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 81121991

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)

Marc Bryant, Secretary

245 Summer St.

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

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

Date of fiscal year end:	February 28

Date of reporting period:	May 31, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Strategic Advisers® Small-Mid Cap Fund

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

May 31, 2013

1.912862.102

SMC-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 44.7%
	Shares		Value
CONSUMER DISCRETIONARY - 6.9%
Auto Components - 0.8%
American Axle & Manufacturing Holdings, Inc. (a)	76,705		$ 1,364,582
Cooper Tire & Rubber Co.	168,360		4,350,422
Dana Holding Corp.	123,162		2,330,225
Gentherm, Inc. (a)	31,484		579,935
Tenneco, Inc. (a)	81,707		3,624,523
TRW Automotive Holdings Corp. (a)	126,281		7,999,901
Visteon Corp. (a)	101,590		6,447,917
			26,697,505
Distributors - 0.1%
Pool Corp.	72,295		3,719,578
Diversified Consumer Services - 0.0%
LifeLock, Inc.	67,640		698,045
Sotheby's Class A (Ltd. vtg.)	12,082		450,055
			1,148,100
Hotels, Restaurants & Leisure - 1.1%
Choice Hotels International, Inc.	49,351		1,948,377
Del Frisco's Restaurant Group, Inc. (a)	43,925		816,566
Domino's Pizza, Inc.	65,420		3,877,443
Dunkin' Brands Group, Inc.	42,105		1,667,358
Hyatt Hotels Corp. Class A (a)	138,608		5,699,561
International Game Technology	143,650		2,568,462
Jack in the Box, Inc. (a)	89,100		3,251,259
Life Time Fitness, Inc. (a)	59,487		2,964,832
Marriott Vacations Worldwide Corp. (a)	35,940		1,590,345
Penn National Gaming, Inc. (a)	73,397		4,039,771
Scientific Games Corp. Class A (a)	91,900		1,000,791
Six Flags Entertainment Corp.	22,031		1,642,852
Vail Resorts, Inc.	69,076		4,424,318
Wendy's Co.	174,500		1,038,275
			36,530,210
Household Durables - 1.3%
D.R. Horton, Inc.	60,160		1,465,498
Ethan Allen Interiors, Inc.	102,611		3,218,907
Jarden Corp. (a)	71,302		3,321,247
M.D.C. Holdings, Inc.	143,059		5,308,919
Mohawk Industries, Inc. (a)	40,750		4,530,178
Newell Rubbermaid, Inc.	201,500		5,448,560
Ryland Group, Inc.	198,388		8,983,009
Taylor Morrison Home Corp.	47,300		1,221,759
Tempur-Pedic International, Inc. (a)	24,493		1,035,564
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Toll Brothers, Inc. (a)	51,330		$ 1,753,946
TRI Pointe Homes, Inc.	43,580		733,887
Whirlpool Corp.	38,250		4,886,820
William Lyon Homes, Inc. (a)	30,100		784,105
			42,692,399
Leisure Equipment & Products - 0.2%
Arctic Cat, Inc.	35,997		1,687,899
Brunswick Corp.	160,899		5,401,379
			7,089,278
Media - 0.8%
AMC Networks, Inc. Class A (a)	24,690		1,580,654
Belo Corp. Series A	136,300		1,529,286
Gannett Co., Inc.	202,650		4,356,975
Lamar Advertising Co. Class A (a)	31,910		1,491,154
Nexstar Broadcasting Group, Inc. Class A	93,040		2,605,120
Regal Entertainment Group Class A	80,550		1,425,735
Sinclair Broadcast Group, Inc. Class A	290,590		7,854,648
Tribune Co. Class A (a)	120,500		6,838,375
			27,681,947
Specialty Retail - 1.9%
Abercrombie & Fitch Co. Class A	96,800		4,847,744
Advance Auto Parts, Inc.	17,950		1,463,284
ANN, Inc. (a)	33,161		1,017,379
DSW, Inc. Class A	60,237		4,456,936
Express, Inc. (a)	145,242		3,166,276
Five Below, Inc.	39,220		1,499,773
Foot Locker, Inc.	218,351		7,493,806
GNC Holdings, Inc.	83,575		3,763,382
Group 1 Automotive, Inc.	56,765		3,607,416
Monro Muffler Brake, Inc.	57,015		2,680,845
OfficeMax, Inc.	222,300		2,896,569
PetSmart, Inc.	30,980		2,091,150
Pier 1 Imports, Inc.	96,621		2,240,641
RadioShack Corp.	259,700		960,890
Rent-A-Center, Inc.	57,050		2,086,889
rue21, Inc. (a)	87,525		3,675,175
Select Comfort Corp. (a)	86,962		1,929,687
The Pep Boys - Manny, Moe & Jack (a)	43,400		535,556
Tractor Supply Co.	54,884		6,145,910
Ulta Salon, Cosmetics & Fragrance, Inc.	18,960		1,720,810
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Vitamin Shoppe, Inc. (a)	95,898		$ 4,194,579
Williams-Sonoma, Inc.	16,030		864,979
			63,339,676
Textiles, Apparel & Luxury Goods - 0.7%
Fifth & Pacific Companies, Inc. (a)	78,935		1,696,313
Fossil, Inc. (a)	9,940		1,055,628
Iconix Brand Group, Inc. (a)	149,038		4,484,553
Maidenform Brands, Inc. (a)	44,904		816,804
PVH Corp.	46,377		5,342,167
Steven Madden Ltd. (a)	55,195		2,676,958
Under Armour, Inc. Class A (sub. vtg.) (a)	69,359		4,300,258
Wolverine World Wide, Inc.	63,328		3,315,221
			23,687,902
TOTAL CONSUMER DISCRETIONARY			232,586,595
CONSUMER STAPLES - 1.3%
Beverages - 0.0%
Cott Corp.	106,142		869,202
Crimson Wine Group Ltd. (a)	24,948		218,794
			1,087,996
Food & Staples Retailing - 0.5%
Casey's General Stores, Inc.	68,745		4,176,946
Fresh Market, Inc. (a)	14,414		714,070
Harris Teeter Supermarkets, Inc.	87,607		4,117,529
Susser Holdings Corp. (a)	122,530		5,800,570
United Natural Foods, Inc. (a)	59,253		3,135,669
			17,944,784
Food Products - 0.6%
Annie's, Inc. (a)	17,110		665,750
B&G Foods, Inc. Class A	122,727		3,532,083
Hain Celestial Group, Inc. (a)	22,367		1,490,090
Hillshire Brands Co. (a)	44,010		1,524,506
Ingredion, Inc.	33,475		2,280,317
Lancaster Colony Corp.	39,558		3,262,348
The J.M. Smucker Co.	29,850		3,013,656
Tyson Foods, Inc. Class A	128,600		3,215,000
			18,983,750
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Household Products - 0.1%
Spectrum Brands Holdings, Inc.	47,304		$ 2,851,958
Personal Products - 0.1%
Elizabeth Arden, Inc. (a)	33,418		1,573,988
Inter Parfums, Inc.	38,181		1,144,666
Nu Skin Enterprises, Inc. Class A	27,230		1,601,124
			4,319,778
TOTAL CONSUMER STAPLES			45,188,266
ENERGY - 3.0%
Energy Equipment & Services - 1.1%
Atwood Oceanics, Inc. (a)	95,468		5,013,025
Bristow Group, Inc.	11,305		710,519
Dresser-Rand Group, Inc. (a)	48,527		2,940,736
Dril-Quip, Inc. (a)	50,031		4,525,304
Forum Energy Technologies, Inc. (a)	51,010		1,514,487
Hercules Offshore, Inc. (a)	284,211		1,963,898
Hornbeck Offshore Services, Inc. (a)	37,669		1,959,541
ION Geophysical Corp. (a)	141,300		902,907
Lufkin Industries, Inc.	5,075		447,920
Oil States International, Inc. (a)	26,248		2,585,428
Patterson-UTI Energy, Inc.	414,501		8,708,666
SEACOR Holdings, Inc.	42,520		3,265,111
Superior Energy Services, Inc. (a)	60,624		1,617,448
TETRA Technologies, Inc. (a)	171,100		1,781,151
Tidewater, Inc.	20,980		1,155,788
			39,091,929
Oil, Gas & Consumable Fuels - 1.9%
Berry Petroleum Co. Class A	80,306		3,478,053
Bill Barrett Corp. (a)	62,508		1,410,806
Carrizo Oil & Gas, Inc. (a)	74,074		1,900,739
Concho Resources, Inc. (a)	18,700		1,564,442
Diamondback Energy, Inc.	46,520		1,570,980
Energen Corp.	132,324		7,170,638
Energy XXI (Bermuda) Ltd.	33,550		856,532
Gulfport Energy Corp. (a)	149,380		7,123,932
HollyFrontier Corp.	52,325		2,590,088
Kodiak Oil & Gas Corp. (a)	133,468		1,171,849
Magnum Hunter Resources Corp. warrants 10/14/13 (a)	46,940		4,694
Oasis Petroleum, Inc. (a)	86,338		3,208,320
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Peabody Energy Corp.	215,725		$ 4,243,311
Pioneer Natural Resources Co.	47,260		6,554,017
Range Resources Corp.	24,480		1,840,406
Resolute Energy Corp. (a)	161,604		1,360,706
Rex Energy Corp. (a)	46,330		769,541
Rosetta Resources, Inc. (a)	44,441		2,082,505
SM Energy Co.	25,230		1,529,947
Ultra Petroleum Corp. (a)	134,751		3,069,628
Western Refining, Inc.	41,460		1,383,520
Whiting Petroleum Corp. (a)	182,564		8,410,723
WPX Energy, Inc. (a)	23,425		451,166
			63,746,543
TOTAL ENERGY			102,838,472
FINANCIALS - 9.2%
Capital Markets - 1.2%
Affiliated Managers Group, Inc. (a)	32,223		5,284,572
American Capital Ltd. (a)	213,610		2,847,421
Ares Capital Corp.	83,366		1,430,561
Eaton Vance Corp. (non-vtg.)	72,375		3,004,286
Evercore Partners, Inc. Class A	91,375		3,629,415
FXCM, Inc. Class A	99,900		1,385,613
Greenhill & Co., Inc.	43,508		2,167,133
Invesco Ltd.	56,400		1,902,936
New Mountain Finance Corp.	118,078		1,798,328
Och-Ziff Capital Management Group LLC Class A	115,025		1,287,130
Raymond James Financial, Inc.	151,673		6,669,062
SEI Investments Co.	104,310		3,192,929
Stifel Financial Corp. (a)	94,094		3,386,443
Walter Investment Management Corp. (a)	24,090		877,117
WisdomTree Investments, Inc. (a)	130,630		1,625,037
			40,487,983
Commercial Banks - 2.9%
BankUnited, Inc.	45,400		1,115,932
BBCN Bancorp, Inc.	22,570		290,927
CIT Group, Inc. (a)	181,196		8,349,512
City National Corp.	17,100		1,073,196
Comerica, Inc.	185,030		7,306,835
CVB Financial Corp.	58,390		669,733
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
East West Bancorp, Inc.	261,963		$ 6,900,105
First Niagara Financial Group, Inc.	163,100		1,593,487
FirstMerit Corp.	218,349		4,120,246
Hanmi Financial Corp. (a)	46,210		727,345
Huntington Bancshares, Inc.	769,079		5,960,362
Investors Bancorp, Inc.	329,135		6,510,290
KeyCorp	941,316		10,147,386
MB Financial, Inc.	139,800		3,566,298
National Bank Holdings Corp.	61,841		1,121,796
PacWest Bancorp	45,549		1,313,178
PrivateBancorp, Inc.	144,117		2,790,105
Prosperity Bancshares, Inc.	152,154		7,621,394
Regions Financial Corp.	1,213,150		11,076,060
SCBT Financial Corp.	20,080		1,005,004
SVB Financial Group (a)	61,231		4,738,667
Synovus Financial Corp.	412,412		1,130,009
TCF Financial Corp.	123,300		1,775,520
Texas Capital Bancshares, Inc. (a)	56,640		2,501,222
Umpqua Holdings Corp.	199,921		2,702,932
Zions Bancorporation	112,370		3,151,979
			99,259,520
Consumer Finance - 0.2%
DFC Global Corp. (a)	73,940		1,101,706
Discover Financial Services	88,480		4,194,837
			5,296,543
Diversified Financial Services - 0.3%
Interactive Brokers Group, Inc.	97,950		1,544,672
Leucadia National Corp.	274,480		8,613,182
			10,157,854
Insurance - 1.6%
Allied World Assurance Co. Holdings Ltd.	45,550		4,072,626
Amtrust Financial Services, Inc.	43,600		1,440,108
Aspen Insurance Holdings Ltd.	667		24,506
Axis Capital Holdings Ltd.	64,800		2,822,688
Brown & Brown, Inc.	103,567		3,342,107
CNO Financial Group, Inc.	85,650		1,056,921
HCC Insurance Holdings, Inc.	188,192		8,064,027
Lincoln National Corp.	257,900		9,196,714
Platinum Underwriters Holdings Ltd.	45,895		2,620,605
Protective Life Corp.	20,689		800,251
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Reinsurance Group of America, Inc.	67,529		$ 4,449,486
StanCorp Financial Group, Inc.	74,344		3,377,448
Validus Holdings Ltd.	192,850		6,963,814
White Mountains Insurance Group Ltd.	11,755		6,949,203
			55,180,504
Real Estate Investment Trusts - 2.2%
American Campus Communities, Inc.	46,850		1,912,886
American Capital Mortgage Investment Corp.	28,680		604,288
BioMed Realty Trust, Inc.	284,075		5,945,690
Brandywine Realty Trust (SBI)	518,375		7,340,190
Campus Crest Communities, Inc.	163,808		2,072,171
CBL & Associates Properties, Inc.	113,075		2,599,594
Chesapeake Lodging Trust	80,117		1,806,638
Colonial Properties Trust (SBI)	109,300		2,416,623
Corporate Office Properties Trust (SBI)	44,250		1,178,378
Corrections Corp. of America	195,086		6,857,273
Douglas Emmett, Inc.	104,450		2,662,431
DuPont Fabros Technology, Inc.	140,225		3,397,652
Extra Space Storage, Inc.	30,230		1,266,335
Home Properties, Inc.	17,024		1,034,548
Kilroy Realty Corp.	133,900		7,084,649
Kite Realty Group Trust	171,740		1,042,462
Medical Properties Trust, Inc.	133,715		1,984,331
National Retail Properties, Inc.	47,369		1,699,126
New Residential Investment Corp.	348,850		2,386,134
Newcastle Investment Corp.	171,360		867,082
NorthStar Realty Finance Corp.	276,825		2,333,635
Omega Healthcare Investors, Inc.	18,980		615,142
Plum Creek Timber Co., Inc.	112,368		5,359,954
Post Properties, Inc.	29,435		1,406,993
Redwood Trust, Inc.	85,450		1,637,222
Ryman Hospitality Properties, Inc.	27,023		1,033,900
Silver Bay Realty Trust Corp.	51,320		915,036
Tanger Factory Outlet Centers, Inc.	35,175		1,212,834
Taubman Centers, Inc.	12,490		1,006,444
Two Harbors Investment Corp.	103,950		1,146,569
			72,826,210
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - 0.3%
Alexander & Baldwin, Inc.	140,664		$ 4,964,033
Jones Lang LaSalle, Inc.	73,285		6,729,762
			11,693,795
Thrifts & Mortgage Finance - 0.5%
EverBank Financial Corp.	350,950		5,509,915
Nationstar Mortgage Holdings, Inc. (a)	131,585		5,356,825
Northfield Bancorp, Inc.	111,670		1,279,738
Northwest Bancshares, Inc.	197,352		2,447,165
Walker & Dunlop, Inc. (a)	93,323		1,770,337
			16,363,980
TOTAL FINANCIALS			311,266,389
HEALTH CARE - 4.9%
Biotechnology - 0.9%
Acorda Therapeutics, Inc. (a)	77,119		2,579,631
Alkermes PLC (a)	42,610		1,331,563
Amarin Corp. PLC ADR (a)	224,164		1,566,906
ARIAD Pharmaceuticals, Inc. (a)	55,470		1,017,320
BioMarin Pharmaceutical, Inc. (a)	81,746		5,125,474
Cepheid, Inc. (a)	29,845		1,037,412
Coronado Biosciences, Inc. (a)	60,160		594,381
Cubist Pharmaceuticals, Inc. (a)	17,950		986,353
Incyte Corp. (a)	117,822		2,612,114
Medivation, Inc. (a)	32,940		1,599,566
Merrimack Pharmaceuticals, Inc. (a)	72,185		399,905
Onyx Pharmaceuticals, Inc. (a)	30,725		2,932,701
Pharmacyclics, Inc. (a)	13,065		1,197,277
Portola Pharmaceuticals, Inc.	24,845		452,179
Repligen Corp. (a)	49,960		413,669
Seattle Genetics, Inc. (a)	68,140		2,338,565
Sunesis Pharmaceuticals, Inc. (a)	78,510		423,169
Synageva BioPharma Corp. (a)	11,240		463,313
Synta Pharmaceuticals Corp. (a)	60,260		444,719
United Therapeutics Corp. (a)	47,183		3,136,254
Vical, Inc. (a)	73,510		257,285
			30,909,756
Health Care Equipment & Supplies - 1.2%
Accuray, Inc. (a)	88,140		473,312
Align Technology, Inc. (a)	33,740		1,206,205
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Analogic Corp.	34,207		$ 2,719,114
CareFusion Corp. (a)	23,750		872,813
Given Imaging Ltd. (a)	31,900		457,446
Globus Medical, Inc.	101,921		1,488,047
Haemonetics Corp. (a)	14,360		592,781
HeartWare International, Inc. (a)	10,282		938,438
Hill-Rom Holdings, Inc.	22,872		826,365
Hologic, Inc. (a)	191,747		3,978,750
Insulet Corp. (a)	132,743		3,963,706
Masimo Corp.	87,574		1,895,977
Meridian Bioscience, Inc.	68,730		1,485,255
NuVasive, Inc. (a)	198,976		4,321,759
Orthofix International NV (a)	48,780		1,348,279
Sirona Dental Systems, Inc. (a)	77,928		5,528,212
Steris Corp.	64,661		2,931,730
Symmetry Medical, Inc. (a)	66,235		617,973
Teleflex, Inc.	16,990		1,330,827
Thoratec Corp. (a)	69,871		2,177,879
West Pharmaceutical Services, Inc.	20,858		1,429,816
			40,584,684
Health Care Providers & Services - 1.5%
Accretive Health, Inc. (a)	168,261		1,914,810
Air Methods Corp.	41,724		1,562,147
Catamaran Corp. (United States) (a)	27,149		1,336,274
Centene Corp. (a)	113,787		5,632,457
Chemed Corp.	53,963		3,778,489
Health Management Associates, Inc. Class A (a)	385,909		5,321,685
Health Net, Inc. (a)	40,260		1,283,086
HealthSouth Corp. (a)	196,182		5,746,171
Healthways, Inc. (a)	81,933		1,101,999
MEDNAX, Inc. (a)	64,975		6,031,629
Omnicare, Inc.	123,025		5,662,841
Team Health Holdings, Inc. (a)	43,427		1,696,693
Universal American Spin Corp.	379,414		3,460,256
Universal Health Services, Inc. Class B	43,202		2,986,986
VCA Antech, Inc. (a)	113,354		2,897,328
			50,412,851
Health Care Technology - 0.1%
Allscripts Healthcare Solutions, Inc. (a)	122,500		1,696,625
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Technology - continued
Greenway Medical Technologies (a)	52,975		$ 635,700
HMS Holdings Corp. (a)	97,405		2,425,385
			4,757,710
Life Sciences Tools & Services - 0.7%
Affymetrix, Inc. (a)	140,600		527,250
Bruker BioSciences Corp. (a)	93,960		1,553,159
Cambrex Corp. (a)	64,719		890,533
Charles River Laboratories International, Inc. (a)	76,240		3,301,954
ICON PLC (a)	184,938		6,350,771
PAREXEL International Corp. (a)	90,921		4,154,180
PerkinElmer, Inc.	71,721		2,246,302
Techne Corp.	26,601		1,769,233
Waters Corp. (a)	18,973		1,834,879
			22,628,261
Pharmaceuticals - 0.5%
Endo Health Solutions, Inc. (a)	36,530		1,326,039
Jazz Pharmaceuticals PLC (a)	103,400		7,028,098
Salix Pharmaceuticals Ltd. (a)	89,593		5,435,607
ViroPharma, Inc. (a)	23,290		640,475
Warner Chilcott PLC	43,300		831,360
			15,261,579
TOTAL HEALTH CARE			164,554,841
INDUSTRIALS - 7.2%
Aerospace & Defense - 0.7%
AeroVironment, Inc. (a)	23,720		476,060
BE Aerospace, Inc. (a)	52,860		3,353,438
Esterline Technologies Corp. (a)	10,523		772,283
Hexcel Corp. (a)	147,376		5,124,264
Spirit AeroSystems Holdings, Inc. Class A (a)	84,910		1,834,905
Teledyne Technologies, Inc. (a)	52,144		4,026,560
Textron, Inc.	50,800		1,369,568
TransDigm Group, Inc.	23,779		3,474,112
Triumph Group, Inc.	58,559		4,547,106
			24,978,296
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Air Freight & Logistics - 0.2%
Forward Air Corp.	63,798		$ 2,473,448
Hub Group, Inc. Class A (a)	71,032		2,579,172
			5,052,620
Airlines - 0.1%
Alaska Air Group, Inc. (a)	18,520		1,052,306
Copa Holdings SA Class A	27,160		3,566,651
			4,618,957
Building Products - 0.4%
A.O. Smith Corp.	157,778		6,184,898
Fortune Brands Home & Security, Inc.	30,500		1,289,540
Owens Corning (a)	160,380		7,008,606
			14,483,044
Commercial Services & Supplies - 0.6%
ACCO Brands Corp.	234,157		1,674,223
Avery Dennison Corp.	142,525		6,199,838
Clean Harbors, Inc. (a)	13,050		746,460
Covanta Holding Corp.	87,600		1,791,420
Multi-Color Corp.	14,590		428,800
Tetra Tech, Inc. (a)	200,395		5,524,890
Waste Connections, Inc.	57,060		2,296,094
			18,661,725
Construction & Engineering - 0.5%
AECOM Technology Corp. (a)	132,175		4,069,668
EMCOR Group, Inc.	107,850		4,287,038
KBR, Inc.	108,480		3,916,128
MasTec, Inc. (a)	94,542		3,006,436
			15,279,270
Electrical Equipment - 0.6%
Acuity Brands, Inc.	39,765		2,985,159
AMETEK, Inc.	34,235		1,477,240
AZZ, Inc.	76,413		3,169,611
Encore Wire Corp.	116,929		4,046,913
Generac Holdings, Inc.	45,825		1,855,913
Hubbell, Inc. Class B	13,345		1,340,238
II-VI, Inc. (a)	37,200		617,520
Regal-Beloit Corp.	65,074		4,393,146
			19,885,740
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 0.0%
Carlisle Companies, Inc.	23,680		$ 1,548,909
Machinery - 2.5%
Actuant Corp. Class A	109,213		3,713,242
AGCO Corp.	142,977		7,930,934
Colfax Corp. (a)	36,770		1,834,823
Crane Co.	49,717		2,970,591
ESCO Technologies, Inc.	38,200		1,226,984
ExOne Co.	39,985		1,984,056
Flowserve Corp.	8,600		1,445,918
IDEX Corp.	69,920		3,849,096
ITT Corp.	151,616		4,571,222
Lincoln Electric Holdings, Inc.	80,060		4,787,588
Lindsay Corp.	36,296		2,949,050
Manitowoc Co., Inc.	62,500		1,313,125
Meritor, Inc. (a)	102,600		742,824
Middleby Corp. (a)	8,187		1,338,493
Nordson Corp.	25,640		1,826,081
Oshkosh Truck Corp. (a)	145,380		5,789,032
RBC Bearings, Inc. (a)	14,703		719,859
SPX Corp.	21,440		1,692,045
Tennant Co.	29,553		1,458,145
Terex Corp. (a)	162,800		5,839,636
TriMas Corp. (a)	50,161		1,617,692
Trinity Industries, Inc.	267,439		10,946,278
Twin Disc, Inc.	37,800		942,354
Valmont Industries, Inc.	14,945		2,276,572
WABCO Holdings, Inc. (a)	55,812		4,209,341
Wabtec Corp.	53,312		5,864,853
Woodward, Inc.	47,176		1,846,940
			85,686,774
Marine - 0.1%
Danaos Corp. (a)	77,333		334,079
Kirby Corp. (a)	40,743		3,181,213
			3,515,292
Professional Services - 0.3%
Equifax, Inc.	21,605		1,315,745
FTI Consulting, Inc. (a)	25,800		980,142
ICF International, Inc. (a)	65,952		1,988,453
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Professional Services - continued
On Assignment, Inc. (a)	47,120		$ 1,227,005
Towers Watson & Co.	76,300		5,926,984
			11,438,329
Road & Rail - 0.7%
AMERCO	25,535		4,402,234
Avis Budget Group, Inc. (a)	35,710		1,184,144
Genesee & Wyoming, Inc. Class A (a)	34,733		3,092,974
Ryder System, Inc.	131,875		8,313,400
Swift Transporation Co. (a)	345,232		5,813,707
			22,806,459
Trading Companies & Distributors - 0.5%
MRC Global, Inc. (a)	24,405		692,858
Rush Enterprises, Inc. Class A (a)	36,760		944,732
United Rentals, Inc. (a)	142,964		8,126,074
Watsco, Inc.	35,420		3,090,395
WESCO International, Inc. (a)	64,836		4,814,721
			17,668,780
TOTAL INDUSTRIALS			245,624,195
INFORMATION TECHNOLOGY - 7.8%
Communications Equipment - 0.8%
ADTRAN, Inc.	55,580		1,285,010
Anaren, Inc. (a)	53,996		1,296,984
Arris Group, Inc. (a)	430,309		6,510,575
Aruba Networks, Inc. (a)	88,585		1,323,460
Brocade Communications Systems, Inc. (a)	266,600		1,447,638
Ciena Corp. (a)	48,300		808,542
Infinera Corp. (a)	148,700		1,565,811
JDS Uniphase Corp. (a)	50,840		692,441
Juniper Networks, Inc. (a)	105,740		1,874,770
NETGEAR, Inc. (a)	146,301		4,868,897
Palo Alto Networks, Inc.	22,890		1,110,623
Procera Networks, Inc. (a)	62,550		923,238
Riverbed Technology, Inc. (a)	147,824		2,285,359
Ruckus Wireless, Inc.	57,985		725,972
Sierra Wireless, Inc. (a)	7,400		84,225
Sierra Wireless, Inc. (United States) (a)	72,000		815,760
			27,619,305
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 0.1%
NCR Corp. (a)	64,360		$ 2,149,624
Quantum Corp. (a)	229,700		356,035
Silicon Graphics International Corp. (a)	62,595		945,185
			3,450,844
Electronic Equipment & Components - 1.6%
Avnet, Inc. (a)	162,850		5,562,956
Cognex Corp.	106,917		4,803,781
CTS Corp.	64,800		778,896
Dolby Laboratories, Inc. Class A	30,000		1,050,000
Fabrinet (a)	54,520		792,176
FARO Technologies, Inc. (a)	36,392		1,361,789
GSI Group, Inc. (a)	27,898		227,090
IPG Photonics Corp.	82,252		4,877,544
Itron, Inc. (a)	30,800		1,293,600
Littelfuse, Inc.	42,979		3,158,527
Mercury Systems, Inc. (a)	61,800		540,132
Molex, Inc. Class A (non-vtg.)	223,195		5,481,669
National Instruments Corp.	87,887		2,495,991
Newport Corp. (a)	64,458		848,267
OSI Systems, Inc. (a)	46,245		2,674,811
Plexus Corp. (a)	43,450		1,267,871
SYNNEX Corp. (a)	123,276		4,998,842
Tech Data Corp. (a)	63,903		3,202,818
Trimble Navigation Ltd. (a)	102,274		2,853,445
Vishay Intertechnology, Inc. (a)	344,675		5,018,468
			53,288,673
Internet Software & Services - 0.9%
Bankrate, Inc. (a)	35,600		509,436
Cornerstone OnDemand, Inc. (a)	45,915		1,865,986
CoStar Group, Inc. (a)	49,569		5,542,310
DealerTrack Holdings, Inc. (a)	122,503		3,949,497
Digital River, Inc. (a)	115,300		2,014,291
eGain Communications Corp. (a)	149,000		1,196,470
ExactTarget, Inc. (a)	112,565		2,590,121
Keynote Systems, Inc.	45,500		573,300
Liquidity Services, Inc. (a)	53,087		2,124,011
SPS Commerce, Inc. (a)	37,324		2,014,376
Trulia, Inc.	46,100		1,417,114
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
ValueClick, Inc. (a)	271,370		$ 7,147,886
Velti PLC (a)	98,000		172,480
			31,117,278
IT Services - 0.8%
Acxiom Corp. (a)	63,800		1,402,962
Alliance Data Systems Corp. (a)	24,237		4,292,130
Convergys Corp.	66,700		1,211,939
CoreLogic, Inc. (a)	180,825		4,737,615
DST Systems, Inc.	26,500		1,806,770
EPAM Systems, Inc. (a)	11,253		260,619
ExlService Holdings, Inc. (a)	49,380		1,448,315
Fidelity National Information Services, Inc.	71,900		3,228,310
FleetCor Technologies, Inc. (a)	20,120		1,752,050
Gartner, Inc. Class A (a)	24,275		1,374,208
InterXion Holding N.V. (a)	46,915		1,287,817
Lender Processing Services, Inc.	85,300		2,822,577
Maximus, Inc.	15,660		1,168,706
Total System Services, Inc.	76,630		1,801,571
VeriFone Systems, Inc. (a)	34,620		807,685
			29,403,274
Semiconductors & Semiconductor Equipment - 1.7%
Atmel Corp. (a)	270,275		2,127,064
Cavium, Inc. (a)	48,910		1,602,292
Ceva, Inc. (a)	34,900		585,273
Entropic Communications, Inc. (a)	210,928		902,772
FormFactor, Inc. (a)	99,000		583,110
Freescale Semiconductor Holdings I Ltd. (a)	67,850		1,080,172
Ikanos Communications, Inc. (a)	101,700		137,295
Lam Research Corp. (a)	34,042		1,592,485
M/A-COM Technology Solutions, Inc. (a)	28,900		402,577
MagnaChip Semiconductor Corp. (a)	82,498		1,526,213
Mellanox Technologies Ltd. (a)	12,800		663,936
Micron Technology, Inc. (a)	148,925		1,739,444
Microsemi Corp. (a)	174,389		3,824,351
MKS Instruments, Inc.	103,717		2,919,634
Monolithic Power Systems, Inc.	65,010		1,597,296
NXP Semiconductors NV (a)	258,075		7,961,614
ON Semiconductor Corp. (a)	97,861		837,690
Power Integrations, Inc.	67,102		2,864,584
Rambus, Inc. (a)	148,900		1,173,332
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Semtech Corp. (a)	86,768		$ 3,170,503
Silicon Laboratories, Inc. (a)	57,915		2,488,028
Skyworks Solutions, Inc. (a)	389,398		9,291,036
Spansion, Inc. Class A (a)	84,700		1,160,390
Teradyne, Inc. (a)	281,742		5,054,451
Ultratech, Inc. (a)	36,400		1,327,144
			56,612,686
Software - 1.9%
Accelrys, Inc. (a)	97,600		813,984
ANSYS, Inc. (a)	40,801		3,039,675
Aspen Technology, Inc. (a)	232,163		7,108,831
AVG Technologies NV (a)	193,600		3,529,328
Bottomline Technologies, Inc. (a)	47,450		1,311,044
BroadSoft, Inc. (a)	34,270		949,964
Cadence Design Systems, Inc. (a)	369,900		5,596,587
CommVault Systems, Inc. (a)	55,473		3,883,110
Comverse, Inc.	14,070		420,130
Cyan, Inc.	46,010		614,234
Fortinet, Inc. (a)	49,692		957,068
Informatica Corp. (a)	97,837		3,557,353
Interactive Intelligence Group, Inc. (a)	55,896		2,805,979
Manhattan Associates, Inc. (a)	67,998		5,101,890
Mentor Graphics Corp.	145,291		2,759,076
MICROS Systems, Inc. (a)	52,915		2,233,013
MicroStrategy, Inc. Class A (a)	17,755		1,624,227
Nuance Communications, Inc. (a)	98,761		1,876,459
Rovi Corp. (a)	86,000		2,218,800
SeaChange International, Inc. (a)	81,817		880,351
SolarWinds, Inc. (a)	57,606		2,428,093
Sourcefire, Inc. (a)	44,890		2,512,044
Synchronoss Technologies, Inc. (a)	37,285		1,168,885
Tableau Software, Inc.	7,375		376,863
TIBCO Software, Inc. (a)	113,272		2,416,092
Ultimate Software Group, Inc. (a)	13,125		1,460,813
Verint Systems, Inc. (a)	66,792		2,242,207
			63,886,100
TOTAL INFORMATION TECHNOLOGY			265,378,160
Common Stocks - continued
	Shares		Value
MATERIALS - 2.9%
Chemicals - 1.4%
Ashland, Inc.	25,030		$ 2,225,668
Axiall Corp.	119,916		5,174,375
Chemtura Corp. (a)	202,283		4,638,349
Cytec Industries, Inc.	9,600		686,112
Huntsman Corp.	188,175		3,660,004
Innophos Holdings, Inc.	10,440		528,055
Innospec, Inc.	105,595		4,332,563
Intrepid Potash, Inc.	295,762		5,554,410
Koppers Holdings, Inc.	55,276		2,275,713
LSB Industries, Inc. (a)	89,280		3,014,986
Methanex Corp.	46,459		2,055,533
Olin Corp.	112,598		2,807,068
PolyOne Corp.	53,680		1,379,039
Rockwood Holdings, Inc.	89,183		5,944,939
Valspar Corp.	17,870		1,280,743
			45,557,557
Construction Materials - 0.2%
Eagle Materials, Inc.	33,030		2,435,963
Martin Marietta Materials, Inc.	39,921		4,352,587
			6,788,550
Containers & Packaging - 0.7%
Aptargroup, Inc.	24,010		1,361,847
Berry Plastics Group, Inc.	80,545		1,692,250
Crown Holdings, Inc. (a)	48,900		2,070,915
Graphic Packaging Holding Co. (a)	696,775		5,358,200
Myers Industries, Inc.	96,556		1,420,339
Rock-Tenn Co. Class A	90,266		8,916,475
Sealed Air Corp.	72,570		1,743,131
			22,563,157
Metals & Mining - 0.6%
A.M. Castle & Co. (a)	101,724		1,800,515
Allegheny Technologies, Inc.	188,370		5,193,361
Carpenter Technology Corp.	47,780		2,301,085
Compass Minerals International, Inc.	6,380		556,719
Kaiser Aluminum Corp.	46,659		2,960,047
Schnitzer Steel Industries, Inc. Class A	111,705		2,759,114
Steel Dynamics, Inc.	377,250		5,787,015
			21,357,856
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Paper & Forest Products - 0.0%
Boise Cascade Co.	10,795		$ 324,498
TOTAL MATERIALS			96,591,618
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
NII Holdings, Inc. (a)	12,790		98,611
SBA Communications Corp. Class A (a)	102,292		7,699,519
			7,798,130
UTILITIES - 1.3%
Electric Utilities - 0.5%
Allete, Inc.	17,024		805,576
Cleco Corp.	119,175		5,423,654
Great Plains Energy, Inc.	141,267		3,188,396
ITC Holdings Corp.	42,722		3,698,444
Portland General Electric Co.	129,239		3,934,035
UIL Holdings Corp.	35,997		1,402,443
			18,452,548
Gas Utilities - 0.1%
Atmos Energy Corp.	46,890		1,979,696
Southwest Gas Corp.	26,511		1,255,296
			3,234,992
Independent Power Producers & Energy Traders - 0.3%
Dynegy, Inc. (a)	34,000		828,580
NRG Energy, Inc.	338,222		8,631,425
Ormat Technologies, Inc.	57,400		1,309,868
			10,769,873
Multi-Utilities - 0.4%
Alliant Energy Corp.	33,720		1,661,047
CMS Energy Corp.	203,900		5,495,105
NiSource, Inc.	165,800		4,763,434
			11,919,586
TOTAL UTILITIES			44,376,999
TOTAL COMMON STOCKS (Cost $1,260,280,425)		1,516,203,665
Equity Funds - 44.3%
	Shares		Value
Mid-Cap Blend Funds - 6.7%
FMI Common Stock Fund	3,262,672		$ 88,157,410
Spartan Extended Market Index Fund Investor Class (c)	2,996,459		138,885,861
TOTAL MID-CAP BLEND FUNDS			227,043,271
Mid-Cap Growth Funds - 1.5%
Champlain Mid Cap Fund	3,091,626		41,613,283
RS Select Growth Fund A	205,244		8,552,510
TOTAL MID-CAP GROWTH FUNDS			50,165,793
Mid-Cap Value Funds - 1.3%
iShares Russell Midcap Value Index ETF	716,300		42,075,462
The Delafield Fund	108,055		3,696,562
TOTAL MID-CAP VALUE FUNDS			45,772,024
Small Blend Funds - 13.2%
Dreyfus Advantage Funds, Inc.	637,712		20,770,275
Goldman Sachs Small Cap Value Fund Class A	2,615,218		128,328,737
RS Partners Fund Class A	683,284		25,739,301
SouthernSun Small Cap Investor Fund	530,131		13,937,139
T. Rowe Price Small-Cap Value Fund	1,768,643		77,837,993
Vanguard Small-Cap ETF	1,902,678		180,202,633
TOTAL SMALL BLEND FUNDS			446,816,078
Small Growth Funds - 16.8%
Artisan Small Cap Fund Investor Shares	3,325,464		78,480,951
ASTON/TAMRO Small Cap Fund Class N	3,099,529		67,724,701
Baron Small Cap Fund	1,369,390		41,341,894
Brown Capital Management Small Company Fund - Investor Shares	1,190,462		68,808,728
Champlain Small Company Fund Advisor Class	7,211,251		114,442,558
JPMorgan Small Cap Equity Fund Class A	39		1,580
MFS New Discovery Fund A Shares	2,815,754		69,802,551
Royce Low Priced Stock Fund Service Class	262		3,740
RS Small Cap Growth Fund Class A	2,321,262		128,853,239
TOTAL SMALL GROWTH FUNDS			569,459,942
Small Value Funds - 4.8%
Fidelity Small Cap Value Fund (c)	1,827,277		34,809,624
Hennessy Small Cap Financial Fund Investor Class Shares	850,075		19,526,224
Equity Funds - continued
	Shares		Value
Small Value Funds - continued
iShares Russell 2000 Value Index ETF	502,400		$ 43,367,168
Royce Opportunity Fund Service Class	4,688,421		64,137,603
TOTAL SMALL VALUE FUNDS			161,840,619
TOTAL EQUITY FUNDS (Cost $1,122,410,701)		1,501,097,727
Money Market Funds - 10.7%

