,904		273,145
ASML Holding NV	250		26,920
Atmel Corp.	2,220		18,515
Broadcom Corp. Class A	3,632		164,275
Intel Corp.	14,384		478,268
Lam Research Corp.	1,560		128,638
Micron Technology, Inc. (a)	1,230		37,724
			1,193,363
Software - 2.6%
Adobe Systems, Inc. (a)	397		31,403
Autodesk, Inc. (a)	490		31,478
Microsoft Corp.	20,774		910,940
Oracle Corp.	8,542		374,310
Red Hat, Inc. (a)	2,230		154,138
salesforce.com, Inc. (a)	2,171		150,624
			1,652,893
Technology Hardware, Storage & Peripherals - 4.5%
Apple, Inc.	14,558		1,870,113
EMC Corp.	15,090		436,705
First Data Holdings, Inc. Class B (d)	3,850		15,323
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - continued
Hewlett-Packard Co.	5,198		$ 181,098
Samsung Electronics Co. Ltd.	6		7,394
SanDisk Corp.	289		23,100
Seagate Technology LLC	1,240		75,789
Western Digital Corp.	2,329		249,156
			2,858,678
TOTAL INFORMATION TECHNOLOGY			11,976,956
MATERIALS - 5.6%
Chemicals - 3.3%
Airgas, Inc.	660		77,365
Ashland, Inc.	520		66,362
Celanese Corp. Class A	1,260		71,959
CF Industries Holdings, Inc.	699		214,055
E.I. du Pont de Nemours & Co.	1,055		82,132
Ecolab, Inc.	1,402		161,987
LyondellBasell Industries NV Class A	2,713		233,074
Monsanto Co.	1,469		176,912
Potash Corp. of Saskatchewan, Inc.	3,750		134,539
PPG Industries, Inc.	2,040		480,175
Praxair, Inc.	450		57,555
RPM International, Inc.	1,030		52,067
Sherwin-Williams Co.	390		111,228
Syngenta AG (Switzerland)	74		26,150
The Mosaic Co.	3,024		161,058
			2,106,618
Construction Materials - 0.8%
Martin Marietta Materials, Inc.	2,404		342,161
Vulcan Materials Co.	1,961		162,763
			504,924
Containers & Packaging - 1.2%
Ball Corp.	490		35,138
Packaging Corp. of America	6,153		509,838
Sealed Air Corp.	4,263		200,915
			745,891
Metals & Mining - 0.2%
Alcoa, Inc.	2,400		35,496
Franco-Nevada Corp.	300		15,829
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Freeport-McMoRan, Inc.	2,037		$ 44,060
Nucor Corp.	770		36,213
Teck Resources Ltd. Class B (sub. vtg.)	592		9,509
			141,107
Paper & Forest Products - 0.1%
International Paper Co.	970		54,718
TOTAL MATERIALS			3,553,258
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 1.1%
AT&T, Inc.	3,530		121,997
Verizon Communications, Inc.	11,430		565,214
			687,211
Wireless Telecommunication Services - 0.1%
T-Mobile U.S., Inc. (a)	2,430		80,263
TOTAL TELECOMMUNICATION SERVICES			767,474
UTILITIES - 1.3%
Electric Utilities - 0.7%
American Electric Power Co., Inc.	1,740		100,189
Eversource Energy	620		32,085
Exelon Corp.	3,978		134,934
FirstEnergy Corp.	3,500		122,430
ITC Holdings Corp.	1,972		76,376
			466,014
Gas Utilities - 0.0%
Amerigas Partners LP	359		17,674
Independent Power and Renewable Electricity Producers - 0.2%
NRG Energy, Inc.	2,320		55,634
The AES Corp.	5,030		65,239
			120,873
Multi-Utilities - 0.4%
CMS Energy Corp.	1,573		55,259
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
NiSource, Inc.	2,370		$ 101,697
PG&E Corp.	1,360		73,073
			230,029
TOTAL UTILITIES			834,590
TOTAL COMMON STOCKS (Cost $43,721,206)		59,570,153
Convertible Bonds - 0.0%
	Principal Amount
ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Amyris, Inc. 3% 2/27/17 (Cost $5,000)	$ 5,000		4,293
Equity Funds - 0.4%
	Shares
Sector Funds - 0.4%
Health Care Select Sector SPDR ETF (Cost $212,362)	3,445		248,729
U.S. Treasury Obligations - 0.2%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.03% 3/19/15 to 5/14/15 (c) (Cost $99,997)	$ 100,000		99,998
Money Market Funds - 5.7%
	Shares		Value
Dreyfus Treasury & Agency Cash Management Fund Institutional Shares, 0.01% (b) (Cost $3,626,454)	3,626,454		$ 3,626,454
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $47,665,019)			63,549,627
NET OTHER ASSETS (LIABILITIES) - (0.5)%			(330,027)
NET ASSETS - 100%		$ 63,219,600

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
20 CME E-mini S&P 500 Index Contracts (United States)	March 2015	$ 2,102,800	$ 61,318

The face value of futures purchased as a percentage of net assets is 3.3%

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 or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $99,998.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $38,825 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ASAC II LP	10/10/13	$ 15,270
First Data Holdings, Inc. Class B	6/26/14	$ 15,400
Velti PLC	4/19/13	$ 1,464

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 8,156,567	$ 8,156,567	$ -	$ -
Consumer Staples	4,821,062	4,730,231	90,831	-
Energy	3,643,353	3,581,356	61,997	-
Financials	8,947,612	8,947,612	-	-
Health Care	9,566,835	9,451,382	115,453	-
Industrials	7,302,446	7,302,446	-	-
Information Technology	11,976,956	11,938,131	13	38,812
Materials	3,553,258	3,527,108	26,150	-
Telecommunication Services	767,474	767,474	-	-
Utilities	834,590	834,590	-	-
Corporate Bonds	4,293	-	4,293	-
Equity Funds	248,729	248,729	-	-
U.S. Treasury Obligations	99,998	-	99,998	-
Money Market Funds	3,626,454	3,626,454	-	-
Total Investments in Securities:	$ 63,549,627	$ 63,112,080	$ 398,735	$ 38,812
Derivative Instruments:
Assets
Futures Contracts	$ 61,318	$ 61,318	$ -	$ -

Income Tax Information

At February 28, 2015, the cost of investment securities for income tax purposes was $47,907,789. Net unrealized appreciation aggregated $15,641,838, of which $16,262,483 related to appreciated investment securities and $620,645 related to depreciated investment securities.

Investment Valuation

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. Corporate bonds U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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.

Quarterly Report

or an affiliate.

Quarterly Report

Investments February 28, 2015 (Unaudited)

Quarterly Holdings Report

for

Strategic Advisers®
Growth Fund

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

February 28, 2015

1.907408.104

SGF-QTLY-0415

Investments February 28, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 79.1%
	Shares		Value
CONSUMER DISCRETIONARY - 15.1%
Auto Components - 0.6%
Lear Corp.	409,017		$ 44,550,132
TRW Automotive Holdings Corp. (a)	356,190		37,129,246
			81,679,378
Automobiles - 0.7%
General Motors Co.	508,900		18,987,059
Harley-Davidson, Inc.	725,350		46,110,500
Tesla Motors, Inc. (a)	107,882		21,936,726
			87,034,285
Hotels, Restaurants & Leisure - 2.3%
Brinker International, Inc.	186,198		11,071,333
Carnival Corp. unit	331,066		14,563,593
Chipotle Mexican Grill, Inc. (a)	4,832		3,213,135
Dunkin' Brands Group, Inc.	344,394		16,138,303
Hilton Worldwide Holdings, Inc. (a)	2,132,850		60,295,670
Las Vegas Sands Corp.	310,950		17,693,055
McDonald's Corp.	370,330		36,625,637
Panera Bread Co. Class A (a)	87,976		14,201,966
Royal Caribbean Cruises Ltd.	346,428		26,474,028
Starbucks Corp.	216,050		20,197,434
Wyndham Worldwide Corp.	273,600		25,028,928
Wynn Resorts Ltd.	91,823		13,084,778
Yum! Brands, Inc.	484,188		39,272,489
			297,860,349
Household Durables - 0.9%
Harman International Industries, Inc.	479,800		66,207,602
Mohawk Industries, Inc. (a)	72,322		13,332,561
PulteGroup, Inc.	653,842		14,750,676
Whirlpool Corp.	94,000		19,923,300
			114,214,139
Internet & Catalog Retail - 1.6%
Amazon.com, Inc. (a)	294,388		111,914,542
Ctrip.com International Ltd. sponsored ADR (a)	72,608		3,294,225
Expedia, Inc.	161,890		14,853,408
Groupon, Inc. Class A (a)	545,154		4,459,360
Priceline Group, Inc. (a)	50,828		62,898,633
TripAdvisor, Inc. (a)	91,462		8,162,984
Vipshop Holdings Ltd. ADR (a)	131,869		3,224,197
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Internet & Catalog Retail - continued
Zalando SE (a)	138,890		$ 3,626,839
zulily, Inc. Class A (a)	236,008		3,306,472
			215,740,660
Media - 2.7%
CBS Corp. Class B	342,500		20,241,750
Charter Communications, Inc. Class A (a)	121,029		21,857,837
Comcast Corp. Class A	2,236,173		132,783,953
DIRECTV (a)	164,000		14,530,400
Legend Pictures LLC (a)(e)(f)	2,783		6,579,652
Omnicom Group, Inc.	420,100		33,414,754
The Walt Disney Co.	227,100		23,636,568
Time Warner Cable, Inc.	176,809		27,237,426
Time Warner, Inc.	226,500		18,541,290
Viacom, Inc. Class B (non-vtg.)	708,230		49,533,606
			348,357,236
Multiline Retail - 0.4%
Kohl's Corp.	140,983		10,404,545
Macy's, Inc.	764,701		48,726,748
			59,131,293
Specialty Retail - 4.7%
AutoZone, Inc. (a)	92,082		59,179,260
Bed Bath & Beyond, Inc. (a)	370,546		27,664,964
Best Buy Co., Inc.	592,631		22,579,241
Foot Locker, Inc.	333,800		18,749,546
Home Depot, Inc.	2,034,320		233,438,220
L Brands, Inc.	332,000		30,497,520
Lowe's Companies, Inc.	694,682		51,468,989
O'Reilly Automotive, Inc. (a)	182,900		38,066,977
Ross Stores, Inc.	312,760		33,093,136
TJX Companies, Inc.	872,980		59,921,347
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	252,550		35,548,938
			610,208,138
Textiles, Apparel & Luxury Goods - 1.2%
Hanesbrands, Inc.	281,200		35,864,248
lululemon athletica, Inc. (a)	148,066		10,133,637
Michael Kors Holdings Ltd. (a)	222,402		14,992,119
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
NIKE, Inc. Class B	855,104		$ 83,047,700
Under Armour, Inc. Class A (sub. vtg.) (a)	275,931		21,249,446
			165,287,150
TOTAL CONSUMER DISCRETIONARY			1,979,512,628
CONSUMER STAPLES - 7.4%
Beverages - 2.3%
Anheuser-Busch InBev SA NV ADR	478,950		60,663,807
Molson Coors Brewing Co. Class B	374,700		28,435,983
Monster Beverage Corp. (a)	244,547		34,510,473
PepsiCo, Inc.	1,287,226		127,409,629
SABMiller PLC sponsored ADR	265,288		15,033,871
The Coca-Cola Co.	756,210		32,743,893
			298,797,656
Food & Staples Retailing - 1.8%
CVS Health Corp.	1,387,178		144,086,179
Kroger Co.	917,196		65,258,495
Rite Aid Corp. (a)	2,784,300		22,218,714
			231,563,388
Food Products - 2.0%
Archer Daniels Midland Co.	881,909		42,225,803
Danone SA sponsored ADR	1,445,188		20,102,565
General Mills, Inc.	475,008		25,550,680
Kellogg Co.	461,550		29,760,744
Keurig Green Mountain, Inc.	139,254		17,766,025
Kraft Foods Group, Inc.	240,023		15,375,873
Mead Johnson Nutrition Co. Class A	235,769		24,699,160
Mondelez International, Inc.	1,265,208		46,730,457
Tyson Foods, Inc. Class A	871,257		35,991,627
			258,202,934
Household Products - 0.3%
Colgate-Palmolive Co.	337,892		23,929,511
Procter & Gamble Co.	191,449		16,298,053
			40,227,564
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Tobacco - 1.0%
Lorillard, Inc.	227,004		$ 15,531,614
Philip Morris International, Inc.	1,484,377		123,143,916
			138,675,530
TOTAL CONSUMER STAPLES			967,467,072
ENERGY - 2.2%
Energy Equipment & Services - 0.7%
Cameron International Corp. (a)	589,546		27,755,826
Halliburton Co.	508,000		21,813,520
Schlumberger Ltd.	521,398		43,880,856
			93,450,202
Oil, Gas & Consumable Fuels - 1.5%
Apache Corp.	489,180		32,207,611
Cabot Oil & Gas Corp.	541,527		15,704,283
EOG Resources, Inc.	544,637		48,864,832
Marathon Petroleum Corp.	431,932		45,352,860
Occidental Petroleum Corp.	341,150		26,568,762
Tesoro Corp.	208,300		19,130,272
Valero Energy Corp.	196,500		12,122,085
			199,950,705
TOTAL ENERGY			293,400,907
FINANCIALS - 3.4%
Banks - 0.5%
JPMorgan Chase & Co.	1,074,380		65,838,006
Capital Markets - 0.2%
Goldman Sachs Group, Inc.	58,700		11,140,673
Greenhill & Co., Inc.	67,861		2,626,899
SEI Investments Co.	365,439		15,728,495
			29,496,067
Consumer Finance - 1.0%
American Express Co.	81,271		6,630,901
Capital One Financial Corp.	1,004,770		79,085,447
Discover Financial Services	701,914		42,802,716
			128,519,064
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 0.3%
McGraw Hill Financial, Inc.	200,868		$ 20,709,491
MSCI, Inc. Class A	330,031		18,518,039
			39,227,530
Insurance - 0.7%
Allstate Corp.	366,300		25,860,780
Everest Re Group Ltd.	106,090		18,823,549
FNF Group	436,453		16,026,554
MetLife, Inc.	185,868		9,447,670
Prudential Financial, Inc.	281,091		22,726,207
			92,884,760
Real Estate Investment Trusts - 0.7%
American Tower Corp.	618,783		61,346,147
Iron Mountain, Inc.	564,234		20,735,600
			82,081,747
TOTAL FINANCIALS			438,047,174
HEALTH CARE - 14.5%
Biotechnology - 5.7%
Alexion Pharmaceuticals, Inc. (a)	254,996		45,993,629
Alnylam Pharmaceuticals, Inc. (a)	37,157		3,772,550
Amgen, Inc.	516,334		81,436,198
Biogen Idec, Inc. (a)	382,435		156,641,552
BioMarin Pharmaceutical, Inc. (a)	323,070		34,591,105
Celgene Corp. (a)	1,153,697		140,208,796
Gilead Sciences, Inc. (a)	2,660,989		275,492,191
Intercept Pharmaceuticals, Inc. (a)	4,414		977,127
Ironwood Pharmaceuticals, Inc. Class A (a)	319,181		4,931,346
Pharmacyclics, Inc. (a)	16,784		3,624,169
Seattle Genetics, Inc. (a)	46,993		1,703,496
			749,372,159
Health Care Equipment & Supplies - 1.1%
Baxter International, Inc.	349,030		24,135,425
Edwards Lifesciences Corp. (a)	95,962		12,764,865
Intuitive Surgical, Inc. (a)	59,637		29,818,500
Medtronic PLC	579,260		44,944,783
St. Jude Medical, Inc.	159,100		10,608,788
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Varian Medical Systems, Inc. (a)	155,198		$ 14,428,758
Zimmer Holdings, Inc.	76,956		9,264,733
			145,965,852
Health Care Providers & Services - 2.7%
Aetna, Inc.	285,400		28,411,570
Cardinal Health, Inc.	238,600		20,994,414
Centene Corp. (a)	278,904		17,141,440
Cigna Corp.	187,800		22,842,114
Express Scripts Holding Co. (a)	761,783		64,591,581
HCA Holdings, Inc. (a)	1,325,497		94,826,055
Laboratory Corp. of America Holdings (a)	91,900		11,306,457
McKesson Corp.	334,560		76,513,872
UnitedHealth Group, Inc.	141,700		16,101,371
			352,728,874
Health Care Technology - 0.2%
athenahealth, Inc. (a)	160,015		20,333,106
Life Sciences Tools & Services - 1.1%
Agilent Technologies, Inc.	654,370		27,620,958
Illumina, Inc. (a)	329,765		64,455,867
Thermo Fisher Scientific, Inc.	349,225		45,399,250
			137,476,075
Pharmaceuticals - 3.7%
AbbVie, Inc.	554,600		33,553,300
Actavis PLC (a)	309,797		90,262,454
Allergan, Inc.	264,350		61,524,819
Bristol-Myers Squibb Co.	1,413,579		86,115,233
Endo Health Solutions, Inc. (a)	251,866		21,559,730
Johnson & Johnson	112,600		11,542,626
Merck & Co., Inc.	1,292,255		75,648,608
Novartis AG sponsored ADR	166,584		17,058,202
Novo Nordisk A/S Series B sponsored ADR	346,522		16,546,426
Pfizer, Inc.	628,492		21,569,845
Shire PLC sponsored ADR	158,150		38,258,067
Zoetis, Inc. Class A	360,072		16,595,718
			490,235,028
TOTAL HEALTH CARE			1,896,111,094
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 7.5%
Aerospace & Defense - 2.7%
General Dynamics Corp.	105,492		$ 14,640,180
Honeywell International, Inc.	405,510		41,678,318
L-3 Communications Holdings, Inc.	125,500		16,243,465
Lockheed Martin Corp.	60,484		12,099,824
Northrop Grumman Corp.	223,700		37,069,327
Precision Castparts Corp.	159,207		34,436,474
Textron, Inc.	472,952		20,956,503
The Boeing Co.	436,850		65,898,823
TransDigm Group, Inc.	36,201		7,850,549
Triumph Group, Inc.	196,290		11,736,179
United Technologies Corp.	760,115		92,665,620
			355,275,262
Air Freight & Logistics - 1.0%
Expeditors International of Washington, Inc.	342,908		16,562,456
FedEx Corp.	190,040		33,633,279
United Parcel Service, Inc. Class B	725,361		73,790,975
			123,986,710
Airlines - 0.7%
Copa Holdings SA Class A	301,760		34,364,429
Delta Air Lines, Inc.	1,066,870		47,497,052
United Continental Holdings, Inc. (a)	226,428		14,758,577
			96,620,058
Commercial Services & Supplies - 0.1%
Stericycle, Inc. (a)	52,851		7,133,299
Electrical Equipment - 0.0%
SolarCity Corp. (a)	64,499		3,312,669
Industrial Conglomerates - 0.3%
Danaher Corp.	233,999		20,423,433
Roper Industries, Inc.	97,424		16,325,340
			36,748,773
Machinery - 0.5%
Caterpillar, Inc.	157,010		13,016,129
Colfax Corp. (a)	137,662		7,252,034
Cummins, Inc.	174,848		24,868,631
Trinity Industries, Inc.	425,100		14,291,862
			59,428,656
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Professional Services - 0.2%
IHS, Inc. Class A (a)	122,761		$ 14,428,100
Verisk Analytics, Inc. (a)	248,350		17,834,014
			32,262,114
Road & Rail - 2.0%
Canadian Pacific Railway Ltd.	348,050		65,177,590
Kansas City Southern	284,150		32,915,936
Norfolk Southern Corp.	106,100		11,581,876
Union Pacific Corp.	1,309,017		157,422,384
			267,097,786
TOTAL INDUSTRIALS			981,865,327
INFORMATION TECHNOLOGY - 25.7%
Communications Equipment - 1.4%
Cisco Systems, Inc.	1,409,465		41,593,312
Palo Alto Networks, Inc. (a)	55,861		7,944,551
QUALCOMM, Inc.	1,773,124		128,569,221
			178,107,084
Electronic Equipment & Components - 0.3%
Corning, Inc.	769,900		18,785,560
Ingram Micro, Inc. Class A (a)	357,700		8,838,767
Keysight Technologies, Inc. (a)	319,265		11,985,208
			39,609,535
Internet Software & Services - 6.5%
Alibaba Group Holding Ltd. sponsored ADR	157,259		13,385,886
Autohome, Inc. ADR Class A (a)	158,308		6,045,783
Dropbox, Inc. (a)(f)	314,762		6,011,954
eBay, Inc. (a)	947,717		54,882,291
Facebook, Inc. Class A (a)	2,366,034		186,845,705
Google, Inc.:
Class A (a)	353,540		198,912,210
Class C (a)	340,211		189,973,822
IAC/InterActiveCorp	252,800		17,043,776
LendingClub Corp.	102,219		2,082,201
LinkedIn Corp. (a)	332,320		88,795,904
MercadoLibre, Inc.	37,826		4,954,071
Pandora Media, Inc. (a)	335,703		4,968,404
SurveyMonkey (f)	163,411		2,688,111
Twitter, Inc. (a)	1,046,662		50,323,509
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Yelp, Inc. (a)	78,039		$ 3,745,872
Youku Tudou, Inc. ADR (a)	318,369		5,218,068
Zillow Group, Inc. (a)	161,510		18,533,273
			854,410,840
IT Services - 5.2%
Accenture PLC Class A	262,275		23,612,618
Alliance Data Systems Corp. (a)	169,800		47,290,998
Amdocs Ltd.	341,678		17,938,095
Automatic Data Processing, Inc.	57,082		5,071,165
Cognizant Technology Solutions Corp. Class A (a)	1,221,329		76,314,743
Fidelity National Information Services, Inc.	757,580		51,204,832
Fiserv, Inc. (a)	341,500		26,660,905
FleetCor Technologies, Inc. (a)	494,650		75,894,150
Gartner, Inc. Class A (a)	191,507		15,916,147
IBM Corp.	142,819		23,128,109
MasterCard, Inc. Class A	1,472,200		132,689,386
Visa, Inc. Class A	660,088		179,088,475
			674,809,623
Semiconductors & Semiconductor Equipment - 2.4%
Altera Corp.	32,218		1,192,388
Analog Devices, Inc.	38,529		2,255,488
Applied Materials, Inc.	2,698,300		67,592,415
ARM Holdings PLC sponsored ADR	250,165		13,376,323
Avago Technologies Ltd.	293,403		37,444,091
Broadcom Corp. Class A	641,975		29,036,529
Lam Research Corp.	523,900		43,200,794
Micron Technology, Inc. (a)	366,500		11,240,555
NXP Semiconductors NV (a)	513,070		43,557,078
Skyworks Solutions, Inc.	410,600		36,030,150
Texas Instruments, Inc.	588,800		34,621,440
			319,547,251
Software - 4.4%
Activision Blizzard, Inc.	1,180,490		27,529,027
Adobe Systems, Inc. (a)	528,700		41,820,170
Aspen Technology, Inc. (a)	538,597		20,792,537
Autodesk, Inc. (a)	250,317		16,080,364
Citrix Systems, Inc. (a)	382,468		24,353,650
Electronic Arts, Inc. (a)	507,106		28,996,321
FactSet Research Systems, Inc.	77,465		12,049,681
FireEye, Inc. (a)	360,098		15,941,538
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Intuit, Inc.	194,656		$ 19,004,265
Microsoft Corp.	2,143,780		94,004,753
NetSuite, Inc. (a)	61,280		5,908,618
Oracle Corp.	3,314,534		145,242,880
Parametric Technology Corp. (a)	250,057		8,665,725
ServiceNow, Inc. (a)	225,330		17,183,666
SolarWinds, Inc. (a)	632,790		32,101,437
Splunk, Inc. (a)	338,722		22,779,055
Synopsys, Inc. (a)	366,000		16,986,060
Tableau Software, Inc. (a)	69,206		6,506,056
Workday, Inc. Class A (a)	239,395		20,468,273
Zynga, Inc. (a)	848,669		1,951,939
			578,366,015
Technology Hardware, Storage & Peripherals - 5.5%
3D Systems Corp. (a)	96,193		2,931,001
Apple, Inc.	5,128,559		658,814,689
NCR Corp. (a)	886,040		26,058,436
Stratasys Ltd. (a)	32,604		2,023,404
Western Digital Corp.	265,901		28,446,089
			718,273,619
TOTAL INFORMATION TECHNOLOGY			3,363,123,967
MATERIALS - 2.2%
Chemicals - 2.0%
Ashland, Inc.	565,210		72,132,100
FMC Corp.	278,260		17,644,467
LyondellBasell Industries NV Class A	684,449		58,801,014
PPG Industries, Inc.	300,706		70,780,178
Sherwin-Williams Co.	69,470		19,812,844
The Dow Chemical Co.	340,180		16,750,463
			255,921,066
Construction Materials - 0.1%
Eagle Materials, Inc.	145,552		11,425,832
Metals & Mining - 0.1%
Freeport-McMoRan, Inc.	682,850		14,770,046
TOTAL MATERIALS			282,116,944
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.8%
Verizon Communications, Inc.	2,132,346		$ 105,444,510
Wireless Telecommunication Services - 0.2%
SBA Communications Corp. Class A (a)	166,750		20,795,393
TOTAL TELECOMMUNICATION SERVICES			126,239,903
UTILITIES - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
The AES Corp.	853,771		11,073,410
TOTAL COMMON STOCKS (Cost $6,864,791,004)		10,338,958,426
Preferred Stocks - 0.1%

Convertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Diversified Consumer Services - 0.0%
Airbnb, Inc. Series D (f)	98,859		4,024,846
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Internet & Catalog Retail - 0.1%
Flipkart Series D (a)(f)	52,096		6,239,017
INFORMATION TECHNOLOGY - 0.0%
IT Services - 0.0%
Palantir Technologies, Inc.:
Series G (a)(f)	296,161		2,632,871
Series H (a)(f)	93,416		830,468
Series H1 (a)(f)	93,416		830,468
			4,293,807
TOTAL NONCONVERTIBLE PREFERRED STOCKS			10,532,824
TOTAL PREFERRED STOCKS (Cost $6,782,330)		14,557,670
Equity Funds - 19.2%
	Shares		Value
Large Blend Funds - 2.6%
BBH Core Select Fund Class N	15,007,555		$ 342,322,335
Large Growth Funds - 16.6%
Columbia Select Large Cap Growth Fund Class R5	21,214,511		415,592,263
Fidelity Growth Company Fund (c)	8,434,568		1,180,502,138
iShares Russell 1000 Growth Index ETF	70,748		7,104,514
PRIMECAP Odyssey Growth Fund	4,193,705		113,355,843
Wells Fargo Advantage Premier Large Co. Growth Fund (Administrator Class)	27,456,364		443,145,720
TOTAL LARGE GROWTH FUNDS			2,159,700,478
TOTAL EQUITY FUNDS (Cost $1,858,440,666)		2,502,022,813
U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.02% 3/5/15 to 5/28/15 (d) (Cost $2,369,951)	$ 2,370,000		2,369,932
Money Market Funds - 1.7%
	Shares
Dreyfus Treasury & Agency Cash Management Fund Institutional Shares, 0.01% (b) (Cost $215,541,866)	215,541,866		215,541,866
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $8,947,925,817)			13,073,450,707
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(7,839,895)
NET ASSETS - 100%		$ 13,065,610,812

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
862 ICE Russell 1000 Value Index Contracts (United States)	March 2015	$ 86,777,540	$ 3,948,961

The face value of futures purchased as a percentage of net assets is 0.7%

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.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,364,932.

(e) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Airbnb, Inc. Series D	4/16/14	$ 4,024,850
Dropbox, Inc.	5/1/12 - 5/25/12	$ 2,849,379
Flipkart Series D	10/4/13	$ 1,195,447
Legend Pictures LLC	3/8/12	$ 2,977,445
Palantir Technologies, Inc. Series G	7/19/12	$ 906,253
Palantir Technologies, Inc. Series H	10/25/13	$ 327,890
Palantir Technologies, Inc. Series H1	10/25/13	$ 327,890
SurveyMonkey	11/25/14	$ 2,688,111

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Growth Company Fund	$ 826,367,304	$ 221,319,844	$ -	$ 980,710	$ 1,180,502,138

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,989,776,491	$ 1,972,932,976	$ -	$ 16,843,515
Consumer Staples	967,467,072	967,467,072	-	-
Energy	293,400,907	293,400,907	-	-
Financials	438,047,174	438,047,174	-	-
Health Care	1,896,111,094	1,896,111,094	-	-
Industrials	981,865,327	981,865,327	-	-
Information Technology	3,367,417,774	3,354,423,902	-	12,993,872
Materials	282,116,944	282,116,944	-	-
Telecommunication Services	126,239,903	126,239,903	-	-
Utilities	11,073,410	11,073,410	-	-
Equity Funds	2,502,022,813	2,502,022,813	-	-
U.S. Treasury Obligations	2,369,932	-	2,369,932	-
Money Market Funds	215,541,866	215,541,866	-	-
Total Investments in Securities:	$ 13,073,450,707	$ 13,041,243,388	$ 2,369,932	$ 29,837,387
Derivative Instruments:
Assets
Futures Contracts	$ 3,948,961	$ 3,948,961	$ -	$ -

Income Tax Information

At February 28, 2015, the cost of investment securities for income tax purposes was $8,958,920,626. Net unrealized appreciation aggregated $4,114,530,081, of which $4,225,014,394 related to appreciated investment securities and $110,484,313 related to depreciated investment securities.

Investment Valuation

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. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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.

Quarterly Report

or an affiliate.

Quarterly Report

Investments February 28, 2015 (Unaudited)

Quarterly Holdings Report

for

Strategic Advisers® Growth
Multi-Manager Fund

February 28, 2015

1.931558.103

MMG-QTLY-0415

Investments February 28, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.8%
	Shares		Value
CONSUMER DISCRETIONARY - 17.6%
Auto Components - 0.7%
Lear Corp.	2,567		$ 279,598
TRW Automotive Holdings Corp. (a)	1,920		200,141
			479,739
Automobiles - 0.8%
General Motors Co.	2,744		102,379
Harley-Davidson, Inc.	3,684		234,192
Tesla Motors, Inc. (a)	795		161,655
			498,226
Hotels, Restaurants & Leisure - 2.7%
Brinker International, Inc.	1,274		75,752
Carnival Corp. unit	2,265		99,637
Chipotle Mexican Grill, Inc. (a)	34		22,609
Dunkin' Brands Group, Inc.	2,446		114,620
Hilton Worldwide Holdings, Inc. (a)	10,830		306,164
Las Vegas Sands Corp.	1,576		89,674
McDonald's Corp.	2,000		197,800
Panera Bread Co. Class A (a)	631		101,862
Royal Caribbean Cruises Ltd.	2,370		181,115
Starbucks Corp.	1,100		102,834
Wyndham Worldwide Corp.	1,639		149,936
Wynn Resorts Ltd.	464		66,120
Yum! Brands, Inc.	2,920		236,841
			1,744,964
Household Durables - 1.0%
Harman International Industries, Inc.	2,436		336,144
Mohawk Industries, Inc. (a)	436		80,377
PulteGroup, Inc.	4,470		100,843
Whirlpool Corp.	580		122,931
			640,295
Internet & Catalog Retail - 1.9%
Amazon.com, Inc. (a)	1,497		569,100
Ctrip.com International Ltd. sponsored ADR (a)	535		24,273
Expedia, Inc.	873		80,098
Groupon, Inc. Class A (a)	3,911		31,992
Priceline Group, Inc. (a)	300		371,244
TripAdvisor, Inc. (a)	649		57,923
Vipshop Holdings Ltd. ADR (a)	972		23,765
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Internet & Catalog Retail - continued
Zalando SE (a)	987		$ 25,774
zulily, Inc. Class A (a)	1,674		23,453
			1,207,622
Media - 3.1%
CBS Corp. Class B	1,741		102,893
Charter Communications, Inc. Class A (a)	828		149,537
Comcast Corp. Class A	13,129		779,600
DIRECTV (a)	986		87,360
Omnicom Group, Inc.	2,265		180,158
The Walt Disney Co.	1,365		142,069
Time Warner Cable, Inc.	1,213		186,863
Time Warner, Inc.	1,320		108,055
Viacom, Inc. Class B (non-vtg.)	3,870		270,668
			2,007,203
Multiline Retail - 0.6%
Kohl's Corp.	964		71,143
Macy's, Inc.	4,810		306,493
			377,636
Specialty Retail - 5.3%
AutoZone, Inc. (a)	545		350,261
Bed Bath & Beyond, Inc. (a)	2,532		189,039
Best Buy Co., Inc.	4,051		154,343
Foot Locker, Inc.	2,002		112,452
Home Depot, Inc.	10,961		1,257,775
L Brands, Inc.	1,689		155,152
Lowe's Companies, Inc.	3,947		292,433
O'Reilly Automotive, Inc. (a)	930		193,561
Ross Stores, Inc.	2,138		226,222
TJX Companies, Inc.	4,670		320,549
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	1,280		180,173
			3,431,960
Textiles, Apparel & Luxury Goods - 1.5%
Hanesbrands, Inc.	1,686		215,032
lululemon athletica, Inc. (a)	1,050		71,862
Michael Kors Holdings Ltd. (a)	1,596		107,586
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
NIKE, Inc. Class B	4,875		$ 473,460
Under Armour, Inc. Class A (sub. vtg.) (a)	1,506		115,977
			983,917
TOTAL CONSUMER DISCRETIONARY			11,371,562
CONSUMER STAPLES - 8.7%
Beverages - 2.5%
Anheuser-Busch InBev SA NV ADR	2,435		308,417
Molson Coors Brewing Co. Class B	2,260		171,511
Monster Beverage Corp. (a)	1,168		164,828
PepsiCo, Inc.	7,318		724,336
SABMiller PLC sponsored ADR	1,066		60,410
The Coca-Cola Co.	4,065		176,015
			1,605,517
Food & Staples Retailing - 2.2%
CVS Health Corp.	8,209		852,669
Kroger Co.	5,781		411,318
Rite Aid Corp. (a)	16,700		133,266
			1,397,253
Food Products - 2.5%
Archer Daniels Midland Co.	5,574		266,883
Danone SA sponsored ADR	5,807		80,775
General Mills, Inc.	3,240		174,280
Kellogg Co.	2,490		160,555
Keurig Green Mountain, Inc.	989		126,177
Kraft Foods Group, Inc.	1,294		82,894
Mead Johnson Nutrition Co. Class A	1,738		182,073
Mondelez International, Inc.	7,611		281,112
Tyson Foods, Inc. Class A	5,637		232,864
			1,587,613
Household Products - 0.3%
Colgate-Palmolive Co.	2,312		163,736
Procter & Gamble Co.	769		65,465
			229,201
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Tobacco - 1.2%
Lorillard, Inc.	1,551		$ 106,119
Philip Morris International, Inc.	8,459		701,759
			807,878
TOTAL CONSUMER STAPLES			5,627,462
ENERGY - 2.7%
Energy Equipment & Services - 0.8%
Cameron International Corp. (a)	3,568		167,981
Halliburton Co.	2,800		120,232
Schlumberger Ltd.	2,829		238,089
			526,302
Oil, Gas & Consumable Fuels - 1.9%
Apache Corp.	2,700		177,768
Cabot Oil & Gas Corp.	3,705		107,445
EOG Resources, Inc.	3,241		290,783
Marathon Petroleum Corp.	2,840		298,200
Occidental Petroleum Corp.	1,839		143,221
Tesoro Corp.	1,250		114,800
Valero Energy Corp.	1,179		72,733
			1,204,950
TOTAL ENERGY			1,731,252
FINANCIALS - 4.1%
Banks - 0.6%
JPMorgan Chase & Co.	5,793		354,995
Capital Markets - 0.2%
Goldman Sachs Group, Inc.	352		66,806
Greenhill & Co., Inc.	281		10,878
SEI Investments Co.	1,467		63,140
			140,824
Consumer Finance - 1.2%
American Express Co.	326		26,598
Capital One Financial Corp.	5,600		440,776
Discover Financial Services	4,521		275,691
			743,065
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 0.4%
McGraw Hill Financial, Inc.	1,441		$ 148,567
MSCI, Inc. Class A	2,469		138,536
			287,103
Insurance - 0.9%
Allstate Corp.	2,212		156,167
Everest Re Group Ltd.	639		113,378
FNF Group	2,617		96,096
MetLife, Inc.	1,272		64,656
Prudential Financial, Inc.	1,921		155,313
			585,610
Real Estate Investment Trusts - 0.8%
American Tower Corp.	3,578		354,723
Iron Mountain, Inc.	3,858		141,782
			496,505
TOTAL FINANCIALS			2,608,102
HEALTH CARE - 16.9%
Biotechnology - 6.5%
Alexion Pharmaceuticals, Inc. (a)	1,558		281,016
Alnylam Pharmaceuticals, Inc. (a)	264		26,804
Amgen, Inc.	2,746		433,099
Biogen Idec, Inc. (a)	2,139		876,113
BioMarin Pharmaceutical, Inc. (a)	1,742		186,516
Celgene Corp. (a)	6,436		782,167
Gilead Sciences, Inc. (a)	14,725		1,524,479
Intercept Pharmaceuticals, Inc. (a)	32		7,084
Ironwood Pharmaceuticals, Inc. Class A (a)	2,290		35,381
Pharmacyclics, Inc. (a)	120		25,912
Seattle Genetics, Inc. (a)	333		12,071
			4,190,642
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc.	1,882		130,140
Edwards Lifesciences Corp. (a)	656		87,261
Intuitive Surgical, Inc. (a)	440		220,000
Medtronic PLC	3,123		242,314
St. Jude Medical, Inc.	953		63,546
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Varian Medical Systems, Inc. (a)	622		$ 57,827
Zimmer Holdings, Inc.	308		37,080
			838,168
Health Care Providers & Services - 3.2%
Aetna, Inc.	1,742		173,416
Cardinal Health, Inc.	1,431		125,914
Centene Corp. (a)	1,908		117,266
Cigna Corp.	1,125		136,834
Express Scripts Holding Co. (a)	4,107		348,233
HCA Holdings, Inc. (a)	7,081		506,575
Laboratory Corp. of America Holdings (a)	550		67,667
McKesson Corp.	2,130		487,131
UnitedHealth Group, Inc.	850		96,586
			2,059,622
Health Care Technology - 0.3%
athenahealth, Inc. (a)	1,148		145,876
Life Sciences Tools & Services - 1.4%
Agilent Technologies, Inc.	3,530		149,001
Illumina, Inc. (a)	2,358		460,895
Thermo Fisher Scientific, Inc.	2,235		290,550
			900,446
Pharmaceuticals - 4.2%
AbbVie, Inc.	3,310		200,255
Actavis PLC (a)	1,682		490,068
Allergan, Inc.	1,340		311,872
Bristol-Myers Squibb Co.	8,230		501,372
Endo Health Solutions, Inc. (a)	1,807		154,679
Johnson & Johnson	676		69,297
Merck & Co., Inc.	7,339		429,625
Novartis AG sponsored ADR	671		68,710
Novo Nordisk A/S Series B sponsored ADR	1,392		66,468
Pfizer, Inc.	3,389		116,310
Shire PLC sponsored ADR	800		193,528
Zoetis, Inc. Class A	2,649		122,092
			2,724,276
TOTAL HEALTH CARE			10,859,030
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 8.8%
Aerospace & Defense - 3.2%
General Dynamics Corp.	721		$ 100,060
Honeywell International, Inc.	2,186		224,677
L-3 Communications Holdings, Inc.	752		97,331
Lockheed Martin Corp.	414		82,821
Northrop Grumman Corp.	1,344		222,714
Precision Castparts Corp.	930		201,159
Textron, Inc.	3,236		143,387
The Boeing Co.	2,221		335,038
TransDigm Group, Inc.	269		58,335
Triumph Group, Inc.	1,093		65,350
United Technologies Corp.	4,447		542,134
			2,073,006
Air Freight & Logistics - 1.0%
Expeditors International of Washington, Inc.	1,377		66,509
FedEx Corp.	1,140		201,757
United Parcel Service, Inc. Class B	3,888		395,526
			663,792
Airlines - 0.9%
Copa Holdings SA Class A	1,627		185,283
Delta Air Lines, Inc.	6,719		299,130
United Continental Holdings, Inc. (a)	1,549		100,964
			585,377
Commercial Services & Supplies - 0.1%
Stericycle, Inc. (a)	375		50,614
Electrical Equipment - 0.0%
SolarCity Corp. (a)	458		23,523
Industrial Conglomerates - 0.3%
Danaher Corp.	1,191		103,950
Roper Industries, Inc.	667		111,769
			215,719
Machinery - 0.6%
Caterpillar, Inc.	847		70,216
Colfax Corp. (a)	1,015		53,470
Cummins, Inc.	1,195		169,965
Trinity Industries, Inc.	2,548		85,664
			379,315
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Professional Services - 0.4%
IHS, Inc. Class A (a)	881		$ 103,544
Verisk Analytics, Inc. (a)	1,831		131,484
			235,028
Road & Rail - 2.3%
Canadian Pacific Railway Ltd.	1,763		330,148
Kansas City Southern	1,442		167,041
Norfolk Southern Corp.	640		69,862
Union Pacific Corp.	7,437		894,374
			1,461,425
TOTAL INDUSTRIALS			5,687,799
INFORMATION TECHNOLOGY - 30.1%
Communications Equipment - 1.5%
Cisco Systems, Inc.	6,315		186,356
Palo Alto Networks, Inc. (a)	401		57,030
QUALCOMM, Inc.	9,611		696,894
			940,280
Electronic Equipment & Components - 0.4%
Corning, Inc.	4,618		112,679
Ingram Micro, Inc. Class A (a)	2,148		53,077
Keysight Technologies, Inc. (a)	1,755		65,883
			231,639
Internet Software & Services - 7.6%
Alibaba Group Holding Ltd. sponsored ADR	632		53,796
Autohome, Inc. ADR Class A (a)	1,123		42,887
Dropbox, Inc. (a)(e)	1,585		30,274
eBay, Inc. (a)	5,110		295,920
Facebook, Inc. Class A (a)	13,245		1,045,958
Google, Inc.:
Class A (a)	1,982		1,115,133
Class C (a)	1,893		1,057,051
IAC/InterActiveCorp	1,363		91,893
LendingClub Corp.	725		14,768
LinkedIn Corp. (a)	2,088		557,914
MercadoLibre, Inc.	271		35,493
Pandora Media, Inc. (a)	2,382		35,254
SurveyMonkey (e)	1,159		19,066
Twitter, Inc. (a)	6,799		326,896
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Yelp, Inc. (a)	575		$ 27,600
Youku Tudou, Inc. ADR (a)	2,284		37,435
Zillow Group, Inc. (a)	1,190		136,553
			4,923,891
IT Services - 6.0%
Accenture PLC Class A	1,792		161,334
Alliance Data Systems Corp. (a)	961		267,648
Amdocs Ltd.	2,049		107,573
Automatic Data Processing, Inc.	228		20,256
Cognizant Technology Solutions Corp. Class A (a)	7,092		443,144
Fidelity National Information Services, Inc.	4,495		303,817
Fiserv, Inc. (a)	2,049		159,965
FleetCor Technologies, Inc. (a)	3,187		488,981
Gartner, Inc. Class A (a)	1,382		114,858
IBM Corp.	901		145,908
MasterCard, Inc. Class A	7,630		687,692
Visa, Inc. Class A	3,554		964,236
			3,865,412
Semiconductors & Semiconductor Equipment - 2.8%
Altera Corp.	128		4,737
Analog Devices, Inc.	155		9,074
Applied Materials, Inc.	13,697		343,110
ARM Holdings PLC sponsored ADR	1,008		53,898
Avago Technologies Ltd.	2,007		256,133
Broadcom Corp. Class A	4,386		198,379
Lam Research Corp.	2,993		246,803
Micron Technology, Inc. (a)	2,200		67,474
NXP Semiconductors NV (a)	2,607		221,321
Skyworks Solutions, Inc.	2,462		216,041
Texas Instruments, Inc.	3,532		207,682
			1,824,652
Software - 5.3%
Activision Blizzard, Inc.	5,820		135,722
Adobe Systems, Inc. (a)	2,680		211,988
Aspen Technology, Inc. (a)	3,681		142,105
Autodesk, Inc. (a)	1,005		64,561
Citrix Systems, Inc. (a)	2,613		166,383
Electronic Arts, Inc. (a)	3,469		198,357
FactSet Research Systems, Inc.	311		48,376
FireEye, Inc. (a)	2,642		116,961
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Intuit, Inc.	1,332		$ 130,043
Microsoft Corp.	12,839		562,990
NetSuite, Inc. (a)	440		42,425
Oracle Corp.	18,130		794,457
Parametric Technology Corp. (a)	1,719		59,572
ServiceNow, Inc. (a)	1,661		126,668
SolarWinds, Inc. (a)	3,412		173,091
Splunk, Inc. (a)	2,469		166,040
Synopsys, Inc. (a)	2,194		101,824
Tableau Software, Inc. (a)	510		47,945
Workday, Inc. Class A (a)	1,718		146,889
Zynga, Inc. (a)	6,089		14,005
			3,450,402
Technology Hardware, Storage & Peripherals - 6.5%
3D Systems Corp. (a)	682		20,781
Apple, Inc.	29,668		3,811,142
NCR Corp. (a)	4,777		140,492
Stratasys Ltd. (a)	234		14,522
Western Digital Corp.	1,708		182,722
			4,169,659
TOTAL INFORMATION TECHNOLOGY			19,405,935
MATERIALS - 2.6%
Chemicals - 2.4%
Ashland, Inc.	3,047		388,858
FMC Corp.	1,520		96,383
LyondellBasell Industries NV Class A	4,389		377,059
PPG Industries, Inc.	1,751		412,150
Sherwin-Williams Co.	475		135,470
The Dow Chemical Co.	2,327		114,581
			1,524,501
Construction Materials - 0.1%
Eagle Materials, Inc.	995		78,108
Metals & Mining - 0.1%
Freeport-McMoRan, Inc.	3,690		79,815
TOTAL MATERIALS			1,682,424
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 1.0%
Verizon Communications, Inc.	13,559		$ 670,493
Wireless Telecommunication Services - 0.2%
SBA Communications Corp. Class A (a)	850		106,004
TOTAL TELECOMMUNICATION SERVICES			776,497
UTILITIES - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
The AES Corp.	5,840		75,745
TOTAL COMMON STOCKS (Cost $39,327,597)		59,825,808
Preferred Stocks - 0.2%

Convertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Diversified Consumer Services - 0.1%
Airbnb, Inc. Series D (e)	783		31,878
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Internet & Catalog Retail - 0.1%
Flipkart Series D (a)(e)	365		43,712
INFORMATION TECHNOLOGY - 0.0%
IT Services - 0.0%
Palantir Technologies, Inc.:
Series G (a)(e)	1,489		13,237
Series H (a)(e)	655		5,823
Series H1 (a)(e)	655		5,823
			24,883
TOTAL NONCONVERTIBLE PREFERRED STOCKS			68,595
TOTAL PREFERRED STOCKS (Cost $49,408)		100,473
Equity Funds - 5.1%
	Shares		Value
Large Growth Funds - 5.1%
Fidelity Blue Chip Growth Fund (c)	44,949		$ 3,248,040
iShares Russell 1000 Growth Index ETF	438		43,984
TOTAL EQUITY FUNDS (Cost $2,933,749)		3,292,024
U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.03% 3/12/15 to 5/14/15 (d) (Cost $20,000)	$ 20,000		20,000
Money Market Funds - 2.1%
	Shares
Dreyfus Treasury & Agency Cash Management Fund Institutional Shares, 0.01% (b) (Cost $1,366,603)	1,366,603		1,366,603
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $43,697,357)			64,604,908
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(115,219)
NET ASSETS - 100%		$ 64,489,689

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
5 ICE Russell 1000 Value Index Contracts (United States)	March 2015	$ 503,350	$ 25,346

The face value of futures purchased as a percentage of net assets is 0.8%

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.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $20,000.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $149,813 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Airbnb, Inc. Series D	4/16/14	$ 31,878
Dropbox, Inc.	5/1/12 - 5/25/12	$ 14,349
Flipkart Series D	10/4/13	$ 8,376
Palantir Technologies, Inc. Series G	7/19/12	$ 4,556
Palantir Technologies, Inc. Series H	10/25/13	$ 2,299
Palantir Technologies, Inc. Series H1	10/25/13	$ 2,299
SurveyMonkey	11/25/14	$ 19,066

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Blue Chip Growth Fund	$ -	$ 3,026,789	$ 120,970	$ 1,169	$ 3,248,040

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 11,447,152	$ 11,371,562	$ -	$ 75,590
Consumer Staples	5,627,462	5,627,462	-	-
Energy	1,731,252	1,731,252	-	-
Financials	2,608,102	2,608,102	-	-
Health Care	10,859,030	10,859,030	-	-
Industrials	5,687,799	5,687,799	-	-
Information Technology	19,430,818	19,356,595	-	74,223
Materials	1,682,424	1,682,424	-	-
Telecommunication Services	776,497	776,497	-	-
Utilities	75,745	75,745	-	-
Equity Funds	3,292,024	3,292,024	-	-
U.S. Treasury Obligations	20,000	-	20,000	-
Money Market Funds	1,366,603	1,366,603	-	-
Total Investments in Securities:	$ 64,604,908	$ 64,435,095	$ 20,000	$ 149,813
Derivative Instruments:
Assets
Futures Contracts	$ 25,346	$ 25,346	$ -	$ -

Income Tax Information

At February 28, 2015, the cost of investment securities for income tax purposes was $43,756,922. Net unrealized appreciation aggregated $20,847,986, of which $21,493,930 related to appreciated investment securities and $645,944 related to depreciated investment securities.

Investment Valuation

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. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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.

Quarterly Report

or an affiliate.

Quarterly Report

Investments February 28, 2015 (Unaudited)