SSgA US Treasury Money Market Fund, 0% (b) (Cost $361,943,776)	361,943,776		361,943,776
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $2,744,634,902)			3,379,245,168
NET OTHER ASSETS (LIABILITIES) - 0.3%			11,494,328
NET ASSETS - 100%		$ 3,390,739,496

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
1,323 CME E-mini S&P Midcap 400 Index Contracts	June 2013	$ 156,563,820	$ 6,858,658
1,542 Russell 2000 Mini Index Contracts	June 2013	151,594,020	7,647,316
TOTAL EQUITY INDEX CONTRACTS		$ 308,157,840	$ 14,505,974

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

Security Type Abbreviations
ETF	-	Exchange-Traded Fund

Legend

(a) Non-income producing

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

Affiliated Underlying Funds

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

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Advisor Real Estate Fund Institutional Class	$ 37,305,325	$ -	$ 38,327,635	$ 48,425	$ -
Fidelity Small Cap Value Fund	61,988,518	-	30,000,000	-	34,809,624
Spartan Extended Market Index Fund Investor Class	-	133,779,436	-	93,323	138,885,861
Total	$ 99,293,843	$ 133,779,436	$ 68,327,635	$ 141,748	$ 173,695,485

Other Information

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

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $2,747,741,723. Net unrealized appreciation aggregated $631,503,445, of which $659,508,700 related to appreciated investment securities and $28,005,255 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Strategic Advisers Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when 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 in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2.

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers® International Fund

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

May 31, 2013

1.912870.102

SIT-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 25.8%
	Shares		Value
CONSUMER DISCRETIONARY - 2.9%
Auto Components - 0.2%
Autoliv, Inc.	134,610		$ 10,561,501
Brembo SpA	32,967		549,322
DENSO Corp.	610,400		25,219,505
Minth Group Ltd.	406,000		696,544
TS tech Co. Ltd.	25,600		802,001
			37,828,873
Automobiles - 0.8%
Bayerische Motoren Werke AG (BMW)	135,407		12,969,090
Daimler AG (Germany)	429,072		27,555,282
Fuji Heavy Industries Ltd.	565,000		12,725,848
Great Wall Motor Co. Ltd. (H Shares)	1,153,000		5,476,280
Honda Motor Co. Ltd.	636,900		23,644,760
Tofas Turk Otomobil Fabrikasi A/S	123,136		923,931
Toyota Motor Corp.	607,500		35,453,299
			118,748,490
Distributors - 0.1%
Li & Fung Ltd.	9,348,000		12,973,354
Diversified Consumer Services - 0.0%
Kroton Educacional SA	175,100		2,509,838
Hotels, Restaurants & Leisure - 0.6%
Arcos Dorados Holdings, Inc. Class A	864,510		11,912,948
Carnival PLC	111,588		3,737,685
Compass Group PLC	2,673,600		35,199,551
InterContinental Hotel Group PLC	330,895		9,525,235
Sands China Ltd.	2,440,000		12,873,546
The Restaurant Group PLC	94,477		744,298
Whitbread PLC	243,723		10,676,116
William Hill PLC	573,718		3,859,048
			88,528,427
Household Durables - 0.1%
Berkeley Group Holdings PLC	175,989		5,660,809
Haier Electronics Group Co. Ltd.	445,000		790,590
Techtronic Industries Co. Ltd.	1,303,500		3,344,030
			9,795,429
Internet & Catalog Retail - 0.0%
LG Home Shopping, Inc.	5,763		1,232,124
Leisure Equipment & Products - 0.0%
Sankyo Co. Ltd. (Gunma)	61,100		2,681,693
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Media - 0.7%
BEC World PCL (For. Reg.)	607,700		$ 1,256,770
Daily Mail & General Trust PLC Class A	53,086		617,040
Fuji Media Holdings, Inc.	4,771		8,757,066
ITV PLC	3,802,066		7,573,462
Nippon Television Network Corp.	945,900		14,394,578
Pearson PLC	567,971		10,556,530
Publicis Groupe SA	246,993		17,743,281
realestate.com.au Ltd.	29,967		832,022
Reed Elsevier NV	2,221,097		36,605,522
Rightmove PLC	93,088		2,893,820
UBM PLC	277,467		3,071,235
			104,301,326
Specialty Retail - 0.2%
Dunelm Group PLC	207,174		2,822,004
Esprit Holdings Ltd.	3,393,700		5,164,677
Galiform PLC	362,767		1,290,883
H&M Hennes & Mauritz AB (B Shares)	236,400		8,137,755
Sa Sa International Holdings Ltd.	2,056,000		2,290,002
Shimamura Co. Ltd.	20,000		2,297,618
Super Cheap Auto Group Ltd.	77,688		816,308
United Arrows Ltd.	30,500		1,121,756
USS Co. Ltd.	60,520		7,017,280
			30,958,283
Textiles, Apparel & Luxury Goods - 0.2%
Christian Dior SA	27,541		5,070,562
ECLAT Textile Co. Ltd.	215,000		1,538,903
Forus SA	71,572		460,340
Gerry Weber International AG (Bearer)	14,290		612,737
Hermes International SCA	8,564		3,063,267
LVMH Moet Hennessy - Louis Vuitton SA	71,745		12,742,689
Tod's SpA	19,466		2,798,283
Yue Yuen Industrial (Holdings) Ltd.	2,855,000		8,318,758
			34,605,539
TOTAL CONSUMER DISCRETIONARY			444,163,376
CONSUMER STAPLES - 3.0%
Beverages - 0.4%
Diageo PLC	317,739		9,385,978
Heineken NV (Bearer)	458,779		32,074,870
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Ito En Ltd.	112,800		$ 2,491,995
Pernod Ricard SA	123,510		14,879,722
			58,832,565
Food & Staples Retailing - 0.4%
Ain Pharmaciez, Inc.	5,500		214,510
Colruyt NV	57,439		2,945,566
Eurocash SA	90,502		1,806,188
FamilyMart Co. Ltd.	56,900		2,306,527
Lawson, Inc.	317,500		23,096,869
Metro, Inc. Class A (sub. vtg.)	63,441		4,247,350
Sundrug Co. Ltd.	40,100		1,528,318
Tesco PLC	4,703,293		26,115,727
Tsuruha Holdings, Inc.	14,100		1,135,218
Wumart Stores, Inc. (H Shares)	1,484,000		3,023,551
			66,419,824
Food Products - 0.9%
Biostime International Holdings Ltd.	37,500		208,049
Danone SA	812,812		59,943,109
First Resources Ltd.	706,000		1,057,805
M. Dias Branco SA	171,000		7,708,493
Nestle SA	870,180		57,644,755
Unilever NV (Certificaten Van Aandelen) (Bearer)	311,098		12,709,556
Viscofan Envolturas Celulosicas SA	28,057		1,386,479
			140,658,246
Household Products - 0.3%
Reckitt Benckiser Group PLC	621,366		44,580,568
Personal Products - 0.3%
Kao Corp.	896,000		28,078,513
Kobayashi Pharmaceutical Co. Ltd.	196,800		9,370,108
Kose Corp.	151,000		3,646,189
			41,094,810
Tobacco - 0.7%
British American Tobacco PLC (United Kingdom)	920,113		50,559,048
Japan Tobacco, Inc.	1,344,000		45,740,368
KT&G Corp.	250,059		17,537,476
			113,836,892
TOTAL CONSUMER STAPLES			465,422,905
Common Stocks - continued
	Shares		Value
ENERGY - 2.0%
Energy Equipment & Services - 0.3%
Fred Olsen Energy ASA	29,465		$ 1,245,145
John Wood Group PLC	323,467		4,184,916
Petrofac Ltd.	683,838		14,037,207
ProSafe ASA	101,329		954,818
Technip SA	113,442		12,670,055
Tecnicas Reunidas SA	258,920		12,566,078
TGS Nopec Geophysical Co. ASA	82,602		2,906,514
			48,564,733
Oil, Gas & Consumable Fuels - 1.7%
BG Group PLC	1,839,385		33,900,458
BP PLC	5,485,909		39,208,936
Cairn Energy PLC (a)	1,965,771		8,156,930
Cenovus Energy, Inc.	202,360		6,058,601
CNOOC Ltd.	9,475,000		16,597,602
Dragon Oil PLC	241,093		2,289,479
Imperial Oil Ltd.	369,800		14,442,442
INPEX Corp.	1,703		7,249,666
Kunlun Energy Co. Ltd.	1,728,000		3,297,859
Oil Search Ltd. ADR	565,010		4,417,530
Reliance Industries Ltd. GDR (d)	239,656		6,870,938
Royal Dutch Shell PLC Class A (United Kingdom)	2,398,458		79,822,825
StatoilHydro ASA	668,622		15,097,199
Total SA	438,930		21,939,194
Tullow Oil PLC	478,454		7,596,763
			266,946,422
TOTAL ENERGY			315,511,155
FINANCIALS - 5.9%
Capital Markets - 0.6%
Aberdeen Asset Management PLC	493,107		3,491,397
Ashmore Group PLC	383,521		2,320,398
Azimut Holding SpA	131,985		2,513,171
Banca Generali SpA	18,300		399,357
CI Financial Corp.	124,726		3,630,799
Coronation Fund Managers Ltd.	137,347		853,816
Credit Suisse Group	395,581		11,691,915
Daiwa Securities Group, Inc.	864,000		7,067,315
Hargreaves Lansdown PLC	95,808		1,402,573
Julius Baer Group Ltd.	129,071		5,129,096
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Jupiter Fund Management PLC	342,893		$ 1,698,433
Partners Group Holding AG	17,313		4,406,781
UBS AG	2,307,960		40,495,475
Value Partners Group Ltd.	1,365,000		799,966
			85,900,492
Commercial Banks - 3.1%
Alior Bank SA	21,874		557,325
Banco Santander SA (Spain)	959,103		6,859,733
Bank of Ireland (a)	9,089,933		2,094,600
Bank of Yokohama Ltd.	695,000		3,406,292
Banregio Grupo Financiero SA	327,700		1,958,006
Barclays PLC	8,474,963		40,596,237
BNP Paribas SA	878,254		51,738,969
Chiba Bank Ltd.	544,000		3,385,033
China Merchants Bank Co. Ltd. (H Shares)	3,537,000		7,078,508
DBS Group Holdings Ltd.	737,000		9,978,543
DNB ASA	792,091		12,882,875
Erste Group Bank AG	379,396		12,357,586
First Gulf Bank PJSC	587,121		2,397,717
Guaranty Trust Bank PLC GDR (Reg. S)	290,061		2,581,543
HDFC Bank Ltd. sponsored ADR	191,275		7,696,906
HSBC Holdings PLC:
(Hong Kong)	2,492,400		27,300,866
(United Kingdom)	4,373,672		47,983,731
ICICI Bank Ltd. sponsored ADR	92,770		4,171,867
IndusInd Bank Ltd.	202,947		1,848,276
Industrial & Commercial Bank of China Ltd. (H Shares)	27,066,000		18,936,968
Intesa Sanpaolo SpA	3,351,520		6,355,605
Itau Unibanco Holding SA sponsored ADR	248,006		3,730,010
Joyo Bank Ltd.	768,000		3,801,860
Jyske Bank A/S (Reg.) (a)	53,358		2,124,720
Kasikornbank PCL:
NVDR	725,300		4,658,712
(For. Reg.)	631,100		4,056,016
KBC Groupe SA	232,376		9,269,322
Lloyds Banking Group PLC (a)	10,434,984		9,698,719
Mitsubishi UFJ Financial Group, Inc.	2,256,600		13,096,215
North Pacific Bank Ltd.	800,300		2,629,309
PT Bank Rakyat Indonesia Tbk	10,268,000		9,284,678
Sberbank (Savings Bank of the Russian Federation) sponsored ADR	617,708		7,560,746
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Security Bank Corp.	195,960		$ 801,255
Siam Commercial Bank PCL (For. Reg.)	1,040,500		5,879,418
Skandinaviska Enskilda Banken AB (A Shares)	1,199,079		12,600,255
Standard Chartered PLC (United Kingdom)	615,495		14,373,764
Sumitomo Mitsui Financial Group, Inc.	1,390,400		54,892,679
Sydbank A/S (a)	86,950		1,949,470
The Hachijuni Bank Ltd.	534,000		2,720,983
The Suruga Bank Ltd.	206,000		3,085,735
Turkiye Halk Bankasi A/S	444,974		4,776,490
UniCredit SpA	2,758,974		15,756,780
Unione di Banche Italiane SCPA	285,522		1,293,680
Westpac Banking Corp.	862,495		23,245,010
Yes Bank Ltd.	210,924		1,812,269
			485,265,281
Consumer Finance - 0.1%
AEON Financial Service Co. Ltd.	230,900		6,155,398
Provident Financial PLC	69,965		1,637,094
			7,792,492
Diversified Financial Services - 0.4%
Deutsche Boerse AG	162,266		10,500,972
FirstRand Ltd.	1,185,074		3,474,444
IG Group Holdings PLC	612,865		5,391,573
ING Groep NV (Certificaten Van Aandelen) (a)	2,520,971		23,507,291
Inversiones La Construccion SA	41,089		742,078
ORIX Corp.	816,500		10,828,409
			54,444,767
Insurance - 1.2%
AIA Group Ltd.	4,817,200		21,296,831
Amlin PLC	960,448		6,089,679
Aviva PLC	3,283,253		16,499,464
AXA SA	1,145,080		23,262,406
BB Seguridade Participacoes SA	461,300		3,885,448
Catalana Occidente SA	2,113		49,435
Catlin Group Ltd.	493,087		3,768,458
Delta Lloyd NV	549,369		10,832,023
Euler Hermes SA	34,385		3,334,463
Hiscox Ltd.	1,621,418		13,660,565
Jardine Lloyd Thompson Group PLC	323,170		4,360,298
Lancashire Holdings Ltd.	217,030		2,623,204
Muenchener Rueckversicherungs AG	51,478		9,678,319
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Prudential PLC	799,610		$ 13,450,326
Sampo Oyj (A Shares)	96,387		3,945,036
Sony Financial Holdings, Inc.	806,900		11,828,716
St. James's Place Capital PLC	273,355		2,440,097
Swiss Re Ltd.	150,340		11,107,473
Zurich Insurance Group AG	114,657		30,479,278
			192,591,519
Real Estate Investment Trusts - 0.1%
Big Yellow Group PLC	191,743		1,204,959
Derwent London PLC	49,565		1,798,380
K-REIT Asia	161,200		180,972
Unibail-Rodamco	39,759		9,779,827
			12,964,138
Real Estate Management & Development - 0.4%
China Overseas Grand Oceans Group Ltd.	1,393,000		2,024,763
China Overseas Land and Investment Ltd.	2,432,000		7,209,211
Deutsche Wohnen AG	733,351		13,768,583
GSW Immobilien AG	308,349		12,085,419
Mitsubishi Estate Co. Ltd.	588,000		14,486,552
Oberoi Realty Ltd.	170,842		701,708
Parque Arauco SA	1,047,074		2,423,880
PT Alam Sutera Realty Tbk	17,675,500		1,903,379
PT Ciputra Development Tbk	5,682,500		894,288
TAG Immobilien AG	501,078		5,771,609
Wharf Holdings Ltd.	815,000		7,211,533
			68,480,925
Thrifts & Mortgage Finance - 0.0%
Gruh Finance Ltd. (a)	170,024		674,801
TOTAL FINANCIALS			908,114,415
HEALTH CARE - 2.6%
Biotechnology - 0.1%
Abcam PLC	204,373		1,402,017
Algeta ASA (a)	24,826		970,425
CSL Ltd.	99,682		5,671,963
Thrombogenics NV (a)	19,732		823,899
			8,868,304
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - 0.1%
GN Store Nordic A/S	207,315		$ 3,986,688
Nihon Kohden Corp.	124,700		4,460,186
Sonova Holding AG Class B	64,306		7,094,675
St. Shine Optical Co. Ltd.	23,500		526,941
			16,068,490
Health Care Providers & Services - 0.1%
Diagnosticos da America SA	647,200		3,393,434
Life Healthcare Group Holdings Ltd.	411,078		1,494,465
Miraca Holdings, Inc.	85,400		3,685,304
Ryman Healthcare Group Ltd.	232,772		1,219,197
Ship Healthcare Holdings, Inc.	40,000		1,444,841
			11,237,241
Life Sciences Tools & Services - 0.0%
Eurofins Scientific SA (a)	743		146,064
WuXi PharmaTech Cayman, Inc. sponsored ADR (a)	45,197		925,183
			1,071,247
Pharmaceuticals - 2.3%
Astellas Pharma, Inc.	147,400		7,527,155
Bayer AG	609,352		65,649,316
CFR Pharmaceuticals SA	4,755,997		1,157,916
GlaxoSmithKline PLC	2,319,122		60,003,103
Glenmark Pharmaceuticals Ltd. (a)	303,098		3,155,068
Ipca Laboratories Ltd.	117,863		1,233,965
Lupin Ltd.	149,295		1,938,919
Novartis AG	1,057,206		75,729,819
Roche Holding AG (participation certificate)	381,301		95,340,203
Sanofi SA	295,448		31,503,103
Santen Pharmaceutical Co. Ltd.	481,900		19,298,429
Sino Biopharmaceutical Ltd.	2,324,000		1,619,818
			364,156,814
TOTAL HEALTH CARE			401,402,096
INDUSTRIALS - 3.6%
Aerospace & Defense - 0.3%
Cobham PLC	2,649,756		11,506,420
Meggitt PLC	382,657		3,096,003
MTU Aero Engines Holdings AG	40,255		4,073,224
Rolls-Royce Group PLC	1,509,571		27,638,388
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Aerospace & Defense - continued
Singapore Technologies Engineering Ltd.	1,639,000		$ 5,292,566
Zodiac Aerospace	9,721		1,286,861
			52,893,462
Air Freight & Logistics - 0.3%
Deutsche Post AG	438,010		11,135,576
PostNL NV	2,166,467		5,927,397
Yamato Holdings Co. Ltd.	1,756,000		32,242,271
			49,305,244
Airlines - 0.2%
easyJet PLC	193,219		3,716,684
International Consolidated Airlines Group SA CDI (a)	106,591		452,824
Ryanair Holdings PLC sponsored ADR	285,500		13,943,820
Singapore Airlines Ltd.	1,104,000		9,354,351
WestJet Airlines Ltd.	75,594		1,730,988
			29,198,667
Building Products - 0.1%
Daikin Industries Ltd.	76,800		3,329,974
Geberit AG (Reg.)	51,324		12,838,380
			16,168,354
Commercial Services & Supplies - 0.1%
Babcock International Group PLC	378,884		6,677,846
BIC SA	15,846		1,689,271
Brambles Ltd.	469,861		4,092,933
Park24 Co. Ltd.	67,700		1,257,454
RPS Group PLC	202,789		647,047
			14,364,551
Construction & Engineering - 0.4%
Balfour Beatty PLC	3,231,604		11,445,441
JGC Corp.	1,393,000		46,216,883
Keller Group PLC	49,353		710,876
			58,373,200
Electrical Equipment - 0.4%
Legrand SA	805,197		39,816,177
Schneider Electric SA	256,742		20,469,183
			60,285,360
Industrial Conglomerates - 0.5%
Bidvest Group Ltd.	143,445		3,698,909
Hutchison Whampoa Ltd.	968,000		10,247,665
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - continued
Keppel Corp. Ltd.	543,000		$ 4,494,573
SembCorp Industries Ltd.	2,125,000		8,139,796
Siemens AG	461,695		48,668,403
			75,249,346
Machinery - 0.6%
Andritz AG	41,365		2,258,095
Atlas Copco AB (A Shares)	880,257		23,497,088
Burckhardt Compression Holding AG	2,786		1,063,414
Eicher Motors Ltd.	15,864		1,036,101
Glory Ltd.	535,600		13,531,863
Haitian International Holdings Ltd.	300,000		518,045
IMI PLC	160,352		3,150,250
Joy Global, Inc.	188,950		10,218,416
Kone Oyj (B Shares)	45,960		4,071,043
Makita Corp.	108,800		5,809,152
Rotork PLC	57,195		2,485,400
Schindler Holding AG (participation certificate)	131,657		19,247,737
SembCorp Marine Ltd.	3,668,000		12,525,112
Senior Engineering Group PLC	212,457		885,783
Sinotruk Hong Kong Ltd.	103,000		57,707
			100,355,206
Marine - 0.1%
Kuehne & Nagel International AG	78,816		8,860,361
Professional Services - 0.1%
Bertrandt AG	10,675		1,158,132
Experian PLC	351,493		6,526,194
Michael Page International PLC	1,525,358		8,918,236
SEEK Ltd.	131,725		1,277,127
SGS SA (Reg.)	1,949		4,406,523
			22,286,212
Road & Rail - 0.1%
Canadian National Railway Co.	96,622		9,805,257
Trading Companies & Distributors - 0.3%
Brenntag AG	67,603		10,324,372
Bunzl PLC	913,835		17,828,095
Itochu Corp.	536,000		6,642,429
Mills Estruturas e Servicos de Engenharia SA	70,700		1,155,337
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Trading Companies & Distributors - continued
Misumi Group, Inc.	30,600		$ 792,818
Mitsubishi Corp.	401,100		6,931,935
			43,674,986
Transportation Infrastructure - 0.1%
CCR SA	486,200		4,390,283
China Merchant Holdings International Co. Ltd.	1,846,000		6,085,395
			10,475,678
TOTAL INDUSTRIALS			551,295,884
INFORMATION TECHNOLOGY - 2.1%
Communications Equipment - 0.3%
AAC Acoustic Technology Holdings, Inc.	492,000		2,773,685
Nokia Corp.	2,426,564		8,117,592
Telefonaktiebolaget LM Ericsson (B Shares)	2,678,135		31,459,683
			42,350,960
Computers & Peripherals - 0.0%
ASUSTeK Computer, Inc.	388,000		4,244,416
Wincor Nixdorf AG	31,777		1,809,447
			6,053,863
Electronic Equipment & Components - 0.3%
China High Precision Automation Group Ltd.	1,073,000		134,909
Halma PLC	1,172,972		9,214,045
Hirose Electric Co. Ltd.	59,500		7,666,522
Hitachi Ltd.	1,838,000		12,371,258
HLS Systems International Ltd. (a)	79,649		935,079
Keyence Corp.	17,500		5,340,174
Oxford Instruments PLC	20,187		516,212
Spectris PLC	180,906		5,736,507
Venture Corp. Ltd.	503,000		2,907,577
			44,822,283
Internet Software & Services - 0.2%
Moneysupermarket.com Group PLC	620,087		1,959,693
Tencent Holdings Ltd.	216,600		8,525,562
Yahoo! Japan Corp.	28,730		13,016,392
			23,501,647
IT Services - 0.5%
Amadeus IT Holding SA Class A	820,430		25,064,648
Cognizant Technology Solutions Corp. Class A (a)	83,070		5,370,476
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - continued
Computershare Ltd.	561,595		$ 5,965,090
HCL Technologies Ltd.	161,824		2,124,846
Nomura Research Institute Ltd.	748,900		21,642,174
Obic Co. Ltd.	29,700		7,226,958
Sonda SA	340,897		1,092,558
Tata Consultancy Services Ltd.	241,823		6,392,590
			74,879,340
Office Electronics - 0.2%
Canon, Inc.	685,900		23,436,180
Neopost SA	137,504		9,241,654
			32,677,834
Semiconductors & Semiconductor Equipment - 0.4%
ARM Holdings PLC	107,103		1,568,643
ASM International NV (Netherlands)	83,414		2,990,150
Infineon Technologies AG	778,330		6,626,205
Nanoco Group PLC (a)	158,349		360,292
Samsung Electronics Co. Ltd.	7,317		9,845,044
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,828,583		34,121,359
Tokyo Electron Ltd.	224,000		11,018,117
			66,529,810
Software - 0.2%
Dassault Systemes SA	67,428		8,501,036
Linx SA	49,700		864,146
Nexon Co. Ltd.	208,300		2,206,715
Nintendo Co. Ltd.	42,400		4,187,262
SAP AG	157,339		11,774,934
SimCorp A/S	5,414		1,665,977
			29,200,070
TOTAL INFORMATION TECHNOLOGY			320,015,807
MATERIALS - 1.8%
Chemicals - 1.2%
Akzo Nobel NV	925,851		59,308,329
Arkema SA	42,016		4,349,164
AZ Electronic Materials SA	234,388		1,139,969
Chugoku Marine Paints Ltd.	407,000		1,836,666
DuluxGroup Ltd.	327,670		1,431,922
Elementis PLC	435,970		1,557,995
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Givaudan SA	25,649		$ 33,233,057
HEXPOL AB (B Shares)	32,922		2,042,915
Linde AG	230,682		44,389,673
Nitto Denko Corp.	47,500		2,819,969
Shin-Etsu Chemical Co., Ltd.	304,600		19,083,544
Symrise AG	330,599		13,541,871
Syngenta AG (Switzerland)	14,148		5,519,094
			190,254,168
Containers & Packaging - 0.1%
Rexam PLC	1,714,951		13,810,192
Smurfit Kappa Group PLC	511,629		8,558,419
			22,368,611
Metals & Mining - 0.5%
Antofagasta PLC	116,314		1,670,958
First Quantum Minerals Ltd.	175,571		3,143,089
Glencore Xstrata PLC	2,801,285		13,752,016
Iluka Resources Ltd.	1,246,726		13,129,213
Newcrest Mining Ltd.	198,483		2,711,662
Rio Tinto PLC	946,919		40,443,638
			74,850,576
TOTAL MATERIALS			287,473,355
TELECOMMUNICATION SERVICES - 1.5%
Diversified Telecommunication Services - 0.4%
Bezeq Israeli Telecommunication Corp. Ltd.	1,385,730		1,784,984
BT Group PLC	1,517,623		6,906,030
China Unicom Ltd.	7,036,000		9,559,337
Deutsche Telekom AG	424,105		4,871,775
Hutchison Telecommunications Hong Kong Holdings Ltd.	4,702,000		2,545,324
Koninklijke KPN NV	333,595		646,049
PT Telkomunikasi Indonesia Tbk Series B	5,694,500		6,393,988
TDC A/S	1,884,421		14,817,007
Telenor ASA	456,093		9,621,346
Telstra Corp. Ltd.	2,331,675		10,542,950
			67,688,790
Wireless Telecommunication Services - 1.1%
Advanced Info Service PCL (For. Reg.)	352,700		3,021,023
Empresa Nacional de Telecomunicaciones SA (ENTEL)	122,520		2,224,969
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
KDDI Corp.	1,963,000		$ 88,558,736
NTT DoCoMo, Inc.	7,301		10,666,890
SK Telecom Co. Ltd.	6,187		1,140,703
SmarTone Telecommunications Holdings Ltd.	1,313,500		2,287,065
StarHub Ltd.	540,000		1,711,405
Tele2 AB (B Shares)	419,065		5,251,481
TIM Participacoes SA sponsored ADR	291,654		5,588,091
Vodafone Group PLC	17,246,803		49,983,195
			170,433,558
TOTAL TELECOMMUNICATION SERVICES			238,122,348
UTILITIES - 0.4%
Electric Utilities - 0.1%
Energias de Portugal SA	780,536		2,514,950
Energias do Brasil SA	1,511,800		8,731,425
			11,246,375
Gas Utilities - 0.2%
China Resources Gas Group Ltd.	1,448,000		3,776,624
Snam Rete Gas SpA	3,548,159		16,888,117
Tokyo Gas Co. Ltd.	2,046,000		11,001,140
			31,665,881
Multi-Utilities - 0.1%
GDF Suez	438,215		8,970,727
Suez Environnement SA	395,525		5,106,393
			14,077,120
Water Utilities - 0.0%
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	25,200		315,441
TOTAL UTILITIES			57,304,817
TOTAL COMMON STOCKS (Cost $3,566,222,068)		3,988,826,158
Nonconvertible Preferred Stocks - 0.2%
	Shares		Value
CONSUMER STAPLES - 0.1%
Household Products - 0.1%
Henkel AG & Co. KGaA	234,159		$ 22,704,373
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Class C	177,664,977		269,944
TELECOMMUNICATION SERVICES - 0.1%
Diversified Telecommunication Services - 0.1%
Telecom Italia SpA (Risparmio Shares)	16,766,617		10,365,989
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $33,502,295)		33,340,306
Equity Funds - 67.1%