Quarterly Holdings Report

for

Strategic Advisers®
Short Duration Fund

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

February 28, 2015

1.934462.103

ASD-QTLY-0415

Investments February 28, 2015 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 17.1%
		Principal Amount (b)		Value
CONSUMER DISCRETIONARY - 1.2%
Auto Components - 0.0%
Delphi Corp. 6.125% 5/15/21		$ 1,515,000		$ 1,651,097
Automobiles - 0.8%
Daimler Finance North America LLC:
0.5616% 3/2/17 (d)(e)		5,000,000		5,000,000
0.5946% 8/1/17 (d)(e)		5,000,000		4,974,735
0.9346% 8/1/16 (d)(e)		7,500,000		7,541,108
1.1146% 8/1/18 (d)(e)		1,060,000		1,063,916
1.125% 3/10/17 (d)		1,825,000		1,823,848
General Motors Financial Co., Inc.:
3.15% 1/15/20		1,400,000		1,414,690
4.75% 8/15/17		1,125,000		1,192,781
Harley-Davidson Financial Services, Inc. 1.15% 9/15/15 (d)		1,010,000		1,012,687
Hyundai Capital Services, Inc.:
3.5% 9/13/17 (d)		605,000		626,376
4.375% 7/27/16 (d)		780,000		813,050
6% 5/5/15 (d)		210,000		211,836
Volkswagen Group of America Finance LLC:
0.6315% 5/23/17 (d)(e)		15,000,000		14,998,650
1.25% 5/23/17 (d)		2,140,000		2,137,344
Volkswagen International Finance NV 0.6962% 11/18/16 (d)(e)		10,000,000		10,019,910
				52,830,931
Diversified Consumer Services - 0.0%
ERAC U.S.A. Finance Co.:
5.6% 5/1/15 (d)		330,000		332,557
6.375% 10/15/17 (d)		550,000		617,308
ERAC U.S.A. Finance LLC:
1.4% 4/15/16 (d)		645,000		646,444
2.75% 3/15/17 (d)		520,000		533,775
2.8% 11/1/18 (d)		115,000		117,902
				2,247,986
Hotels, Restaurants & Leisure - 0.0%
Brinker International, Inc. 2.6% 5/15/18		425,000		426,089
Carnival Corp. 1.2% 2/5/16		540,000		541,470
GLP Capital LP/GLP Financing II, Inc. 4.375% 11/1/18		1,225,000		1,274,000
				2,241,559
Household Durables - 0.1%
Mohawk Industries, Inc. 6.125% 1/15/16		1,485,000		1,548,681
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Newell Rubbermaid, Inc. 2.05% 12/1/17		$ 280,000		$ 280,951
Whirlpool Corp.:
1.35% 3/1/17		325,000		325,626
1.65% 11/1/17		450,000		452,821
				2,608,079
Media - 0.3%
DIRECTV Holdings LLC/DIRECTV Financing, Inc.:
2.4% 3/15/17		275,000		279,949
3.125% 2/15/16		5,000,000		5,099,895
3.5% 3/1/16		240,000		245,886
3.55% 3/15/15		500,000		500,472
Interpublic Group of Companies, Inc. 2.25% 11/15/17		1,840,000		1,851,189
NBCUniversal Enterprise, Inc.:
0.7903% 4/15/16 (d)(e)		7,000,000		7,022,393
0.9383% 4/15/18 (d)(e)		740,000		745,586
Omnicom Group, Inc. 5.9% 4/15/16		1,635,000		1,721,124
Thomson Reuters Corp.:
0.875% 5/23/16		615,000		614,019
1.3% 2/23/17		710,000		710,182
Time Warner Cable, Inc. 8.25% 4/1/19		895,000		1,093,060
Viacom, Inc. 2.5% 9/1/18		245,000		249,718
				20,133,473
Multiline Retail - 0.0%
Dollar General Corp. 4.125% 7/15/17		1,330,000		1,395,173
Specialty Retail - 0.0%
AutoZone, Inc.:
1.3% 1/13/17		850,000		852,542
5.5% 11/15/15		270,000		278,925
Turlock Corp. 1.5% 11/2/17		570,000		572,124
				1,703,591
Textiles, Apparel & Luxury Goods - 0.0%
Invista Finance LLC 4.25% 10/15/19 (d)		530,000		530,663
TOTAL CONSUMER DISCRETIONARY				85,342,552
CONSUMER STAPLES - 0.6%
Beverages - 0.0%
Heineken NV 1.4% 10/1/17 (d)		795,000		796,870
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
CONSUMER STAPLES - continued
Food & Staples Retailing - 0.3%
CVS Health Corp. 1.2% 12/5/16		$ 610,000		$ 613,315
Kroger Co.:
0.7866% 10/17/16 (e)		10,000,000		10,017,590
1.2% 10/17/16		450,000		451,103
Walgreens Boots Alliance, Inc.:
0.7062% 5/18/16 (e)		8,995,000		9,009,545
1.75% 11/17/17		345,000		348,476
				20,440,029
Food Products - 0.1%
Bunge Ltd. Finance Corp. 3.2% 6/15/17		1,725,000		1,770,628
General Mills, Inc. 0.5526% 1/29/16 (e)		1,994,000		1,994,481
Tyson Foods, Inc. 2.65% 8/15/19		635,000		648,078
William Wrigley Jr. Co.:
1.4% 10/21/16 (d)		270,000		270,883
2% 10/20/17 (d)		1,180,000		1,188,848
				5,872,918
Personal Products - 0.0%
Avon Products, Inc. 2.375% 3/15/16		460,000		460,000
Tobacco - 0.2%
Altria Group, Inc. 4.125% 9/11/15		10,000,000		10,182,110
Imperial Tobacco Finance 2.05% 2/11/18 (d)		1,820,000		1,828,650
Reynolds American, Inc. 1.05% 10/30/15		275,000		275,235
				12,285,995
TOTAL CONSUMER STAPLES				39,855,812
ENERGY - 1.3%
Energy Equipment & Services - 0.1%
Cameron International Corp.:
1.15% 12/15/16		215,000		212,722
1.4% 6/15/17		670,000		662,010
Ensco PLC 3.25% 3/15/16		2,135,000		2,171,555
Korea National Oil Corp. 4% 10/27/16 (d)		515,000		536,020
Nabors Industries, Inc. 2.35% 9/15/16		370,000		370,903
Noble Holding International Ltd.:
2.5% 3/15/17		180,000		176,546
3.45% 8/1/15		595,000		599,883
Rowan Companies, Inc. 5% 9/1/17		370,000		380,755
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
ENERGY - continued
Energy Equipment & Services - continued
SESI LLC:
6.375% 5/1/19		$ 1,210,000		$ 1,216,050
7.125% 12/15/21		1,180,000		1,182,950
Transocean, Inc.:
2.5% 10/15/17		2,015,000		1,843,725
4.95% 11/15/15		187,000		189,257
5.05% 12/15/16		410,000		410,513
				9,952,889
Oil, Gas & Consumable Fuels - 1.2%
Anadarko Petroleum Corp.:
5.95% 9/15/16		285,000		304,252
6.375% 9/15/17		1,700,000		1,902,467
BG Energy Capital PLC 2.875% 10/15/16 (d)		1,485,000		1,523,745
BP Capital Markets PLC 0.6081% 2/10/17 (e)		10,000,000		10,009,400
Canadian Natural Resources Ltd.:
0.6316% 3/30/16 (e)		5,000,000		4,992,165
5.7% 5/15/17		650,000		705,577
China Shenhua Overseas Capital Co. Ltd.:
2.5% 1/20/18 (Reg. S)		1,325,000		1,331,281
3.125% 1/20/20 (Reg. S)		1,740,000		1,759,272
CNOOC Finance (2013) Ltd. 1.125% 5/9/16		513,000		511,414
CNOOC Nexen Finance 2014 ULC 1.625% 4/30/17		550,000		547,892
Continental Resources, Inc. 7.125% 4/1/21		1,145,000		1,202,250
DCP Midstream Operating LP:
2.5% 12/1/17		1,410,000		1,369,571
3.25% 10/1/15		505,000		507,620
Delek & Avner-Yam Tethys Ltd. 2.803% 12/30/16 (d)		370,000		369,806
Devon Energy Corp. 0.6906% 12/15/15 (e)		10,000,000		9,990,580
Duke Energy Field Services 5.375% 10/15/15 (d)		850,000		864,606
Ecopetrol SA 4.25% 9/18/18		1,205,000		1,268,865
Enbridge Energy Partners LP 5.875% 12/15/16		1,056,000		1,132,648
Enbridge, Inc.:
0.6836% 6/2/17 (e)		2,341,000		2,303,324
0.9052% 10/1/16 (e)		6,820,000		6,790,183
Energy Transfer Partners LP 6.7% 7/1/18		275,000		311,406
EnLink Midstream Partners LP 2.7% 4/1/19		195,000		194,378
Enterprise Products Operating LP:
1.25% 8/13/15		1,025,000		1,027,019
2.55% 10/15/19		385,000		389,233
Kinder Morgan Energy Partners LP 3.5% 3/1/16		235,000		240,393
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Kinder Morgan, Inc. 2% 12/1/17		$ 235,000		$ 235,591
Marathon Oil Corp. 0.9% 11/1/15		1,295,000		1,294,443
Murphy Oil Corp. 2.5% 12/1/17		2,060,000		2,040,440
ONEOK Partners LP:
3.2% 9/15/18		95,000		96,393
3.25% 2/1/16		1,670,000		1,694,182
Origin Energy Finance Ltd. 3.5% 10/9/18 (d)		605,000		615,037
Petrobras Global Finance BV:
1.8806% 5/20/16 (e)		7,000,000		6,650,000
3.25% 3/17/17		515,000		479,779
Petroleos Mexicanos:
3.125% 1/23/19		195,000		199,438
3.5% 7/18/18		625,000		645,875
3.5% 7/23/20 (d)		410,000		417,380
Pioneer Natural Resources Co. 5.875% 7/15/16		2,045,000		2,164,479
Plains All American Pipeline LP/PAA Finance Corp. 3.95% 9/15/15		375,000		380,152
Plains Exploration & Production Co.:
6.125% 6/15/19		195,000		204,750
6.5% 11/15/20		1,274,000		1,349,637
Southwestern Energy Co. 3.3% 1/23/18		285,000		288,977
Talisman Energy, Inc. 5.125% 5/15/15		1,090,000		1,099,415
Tennessee Gas Pipeline Co. 8% 2/1/16		1,415,000		1,495,789
TransCanada PipeLines Ltd.:
0.9366% 6/30/16 (e)		5,900,000		5,919,435
1.0421% 1/12/18 (e)		3,000,000		3,010,941
				81,831,480
TOTAL ENERGY				91,784,369
FINANCIALS - 10.5%
Banks - 6.9%
ABN AMRO Bank NV 1.0561% 10/28/16 (d)(e)		12,220,000		12,302,241
ANZ National International Ltd. 1.85% 10/15/15 (d)		1,950,000		1,967,334
Bank of America Corp.:
1.0671% 3/22/16 (e)		16,260,000		16,323,024
1.25% 1/11/16		1,065,000		1,067,828
1.5% 10/9/15		3,285,000		3,296,925
1.7% 8/25/17		1,345,000		1,351,200
3.7% 9/1/15		7,000,000		7,099,778
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
FINANCIALS - continued
Banks - continued
Bank of America Corp.: - continued
4.75% 8/1/15		$ 5,000,000		$ 5,083,370
5.65% 5/1/18		425,000		472,062
Bank of America NA 0.7271% 11/14/16 (e)		11,845,000		11,838,533
Bank of Nova Scotia 0.6606% 12/13/16 (e)		14,990,000		15,032,272
Bank of Tokyo-Mitsubishi UFJ Ltd.:
0.7111% 2/26/16 (d)(e)		13,000,000		13,017,030
0.8456% 9/9/16 (d)(e)		3,000,000		3,007,668
1.55% 9/9/16 (d)		1,690,000		1,698,889
Banque Federative du Credit Mutuel SA:
1.1066% 1/20/17 (d)(e)		2,000,000		2,012,982
1.7% 1/20/17 (d)		1,415,000		1,424,277
2.5% 10/29/18 (d)		1,405,000		1,430,970
Barclays Bank PLC:
5% 9/22/16		10,765,000		11,408,112
6.05% 12/4/17 (d)		1,930,000		2,128,418
BB&T Corp. 1.1306% 6/15/18 (e)		975,000		985,412
BNP Paribas SA 0.8299% 12/12/16 (e)		6,623,000		6,647,472
BPCE SA:
1.5061% 4/25/16 (e)		15,000,000		15,152,970
2.5% 12/10/18		1,410,000		1,432,729
Branch Banking & Trust Co. 0.6636% 12/1/16 (e)		5,000,000		5,006,570
Capital One Bank NA 1.15% 11/21/16		440,000		439,279
Capital One NA:
0.6971% 3/22/16 (e)		3,000,000		3,002,850
0.9351% 2/5/18 (e)		5,000,000		5,009,985
Citigroup, Inc.:
0.9626% 11/24/17 (e)		5,000,000		5,009,055
1.0452% 4/1/16 (e)		18,984,000		19,047,179
1.2161% 7/25/16 (e)		7,500,000		7,546,658
1.3% 4/1/16		1,000,000		1,002,912
1.55% 8/14/17		1,630,000		1,627,788
1.8% 2/5/18		1,205,000		1,202,177
1.85% 11/24/17		570,000		570,997
Commonwealth Bank of Australia 0.6006% 3/13/17 (d)(e)		5,000,000		5,002,980
Credit Agricole SA 1.1056% 10/3/16 (d)(e)		3,000,000		3,018,807
Credit Suisse New York Branch:
0.5389% 3/11/16 (e)		5,000,000		4,999,970
0.7511% 5/26/17 (e)		4,000,000		4,000,000
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
FINANCIALS - continued
Banks - continued
Credit Suisse New York Branch: - continued
1.375% 5/26/17		$ 1,725,000		$ 1,727,946
Discover Bank 7% 4/15/20		995,000		1,186,351
DNB Bank ASA 3.2% 4/3/17 (d)		1,710,000		1,772,825
Fifth Third Bancorp 3.625% 1/25/16		760,000		778,197
Fifth Third Bank:
0.6711% 2/26/16 (e)		8,000,000		8,007,176
0.7662% 11/18/16 (e)		7,500,000		7,530,203
1.15% 11/18/16		1,180,000		1,181,851
HBOS PLC 6.75% 5/21/18 (d)		1,605,000		1,796,756
HSBC Bank PLC 0.8971% 5/15/18 (d)(e)		1,365,000		1,371,486
HSBC U.S.A., Inc.:
0.5981% 11/13/17 (e)		5,000,000		4,998,370
0.7152% 3/3/17 (e)		5,000,000		5,000,000
1.625% 1/16/18		1,260,000		1,261,833
ING Bank NV:
0.5956% 1/4/16 (d)(e)		5,000,000		4,998,655
1.1854% 3/7/16 (d)(e)		1,020,000		1,026,355
1.8946% 9/25/15 (d)(e)		7,000,000		7,055,048
2% 9/25/15 (d)		2,000,000		2,015,502
Intesa Sanpaolo SpA 3.125% 1/15/16		7,595,000		7,714,560
JPMorgan Chase & Co. 2% 8/15/17		2,510,000		2,544,174
KeyBank NA 0.7516% 11/25/16 (e)		3,800,000		3,810,898
KeyCorp. 3.75% 8/13/15		6,045,000		6,131,867
Lloyds Bank PLC 2.3% 11/27/18		810,000		823,873
Manufacturers & Traders Trust Co. 0.5561% 7/25/17 (e)		10,000,000		9,964,020
Mizuho Corporate Bank Ltd.:
0.7046% 9/25/17 (d)(e)		7,000,000		6,985,706
1.7% 9/25/17 (d)		950,000		949,326
MUFG Americas Holdings Corp. 0.8256% 2/9/18 (e)		7,000,000		7,009,989
MUFG Union Bank NA 1.0046% 9/26/16 (e)		9,045,000		9,091,247
National Australia Bank Ltd. 0.4856% 12/9/16 (d)(e)		7,000,000		6,997,515
National Bank of Canada 1.45% 11/7/17		2,090,000		2,082,532
Nordea Bank AB:
0.7181% 5/13/16 (d)(e)		5,000,000		5,016,815
0.875% 5/13/16 (d)		2,840,000		2,842,962
PNC Bank NA:
0.5546% 8/1/17 (e)		19,200,000		19,159,949
1.15% 11/1/16		980,000		984,026
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
FINANCIALS - continued
Banks - continued
PNC Bank NA: - continued
1.3% 10/3/16		$ 1,175,000		$ 1,181,507
Regions Bank 7.5% 5/15/18		289,000		334,207
Regions Financial Corp. 5.75% 6/15/15		1,015,000		1,028,073
Royal Bank of Canada:
0.5075% 2/3/17 (e)		10,000,000		9,997,900
0.6956% 9/9/16 (e)		7,000,000		7,026,383
Royal Bank of Scotland Group PLC:
1.1966% 3/31/17 (e)		8,200,000		8,224,985
2.55% 9/18/15		13,945,000		14,069,515
Sovereign Bank 2% 1/12/18		445,000		445,308
Standard Chartered PLC 1.5% 9/8/17 (d)		1,390,000		1,384,004
Sumitomo Mitsui Banking Corp.:
0.6841% 1/10/17 (e)		7,000,000		7,003,710
0.8336% 1/16/18 (e)		5,000,000		5,013,675
0.9226% 7/19/16 (e)		5,000,000		5,019,890
Sumitomo Mitsui Trust Bank Ltd. 1.8% 3/28/18 (d)		1,815,000		1,810,864
SunTrust Banks, Inc.:
0.5552% 4/1/15 (e)		10,400,000		10,399,490
2.35% 11/1/18		645,000		653,989
Swedbank AB 1.75% 3/12/18 (d)		2,835,000		2,838,518
The Toronto Dominion Bank:
0.4241% 7/13/16 (e)		5,000,000		4,999,120
0.5141% 1/6/17 (e)		5,000,000		5,003,600
0.6956% 9/9/16 (e)		5,000,000		5,020,355
0.7826% 4/30/18 (e)		1,260,000		1,265,146
U.S. Bank NA 0.5561% 1/26/18 (e)		10,000,000		9,996,970
Wachovia Corp. 0.5946% 10/28/15 (e)		10,000,000		10,000,230
Wells Fargo Bank NA:
0.3836% 6/2/16 (e)		10,000,000		9,998,710
0.4671% 5/16/16 (e)		10,641,000		10,623,112
Westpac Banking Corp.:
0.6036% 12/1/17 (e)		5,000,000		5,012,240
1.05% 11/25/16		1,045,000		1,046,036
				485,884,253
Capital Markets - 1.8%
Deutsche Bank AG London Branch:
0.7309% 5/30/17 (e)		5,000,000		5,000,000
0.8681% 2/13/17 (e)		14,490,000		14,531,007
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
FINANCIALS - continued
Capital Markets - continued
Goldman Sachs Group, Inc.:
0.6971% 3/22/16 (e)		$ 28,678,000		$ 28,669,339
1.0429% 12/15/17 (e)		5,000,000		5,009,550
1.6% 11/23/15		368,000		370,311
6.15% 4/1/18		530,000		595,732
6.25% 9/1/17		2,738,000		3,043,739
JPMorgan Chase & Co.:
0.7062% 11/18/16 (e)		32,000,000		31,976,288
0.8811% 2/26/16 (e)		7,000,000		7,020,237
Legg Mason, Inc. 2.7% 7/15/19		185,000		187,452
Merrill Lynch & Co., Inc.:
6.4% 8/28/17		510,000		567,427
6.875% 4/25/18		740,000		848,011
Morgan Stanley:
1.0067% 1/5/18 (e)		5,000,000		5,006,980
1.1061% 1/24/19 (e)		3,265,000		3,279,830
1.5116% 2/25/16 (e)		18,000,000		18,153,252
1.5361% 4/25/18 (e)		1,565,000		1,594,075
3.8% 4/29/16		5,000,000		5,150,855
				131,004,085
Consumer Finance - 1.1%
American Express Co. 0.8515% 5/22/18 (e)		1,975,000		1,977,510
American Express Credit Corp.:
0.7081% 11/13/15 (e)		10,625,000		10,645,793
0.7626% 7/29/16 (e)		8,000,000		8,023,440
2.75% 9/15/15		8,000,000		8,095,600
American Honda Finance Corp.:
0.6361% 5/26/16 (d)(e)		13,000,000		13,037,401
0.7536% 10/7/16 (e)		5,000,000		5,023,670
Capital One Financial Corp.:
0.8951% 11/6/15 (e)		10,000,000		10,023,640
2.15% 3/23/15		960,000		960,833
Discover Financial Services 6.45% 6/12/17		255,000		280,129
Ford Motor Credit Co. LLC:
1.5061% 5/9/16 (e)		12,000,000		12,091,920
1.684% 9/8/17		1,765,000		1,766,777
1.7% 5/9/16		420,000		422,370
3% 6/12/17		1,385,000		1,431,482
General Electric Capital Corp. 0.9652% 4/2/18 (e)		2,800,000		2,825,606
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
FINANCIALS - continued
Consumer Finance - continued
Hyundai Capital America:
1.45% 2/6/17 (d)		$ 975,000		$ 972,222
1.625% 10/2/15 (d)		1,095,000		1,100,073
1.875% 8/9/16 (d)		890,000		899,568
Nissan Motor Acceptance Corp. 1.95% 9/12/17 (d)		1,375,000		1,393,446
				80,971,480
Diversified Financial Services - 0.2%
Berkshire Hathaway Finance Corp. 0.5533% 1/12/18 (e)		5,000,000		5,005,600
General Electric Capital Corp. 0.5321% 1/9/17 (e)		5,000,000		5,006,380
IntercontinentalExchange Group, Inc. 2.5% 10/15/18		480,000		491,754
				10,503,734
Insurance - 0.4%
ACE INA Holdings, Inc. 5.6% 5/15/15		235,000		237,370
AFLAC, Inc. 2.65% 2/15/17		215,000		221,922
AIA Group Ltd. 2.25% 3/11/19 (d)		336,000		335,700
Aon Corp. 3.125% 5/27/16		3,000,000		3,075,258
CNA Financial Corp. 6.5% 8/15/16		630,000		676,842
Fidelity National Financial, Inc. 6.6% 5/15/17		1,015,000		1,110,680
Marsh & McLennan Companies, Inc. 2.55% 10/15/18		575,000		587,629
Metropolitan Life Global Funding I:
0.4528% 7/14/16 (d)(e)		5,000,000		5,004,010
0.6321% 4/10/17 (d)(e)		2,000,000		2,004,946
0.7833% 7/15/16 (d)(e)		5,000,000		5,026,560
1.3% 4/10/17 (d)		1,735,000		1,742,297
1.5% 1/10/18 (d)		875,000		876,635
Principal Financial Group, Inc. 1.85% 11/15/17		255,000		256,764
Principal Life Global Funding II:
0.6309% 5/27/16 (d)(e)		5,000,000		5,011,650
1.5% 9/11/17 (d)		1,195,000		1,193,107
Xlit Ltd. 2.3% 12/15/18		695,000		702,288
				28,063,658
Real Estate Investment Trusts - 0.0%
Kilroy Realty Corp. 5% 11/3/15		1,205,000		1,235,860
Real Estate Management & Development - 0.1%
Global Towers Partners Acquisition Partners I LLC:
2.364% 5/15/18 (d)		1,585,000		1,578,869
4.347% 6/15/41 (d)		570,000		579,780
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Ventas Realty LP:
1.25% 4/17/17		$ 280,000		$ 278,970
1.55% 9/26/16		490,000		493,352
Ventas Realty LP/Ventas Capital Corp.:
2% 2/15/18		410,000		412,821
3.125% 11/30/15		1,020,000		1,038,228
WEA Finance LLC/Westfield UK & Europe Finance PLC 1.75% 9/15/17 (d)		760,000		763,017
				5,145,037
Thrifts & Mortgage Finance - 0.0%
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. 6.113% 1/15/40 (d)		505,000		580,555
Nationwide Building Society 2.35% 1/21/20 (d)		755,000		758,357
				1,338,912
TOTAL FINANCIALS				744,147,019
HEALTH CARE - 0.8%
Biotechnology - 0.1%
Amgen, Inc. 0.6415% 5/22/17 (e)		8,000,000		8,008,264
Celgene Corp. 1.9% 8/15/17		275,000		278,318
				8,286,582
Health Care Equipment & Supplies - 0.1%
Becton, Dickinson & Co. 0.6906% 6/15/16 (e)		10,000,000		9,998,630
Health Care Providers & Services - 0.2%
Aetna, Inc. 1.5% 11/15/17		590,000		592,162
Catholic Health Initiatives:
1.6% 11/1/17		140,000		139,606
2.6% 8/1/18		745,000		760,638
Express Scripts Holding Co. 1.25% 6/2/17		700,000		698,890
Express Scripts, Inc. 3.125% 5/15/16		1,070,000		1,097,154
Humana, Inc. 2.625% 10/1/19		415,000		419,774
McKesson Corp.:
0.6376% 9/10/15 (e)		8,032,000		8,035,695
0.95% 12/4/15		405,000		405,967
1.292% 3/10/17		840,000		840,921
UnitedHealth Group, Inc. 1.875% 11/15/16		500,000		508,474
				13,499,281
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
HEALTH CARE - continued
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc. 6.5% 11/1/17		$ 209,000		$ 231,482
Life Technologies Corp.:
3.5% 1/15/16		1,495,000		1,526,733
4.4% 3/1/15		130,000		130,000
Thermo Fisher Scientific, Inc. 1.3% 2/1/17		1,425,000		1,425,352
				3,313,567
Pharmaceuticals - 0.3%
AbbVie, Inc.:
1.0151% 11/6/15 (e)		8,000,000		8,027,976
1.2% 11/6/15		2,000,000		2,005,748
Bayer U.S. Finance LLC 0.5036% 10/7/16 (d)(e)		10,000,000		10,002,870
Perrigo Co. PLC 1.3% 11/8/16		700,000		698,762
Watson Pharmaceuticals, Inc. 1.875% 10/1/17		1,185,000		1,182,869
				21,918,225
TOTAL HEALTH CARE				57,016,285
INDUSTRIALS - 0.2%
Airlines - 0.0%
Southwest Airlines Co.:
2.75% 11/6/19		640,000		649,588
5.75% 12/15/16		485,000		520,565
				1,170,153
Commercial Services & Supplies - 0.0%
Waste Management, Inc. 2.6% 9/1/16		480,000		490,719
Electrical Equipment - 0.0%
PPL Electric Utilities Corp. 3.9% 5/1/16 (d)		715,000		736,321
Industrial Conglomerates - 0.1%
Hutchison Whampoa International Ltd. 1.625% 10/31/17 (d)		2,660,000		2,641,343
Roper Industries, Inc.:
1.85% 11/15/17		230,000		230,924
2.05% 10/1/18		650,000		651,052
				3,523,319
Professional Services - 0.0%
Experian Finance PLC 2.375% 6/15/17 (d)		640,000		643,359
Road & Rail - 0.1%
J.B. Hunt Transport Services, Inc. 2.4% 3/15/19		235,000		238,184
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
INDUSTRIALS - continued
Road & Rail - continued
Kansas City Southern de Mexico SA de CV 2.35% 5/15/20		$ 1,140,000		$ 1,110,304
Penske Truck Leasing Co. LP:
2.5% 3/15/16 (d)		1,455,000		1,477,378
2.5% 6/15/19 (d)		615,000		612,684
2.875% 7/17/18 (d)		365,000		372,683
3.125% 5/11/15 (d)		340,000		341,486
				4,152,719
Trading Companies & Distributors - 0.0%
GATX Corp.:
1.25% 3/4/17		600,000		597,446
2.375% 7/30/18		255,000		257,121
2.6% 3/30/20		95,000		94,896
3.5% 7/15/16		1,180,000		1,216,653
International Lease Finance Corp. 2.1906% 6/15/16 (e)		990,000		991,386
				3,157,502
Transportation Infrastructure - 0.0%
Heathrow Funding Ltd. 2.5% 6/25/15 (d)		1,615,000		1,618,141
TOTAL INDUSTRIALS				15,492,233
INFORMATION TECHNOLOGY - 0.6%
Communications Equipment - 0.0%
Juniper Networks, Inc. 3.1% 3/15/16		305,000		310,210
Electronic Equipment & Components - 0.3%
Amphenol Corp. 1.55% 9/15/17		390,000		390,782
Anstock II Ltd. 2.125% 7/24/17 (Reg. S)		785,000		775,878
Arrow Electronics, Inc. 3.375% 11/1/15		655,000		666,414
Avnet, Inc. 6.625% 9/15/16		1,220,000		1,312,671
Keysight Technologies, Inc. 3.3% 10/30/19 (d)		2,200,000		2,208,965
Tyco Electronics Group SA 0.4526% 1/29/16 (e)		13,000,000		12,997,712
				18,352,422
Internet Software & Services - 0.0%
Alibaba Group Holding Ltd. 2.5% 11/28/19 (d)		1,135,000		1,127,465
Baidu.com, Inc. 2.75% 6/9/19		485,000		485,446
Tencent Holdings Ltd.:
2% 5/2/17 (d)		715,000		715,795
2.875% 2/11/20 (d)		390,000		391,551
				2,720,257
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
INFORMATION TECHNOLOGY - continued
IT Services - 0.2%
Fidelity National Information Services, Inc. 1.45% 6/5/17		$ 380,000		$ 379,313
Fiserv, Inc.:
3.125% 6/15/16		1,490,000		1,529,273
6.8% 11/20/17		205,000		231,665
The Western Union Co. 1.2615% 8/21/15 (e)		13,465,000		13,499,861
Xerox Corp. 2.95% 3/15/17		200,000		206,035
				15,846,147
Software - 0.1%
Oracle Corp.:
0.4536% 7/7/17 (e)		5,000,000		5,003,345
0.8333% 1/15/19 (e)		2,040,000		2,054,798
				7,058,143
Technology Hardware, Storage & Peripherals - 0.0%
Hewlett-Packard Co. 2.35% 3/15/15		700,000		700,410
TOTAL INFORMATION TECHNOLOGY				44,987,589
MATERIALS - 0.4%
Chemicals - 0.1%
Eastman Chemical Co. 2.4% 6/1/17		710,000		724,710
The Dow Chemical Co. 2.5% 2/15/16		1,930,000		1,961,581
				2,686,291
Construction Materials - 0.0%
Martin Marietta Materials, Inc. 1.3566% 6/30/17 (e)		705,000		701,304
Containers & Packaging - 0.0%
Rock-Tenn Co. 3.5% 3/1/20		1,115,000		1,135,321
Metals & Mining - 0.3%
Anglo American Capital PLC 1.2033% 4/15/16 (d)(e)		2,853,000		2,851,320
Goldcorp, Inc. 2.125% 3/15/18		1,150,000		1,153,728
Rio Tinto Finance (U.S.A.) PLC:
0.7954% 6/19/15 (e)		5,500,000		5,503,223
1.0826% 6/17/16 (e)		12,000,000		12,029,160
1.375% 6/17/16		1,520,000		1,529,854
Vale Overseas Ltd. 6.25% 1/23/17		485,000		515,875
				23,583,160
TOTAL MATERIALS				28,106,076
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.8%
AT&T, Inc. 0.6431% 2/12/16 (e)		$ 17,000,000		$ 17,001,887
British Telecommunications PLC:
1.625% 6/28/16		635,000		639,620
2% 6/22/15		8,000,000		8,032,320
SBA Tower Trust:
2.24% 4/16/18 (d)		820,000		813,137
2.933% 12/15/17 (d)		2,205,000		2,227,932
3.598% 4/16/18 (d)		635,000		633,037
Verizon Communications, Inc.:
0.6356% 6/9/17 (e)		15,000,000		14,993,175
1.35% 6/9/17		795,000		794,877
1.7706% 9/15/16 (e)		13,000,000		13,223,379
2.625% 2/21/20 (d)		693,000		699,182
				59,058,546
Wireless Telecommunication Services - 0.3%
America Movil S.A.B. de CV:
1.2406% 9/12/16 (e)		5,000,000		5,037,770
2.375% 9/8/16		890,000		904,151
3.625% 3/30/15		645,000		646,355
CC Holdings GS V LLC/Crown Castle GS III Corp. 2.381% 12/15/17		2,035,000		2,056,473
Vodafone Group PLC 0.6417% 2/19/16 (e)		10,000,000		10,004,050
				18,648,799
TOTAL TELECOMMUNICATION SERVICES				77,707,345
UTILITIES - 0.4%
Electric Utilities - 0.4%
Commonwealth Edison Co. 1.95% 9/1/16		385,000		391,686
Duke Energy Corp.:
0.6356% 4/3/17 (e)		1,874,000		1,875,113
1.625% 8/15/17		495,000		501,417
2.15% 11/15/16		1,485,000		1,514,247
Duke Energy Industries, Inc. 0.6021% 7/11/16 (e)		5,000,000		5,005,435
EDF SA 1.15% 1/20/17 (d)		1,350,000		1,352,331
Exelon Corp. 4.9% 6/15/15		10,790,000		10,917,505
Georgia Power Co. 0.5906% 3/15/16 (e)		510,000		509,689
Korea Hydro & Nuclear Power Co. Ltd. 3.125% 9/16/15 (d)		1,045,000		1,056,357
Mississippi Power Co. 2.35% 10/15/16		360,000		367,954
Nonconvertible Bonds - continued
		Principal Amount (b)		Value
UTILITIES - continued
Electric Utilities - continued
Monongahela Power Co. 5.7% 3/15/17 (d)		$ 145,000		$ 156,584
NextEra Energy Capital Holdings, Inc. 1.2% 6/1/15		420,000		420,552
PPL Capital Funding, Inc. 1.9% 6/1/18		350,000		349,607
Southern Co. 1.95% 9/1/16		485,000		492,065
				24,910,542
Gas Utilities - 0.0%
Florida Gas Transmission Co. LLC 4% 7/15/15 (d)		1,330,000		1,344,392
Independent Power and Renewable Electricity Producers - 0.0%
Exelon Generation Co. LLC 2.95% 1/15/20		455,000		459,044
PSEG Power LLC 2.75% 9/15/16		425,000		435,700
				894,744
Multi-Utilities - 0.0%
Dominion Resources, Inc.:
1.95% 8/15/16		540,000		546,051
2.25% 9/1/15		515,000		518,711
Zhejiang Energy Group Hong Kong Ltd. 2.3% 9/30/17 (Reg. S)		1,340,000		1,328,286
				2,393,048
TOTAL UTILITIES				29,542,726
TOTAL NONCONVERTIBLE BONDS (Cost $1,211,220,455)			1,213,982,006
U.S. Government and Government Agency Obligations - 0.8%

U.S. Government Agency Obligations - 0.4%
Fannie Mae:
0.375% 7/5/16		5,775,000		5,765,489
0.625% 8/26/16		5,615,000		5,625,983
Federal Home Loan Bank:
0.625% 12/28/16		3,200,000		3,199,085
1% 6/21/17		3,390,000		3,404,896
Freddie Mac 0.875% 10/14/16		10,895,000		10,941,064
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				28,936,517
U.S. Government and Government Agency Obligations - continued
		Principal Amount (b)		Value
U.S. Treasury Inflation-Protected Obligations - 0.1%
U.S. Treasury Inflation-Indexed Notes:
0.5% 4/15/15		$ 3,597,286		$ 3,590,312
1.875% 7/15/15		4,140,696		4,207,101
TOTAL U.S. TREASURY INFLATION-PROTECTED OBLIGATIONS				7,797,413
U.S. Treasury Obligations - 0.3%
U.S. Treasury Notes:
0.5% 7/31/17		2,720,000		2,698,536
0.875% 11/15/17		11,270,000		11,250,627
1.25% 1/31/20		2,230,000		2,203,345
1.75% 9/30/19		3,185,000		3,225,806
TOTAL U.S. TREASURY OBLIGATIONS				19,378,314
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $56,121,531)			56,112,244
U.S. Government Agency - Mortgage Securities - 0.7%