Europe Stock Funds - 0.0%
Henderson European Focus Fund Class A	38		1,033
Foreign Large Blend Funds - 49.5%
American EuroPacific Growth Fund Class F-1	4,247,985		183,258,052
Artisan International Value Fund Investor Class	20,228,992		673,827,717
Fidelity Diversified International Fund (c)	21,570,826		693,502,068
Fidelity International Discovery Fund (c)	27,226,927		974,996,250
GE Institutional International Equity Fund Service Class	7,005,500		81,614,077
Harbor International Fund Retirement Class	23,114,266		1,498,497,890
Henderson International Opportunities Fund Class A	16,865,613		387,571,788
Litman Gregory Masters International Fund	18,776,994		306,252,772
Manning & Napier Fund, Inc. World Opportunities Series Class A	134,634,296		1,116,118,314
Morgan Stanley Institutional Fund, Inc. - International Equity Portfolio Class B	61,520,212		933,261,615
Neuberger Berman International Equity Fund Trust Class	373		7,613
Oakmark International Fund Class I	34,601,909		823,525,437
TOTAL FOREIGN LARGE BLEND FUNDS			7,672,433,593
Foreign Large Growth Funds - 7.3%
AIM International Growth Fund Class A	3,799,522		114,555,591
Fidelity International Capital Appreciation Fund (c)	4,811,292		71,399,579
Scout International Fund	12,969,585		450,174,309
Equity Funds - continued
	Shares		Value
Foreign Large Growth Funds - continued
T. Rowe Price International Stock Fund Advisor Class	2,506,550		$ 37,297,465
Thornburg International Value Fund Class A	15,601,036		450,869,938
TOTAL FOREIGN LARGE GROWTH FUNDS			1,124,296,882
Foreign Large Value Funds - 1.2%
Pear Tree Polaris Foreign Value Fund - Ordinary Class	11,413,644		187,526,178
Foreign Small Mid Growth Funds - 0.6%
Franklin International Small Cap Growth Fund Class A	55		1,028
MFS International New Discovery Fund A Shares	57		1,464
Westcore International Small-Cap Fund	4,663,996		84,838,094
TOTAL FOREIGN SMALL MID GROWTH FUNDS			84,840,586
Foreign Small Mid Value Funds - 1.0%
Third Avenue International Value Fund	8,616,258		159,400,775
Large Growth Funds - 0.7%
Fidelity Canada Fund (c)	2,025,570		109,360,539
Sector Funds - 1.3%
ING International Real Estate Fund Class A	15,628,590		143,001,596
RS Global Natural Resources Fund Class A	66		2,495
SPDR DJ Wilshire International Real Estate ETF	1,525,300		62,720,336
TOTAL SECTOR FUNDS			205,724,427
Other - 5.5%
Fidelity Japan Fund (c)	16,564,408		183,036,710
Fidelity Japan Smaller Companies Fund (c)	6,466,152		77,464,502
iShares MSCI Australia Index ETF	3,967,180		96,838,864
iShares MSCI Japan Index ETF	36,639,300		397,170,012
Lazard Emerging Markets Equity Portfolio Open Shares	56		1,091
Matthews Pacific Tiger Fund Class I	15,471		395,427
SPDR Russell/Nomura Small Cap Japan ETF	160,400		7,476,244
SSgA Emerging Markets Fund	50		983
Equity Funds - continued
	Shares		Value
Other - continued
Wintergreen Fund	2,450,727		$ 41,074,183
WisdomTree Japan Hedged Equity ETF	1,197,070		55,400,400
TOTAL OTHER			858,858,416
TOTAL EQUITY FUNDS (Cost $8,694,163,654)		10,402,442,429
Money Market Funds - 6.7%

SSgA US Treasury Money Market Fund, 0% (b) (Cost $1,042,829,184)	1,042,829,184		1,042,829,184
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $13,336,717,201)			15,467,438,077
NET OTHER ASSETS (LIABILITIES) - 0.2%			31,687,246
NET ASSETS - 100%		$ 15,499,125,323

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
265 CME NIKKEI 225 Index Contracts (Japan)	June 2013	$ 17,747,125	$ (2,284,859)
5,315 CME NIKKEI 225 Index Contracts (Japan)	June 2013	357,832,375	44,917,952
5,543 NYSE E-mini MSCI EAFE Index Contracts	June 2013	468,161,780	(3,172,955)
TOTAL EQUITY INDEX CONTRACTS		$ 843,741,280	$ 39,460,138

The face value of futures purchased as a percentage of net assets is 5.4%

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 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 $6,870,938 or 0.0% of net assets.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Canada Fund	$ 110,723,211	$ -	$ 1,701,175	$ -	$ 109,360,539
Fidelity Diversified International Fund	610,430,947	50,958,290	-	-	693,502,068
Fidelity International Capital Appreciation Fund	70,415,006	-	850,588	-	71,399,579
Fidelity International Discovery Fund	796,760,548	135,478,647	-	-	974,996,250
Fidelity Japan Fund	172,766,777	-	-	-	183,036,710
Fidelity Japan Smaller Companies Fund	63,562,275	-	-	-	77,464,502
Total	$ 1,824,658,764	$ 186,436,937	$ 2,551,763	$ -	$ 2,109,759,648

Other Information

The following is a summary of the inputs used, as of May 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 444,163,376	$ 228,624,614	$ 215,538,762	$ -
Consumer Staples	488,127,278	218,392,445	269,734,833	-
Energy	315,511,155	127,880,344	187,630,811	-
Financials	908,114,415	400,875,712	507,238,703	-
Health Care	401,402,096	183,603,482	217,798,614	-
Industrials	551,565,828	323,021,275	228,544,553	-
Information Technology	320,015,807	116,069,484	203,811,414	134,909
Materials	287,473,355	200,497,647	86,975,708	-
Telecommunication Services	248,488,337	44,805,702	203,682,635	-
Utilities	57,304,817	42,527,053	14,777,764	-
Equity Funds	10,402,442,429	10,402,442,429	-	-
Money Market Funds	1,042,829,184	1,042,829,184	-	-
Total Investments in Securities:	$ 15,467,438,077	$ 13,331,569,371	$ 2,135,733,797	$ 134,909
Derivative Instruments:
Assets
Futures Contracts	$ 44,917,952	$ 44,917,952	$ -	$ -
Liabilities
Futures Contracts	$ (5,457,814)	$ (5,457,814)	$ -	$ -
Total Derivative Instruments:	$ 39,460,138	$ 39,460,138	$ -	$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended May 31, 2013. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers	Total
Level 1 to Level 2	$ 810,219,804
Level 2 to Level 1	$ 0

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $13,377,058,043. Net unrealized appreciation aggregated $2,090,380,034, of which $2,308,324,049 related to appreciated investment securities and $217,944,015 related to depreciated investment securities.

Investment Valuation

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers® U.S. Opportunity
Fund

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

May 31, 2013

1.912878.102

SUO-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 100.0%
	Shares		Value
Large Blend Funds - 15.2%
American Century Equity Growth Fund	227,963		$ 6,428,568
Fidelity Advisor Diversified Stock Fund Institutional Class (c)	9,477,322		192,958,274
Fidelity Advisor Mega Cap Stock Fund Institutional Class (c)	11,034,801		151,949,212
Fidelity Growth & Income Portfolio (c)	2,713,304		67,235,662
Fidelity Large Cap Core Enhanced Index Fund (c)	7,284,483		79,983,620
Fidelity Mega Cap Stock Fund (c)	578,045		7,982,795
iShares S&P 100 Index ETF	420,800		31,008,752
Oakmark Fund Class I	427,873		24,277,491
Oakmark Select Fund Class I	141,924		5,035,450
The Yacktman Fund Service Class	1,704,291		37,937,513
Vanguard Dividend Appreciation ETF	1,800		121,608
Yacktman Focused Fund Service Class	3,076,571		73,406,981
TOTAL LARGE BLEND FUNDS			678,325,926
Large Growth Funds - 3.7%
Fidelity OTC Portfolio (c)	2,352,226		166,114,222
Large Value Funds - 3.4%
American Century Equity Income Fund Investor Class	36,666		319,725
American Century Income & Growth Fund Investor Class	530,442		16,931,714
BlackRock Equity Dividend Fund Investor A Class	723,686		15,935,568
Fidelity Advisor Equity Income Fund Institutional Class (c)	2,460,676		74,509,267
JPMorgan Value Advantage Fund Select Class	1,030,437		25,493,024
SPDR Dow Jones Industrial Average ETF	127,451		19,260,395
TOTAL LARGE VALUE FUNDS			152,449,693
Mid-Cap Value Funds - 0.5%
JPMorgan Mid Capital Value Fund Select Class	639,423		20,538,271
Sector Funds - 75.1%
Allianz RCM Technology Class D	408,809		20,424,086
Consumer Discretionary Select Sector SPDR ETF	2,859,600		160,480,752
Consumer Staples Select Sector SPDR ETF	1,887,200		75,563,488
Davis Financial Fund Class A	469,275		16,598,246
Fidelity Advisor Consumer Staples Fund Institutional Class (c)	3,171,363		279,079,908
Fidelity Advisor Real Estate Fund Institutional Class (c)	3,320,829		70,966,125
Fidelity Advisor Technology Fund Institutional Class (a)(c)	2,140,654		64,326,641
Fidelity Air Transportation Portfolio (c)	318,152		15,169,464
Fidelity Banking Portfolio (c)	2,777,697		62,331,519
Fidelity Biotechnology Portfolio (c)	199,913		29,249,227
Fidelity Brokerage & Investment Management Portfolio (c)	1,228,258		77,036,365
Fidelity Chemicals Portfolio (c)	697,899		89,365,990
Equity Funds - continued
	Shares		Value
Sector Funds - continued
Fidelity Communications Equipment Portfolio (c)	1,325,278		$ 33,701,815
Fidelity Computers Portfolio (c)	953,220		62,731,424
Fidelity Construction & Housing Portfolio (c)	623,952		35,115,998
Fidelity Consumer Discretionary Portfolio (c)	2,780,566		83,528,212
Fidelity Consumer Finance Portfolio (c)	2,884,342		45,659,130
Fidelity Defense & Aerospace Portfolio (c)	170,686		17,271,677
Fidelity Electronics Portfolio (c)	417,318		22,593,598
Fidelity Energy Portfolio (c)	1,877,262		106,271,779
Fidelity Energy Service Portfolio (a)(c)	1,039,953		79,005,221
Fidelity Environmental & Alternative Energy Portfolio (c)	7,132		139,293
Fidelity Financial Services Portfolio (c)	1,483,692		106,588,461
Fidelity Health Care Portfolio (c)	962,805		155,098,302
Fidelity Industrial Equipment Portfolio (c)	192,663		7,912,690
Fidelity Industrials Portfolio (c)	7,215,053		208,298,569
Fidelity Insurance Portfolio (c)	1,323,430		81,165,989
Fidelity IT Services Portfolio (c)	3,558,688		106,226,843
Fidelity Multimedia Portfolio (c)	1,260,178		85,830,752
Fidelity Pharmaceuticals Portfolio (c)	6,770,041		118,611,126
Fidelity Real Estate Investment Portfolio (c)	399,266		13,818,599
Fidelity Retailing Portfolio (c)	659,884		48,296,907
Fidelity Software & Computer Services Portfolio (c)	1,698,265		162,931,584
Fidelity Telecom and Utilities Fund (c)	4,918,171		98,609,321
Fidelity Telecommunications Portfolio (c)	1,197,828		66,239,889
Fidelity Transportation Portfolio (c)	547,301		34,036,629
Fidelity Utilities Portfolio (c)	953,698		59,415,397
Financial Select Sector SPDR ETF	12,000,000		238,080,000
First Trust Consumer Discretionary AlphaDEX ETF	444,000		12,178,920
First Trust Consumer Staples AlphaDEX ETF	439,700		13,586,730
Health Care Select Sector SPDR ETF	771,300		37,130,382
iShares Dow Jones U.S. Consumer Services Sector Index ETF	22,300		2,281,290
iShares Dow Jones U.S. Financial Sector Index ETF	244,500		17,762,925
iShares Dow Jones U.S. Regional Banks Index ETF	365,100		10,401,699
iShares Dow Jones U.S. Technology Sector Index ETF	387,700		29,771,483
SPDR S&P Pharmaceuticals ETF	295,600		20,464,388
SPDR S&P Retail ETF	835,200		64,803,168
T. Rowe Price Real Estate Fund Advisor Class	1,098,448		24,802,967
Technology Select Sector SPDR ETF	2,375,730		75,215,612
TOTAL SECTOR FUNDS			3,346,170,580
Equity Funds - continued
	Shares		Value
Small Growth Funds - 0.4%
Brown Capital Management Small Company Fund - Investor Shares	271,895		$ 15,715,557
Small Value Funds - 1.7%
Fidelity Small Cap Value Fund (c)	260,987		4,971,803
Northern Small Cap Value Fund	1,320,776		25,028,710
Royce Opportunity Fund Service Class	3,249,280		44,450,157
TOTAL SMALL VALUE FUNDS			74,450,670
TOTAL EQUITY FUNDS (Cost $3,704,406,205)		4,453,764,919
Money Market Funds - 0.0%

SSgA US Treasury Money Market Fund, 0% (b) (Cost $1,743,268)	1,743,268		1,743,268
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $3,706,149,473)			4,455,508,187
NET OTHER ASSETS (LIABILITIES) - 0.0%			(1,877,716)
NET ASSETS - 100%		$ 4,453,630,471

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.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Advisor Consumer Staples Fund Institutional Class	$ 247,806,903	$ 52,863,886	$ 28,000,000	$ 698,371	$ 279,079,908
Fidelity Advisor Diversified Stock Fund Institutional Class	177,415,466	-	-	-	192,958,274
Fidelity Advisor Equity Income Fund Institutional Class	69,180,431	267,210	-	267,210	74,509,267
Fidelity Advisor Materials Fund Institutional Class	85,317,365	6,686	86,781,349	2,886	-
Fidelity Advisor Mega Cap Stock Fund Institutional Class	138,376,406	-	-	-	151,949,212
Fidelity Advisor Real Estate Fund Institutional Class	16,626,417	53,855,205	-	21,582	70,966,125
Fidelity Advisor Technology Fund Institutional Class	60,751,750	-	-	-	64,326,641
Fidelity Air Transportation Portfolio	688,977	14,247,471	-	7,883	15,169,464
Fidelity Banking Portfolio	57,062,237	105,363	-	105,363	62,331,519
Fidelity Biotechnology Portfolio	53,675,069	23,650,146	62,500,000	-	29,249,227
Fidelity Brokerage & Investment Management Portfolio	57,995,996	22,290,071	9,500,000	-	77,036,365
Fidelity Chemicals Portfolio	92,150,793	54,371,754	59,088,306	140,687	89,365,990
Fidelity Communications Equipment Portfolio	51,726,312	-	19,575,000	-	33,701,815
Fidelity Computers Portfolio	65,774,294	9,758,808	13,600,000	38,678	62,731,424
Fidelity Construction & Housing Portfolio	37,630,675	214,164	5,400,000	6,512	35,115,998
Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Consumer Discretionary Portfolio	$ 67,965,210	$ 9,176,139	$ -	$ 12,402	$ 83,528,212
Fidelity Consumer Finance Portfolio	47,473,288	2,894,655	6,300,000	24,212	45,659,130
Fidelity Defense & Aerospace Portfolio	32,420,861	285,931	18,000,000	56,550	17,271,677
Fidelity Electronics Portfolio	51,042,178	2,001,562	32,400,000	1,562	22,593,598
Fidelity Energy Portfolio	155,896,593	228,263	54,010,174	151,287	106,271,779
Fidelity Energy Service Portfolio	97,800,716	-	20,500,000	-	79,005,221
Fidelity Environmental & Alternative Energy Portfolio	5,457,412	9,035	5,600,000	9,035	139,293
Fidelity Financial Services Portfolio	76,834,908	22,182,038	-	82,038	106,588,461
Fidelity Growth & Income Portfolio	61,189,595	245,948	-	245,948	67,235,662
Fidelity Health Care Portfolio	74,682,223	67,638,026	-	31,683	155,098,302
Fidelity Industrial Equipment Portfolio	43,366,419	53,901	35,985,988	52,914	7,912,690
Fidelity Industrials Portfolio	189,353,768	25,014,335	11,470,002	319,564	208,298,569
Fidelity Insurance Portfolio	64,673,856	10,764,138	-	203,057	81,165,989
Fidelity IT Services Portfolio	97,544,039	439,356	-	-	106,226,843
Fidelity Large Cap Core Enhanced Index Fund	73,592,186	4,319,242	-	281,989	79,983,620
Fidelity Medical Delivery Portfolio	1,529,816	-	1,555,866	-	-
Fidelity Medical Equipment & Systems Portfolio	72,173,262	683,799	75,767,832	-	-
Fidelity Mega Cap Stock Fund	7,266,020	-	-	-	7,982,795
Fidelity Multimedia Portfolio	51,059,362	29,000,000	-	-	85,830,752
Fidelity Natural Resources Portfolio	4,396,900	-	4,459,626	-	-
Fidelity OTC Portfolio	25,301,630	135,187,430	-	-	166,114,222
Fidelity Pharmaceuticals Portfolio	101,143,182	8,793,363	-	376,230	118,611,126
Fidelity Real Estate Investment Portfolio	-	14,425,000	-	-	13,818,599
Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Retailing Portfolio	$ 62,618,430	$ 37,659	$ 19,200,909	$ 22,050	$ 48,296,907
Fidelity Small Cap Value Fund	-	14,900,000	10,000,000	-	4,971,803
Fidelity Software & Computer Services Portfolio	117,187,897	35,000,000	-	-	162,931,584
Fidelity Telecom and Utilities Fund	116,623,330	600,841	23,400,000	600,841	98,609,321
Fidelity Telecommunications Portfolio	19,507,256	56,696,205	11,700,000	146,205	66,239,889
Fidelity Transportation Portfolio	1,319,195	31,486,438	-	38,517	34,036,629
Fidelity Utilities Portfolio	-	70,740,186	8,198,492	-	59,415,397
Total	$ 2,931,598,623	$ 774,434,254	$ 622,993,544	$ 3,945,256	$ 3,272,329,299

Other Information

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

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $3,707,255,721. Net unrealized appreciation aggregated $748,252,466, of which $755,780,204 related to appreciated investment securities and $7,527,738 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses third party pricing vendors approved by the Board of Trustees (the Board) to value its investments. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

Valuation techniques used to value the Fund's investments by major category are as follows. Investments in the Underlying Funds are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy. Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers®
U.S. Opportunity II Fund

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

May 31, 2013

1.912854.102

SUI-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 100.0%
	Shares		Value
Large Blend Funds - 16.7%
Fidelity Advisor Diversified Stock Fund Institutional Class	2,176,080		$ 44,304,998
Fidelity Advisor Mega Cap Stock Fund Institutional Class	3,479,254		47,909,329
Fidelity Growth & Income Portfolio	360,635		8,936,533
Fidelity Large Cap Core Enhanced Index Fund	2,053,140		22,543,474
TOTAL LARGE BLEND FUNDS			123,694,334
Large Growth Funds - 6.7%
Fidelity New Millennium Fund	108,180		3,814,413
Fidelity OTC Portfolio	649,547		45,871,033
TOTAL LARGE GROWTH FUNDS			49,685,446
Large Value Funds - 2.8%
Fidelity Advisor Equity Income Fund Institutional Class	388,016		11,749,114
Fidelity Large Cap Value Enhanced Index Fund	993,311		9,347,055
TOTAL LARGE VALUE FUNDS			21,096,169
Sector Funds - 73.8%
Fidelity Advisor Consumer Staples Fund Institutional Class	673,902		59,303,380
Fidelity Advisor Real Estate Fund Institutional Class	1,176,569		25,143,270
Fidelity Advisor Technology Fund Institutional Class (a)	373,543		11,224,974
Fidelity Air Transportation Portfolio	54,246		2,586,459
Fidelity Banking Portfolio	899,901		20,193,775
Fidelity Biotechnology Portfolio	31,223		4,568,187
Fidelity Brokerage & Investment Management Portfolio	352,840		22,130,134
Fidelity Chemicals Portfolio	79,558		10,187,407
Fidelity Communications Equipment Portfolio	293,918		7,474,343
Fidelity Construction & Housing Portfolio	96,269		5,418,034
Fidelity Consumer Discretionary Portfolio	1,496,094		44,942,651
Fidelity Consumer Finance Portfolio	216,864		3,432,959
Fidelity Defense & Aerospace Portfolio	50,117		5,071,369
Fidelity Energy Portfolio	174,549		9,881,237
Fidelity Energy Service Portfolio (a)	227,093		17,252,252
Fidelity Financial Services Portfolio	305,064		21,915,799
Fidelity Health Care Portfolio	262,448		42,277,788
Fidelity Industrials Portfolio	1,322,331		38,175,684
Fidelity Insurance Portfolio	426,666		26,167,428
Fidelity IT Services Portfolio	487,723		14,558,521
Fidelity Leisure Portfolio	20,579		2,359,544
Fidelity Medical Equipment & Systems Portfolio	20,528		665,514
Fidelity Multimedia Portfolio	206,069		14,035,379
Equity Funds - continued
	Shares		Value
Sector Funds - continued
Fidelity Natural Gas Portfolio	86,655		$ 2,934,148
Fidelity Pharmaceuticals Portfolio	1,232,928		21,600,899
Fidelity Real Estate Investment Portfolio	38,749		1,341,091
Fidelity Retailing Portfolio	176,931		12,949,601
Fidelity Software & Computer Services Portfolio	512,194		49,139,920
Fidelity Telecom and Utilities Fund	505,498		10,135,231
Fidelity Telecommunications Portfolio	307,625		17,011,686
Fidelity Transportation Portfolio	127,651		7,938,590
Fidelity Utilities Portfolio	240,333		14,972,765
Fidelity Wireless Portfolio	37,056		331,655
TOTAL SECTOR FUNDS			547,321,674
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $612,557,779)			741,797,623
NET OTHER ASSETS (LIABILITIES) - 0.0%			(10,537)
NET ASSETS - 100%		$ 741,787,086

Legend

(a) Non-income producing

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $612,815,416. Net unrealized appreciation aggregated $128,982,207, of which $130,474,904 related to appreciated investment securities and $1,492,697 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers® International II
Fund

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

May 31, 2013

1.912844.102

SIL-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 32.6%
	Shares		Value
CONSUMER DISCRETIONARY - 3.6%
Auto Components - 0.2%
Aisin Seiki Co. Ltd.	6,800		$ 245,824
Bridgestone Corp.	40,600		1,317,871
Sumitomo Rubber Industries Ltd.	18,400		288,084
			1,851,779
Automobiles - 1.2%
Bayerische Motoren Werke AG (BMW)	3,621		346,814
Daimler AG (Germany)	7,525		483,260
Fuji Heavy Industries Ltd.	42,000		945,992
Honda Motor Co. Ltd.	55,600		2,064,137
Nissan Motor Co. Ltd.	97,000		1,047,497
Renault SA	15,600		1,211,700
Suzuki Motor Corp.	17,300		420,896
Toyota Motor Corp.	77,000		4,493,669
			11,013,965
Hotels, Restaurants & Leisure - 0.4%
Galaxy Entertainment Group Ltd. (a)	188,000		975,926
InterContinental Hotel Group PLC	14,100		405,887
Sands China Ltd.	262,800		1,386,544
Tatts Group Ltd.	112,302		343,475
Whitbread PLC	12,439		544,882
William Hill PLC	45,865		308,506
			3,965,220
Internet & Catalog Retail - 0.1%
Rakuten, Inc.	79,100		881,278
Leisure Equipment & Products - 0.1%
Sankyo Co. Ltd. (Gunma)	6,400		280,897
Sega Sammy Holdings, Inc.	32,700		776,916
			1,057,813
Media - 0.4%
ITV PLC	315,000		627,459
Reed Elsevier NV	63,634		1,048,741
RTL Group	4,600		358,582
West Australian Newspapers Holdings Ltd.	153,800		321,539
WPP PLC	94,809		1,614,034
			3,970,355
Multiline Retail - 0.3%
Don Quijote Co. Ltd.	6,900		310,958
Lifestyle International Holdings Ltd.	214,000		474,469
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Multiline Retail - continued
Next PLC	4,500		$ 315,815
PPR SA	7,640		1,670,241
			2,771,483
Specialty Retail - 0.4%
H&M Hennes & Mauritz AB (B Shares)	53,125		1,828,757
Kingfisher PLC	206,400		1,083,816
Nitori Holdings Co. Ltd.	5,000		393,449
Yamada Denki Co. Ltd.	2,480		93,547
			3,399,569
Textiles, Apparel & Luxury Goods - 0.5%
adidas AG	7,700		841,579
Christian Dior SA	4,100		754,849
Compagnie Financiere Richemont SA Series A	4,856		435,961
LVMH Moet Hennessy - Louis Vuitton SA	8,969		1,592,992
Swatch Group AG (Bearer)	2,270		1,310,369
			4,935,750
TOTAL CONSUMER DISCRETIONARY			33,847,212
CONSUMER STAPLES - 3.9%
Beverages - 0.6%
Anheuser-Busch InBev SA NV	30,108		2,772,506
Pernod Ricard SA	5,800		698,748
SABMiller PLC	45,300		2,292,000
			5,763,254
Food & Staples Retailing - 0.7%
Carrefour SA	32,935		976,648
Koninklijke Ahold NV	40,657		661,870
Metcash Ltd.	109,656		403,956
Seven & i Holdings Co., Ltd.	44,000		1,494,550
Tesco PLC	130,600		725,176
Woolworths Ltd.	66,250		2,083,048
			6,345,248
Food Products - 1.2%
Ajinomoto Co., Inc.	37,000		509,407
Dairy Crest Group PLC	36,558		270,121
Nestle SA	112,305		7,439,604
Orkla ASA (A Shares)	54,000		456,851
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Unilever NV (Certificaten Van Aandelen) (Bearer)	31,400		$ 1,282,811
Unilever PLC	25,300		1,062,735
			11,021,529
Household Products - 0.3%
Henkel AG & Co. KGaA	7,916		649,225
Reckitt Benckiser Group PLC	21,300		1,528,191
Svenska Cellulosa AB (SCA) (B Shares)	38,700		967,011
			3,144,427
Personal Products - 0.1%
Beiersdorf AG	8,408		759,845
Tobacco - 1.0%
British American Tobacco PLC (United Kingdom)	70,521		3,875,040
Imperial Tobacco Group PLC	64,943		2,339,570
Japan Tobacco, Inc.	69,500		2,365,294
Swedish Match Co. AB	12,400		431,347
			9,011,251
TOTAL CONSUMER STAPLES			36,045,554
ENERGY - 2.2%
Energy Equipment & Services - 0.3%
Aker Solutions ASA	32,000		474,658
Seadrill Ltd.	17,900		733,245
Technip SA	8,800		982,850
Transocean Ltd. (Switzerland)	18,200		928,985
			3,119,738
Oil, Gas & Consumable Fuels - 1.9%
BG Group PLC	112,921		2,081,170
BP PLC	300,969		2,151,088
ENI SpA	44,988		1,023,096
INPEX Corp.	128		544,896
JX Holdings, Inc.	79,800		387,688
Repsol YPF SA	55,508		1,271,943
Royal Dutch Shell PLC:
Class A (United Kingdom)	169,153		5,629,563
Class B (United Kingdom)	30,195		1,040,910
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Total SA	41,039		$ 2,051,267
Woodside Petroleum Ltd.	46,269		1,577,024
			17,758,645
TOTAL ENERGY			20,878,383
FINANCIALS - 8.5%
Capital Markets - 1.0%
Credit Suisse Group	70,487		2,083,336
Deutsche Bank AG	24,430		1,135,064
Mediobanca SpA	106,277		707,244
Nomura Holdings, Inc.	93,400		708,201
Partners Group Holding AG	1,860		473,437
UBS AG	247,972		4,350,918
			9,458,200
Commercial Banks - 4.3%
Australia & New Zealand Banking Group Ltd.	158,059		4,123,010
Banco Bilbao Vizcaya Argentaria SA	54,200		508,002
Bank of China Ltd. (H Shares)	503,000		236,913
Banque Cantonale Vaudoise (Bearer)	680		354,133
Barclays PLC	730,471		3,499,056
BNP Paribas SA	34,900		2,056,000
BOC Hong Kong (Holdings) Ltd.	183,000		608,305
DBS Group Holdings Ltd.	24,000		324,946
DNB ASA	120,400		1,958,232
HSBC Holdings PLC (United Kingdom)	518,629		5,689,900
Intesa Sanpaolo SpA	173,658		329,314
KBC Groupe SA	32,288		1,287,947
Lloyds Banking Group PLC (a)	1,876,200		1,743,820
Mitsubishi UFJ Financial Group, Inc.	368,700		2,139,757
National Australia Bank Ltd.	15,430		424,491
Nordea Bank AB	126,800		1,573,669
Shinsei Bank Ltd.	492,000		1,148,911
Societe Generale Series A	8,500		340,937
Standard Chartered PLC (United Kingdom)	67,025		1,565,247
Sumitomo Mitsui Financial Group, Inc.	70,300		2,775,428
Sumitomo Mitsui Trust Holdings, Inc.	204,000		835,787
Svenska Handelsbanken AB (A Shares)	8,700		376,328
Swedbank AB (A Shares)	41,800		1,004,712
United Overseas Bank Ltd.	102,860		1,737,312
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Westpac Banking Corp.	113,547		$ 3,060,193
Wing Hang Bank Ltd.	40,220		385,215
			40,087,565
Consumer Finance - 0.1%
AEON Financial Service Co. Ltd.	12,200		325,231
Credit Saison Co. Ltd.	13,900		324,102
			649,333
Diversified Financial Services - 0.3%
ING Groep NV (Certificaten Van Aandelen) (a)	24,200		225,658
Mitsubishi UFJ Lease & Finance Co. Ltd.	74,800		339,091
ORIX Corp.	139,000		1,843,416
			2,408,165
Insurance - 1.6%
AEGON NV	240,600		1,641,567
Ageas	8,300		306,539
AIA Group Ltd.	437,200		1,932,860
Allianz AG	21,881		3,405,670
Aviva PLC	63,600		319,612
AXA SA	18,520		376,236
Legal & General Group PLC	346,228		941,645
MS&AD Insurance Group Holdings, Inc.	38,300		939,402
Prudential PLC	22,395		376,709
QBE Insurance Group Ltd.	25,422		385,219
Sampo Oyj (A Shares)	22,600		924,998
Suncorp-Metway Ltd.	24,041		284,652
Swiss Re Ltd.	9,400		694,494
Tokio Marine Holdings, Inc.	23,600		679,498
Zurich Insurance Group AG	6,188		1,644,956
			14,854,057
Real Estate Investment Trusts - 0.4%
Ascendas Real Estate Investment Trust	37,000		67,684
British Land Co. PLC	52,258		483,551
Goodman Group unit	52,773		257,560
Macquarie CountryWide Trust	56,821		222,732
Mirvac Group unit	307,074		489,463
Nomura Real Estate Office Fund, Inc.	37		209,974
Unibail-Rodamco	2,600		639,542
Westfield Group unit	145,701		1,599,221
			3,969,727
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - 0.8%
AEON Mall Co. Ltd.	16,500		$ 432,054
Cheung Kong Holdings Ltd.	20,000		281,663
Daito Trust Construction Co. Ltd.	5,900		549,115
Global Logistic Properties Ltd.	265,000		586,080
Hongkong Land Holdings Ltd.	70,000		483,942
Hysan Development Co. Ltd.	93,000		412,260
Mitsui Fudosan Co. Ltd.	29,000		800,062
New World Development Co. Ltd.	198,118		314,004
NTT Urban Development Co.	161		184,468
Sun Hung Kai Properties Ltd.	111,000		1,468,864
Swire Properties Ltd.	193,000		602,408
Tokyo Tatemono Co. Ltd.	52,000		389,515
UOL Group Ltd.	85,000		448,168
Wheelock and Co. Ltd.	27,000		150,266
			7,102,869
TOTAL FINANCIALS			78,529,916
HEALTH CARE - 3.3%
Biotechnology - 0.4%
Amarin Corp. PLC ADR (a)	49,800		348,102
CSL Ltd.	42,693		2,429,256
Grifols SA ADR	28,592		779,418
Thrombogenics NV (a)	5,800		242,176
			3,798,952
Health Care Equipment & Supplies - 0.1%
Olympus Corp. (a)	23,100		685,947
Health Care Providers & Services - 0.1%
Fresenius SE & Co. KGaA	6,450		766,912
Life Sciences Tools & Services - 0.0%
Lonza Group AG	3,664		273,770
Pharmaceuticals - 2.7%
Astellas Pharma, Inc.	21,500		1,097,923
AstraZeneca PLC (United Kingdom)	11,883		607,985
Bayer AG	37,260		4,014,254
Daiichi Sankyo Kabushiki Kaisha	14,900		244,629
GlaxoSmithKline PLC	136,072		3,520,618
Hikma Pharmaceuticals PLC	29,060		428,292
Mitsubishi Tanabe Pharma Corp.	24,200		308,228
Novartis AG	9,419		674,702
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Novo Nordisk A/S Series B	19,993		$ 3,240,421
Roche Holding AG (participation certificate)	12,407		3,102,237
Rohto Pharmaceutical Co. Ltd.	25,000		362,901
Sanofi SA	59,862		6,382,980
Shionogi & Co. Ltd.	15,800		295,388
UCB SA	12,500		687,162
			24,967,720
TOTAL HEALTH CARE			30,493,301
INDUSTRIALS - 3.9%
Aerospace & Defense - 0.5%
Finmeccanica SpA (a)	154,300		861,569
Meggitt PLC	55,700		450,658
Rolls-Royce Group PLC	65,400		1,197,394
Safran SA	31,390		1,676,641
			4,186,262
Airlines - 0.1%
Cathay Pacific Airways Ltd.	143,000		265,300
Japan Airlines Co. Ltd.	4,800		246,037
			511,337
Building Products - 0.4%
Asahi Glass Co. Ltd.	138,000		982,189
ASSA ABLOY AB (B Shares)	25,400		1,028,908
Compagnie de St. Gobain	22,859		996,506
Daikin Industries Ltd.	5,300		229,803
LIXIL Group Corp.	35,300		841,477
			4,078,883
Commercial Services & Supplies - 0.1%
Aggreko PLC	10,100		274,232
Serco Group PLC	48,461		450,626
			724,858
Construction & Engineering - 0.1%
VINCI SA	24,570		1,267,654
Electrical Equipment - 0.6%
Alstom SA	21,848		827,061
Legrand SA	17,100		845,578
Mitsubishi Electric Corp.	117,000		1,100,485
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
Schneider Electric SA	23,502		$ 1,873,736
Sumitomo Electric Industries Ltd.	55,200		660,309
			5,307,169
Industrial Conglomerates - 0.2%
Koninklijke Philips Electronics NV	47,100		1,333,685
SembCorp Industries Ltd.	63,000		241,321
Siemens AG	5,036		530,857
			2,105,863
Machinery - 0.9%
Andritz AG	4,000		218,358
Atlas Copco AB (A Shares)	15,300		408,410
GEA Group AG	30,080		1,099,784
IMI PLC	39,200		770,117
JTEKT Corp.	37,300		402,341
Komatsu Ltd.	10,300		257,929
Kubota Corp.	25,000		362,101
Makita Corp.	9,600		512,572
NSK Ltd.	88,000		812,203
Sandvik AB	64,600		913,891
Schindler Holding AG (participation certificate)	4,328		632,737
SKF AB (B Shares)	12,500		305,737
SMC Corp.	4,600		872,357
Sumitomo Heavy Industries Ltd.	94,000		391,501
Volvo AB (B Shares)	46,600		688,796
			8,648,834
Marine - 0.1%
A.P. Moller - Maersk A/S Series B	116		834,032
Orient Overseas International Ltd.	63,500		397,978
			1,232,010
Professional Services - 0.3%
Adecco SA (Reg.)	7,260		408,458
Capita Group PLC	26,300		384,417
Experian PLC	43,100		800,241
Randstad Holding NV	29,800		1,278,174
			2,871,290
Road & Rail - 0.2%
ComfortDelgro Corp. Ltd.	223,000		335,190
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - continued
East Japan Railway Co.	17,600		$ 1,303,289
West Japan Railway Co.	10,800		449,166
			2,087,645
Trading Companies & Distributors - 0.3%
Brenntag AG	4,100		626,155
Bunzl PLC	17,100		333,606
Itochu Corp.	47,500		588,648
Mitsubishi Corp.	27,700		478,720
Noble Group Ltd.	475,000		388,013
Wolseley PLC	14,560		747,297
			3,162,439
Transportation Infrastructure - 0.1%
Transurban Group unit	70,474		464,859
TOTAL INDUSTRIALS			36,649,103
INFORMATION TECHNOLOGY - 1.3%
Communications Equipment - 0.0%
Alcatel-Lucent SA (a)	122,930		209,359
Computers & Peripherals - 0.1%
Toshiba Corp.	158,000		743,348
Electronic Equipment & Components - 0.4%
Hitachi High-Technologies Corp.	11,200		257,611
Hitachi Ltd.	232,000		1,561,552
Kyocera Corp.	3,400		331,509
Murata Manufacturing Co. Ltd.	10,400		785,990
Omron Corp.	8,400		248,648
Taiyo Yuden Co. Ltd.	14,000		209,069
			3,394,379
Internet Software & Services - 0.1%
DeNA Co. Ltd.	16,600		350,028
Yahoo! Japan Corp.	1,437		651,046
			1,001,074
IT Services - 0.1%
Amadeus IT Holding SA Class A	27,700		846,252
Atos Origin SA	5,188		380,109
			1,226,361
Office Electronics - 0.0%
Ricoh Co. Ltd.	28,000		325,078
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 0.3%
ASML Holding NV (Netherlands)	12,911		$ 1,068,542
Epistar Corp.	73,000		142,061
Infineon Technologies AG	38,600		328,616
Samsung Electronics Co. Ltd.	158		212,589
Shinko Electric Industries Co. Ltd.	41,400		457,882
Tokyo Electron Ltd.	6,400		314,803
			2,524,493
Software - 0.3%
Sage Group PLC	81,700		453,217
SAP AG	32,897		2,461,945
			2,915,162
TOTAL INFORMATION TECHNOLOGY			12,339,254
MATERIALS - 2.9%
Chemicals - 1.6%
Air Liquide SA	3,670		473,908
Arkema SA	10,000		1,035,121
Asahi Kasei Corp.	72,000		484,233
BASF AG	14,957		1,462,498
Incitec Pivot Ltd.	223,562		616,930
Johnson Matthey PLC	25,539		993,769
JSR Corp.	14,800		286,609
Lanxess AG	17,933		1,341,866
Linde AG	9,026		1,736,855
Mitsubishi Chemical Holdings Corp.	56,500		267,383
Mitsubishi Gas Chemical Co., Inc.	47,000		333,267
Nippon Shokubai Co. Ltd.	23,000		223,131
Nitto Denko Corp.	16,300		967,694
Royal DSM NV	10,300		677,671
Shin-Etsu Chemical Co., Ltd.	17,100		1,071,335
Syngenta AG (Switzerland)	2,482		968,221
Toray Industries, Inc.	72,000		492,523
Umicore SA	20,137		967,880
			14,400,894
Construction Materials - 0.2%
Boral Ltd.	77,507		334,835
HeidelbergCement Finance AG	15,370		1,168,464
James Hardie Industries PLC CDI	36,839		347,446
			1,850,745
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 1.1%
African Minerals Ltd. (a)	124,000		$ 480,434
ArcelorMittal SA (Netherlands)	10,900		137,746
BHP Billiton Ltd.	48,560		1,585,322
BHP Billiton PLC	114,473		3,291,691
Fortescue Metals Group Ltd.	165,441		516,241
Glencore Xstrata PLC	125,800		617,575
Iluka Resources Ltd.	40,541		426,935
JFE Holdings, Inc.	39,200		805,598
Newcrest Mining Ltd.	16,864		230,395
Nippon Steel & Sumitomo Metal Corp.	128,000		320,886
Randgold Resources Ltd.	5,400		424,860
Rio Tinto Ltd.	13,094		678,317
Rio Tinto PLC	10,000		427,108
Thyssenkrupp AG (a)	22,200		445,946
			10,389,054
Paper & Forest Products - 0.0%
China Forestry Holdings Co. Ltd. (a)	860,000		1
TOTAL MATERIALS			26,640,694
TELECOMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 1.3%
BT Group PLC	466,800		2,124,200
Iliad SA	3,194		670,036
Nippon Telegraph & Telephone Corp.	6,500		320,580
Singapore Telecommunications Ltd.	675,000		1,996,627
Swisscom AG	2,590		1,108,317
TDC A/S	198,000		1,556,853
Telecom Italia SpA	336,200		260,253
Telefonica SA	33,258		457,596
Telenor ASA	48,700		1,027,333
Vivendi SA	110,352		2,175,833
			11,697,628
Wireless Telecommunication Services - 0.6%
KDDI Corp.	14,800		667,687
Softbank Corp.	58,400		2,919,135
Vodafone Group PLC	665,591		1,928,958
			5,515,780
TOTAL TELECOMMUNICATION SERVICES			17,213,408
Common Stocks - continued
	Shares		Value
UTILITIES - 1.1%
Electric Utilities - 0.7%
CLP Holdings Ltd.	35,500		$ 299,150
Enel SpA	497,632		1,887,354
Energias de Portugal SA	109,514		352,863
Fortum Corp.	10,500		197,887
Kansai Electric Power Co., Inc.	140,100		1,649,298
Scottish & Southern Energy PLC	67,100		1,584,330
SP AusNet unit	178,738		205,701
Spark Infrastructure Group unit	249,378		415,931
Tokyo Electric Power Co. (a)	13,900		83,249
			6,675,763
Gas Utilities - 0.1%
Enagas SA	30,748		771,719
Multi-Utilities - 0.3%
Centrica PLC	409,200		2,362,606
E.ON AG	16,125		273,718
			2,636,324
TOTAL UTILITIES			10,083,806
TOTAL COMMON STOCKS (Cost $282,807,425)		302,720,631
Nonconvertible Preferred Stocks - 0.4%

CONSUMER DISCRETIONARY - 0.4%
Automobiles - 0.4%
Volkswagen AG	14,225		3,123,707
Media - 0.0%
ProSiebenSat.1 Media AG	3,800		152,617
TOTAL CONSUMER DISCRETIONARY			3,276,324
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Class C	7,782,600		11,825
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,695,943)		3,288,149
Equity Funds - 64.0%
	Shares		Value
Foreign Large Blend Funds - 41.3%
Fidelity Advisor Overseas Fund Institutional Class (c)	4,914,323		$ 94,453,288
Fidelity Diversified International Fund (c)	4,617,646		148,457,315
Fidelity International Discovery Fund (c)	3,940,595		141,112,695
TOTAL FOREIGN LARGE BLEND FUNDS			384,023,298
Foreign Large Growth Funds - 9.3%
Fidelity International Capital Appreciation Fund (c)	5,856,372		86,908,564
Foreign Large Value Funds - 4.4%
Fidelity International Value Fund (c)	5,034,556		40,578,518
Foreign Small Mid Growth Funds - 1.4%
Fidelity International Small Cap Opportunities Fund (c)	1,052,838		13,013,077
Large Growth Funds - 0.2%
Fidelity Canada Fund (c)	31,429		1,696,839
Sector Funds - 1.7%
Fidelity International Real Estate Fund (c)	1,600,487		16,260,952
Other - 5.7%
Fidelity Advisor Global Capital Appreciation Fund Institutional Class (c)	980,428		12,647,518
Fidelity Japan Fund (c)	2,097,129		23,173,271
Fidelity Japan Smaller Companies Fund (c)	1,408,332		16,871,823
TOTAL OTHER			52,692,612
TOTAL EQUITY FUNDS (Cost $583,180,322)		595,173,860
Money Market Funds - 2.9%

SSgA US Treasury Money Market Fund, 0% (b) (Cost $27,336,110)	27,336,110		27,336,110
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $896,019,800)			928,518,750
NET OTHER ASSETS (LIABILITIES) - 0.1%			952,153
NET ASSETS - 100%		$ 929,470,903

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
213 NYSE E-mini MSCI EAFE Index Contracts	June 2013	$ 17,989,980	$ 203,000

The face value of futures purchased as a percentage of net assets is 1.9%

Legend

(a) Non-income producing

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

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Advisor Global Capital Appreciation Fund Institutional Class	$ 11,079,682	$ 678,613	$ 49,706	$ -	$ 12,647,518
Fidelity Advisor Overseas Fund Institutional Class	90,532,906	-	525,892	-	94,453,288
Fidelity Canada Fund	1,715,002	-	23,093	-	1,696,839
Fidelity Diversified International Fund	133,724,593	8,132,420	497,060	-	148,457,315
Fidelity International Capital Appreciation Fund	78,743,722	6,408,347	295,451	-	86,908,564
Fidelity International Discovery Fund	122,054,818	13,015,349	497,060	-	141,112,695
Fidelity International Real Estate Fund	14,531,051	1,262,838	56,011	-	16,260,952
Fidelity International Small Cap Opportunities Fund	11,407,100	959,901	49,706	-	13,013,077
Fidelity International Value Fund	32,021,537	7,153,073	-	-	40,578,518
Fidelity Japan Fund	12,872,434	9,420,480	95,892	-	23,173,271
Fidelity Japan Smaller Companies Fund	12,881,417	1,177,184	42,008	-	16,871,823
Total	$ 521,564,262	$ 48,208,205	$ 2,131,879	$ -	$ 595,173,860

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 37,123,536	$ 18,040,647	$ 19,082,889	$ -
Consumer Staples	36,045,554	12,756,603	23,288,951	-
Energy	20,878,383	6,472,851	14,405,532	-
Financials	78,529,916	21,444,831	57,085,085	-
Health Care	30,493,301	10,642,323	19,850,978	-
Industrials	36,660,928	22,212,598	14,448,330	-
Information Technology	12,339,254	2,008,194	10,331,060	-
Materials	26,640,694	11,401,987	15,238,706	1
Telecommunication Services	17,213,408	6,538,372	10,675,036	-
Utilities	10,083,806	7,430,477	2,653,329	-
Equity Funds	595,173,860	595,173,860	-	-
Money Market Funds	27,336,110	27,336,110	-	-
Total Investments in Securities:	$ 928,518,750	$ 741,458,853	$ 187,059,896	$ 1
Derivative Instruments:
Assets
Futures Contracts	$ 203,000	$ 203,000	$ -	$ -

Transfers	Total
Level 1 to Level 2	$ 73,788,052
Level 2 to Level 1	$ 0

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $909,607,555. Net unrealized appreciation aggregated $18,911,195, of which $85,966,419 related to appreciated investment securities and $67,055,224 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers®
Core Income Fund