Fannie Mae - 0.5%
1.737% 10/1/33 (e)		96,454		99,929
1.95% 6/1/37 (e)		42,687		44,742
2.053% 7/1/35 (e)		37,938		40,341
2.131% 12/1/35 (e)		18,679		19,782
2.159% 8/1/37 (e)		30,315		32,456
2.193% 5/1/38 (e)		283,769		303,814
2.336% 5/1/38 (e)		116,880		125,032
2.337% 4/1/38 (e)		40,757		43,636
2.343% 5/1/38 (e)		124,239		133,015
2.352% 8/1/38 (e)		23,533		25,195
2.412% 1/1/37 (e)		26,829		28,724
2.651% 12/1/36 (e)		32,336		34,620
3.5% 10/1/25 to 11/1/44		6,150,999		6,531,557
4% 2/1/25 to 10/1/41		7,824,783		8,394,240
4.5% 5/1/19 to 1/1/27		5,636,956		6,064,924
5% 11/1/18 to 4/1/38		3,301,708		3,633,339
5.5% 5/1/16 to 5/1/40		8,610,671		9,634,216
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (b)		Value
Fannie Mae - continued
6% 1/1/22 to 1/1/41		$ 2,596,229		$ 2,917,886
6.5% 7/1/32 to 12/1/32		279,217		326,587
TOTAL FANNIE MAE				38,434,035
Freddie Mac - 0.1%
2.091% 9/1/35 (e)		30,434		32,184
2.125% 7/1/38 (e)		34,345		36,771
2.136% 6/1/38 (e)		106,393		112,948
2.181% 7/1/38 (e)		48,869		51,873
2.228% 7/1/35 (e)		49,544		52,879
2.237% 10/1/36 (e)		222,723		238,046
2.32% 6/1/38 (e)		92,835		98,545
2.358% 2/1/37 (e)		27,656		29,609
2.358% 5/1/37 (e)		32,307		34,590
2.382% 5/1/38 (e)		47,580		50,941
2.401% 2/1/37 (e)		38,971		41,724
2.472% 11/1/34 (e)		28,511		30,525
2.701% 2/1/38 (e)		100,736		107,852
2.733% 2/1/37 (e)		52,119		55,801
4.5% 10/1/19 to 12/1/26		1,452,053		1,558,500
5% 10/1/18 to 12/1/23		901,741		975,981
5.5% 11/1/21 to 10/1/38		212,865		232,011
5.855% 12/1/36 (e)		14,342		15,406
6% 5/1/17 to 1/1/38		527,300		599,348
6.043% 11/1/36 (e)		8,043		8,641
TOTAL FREDDIE MAC				4,364,175
Ginnie Mae - 0.1%
3% 10/20/44 (e)		296,809		309,266
3% 11/20/44 (e)		1,441,115		1,505,515
3.5% 3/20/43 to 4/20/43		2,208,222		2,325,413
4% 1/20/45		449,262		466,197
4.5% 9/20/40		429,000		470,953
5% 12/20/34 to 3/20/41		1,642,860		1,833,614
6% 7/15/36		590,380		682,265
TOTAL GINNIE MAE				7,593,223
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $49,753,027)			50,391,433
Asset-Backed Securities - 6.5%
		Principal Amount (b)		Value
Ally Auto Receivables Trust:
Series 2012-2 Class A3, 0.74% 4/15/16		$ 166,389		$ 166,406
Series 2012-A Class D, 3.15% 10/15/18 (d)		335,000		342,309
Series 2013-2 Class A3, 0.79% 1/15/18		1,295,000		1,294,658
Series 2013-SN1 Class A4, 0.9% 5/22/17		625,000		625,605
Series 2014-2 Class A2, 0.68% 7/17/17		10,000,000		9,997,800
Series 2014-3 Class A2, 0.81% 9/15/17		5,000,000		5,000,890
Series 2014-SN1:
Class A2A, 0.52% 10/20/16		1,998,794		1,997,487
Class A3, 0.75% 2/21/17		860,000		858,564
Ally Master Owner Trust:
Series 2012-3 Class A2, 1.21% 6/15/17		10,000,000		10,017,580
Series 2013-1:
Class A1, 0.623% 2/15/18 (e)		8,000,000		8,007,848
Class A2, 1% 2/15/18		240,000		240,358
Series 2015-1 Class A, 0.5722% 1/15/19 (e)		5,000,000		5,000,420
American Express Credit Account Master Trust:
Series 2012-1 Class A, 0.443% 1/15/20 (e)		5,000,000		4,999,075
Series 2012-2:
Class B, 0.99% 3/15/18		1,010,000		1,011,831
Class C, 1.29% 3/15/18 (d)		1,155,000		1,156,196
Series 2013-1 Class A, 0.593% 2/16/21 (e)		570,000		571,356
Series 2014-2 Class A, 1.26% 1/15/20		800,000		800,335
AmeriCredit Automobile Receivables T Series 2014-4 Class A2A, 0.74% 4/9/18		5,000,000		4,997,985
AmeriCredit Automobile Receivables Trust:
Series 2012-1 Class B, 1.73% 2/8/17		196,865		197,056
Series 2013-2 Class B, 1.19% 5/8/18		1,190,000		1,193,482
Series 2013-4 Class A2, 0.74% 11/8/16		735,134		735,140
Series 2013-5:
Class A3, 0.9% 9/10/18		1,890,000		1,889,546
Class B, 1.52% 1/8/19		315,000		315,574
Series 2014-2 Class B, 1.6% 7/8/19		345,000		344,051
Series 2015-1 Class A3, 1.26% 11/8/19		1,635,000		1,631,148
ARI Fleet Lease Trust Series 2014-A Class A2, 0.81% 11/15/22 (d)		1,040,759		1,040,527
Ascentium Equipment Receivables Trust Series 2015-1A Class A2, 1.25% 7/10/17 (d)		610,000		609,990
Bank of America Auto Trust Series 2012-1 Class A3, 0.78% 6/15/16		16,414		16,416
Bank of America Credit Card Master Trust:
Series 2014-A2 Class A, 0.443% 9/16/19 (e)		10,000,000		9,995,780
Series 2014-A3 Class A, 0.4565% 1/15/20 (e)		10,000,000		9,995,180
Asset-Backed Securities - continued
		Principal Amount (b)		Value
BankBoston Home Equity Loan Trust Series 1998-2 Class A6, 6.64% 12/25/28 (MBIA Insured)		$ 40,267		$ 40,216
BMW Floorplan Master Owner Trust Series 2012-1A Class A, 0.573% 9/15/17 (d)(e)		9,740,000		9,754,308
BMW Vehicle Lease Trust:
Series 2013-1 Class A3, 0.54% 9/21/15		234,731		234,722
Series 2015-1 Class A2A, 0.86% 2/21/17		5,000,000		5,001,700
BMW Vehicle Owner Trust Series 2014-A Class A4, 1.5% 2/25/21		325,000		325,670
Capital Auto Receivables Asset Trust:
Series 2013-4 Class A3, 1.09% 3/20/18		985,000		984,392
Series 2014-1:
Class A3, 1.32% 6/20/18		705,000		707,207
Class B, 2.22% 1/22/19		220,000		222,720
Series 2014-2 Class A3, 1.26% 5/21/18		1,455,000		1,458,783
Series 2014-3 Class A3, 1.48% 11/20/18		710,000		708,718
Series 2014-B Class A1, 0.488% 2/21/17 (e)		5,000,000		4,989,205
Series 2015-1 Class A1B, 0.5935% 7/20/17 (e)		3,000,000		2,998,853
Capital One Multi-Asset Execution Trust Series 2013-A2 Class A2, 0.353% 2/15/19 (e)		15,000,000		15,002,100
Carmax Auto Owner Trust:
Series 2012-2 Class A3, 0.84% 3/15/17		262,009		262,253
Series 2012-3 Class A3, 0.52% 7/17/17		491,814		491,566
Series 2013-3 Class A2, 0.59% 8/15/16		1,040,131		1,040,196
Series 2013-4 Class A3, 0.8% 7/16/18		435,000		434,554
Series 2014-1:
Class B, 1.69% 8/15/19		100,000		99,681
Class C, 1.93% 11/15/19		145,000		144,489
Series 2014-2 Class A2, 0.46% 4/17/17		3,785,333		3,783,486
Series 2014-3 Class A2, 0.55% 8/15/17		7,000,000		6,995,002
Series 2014-4 Class A2A, 0.67% 2/15/18		5,000,000		4,996,345
Series 2015-1 Class A3, 1.38% 11/15/19		580,000		580,501
CCG Receivables Trust Series 2014-1 Class A2, 1.06% 11/15/21 (d)		572,697		572,847
Chase Issuance Trust:
Series 2012-A6 Class A, 0.303% 8/15/17 (e)		2,293,000		2,292,021
Series 2012-A9 Class A9, 0.323% 10/16/17 (e)		10,000,000		9,995,370
Series 2013-A8 Class A8, 1.01% 10/15/18		1,160,000		1,161,095
CIT Equipment Collateral:
Series 2013-VT1 Class A2, 0.65% 3/21/16 (d)		4,770,601		4,770,209
Series 2014-VT1 Class A2, 0.86% 5/22/17 (d)		5,000,000		4,991,820
Citibank Credit Card Issuance Trust:
Series 2013-A1 Class A1, 0.2715% 4/24/17 (e)		10,000,000		9,996,740
Asset-Backed Securities - continued
		Principal Amount (b)		Value
Citibank Credit Card Issuance Trust: - continued
Series 2014-A2 Class A2, 1.02% 2/22/19		$ 1,345,000		$ 1,344,150
Series 2014-A3 Class A3, 0.371% 5/9/18 (e)		5,000,000		4,996,975
CNH Equipment Trust:
Series 2012-C Class A3, 0.57% 12/15/17		237,850		237,955
Series 2013-A Class A3, 0.69% 6/15/18		1,104,038		1,103,459
Series 2013-B Class A2, 0.44% 10/17/16		376,680		376,653
Series 2013-C Class A3, 1.02% 8/15/18		335,000		335,688
Series 2014-A Class A2, 0.49% 6/15/17		1,155,773		1,155,283
Series 2014-C:
Class A2, 0.63% 12/15/17		4,800,000		4,799,678
Class A3, 1.28% 11/15/19		765,000		762,967
CNH Wholesale Master Note Trust Series 2013-2A Class A, 0.773% 8/15/19 (d)(e)		645,000		646,440
DB Master Finance LLC Series 2015-1A Class A21, 3.262% 2/20/45 (d)		1,690,000		1,694,169
Dell Equipment Finance Trust Series 2014-1 Class A2, 0.64% 7/22/16 (d)		8,600,000		8,601,892
Diamond Resorts Owner Trust:
Series 2013-2 Class A, 2.27% 5/20/26 (d)		509,949		512,515
Series 2014-1 Class A, 2.54% 5/20/27 (d)		791,090		792,131
Discover Card Master Trust:
Series 2012-A5 Class A5, 0.373% 1/16/18 (e)		15,000,000		14,998,275
Series 2014-A5 Class A, 1.39% 4/15/20		1,410,000		1,409,676
Dryrock Issuance Trust Series 2013-1 Class A, 0.5065% 7/16/18 (e)		710,000		710,268
Elara HGV Timeshare Issuer Trust Series 2014-A Class A, 2.53% 2/25/27 (d)		452,019		451,612
Enterprise Fleet Financing LLC:
Series 2012-2 Class A3, 0.93% 4/20/18 (d)		3,745,000		3,748,520
Series 2013-1 Class A2, 0.68% 9/20/18 (d)		2,377,441		2,377,087
Series 2013-2 Class A2, 1.06% 3/20/19 (d)		395,924		396,608
Series 2014-1 Class A2, 0.87% 9/20/19 (d)		5,965,232		5,963,544
Series 2014-2 Class A2, 1.05% 3/20/20 (d)		2,390,000		2,388,793
Series 2015-1 Class A2, 1.3% 9/20/20 (d)		1,040,000		1,039,826
Exeter Automobile Receivables Trust Series 2014-2A Class A, 1.06% 8/15/18 (d)		145,466		144,917
Ford Credit Auto Lease Trust:
Series 2012-B:
Class B, 1.1% 12/15/15 (d)		217,242		217,328
Class C, 1.5% 3/15/17 (d)		290,000		290,370
Series 2013-B:
Class B, 1.23% 11/15/16		695,000		694,076
Asset-Backed Securities - continued
		Principal Amount (b)		Value
Ford Credit Auto Lease Trust: - continued
Series 2013-B: - continued
Class C, 1.51% 8/15/17		$ 475,000		$ 476,375
Series 2014-B:
Class A2A, 0.51% 3/15/17		10,000,000		9,988,510
Class A4, 1.1% 11/15/17		580,000		581,395
Ford Credit Auto Owner Trust:
Series 2013-B Class A3, 0.57% 10/15/17		3,905,414		3,906,715
Series 2014-C Class A3, 1.06% 5/15/19		955,000		956,199
Ford Credit Floorplan Master Owner Trust:
Series 2013-1 Class A1, 0.85% 1/15/18		12,150,000		12,154,253
Series 2013-3Q Class A2, 0.473% 6/15/17 (e)		4,360,000		4,359,346
Series 2013-5 Class A2, 0.643% 9/15/18 (e)		5,000,000		5,008,295
Series 2014-4 Class A1, 1.4% 8/15/19		2,185,000		2,184,714
Series 2015-1 Class A1, 1.42% 1/15/20		920,000		916,105
GE Capital Credit Card Master Note Trust:
Series 2010-1 Class C, 5.75% 3/15/18 (d)		625,000		626,583
Series 2012-4 Class A, 0.473% 6/15/18 (e)		17,275,000		17,274,067
GE Dealer Floorplan Master Note Trust:
Series 2012-4 Class A, 0.6135% 10/20/17 (e)		825,000		825,430
Series 2013-1 Class A, 0.5735% 4/20/18 (e)		2,310,000		2,310,268
Series 2014-1 Class A, 0.5535% 7/20/19 (e)		2,280,000		2,275,169
Series 2014-2 Class A, 0.618% 10/20/19 (e)		1,050,000		1,049,218
GE Equipment Midticket LLC Series 2012-1 Class A4, 0.78% 9/22/20		700,000		700,517
GE Equipment Small Ticket LLC:
Series 2013-1A Class A2, 0.73% 1/25/16 (d)		1,048,049		1,048,449
Series 2014-1A:
Class A2, 0.59% 8/24/16 (d)		5,000,000		4,998,695
Class A3, 0.95% 9/25/17 (d)		1,520,000		1,516,609
GE Equipment Transportation LLC:
Series 2012-2 Class A3, 0.62% 7/25/16		905,829		905,988
Series 2015-1:
Class A2, 0.89% 11/24/17		5,000,000		4,999,463
Class A3, 1.28% 2/25/19		299,000		298,956
GM Financial Automobile Leasing Trust:
Series 2014-1A Class A2, 0.61% 7/20/16 (d)		2,286,529		2,285,077
Series 2014-2A Class A2, 0.73% 2/20/17 (d)		5,000,000		5,003,485
GreatAmerica Leasing Receivables Funding LLC Series 2014-1 Class A3, 0.89% 7/15/17 (d)		895,000		893,710
Hilton Grand Vacations Trust Series 2014-AA Class A, 1.77% 11/25/26 (d)		615,949		609,642
Honda Auto Receivables Owner Trust:
Series 2013-3 Class A4, 1.13% 9/16/19		265,000		265,685
Asset-Backed Securities - continued
		Principal Amount (b)		Value
Honda Auto Receivables Owner Trust: - continued
Series 2013-4:
Class A3, 0.69% 9/18/17		$ 1,125,000		$ 1,124,836
Class A4, 1.04% 2/18/20		105,000		105,012
Series 2014-4 Class A3, 0.99% 9/17/18		825,000		824,364
Series 2015-1 Class A3, 1.05% 10/15/18		755,000		753,568
Huntington Auto Trust Series 2012-1 Class A3, 0.81% 9/15/16		204,624		204,707
Hyundai Auto Lease Securitization Trust Series 2014-B Class A4, 1.26% 9/17/18 (d)		310,000		310,749
Hyundai Auto Receivables Trust:
Series 2012-C Class A4, 0.73% 6/15/18		475,000		474,210
Series 2013-A Class A4, 0.75% 9/17/18		1,010,000		1,007,998
Series 2015-A Class A3, 1.05% 4/15/19		650,000		648,078
Hyundai Floorplan Master Owner Trust Series 2013-1A Class A, 0.523% 5/15/18 (d)(e)		4,790,000		4,790,115
John Deere Owner Trust:
Series 2013-A Class A3, 0.6% 3/15/17		2,032,293		2,034,658
Series 2014-B Class A2A, 0.54% 7/17/17		7,000,000		6,989,787
Kubota Credit Owner Trust:
Series 2014-1A Class A2, 0.58% 2/15/17 (d)		292,545		292,328
Series 2015-1A Class A3, 1.81% 3/15/19 (d)		1,290,000		1,286,998
Mercedes-Benz Auto Lease Trust:
Series 2013-A Class A4, 0.72% 12/17/18		1,195,000		1,195,392
Series 2013-B:
Class A2, 0.53% 9/15/15		41,518		41,517
Class A3, 0.62% 7/15/16		430,000		430,018
Series 2015-A:
Class A2A, 0.78% 2/15/17		5,000,000		5,000,900
Class A3, 1.1% 8/15/17		1,700,000		1,700,641
Mercedes-Benz Master Owner Trust Series 2012-AA Class A, 0.79% 11/15/17 (d)		9,155,000		9,157,316
Mmaf Equipment Finance LLC 2014-A Series 2014-AA Class A3, 0.87% 1/8/19 (d)		1,840,000		1,835,593
Motor PLC:
Series 2013-1 Class A1, 0.6683% 2/25/21 (d)(e)		205,083		205,153
Series 2014-1A Class A1, 0.651% 8/25/21 (d)(e)		542,893		543,324
MVW Owner Trust:
Series 2013-1A Class A, 2.15% 4/22/30 (d)		178,290		178,816
Series 2014-1A Class A, 2.25% 9/20/31 (d)		538,033		533,204
Navistar Financial Dealer Note Master Trust Series 2013-2 Class A, 0.8483% 9/25/18 (d)(e)		870,000		870,760
Asset-Backed Securities - continued
		Principal Amount (b)		Value
Nissan Auto Lease Trust Series 2013-B Class A3, 0.75% 6/15/16		$ 9,590,000		$ 9,597,730
Nissan Auto Receivables Owner Trust:
Series 2012-B Class A3, 0.46% 10/17/16		574,849		574,833
Series 2014-B Class A3, 1.11% 5/15/19		570,000		569,944
Nissan Master Owner Trust Receivables:
Series 2012-A Class A, 0.643% 5/15/17 (e)		6,927,000		6,930,256
Series 2013-A Class A, 0.4665% 2/15/18 (e)		7,050,000		7,049,098
Series 2015-A:
Class A1, 0.5668% 1/15/20 (e)		5,000,000		5,002,555
Class A2, 1.44% 1/15/20		890,000		886,901
Porsche Innovative Lease Owner Trust Series 2013-1 Class A2, 0.54% 1/22/16 (d)		657,464		657,526
Residential Asset Mortgage Products, Inc. Series 2003-RZ2 Class A1, 3.6% 4/25/33 (AMBAC Insured)		22,143		21,645
Santander Drive Auto Receivables Trust:
Series 2014-1 Class A2A, 0.66% 6/15/17		1,707,920		1,708,007
Series 2014-4 Class A2A, 0.67% 1/16/18		5,000,000		4,996,120
Sierra Receivables Funding Co. LLC Series 2013-1A Class A, 1.59% 11/20/29 (d)		197,549		197,064
Sierra Timeshare Receivables Funding Co. LLC:
Series 2013-3A Class A, 2.2% 10/20/30 (d)		391,916		390,556
Series 2014-1A Class A, 2.07% 3/20/30 (d)		630,551		633,373
Series 2014-2A Class A, 2.05% 6/20/31 (d)		471,428		473,217
Series 2014-3A Class A, 2.3% 10/20/31 (d)		621,478		623,591
SLM Student Loan Trust:
Series 2008-4 Class A2, 1.3061% 7/25/16 (e)		26,775		26,820
Series 2012-7 Class A2, 0.451% 9/25/19 (e)		4,424,458		4,417,020
Series 2013-1 Class A2, 0.421% 9/25/19 (e)		7,825,666		7,811,689
Series 2014-1 Class A1, 0.4483% 5/28/19 (e)		2,706,666		2,705,759
Smart Trust:
Series 2012-2U.S.A. Class A3A, 1.59% 10/14/16 (d)		551,367		552,827
Series 2012-4U.S. Class A3A, 0.97% 3/14/17		449,260		449,395
Series 2013-1U.S. Class A3A, 0.84% 9/14/16		306,362		306,414
Series 2013-2U.S. Class A4A, 1.18% 2/14/19		435,000		431,999
SMART Trust Series 2014-1U.S. Class A3A, 0.96% 2/14/18		1,245,000		1,242,537
Synchrony Credit Card Master Note Trust:
Series 2013-1 Class B, 1.69% 3/15/21		1,035,000		1,030,235
Series 2014-1 Class A, 1.61% 11/15/20		2,330,000		2,330,007
Asset-Backed Securities - continued
		Principal Amount (b)		Value
Toyota Auto Receivables Owner Trust:
Series 2013-A Class A4, 0.69% 11/15/18		$ 815,000		$ 812,926
Series 2014-C Class A4, 1.44% 4/15/20		200,000		200,173
Volkswagen Auto Lease Trust Series 2014-A Class A2A, 0.52% 10/20/16		3,185,118		3,184,172
Volkswagen Auto Loan Enhanced Trust:
Series 2014-1 Class A3, 0.91% 10/22/18		135,000		134,356
Series 2014-2 Class A4, 1.39% 5/20/21		1,380,000		1,374,171
Volkswagen Credit Auto Master Trust Series 2014-1A:
Class A1, 0.5235% 7/22/19 (d)(e)		10,000,000		9,977,020
Class A2, 1.4% 7/22/19 (d)		1,290,000		1,292,377
Volvo Financial Equipment LLC Series 2014-1A Class A3, 0.82% 4/16/18 (d)		575,000		573,174
Wheels SPV LLC:
Series 2012-1 Class A2, 1.19% 3/20/21 (d)		6,736		6,738
Series 2014-1A Class A2, 0.87% 3/20/23 (d)		665,000		665,491
World Financial Network Credit Card Master Trust Series 2010-A Class A, 3.96% 4/15/19		745,000		752,516
World Omni Auto Receivables Trust:
Series 2014-B Class A2A, 0.6% 1/16/18		5,000,000		4,997,165
Series 2015-A Class A3, 1.34% 5/15/20		340,000		339,998
World Omni Automobile Lease Securitization Trust Series 2014-A Class A4, 1.37% 1/15/20		490,000		491,553
World Omni Master Owner Trust 201 Series 2013-1 Class A, 0.5165% 2/15/18 (d)(e)		1,175,000		1,175,207
TOTAL ASSET-BACKED SECURITIES (Cost $461,099,992)			460,831,332
Collateralized Mortgage Obligations - 1.5%