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

May 31, 2013

1.912894.102

SSC-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 6.1%
		Principal Amount (c)		Value
CONSUMER DISCRETIONARY - 0.5%
Automobiles - 0.0%
Ford Motor Co. 4.75% 1/15/43		$ 250,000		$ 233,189
Hotels, Restaurants & Leisure - 0.0%
McDonald's Corp. 1.875% 5/29/19		1,125,000		1,133,082
Internet & Catalog Retail - 0.0%
Amazon.com, Inc. 1.2% 11/29/17		350,000		345,044
Media - 0.5%
CBS Corp. 3.375% 3/1/22		275,000		275,684
Comcast Corp.:
4.65% 7/15/42		7,237,000		7,415,435
5.15% 3/1/20		2,184,000		2,573,270
5.7% 5/15/18		1,615,000		1,923,644
5.7% 7/1/19		1,100,000		1,331,055
6.4% 3/1/40		660,000		840,811
6.45% 3/15/37		450,000		567,506
6.5% 1/15/17		1,764,000		2,083,926
COX Communications, Inc. 3.25% 12/15/22 (f)		956,000		941,265
DIRECTV Holdings LLC/DIRECTV Financing, Inc. 5.875% 10/1/19		2,617,000		3,082,190
Discovery Communications LLC:
3.25% 4/1/23		393,000		389,360
4.875% 4/1/43		922,000		921,627
5.625% 8/15/19		225,000		265,704
NBCUniversal Media LLC:
5.15% 4/30/20		1,982,000		2,343,231
6.4% 4/30/40		2,438,000		3,081,478
News America Holdings, Inc. 7.75% 12/1/45		1,100,000		1,498,850
News America, Inc.:
6.15% 3/1/37		2,054,000		2,371,462
6.15% 2/15/41		4,506,000		5,272,732
Time Warner Cable, Inc.:
4% 9/1/21		7,100,000		7,423,845
4.5% 9/15/42		4,735,000		4,234,492
6.75% 7/1/18		1,413,000		1,713,284
8.75% 2/14/19		2,150,000		2,822,830
Time Warner, Inc.:
3.15% 7/15/15		750,000		785,464
4.75% 3/29/21		1,450,000		1,621,188
4.9% 6/15/42		7,000,000		7,046,473
6.2% 3/15/40		2,433,000		2,814,609
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
CONSUMER DISCRETIONARY - continued
Media - continued
Viacom, Inc.:
3.25% 3/15/23		$ 500,000		$ 490,073
3.5% 4/1/17		530,000		563,774
4.375% 3/15/43 (f)		1,427,000		1,292,178
5.625% 9/15/19		650,000		766,152
Walt Disney Co.:
1.1% 12/1/17		300,000		297,288
2.75% 8/16/21		200,000		201,593
				69,252,473
Multiline Retail - 0.0%
Target Corp. 5.875% 7/15/16		600,000		690,789
Specialty Retail - 0.0%
Home Depot, Inc. 5.875% 12/16/36		200,000		244,742
TOTAL CONSUMER DISCRETIONARY				71,899,319
CONSUMER STAPLES - 0.5%
Beverages - 0.1%
Anheuser-Busch InBev Worldwide, Inc. 5.375% 1/15/20		2,325,000		2,754,672
Beam, Inc. 1.875% 5/15/17		453,000		456,737
Diageo Capital PLC 5.75% 10/23/17		225,000		263,870
FBG Finance Ltd. 5.125% 6/15/15 (f)		1,313,000		1,417,749
Fortune Brands, Inc.:
5.375% 1/15/16		146,000		160,514
6.375% 6/15/14		623,000		658,518
Heineken NV:
1.4% 10/1/17 (f)		1,262,000		1,246,903
2.75% 4/1/23 (f)		1,319,000		1,271,333
PepsiCo, Inc. 4.5% 1/15/20		1,350,000		1,532,843
SABMiller Holdings, Inc. 3.75% 1/15/22 (f)		1,593,000		1,676,728
				11,439,867
Food & Staples Retailing - 0.0%
CVS Caremark Corp.:
5.75% 6/1/17		1,200,000		1,397,357
6.125% 9/15/39		125,000		154,394
Wal-Mart Stores, Inc.:
3.625% 7/8/20		425,000		460,171
5.25% 9/1/35		500,000		570,891
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Wal-Mart Stores, Inc.: - continued
5.8% 2/15/18		$ 1,100,000		$ 1,314,271
Walgreen Co. 1.8% 9/15/17		1,045,000		1,051,525
				4,948,609
Food Products - 0.2%
CF Industries Holdings, Inc.:
4.95% 6/1/43		125,000		124,088
6.875% 5/1/18		120,000		144,178
ConAgra Foods, Inc.:
1.9% 1/25/18		919,000		924,372
3.2% 1/25/23		7,469,000		7,370,491
4.65% 1/25/43		1,415,000		1,388,789
General Mills, Inc. 5.65% 2/15/19		440,000		522,161
Kraft Foods Group, Inc. 5.375% 2/10/20		1,150,000		1,340,592
Kraft Foods, Inc.:
5.375% 2/10/20		4,617,000		5,360,716
6.125% 2/1/18		1,549,000		1,825,001
6.5% 8/11/17		1,194,000		1,416,578
6.5% 2/9/40		435,000		551,206
Unilever Capital Corp. 4.25% 2/10/21		375,000		423,640
				21,391,812
Household Products - 0.0%
Procter & Gamble Co. 4.7% 2/15/19		1,700,000		1,968,843
Tobacco - 0.2%
Altria Group, Inc.:
2.85% 8/9/22		4,568,000		4,356,949
4.25% 8/9/42		1,568,000		1,386,844
9.25% 8/6/19		449,000		615,136
9.7% 11/10/18		1,451,000		1,982,995
Lorillard Tobacco Co. 3.75% 5/20/23		345,000		337,385
Philip Morris International, Inc.:
3.875% 8/21/42		400,000		360,949
5.65% 5/16/18		1,275,000		1,513,782
Reynolds American, Inc.:
3.25% 11/1/22		12,294,000		11,961,607
4.75% 11/1/42		2,300,000		2,162,299
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
CONSUMER STAPLES - continued
Tobacco - continued
Reynolds American, Inc.: - continued
6.75% 6/15/17		$ 1,810,000		$ 2,143,572
7.25% 6/15/37		2,443,000		3,044,569
				29,866,087
TOTAL CONSUMER STAPLES				69,615,218
ENERGY - 0.9%
Energy Equipment & Services - 0.1%
DCP Midstream LLC:
4.75% 9/30/21 (f)		1,717,000		1,814,625
5.35% 3/15/20 (f)		2,258,000		2,459,495
El Paso Pipeline Partners Operating Co. LLC:
4.1% 11/15/15		1,549,000		1,657,117
5% 10/1/21		1,212,000		1,348,697
FMC Technologies, Inc.:
2% 10/1/17		315,000		315,412
3.45% 10/1/22		571,000		567,782
Halliburton Co. 6.7% 9/15/38		225,000		301,472
Nabors Industries, Inc. 9.25% 1/15/19		975,000		1,233,400
Transocean, Inc. 5.05% 12/15/16		1,260,000		1,396,212
Weatherford International Ltd. 5.125% 9/15/20		830,000		896,510
				11,990,722
Oil, Gas & Consumable Fuels - 0.8%
Anadarko Petroleum Corp.:
6.375% 9/15/17		10,072,000		11,884,134
6.95% 7/1/24		300,000		369,738
Cenovus Energy, Inc. 6.75% 11/15/39		550,000		702,135
Chevron Corp.:
2.355% 12/5/22		475,000		458,594
4.95% 3/3/19		650,000		762,101
ConocoPhillips Co. 2.4% 12/15/22		1,150,000		1,106,988
DCP Midstream Operating LP:
2.5% 12/1/17		1,182,000		1,196,165
3.875% 3/15/23		3,800,000		3,734,207
Enbridge Energy Partners LP 4.2% 9/15/21		2,044,000		2,154,838
Encana Corp. 6.625% 8/15/37		125,000		149,214
Energy Transfer Partners LP 5.15% 2/1/43		275,000		266,170
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Enterprise Products Operating LP:
4.85% 3/15/44		$ 400,000		$ 398,894
6.5% 1/31/19		1,275,000		1,558,953
Kinder Morgan Energy Partners LP:
5% 3/1/43		300,000		296,450
6.85% 2/15/20		875,000		1,084,423
Marathon Petroleum Corp. 5.125% 3/1/21		2,870,000		3,296,605
Motiva Enterprises LLC 5.75% 1/15/20 (f)		1,497,000		1,761,694
Nakilat, Inc. 6.067% 12/31/33 (f)		666,000		804,655
Noble Energy, Inc. 6% 3/1/41		300,000		355,526
Occidental Petroleum Corp. 4.1% 2/1/21		475,000		524,471
ONEOK Partners LP 3.375% 10/1/22		750,000		732,581
Petro-Canada 6.05% 5/15/18		497,000		589,812
Petrobras Global Finance BV:
4.375% 5/20/23		35,325,000		34,219,328
5.625% 5/20/43		3,325,000		3,105,883
Petrobras International Finance Co. Ltd.:
3.875% 1/27/16		5,441,000		5,678,195
5.375% 1/27/21		3,246,000		3,432,106
8.375% 12/10/18		1,175,000		1,455,473
Petroleos Mexicanos:
3.5% 1/30/23 (f)		2,996,000		2,846,200
4.875% 1/24/22		2,000,000		2,140,000
5.5% 6/27/44		7,860,000		7,683,150
5.5% 6/27/44 (f)		5,181,000		5,064,428
6.5% 6/2/41		6,092,000		6,823,040
Phillips 66:
4.3% 4/1/22		1,979,000		2,137,039
5.875% 5/1/42		1,694,000		1,974,930
Plains All American Pipeline LP/PAA Finance Corp. 3.65% 6/1/22		5,776,000		5,968,023
Shell International Finance BV 4.375% 3/25/20		425,000		484,820
Spectra Energy Partners, LP:
2.95% 6/15/16		737,000		763,874
4.6% 6/15/21		390,000		410,278
StatoilHydro ASA 5.25% 4/15/19		1,100,000		1,305,599
Suncor Energy, Inc. 6.1% 6/1/18		1,527,000		1,818,216
Total Capital International SA 2.7% 1/25/23		1,025,000		1,001,178
Transcontinental Gas Pipe Line Corp. 6.4% 4/15/16		482,000		551,558
Western Gas Partners LP 5.375% 6/1/21		2,207,000		2,489,860
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Williams Partners LP:
4.125% 11/15/20		$ 394,000		$ 419,013
5.25% 3/15/20		350,000		394,276
XTO Energy, Inc. 5.5% 6/15/18		225,000		270,022
				126,624,837
TOTAL ENERGY				138,615,559
FINANCIALS - 2.5%
Capital Markets - 0.4%
Goldman Sachs Group, Inc.:
3.625% 1/22/23		1,300,000		1,283,715
5.25% 7/27/21		2,497,000		2,785,301
5.75% 1/24/22		3,211,000		3,680,618
5.95% 1/18/18		1,219,000		1,406,655
6.15% 4/1/18		1,000,000		1,163,421
6.45% 5/1/36		500,000		529,911
6.75% 10/1/37		4,983,000		5,445,916
Lazard Group LLC:
6.85% 6/15/17		623,000		714,170
7.125% 5/15/15		1,957,000		2,143,608
Lloyds TSB Bank PLC 4.875% 1/21/16		425,000		463,693
Merrill Lynch & Co., Inc. 6.11% 1/29/37		1,022,000		1,098,609
Morgan Stanley:
2.125% 4/25/18		4,396,000		4,342,901
3.75% 2/25/23		4,800,000		4,768,478
3.8% 4/29/16		500,000		527,705
4.1% 5/22/23		2,425,000		2,326,851
4.875% 11/1/22		9,525,000		9,795,339
5.625% 9/23/19		500,000		566,890
5.75% 1/25/21		3,389,000		3,866,581
6.625% 4/1/18		2,019,000		2,378,160
7.3% 5/13/19		1,209,000		1,482,618
				50,771,140
Commercial Banks - 0.5%
Bank of America NA 5.3% 3/15/17		984,000		1,092,151
Bank of Nova Scotia 2.9% 3/29/16		350,000		368,631
Barclays Bank PLC 5% 9/22/16		425,000		475,745
Credit Suisse 6% 2/15/18		2,745,000		3,169,531
Credit Suisse New York Branch 4.375% 8/5/20		400,000		443,626
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
FINANCIALS - continued
Commercial Banks - continued
Discover Bank:
2% 2/21/18		$ 4,000,000		$ 3,975,336
7% 4/15/20		3,143,000		3,810,564
8.7% 11/18/19		357,000		469,477
Export-Import Bank of Korea 5.125% 6/29/20		800,000		895,083
Fifth Third Bancorp:
4.5% 6/1/18		520,000		570,592
8.25% 3/1/38		603,000		834,224
Fifth Third Capital Trust IV 6.5% 4/15/37 (h)		1,003,000		1,005,508
HBOS PLC 6.75% 5/21/18 (f)		773,000		868,227
HSBC Holdings PLC:
4% 3/30/22		1,050,000		1,114,813
6.5% 5/2/36		300,000		359,699
Huntington Bancshares, Inc. 7% 12/15/20		404,000		498,124
JPMorgan Chase Bank 6% 10/1/17		7,764,000		9,068,802
KeyBank NA 1.65% 2/1/18		1,802,000		1,806,983
Marshall & Ilsley Bank 5% 1/17/17		4,118,000		4,451,311
PNC Bank NA 6.875% 4/1/18		250,000		302,701
PNC Financial Services Group, Inc. 2.854% 11/9/22		275,000		266,634
Rabobank (Netherlands) NV 2.125% 10/13/15		550,000		566,656
Regions Bank:
6.45% 6/26/37		2,533,000		2,792,691
7.5% 5/15/18		5,672,000		6,882,853
Regions Financial Corp.:
2% 5/15/18		2,346,000		2,299,448
5.75% 6/15/15		277,000		299,853
7.75% 11/10/14		1,190,000		1,294,339
Royal Bank of Scotland Group PLC:
6.125% 12/15/22		5,889,000		6,074,833
6.4% 10/21/19		600,000		710,023
SunTrust Bank 2.75% 5/1/23		3,812,000		3,646,911
Wachovia Corp. 4.875% 2/15/14		1,083,000		1,115,143
Wells Fargo & Co.:
3.45% 2/13/23		3,000,000		2,941,443
5.625% 12/11/17		1,200,000		1,398,932
				65,870,887
Consumer Finance - 0.1%
American Express Co. 2.65% 12/2/22		800,000		767,975
Capital One Financial Corp. 6.15% 9/1/16		600,000		681,152
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
FINANCIALS - continued
Consumer Finance - continued
Discover Financial Services:
3.85% 11/21/22		$ 1,943,000		$ 1,959,720
5.2% 4/27/22		1,093,000		1,204,843
Ford Motor Credit Co. LLC:
1.7% 5/9/16		4,009,000		3,999,984
5% 5/15/18		1,225,000		1,359,505
General Electric Capital Corp.:
1% 12/11/15		2,037,000		2,045,910
5.55% 5/4/20		2,525,000		2,960,217
5.875% 1/14/38		500,000		571,811
HSBC Finance Corp. 6.676% 1/15/21		500,000		593,482
HSBC USA, Inc. 1.625% 1/16/18		2,210,000		2,194,095
Hyundai Capital America:
1.625% 10/2/15 (f)		797,000		802,652
2.125% 10/2/17 (f)		881,000		870,804
Toyota Motor Credit Corp. 2.625% 1/10/23		375,000		363,617
				20,375,767
Diversified Financial Services - 0.6%
ABB Finance (USA), Inc. 2.875% 5/8/22		115,000		114,855
AGL Capital Corp. 4.4% 6/1/43		290,000		285,380
Bank of America Corp.:
3.3% 1/11/23		16,283,000		15,797,555
3.875% 3/22/17		890,000		951,786
5.49% 3/15/19		600,000		670,650
5.65% 5/1/18		1,325,000		1,518,639
5.75% 12/1/17		3,470,000		3,976,523
6% 9/1/17		800,000		922,433
6.5% 8/1/16		1,370,000		1,566,668
BP Capital Markets PLC:
4.5% 10/1/20		1,475,000		1,658,514
4.742% 3/11/21		3,200,000		3,609,277
Citigroup, Inc.:
3.375% 3/1/23		1,160,000		1,143,261
3.953% 6/15/16		1,713,000		1,838,554
4.05% 7/30/22		1,159,000		1,160,628
4.5% 1/14/22		2,773,000		3,007,310
4.587% 12/15/15		500,000		542,118
4.75% 5/19/15		5,000,000		5,347,660
5.5% 2/15/17		1,000,000		1,112,006
6.125% 5/15/18		1,195,000		1,410,028
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
FINANCIALS - continued
Diversified Financial Services - continued
Citigroup, Inc.: - continued
6.5% 8/19/13		$ 333,000		$ 337,070
GlaxoSmithKline Capital PLC 1.5% 5/8/17		850,000		858,504
GlaxoSmithKline Capital, Inc. 2.8% 3/18/23		850,000		834,874
JPMorgan Chase & Co.:
3.2% 1/25/23		6,256,000		6,117,943
3.25% 9/23/22		11,642,000		11,411,349
3.375% 5/1/23		175,000		166,522
4.35% 8/15/21		3,217,000		3,464,612
4.5% 1/24/22		2,000,000		2,171,016
4.95% 3/25/20		3,248,000		3,662,617
6.3% 4/23/19		900,000		1,083,928
RBS Citizens Financial Group, Inc. 4.15% 9/28/22 (f)		2,461,000		2,491,073
TECO Finance, Inc.:
4% 3/15/16		364,000		390,216
5.15% 3/15/20		523,000		595,569
				80,219,138
Insurance - 0.3%
Ace INA Holdings, Inc. 2.7% 3/13/23		500,000		486,080
Allied World Assurance Co. Holdings Ltd. 7.5% 8/1/16		210,000		247,623
Allstate Corp. 7.45% 5/16/19		225,000		293,167
American International Group, Inc.:
4.875% 9/15/16		1,209,000		1,339,460
5.85% 1/16/18		1,125,000		1,296,291
Aon Corp.:
3.125% 5/27/16		3,625,000		3,822,080
5% 9/30/20		540,000		616,154
Axis Capital Holdings Ltd. 5.75% 12/1/14		1,589,000		1,695,517
Berkshire Hathaway Finance Corp.:
3% 5/15/22		800,000		795,578
5.4% 5/15/18		950,000		1,118,080
Great-West Life & Annuity Insurance Co. 7.153% 5/16/46 (f)(h)		2,630,000		2,787,800
Hartford Financial Services Group, Inc.:
5.125% 4/15/22		2,302,000		2,627,922
5.5% 3/30/20		450,000		523,687
Liberty Mutual Group, Inc.:
5% 6/1/21 (f)		1,847,000		2,012,955
6.7% 8/15/16 (f)		1,887,000		2,182,344
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
FINANCIALS - continued
Insurance - continued
Lincoln National Corp.:
6.3% 10/9/37		$ 150,000		$ 179,728
7% 6/15/40		225,000		293,040
Marsh & McLennan Companies, Inc. 4.8% 7/15/21		1,026,000		1,158,237
Massachusetts Mutual Life Insurance Co. 5.375% 12/1/41 (f)		1,109,000		1,249,081
MetLife, Inc.:
1.756% 12/15/17 (d)		1,057,000		1,065,206
3.048% 12/15/22		2,791,000		2,740,218
6.75% 6/1/16		1,135,000		1,321,984
7.717% 2/15/19		500,000		648,787
Metropolitan Life Global Funding I 3% 1/10/23 (f)		1,569,000		1,548,200
Pacific Life Insurance Co. 9.25% 6/15/39 (f)		1,338,000		1,924,081
Pacific LifeCorp:
5.125% 1/30/43 (f)		2,527,000		2,495,670
6% 2/10/20 (f)		174,000		197,034
Prudential Financial, Inc.:
4.5% 11/16/21		1,118,000		1,226,465
4.75% 9/17/15		1,859,000		2,014,022
5.8% 11/16/41		1,463,000		1,684,422
6.2% 11/15/40		725,000		884,374
7.375% 6/15/19		438,000		558,534
Symetra Financial Corp. 6.125% 4/1/16 (f)		1,239,000		1,360,638
The Chubb Corp. 6% 5/11/37		200,000		250,604
The Travelers Companies, Inc. 5.8% 5/15/18		1,025,000		1,227,351
Unum Group:
5.625% 9/15/20		1,220,000		1,390,183
5.75% 8/15/42		3,002,000		3,297,859
				50,560,456
Real Estate Investment Trusts - 0.2%
Alexandria Real Estate Equities, Inc. 4.6% 4/1/22		631,000		675,210
American Campus Communities Operating Partnership LP 3.75% 4/15/23		813,000		806,930
Boston Properties, Inc. 3.85% 2/1/23		2,456,000		2,546,123
Camden Property Trust:
2.95% 12/15/22		954,000		914,713
5.375% 12/15/13		460,000		471,125
DDR Corp. 4.625% 7/15/22		1,599,000		1,711,007
Developers Diversified Realty Corp.:
4.75% 4/15/18		1,652,000		1,827,639
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Developers Diversified Realty Corp.: - continued
7.5% 4/1/17		$ 663,000		$ 787,946
9.625% 3/15/16		1,821,000		2,202,589
Duke Realty LP:
3.625% 4/15/23		1,382,000		1,352,026
3.875% 10/15/22		1,804,000		1,807,292
4.375% 6/15/22		1,237,000		1,287,732
5.4% 8/15/14		1,410,000		1,481,828
5.5% 3/1/16		1,275,000		1,400,520
5.95% 2/15/17		389,000		440,208
6.5% 1/15/18		1,281,000		1,507,824
Equity One, Inc.:
3.75% 11/15/22		3,200,000		3,164,566
5.375% 10/15/15		203,000		220,449
6% 9/15/17		886,000		1,010,332
6.25% 1/15/17		646,000		733,485
Federal Realty Investment Trust:
5.4% 12/1/13		664,000		679,303
5.9% 4/1/20		351,000		417,148
6.2% 1/15/17		307,000		353,806
Health Care REIT, Inc. 2.25% 3/15/18		1,069,000		1,077,755
HRPT Properties Trust:
5.75% 11/1/15		564,000		599,039
6.65% 1/15/18		809,000		896,989
UDR, Inc. 5.5% 4/1/14		1,615,000		1,673,521
United Dominion Realty Trust, Inc. 5.25% 1/15/15		439,000		466,232
Weingarten Realty Investors 3.375% 10/15/22		472,000		457,361
				32,970,698
Real Estate Management & Development - 0.4%
AMB Property LP:
5.9% 8/15/13		1,148,000		1,159,184
6.3% 6/1/13		1,166,000		1,166,000
BioMed Realty LP:
3.85% 4/15/16		1,500,000		1,589,711
4.25% 7/15/22		975,000		1,013,631
6.125% 4/15/20		473,000		549,348
Brandywine Operating Partnership LP:
3.95% 2/15/23		2,536,000		2,515,390
4.95% 4/15/18		1,263,000		1,385,689
5.7% 5/1/17		567,000		632,577
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Brandywine Operating Partnership LP: - continued
7.5% 5/15/15		$ 324,000		$ 361,817
Colonial Properties Trust 5.5% 10/1/15		1,516,000		1,644,996
Colonial Realty LP 6.05% 9/1/16		1,122,000		1,258,192
Digital Realty Trust LP 4.5% 7/15/15		1,675,000		1,770,792
ERP Operating LP:
4.625% 12/15/21		2,855,000		3,146,484
4.75% 7/15/20		3,056,000		3,412,599
5.75% 6/15/17		437,000		505,284
Liberty Property LP:
3.375% 6/15/23		4,307,000		4,186,705
4.125% 6/15/22		1,061,000		1,101,739
4.75% 10/1/20		2,674,000		2,937,828
5.5% 12/15/16		799,000		896,142
6.625% 10/1/17		938,000		1,098,987
Mack-Cali Realty LP:
2.5% 12/15/17		1,744,000		1,756,254
3.15% 5/15/23		3,436,000		3,219,487
4.5% 4/18/22		644,000		676,719
Post Apartment Homes LP 3.375% 12/1/22		1,800,000		1,781,816
Prime Property Funding, Inc.:
5.125% 6/1/15 (f)		1,762,000		1,850,235
5.5% 1/15/14 (f)		1,140,000		1,163,041
Reckson Operating Partnership LP 6% 3/31/16		310,000		340,291
Regency Centers LP 5.25% 8/1/15		950,000		1,029,620
Simon Property Group LP:
2.75% 2/1/23		1,636,000		1,580,358
4.125% 12/1/21		1,213,000		1,324,860
4.2% 2/1/15		511,000		536,017
5.1% 6/15/15		795,000		864,565
Tanger Properties LP:
6.125% 6/1/20		1,439,000		1,736,637
6.15% 11/15/15		3,307,000		3,722,032
Ventas Realty LP/Ventas Capital Corp. 2% 2/15/18		1,600,000		1,596,538
				55,511,565
TOTAL FINANCIALS				356,279,651
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
HEALTH CARE - 0.5%
Biotechnology - 0.1%
Amgen, Inc.:
4.5% 3/15/20		$ 1,100,000		$ 1,231,901
5.15% 11/15/41		4,224,000		4,492,613
5.375% 5/15/43		731,000		803,389
5.65% 6/15/42		1,868,000		2,104,771
5.85% 6/1/17		750,000		872,129
Genentech, Inc. 4.75% 7/15/15		800,000		867,527
				10,372,330
Health Care Equipment & Supplies - 0.0%
Becton, Dickinson & Co. 5% 5/15/19		650,000		750,181
CareFusion Corp. 6.375% 8/1/19		325,000		383,854
Medtronic, Inc. 1.375% 4/1/18		350,000		347,356
St. Jude Medical, Inc. 3.25% 4/15/23		680,000		669,188
				2,150,579
Health Care Providers & Services - 0.2%
Aetna, Inc.:
1.5% 11/15/17		305,000		302,942
2.75% 11/15/22		1,231,000		1,180,206
3.95% 9/1/20		650,000		694,648
4.125% 11/15/42		687,000		642,307
Cardinal Health, Inc. 4.625% 12/15/20		200,000		220,463
CIGNA Corp.:
5.125% 6/15/20		500,000		569,894
5.375% 2/15/42		125,000		140,915
Coventry Health Care, Inc. 5.45% 6/15/21		400,000		464,159
Express Scripts Holding Co.:
3.5% 11/15/16		3,017,000		3,239,959
4.75% 11/15/21		3,998,000		4,474,973
Express Scripts, Inc. 3.125% 5/15/16		1,541,000		1,626,607
McKesson Corp. 7.5% 2/15/19		660,000		846,309
Medco Health Solutions, Inc. 4.125% 9/15/20		1,049,000		1,126,244
UnitedHealth Group, Inc.:
1.625% 3/15/19		821,000		808,779
2.75% 2/15/23		412,000		398,616
2.875% 3/15/23		4,170,000		4,066,759
3.95% 10/15/42		564,000		518,270
4.25% 3/15/43		3,000,000		2,888,340
4.875% 3/15/15		500,000		536,406
6.875% 2/15/38		125,000		164,312
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
WellPoint, Inc.:
3.3% 1/15/23		$ 8,239,000		$ 8,190,769
4.65% 1/15/43		2,651,000		2,639,245
				35,741,122
Pharmaceuticals - 0.2%
AbbVie, Inc.:
1.75% 11/6/17 (f)		2,480,000		2,473,904
2.9% 11/6/22 (f)		2,964,000		2,887,179
4.4% 11/6/42 (f)		2,484,000		2,432,904
Allergan, Inc. 2.8% 3/15/23		100,000		98,555
AstraZeneca PLC 5.9% 9/15/17		350,000		414,078
Johnson & Johnson 5.15% 7/15/18		340,000		401,421
Merck & Co., Inc. 2.4% 9/15/22		1,275,000		1,225,355
Novartis Securities Investment Ltd. 5.125% 2/10/19		1,930,000		2,266,108
Pfizer, Inc. 6.2% 3/15/19		1,175,000		1,450,337
Teva Pharmaceutical Finance Co. BV 2.95% 12/18/22		350,000		342,263
Watson Pharmaceuticals, Inc.:
1.875% 10/1/17		829,000		824,108
6.125% 8/15/19		725,000		858,106
Zoetis, Inc.:
1.875% 2/1/18 (f)		400,000		400,832
3.25% 2/1/23 (f)		5,975,000		5,920,520
4.7% 2/1/43 (f)		1,478,000		1,476,265
				23,471,935
TOTAL HEALTH CARE				71,735,966
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.0%
General Dynamics Corp. 2.25% 11/15/22		400,000		377,348
Honeywell International, Inc. 5.375% 3/1/41		100,000		121,060
Lockheed Martin Corp.:
4.07% 12/15/42		125,000		114,603
4.25% 11/15/19		625,000		698,875
Precision Castparts Corp. 2.5% 1/15/23		200,000		193,475
The Boeing Co. 4.875% 2/15/20		650,000		755,863
United Technologies Corp. 6.125% 2/1/19		300,000		366,609
				2,627,833
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
INDUSTRIALS - continued
Airlines - 0.1%
Continental Airlines, Inc.:
4.15% 10/11/25		$ 1,100,000		$ 1,153,625
6.545% 8/2/20		250,933		281,672
6.795% 2/2/20		56,176		59,861
U.S. Airways pass-thru trust certificates:
6.85% 1/30/18		469,609		493,089
8.36% 1/20/19		1,757,052		1,976,683
				3,964,930
Commercial Services & Supplies - 0.0%
Republic Services, Inc. 5.5% 9/15/19		325,000		377,252
Waste Management, Inc. 4.75% 6/30/20		290,000		324,832
				702,084
Industrial Conglomerates - 0.0%
Covidien International Finance SA 2.95% 6/15/23		120,000		118,139
Danaher Corp. 5.4% 3/1/19		250,000		296,786
General Electric Co. 4.125% 10/9/42		1,921,000		1,838,291
				2,253,216
Machinery - 0.0%
Caterpillar, Inc. 3.9% 5/27/21		1,125,000		1,222,903
Deere & Co.:
2.6% 6/8/22		575,000		569,474
3.9% 6/9/42		250,000		237,208
				2,029,585
Road & Rail - 0.0%
Canadian National Railway Co. 2.85% 12/15/21		600,000		609,516
CSX Corp. 4.1% 3/15/44		700,000		648,393
Norfolk Southern Corp. 5.9% 6/15/19		1,400,000		1,696,372
Union Pacific Corp. 4.3% 6/15/42		100,000		99,228
				3,053,509
Transportation Infrastructure - 0.0%
BNSF Funding Trust I 6.613% 12/15/55 (h)		755,000		870,138
TOTAL INDUSTRIALS				15,501,295
INFORMATION TECHNOLOGY - 0.1%
Communications Equipment - 0.0%
Cisco Systems, Inc. 4.95% 2/15/19		2,150,000		2,502,531
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 0.0%
Apple, Inc. 2.4% 5/3/23		$ 1,100,000		$ 1,050,976
Electronic Equipment & Components - 0.0%
Tyco Electronics Group SA:
5.95% 1/15/14		1,188,000		1,225,882
6.55% 10/1/17		612,000		720,670
				1,946,552
IT Services - 0.0%
IBM Corp. 7.625% 10/15/18		1,150,000		1,496,458
Office Electronics - 0.0%
Xerox Corp. 2.95% 3/15/17		600,000		615,820
Semiconductors & Semiconductor Equipment - 0.0%
Intel Corp. 1.35% 12/15/17		1,000,000		994,413
Software - 0.1%
Microsoft Corp.:
2.5% 2/8/16		500,000		524,093
3% 10/1/20		900,000		942,773
Oracle Corp.:
2.5% 10/15/22		900,000		864,135
5.75% 4/15/18		800,000		953,502
				3,284,503
TOTAL INFORMATION TECHNOLOGY				11,891,253
MATERIALS - 0.1%
Chemicals - 0.1%
Agrium, Inc. 4.9% 6/1/43		225,000		222,314
E.I. du Pont de Nemours & Co.:
2.8% 2/15/23		325,000		321,422
6% 7/15/18		800,000		969,098
Ecolab, Inc. 4.35% 12/8/21		300,000		329,480
Praxair, Inc. 4.5% 8/15/19		220,000		250,952
The Dow Chemical Co.:
4.125% 11/15/21		3,812,000		4,058,522
4.25% 11/15/20		2,680,000		2,941,161
4.375% 11/15/42		919,000		860,902
				9,953,851
Metals & Mining - 0.0%
Barrick PD Australia Finance Pty Ltd. 4.95% 1/15/20		350,000		372,459
BHP Billiton Financial (USA) Ltd. 6.5% 4/1/19		425,000		529,921
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
MATERIALS - continued
Metals & Mining - continued
Corporacion Nacional del Cobre de Chile (Codelco) 3.875% 11/3/21 (f)		$ 1,810,000		$ 1,858,908
Freeport-McMoRan Copper & Gold, Inc. 5.45% 3/15/43 (f)		300,000		288,985
Rio Tinto Finance (U.S.A.) Ltd. 3.5% 11/2/20		425,000		439,558
Teck Resources Ltd. 6.25% 7/15/41		160,000		166,122
Vale Overseas Ltd. 6.875% 11/10/39		100,000		107,932
				3,763,885
TOTAL MATERIALS				13,717,736
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
AT&T, Inc.:
3.875% 8/15/21		1,500,000		1,608,090
4.35% 6/15/45 (f)		3,307,000		3,076,525
5.35% 9/1/40		2,502,000		2,683,090
5.55% 8/15/41		7,714,000		8,542,252
6.3% 1/15/38		2,523,000		3,013,703
BellSouth Capital Funding Corp. 7.875% 2/15/30		56,000		71,643
British Telecommunications PLC 9.625% 12/15/30		275,000		426,791
CenturyLink, Inc.:
5.15% 6/15/17		214,000		228,980
6% 4/1/17		534,000		588,735
6.15% 9/15/19		2,129,000		2,288,675
Embarq Corp.:
7.082% 6/1/16		1,332,000		1,527,067
7.995% 6/1/36		3,364,000		3,651,538
Telecom Italia Capital SA 7.721% 6/4/38		300,000		325,103
Verizon Communications, Inc.:
3.85% 11/1/42		884,000		763,997
5.5% 2/15/18		1,350,000		1,569,355
6% 4/1/41		500,000		582,422
6.1% 4/15/18		4,623,000		5,527,989
				36,475,955
Wireless Telecommunication Services - 0.0%
America Movil S.A.B. de CV:
2.375% 9/8/16		2,609,000		2,679,707
3.125% 7/16/22		1,527,000		1,459,442
5% 3/30/20		950,000		1,046,578
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Rogers Communications, Inc.:
3% 3/15/23		$ 150,000		$ 146,125
6.8% 8/15/18		200,000		246,710
				5,578,562
TOTAL TELECOMMUNICATION SERVICES				42,054,517
UTILITIES - 0.6%
Electric Utilities - 0.4%
Alabama Power Co. 3.85% 12/1/42		450,000		417,970
American Electric Power Co., Inc.:
1.65% 12/15/17		1,314,000		1,306,711
2.95% 12/15/22		984,000		956,740
Cleveland Electric Illuminating Co.:
5.65% 12/15/13		1,369,000		1,404,634
5.7% 4/1/17		1,636,000		1,827,670
Duke Capital LLC 5.668% 8/15/14		1,596,000		1,684,723
Duke Energy Carolinas LLC:
4.25% 12/15/41		300,000		295,748
6.1% 6/1/37		500,000		615,211
Duquesne Light Holdings, Inc.:
5.9% 12/1/21 (f)		3,202,000		3,764,467
6.4% 9/15/20 (f)		3,844,000		4,705,906
Edison International 3.75% 9/15/17		940,000		1,011,183
FirstEnergy Corp.:
2.75% 3/15/18		2,291,000		2,296,242
4.25% 3/15/23		7,580,000		7,483,378
7.375% 11/15/31		3,798,000		4,294,554
FirstEnergy Solutions Corp. 6.05% 8/15/21		5,744,000		6,584,939
LG&E and KU Energy LLC:
2.125% 11/15/15		1,070,000		1,096,534
3.75% 11/15/20		211,000		222,335
Northeast Utilities:
1.45% 5/1/18		774,000		764,280
2.8% 5/1/23		3,518,000		3,404,858
Pacific Gas & Electric Co. 6.05% 3/1/34		575,000		716,038
PacifiCorp 5.75% 4/1/37		300,000		366,622
Pennsylvania Electric Co. 6.05% 9/1/17		1,245,000		1,446,812
Pepco Holdings, Inc. 2.7% 10/1/15		997,000		1,030,117
PPL Capital Funding, Inc. 3.4% 6/1/23		1,676,000		1,645,160
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
UTILITIES - continued
Electric Utilities - continued
Progress Energy, Inc. 4.4% 1/15/21		$ 2,710,000		$ 2,997,274
Public Service Co. of Colorado 6.25% 9/1/37		350,000		459,901
Virginia Electric & Power Co. 6% 5/15/37		300,000		378,024
				53,178,031
Gas Utilities - 0.0%
Southern Natural Gas Co. 5.9% 4/1/17 (f)		732,000		847,702
Southern Natural Gas Co./Southern Natural Issuing Corp. 4.4% 6/15/21		527,000		572,483
				1,420,185
Independent Power Producers & Energy Traders - 0.0%
PPL Energy Supply LLC:
6.2% 5/15/16		641,000		723,512
6.5% 5/1/18		1,354,000		1,598,562
PSEG Power LLC 2.75% 9/15/16		429,000		444,701
				2,766,775
Multi-Utilities - 0.2%
Dominion Resources, Inc.:
2.5836% 9/30/66 (h)		3,722,000		3,515,831
5.2% 8/15/19		800,000		937,336
7.5% 6/30/66 (h)		924,000		1,025,640
National Grid PLC 6.3% 8/1/16		1,687,000		1,940,187
NiSource Finance Corp.:
4.45% 12/1/21		820,000		883,214
4.8% 2/15/44		310,000		302,845
5.25% 2/15/43		2,232,000		2,321,595
5.4% 7/15/14		353,000		370,140
5.45% 9/15/20		3,370,000		3,860,766
5.8% 2/1/42		1,054,000		1,169,124
5.95% 6/15/41		1,711,000		1,945,029
6.4% 3/15/18		1,146,000		1,362,079
Sempra Energy:
2.3% 4/1/17		2,249,000		2,314,048
Nonconvertible Bonds - continued
		Principal Amount (c)		Value
UTILITIES - continued
Multi-Utilities - continued
Sempra Energy: - continued
2.875% 10/1/22		$ 4,006,000		$ 3,914,010
Wisconsin Energy Corp. 6.25% 5/15/67 (h)		1,012,000		1,099,285
				26,961,129
TOTAL UTILITIES				84,326,120
TOTAL NONCONVERTIBLE BONDS (Cost $858,268,057)			875,636,634
U.S. Government and Government Agency Obligations - 8.9%

U.S. Government Agency Obligations - 0.1%
Fannie Mae:
0.375% 7/5/16		1,135,000		1,127,845
0.5% 9/28/15		830,000		831,677
0.875% 8/28/17		1,445,000		1,437,162
0.875% 10/26/17		1,015,000		1,008,113
0.875% 5/21/18		250,000		246,290
2.375% 4/11/16		1,600,000		1,684,053
4.375% 10/15/15		640,000		699,546
5.375% 6/12/17		445,000		524,171
Federal Farm Credit Bank 5.125% 8/25/16		350,000		400,348
Freddie Mac:
0.5% 5/13/16		680,000		678,505
0.625% 12/29/14		1,345,000		1,351,826
0.625% 11/1/16		460,000		459,103
0.75% 1/12/18		2,520,000		2,482,878
0.875% 3/7/18		1,505,000		1,488,362
1% 9/29/17		705,000		703,823
1.25% 8/1/19		275,000		270,080
1.375% 5/1/20		375,000		366,044
2% 8/25/16		1,030,000		1,074,610
2.375% 1/13/22		2,165,000		2,204,624
Tennessee Valley Authority:
3.875% 2/15/21		280,000		316,623
U.S. Government and Government Agency Obligations - continued
		Principal Amount (c)		Value
U.S. Government Agency Obligations - continued
Tennessee Valley Authority: - continued
5.25% 9/15/39		$ 370,000		$ 446,751
5.5% 7/18/17		210,000		247,316
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS				20,049,750
U.S. Treasury Obligations - 8.8%
U.S. Treasury Bonds:
2.75% 8/15/42		6,425,000		5,776,473
3.125% 11/15/41		4,295,000		4,188,965
3.125% 2/15/43		7,940,000		7,711,725
4.375% 2/15/38		9,285,000		11,271,117
5.375% 2/15/31		2,630,000		3,549,267
6.125% 11/15/27		5,705,000		8,094,859
6.125% 8/15/29		920,000		1,324,656
7.25% 5/15/16		830,000		993,536
U.S. Treasury Notes:
0.125% 7/31/14		5,625,000		5,621,704
0.25% 6/30/14		4,390,000		4,393,942
0.25% 2/28/15		19,350,000		19,342,434
0.25% 3/31/15		44,794,000		44,764,257
0.25% 4/15/16		5,670,000		5,632,346
0.25% 5/15/16		8,315,000		8,254,583
0.375% 1/15/16		544,890,000		544,166,386
0.5% 8/15/14		10,315,000		10,354,084
0.625% 7/15/14		3,225,000		3,240,999
0.625% 5/31/17		12,205,000		12,124,911
0.625% 9/30/17		1,910,000		1,889,108
0.75% 6/15/14		2,800,000		2,816,736
0.875% 1/31/18		1,799,000		1,791,550
1% 8/31/16		2,860,000		2,897,538
1% 5/31/18		77,226,000		77,093,248
1.125% 3/31/20		170,000		165,883
1.125% 4/30/20		114,690,000		111,733,177
1.375% 11/30/15		20,785,000		21,285,129
1.375% 5/31/20		220,345,000		217,934,866
1.5% 6/30/16		3,205,000		3,298,647
1.75% 5/15/23		1,460,000		1,409,128
2% 2/15/23		76,723,000		76,063,643
2.125% 11/30/14		14,670,000		15,083,166
2.125% 5/31/15		3,090,000		3,201,048
2.375% 2/28/15		13,555,000		14,049,012
U.S. Government and Government Agency Obligations - continued
		Principal Amount (c)		Value
U.S. Treasury Obligations - continued
U.S. Treasury Notes: - continued
2.625% 11/15/20		$ 1,295,000		$ 1,385,246
3.125% 10/31/16		4,475,000		4,852,927
3.125% 1/31/17		2,615,000		2,845,447
3.25% 5/31/16		2,345,000		2,535,165
4.625% 11/15/16		1,415,000		1,607,463
TOTAL U.S. TREASURY OBLIGATIONS				1,264,744,371
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $1,291,709,738)			1,284,794,121
U.S. Government Agency - Mortgage Securities - 6.0%

Fannie Mae - 3.8%
2.5% 6/1/28 (g)		3,000,000		3,064,732
2.5% 6/1/28 (g)		10,600,000		10,828,720
2.5% 6/1/28 (g)		3,600,000		3,677,679
2.5% 6/1/28 (g)		8,900,000		9,092,039
2.5% 6/1/28 (g)		1,000,000		1,021,577
2.559% 6/1/36 (h)		33,558		36,016
2.7% 2/1/35 (h)		579,731		623,385
2.935% 7/1/37 (h)		78,747		83,520
3% 3/1/27 to 3/1/43		18,985,771		19,406,848
3% 6/1/28 (g)		8,000,000		8,327,736
3% 6/1/28 (g)		800,000		832,774
3% 7/1/28 (g)		1,500,000		1,558,989
3% 7/1/28 (g)		1,000,000		1,039,326
3% 6/1/43 (g)		3,900,000		3,927,351
3% 6/1/43 (g)		3,900,000		3,927,351
3% 6/1/43 (g)		5,400,000		5,437,870
3% 6/1/43 (g)		2,000,000		2,014,026
3% 6/1/43 (g)		3,500,000		3,524,546
3% 6/1/43 (g)		1,000,000		1,007,013
3% 6/1/43 (g)		1,000,000		1,007,013
3% 6/1/43 (g)		2,000,000		2,014,026
3% 6/1/43 (g)		3,800,000		3,826,649
3% 6/1/43 (g)		1,000,000		1,007,013
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (c)		Value
Fannie Mae - continued
3% 6/1/43 (g)		$ 1,900,000		$ 1,913,325
3% 6/1/43 (g)		9,500,000		9,566,624
3% 6/1/43 (g)		500,000		503,507
3% 6/1/43 (g)		500,000		503,507
3% 6/1/43 (g)		300,000		302,104
3% 7/1/43 (g)		1,500,000		1,506,359
3.5% 1/1/22 to 6/1/43		110,362,511		114,493,484
3.5% 7/1/28 (g)		500,000		525,868
3.5% 6/1/43 (g)		7,900,000		8,184,523
3.5% 6/1/43 (g)		7,900,000		8,184,523
3.5% 6/1/43 (g)		4,600,000		4,765,672
3.5% 7/1/43 (g)		2,000,000		2,066,484
3.5% 7/1/43 (g)		500,000		516,621
3.5% 7/1/43 (g)		2,000,000		2,066,484
4% 4/1/25 to 7/1/42		75,140,852		79,846,693
4% 7/1/28 (g)		3,000,000		3,184,688
4% 6/1/43 (g)		15,600,000		16,459,218
4% 6/1/43 (g)		500,000		527,539
4% 6/1/43 (g)		1,100,000		1,160,586
4% 6/1/43 (g)		5,500,000		5,802,930
4% 7/1/43 (g)		3,500,000		3,686,758
4% 7/1/43 (g)		1,500,000		1,580,039
4.5% 6/1/24 to 11/1/41		46,132,443		49,777,262
4.5% 6/1/43 (g)		7,500,000		8,013,867
4.5% 6/1/43 (g)		8,800,000		9,402,937
4.5% 6/1/43 (g)		1,000,000		1,068,516
5% 6/1/20 to 6/1/40		23,620,376		25,523,242
5% 6/1/43 (g)		1,000,000		1,078,281
5.5% 7/1/28 to 2/1/38		27,195,695		29,737,522
5.5% 6/1/43 (g)		1,800,000		1,949,705
5.5% 6/1/43 (g)		7,500,000		8,123,769
5.5% 6/1/43 (g)		11,000,000		11,914,861
5.5% 6/1/43 (g)		11,000,000		11,914,861
6% 3/1/22 to 1/1/42		18,090,175		20,032,607
6% 6/1/43 (g)		17,400,000		18,934,689
6.5% 2/1/36		29,381		33,229
TOTAL FANNIE MAE				552,139,083
Freddie Mac - 1.0%
2.5% 3/1/28 to 1/1/43		1,869,921		1,887,054
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (c)		Value
Freddie Mac - continued
3% 6/1/42 to 3/1/43		$ 7,298,078		$ 7,330,976
3% 6/1/43 (g)		6,300,000		6,320,065
3% 7/1/43 (g)		500,000		500,225
3.287% 10/1/35 (h)		46,461		49,959
3.5% 1/1/26 to 4/1/43		32,420,866		33,686,671
3.5% 6/1/28 (g)		1,500,000		1,573,680
3.5% 6/1/43 (g)		1,000,000		1,033,516
3.5% 6/1/43 (g)		2,500,000		2,583,789
4% 6/1/24 to 4/1/42		17,451,351		18,525,377
4% 10/1/41		4,467,674		4,806,589
4.5% 7/1/25 to 10/1/41		31,219,716		33,606,981
4.5% 6/1/43 (g)		2,500,000		2,652,473
5% 10/1/33 to 9/1/40		16,135,049		17,352,607
5.5% 3/1/34 to 7/1/35		3,792,705		4,118,719
6% 7/1/37 to 8/1/37		442,670		481,744
6.5% 9/1/39		5,184,281		5,786,577
TOTAL FREDDIE MAC				142,297,002
Ginnie Mae - 1.2%
3% 12/15/42 (g)		531,390		543,523
3% 5/1/43		1,000,000		1,021,388
3% 6/1/43 (g)		500,000		510,147
3% 6/1/43 (g)		2,500,000		2,550,736
3% 6/1/43 (g)		500,000		510,147
3% 6/1/43 (g)		7,300,000		7,448,148
3% 6/1/43 (g)		5,500,000		5,611,619
3% 6/1/43 (g)		2,000,000		2,040,589
3% 6/1/43 (g)		1,200,000		1,224,166
3% 6/1/43 (g)		500,000		510,069
3% 6/1/43 (g)		2,600,000		2,652,359
3% 7/1/43 (g)		2,000,000		2,034,729
3.5% 11/15/41 to 5/20/43		14,405,868		15,161,157
3.5% 6/1/43 (g)		1,000,000		1,051,797
3.5% 6/1/43 (g)		1,000,000		1,051,797
3.5% 6/1/43 (g)		4,700,000		4,931,695
3.5% 6/1/43 (g)		8,000,000		8,394,375
3.5% 6/1/43 (g)		10,400,000		10,912,688
3.5% 6/1/43 (g)		1,000,000		1,049,297
3.5% 7/1/43 (g)		1,500,000		1,570,137
U.S. Government Agency - Mortgage Securities - continued
		Principal Amount (c)		Value
Ginnie Mae - continued
4% 1/15/25 to 12/15/41		$ 23,654,787		$ 25,362,076
4% 6/1/43 (g)		1,000,000		1,067,780
4.5% 5/15/39 to 4/15/41		27,205,760		29,409,997
4.5% 6/1/43 (g)		1,000,000		1,069,427
4.5% 6/1/43 (g)		1,000,000		1,069,427
4.5% 6/1/43 (g)		6,000,000		6,467,185
4.5% 6/1/43 (g)		1,000,000		1,077,864
4.5% 7/1/43 (g)		1,000,000		1,069,427
5% 3/15/39 to 9/15/41		12,483,670		13,631,359
5% 10/20/39		9,686,989		10,584,510
5% 4/20/41		5,435,810		5,881,695
5% 6/20/41		2,609,103		2,823,121
5.5% 12/20/28 to 9/15/38		1,162,964		1,276,602
6% 9/20/38		1,648,081		1,821,130
TOTAL GINNIE MAE				173,392,163
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $871,877,954)			867,828,248
Asset-Backed Securities - 0.0%

Accredited Mortgage Loan Trust Series 2005-1 Class M1, 0.6633% 4/25/35 (h)		109,077		96,977
ACE Securities Corp. Home Equity Loan Trust:
Series 2004-HE1 Class M2, 1.8433% 3/25/34 (h)		44,231		44,735
Series 2005-HE2 Class M2, 0.8683% 4/25/35 (h)		5,199		5,165
Ameriquest Mortgage Securities, Inc. pass-thru certificates:
Series 2003-10 Class M1, 1.2433% 12/25/33 (h)		10,942		10,301
Series 2004-R2 Class M3, 1.0183% 4/25/34 (h)		15,644		13,200
Series 2005-R2 Class M1, 0.6433% 4/25/35 (h)		291,423		285,497
Argent Securities, Inc. pass-thru certificates:
Series 2003-W7 Class A2, 0.9733% 3/25/34 (h)		7,674		7,116
Series 2004-W7 Class M1, 1.0183% 5/25/34 (h)		204,000		195,185
Series 2006-W4 Class A2C, 0.3533% 5/25/36 (h)		201,598		74,831
Carrington Mortgage Loan Trust Series 2007-RFC1 Class A3, 0.3333% 12/25/36 (h)		289,000		182,304
Chase Issuance Trust Series 2012-A4 Class A4, 1.58% 8/16/21		1,000,000		983,103
Asset-Backed Securities - continued
		Principal Amount (c)		Value
Countrywide Asset-Backed Certificates Trust Series 2007-4 Class A1A, 0.3133% 2/25/27 (h)		$ 2,388		$ 2,387
Countrywide Home Loans, Inc.:
Series 2003-BC1 Class B1, 5.4502% 3/25/32 (MGIC Investment Corp. Insured) (h)		4,144		2,890
Series 2004-3 Class M4, 1.6483% 4/25/34 (h)		25,557		18,966
Series 2004-4 Class M2, 0.9883% 6/25/34 (h)		94,124		85,874
Fannie Mae Series 2004-T5 Class AB3, 1.0337% 5/28/35 (h)		6,234		5,929
First Franklin Mortgage Loan Trust Series 2004-FF2 Class M3, 1.0183% 3/25/34 (h)		2,766		2,344
Fremont Home Loan Trust Series 2005-A Class M4, 1.2133% 1/25/35 (h)		58,000		6,796
GE Business Loan Trust:
Series 2003-1 Class A, 0.6292% 4/15/31 (f)(h)		17,157		16,443
Series 2006-2A:
Class A, 0.3792% 11/15/34 (f)(h)		198,016		183,172
Class B, 0.4792% 11/15/34 (f)(h)		71,623		61,143
Class C, 0.5792% 11/15/34 (f)(h)		119,020		86,429
GSAMP Trust Series 2004-AR1 Class B4, 4.0669% 6/25/34 (d)(f)		131,038		6,336
Home Equity Asset Trust:
Series 2003-2 Class M1, 1.5133% 8/25/33 (h)		39,999		37,517
Series 2003-3 Class M1, 1.4833% 8/25/33 (h)		98,726		93,148
Series 2003-5 Class A2, 0.8933% 12/25/33 (h)		5,278		4,718
HSI Asset Securitization Corp. Trust Series 2007-HE1 Class 2A3, 0.3833% 1/25/37 (h)		231,000		124,004
JPMorgan Mortgage Acquisition Trust Series 2007-CH1 Class AV4, 0.3233% 11/25/36 (h)		231,000		222,374
Keycorp Student Loan Trust:
Series 1999-A Class A2, 0.6131% 12/27/29 (h)		66,773		65,250
Series 2006-A Class 2C, 1.4331% 3/27/42 (h)		406,000		19,810
MASTR Asset Backed Securities Trust Series 2007-HE1 Class M1, 0.4933% 5/25/37 (h)		96,875		1,274
Meritage Mortgage Loan Trust Series 2004-1 Class M1, 0.9433% 7/25/34 (h)		17,409		14,335
Merrill Lynch Mortgage Investors Trust:
Series 2003-OPT1 Class M1, 1.1683% 7/25/34 (h)		60,665		50,660
Series 2006-FM1 Class A2B, 0.3033% 4/25/37 (h)		147,511		128,645
Series 2006-OPT1 Class A1A, 0.4533% 6/25/35 (h)		352,541		326,330
Morgan Stanley ABS Capital I Trust:
Series 2004-HE6 Class A2, 0.5333% 8/25/34 (h)		9,173		9,038
Series 2004-NC8 Class M6, 2.0683% 9/25/34 (h)		20,543		14,176
Series 2005-NC1 Class M1, 0.6333% 1/25/35 (h)		64,000		59,975
Asset-Backed Securities - continued
		Principal Amount (c)		Value
Morgan Stanley ABS Capital I Trust: - continued
Series 2005-NC2 Class B1, 1.3633% 3/25/35 (h)		$ 66,866		$ 2,796
New Century Home Equity Loan Trust Series 2005-4 Class M2, 0.7033% 9/25/35 (h)		229,000		200,003
Park Place Securities, Inc. Series 2004-WCW1:
Class M3, 1.4433% 9/25/34 (h)		85,000		73,732
Class M4, 1.6433% 9/25/34 (h)		109,000		38,042
Salomon Brothers Mortgage Securities VII, Inc. Series 2003-HE1 Class A, 0.9933% 4/25/33 (h)		815		779
SLM Private Credit Student Loan Trust Series 2004-A Class C, 1.2301% 6/15/33 (h)		193,424		141,681
SVO VOI Mortgage Corp. Series 2006-AA Class A, 5.28% 2/20/24 (f)		40,306		40,688
Terwin Mortgage Trust Series 2003-4HE Class A1, 1.0533% 9/25/34 (h)		4,618		4,363
TOTAL ASSET-BACKED SECURITIES (Cost $3,605,802)			4,050,461
Collateralized Mortgage Obligations - 1.1%

Private Sponsor - 0.0%
Credit Suisse Mortgage Capital Certificates sequential payer Series 2010-16 Class A1, 3% 6/25/50 (f)		232,091		233,035
First Horizon Mortgage pass-thru Trust Series 2004-AR5 Class 2A1, 2.632% 10/25/34 (h)		142,141		145,786
Granite Master Issuer PLC floater:
Series 2006-4:
Class B1, 0.3782% 12/20/54 (h)		682,000		644,831
Class M1, 0.5382% 12/20/54 (h)		179,000		163,875
Series 2007-1:
Class 1M1, 0.4982% 12/20/54 (h)		226,000		206,903
Class 2M1, 0.6982% 12/20/54 (h)		290,000		265,495
JPMorgan Mortgage Trust sequential payer Series 2006-A5 Class 3A5, 5.062% 8/25/36 (h)		234,922		190,822
MASTR Adjustable Rate Mortgages Trust Series 2007-3 Class 22A2, 0.4033% 5/25/47 (h)		101,953		78,078
Merrill Lynch Alternative Note Asset Trust floater Series 2007-OAR1 Class A1, 0.3633% 2/25/37 (h)		183,724		161,915
Opteum Mortgage Acceptance Corp. floater Series 2005-3 Class APT, 0.4833% 7/25/35 (h)		264,642		254,293
RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B:
Class B5, 2.5492% 7/10/35 (f)(h)		113,452		103,720
Collateralized Mortgage Obligations - continued
		Principal Amount (c)		Value
Private Sponsor - continued
RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B: - continued
Class B6, 3.0492% 7/10/35 (f)(h)		$ 150,483		$ 136,292
Residential Funding Securities Corp. floater Series 2003-RP2 Class A1, 0.6433% 6/25/33 (f)(h)		11,229		11,023
Sequoia Mortgage Trust floater Series 2004-6 Class A3B, 1.3885% 7/20/34 (h)		5,038		4,790
Structured Asset Securities Corp. Series 2003-15A Class 4A, 2.5708% 4/25/33 (h)		31,326		31,734
TOTAL PRIVATE SPONSOR				2,632,592
U.S. Government Agency - 1.1%
Fannie Mae:
floater:
Series 2006-82 Class F, 0.7633% 9/25/36 (h)		1,100,697		1,103,871
Series 2007-53 Class FB, 0.5933% 6/25/37 (h)		6,360,740		6,360,852
Series 2007-85 Class FL, 0.7333% 9/25/37 (h)		2,322,311		2,342,333
Series 2007-89 Class FT, 0.7633% 9/25/37 (h)		1,777,140		1,790,159
Series 2012-110 Class JF, 0.6433% 10/25/42 (h)		3,176,508		3,172,354
Series 2012-122 Class LF, 0.5933% 11/25/42 (h)		16,074,890		16,174,618
Series 2012-93 Class FE, 0.5933% 9/25/42 (h)		8,819,998		8,835,195
Series 2013-44 Class FA, 0.455% 5/25/43 (h)		10,731,014		10,728,554
floater planned amortization class:
Series 2012-128 Class VF, 0.4433% 6/25/42 (h)		1,204,113		1,205,417
Series 2012-111 Class NF, 0.5433% 5/25/42 (h)		1,834,255		1,835,046
Series 2012-113 Class PF, 0.5433% 10/25/40 (h)		5,124,576		5,131,791
floater sequential payer:
Series 2012-101 Class FB, 0.6433% 5/25/39 (h)		7,715,986		7,777,368
Series 2012-111 Class JF 0.5933% 7/25/40 (h)		36,153,560		36,309,841
Series 2012-120 Class FE 0.4933% 2/25/39 (h)		1,309,065		1,310,970
Freddie Mac:
floater:
Series 3349 Class FE, 0.6892% 7/15/37 (h)		2,186,498		2,196,982
Series 3376 Class FA, 0.7992% 10/15/37 (h)		2,175,899		2,202,483
Series 4087 Class FB, 0.6692% 7/15/42 (h)		17,751,553		17,754,241
floater planned amortization class Series 4094 Class BF, 0.5992% 8/15/32 (h)		2,750,965		2,759,882
Ginnie Mae guaranteed REMIC pass-thru certificates:
floater:
Series 2010-133 Class FB, 0.6797% 10/16/40 (h)		3,023,015		3,022,083
Series 2012-48 Class FA, 0.5497% 4/16/42 (h)		4,933,073		4,947,652
Collateralized Mortgage Obligations - continued
		Principal Amount (c)		Value
U.S. Government Agency - continued
Ginnie Mae guaranteed REMIC pass-thru certificates: - continued
floater: - continued
Series 2012-75 Class FA, 0.6482% 6/20/42 (h)		$ 4,871,860		$ 4,909,569
Series 2012-93 Class NF, 0.5982% 7/20/42 (h)		3,319,449		3,318,380
floater sequential payer Series 2010-113 Class JF, 0.5982% 3/20/38 (h)		2,523,263		2,527,774
TOTAL U.S. GOVERNMENT AGENCY				147,717,415
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $150,365,934)			150,350,007
Commercial Mortgage Securities - 1.9%