Private Sponsor - 0.1%
Banc of America Mortgage Securities, Inc.:
Series 2004-A Class 2A2, 2.6627% 2/25/34 (e)		28,167		28,660
Series 2004-H Class 2A2, 2.6436% 9/25/34 (e)		83,362		81,963
Fosse Master Issuer PLC floater Series 2012-1A Class 2A2 1.6566% 10/18/54 (d)(e)		398,886		401,463
Granite Master Issuer PLC floater:
Series 2006-1A Class A5, 0.3135% 12/20/54 (d)(e)		2,774,587		2,759,049
Series 2007-1 Class 3A1, 0.3735% 12/20/54 (e)		983,723		978,804
Granite Mortgages Series 2003-2 Class 1A3, 0.7566% 7/20/43 (e)		384,528		384,441
Collateralized Mortgage Obligations - continued
		Principal Amount (b)		Value
Private Sponsor - continued
Granite Mortgages PLC floater:
Series 2003-3 Class 1A3, 0.6566% 1/20/44 (e)		$ 35,368		$ 35,336
Series 2004-1 Class 2A1, 0.5671% 3/20/44 (e)		800,418		798,974
Series 2004-3 Class 2A1, 0.5271% 9/20/44 (e)		533,454		532,483
Holmes Master Issuer PLC floater Series 2012-1A Class A2, 1.9033% 10/15/54 (d)(e)		952,026		953,547
Lanark Master Issuer PLC floater Series 2013-1A Class 1A1, 0.7615% 12/22/54 (d)(e)		946,517		947,809
Sequoia Mortgage Trust Series 2010-H1 Class A1, 1.9915% 2/25/40 (e)		8,196		8,126
Silverstone Master Issuer PLC 1.8062% 1/21/55 (d)(e)		125,000		125,996
WaMu Mortgage pass-thru certificates Series 2005-AR12 Class 2A1, 2.3738% 9/25/35 (e)		60,811		61,449
Wells Fargo Mortgage Backed Securities Trust Series 2004-G Class A3, 2.6069% 6/25/34 (e)		61,747		61,842
TOTAL PRIVATE SPONSOR				8,159,942
U.S. Government Agency - 1.4%
Fannie Mae:
floater:
Series 2003-31 Class FM, 0.671% 4/25/33 (e)		2,566,794		2,597,237
Series 2003-44 Class FH, 0.921% 6/25/33 (e)		1,636,848		1,671,949
Series 2003-48 Class FA, 0.921% 6/25/33 (e)		1,921,904		1,948,065
Series 2006-33 Class CF, 0.471% 5/25/36 (e)		253,426		254,246
Series 2012-79 Class FM, 0.621% 7/25/42 (e)		1,640,758		1,644,715
floater planned amortization class:
Series 2004-52 Class PF 0.621% 12/25/33 (e)		3,609,573		3,626,126
Series 2005-90 Class FC, 0.421% 10/25/35 (e)		197,416		197,938
planned amortization class Series 2011-117 Class PF, 0.521% 7/25/39 (e)		4,733,336		4,759,432
sequential payer Series 2012-114 Class DF, 0.571% 8/25/39 (e)		48,213		48,339
sequential payer floater:
Series 2005-74 Class DF, 0.521% 7/25/35 (e)		6,394,947		6,429,559
Series 2005-83 Class FP, 0.501% 10/25/35 (e)		6,440,166		6,462,912
Series 2011-23 Class AB, 2.75% 6/25/20		104,537		107,307
Fannie Mae Connecticut Avenue Securities floater:
Series 2014-C04:
Class 1M1, 2.1183% 11/25/24 (e)		654,050		660,097
Class 2M1, 2.2683% 11/25/24 (e)		341,565		345,055
Series 2015-C01 Class 1M1, 1.6735% 2/25/25 (e)		410,000		410,822
Collateralized Mortgage Obligations - continued
		Principal Amount (b)		Value
U.S. Government Agency - continued
Fannie Mae Connecticut Avenue Securities floater: - continued
1.6735% 2/25/25 (e)		$ 235,000		$ 235,325
FHLMC Structured Agency Credit Risk Debt Notes floater:
Series 2014-HQ2 Class M1, 1.6183% 9/25/24 (e)		858,652		859,422
Series 2014-HQ3 Class M1, 1.821% 10/25/24 (e)		651,901		653,937
Freddie Mac:
floater:
Series 2006-3153 Class UG, 0.622% 5/15/36 (e)		157,535		158,788
Series 2011-3913 Class FA, 0.672% 8/15/41 (e)		799,940		806,977
Series 2012-4077 Class MF, 0.672% 7/15/42 (e)		1,946,320		1,966,021
Series 2711 Class FC, 1.072% 2/15/33 (e)		427,952		435,714
Series 3346 Class FA, 0.402% 2/15/19 (e)		1,880,192		1,882,565
Series 3830 Class FD, 0.532% 3/15/41 (e)		2,640,543		2,656,510
Series 3879 Class AF, 0.602% 6/15/41 (e)		837,896		843,979
floater planned amortization class:
Series 2953 Class LF, 0.472% 12/15/34 (e)		2,709,432		2,718,665
Series 3102 Class FD, 0.472% 1/15/36 (e)		491,613		493,631
Series 3117 Class JF, 0.472% 2/15/36 (e)		195,348		196,119
Series 4020 Class EF 0.622% 2/15/42 (e)		5,751,607		5,781,889
Series 4057 Class EF, 0.522% 12/15/41 (e)		17,744,325		17,791,800
floater sequential payer:
Series 2828 Class TF, 0.622% 10/15/30 (e)		2,422,504		2,427,806
Series 3046 Class F, 0.542% 3/15/33 (e)		2,925,686		2,932,636
Series 3325:
Class FM, 0.602% 5/15/37 (e)		365,687		367,664
Class FN, 0.602% 5/15/37 (e)		365,687		367,664
planned amortization class Series 3081 Class CP 5.5% 10/15/34		167,394		168,427
planned amotization class Series 2006-3 Class FB, 0.471% 7/25/35 (e)		3,861,205		3,881,083
sequential payer Series 4226 Class EF, 0.522% 12/15/35 (e)		8,629,575		8,652,794
Series 3335 Class AF, 0.322% 10/15/20 (e)		756,282		757,631
Ginnie Mae guaranteed REMIC pass-thru certificates:
floater:
Series 2009-108 Class CF, 0.772% 11/16/39 (e)		307,840		310,986
Series 2009-116 Class KF, 0.702% 12/16/39 (e)		248,737		250,978
Series 2009-127 Class FA, 0.718% 9/20/38 (e)		354,937		358,284
Series 2010-9 Class FA, 0.692% 1/16/40 (e)		400,639		404,209
Series 2012-113 Class FJ, 0.418% 1/20/42 (e)		655,858		655,971
Collateralized Mortgage Obligations - continued
		Principal Amount (b)		Value
U.S. Government Agency - continued
Ginnie Mae guaranteed REMIC pass-thru certificates: - continued
floater: - continued
Series 2012-84 Class FH, 0.622% 7/16/42 (e)		$ 3,250,495		$ 3,272,973
floater sequential payer Series 2010-120 Class FB 0.468% 9/20/35 (e)		223,494		223,832
TOTAL U.S. GOVERNMENT AGENCY				93,678,079
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $101,713,834)			101,838,021
Commercial Mortgage Securities - 1.1%

Banc of America Commercial Mortgage Trust:
sequential payer:
Series 2005-3 Class A4, 4.668% 7/10/43		420,000		421,928
Series 2006-2 Class A4, 5.729% 5/10/45 (e)		750,000		775,181
Series 2006-4 Class A4, 5.634% 7/10/46		341,270		354,906
Series 2006-5 Class AM, 5.448% 9/10/47		60,000		62,553
Series 2006-1 Class A4, 5.372% 9/10/45 (e)		1,520,000		1,548,758
Series 2007-4 Class AM, 5.8207% 2/10/51 (e)		50,000		54,286
Bear Stearns Commercial Mortgage Securities Trust:
sequential payer:
Series 2005-PWR8 Class A4, 4.674% 6/11/41		232,156		232,511
Series 2006-PW14 Class A4, 5.201% 12/11/38		625,000		659,096
Series 2007-PW17 Class AAB, 5.703% 6/11/50		231,931		233,221
Series 2006-T24 Class A4, 5.537% 10/12/41		1,159,679		1,219,661
CDGJ Commercial Mortgage Trust Series 2014-BXCH Class A, 1.5665% 12/15/27 (d)(e)		3,000,000		3,010,305
Citigroup Commercial Mortgage Trust:
Series 13-GC15 Class A1, 1.378% 9/10/46		690,292		690,718
Series 2014-GC19 Class A1, 1.199% 3/10/47		354,759		353,959
Series 2014-GC2 Class A1, 1.392% 7/10/47		373,761		373,235
Series 2014-GC21 Class A1, 1.242% 5/10/47		610,605		608,408
Series 2014-GC25 Class A1, 1.485% 10/10/47		158,519		158,387
Series 2015-GC27 Class A1, 1.353% 2/10/48		740,000		737,145
COMM Mortgage Trust:
floater Series 2014-KYO Class A, 1.067% 6/11/27 (d)(e)		2,750,000		2,739,844
Series 2014-CR15 Class A1, 1.218% 2/10/47		907,289		903,104
Series 2014-CR17 Class A1, 1.275% 5/10/47		404,612		403,340
Series 2014-CR18 Class A1, 1.442% 7/15/47		610,976		611,034
Commercial Mortgage Securities - continued
		Principal Amount (b)		Value
COMM Mortgage Trust: - continued
Series 2014-CR19 Class A1, 1.415% 8/10/47		$ 527,966		$ 527,040
Series 2014-CR20 Class A1, 1.324% 11/10/47		357,108		355,600
Series 2014-CR21 Class A1, 1.494% 12/10/47		202,355		202,666
Series 2014-LC15 Class A1, 1.259% 4/10/47		715,774		712,344
Series 2014-LC17 Class A1, 1.381% 10/10/47		464,067		460,279
Series 2014-UBS2 Class A1, 1.298% 3/10/47		463,452		462,885
Series 2014-UBS4 Class A1, 1.309% 8/10/47		245,671		245,081
Series 2014-UBS5 Class A1, 1.373% 9/10/47		928,516		927,972
Series 2014-UBS6 Class A1, 1.445% 12/10/47		621,601		620,808
COMM Mortgage Trust pass-thru certificates Series 2014-TWC Class A, 1.017% 2/13/32 (d)(e)		400,000		398,897
Commercial Mortgage Trust pass-thru certificates:
sequential payer Series 2012-LC4 Class A1, 1.156% 12/10/44		16,711		16,718
Series 2005-C6 Class A5B, 5.167% 6/10/44 (e)		210,000		212,277
DBUBS Series 2011-LC3A Class A1, 2.238% 8/10/44		150,743		151,621
Del Coronado Trust floater Series 2013-HDC Class A, 0.967% 3/15/26 (d)(e)		1,500,000		1,499,474
Extended Stay America Trust floater Series 2013-ESFL:
Class A1FL, 0.971% 12/5/31 (d)(e)		818,412		815,752
Class A2FL, 0.871% 12/5/31 (d)(e)		1,110,000		1,106,571
Freddie Mac pass-thru certificates:
Series 2013-K502 Class A2, 1.426% 8/25/17		1,505,000		1,516,105
Series K712 Class A1, 1.369% 5/25/19		1,757,560		1,764,102
GAHR Commercial Mortgage Trust floater Series 2015-NRF Class AFL1, 1.45% 12/15/16 (d)(e)		3,000,000		2,999,158
Greenwich Capital Commercial Funding Corp. Series 2006-GG7 Class A4, 5.8188% 7/10/38 (e)		878,752		913,233
GS Mortgage Securities Corp. II Series 2006-GG6 Class A4, 5.553% 4/10/38 (e)		5,377,000		5,484,449
GS Mortgage Securities Trust:
floater Series 2014-GSFL Class A, 1.1665% 7/15/31 (d)(e)		920,000		920,000
sequential payer Series 2013-GC13 Class A1, 1.206% 7/10/46		438,912		440,516
Series 14-GC20 Class A1, 1.343% 4/10/47		276,139		275,423
Series 2012-GC6 Class A1, 1.282% 1/10/45		28,523		28,614
Series 2014-GC22 Class A1, 1.29% 6/10/47		426,396		425,128
Series 2014-GC24 Class A1, 1.509% 9/10/47		777,299		778,797
Series 2015-GC28 Class A1, 1.528% 2/10/48		1,200,000		1,200,309
Hilton U.S.A. Trust floater Series 2013-HLF Class AFL, 1.172% 11/5/30 (d)(e)		1,285,046		1,284,671
Commercial Mortgage Securities - continued
		Principal Amount (b)		Value
Hyatt Hotel Portfolio Trust floater Series 2015-HYT Class A, 1.508% 11/15/29 (d)(e)		$ 1,314,000		$ 1,314,957
JPMBB Commercial Mortgage Securities Trust:
sequential payer Series 2014-C21 Class A1, 1.322% 8/15/47 (d)		444,076		443,193
Series 2013-C14 Class A1, 1.2604% 8/15/46		831,452		833,213
Series 2014-C19 Class A1, 1.2661% 4/15/47		480,245		479,393
Series 2014-C22 Class A1, 1.451% 9/15/47		228,252		228,293
Series 2014-C23 Class A1, 1.6502% 9/15/47		333,278		334,434
Series 2014-C24 Class A1, 1.5386% 11/15/47		139,422		139,348
Series 2014-C26 Class A1, 1.5962% 1/15/48		1,586,964		1,586,054
Series 2015-C27 Class A1, 1.4137% 2/15/48		1,000,000		996,337
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2012-C6 Class A1, 1.0305% 5/15/45		33,193		33,210
JPMorgan Chase Commercial Mortgage Securities Trust:
floater:
Series 2014-BXH Class A, 1.073% 4/15/27 (d)(e)		2,500,000		2,499,485
Series 2014-FL5 Class A, 1.1465% 7/15/31 (d)(e)		2,550,000		2,532,252
sequential payer Series 2006-LDP8 Class A4, 5.399% 5/15/45		2,635,076		2,757,064
Series 2014-C20 Class A1, 1.2682% 7/15/47		486,261		485,042
LB-UBS Commercial Mortgage Trust:
sequential payer Series 2006-C1 Class A4, 5.156% 2/15/31		4,948,517		5,047,581
Series 2004-C1 Class A4, 4.568% 1/15/31		33,653		34,264
Series 2005-C7 Class A4, 5.197% 11/15/30		1,341,924		1,350,964
Merrill Lynch Mortgage Trust Series 2006-C2 Class AM, 5.782% 8/12/43 (e)		335,000		354,099
Merrill Lynch-CFC Commercial Mortgage Trust Series 2006-2 Class A4, 5.8701% 6/12/46 (e)		447,583		467,025
Morgan Stanley BAML Trust:
sequential payer Series 2014-C18 Class A1, 1.686% 10/15/47		455,195		457,195
Series 2014-C14 Class A1, 1.25% 2/15/47		170,825		170,062
Series 2014-C16 Class A1, 1.294% 6/15/47		305,469		303,790
Series 2014-C17 Class A1, 1.551% 8/15/47		578,888		578,804
Series 2014-C19 Class A1, 1.573% 12/15/47		1,082,287		1,084,368
Morgan Stanley Capital I Trust:
sequential payer Series 2005-HQ6 Class A4A, 4.989% 8/13/42		14,300		14,298
Series 2006-HQ9 Class A4, 5.731% 7/12/44 (e)		1,120,686		1,164,055
Wells Fargo Commercial Mortgage Trust:
Series 2014-LC18 Class A1, 1.437% 12/15/47		1,362,320		1,361,222
Series 2015-C26 Class A1, 1.454% 2/15/48		850,000		846,048
Commercial Mortgage Securities - continued
		Principal Amount (b)		Value
WF-RBS Commercial Mortgage Trust:
sequential payer:
Series 2011-C4 Class A1, 1.607% 6/15/44 (d)		$ 108,764		$ 108,939
Series 2013-C16 Class A1, 1.406% 9/15/46		518,784		521,572
Series 2013-C17 Class A1, 1.154% 12/15/46		359,669		360,146
Series 2013-UBS1 Class A1, 1.122% 3/15/46		285,203		285,455
Series 2014-C20 Class A1, 1.283% 5/15/47		771,212		770,387
Series 2014-C21 Class A1, 1.413% 8/15/47		930,053		930,622
Series 2014-C22 Class A1, 1.479% 9/15/57		559,981		560,562
Series 2014-C23 Class A1, 1.663% 10/15/57		274,929		276,241
Series 2014-C24 Class A1, 1.39% 11/15/47		116,357		116,019
Series 2014-LC14 Class A1, 1.193% 3/15/47		495,277		493,862
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $76,349,877)			75,217,925
Municipal Securities - 0.0%

Florida Hurricane Catastrophe Fund Fin. Corp. Rev. Series 2013 A, 1.298% 7/1/16		1,475,000		1,484,661
Univ. of California Revs. Bonds Series 2011 Y1, 0.671%, tender 7/1/17 (e)		445,000		444,898
TOTAL MUNICIPAL SECURITIES (Cost $1,920,000)			1,929,559
Foreign Government and Government Agency Obligations - 0.1%

Republic of Iceland 4.875% 6/16/16 (d)		2,240,000		2,339,178
Turkish Republic 4.557% 10/10/18 (d)		825,000		865,013
United Mexican States 7.75% 12/14/17	MXN	36,150,000		2,629,630
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $5,842,622)			5,833,821
Bank Notes - 0.0%

Union Bank NA 2.125% 6/16/17 (Cost $1,347,550)		1,330,000		1,346,878

Fixed-Income Funds - 3.3%
	Shares		Value
Bank Loan Funds - 3.3%
Fidelity Floating Rate High Income Fund (c) (Cost $238,769,956)	23,962,993		$ 233,399,555
Short-Term Funds - 61.9%

Short-Term Funds - 61.9%
BlackRock Low Duration Bond Portfolio	29,069,922		282,268,939
Delaware Limited-Term Diversified Income Fund - Class A	18,044,134		154,818,666
Fidelity Conservative Income Bond Fund Institutional Class (c)	42,820,509		429,489,706
Fidelity Short-Term Bond Fund (c)	91,212,529		784,427,747
Janus Short-Term Bond Fund - Class T	77,504,394		236,388,401
JPMorgan Short Duration Bond Fund - Select Class Shares	27,712,189		301,785,738
Metropolitan West Low Duration Bond Fund - Class M	72,274,401		636,014,727
PIMCO Short-Term Fund	147,412,926		1,443,172,541
Wells Fargo Advantage Ultra Short-Term Municipal Income Fund - Administrator Class	24,386,040		117,540,714
TOTAL SHORT-TERM FUNDS (Cost $4,394,537,518)		4,385,907,179
Money Market Funds - 7.1%

Fidelity Institutional Money Market Portfolio Institutional Class 0.11% (a)(c)	476,702,404		476,702,404
SSgA U.S. Treasury Money Market Fund, 0% (a)	28,798,355		28,798,355
TOTAL MONEY MARKET FUNDS (Cost $505,500,759)		505,500,759
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $7,104,177,121)			7,092,290,712
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(3,957,262)
NET ASSETS - 100%		$ 7,088,333,450

Currency Abbreviations
MXN	-	Mexican peso

Legend

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

(b) Amount is stated in United States dollars unless otherwise noted.

(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 $378,712,650 or 5.3% of net assets.

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

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sale Proceeds	Dividend Income	Value, end of period
Fidelity Conservative Income Bond Fund Institutional Class	$ 422,827,519	$ 29,829,630	$ 22,728,779	$ 1,160,110	$ 429,489,706
Fidelity Floating Rate High Income Fund	209,027,618	29,185,755	-	4,864,072	233,399,555
Fidelity Institutional Money Market Portfolio Institutional Class	308,767,467	292,889,079	124,954,142	324,169	476,702,404
Fidelity Short-Term Bond Fund	730,961,639	93,015,441	37,761,511	5,307,390	784,427,747
Total	$ 1,671,584,243	$ 444,919,905	$ 185,444,432	$ 11,655,741	$ 1,924,019,412

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Corporate Bonds	$ 1,213,982,006	$ -	$ 1,213,982,006	$ -
U.S. Government and Government Agency Obligations	56,112,244	-	56,112,244	-
U.S. Government Agency - Mortgage Securities	50,391,433	-	50,391,433	-
Asset-Backed Securities	460,831,332	-	460,831,332	-
Collateralized Mortgage Obligations	101,838,021	-	101,838,021	-
Commercial Mortgage Securities	75,217,925	-	75,217,925	-
Municipal Securities	1,929,559	-	1,929,559	-
Foreign Government and Government Agency Obligations	5,833,821	-	5,833,821	-
Bank Notes	1,346,878	-	1,346,878	-
Fixed-Income Funds	233,399,555	233,399,555	-	-
Short-Term Funds	4,385,907,179	4,385,907,179	-	-
Money Market Funds	505,500,759	505,500,759	-	-
Total Investments in Securities:	$ 7,092,290,712	$ 5,124,807,493	$ 1,967,483,219	$ -

Income Tax Information

At February 28, 2015, the cost of investment securities for income tax purposes was $7,104,699,384. Net unrealized depreciation aggregated $12,408,672, of which $17,286,270 related to appreciated investment securities and $29,694,942 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Strategic Advisers, Inc. (Strategic Advisers) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by 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 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 reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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. Corporate bonds, bank notes, foreign government and government agency obligations, municipal securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

Asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by 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.

Quarterly Report

or an affiliate.

Quarterly Report

Investments February 28, 2015 (Unaudited)

Quarterly Holdings Report

for

Strategic Advisers®
Value Fund

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

February 28, 2015

1.912902.104

SUF-QTLY-0415

Investments February 28, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 76.5%
	Shares		Value
CONSUMER DISCRETIONARY - 7.1%
Auto Components - 0.8%
Autoliv, Inc.	160,900		$ 18,101,250
Cooper Tire & Rubber Co.	265,127		10,090,734
Johnson Controls, Inc.	343,500		17,453,235
Lear Corp.	343,394		37,402,474
TRW Automotive Holdings Corp. (a)	190,400		19,847,296
			102,894,989
Automobiles - 0.6%
Ford Motor Co.	3,935,900		64,312,606
General Motors Co.	283,000		10,558,730
Harley-Davidson, Inc.	54,500		3,464,565
			78,335,901
Diversified Consumer Services - 0.1%
Apollo Education Group, Inc. Class A (non-vtg.) (a)	272,788		7,542,588
Hotels, Restaurants & Leisure - 0.6%
Brinker International, Inc.	309,300		18,390,978
Carnival Corp. unit	212,200		9,334,678
Hyatt Hotels Corp. Class A (a)	16,800		1,017,072
McDonald's Corp.	369,461		36,539,693
Royal Caribbean Cruises Ltd.	85,500		6,533,910
Six Flags Entertainment Corp.	157,728		7,143,501
Wyndham Worldwide Corp.	30,900		2,826,732
			81,786,564
Household Durables - 0.6%
Garmin Ltd.	63,400		3,146,542
Lennar Corp. Class A	510,600		25,637,226
Newell Rubbermaid, Inc.	144,600		5,681,334
PulteGroup, Inc.	135,600		3,059,136
Toll Brothers, Inc. (a)	59,500		2,279,445
Whirlpool Corp.	193,500		41,012,325
			80,816,008
Leisure Products - 0.0%
Hasbro, Inc.	65,100		4,056,707
Media - 2.5%
CBS Corp. Class B	159,400		9,420,540
Comcast Corp. Class A	201,762		11,980,628
DIRECTV (a)	671,600		59,503,760
Gannett Co., Inc.	610,200		21,601,080
Liberty Broadband Corp.:
Class A (a)	25,161		1,304,849
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Media - continued
Liberty Broadband Corp.: - continued
Class C (a)	81,125		$ 4,223,368
Liberty Global PLC Class C	479,807		25,031,531
Liberty Media Corp.:
Class A (a)	116,554		4,494,905
Class C (a)	233,107		8,997,930
News Corp. Class A (a)	129,100		2,230,203
Omnicom Group, Inc.	191,661		15,244,716
Scripps Networks Interactive, Inc. Class A	103,568		7,487,966
Starz Series A (a)	476,400		15,835,536
Time Warner Cable, Inc.	217,270		33,470,444
Time Warner, Inc.	974,500		79,772,570
Time, Inc.	145,431		3,446,715
Viacom, Inc. Class B (non-vtg.)	322,000		22,520,680
			326,567,421
Multiline Retail - 1.1%
Big Lots, Inc.	160,800		7,671,768
Dillard's, Inc. Class A	123,700		16,100,792
Kohl's Corp.	553,500		40,848,300
Macy's, Inc.	887,431		56,547,103
Nordstrom, Inc.	88,300		7,101,969
Target Corp.	265,900		20,429,097
			148,699,029
Specialty Retail - 0.8%
Abercrombie & Fitch Co. Class A	158,700		3,926,238
AutoNation, Inc. (a)	44,400		2,730,600
AutoZone, Inc. (a)	17,300		11,118,364
Bed Bath & Beyond, Inc. (a)	62,900		4,696,114
Best Buy Co., Inc.	434,100		16,539,210
Foot Locker, Inc.	52,200		2,932,074
GameStop Corp. Class A	28,200		1,042,554
Gap, Inc.	445,267		18,523,107
Home Depot, Inc.	325,073		37,302,127
Penske Automotive Group, Inc.	45,300		2,234,649
Staples, Inc.	107,100		1,795,532
			102,840,569
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 0.0%
Coach, Inc.	93,500		$ 4,071,925
Fossil Group, Inc. (a)	16,900		1,453,569
			5,525,494
TOTAL CONSUMER DISCRETIONARY			939,065,270
CONSUMER STAPLES - 4.7%
Beverages - 0.2%
Coca-Cola Enterprises, Inc.	134,400		6,209,280
Diageo PLC sponsored ADR	131,000		15,569,350
			21,778,630
Food & Staples Retailing - 1.9%
CVS Health Corp.	485,335		50,411,746
Kroger Co.	624,400		44,426,060
Wal-Mart Stores, Inc.	1,707,700		143,327,261
Walgreens Boots Alliance, Inc.	242,000		20,105,360
			258,270,427
Food Products - 2.0%
Archer Daniels Midland Co.	852,800		40,832,064
Bunge Ltd.	277,600		22,702,128
Campbell Soup Co.	106,200		4,947,858
ConAgra Foods, Inc.	1,156,000		40,436,880
Fresh Del Monte Produce, Inc.	235,200		8,281,392
General Mills, Inc.	318,600		17,137,494
Ingredion, Inc.	284,500		23,388,745
Kellogg Co.	225,176		14,519,348
Kraft Foods Group, Inc.	148,800		9,532,128
Mondelez International, Inc.	419,300		15,486,846
Pilgrims Pride Corp.	92,500		2,537,275
The Hershey Co.	121,000		12,557,380
The J.M. Smucker Co.	33,800		3,898,830
Tyson Foods, Inc. Class A	775,296		32,027,478
Unilever NV (NY Reg.)	401,000		17,431,470
			265,717,316
Household Products - 0.2%
Energizer Holdings, Inc.	24,400		3,265,452
Kimberly-Clark Corp.	192,300		21,087,618
			24,353,070
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Personal Products - 0.1%
Coty, Inc. Class A	502,000		$ 11,345,200
Tobacco - 0.3%
Philip Morris International, Inc.	524,200		43,487,632
TOTAL CONSUMER STAPLES			624,952,275
ENERGY - 7.4%
Energy Equipment & Services - 0.7%
Atwood Oceanics, Inc.	236,000		7,318,360
Baker Hughes, Inc.	156,000		9,751,560
Ensco PLC Class A	385,800		9,440,526
Halliburton Co.	652,200		28,005,468
Helmerich & Payne, Inc.	201,300		13,499,178
Noble Corp.	962,700		16,019,328
Paragon Offshore PLC	239,133		492,614
Parker Drilling Co. (a)	1,082,600		3,345,234
			87,872,268
Oil, Gas & Consumable Fuels - 6.7%
Anadarko Petroleum Corp.	83,717		7,051,483
Apache Corp.	175,400		11,548,336
Canadian Natural Resources Ltd.	388,858		11,310,197
Chevron Corp.	1,218,400		129,978,912
Cimarex Energy Co.	12,900		1,414,872
ConocoPhillips Co.	1,398,800		91,201,760
Devon Energy Corp.	203,800		12,552,042
Energen Corp.	117,209		7,576,390
EOG Resources, Inc.	195,410		17,532,185
EQT Corp.	132,350		10,562,854
Exxon Mobil Corp.	2,501,480		221,481,039
Hess Corp.	270,800		20,331,664
Marathon Oil Corp.	563,900		15,710,254
Marathon Petroleum Corp.	867,363		91,073,115
Murphy Oil Corp.	219,800		11,185,622
Occidental Petroleum Corp.	625,920		48,746,650
Phillips 66 Co.	1,295,533		101,647,519
Pioneer Natural Resources Co.	68,400		10,432,368
QEP Resources, Inc.	382,294		8,211,675
Rice Energy, Inc. (a)	102,520		2,007,342
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Tesoro Corp.	32,100		$ 2,948,064
Valero Energy Corp.	958,400		59,123,696
			893,628,039
TOTAL ENERGY			981,500,307
FINANCIALS - 19.8%
Banks - 9.2%
Banco Santander SA (Spain) sponsored ADR	1,792,376		13,048,497
Bank of America Corp.	8,144,900		128,770,869
BB&T Corp.	467,300		17,780,765
CIT Group, Inc.	285,300		13,195,125
Citigroup, Inc.	2,964,749		155,412,143
Comerica, Inc.	92,700		4,243,806
Commerce Bancshares, Inc.	50,195		2,084,096
Fifth Third Bancorp	1,594,351		30,866,635
First Republic Bank	275,000		15,675,000
Huntington Bancshares, Inc.	1,820,100		19,911,894
JPMorgan Chase & Co.	4,784,390		293,187,419
KeyCorp	1,236,100		17,218,873
M&T Bank Corp.	111,000		13,431,000
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	2,162,000		14,117,860
PNC Financial Services Group, Inc.	726,200		66,781,352
Regions Financial Corp.	3,535,500		33,976,155
SunTrust Banks, Inc.	1,178,200		48,306,200
U.S. Bancorp	834,700		37,235,967
Wells Fargo & Co.	5,458,427		299,067,215
			1,224,310,871
Capital Markets - 2.3%
Ameriprise Financial, Inc.	364,900		48,761,587
Bank of New York Mellon Corp.	577,700		22,611,178
BlackRock, Inc. Class A	84,347		31,328,163
Eaton Vance Corp. (non-vtg.)	39,900		1,679,790
Franklin Resources, Inc.	318,900		17,166,387
Goldman Sachs Group, Inc.	363,800		69,045,602
Invesco Ltd.	222,400		8,956,048
Morgan Stanley	1,568,200		56,125,878
Northern Trust Corp.	103,300		7,213,439
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
State Street Corp.	446,900		$ 33,271,705
T. Rowe Price Group, Inc.	88,400		7,301,840
			303,461,617
Consumer Finance - 1.7%
Ally Financial, Inc. (a)	351,786		7,310,113
American Express Co.	541,800		44,205,462
Capital One Financial Corp.	1,020,109		80,292,779
Discover Financial Services	1,027,919		62,682,501
Navient Corp.	615,300		13,167,420
Nelnet, Inc. Class A	227,900		10,624,698
			218,282,973
Diversified Financial Services - 0.5%
Berkshire Hathaway, Inc. Class B (a)	376,420		55,488,072
The NASDAQ OMX Group, Inc.	55,600		2,788,896
Voya Financial, Inc.	82,000		3,623,580
			61,900,548
Insurance - 6.0%
ACE Ltd.	351,483		40,072,577
AFLAC, Inc.	574,600		35,768,850
Alleghany Corp. (a)	8,500		4,016,590
Allstate Corp.	1,007,576		71,134,866
American Financial Group, Inc.	290,900		18,326,700
American International Group, Inc.	741,400		41,021,662
Aon PLC	90,409		9,073,447
Arch Capital Group Ltd. (a)	43,200		2,555,712
Assurant, Inc.	342,100		20,960,467
Assured Guaranty Ltd.	65,200		1,729,104
Axis Capital Holdings Ltd.	288,900		14,973,687
Cincinnati Financial Corp.	55,500		2,928,180
Everest Re Group Ltd.	120,400		21,362,572
Genworth Financial, Inc. Class A (a)	504,800		3,912,200
Hanover Insurance Group, Inc.	168,500		11,835,440
Hartford Financial Services Group, Inc.	1,308,000		53,575,680
HCC Insurance Holdings, Inc.	67,900		3,794,252
Lincoln National Corp.	746,293		43,016,329
Loews Corp.	55,500		2,276,055
Markel Corp. (a)	4,700		3,503,568
MetLife, Inc.	1,069,836		54,379,764
Montpelier Re Holdings Ltd.	187,300		6,750,292
PartnerRe Ltd.	176,800		20,243,600
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Principal Financial Group, Inc.	147,800		$ 7,562,926
Progressive Corp.	199,600		5,319,340
Prudential Financial, Inc.	762,783		61,671,006
Reinsurance Group of America, Inc.	42,300		3,777,813
RenaissanceRe Holdings Ltd.	57,800		5,926,234
The Chubb Corp.	828,800		83,252,960
The Travelers Companies, Inc.	887,159		95,316,363
Torchmark Corp.	179,800		9,574,350
Unum Group	692,300		23,233,588
Validus Holdings Ltd.	73,488		3,060,040
W.R. Berkley Corp.	45,500		2,270,905
XL Group PLC Class A	261,028		9,449,214
			797,626,333
Real Estate Investment Trusts - 0.0%
American Homes 4 Rent Class A	304,475		5,081,688
Thrifts & Mortgage Finance - 0.1%
New York Community Bancorp, Inc.	221,400		3,677,454
People's United Financial, Inc.	104,400		1,579,572
Radian Group, Inc.	585,400		9,255,174
			14,512,200
TOTAL FINANCIALS			2,625,176,230
HEALTH CARE - 10.7%
Biotechnology - 1.7%
Amgen, Inc.	690,500		108,905,660
Gilead Sciences, Inc. (a)	760,038		78,686,734
Myriad Genetics, Inc. (a)	119,130		4,058,759
United Therapeutics Corp. (a)	190,900		29,599,045
			221,250,198
Health Care Equipment & Supplies - 1.6%
Baxter International, Inc.	930,600		64,350,990
Medtronic PLC	1,063,857		82,544,665
St. Jude Medical, Inc.	144,200		9,615,256
Zimmer Holdings, Inc.	503,077		60,565,440
			217,076,351
Health Care Providers & Services - 2.8%
Aetna, Inc.	797,000		79,341,350
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Anthem, Inc.	575,191		$ 84,236,722
Cigna Corp.	141,900		17,259,297
Express Scripts Holding Co. (a)	284,049		24,084,515
HCA Holdings, Inc. (a)	158,800		11,360,552
Humana, Inc.	217,600		35,769,088
Laboratory Corp. of America Holdings (a)	21,300		2,620,539
McKesson Corp.	23,750		5,431,625
Omnicare, Inc.	185,324		14,221,764
Quest Diagnostics, Inc.	191,503		13,432,020
UnitedHealth Group, Inc.	802,800		91,222,164
			378,979,636
Pharmaceuticals - 4.6%
AbbVie, Inc.	782,539		47,343,610
Johnson & Johnson	1,282,326		131,451,238
Merck & Co., Inc.	2,291,666		134,154,128
Novartis AG sponsored ADR	162,400		16,629,760
Pfizer, Inc.	7,487,413		256,968,014
Shire PLC sponsored ADR	26,646		6,445,934
Teva Pharmaceutical Industries Ltd. sponsored ADR	270,538		15,426,077
			608,418,761
TOTAL HEALTH CARE			1,425,724,946
INDUSTRIALS - 8.2%
Aerospace & Defense - 3.7%
Engility Holdings, Inc.	35,083		1,266,496
Exelis, Inc.	679,200		16,436,640
General Dynamics Corp.	380,131		52,754,580
Honeywell International, Inc.	368,251		37,848,838
Huntington Ingalls Industries, Inc.	16,000		2,261,280
L-3 Communications Holdings, Inc.	310,300		40,162,129
Lockheed Martin Corp.	304,960		61,007,248
Northrop Grumman Corp.	441,900		73,227,249
Raytheon Co.	687,249		74,752,074
Rockwell Collins, Inc.	67,600		6,021,808
Textron, Inc.	93,800		4,156,278
The Boeing Co.	386,200		58,258,270
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
United Technologies Corp.	515,750		$ 62,875,083
Vectrus, Inc. (a)	37,733		1,200,287
			492,228,260
Airlines - 0.4%
Alaska Air Group, Inc.	70,000		4,455,500
Delta Air Lines, Inc.	992,430		44,182,984
United Continental Holdings, Inc. (a)	95,153		6,202,073
			54,840,557
Building Products - 0.0%
Owens Corning	39,900		1,582,434
Commercial Services & Supplies - 0.3%
ADT Corp.	56,800		2,227,696
Deluxe Corp.	191,700		12,757,635
Pitney Bowes, Inc.	44,500		1,031,065
R.R. Donnelley & Sons Co.	640,600		12,216,242
The Brink's Co.	350,600		9,865,884
			38,098,522
Construction & Engineering - 0.0%
Tutor Perini Corp. (a)	185,700		4,321,239
Electrical Equipment - 0.3%
Eaton Corp. PLC	160,800		11,418,408
Emerson Electric Co.	426,450		24,699,984
Rockwell Automation, Inc.	45,900		5,372,136
			41,490,528
Industrial Conglomerates - 1.2%
General Electric Co.	6,012,500		156,264,875
Machinery - 1.6%
AGCO Corp.	220,261		10,955,782
Caterpillar, Inc.	236,800		19,630,720
Crane Co.	145,736		9,739,537
Cummins, Inc.	85,800		12,203,334
Deere & Co.	792,800		71,827,680
Illinois Tool Works, Inc.	174,100		17,211,526
Ingersoll-Rand PLC	203,816		13,694,397
Lincoln Electric Holdings, Inc.	29,000		2,002,160
Oshkosh Corp.	270,000		13,173,300
PACCAR, Inc.	120,000		7,686,000
Parker Hannifin Corp.	74,900		9,189,481
Snap-On, Inc.	29,300		4,313,839
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Stanley Black & Decker, Inc.	70,000		$ 6,883,800
Timken Co.	121,900		5,178,312
			203,689,868
Professional Services - 0.0%
Dun & Bradstreet Corp.	19,600		2,596,608
Manpower, Inc.	26,500		2,132,190
			4,728,798
Road & Rail - 0.5%
AMERCO	6,500		2,124,330
CSX Corp.	1,453,269		49,861,659
Norfolk Southern Corp.	156,600		17,094,456
Ryder System, Inc.	18,000		1,691,820
			70,772,265
Trading Companies & Distributors - 0.2%
Aircastle Ltd.	570,900		13,170,663
TAL International Group, Inc.	236,100		9,852,453
			23,023,116
TOTAL INDUSTRIALS			1,091,040,462
INFORMATION TECHNOLOGY - 12.1%
Communications Equipment - 1.6%
Brocade Communications Systems, Inc.	2,822,292		34,968,198
Cisco Systems, Inc.	4,952,716		146,154,649
Harris Corp.	322,700		25,067,336
Juniper Networks, Inc.	143,500		3,431,085
QUALCOMM, Inc.	85,258		6,182,058
			215,803,326
Electronic Equipment & Components - 1.3%
Arrow Electronics, Inc. (a)	50,300		3,116,588
Avnet, Inc.	108,700		4,979,547
Corning, Inc.	1,819,131		44,386,796
Flextronics International Ltd. (a)	1,302,700		15,866,886
TE Connectivity Ltd.	1,081,238		77,989,697
Tech Data Corp. (a)	166,200		9,888,900
Vishay Intertechnology, Inc.	590,800		8,412,992
Zebra Technologies Corp. Class A (a)	12,456		1,134,119
			165,775,525
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 0.1%
eBay, Inc. (a)	310,000		$ 17,952,100
IT Services - 0.7%
Accenture PLC Class A	226,600		20,400,798
Amdocs Ltd.	363,200		19,068,000
Computer Sciences Corp.	74,200		5,262,264
CSG Systems International, Inc.	185,800		5,557,278
Fidelity National Information Services, Inc.	98,285		6,643,083
Teradata Corp. (a)	51,800		2,306,136
The Western Union Co.	176,700		3,449,184
Xerox Corp.	2,433,300		33,214,545
			95,901,288
Semiconductors & Semiconductor Equipment - 1.2%
Intel Corp.	3,372,900		112,148,925
Lam Research Corp.	58,000		4,782,680
NVIDIA Corp.	290,500		6,408,430
NXP Semiconductors NV (a)	87,696		7,444,952
ON Semiconductor Corp. (a)	499,834		6,372,884
Texas Instruments, Inc.	283,000		16,640,400
			153,798,271
Software - 2.8%
Activision Blizzard, Inc.	552,369		12,881,245
Adobe Systems, Inc. (a)	247,000		19,537,700
CA Technologies, Inc.	150,100		4,881,252
Microsoft Corp.	4,470,638		196,037,476
Oracle Corp.	3,031,939		132,859,567
Symantec Corp.	151,400		3,809,224
			370,006,464
Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.	2,195,530		282,037,784
EMC Corp.	3,524,328		101,994,052
Hewlett-Packard Co.	2,305,300		80,316,652
NetApp, Inc.	444,600		17,183,790
Seagate Technology LLC	612,784		37,453,358
Western Digital Corp.	582,525		62,318,525
			581,304,161
TOTAL INFORMATION TECHNOLOGY			1,600,541,135
Common Stocks - continued
	Shares		Value
MATERIALS - 2.9%
Chemicals - 1.8%
Cabot Corp.	272,700		$ 12,304,224
Celanese Corp. Class A	338,100		19,308,891
CF Industries Holdings, Inc.	129,900		39,779,277
E.I. du Pont de Nemours & Co.	382,300		29,762,055
Eastman Chemical Co.	343,871		25,604,635
Ecolab, Inc.	103,000		11,900,620
Huntsman Corp.	1,102,035		24,751,706
LyondellBasell Industries NV Class A	281,900		24,218,029
Stepan Co.	142,400		5,849,792
The Dow Chemical Co.	718,300		35,369,092
The Mosaic Co.	118,200		6,295,332
Valspar Corp.	27,800		2,408,870
			237,552,523
Construction Materials - 0.1%
Martin Marietta Materials, Inc.	121,000		17,221,930
Containers & Packaging - 0.5%
Avery Dennison Corp.	175,958		9,422,551
Ball Corp.	50,300		3,607,013
Bemis Co., Inc.	51,800		2,527,840
Crown Holdings, Inc. (a)	258,689		13,710,517
MeadWestvaco Corp.	59,900		3,178,294
Packaging Corp. of America	35,100		2,908,386
Rock-Tenn Co. Class A	444,200		30,489,888
Sonoco Products Co.	45,700		2,140,131
			67,984,620
Metals & Mining - 0.2%
Barrick Gold Corp.	348,750		4,536,177
Freeport-McMoRan, Inc.	391,500		8,468,145
Nucor Corp.	59,100		2,779,473
Steel Dynamics, Inc.	496,400		9,044,408
			24,828,203
Paper & Forest Products - 0.3%
Domtar Corp.	211,100		9,541,720
International Paper Co.	340,098		19,184,928
Schweitzer-Mauduit International, Inc.	199,000		9,317,180
			38,043,828
TOTAL MATERIALS			385,631,104
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 1.1%
AT&T, Inc.	1,973,600		$ 68,207,616
CenturyLink, Inc.	192,000		7,269,120
Verizon Communications, Inc.	1,300,370		64,303,297
			139,780,033
UTILITIES - 2.5%
Electric Utilities - 1.6%
American Electric Power Co., Inc.	932,600		53,699,108
Duke Energy Corp.	253,100		19,881,005
Edison International	116,700		7,497,975
Entergy Corp.	414,600		32,964,846
Eversource Energy	135,600		7,017,300
Exelon Corp.	1,328,600		45,066,112
FirstEnergy Corp.	624,700		21,852,006
Great Plains Energy, Inc.	51,100		1,359,771
ITC Holdings Corp.	430,000		16,653,900
OGE Energy Corp.	49,900		1,622,249
Pinnacle West Capital Corp.	37,500		2,403,000
			210,017,272
Gas Utilities - 0.1%
National Fuel Gas Co.	210,000		13,526,100
Independent Power and Renewable Electricity Producers - 0.2%
The AES Corp.	2,363,058		30,648,862
Multi-Utilities - 0.6%
Alliant Energy Corp.	55,800		3,548,880
Ameren Corp.	121,800		5,165,538
Consolidated Edison, Inc.	99,300		6,269,802
DTE Energy Co.	60,100		4,930,003
Public Service Enterprise Group, Inc.	920,100		38,699,406
SCANA Corp.	257,700		14,676,015
			73,289,644
Water Utilities - 0.0%
American Water Works Co., Inc.	73,800		3,991,104
TOTAL UTILITIES			331,472,982
TOTAL COMMON STOCKS (Cost $7,403,358,491)		10,144,884,744
Equity Funds - 20.8%
	Shares		Value
Large Value Funds - 15.5%
Invesco Diversified Dividend Fund - Class A	30,588,504		$ 569,557,935
JPMorgan Value Advantage Fund Select Class	48,999,623		1,488,608,536
TOTAL LARGE VALUE FUNDS			2,058,166,471
Mid-Cap Value Funds - 5.3%
Fidelity Low-Priced Stock Fund (c)	10,096,604		521,388,637
T. Rowe Price Mid-Cap Value Fund- Advisor Class	5,776,723		171,164,309
TOTAL MID-CAP VALUE FUNDS			692,552,946
TOTAL EQUITY FUNDS (Cost $2,117,227,140)		2,750,719,417
U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.02% 3/5/15 to 5/28/15 (d) (Cost $5,769,874)	$ 5,770,000		5,769,831
Money Market Funds - 2.5%
	Shares
SSgA U.S. Treasury Money Market Fund, 0% (b) (Cost $334,798,288)	334,798,288		334,798,288
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $9,861,153,793)			13,236,172,280
NET OTHER ASSETS (LIABILITIES) - 0.2%			24,313,018
NET ASSETS - 100%		$ 13,260,485,298

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
2,065 ICE Russell 1000 Value Index Contracts (United States)	March 2015	$ 212,612,400	$ 3,580,846

The face value of futures purchased as a percentage of net assets is 1.6%

Legend

(a) Non-income producing

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

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $5,769,831.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Low-Priced Stock Fund	$ 481,670,944	$ 28,408,504	$ -	$ 5,024,949	$ 521,388,637

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 939,065,270	$ 939,065,270	$ -	$ -
Consumer Staples	624,952,275	624,952,275	-	-
Energy	981,500,307	981,500,307	-	-
Financials	2,625,176,230	2,625,176,230	-	-
Health Care	1,425,724,946	1,425,724,946	-	-
Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Industrials	$ 1,091,040,462	$ 1,091,040,462	$ -	$ -
Information Technology	1,600,541,135	1,600,541,135	-	-
Materials	385,631,104	385,631,104	-	-
Telecommunication Services	139,780,033	139,780,033	-	-
Utilities	331,472,982	331,472,982	-	-
Equity Funds	2,750,719,417	2,750,719,417	-	-
U.S. Treasury Obligations	5,769,831	-	5,769,831	-
Money Market Funds	334,798,288	334,798,288	-	-
Total Investments in Securities:	$ 13,236,172,280	$ 13,230,402,449	$ 5,769,831	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 3,580,846	$ 3,580,846	$ -	$ -

Income Tax Information

At February 28, 2015, the cost of investment securities for income tax purposes was $9,871,548,262. Net unrealized appreciation aggregated $3,364,624,018, of which $3,496,258,218 related to appreciated investment securities and $131,634,200 related to depreciated investment securities.