Banc of America Commercial Mortgage Trust:
sequential payer:
Series 2004-2 Class A4, 4.153% 11/10/38		217,121		218,204
Series 2005-3 Class A4, 4.668% 7/10/43		2,332,000		2,485,014
Series 2006-2 Class AAB, 5.9009% 5/10/45 (h)		171,532		178,743
Series 2006-3 Class A4, 5.889% 7/10/44		3,070,000		3,434,636
Series 2006-4 Class A4, 5.634% 7/10/46		2,000,000		2,217,352
Series 2006-6 Class A3, 5.369% 10/10/45		554,000		571,622
Series 2007-4 Class A3, 6.0025% 2/10/51 (h)		172,953		180,293
Series 2005-3 Class A3B, 5.09% 7/10/43 (h)		860,000		905,129
Series 2006-6 Class E, 5.619% 10/10/45 (f)		160,000		19,948
Series 2007-3:
Class A3, 5.7963% 6/10/49 (h)		463,000		465,618
Class A4, 5.7963% 6/10/49 (h)		577,000		654,780
Bayview Commercial Asset Trust floater:
Series 2005-3A Class A2, 0.5933% 11/25/35 (f)(h)		71,838		58,960
Series 2005-4A:
Class A2, 0.5833% 1/25/36 (f)(h)		181,081		153,726
Class M1, 0.6433% 1/25/36 (f)(h)		58,448		32,555
Series 2006-4A Class A2, 0.4633% 12/25/36 (f)(h)		537,103		334,139
Series 2007-1 Class A2, 0.4633% 3/25/37 (f)(h)		115,516		73,493
Series 2007-2A:
Class A1, 0.4633% 7/25/37 (f)(h)		308,861		232,193
Class A2, 0.5133% 7/25/37 (f)(h)		289,176		149,545
Class M1, 0.5633% 7/25/37 (f)(h)		98,428		27,059
Class M4, 0.8433% 7/25/37 (f)(h)		107,932		4,924
Class M5, 0.9433% 7/25/37 (f)(h)		95,034		3,662
Class M6, 1.1933% 7/25/37 (f)(h)		5,941		12
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Bayview Commercial Asset Trust floater: - continued
Series 2007-3:
Class A2, 0.4833% 7/25/37 (f)(h)		$ 110,265		$ 65,832
Class B1, 1.1433% 7/25/37 (f)(h)		40,633		3,105
Class M1, 0.5033% 7/25/37 (f)(h)		58,435		21,465
Class M2, 0.5333% 7/25/37 (f)(h)		62,501		18,197
Class M3, 0.5633% 7/25/37 (f)(h)		100,103		23,082
Class M4, 0.6933% 7/25/37 (f)(h)		158,030		32,040
Class M5, 0.7933% 7/25/37 (f)(h)		80,285		11,555
Class M6, 0.9933% 7/25/37 (f)(h)		60,976		7,408
Series 2007-4A:
Class M4, 1.7933% 9/25/37 (f)(h)		107,853		5,268
Class M5, 1.9433% 9/25/37 (f)(h)		25,472		813
Bear Stearns Commercial Mortgage Securities Trust:
floater Series 2007-BBA8:
Class E, 0.4992% 3/15/22 (f)(h)		514,000		477,977
Class F, 0.5492% 3/15/22 (f)(h)		315,000		286,624
Series 2006-T22 Class A4, 5.7648% 4/12/38 (h)		35,000		38,692
C-BASS Trust floater Series 2006-SC1 Class A, 0.4633% 5/25/36 (f)(h)		98,498		93,043
CDC Commercial Mortgage Trust Series 2002-FX1 Class G, 6.625% 5/15/35 (f)		325,000		335,241
Citigroup Commercial Mortgage Trust:
Series 2007-C6 Class A4, 5.8848% 12/10/49 (h)		2,500,000		2,876,155
Series 2007-FL3A Class A2, 0.3392% 4/15/22 (f)(h)		26,657		26,417
Citigroup/Deutsche Bank Commercial Mortgage Trust:
sequential payer Series 2007-CD4 Class A4, 5.322% 12/11/49		1,043,000		1,170,577
Series 2007-CD4 Class A3, 5.293% 12/11/49		270,000		277,792
Cobalt CMBS Commercial Mortgage Trust:
sequential payer Series 2007-C3 Class A3, 5.985% 5/15/46 (h)		277,000		292,314
Series 2006-C1 Class B, 5.359% 8/15/48		831,000		84,203
Series 2007-C2 Class B, 5.617% 4/15/47 (h)		310,000		232,388
COMM pass-thru certificates:
floater:
Series 2005-FL11:
Class C, 0.4992% 11/15/17 (f)(h)		170,265		161,640
Class D, 0.5392% 11/15/17 (f)(h)		8,834		8,210
Class E, 0.5892% 11/15/17 (f)(h)		31,322		28,796
Class F, 0.6492% 11/15/17 (f)(h)		24,094		21,910
Class G, 0.6992% 11/15/17 (f)(h)		16,598		14,761
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
COMM pass-thru certificates: - continued
floater: - continued
Series 2006-FL12 Class AJ, 0.3292% 12/15/20 (f)(h)		$ 395,000		$ 378,537
sequential payer Series 2006-C8 Class A3, 5.31% 12/10/46		789,000		802,948
Credit Suisse Commercial Mortgage Trust:
sequential payer Series 2007-C3 Class A4, 5.8694% 6/15/39 (h)		5,184,353		5,836,094
Series 2007-C5 Class A4, 5.695% 9/15/40 (h)		251,000		286,224
Credit Suisse First Boston Mortgage Capital Certificates floater Series 2007-TF2A Class B, 0.5492% 4/15/22 (f)(h)		988,000		880,306
Credit Suisse First Boston Mortgage Securities Corp. Series 2006-C1 Class A3, 5.5814% 2/15/39 (h)		711,525		716,850
Credit Suisse Mortgage Capital Certificates:
floater Series 2007-TFL1:
Class B, 0.3492% 2/15/22 (f)(h)		105,000		103,518
Class C:
0.3692% 2/15/22 (f)(h)		299,000		294,068
0.4692% 2/15/22 (f)(h)		107,000		103,700
Class F, 0.5192% 2/15/22 (f)(h)		213,000		204,921
Series 2007-C1 Class B, 5.487% 2/15/40 (f)(h)		420,000		59,244
Greenwich Capital Commercial Funding Corp.:
floater Series 2006-FL4 Class B, 0.3882% 11/5/21 (f)(h)		104,000		101,095
sequential payer Series 2007-GG9 Class A4, 5.444% 3/10/39		8,519,000		9,590,554
Series 2006-GG7 Class A4, 6.0605% 7/10/38 (h)		4,240,000		4,751,361
GS Mortgage Securities Corp. II floater Series 2007-EOP:
Class A2, 1.2601% 3/6/20 (f)(h)		1,030,000		1,033,406
Class C, 2.0056% 3/6/20 (f)(h)		263,000		263,877
Class D, 2.2018% 3/6/20 (f)(h)		1,737,000		1,742,954
Class H, 3.3004% 3/6/20 (f)(h)		121,000		121,543
Class J, 4.0852% 3/6/20 (f)(h)		174,000		174,847
GS Mortgage Securities Corp. Trust Series 2013- C, 2.974% 1/10/30 (f)		720,000		734,031
GS Mortgage Securities Trust sequential payer:
Series 2006-GG8 Class A2, 5.479% 11/10/39		60,119		60,909
Series 2007-GG10 Class A2, 5.778% 8/10/45		59,667		60,466
JPMorgan Chase Commercial Mortgage Securities Trust:
floater Series 2006-FLA2:
Class B, 0.3692% 11/15/18 (f)(h)		136,384		132,611
Class C, 0.4092% 11/15/18 (f)(h)		97,087		93,875
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
JPMorgan Chase Commercial Mortgage Securities Trust: - continued
floater Series 2006-FLA2: - continued
Class F, 0.5292% 11/15/18 (f)(h)		$ 66,266		$ 62,483
Class G, 0.5592% 11/15/18 (f)(h)		57,404		53,984
sequential payer:
Series 2006-LDP9 Class A2, 5.134% 5/15/47 (h)		70,205		73,386
Series 2007-CB19 Class A4, 5.9096% 2/12/49 (h)		9,580,000		10,948,765
Series 2007-LD11 Class A4, 6.0024% 6/15/49 (h)		44,825,239		51,082,932
Series 2007-LDPX Class A2 S, 5.305% 1/15/49		213,160		214,783
Series 2006-CB17 Class A3, 5.45% 12/12/43		48,443		48,403
Series 2007-CB19:
Class B, 5.9096% 2/12/49 (h)		24,000		9,480
Class C, 5.9096% 2/12/49 (h)		62,000		11,273
Class D, 5.9096% 2/12/49 (h)		65,000		6,817
Series 2007-LDP10:
Class CS, 5.466% 1/15/49 (h)		23,000		2,184
Class ES, 5.7044% 1/15/49 (f)(h)		143,000		1,159
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2006-C1 Class A2, 5.084% 2/15/31		744		745
Series 2006-C6 Class A2, 5.262% 9/15/39 (h)		3,707		3,722
Series 2006-C7 Class A2, 5.3% 11/15/38		143,134		150,647
Series 2007-C7 Class A3, 5.866% 9/15/45		11,185,505		12,677,908
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2006-LLFA:
Class D, 0.4292% 9/15/21 (f)(h)		88,297		87,299
Class E, 0.4892% 9/15/21 (f)(h)		320,310		313,489
Class F, 0.5392% 9/15/21 (f)(h)		183,169		177,436
Class G, 0.5592% 9/15/21 (f)(h)		361,641		346,706
Class H, 0.5992% 9/15/21 (f)(h)		92,993		87,293
Merrill Lynch Mortgage Trust:
sequential payer Series 2005-CIP1 Class A2, 4.96% 7/12/38		202,937		205,362
Series 2005-LC1 Class F, 5.6% 1/12/44 (f)(h)		241,000		195,477
Series 2006-C1:
Class A2, 5.8275% 5/12/39 (h)		109,266		109,624
Class AM, 5.8725% 5/12/39 (h)		820,000		910,480
Series 2007-C1 Class A4, 6.0442% 6/12/50 (h)		7,022,000		8,010,993
Series 2008-C1 Class A4, 5.69% 2/12/51		591,000		679,467
Merrill Lynch-CFC Commercial Mortgage Trust:
floater Series 2006-4 Class A2FL, 0.3192% 12/12/49 (h)		14,432		14,406
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Merrill Lynch-CFC Commercial Mortgage Trust: - continued
sequential payer:
Series 2006-4:
Class A3, 5.172% 12/12/49 (h)		$ 3,310,000		$ 3,668,936
Class ASB, 5.133% 12/12/49 (h)		164,093		170,647
Series 2007-5 Class A4, 5.378% 8/12/48		6,120,000		6,842,962
Series 2007-6 Class A4, 5.485% 3/12/51 (h)		2,446,000		2,747,714
Series 2007-7 Class A4, 5.81% 6/12/50 (h)		1,504,000		1,711,080
Series 2006-1 Class AM, 5.7177% 2/12/39 (h)		470,000		514,484
Series 2007-6 Class B, 5.635% 3/12/51 (h)		277,000		69,115
Series 2007-7 Class B, 5.9278% 6/12/50 (h)		356,000		21,153
Series 2007-8 Class A3, 6.1305% 8/12/49 (h)		239,000		275,190
Morgan Stanley Capital I Trust:
floater:
Series 2006-XLF Class C, 1.4% 7/15/19 (f)(h)		57,391		23,674
Series 2007-XLFA:
Class C, 0.36% 10/15/20 (f)(h)		159,000		155,032
Class D, 0.39% 10/15/20 (f)(h)		107,000		103,260
Class E, 0.45% 10/15/20 (f)(h)		134,000		125,631
sequential payer Series 2005-IQ9 Class A3, 4.54% 7/15/56		184,199		184,632
Series 2006-T23 Class A3, 5.9917% 8/12/41 (h)		141,000		140,354
Series 2007-HQ12 Class A4, 5.7629% 4/12/49 (h)		1,466,000		1,558,884
Series 2007-IQ14:
Class A4, 5.692% 4/15/49 (h)		4,212,091		4,775,429
Class B, 5.9128% 4/15/49 (h)		68,000		13,954
Wachovia Bank Commercial Mortgage Trust:
floater:
Series 2005-C16 Class AJ, 4.896% 10/15/41 (h)		500,000		523,158
Series 2006-WL7A:
Class E, 0.4782% 9/15/21 (f)(h)		278,000		265,944
Class F, 0.5382% 9/15/21 (f)(h)		301,000		283,432
Class G, 0.5582% 9/15/21 (f)(h)		285,000		264,091
Series 2007-WHL8 Class F, 0.6792% 6/15/20 (f)(h)		686,000		607,382
sequential payer:
Series 2006-C28 Class A4, 5.572% 10/15/48		210,000		234,477
Series 2006-C29:
Class A3, 5.313% 11/15/48		735,025		749,306
Class A4, 5.308% 11/15/48		1,375,000		1,534,294
Series 2007-C30 Class A5, 5.342% 12/15/43		14,926,000		16,794,432
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Wachovia Bank Commercial Mortgage Trust: - continued
sequential payer: - continued
Series 2007-C31:
Class A4, 5.509% 4/15/47		$ 41,772,000		$ 46,674,989
Class A5, 5.5% 4/15/47		3,030,000		3,444,010
Series 2007-C32 Class A3, 5.9236% 6/15/49 (h)		19,939,000		22,696,344
Series 2007-C33:
Class A4, 6.1222% 2/15/51 (h)		16,542,000		18,695,504
Class A5, 6.1222% 2/15/51 (h)		4,253,000		4,919,505
Series 2005-C19 Class B, 4.892% 5/15/44		277,000		290,487
Series 2005-C22:
Class B, 5.5564% 12/15/44 (h)		614,000		498,101
Class F, 5.5564% 12/15/44 (f)(h)		462,000		127,743
Series 2006-C27 Class A3, 5.765% 7/15/45 (h)		991,743		1,084,233
Series 2007-C31 Class C, 5.8685% 4/15/47 (h)		1,142,000		805,464
Series 2007-C31A Class A2, 5.421% 4/15/47		518,027		520,372
Series 2007-C32:
Class D, 5.9236% 6/15/49 (h)		208,000		81,120
Class E, 5.9236% 6/15/49 (h)		328,000		113,160
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $271,889,801)			278,341,433
Municipal Securities - 0.3%

Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Series 2009 F2, 6.263% 4/1/49		425,000		565,786
Beaver County Indl. Dev. Auth. Poll. Cont. Rev. Bonds (FirstEnergy Nuclear Generation Corp. Proj.) Series 2005 A, 3.375%, tender 7/1/15 (h)		465,000		480,596
California Gen. Oblig.:
Series 2009, 7.35% 11/1/39		435,000		601,605
6.2% 3/1/19		1,340,000		1,622,874
7.3% 10/1/39		345,000		474,285
7.5% 4/1/34		2,915,000		4,046,399
7.55% 4/1/39		3,035,000		4,340,991
7.6% 11/1/40		6,425,000		9,324,667
7.625% 3/1/40		665,000		954,262
Chicago Gen. Oblig. (Taxable Proj.) Series 2010 C1, 7.781% 1/1/35		320,000		412,790
Curators of the Univ. of Missouri Sys. Facilities Rev. Series 2010 A, 5.792% 11/1/41		200,000		252,478
District of Columbia Wtr. & Swr. Auth. Pub. Util. Rev. Series 2010 A, 5.522% 10/1/44		150,000		179,354
Municipal Securities - continued
		Principal Amount (c)		Value
Illinois Gen. Oblig.:
Series 2003, 5.1% 6/1/33		$ 12,045,000		$ 12,085,110
Series 2010-1, 6.63% 2/1/35		1,580,000		1,799,952
Series 2010-3:
6.725% 4/1/35		2,510,000		2,887,102
7.35% 7/1/35		810,000		983,705
Series 2011:
5.665% 3/1/18		1,025,000		1,159,726
5.877% 3/1/19		1,585,000		1,801,495
Massachusetts Commonwealth Trans. Fund Rev. (Accelerated Bridge Prog.) Series 2010 A, 5.731% 6/1/40		150,000		190,436
New Jersey Tpk. Auth. Tpk. Rev. Series 2010 A, 7.102% 1/1/41		775,000		1,085,031
Port Auth. of New York & New Jersey 174th Series, 4.458% 10/1/62		450,000		439,110
Salt River Proj. Agricultural Impt. & Pwr. District Elec. Sys. Rev. Series 2010 A, 4.839% 1/1/41		300,000		334,239
TOTAL MUNICIPAL SECURITIES (Cost $44,156,395)			46,021,993
Foreign Government and Government Agency Obligations - 0.4%

Brazilian Federative Republic 8.25% 1/20/34		250,000		362,500
Chilean Republic 3.875% 8/5/20		800,000		866,000
Israeli State 4% 6/30/22		300,000		320,414
United Mexican States:
4.75% 3/8/44		3,382,000		3,382,000
5.625% 1/15/17		1,500,000		1,695,000
5.625% 1/15/17		700,000		791,000
6.5% 6/9/22	MXN	559,500,000		47,356,221
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $58,272,309)			54,773,135

Fixed-Income Funds - 73.1%
	Shares
Intermediate-Term Bond Funds - 71.8%
BlackRock Strategic Income Opportunities Investor A	12,757,112		130,250,109
DoubleLine Total Return Bond Fund	62,588,792		704,749,802
Fidelity GNMA Fund (e)	30,987,424		356,975,129
Fixed-Income Funds - continued
	Shares		Value
Intermediate-Term Bond Funds - continued
ING Intermediate Bond Fund - Class A	3,707,355		$ 37,147,693
JPMorgan Core Bond Fund Class A	120,284,266		1,428,977,077
Metropolitan West Total Return Bond Fund Class M	132,040,803		1,432,642,710
PIMCO Credit Absolute Return Fund Institutional Class	2,232,641		23,911,585
PIMCO Total Return Fund Administrative Class	290,336,857		3,214,028,982
Spartan U.S. Bond Index Fund Investor Class (e)	59,277,843		691,772,433
Westcore Plus Bond Fund	4,145,601		45,808,888
Western Asset Core Bond Fund Class F	60,367,860		732,865,823
Western Asset Core Plus Bond Fund	133,232,351		1,534,836,684
TOTAL INTERMEDIATE-TERM BOND FUNDS			10,333,966,915
Long Government Bond Funds - 0.4%
Spartan Long-Term Treasury Bond Index Fund Investor Class (e)	4,575,044		56,181,545
Long-Term Bond Funds - 0.9%
PIMCO Long-Term Credit Fund Institutional Class	10,830,555		138,739,409
TOTAL FIXED-INCOME FUNDS (Cost $10,383,396,698)		10,528,887,869
Short-Term Funds - 2.5%

Short-Term Funds - 2.5%
Prudential Short-Term Corporate Bond Fund, Inc. Class A (Cost $357,647,900)	31,013,422		355,103,678
Money Market Funds - 1.7%

Fidelity Cash Central Fund, 0.12% (a)	142,295,904		142,295,904
SSgA US Treasury Money Market Fund, 0% (b)	98,682,746		98,682,746
TOTAL MONEY MARKET FUNDS (Cost $240,978,650)		240,978,650
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $14,532,169,238)			14,686,766,229
NET OTHER ASSETS (LIABILITIES) - (2.0)%			(291,377,182)
NET ASSETS - 100%		$ 14,395,389,047
TBA Sale Commitments
	Principal Amount (c)		Value
Fannie Mae
3% 6/1/43	$ (1,800,000)		$ (1,812,623)
3% 6/1/43	(1,000,000)		(1,007,013)
3% 6/1/43	(1,500,000)		(1,510,520)
3% 6/1/43	(500,000)		(503,507)
3% 6/1/43	(1,000,000)		(1,007,013)
3% 6/1/43	(500,000)		(503,507)
3% 6/1/43	(1,000,000)		(1,007,013)
3.5% 6/1/43	(10,200,000)		(10,567,359)
3.5% 6/1/43	(10,400,000)		(10,774,562)
3.5% 7/1/43	(1,500,000)		(1,549,863)
4% 6/1/28	(3,400,000)		(3,611,438)
4% 6/1/43	(22,200,000)		(23,422,734)
4% 6/1/43	(500,000)		(527,539)
4.5% 6/1/43	(15,900,000)		(16,989,398)
5.5% 6/1/43	(12,800,000)		(13,864,566)
5.5% 6/1/43	(11,000,000)		(11,914,861)
6% 6/1/43	(6,800,000)		(7,399,763)
TOTAL FANNIE MAE			(107,973,279)
Freddie Mac
3.5% 6/1/43	(7,400,000)		(7,648,015)
Ginnie Mae
3% 5/1/43	(1,000,000)		(1,021,388)
3% 6/1/43	(500,000)		(510,147)
3% 6/1/43	(500,000)		(510,069)
3.5% 6/1/43	(500,000)		(525,898)
3.5% 6/1/43	(1,000,000)		(1,049,297)
4% 6/1/43	(2,000,000)		(2,123,685)
4.5% 6/1/43	(1,000,000)		(1,069,427)
5% 6/1/43	(2,700,000)		(2,911,876)
TOTAL GINNIE MAE			(9,721,787)
TOTAL TBA SALE COMMITMENTS (Proceeds $126,683,884)		$ (125,343,081)

Quarterly Report

Swaps
Credit Default Swaps
Underlying Reference	Expiration Date	Clearinghouse/ Counterparty	Fixed Payment Received/(Paid)	Notional Amount	Value	Upfront Premium Received/(Paid)	Unrealized Appreciation/ (Depreciation)
Buy Protection
Deutsche Bank AG	Dec. 2018	Credit Suisse	(1%)	$ 2,000,000	$ 13,249	$ (116,287)	$ (103,038)
Deutsche Bank AG	Mar. 2019	JPMorgan Chase, Inc.	(1%)	1,655,634	15,707	(112,347)	(96,640)
National Australia Bank Ltd	Dec. 2018	Credit Suisse	(1%)	2,000,000	28,667	(196,916)	(168,249)
National Australia Bank Ltd	Dec. 2018	Credit Suisse	(1%)	2,000,000	28,667	(166,224)	(137,557)
Societe Generale	Dec. 2017	Credit Suisse	(3%)	1,764,000	(105,745)	25,100	(80,645)
Societe Generale	Dec. 2017	Credit Suisse	(3%)	1,765,000	(105,805)	66,177	(39,628)
UFJ Finance Aruba AEC	Mar. 2018	Credit Suisse	(1%)	1,500,000	15,597	(32,810)	(17,213)
UFJ Finance Aruba AEC	Mar. 2018	Credit Suisse	(1%)	1,765,000	18,353	(86,711)	(68,358)
TOTAL CREDIT DEFAULT SWAPS					$ (91,310)	$ (620,018)	$ (711,328)

Quarterly Report

Investments (Unaudited) - continued

Currency Abbreviations
MXN	-	Mexican peso

Legend

(a) 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.

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

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

(e) Affiliated company

(f) 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 $89,851,114 or 0.6% of net assets.

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

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 80,464

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity GNMA Fund	$ 338,085,469	$ 24,803,349	$ -	$ 1,491,352	$ 356,975,129
Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Spartan Long-Term Treasury Bond Index Fund Investor Class	$ 59,816,667	$ 8,899,010	$ 10,642,184	$ 399,480	$ 56,181,545
Spartan U.S. Bond Index Fund Investor Class	748,814,170	157,814,546	205,249,630	3,218,562	691,772,433
Total	$ 1,146,716,306	$ 219,516,905	$ 215,891,814	$ 5,109,394	$ 1,104,929,107

Other Information

The following is a summary of the inputs used, as of May 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Corporate Bonds	$ 875,636,634	$ -	$ 875,636,634	$ -
U.S. Government and Government Agency Obligations	1,284,794,121	-	1,284,794,121	-
U.S. Government Agency - Mortgage Securities	867,828,248	-	867,828,248	-
Asset-Backed Securities	4,050,461	-	4,022,676	27,785
Collateralized Mortgage Obligations	150,350,007	-	150,109,995	240,012
Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Commercial Mortgage Securities	$ 278,341,433	$ -	$ 278,317,759	$ 23,674
Municipal Securities	46,021,993	-	46,021,993	-
Foreign Government and Government Agency Obligations	54,773,135	-	54,773,135	-
Fixed-Income Funds	10,528,887,869	10,528,887,869	-	-
Short-Term Funds	355,103,678	355,103,678	-	-
Money Market Funds	240,978,650	240,978,650	-	-
Total Investments in Securities:	$ 14,686,766,229	$ 11,124,970,197	$ 3,561,504,561	$ 291,471
Derivative Instruments:
Assets
Swaps	$ 120,240	$ -	$ 120,240	$ -
Liabilities
Swaps	$ (211,550)	$ -	$ (211,550)	$ -
Total Derivative Instruments:	$ (91,310)	$ -	$ (91,310)	$ -
Other Financial Instruments:
TBA Sale Commitments	$ (125,343,081)	$ -	$ (125,343,081)	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $14,538,296,251. Net unrealized appreciation aggregated $148,469,978, of which $271,353,038 related to appreciated investment securities and $122,883,060 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Strategic Advisers Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, foreign government and government agency obligations, municipal securities and U.S. government and government agency obligations, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices.

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

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers®
Income Opportunities Fund

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

May 31, 2013

1.912886.102

SRQ-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Fixed-Income Funds - 100.0%
	Shares		Value
High Yield Fixed-Income Funds - 100.0%
BlackRock High Yield Bond Portfolio Investor A Class	49,284,974		$ 406,108,189
Eaton Vance Income Fund of Boston - Class A	49,016,588		298,020,855
Fidelity Advisor High Income Advantage Fund Institutional Class (a)	9,238,949		92,851,434
Fidelity Advisor High Income Fund Institutional Class (a)	9,664,813		85,436,947
Fidelity Capital & Income Fund (a)	77,137,741		754,407,108
Fidelity High Income Fund (a)	52,908,981		500,518,963
Hotchkis and Wiley High Yield Fund A	18,275,092		239,769,211
Janus High-Yield Fund Class T	42,808,353		404,110,855
MainStay High Yield Corporate Bond Fund Class A	27,380,665		168,391,089
PIMCO High Yield Fund Administrative Class	28,692,224		278,314,578
T. Rowe Price High Yield Fund Advisor Class	114,568,314		821,454,810
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $3,741,929,069)			4,049,384,039
NET OTHER ASSETS (LIABILITIES) - 0.0%			(512,901)
NET ASSETS - 100%		$ 4,048,871,138

Legend

(a) Affiliated company

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Advisor High Income Advantage Fund Institutional Class	$ 90,291,547	$ 1,192,107	$ -	$ 1,192,107	$ 92,851,434
Fidelity Advisor High Income Fund Institutional Class	83,937,551	1,122,311	-	1,122,311	85,436,947
Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Capital & Income Fund	$ 733,598,487	$ 9,386,636	$ -	$ 9,386,636	$ 754,407,108
Fidelity High Income Fund	492,213,385	6,774,469	-	6,774,469	500,518,963
Total	$ 1,400,040,970	$ 18,475,523	$ -	$ 18,475,523	$ 1,433,214,452

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $3,744,658,786. Net unrealized appreciation aggregated $304,725,253, of which $306,130,262 related to appreciated investment securities and $1,405,009 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers®
Emerging Markets Fund