Investment Valuation

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. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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.

Quarterly Report

or an affiliate.

Quarterly Report

Investments February 28, 2015 (Unaudited)

Quarterly Holdings Report

for

Strategic Advisers® Value
Multi-Manager Fund

February 28, 2015

1.931579.103

MMV-QTLY-0415

Investments February 28, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.9%
	Shares		Value
CONSUMER DISCRETIONARY - 9.4%
Auto Components - 1.0%
Autoliv, Inc.	300		$ 33,750
Johnson Controls, Inc.	520		26,421
Lear Corp.	915		99,662
TRW Automotive Holdings Corp. (a)	400		41,696
			201,529
Automobiles - 0.6%
Ford Motor Co.	5,200		84,968
General Motors Co.	800		29,848
Harley-Davidson, Inc.	80		5,086
			119,902
Diversified Consumer Services - 0.1%
Apollo Education Group, Inc. Class A (non-vtg.) (a)	810		22,397
Hotels, Restaurants & Leisure - 0.8%
Brinker International, Inc.	800		47,568
Carnival Corp. unit	320		14,077
Hyatt Hotels Corp. Class A (a)	30		1,816
McDonald's Corp.	620		61,318
Royal Caribbean Cruises Ltd.	130		9,935
Six Flags Entertainment Corp.	467		21,150
Wyndham Worldwide Corp.	50		4,574
			160,438
Household Durables - 0.8%
Garmin Ltd.	100		4,963
Lennar Corp. Class A	1,333		66,930
Newell Rubbermaid, Inc.	220		8,644
PulteGroup, Inc.	200		4,512
Toll Brothers, Inc. (a)	90		3,448
Whirlpool Corp.	340		72,063
			160,560
Leisure Products - 0.0%
Hasbro, Inc.	100		6,232
Media - 3.7%
CBS Corp. Class B	240		14,184
Comcast Corp. Class A	581		34,500
DIRECTV (a)	1,210		107,206
Gannett Co., Inc.	1,380		48,852
Liberty Broadband Corp.:
Class A (a)	73		3,786
Class C (a)	238		12,390
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Media - continued
Liberty Global PLC Class C	1,458		$ 76,064
Liberty Media Corp.:
Class A (a)	343		13,228
Class C (a)	686		26,480
News Corp. Class A (a)	200		3,455
Omnicom Group, Inc.	413		32,850
Scripps Networks Interactive, Inc. Class A	308		22,268
Starz Series A (a)	1,300		43,212
Time Warner Cable, Inc.	400		61,620
Time Warner, Inc.	1,775		145,302
Time, Inc.	431		10,215
Viacom, Inc. Class B (non-vtg.)	900		62,946
			718,558
Multiline Retail - 1.3%
Dillard's, Inc. Class A	320		41,651
Kohl's Corp.	960		70,848
Macy's, Inc.	1,503		95,771
Nordstrom, Inc.	140		11,260
Target Corp.	400		30,732
			250,262
Specialty Retail - 1.0%
AutoNation, Inc. (a)	70		4,305
AutoZone, Inc. (a)	20		12,854
Bed Bath & Beyond, Inc. (a)	100		7,466
Foot Locker, Inc.	80		4,494
GameStop Corp. Class A	40		1,479
Gap, Inc.	1,127		46,883
Home Depot, Inc.	935		107,291
Penske Automotive Group, Inc.	70		3,453
Staples, Inc.	160		2,682
			190,907
Textiles, Apparel & Luxury Goods - 0.1%
Coach, Inc.	140		6,097
Fossil Group, Inc. (a)	30		2,580
			8,677
TOTAL CONSUMER DISCRETIONARY			1,839,462
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 5.6%
Beverages - 0.3%
Coca-Cola Enterprises, Inc.	200		$ 9,240
Diageo PLC sponsored ADR	364		43,261
			52,501
Food & Staples Retailing - 2.3%
CVS Health Corp.	1,230		127,760
Kroger Co.	1,000		71,150
Wal-Mart Stores, Inc.	2,160		181,289
Walgreens Boots Alliance, Inc.	790		65,633
			445,832
Food Products - 2.4%
Archer Daniels Midland Co.	1,600		76,608
Bunge Ltd.	600		49,068
Campbell Soup Co.	160		7,454
General Mills, Inc.	480		25,819
Ingredion, Inc.	640		52,614
Kellogg Co.	491		31,660
Kraft Foods Group, Inc.	230		14,734
Mondelez International, Inc.	1,090		40,259
Pilgrims Pride Corp.	140		3,840
The Hershey Co.	270		28,021
The J.M. Smucker Co.	50		5,768
Tyson Foods, Inc. Class A	2,210		91,295
Unilever NV (NY Reg.)	1,130		49,121
			476,261
Household Products - 0.2%
Energizer Holdings, Inc.	40		5,353
Kimberly-Clark Corp.	290		31,801
			37,154
Personal Products - 0.1%
Coty, Inc. Class A	1,390		31,414
Tobacco - 0.3%
Philip Morris International, Inc.	790		65,538
TOTAL CONSUMER STAPLES			1,108,700
ENERGY - 8.9%
Energy Equipment & Services - 0.7%
Baker Hughes, Inc.	230		14,377
Ensco PLC Class A	700		17,129
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
Halliburton Co.	1,576		$ 67,673
Helmerich & Payne, Inc.	400		26,824
Noble Corp.	700		11,648
Paragon Offshore PLC	233		480
Parker Drilling Co. (a)	2,100		6,489
			144,620
Oil, Gas & Consumable Fuels - 8.2%
Anadarko Petroleum Corp.	249		20,973
Apache Corp.	500		32,920
Canadian Natural Resources Ltd.	1,169		34,001
Chevron Corp.	2,120		226,162
Cimarex Energy Co.	20		2,194
ConocoPhillips Co.	2,440		159,088
Devon Energy Corp.	310		19,093
Energen Corp.	349		22,559
EOG Resources, Inc.	469		42,079
EQT Corp.	392		31,286
Exxon Mobil Corp.	3,569		315,999
Hess Corp.	400		30,032
Marathon Oil Corp.	1,100		30,646
Marathon Petroleum Corp.	1,242		130,410
Murphy Oil Corp.	500		25,445
Occidental Petroleum Corp.	1,276		99,375
Phillips 66 Co.	2,588		203,054
Pioneer Natural Resources Co.	202		30,809
QEP Resources, Inc.	1,150		24,702
Rice Energy, Inc. (a)	304		5,952
Tesoro Corp.	50		4,592
Valero Energy Corp.	1,970		121,529
			1,612,900
TOTAL ENERGY			1,757,520
FINANCIALS - 23.7%
Banks - 11.0%
Banco Santander SA (Spain) sponsored ADR	5,201		37,863
Bank of America Corp.	14,665		231,854
BB&T Corp.	1,000		38,050
Citigroup, Inc.	4,997		261,943
Comerica, Inc.	140		6,409
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Banks - continued
Commerce Bancshares, Inc.	75		$ 3,114
Fifth Third Bancorp	3,227		62,475
First Republic Bank	751		42,807
Huntington Bancshares, Inc.	3,330		36,430
JPMorgan Chase & Co.	8,947		548,272
KeyCorp	2,600		36,218
M&T Bank Corp.	320		38,720
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	5,091		33,244
PNC Financial Services Group, Inc.	1,210		111,272
Regions Financial Corp.	1,060		10,187
SunTrust Banks, Inc.	1,310		53,710
U.S. Bancorp	1,250		55,763
Wells Fargo & Co.	10,335		566,255
			2,174,586
Capital Markets - 2.3%
Ameriprise Financial, Inc.	540		72,160
Bank of New York Mellon Corp.	870		34,052
BlackRock, Inc. Class A	130		48,285
Eaton Vance Corp. (non-vtg.)	60		2,526
Franklin Resources, Inc.	480		25,838
Goldman Sachs Group, Inc.	500		94,895
Invesco Ltd.	340		13,692
Morgan Stanley	1,990		71,222
Northern Trust Corp.	160		11,173
State Street Corp.	910		67,750
T. Rowe Price Group, Inc.	130		10,738
			452,331
Consumer Finance - 2.3%
Ally Financial, Inc. (a)	1,048		21,777
American Express Co.	820		66,904
Capital One Financial Corp.	2,317		182,371
Discover Financial Services	2,383		145,315
Navient Corp.	1,400		29,960
			446,327
Diversified Financial Services - 0.9%
Berkshire Hathaway, Inc. Class B (a)	1,107		163,183
The NASDAQ OMX Group, Inc.	80		4,013
Voya Financial, Inc.	120		5,303
			172,499
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 6.9%
ACE Ltd.	792		$ 90,296
AFLAC, Inc.	930		57,893
Alleghany Corp. (a)	20		9,451
Allstate Corp.	2,433		171,770
American Financial Group, Inc.	660		41,580
American International Group, Inc.	1,120		61,970
Aon PLC	264		26,495
Arch Capital Group Ltd. (a)	70		4,141
Assurant, Inc.	460		28,184
Assured Guaranty Ltd.	100		2,652
Axis Capital Holdings Ltd.	640		33,171
Cincinnati Financial Corp.	80		4,221
Everest Re Group Ltd.	240		42,583
Hartford Financial Services Group, Inc.	1,020		41,779
HCC Insurance Holdings, Inc.	110		6,147
Lincoln National Corp.	1,300		74,932
Loews Corp.	90		3,691
Markel Corp. (a)	10		7,454
MetLife, Inc.	1,684		85,598
PartnerRe Ltd.	340		38,930
Principal Financial Group, Inc.	230		11,769
Progressive Corp.	300		7,995
Prudential Financial, Inc.	1,470		118,850
Reinsurance Group of America, Inc.	60		5,359
RenaissanceRe Holdings Ltd.	80		8,202
The Chubb Corp.	870		87,392
The Travelers Companies, Inc.	1,821		195,648
Torchmark Corp.	280		14,910
Unum Group	1,190		39,936
Validus Holdings Ltd.	217		9,036
W.R. Berkley Corp.	70		3,494
XL Group PLC Class A	683		24,725
			1,360,254
Real Estate Investment Trusts - 0.1%
American Homes 4 Rent Class A	909		15,171
Thrifts & Mortgage Finance - 0.2%
New York Community Bancorp, Inc.	340		5,647
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
People's United Financial, Inc.	160		$ 2,421
Radian Group, Inc.	2,200		34,782
			42,850
TOTAL FINANCIALS			4,664,018
HEALTH CARE - 13.7%
Biotechnology - 1.7%
Amgen, Inc.	1,070		168,760
Gilead Sciences, Inc. (a)	1,159		119,991
United Therapeutics Corp. (a)	300		46,515
			335,266
Health Care Equipment & Supplies - 2.1%
Baxter International, Inc.	1,370		94,736
Medtronic PLC	2,264		175,664
St. Jude Medical, Inc.	220		14,670
Zimmer Holdings, Inc.	1,019		122,677
			407,747
Health Care Providers & Services - 4.0%
Aetna, Inc.	1,180		117,469
Anthem, Inc.	1,339		196,097
Cigna Corp.	720		87,574
Express Scripts Holding Co. (a)	836		70,884
HCA Holdings, Inc. (a)	240		17,170
Humana, Inc.	320		52,602
Laboratory Corp. of America Holdings (a)	30		3,691
McKesson Corp.	71		16,238
Omnicare, Inc.	545		41,823
Quest Diagnostics, Inc.	490		34,369
UnitedHealth Group, Inc.	1,270		144,310
			782,227
Pharmaceuticals - 5.9%
AbbVie, Inc.	2,133		129,047
Johnson & Johnson	2,431		249,202
Merck & Co., Inc.	4,194		245,517
Novartis AG sponsored ADR	450		46,080
Pfizer, Inc.	12,298		422,067
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Shire PLC sponsored ADR	80		$ 19,353
Teva Pharmaceutical Industries Ltd. sponsored ADR	803		45,787
			1,157,053
TOTAL HEALTH CARE			2,682,293
INDUSTRIALS - 9.2%
Aerospace & Defense - 4.2%
Engility Holdings, Inc.	66		2,383
General Dynamics Corp.	865		120,045
Honeywell International, Inc.	636		65,368
Huntington Ingalls Industries, Inc.	20		2,827
L-3 Communications Holdings, Inc.	460		59,538
Lockheed Martin Corp.	671		134,234
Northrop Grumman Corp.	620		102,740
Raytheon Co.	1,193		129,763
Rockwell Collins, Inc.	110		9,799
Textron, Inc.	140		6,203
The Boeing Co.	360		54,306
United Technologies Corp.	1,090		132,882
			820,088
Airlines - 0.5%
Alaska Air Group, Inc.	110		7,002
Delta Air Lines, Inc.	1,483		66,023
United Continental Holdings, Inc. (a)	282		18,381
			91,406
Building Products - 0.0%
Owens Corning	60		2,380
Commercial Services & Supplies - 0.4%
ADT Corp.	90		3,530
Deluxe Corp.	700		46,585
Pitney Bowes, Inc.	70		1,622
R.R. Donnelley & Sons Co.	1,500		28,605
			80,342
Electrical Equipment - 0.3%
Eaton Corp. PLC	240		17,042
Emerson Electric Co.	788		45,641
Rockwell Automation, Inc.	70		8,193
			70,876
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 1.3%
General Electric Co.	9,623		$ 250,102
Machinery - 2.0%
AGCO Corp.	523		26,014
Caterpillar, Inc.	400		33,160
Crane Co.	431		28,804
Cummins, Inc.	130		18,490
Deere & Co.	1,344		121,766
Illinois Tool Works, Inc.	455		44,981
Ingersoll-Rand PLC	473		31,781
Lincoln Electric Holdings, Inc.	40		2,762
Oshkosh Corp.	700		34,153
PACCAR, Inc.	180		11,529
Parker Hannifin Corp.	120		14,723
Snap-On, Inc.	40		5,889
Stanley Black & Decker, Inc.	120		11,801
Timken Co.	200		8,496
			394,349
Professional Services - 0.0%
Dun & Bradstreet Corp.	20		2,650
Manpower, Inc.	40		3,218
			5,868
Road & Rail - 0.3%
AMERCO	10		3,268
CSX Corp.	760		26,076
Norfolk Southern Corp.	240		26,198
Ryder System, Inc.	30		2,820
			58,362
Trading Companies & Distributors - 0.2%
Aircastle Ltd.	1,400		32,298
TOTAL INDUSTRIALS			1,806,071
INFORMATION TECHNOLOGY - 15.1%
Communications Equipment - 2.1%
Brocade Communications Systems, Inc.	3,579		44,344
Cisco Systems, Inc.	10,197		300,913
Harris Corp.	580		45,054
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Juniper Networks, Inc.	220		$ 5,260
QUALCOMM, Inc.	254		18,418
			413,989
Electronic Equipment & Components - 1.6%
Arrow Electronics, Inc. (a)	80		4,957
Avnet, Inc.	160		7,330
Corning, Inc.	3,000		73,200
TE Connectivity Ltd.	2,323		167,558
Tech Data Corp. (a)	600		35,700
Vishay Intertechnology, Inc.	1,300		18,512
Zebra Technologies Corp. Class A (a)	39		3,551
			310,808
Internet Software & Services - 0.3%
eBay, Inc. (a)	904		52,351
IT Services - 0.9%
Accenture PLC Class A	340		30,610
Amdocs Ltd.	800		42,000
Computer Sciences Corp.	120		8,510
Fidelity National Information Services, Inc.	291		19,669
Teradata Corp. (a)	80		3,562
The Western Union Co.	270		5,270
Xerox Corp.	4,740		64,701
			174,322
Semiconductors & Semiconductor Equipment - 1.4%
Intel Corp.	5,230		173,898
Lam Research Corp.	80		6,597
NVIDIA Corp.	440		9,706
NXP Semiconductors NV (a)	265		22,497
ON Semiconductor Corp. (a)	1,488		18,972
Texas Instruments, Inc.	874		51,391
			283,061
Software - 3.8%
Activision Blizzard, Inc.	1,645		38,361
Adobe Systems, Inc. (a)	700		55,370
CA Technologies, Inc.	230		7,480
Microsoft Corp.	8,216		360,272
Oracle Corp.	6,279		275,146
Symantec Corp.	230		5,787
			742,416
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 5.0%
Apple, Inc.	3,776		$ 485,065
EMC Corp.	5,059		146,407
Hewlett-Packard Co.	3,360		117,062
NetApp, Inc.	160		6,184
Seagate Technology LLC	1,222		74,689
Western Digital Corp.	1,554		166,247
			995,654
TOTAL INFORMATION TECHNOLOGY			2,972,601
MATERIALS - 3.2%
Chemicals - 1.8%
Celanese Corp. Class A	120		6,853
CF Industries Holdings, Inc.	170		52,059
E.I. du Pont de Nemours & Co.	570		44,375
Eastman Chemical Co.	400		29,784
Ecolab, Inc.	285		32,929
Huntsman Corp.	2,875		64,573
LyondellBasell Industries NV Class A	430		36,941
The Dow Chemical Co.	1,515		74,599
The Mosaic Co.	180		9,587
Valspar Corp.	40		3,466
			355,166
Construction Materials - 0.2%
Martin Marietta Materials, Inc.	320		45,546
Containers & Packaging - 0.7%
Avery Dennison Corp.	469		25,115
Ball Corp.	80		5,737
Bemis Co., Inc.	80		3,904
Crown Holdings, Inc. (a)	655		34,715
MeadWestvaco Corp.	100		5,306
Packaging Corp. of America	60		4,972
Rock-Tenn Co. Class A	640		43,930
Sonoco Products Co.	70		3,278
			126,957
Metals & Mining - 0.2%
Barrick Gold Corp.	1,033		13,436
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Freeport-McMoRan, Inc.	800		$ 17,304
Nucor Corp.	80		3,762
			34,502
Paper & Forest Products - 0.3%
Domtar Corp.	500		22,600
International Paper Co.	796		44,902
			67,502
TOTAL MATERIALS			629,673
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 1.2%
AT&T, Inc.	3,500		120,960
CenturyLink, Inc.	290		10,979
Verizon Communications, Inc.	2,221		109,828
			241,767
UTILITIES - 2.9%
Electric Utilities - 1.6%
American Electric Power Co., Inc.	1,260		72,551
Duke Energy Corp.	380		29,849
Edison International	180		11,565
Entergy Corp.	600		47,706
Eversource Energy	200		10,350
Exelon Corp.	1,360		46,131
FirstEnergy Corp.	1,240		43,375
Great Plains Energy, Inc.	80		2,129
ITC Holdings Corp.	1,250		48,413
OGE Energy Corp.	80		2,601
Pinnacle West Capital Corp.	60		3,845
			318,515
Gas Utilities - 0.2%
National Fuel Gas Co.	580		37,358
Independent Power and Renewable Electricity Producers - 0.4%
The AES Corp.	6,045		78,404
Multi-Utilities - 0.6%
Alliant Energy Corp.	80		5,088
Ameren Corp.	190		8,058
Consolidated Edison, Inc.	150		9,471
DTE Energy Co.	90		7,383
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
Public Service Enterprise Group, Inc.	1,290		$ 54,257
SCANA Corp.	600		34,170
			118,427
Water Utilities - 0.1%
American Water Works Co., Inc.	110		5,936
TOTAL UTILITIES			558,640
TOTAL COMMON STOCKS (Cost $13,158,743)		18,260,745
U.S. Treasury Obligations - 0.2%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.01% to 0.03% 4/9/15 to 5/14/15 (c) (Cost $49,999)	$ 50,000		49,999
Money Market Funds - 6.6%
	Shares
SSgA U.S. Treasury Money Market Fund, 0% (b) (Cost $1,297,714)	1,297,714		1,297,714
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $14,506,456)			19,608,458
NET OTHER ASSETS (LIABILITIES) - 0.3%			52,238
NET ASSETS - 100%		$ 19,660,696

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
10 ICE Russell 1000 Value Index Contracts (United States)	March 2015	$ 1,029,600	$ 26,695

The face value of futures purchased as a percentage of net assets is 5.2%

Legend

(a) Non-income producing

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

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $44,999.

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,839,462	$ 1,839,462	$ -	$ -
Consumer Staples	1,108,700	1,108,700	-	-
Energy	1,757,520	1,757,520	-	-
Financials	4,664,018	4,664,018	-	-
Health Care	2,682,293	2,682,293	-	-
Industrials	1,806,071	1,806,071	-	-
Information Technology	2,972,601	2,972,601	-	-
Materials	629,673	629,673	-	-
Telecommunication Services	241,767	241,767	-	-
Utilities	558,640	558,640	-	-
U.S. Treasury Obligations	49,999	-	49,999	-
Money Market Funds	1,297,714	1,297,714	-	-
Total Investments in Securities:	$ 19,608,458	$ 19,558,459	$ 49,999	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 26,695	$ 26,695	$ -	$ -

Income Tax Information

At February 28, 2015, the cost of investment securities for income tax purposes was $14,519,993. Net unrealized appreciation aggregated $5,088,465, of which $5,287,219 related to appreciated investment securities and $198,754 related to depreciated investment securities.

Investment Valuation

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. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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. 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.

Quarterly Report

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:	April 29, 2015

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:	April 29, 2015

By:	/s/Nicholas E. Steck
	Nicholas E. Steck
	Chief Financial Officer

Date:	April 29, 2015