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

May 31, 2013

1.918363.102

SAE-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 12.6%
	Shares		Value
CONSUMER DISCRETIONARY - 1.1%
Auto Components - 0.0%
ATLASBX Co. Ltd.	1,967		$ 72,965
Dongah Tire & Rubber Co. Ltd.	3,340		54,808
INZI Controls Co. Ltd.	14,050		77,259
PT Gadjah Tunggal Tbk	242,000		79,411
S&T Motiv Co. Ltd.	2,050		48,212
Sungwoo Hitech Co. Ltd.	10,249		137,805
			470,460
Automobiles - 0.5%
DRB-Hicom BHD	149,800		139,389
Hyundai Motor Co.	20,714		3,847,019
Kia Motors Corp.	81,449		4,220,875
Qingling Motors Co. Ltd. (H Shares)	140,000		40,877
Tata Motors Ltd. sponsored ADR	14,571		399,683
UMW Holdings Bhd	66,700		310,248
			8,958,091
Distributors - 0.1%
Imperial Holdings Ltd.	91,992		1,928,441
Hotels, Restaurants & Leisure - 0.0%
Shanghai Jin Jiang International Hotel Co. Ltd. (H Shares)	272,000		48,179
Household Durables - 0.0%
Rodobens Negocios Imobiliarios SA	18,200		127,803
Skyworth Digital Holdings Ltd.	170,000		114,003
TCL Multimedia Technology Holdings Ltd.	604,000		505,444
Vestel Elektonik Sanayi ve Ticaret A/S (a)	25,322		32,726
			779,976
Leisure Equipment & Products - 0.0%
Ability Enterprise Co. Ltd.	61,000		53,450
Media - 0.4%
ABS CBN Broadcasting Corp. unit	94,000		101,532
Benpres Holdings Corp.	3,487,800		499,553
CJ E&M Corp. (a)	49,178		1,504,230
Grupo Televisa SA de CV (CPO) sponsored ADR	123,902		3,231,364
Hyundai Hy Communications & Networks Co. Ltd.	268,010		1,351,154
Media Prima Bhd	79,900		77,309
SinoMedia Holding Ltd.	114,000		84,688
			6,849,830
Specialty Retail - 0.0%
Super Group Ltd. (a)	38,982		94,530
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 0.1%
Aksa Akrilik Kimya Sanayii	61,720		$ 218,863
China Great Star International Ltd. (a)	33,559		52,068
Grendene SA	71,000		654,043
Hansae Yes24 Holdings Co. Ltd.	28,386		150,612
Huvis Corp.	40,120		379,029
Nien Hsing Textile Co. Ltd.	69,000		67,099
Weiqiao Textile Co. Ltd. (H Shares)	514,500		332,319
			1,854,033
TOTAL CONSUMER DISCRETIONARY			21,036,990
CONSUMER STAPLES - 0.4%
Beverages - 0.1%
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	26,631		1,013,842
Fomento Economico Mexicano S.A.B. de CV sponsored ADR	5,214		566,188
Hitejinro Holdings Co. Ltd.	5,900		74,604
Pepsi-Cola Products Philippines, Inc.	2,298,100		348,707
			2,003,341
Food Products - 0.3%
Chaoda Modern Agriculture ADR (a)	1,134		1,826
China Green (Holdings) Ltd. (a)	237,000		22,929
Gruma S.A.B. de CV Series B (a)	336,117		1,505,369
Grupo Bimbo S.A.B. de CV Series A	45,628		135,082
JBS SA	357,100		1,137,091
Kulim Malaysia Bhd	403,700		460,688
Marfrig Frigor E Com de Alabama SA (a)	391,100		1,351,265
Pinar Entegre Et ve Un Sanayi AS	6,573		26,327
Samyang Holdings Corp.	785		60,881
San Miguel Pure Foods Co., Inc.	24,100		161,996
			4,863,454
Personal Products - 0.0%
China King-highway Holdings Ltd. (a)	157,740		375,117
Real Nutriceutical Group Ltd.	242,000		77,415
			452,532
TOTAL CONSUMER STAPLES			7,319,327
Common Stocks - continued
	Shares		Value
ENERGY - 1.0%
Oil, Gas & Consumable Fuels - 1.0%
Bangchak Petroleum PCL:
(For. Reg.)	595,700		$ 659,628
NVDR	128,600		143,935
China Petroleum & Chemical Corp. (H Shares)	3,880,000		3,956,995
Cosan Ltd. Class A	68,020		1,291,700
Cosan SA Industria e Comercio	15,900		346,611
GPN Capital SA sponsored:
ADR	3,664		70,715
ADR	14,985		284,565
Grupa Lotos SA (a)	83,669		1,093,116
Lanna Resources PCL	53,400		22,957
LUKOIL Oil Co. sponsored ADR (United Kingdom)	101,821		6,017,621
Petrobras Energia SA sponsored ADR	22,142		93,439
PetroChina Co. Ltd. (H Shares)	64,000		74,139
Polski Koncern Naftowy Orlen SA	226,321		3,647,009
PTT PCL NVDR	18,800		201,504
Surgutneftegaz JSC sponsored ADR	112,088		848,506
Thai Oil PCL NVDR	195,400		410,714
			19,163,154
FINANCIALS - 4.1%
Capital Markets - 0.0%
A.F.P. Provida SA sponsored ADR	1,621		149,083
Is Yatirim Menkul Degerler A/S	30,027		28,063
			177,146
Commercial Banks - 3.2%
Agricultural Bank of China Ltd. (H Shares)	5,470,000		2,543,349
Banco do Brasil SA	281,200		3,298,041
Bangkok Bank PCL	143,500		973,886
Bangkok Bank PCL NVDR	152,000		1,026,565
Bank Communications Co. Ltd. (H Shares)	1,174,000		893,720
Bank of China Ltd. (H Shares)	14,173,000		6,675,476
BIMB Holdings Bhd	35,500		45,686
China CITIC Bank Corp. Ltd. (H Shares)	3,613,000		1,934,205
China Construction Bank Corp. (H Shares)	9,212,000		7,426,996
China Merchants Bank Co. Ltd. (H Shares)	514,000		1,028,655
Chongqing Rural Commercial Bank Co. Ltd. (H Shares)	92,000		46,511
Grupo Financiero Banorte S.A.B. de CV Series O	684,600		4,379,790
Grupo Financiero Santander Mexico S.A.B. de CV sponsored ADR (a)	14,868		235,212
GSD Holding A/S (a)	135,167		109,722
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Hana Financial Group, Inc.	16,870		$ 561,837
Hong Leong Credit Bhd	11,300		54,296
ICICI Bank Ltd. sponsored ADR	52,138		2,344,646
Industrial & Commercial Bank of China Ltd. (H Shares)	6,290,000		4,400,855
Kasikornbank PCL NVDR	469,800		3,017,597
Krung Thai Bank PCL:
(For. Reg.)	1,704,500		1,232,375
NVDR	3,671,600		2,685,040
Malayan Banking Bhd	464,500		1,527,162
Metropolitan Bank & Trust Co.	325,600		971,952
PT Bank Bukopin Tbk	834,000		70,511
PT Bank Jabar Banten Tbk	767,500		95,455
PT Bank PAN Indonesia Tbk (a)	784,500		70,950
RHB Capital Bhd	454,000		1,282,828
Security Bank Corp.	50,090		204,811
Thanachart Capital PCL:
(For. Reg.)	797,900		1,182,368
NVDR	333,700		500,590
TISCO Financial Group PCL	31,900		51,427
TISCO Financial Group PCL rights 6/25/13 (a)	3,190		2,687
Turk Ekonomi Bankasi A/S (a)	82,803		111,436
Turkiye Halk Bankasi A/S	269,493		2,892,822
Turkiye Is Bankasi A/S Series C	1,203,804		4,474,486
Turkiye Vakiflar Bankasi TAO	1,151,019		3,663,591
			62,017,536
Consumer Finance - 0.0%
Krungthai Card PCL NVDR	205,800		299,849
Diversified Financial Services - 0.1%
FirstRand Ltd.	439,615		1,288,880
Meritz Financial Holdings Co. (a)	4,270		18,019
Metro Pacific Investments Corp.	1,047,000		155,652
			1,462,551
Insurance - 0.6%
Allianz Malaysia Bhd	31,000		94,905
First Insurance Co. Ltd.	135,000		89,877
Liberty Holdings Ltd.	202,698		2,536,256
LIG Insurance Co. Ltd.	39,260		856,657
Long Bon International Co. Ltd.	112,000		81,773
Lotte Non-Life Insurnce Co. Ltd. (a)	16,320		51,939
Mercuries Life Insurance Co. Ltd.	228,000		127,401
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Meritz Fire & Marine Insurance Co. Ltd.	10,280		$ 119,162
MMI Holdings Ltd.	1,071,872		2,539,610
MNRB Holdings Bhd	36,000		43,766
Porto Seguro SA	314,100		3,890,687
PT Panin Life Tbk (a)	2,282,500		63,742
Sanlam Ltd.	107,510		506,460
Shin Kong Financial Holding Co. Ltd. (a)	1,623,000		550,079
Syarikat Takaful Malaysia Bhd	93,600		223,443
Tong Yang Life Insurance Co. Ltd.	5,460		51,618
			11,827,375
Real Estate Investment Trusts - 0.0%
Torunlar Gayrimenkul Yatirim Ortakligi AS	37,070		80,970
Real Estate Management & Development - 0.2%
Chong Hong Construction Co. Ltd.	54,000		200,704
Greentown China Holdings Ltd.	238,500		421,641
Guangzhou R&F Properties Co. Ltd. (H Shares)	202,800		375,813
Jiangsu Future Land Co. Ltd. (B Shares)	615,000		488,685
KLCC Property Holdings Bhd	198,300		429,029
Korea Real Estate Investment Trust Co. (a)	177,189		237,791
LBS Bina Group Bhd	401,900		160,684
PT Agung Podomoro Land Tbk	15,189,500		758,500
PT Intiland Development Tbk	1,614,000		105,443
PT Kawasan Industri Jababeka Tbk (a)	2,298,500		95,649
PT Lippo Cikarang Tbk (a)	549,500		574,179
Tropicana Corp. Bhd	106,000		72,091
Vista Land & Lifescapes, Inc.	3,107,100		481,009
			4,401,218
TOTAL FINANCIALS			80,266,645
HEALTH CARE - 0.2%
Health Care Equipment & Supplies - 0.0%
Top Glove Corp. Bhd	132,500		273,099
Health Care Providers & Services - 0.0%
Faber Group Bhd	107,700		56,025
Profarma Distribuidora de Produtos Farmaceuticos SA	10,400		82,499
			138,524
Pharmaceuticals - 0.2%
Chong Kun Dang Pharmaceutical Corp.	17,790		911,135
Daewoong Pharmaceutical Co. Ltd.	4,635		280,744
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Dong Wha Pharm Co. Ltd.	32,350		$ 196,407
Dr. Reddy's Laboratories Ltd. sponsored ADR	68,845		2,545,200
Egis Rt.	5,971		537,515
			4,471,001
TOTAL HEALTH CARE			4,882,624
INDUSTRIALS - 0.8%
Aerospace & Defense - 0.1%
Embraer SA sponsored ADR	64,145		2,326,539
Airlines - 0.3%
Cebu Air, Inc.	112,630		211,764
Turk Hava Yollari AO	1,122,192		5,213,923
			5,425,687
Commercial Services & Supplies - 0.0%
China Stationery Ltd.	102,400		11,710
KTCS Corp.	21,960		57,172
KTIS Corp.	15,400		65,640
			134,522
Construction & Engineering - 0.0%
Daelim Industrial Co.	2,288		189,874
EEI Corp.	217,000		78,471
Empresas ICA Sociedad Controladora S.A.B. de CV (a)	135,458		245,405
Mudajaya Group Bhd	111,000		94,800
PT Petrosea Tbk	344,500		45,953
PT Surya Semesta Internusa Tbk	1,027,500		173,515
			828,018
Electrical Equipment - 0.0%
DONGYANG E&P, Inc.	21,665		417,004
Korea Electric Terminal Co. Ltd.	4,710		145,553
			562,557
Industrial Conglomerates - 0.2%
Alarko Holding AS	34,732		109,436
Alfa SA de CV Series A	907,000		2,140,756
Cahya Mata Sarawak Bhd	45,500		87,607
CJ Corp.	8,996		989,243
GRUP KUO, S.A.B. de CV Series B	80,711		190,120
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - continued
San Miguel Corp.	55,060		$ 119,724
Yazicilar Holding A/S	15,732		228,524
			3,865,410
Machinery - 0.0%
Shanghai Shangling Electric Appliances Co. Ltd. (B Shares)	240,500		251,488
Marine - 0.0%
Grindrod Ltd.	26,097		52,158
Transportation Infrastructure - 0.2%
Airports of Thailand PCL:
(depositary receipt)	120,600		734,572
(For. Reg.)	199,800		1,203,816
Bangkok Expressway PCL (For.Reg.)	42,500		55,020
Grupo Aeroportuario del Pacifico SA de CV:
Series B	73,534		390,221
sponsored ADR	3,569		187,622
Grupo Aeroportuario Norte S.A.B. de CV	61,316		210,221
OHL Mexico S.A.B. de CV (a)	173,032		467,305
			3,248,777
TOTAL INDUSTRIALS			16,695,156
INFORMATION TECHNOLOGY - 2.2%
Communications Equipment - 0.0%
Accton Technology Corp.	298,000		176,689
BYD Electronic International Co. Ltd.	162,000		101,771
China TechFaith Wireless Communication Technology Ltd. sponsored ADR (a)	6,986		7,545
China Wireless Technologies Ltd.	428,000		194,150
Humax Co. Ltd.	4,905		46,425
			526,580
Computers & Peripherals - 0.0%
Bematech Industria e Comercio de Equipamentos Eletronicos SA	38,900		137,125
CMC Magnetics Corp. (a)	1,302,000		245,994
Ichia Technologies, Inc. (a)	113,000		59,951
Pegatron Corp. (a)	87,000		155,648
			598,718
Electronic Equipment & Components - 0.5%
AU Optronics Corp. (a)	1,170,000		531,699
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Coretronic Corp.	163,000		$ 144,169
Daeduck Electronics Co. Ltd.	5,310		50,673
Daeduck GDS Co. Ltd.	7,000		136,681
Daou Data Corp.	29,550		146,365
Delta Electronics PCL NVDR	59,800		71,995
Everlight Electronics Co. Ltd.	35,000		64,351
HannStar Board Corp.	122,000		56,692
Hon Hai Precision Industry Co. Ltd. (Foxconn) GDR (Reg. S)	238,996		1,208,125
Innolux Corp. (a)	2,548,000		1,698,872
INTOPS Co. Ltd.	21,141		564,610
INZI Display Co. Ltd.	313,297		758,330
Jahwa Electronics Co. Ltd.	5,560		135,858
LG Display Co. Ltd. (a)	122,610		3,371,074
Sam Young Electronics Co. Ltd.	4,410		36,158
Samsung SDI Co. Ltd.	3,970		497,625
Taiwan Union Technology Corp.	122,000		83,879
			9,557,156
Internet Software & Services - 0.1%
Daou Technology, Inc.	63,960		1,067,103
NetEase.com, Inc. sponsored ADR	8,810		563,223
			1,630,326
IT Services - 0.0%
CSU Cardsystem SA	20,600		26,450
Wipro Ltd. sponsored ADR	99,299		757,651
WNS Holdings Ltd. sponsored ADR (a)	3,776		60,794
			844,895
Office Electronics - 0.0%
Sindoh Co. Ltd.	8,382		533,848
Semiconductors & Semiconductor Equipment - 1.5%
Advanced Semiconductor Engineering, Inc. sponsored ADR	531,257		2,231,279
AnaPass, Inc.	3,826		50,837
Apollo Solar Energy Technology Holdings Ltd. (a)	5,734,000		376,026
ChipMOS TECHNOLOGIES (Bermuda) Ltd.	15,719		286,715
Himax Technologies, Inc. sponsored ADR	91,880		662,455
Powertech Technology, Inc.	86,000		154,556
Samsung Electronics Co. Ltd.	12,091		16,268,475
Silicon Motion Technology Corp. sponsored ADR	66,889		751,832
Taiwan Semiconductor Co. Ltd.	127,000		81,383
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	407,996		$ 7,613,205
Topco Scientific Co. Ltd.	114,000		202,294
			28,679,057
Software - 0.1%
Changyou.com Ltd. (A Shares) ADR	28,557		878,128
Giant Interactive Group, Inc. ADR (a)	67,194		568,461
Perfect World Co. Ltd. sponsored ADR Class B	28,678		442,502
			1,889,091
TOTAL INFORMATION TECHNOLOGY			44,259,671
MATERIALS - 0.8%
Chemicals - 0.1%
Gubre Fabrikalari TAS (a)	20,121		159,034
Hanwha Corp.	17,320		480,375
Kolon Corp.	1,780		36,021
Kunsul Chemical Industrial Co. Ltd.	2,980		68,986
PTT Global Chemical PCL NVDR	787,300		1,876,680
Taekwang Industrial Co. Ltd.	168		154,741
			2,775,837
Construction Materials - 0.0%
Asia Cement (China) Holdings Corp.	103,500		54,165
Eternit SA	38,500		179,396
TPI Polene PCL	127,000		56,252
			289,813
Containers & Packaging - 0.1%
Anadolu Cam Sanayii A/S	313,855		502,838
Bio Pappel S.A.B. de CV (a)	179,268		388,467
Kian Joo Can Factory Bhd	62,900		56,452
Mpact Ltd.	29,863		71,230
			1,018,987
Metals & Mining - 0.5%
Dongil Industries Co. Ltd.	1,940		97,005
Grupo Mexico SA de CV Series B	759,337		2,514,237
Grupo Simec SA de CV (a)	101,100		465,298
Grupo Simec SA de CV Series B sponsored ADR (a)	3,283		44,879
Husteel Co. Ltd.	12,640		280,584
Industrias CH SA de CV (a)	69,796		498,798
KGHM Polska Miedz SA (Bearer)	16,692		752,637
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
KISCO Corp.	3,180		$ 75,254
KISWIRE Ltd.	1,630		49,358
Ternium SA sponsored ADR	175,519		4,089,593
			8,867,643
Paper & Forest Products - 0.1%
Duratex SA	35,200		238,633
Fibria Celulose SA (a)	123,900		1,361,176
Hankuk Paper Manufacturing Co. Ltd.	3,240		69,326
Hansol Paper Co. Ltd.	66,290		837,103
Mondi Ltd.	3,296		43,894
Sappi Ltd. (a)	75,463		191,246
Sungchang Enterprise Holdings (a)	2,540		53,462
			2,794,840
TOTAL MATERIALS			15,747,120
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 0.6%
Axtel S.A.B. de CV unit (a)	704,054		239,125
China Communications Services Corp. Ltd. (H Shares)	152,000		99,475
China Telecom Corp. Ltd. (H Shares)	2,910,000		1,386,395
KT Corp.	120,050		4,098,354
LG Telecom Ltd. (a)	47,390		488,575
PT Telkomunikasi Indonesia Tbk:
Series B	741,000		832,021
sponsored ADR	29,732		1,343,886
SK Broadband Co., Ltd. (a)	54,830		246,335
Telefonica Brasil SA sponsored ADR	92,555		2,287,034
Telkom SA Ltd. (a)	117,986		174,717
			11,195,917
Wireless Telecommunication Services - 0.6%
Advanced Info Service PCL (For. Reg.)	142,100		1,217,146
Mobile TeleSystems OJSC sponsored ADR	17,500		337,225
MTN Group Ltd.	125,297		2,276,327
Sistema JSFC sponsored GDR	22,816		435,557
TIM Participacoes SA	399,200		1,524,632
TIM Participacoes SA sponsored ADR	76,714		1,469,840
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Total Access Communication PCL NVDR	636,000		$ 2,406,717
VimpelCom Ltd. sponsored ADR	263,982		2,626,621
			12,294,065
TOTAL TELECOMMUNICATION SERVICES			23,489,982
UTILITIES - 0.8%
Electric Utilities - 0.5%
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	51,370		535,275
Companhia Energetica do Ceara	900		18,758
Enersis SA sponsored ADR	155,805		2,611,292
Polska Grupa Energetyczna SA	26,854		147,783
Tauron Polska Energia SA	428,174		564,997
Tenaga Nasional Bhd	2,003,000		5,394,189
			9,272,294
Gas Utilities - 0.2%
Busan City Gas Co. Ltd.	320		7,959
Daesung Energy Co. Ltd.	22,060		108,786
E1 Corp.	2,117		139,852
Infraestructura Energetica Nova S.A.B. de CV	27,952		103,730
Korea District Heating Corp.	1,758		138,147
Kyungnam Energy Co. Ltd.	21,890		125,926
PT Perusahaan Gas Negara Tbk Series B	3,759,500		2,107,375
Samchully Co. Ltd.	1,528		168,736
			2,900,511
Independent Power Producers & Energy Traders - 0.0%
Aboitiz Power Corp.	320,000		270,385
Huaneng Power International, Inc. (H Shares)	128,000		130,543
			400,928
Water Utilities - 0.1%
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	49,700		622,120
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Water Utilities - continued
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR	174,696		$ 2,222,133
Puncak Niaga Holding Bhd	80,600		46,568
			2,890,821
TOTAL UTILITIES			15,464,554
TOTAL COMMON STOCKS (Cost $230,353,679)		248,325,223
Nonconvertible Preferred Stocks - 0.6%

CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.2%
Companhia Brasileira de Distribuicao Grupo Pao de Acucar (PN)	74,900		3,632,045
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.)	281,400		2,627,696
MATERIALS - 0.1%
Metals & Mining - 0.1%
Metalurgica Gerdau SA (PN)	179,000		1,373,966
TELECOMMUNICATION SERVICES - 0.1%
Diversified Telecommunication Services - 0.1%
Oi SA (PN)	77,400		144,190
Telefonica Brasil SA	71,200		1,753,572
			1,897,762
UTILITIES - 0.1%
Electric Utilities - 0.1%
Companhia Energetica de Minas Gerais (CEMIG) (PN)	160,931		1,648,532
Companhia Energetica do Ceara	7,100		145,792
			1,794,324
Independent Power Producers & Energy Traders - 0.0%
Companhia Energetica de Sao Paulo Series A	103,800		994,479
Nonconvertible Preferred Stocks - continued
	Shares		Value
UTILITIES - continued
Water Utilities - 0.0%
Cia de Saneamento do Parana	8,000		$ 30,292
TOTAL UTILITIES			2,819,095
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $13,565,071)		12,350,564
Equity Funds - 81.2%

Emerging Markets Funds - 81.0%
Aberdeen Emerging Markets Institutional Fund	18,066,803		277,867,423
Eaton Vance Parametric Structured Emerging Markets Fund Class A	6,583,018		97,165,340
Fidelity Emerging Markets Fund (c)	8,218,301		194,609,364
GMO Emerging Markets Fund - Class V	22,104,398		240,274,811
Invesco Developing Markets Fund Class A	2,828,419		96,420,793
iShares FTSE/Xinhua China 25 Index ETF	679,800		24,479,598
Lazard Emerging Markets Equity Portfolio Institutional Class	14,309,231		271,732,300
Oppenheimer Developing Markets Fund Class A	2,825,479		100,530,532
SSgA Emerging Markets Fund	4,685,250		92,674,240
T. Rowe Price Emerging Markets Stock Fund	6,214,381		204,825,983
TOTAL EMERGING MARKETS FUNDS			1,600,580,384
Europe Stock Funds - 0.2%
Market Vectors Russia ETF	191,700		4,850,010
Sector Funds - 0.0%
RS Global Natural Resources Fund Class A	66		2,495
TOTAL EQUITY FUNDS (Cost $1,693,589,465)		1,605,432,889
Money Market Funds - 5.2%
	Shares		Value
SSgA US Treasury Money Market Fund, 0% (b) (Cost $103,289,078)	103,289,078		$ 103,289,078
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $2,040,797,293)			1,969,397,754
NET OTHER ASSETS (LIABILITIES) - 0.4%			7,347,118
NET ASSETS - 100%		$ 1,976,744,872

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
1,830 NYSE E-mini MSCI Emerging Markets Index Contracts	June 2013	$ 90,484,350	$ (3,624,439)

The face value of futures purchased as a percentage of net assets is 4.6%

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.

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Emerging Markets Fund	$ 190,112,567	$ 4,078,566	$ -	$ -	$ 194,609,364

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 21,036,990	$ 7,288,538	$ 13,748,452	$ -
Consumer Staples	10,951,372	9,879,738	1,071,634	-
Energy	21,790,850	16,320,978	5,469,872	-
Financials	80,266,645	34,343,179	45,923,466	-
Health Care	4,882,624	3,165,214	1,717,410	-
Industrials	16,695,156	12,172,189	4,522,967	-
Information Technology	44,259,671	16,195,490	28,064,181	-
Materials	17,121,086	12,875,322	4,245,764	-
Telecommunication Services	25,387,744	14,612,726	10,775,018	-
Utilities	18,283,649	9,915,568	8,368,081	-
Equity Funds	1,605,432,889	1,605,432,889	-	-
Money Market Funds	103,289,078	103,289,078	-	-
Total Investments in Securities:	$ 1,969,397,754	$ 1,845,490,909	$ 123,906,845	$ -
Derivative Instruments:
Liabilities
Futures Contracts	$ (3,624,439)	$ (3,624,439)	$ -	$ -

Transfers	Total
Level 1 to Level 2	$ 95,324,707
Level 2 to Level 1	$ 0

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $2,042,223,059. Net unrealized depreciation aggregated $72,825,305, of which $61,107,845 related to appreciated investment securities and $133,933,150 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers® Small-Mid Cap Multi-Manager Fund

May 31, 2013

1.933026.101

AMM-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.2%
	Shares		Value
CONSUMER DISCRETIONARY - 13.7%
Auto Components - 1.6%
American Axle & Manufacturing Holdings, Inc. (a)	3,265		$ 58,084
Cooper Tire & Rubber Co.	3,607		93,205
Dana Holding Corp.	4,460		84,383
Gentherm, Inc. (a)	485		8,934
Tenneco, Inc. (a)	2,253		99,943
TRW Automotive Holdings Corp. (a)	3,498		221,598
Visteon Corp. (a)	3,150		199,931
			766,078
Distributors - 0.2%
Pool Corp.	1,997		102,746
Diversified Consumer Services - 0.1%
LifeLock, Inc.	1,042		10,753
Sotheby's Class A (Ltd. vtg.)	515		19,184
			29,937
Hotels, Restaurants & Leisure - 2.4%
Choice Hotels International, Inc.	1,506		59,457
Del Frisco's Restaurant Group, Inc. (a)	1,870		34,763
Domino's Pizza, Inc.	1,716		101,707
Dunkin' Brands Group, Inc.	1,775		70,290
Hyatt Hotels Corp. Class A (a)	4,210		173,115
International Game Technology	3,975		71,073
Jack in the Box, Inc. (a)	2,749		100,311
Life Time Fitness, Inc. (a)	1,639		81,688
Marriott Vacations Worldwide Corp. (a)	1,530		67,703
Penn National Gaming, Inc. (a)	2,028		111,621
Scientific Games Corp. Class A (a)	2,300		25,047
Six Flags Entertainment Corp.	940		70,096
Vail Resorts, Inc.	2,180		139,629
Wendy's Co.	4,500		26,775
			1,133,275
Household Durables - 2.5%
D.R. Horton, Inc.	1,260		30,694
Ethan Allen Interiors, Inc.	3,187		99,976
Jarden Corp. (a)	2,175		101,312
M.D.C. Holdings, Inc.	4,320		160,315
Mohawk Industries, Inc. (a)	1,125		125,066
Newell Rubbermaid, Inc.	5,575		150,748
Ryland Group, Inc.	5,471		247,727
Taylor Morrison Home Corp.	990		25,572
Tempur-Pedic International, Inc. (a)	377		15,940
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Toll Brothers, Inc. (a)	1,070		$ 36,562
TRI Pointe Homes, Inc.	1,855		31,238
Whirlpool Corp.	1,050		134,148
William Lyon Homes, Inc. (a)	1,280		33,344
			1,192,642
Leisure Equipment & Products - 0.4%
Arctic Cat, Inc.	554		25,977
Brunswick Corp.	4,678		157,040
			183,017
Media - 1.8%
AMC Networks, Inc. Class A (a)	1,050		67,221
Belo Corp. Series A	3,775		42,356
Gannett Co., Inc.	5,600		120,400
Lamar Advertising Co. Class A (a)	1,360		63,553
Nexstar Broadcasting Group, Inc. Class A	3,105		86,940
Regal Entertainment Group Class A	1,690		29,913
Sinclair Broadcast Group, Inc. Class A	8,485		229,350
Tribune Co. Class A (a)	3,800		215,650
			855,383
Specialty Retail - 3.4%
Abercrombie & Fitch Co. Class A	2,675		133,964
Advance Auto Parts, Inc.	380		30,978
ANN, Inc. (a)	1,395		42,799
DSW, Inc. Class A	1,878		138,953
Express, Inc. (a)	2,604		56,767
Five Below, Inc.	1,690		64,626
Foot Locker, Inc.	6,130		210,382
GNC Holdings, Inc.	2,300		103,569
Group 1 Automotive, Inc.	1,378		87,572
Monro Muffler Brake, Inc.	1,582		74,386
OfficeMax, Inc.	5,550		72,317
PetSmart, Inc.	650		43,875
Pier 1 Imports, Inc.	1,487		34,484
RadioShack Corp.	6,500		24,050
Rent-A-Center, Inc.	878		32,117
rue21, Inc. (a)	1,347		56,561
Select Comfort Corp. (a)	1,339		29,712
The Pep Boys - Manny, Moe & Jack (a)	1,100		13,574
Tractor Supply Co.	1,567		175,473
Ulta Salon, Cosmetics & Fragrance, Inc.	400		36,304
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Vitamin Shoppe, Inc. (a)	2,767		$ 121,029
Williams-Sonoma, Inc.	685		36,963
			1,620,455
Textiles, Apparel & Luxury Goods - 1.3%
Fifth & Pacific Companies, Inc. (a)	3,360		72,206
Fossil, Inc. (a)	425		45,135
Iconix Brand Group, Inc. (a)	3,351		100,832
Maidenform Brands, Inc. (a)	692		12,587
PVH Corp.	1,147		132,123
Steven Madden Ltd. (a)	1,565		75,903
Under Armour, Inc. Class A (sub. vtg.) (a)	1,762		109,244
Wolverine World Wide, Inc.	975		51,041
			599,071
TOTAL CONSUMER DISCRETIONARY			6,482,604
CONSUMER STAPLES - 2.6%
Beverages - 0.0%
Cott Corp.	1,635		13,389
Crimson Wine Group Ltd. (a)	888		7,788
			21,177
Food & Staples Retailing - 1.2%
Casey's General Stores, Inc.	2,170		131,849
Fresh Market, Inc. (a)	615		30,467
Harris Teeter Supermarkets, Inc.	2,423		113,881
Susser Holdings Corp. (a)	3,870		183,206
United Natural Foods, Inc. (a)	1,720		91,022
			550,425
Food Products - 1.2%
Annie's, Inc. (a)	720		28,015
B&G Foods, Inc. Class A	4,041		116,300
Hain Celestial Group, Inc. (a)	940		62,623
Hillshire Brands Co. (a)	920		31,869
Ingredion, Inc.	925		63,011
Lancaster Colony Corp.	1,124		92,696
The J.M. Smucker Co.	825		83,292
Tyson Foods, Inc. Class A	3,550		88,750
			566,556
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Household Products - 0.1%
Spectrum Brands Holdings, Inc.	728		$ 43,891
Personal Products - 0.1%
Elizabeth Arden, Inc. (a)	515		24,257
Inter Parfums, Inc.	588		17,628
Nu Skin Enterprises, Inc. Class A	570		33,516
			75,401
TOTAL CONSUMER STAPLES			1,257,450
ENERGY - 5.8%
Energy Equipment & Services - 2.0%
Atwood Oceanics, Inc. (a)	2,202		115,627
Bristow Group, Inc.	480		30,168
Dresser-Rand Group, Inc. (a)	1,344		81,446
Dril-Quip, Inc. (a)	1,281		115,866
Forum Energy Technologies, Inc. (a)	1,060		31,471
Hercules Offshore, Inc. (a)	4,374		30,224
Hornbeck Offshore Services, Inc. (a)	580		30,172
ION Geophysical Corp. (a)	3,500		22,365
Lufkin Industries, Inc.	146		12,886
Oil States International, Inc. (a)	551		54,274
Patterson-UTI Energy, Inc.	11,474		241,069
SEACOR Holdings, Inc.	1,150		88,309
Superior Energy Services, Inc. (a)	933		24,892
TETRA Technologies, Inc. (a)	4,300		44,763
Tidewater, Inc.	430		23,689
			947,221
Oil, Gas & Consumable Fuels - 3.8%
Berry Petroleum Co. Class A	2,031		87,963
Bill Barrett Corp. (a)	962		21,712
Carrizo Oil & Gas, Inc. (a)	1,140		29,252
Concho Resources, Inc. (a)	390		32,627
Diamondback Energy, Inc.	970		32,757
Energen Corp.	3,706		200,828
Energy XXI (Bermuda) Ltd.	1,410		35,997
Gulfport Energy Corp. (a)	4,720		225,097
HollyFrontier Corp.	1,450		71,775
Kodiak Oil & Gas Corp. (a)	5,685		49,914
Oasis Petroleum, Inc. (a)	2,334		86,731
Peabody Energy Corp.	5,950		117,037
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Pioneer Natural Resources Co.	1,540		$ 213,567
Range Resources Corp.	880		66,158
Resolute Energy Corp. (a)	5,330		44,879
Rex Energy Corp. (a)	970		16,112
Rosetta Resources, Inc. (a)	1,204		56,419
SM Energy Co.	1,075		65,188
Ultra Petroleum Corp. (a)	3,764		85,744
Western Refining, Inc.	870		29,032
Whiting Petroleum Corp. (a)	4,732		218,003
WPX Energy, Inc. (a)	1,000		19,260
			1,806,052
TOTAL ENERGY			2,753,273
FINANCIALS - 17.7%
Capital Markets - 2.5%
Affiliated Managers Group, Inc. (a)	1,028		168,592
American Capital Ltd. (a)	6,740		89,844
Ares Capital Corp.	1,283		22,016
Eaton Vance Corp. (non-vtg.)	2,000		83,020
Evercore Partners, Inc. Class A	2,525		100,293
FXCM, Inc. Class A	2,090		28,988
Greenhill & Co., Inc.	1,213		60,420
Invesco Ltd.	1,200		40,488
New Mountain Finance Corp.	1,818		27,688
Och-Ziff Capital Management Group LLC Class A	4,845		54,216
Raymond James Financial, Inc.	4,930		216,772
SEI Investments Co.	2,908		89,014
Stifel Financial Corp. (a)	2,619		94,258
Walter Investment Management Corp. (a)	500		18,205
WisdomTree Investments, Inc. (a)	5,565		69,229
			1,163,043
Commercial Banks - 5.6%
BankUnited, Inc.	1,150		28,267
BBCN Bancorp, Inc.	460		5,929
CIT Group, Inc. (a)	5,720		263,578
City National Corp.	430		26,987
Comerica, Inc.	6,140		242,469
CVB Financial Corp.	1,220		13,993
East West Bancorp, Inc.	5,603		147,583
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
First Niagara Financial Group, Inc.	4,070		$ 39,764
FirstMerit Corp.	4,153		78,367
Hanmi Financial Corp. (a)	960		15,110
Huntington Bancshares, Inc.	18,993		147,196
Investors Bancorp, Inc.	9,664		191,154
KeyCorp	26,490		285,562
MB Financial, Inc.	3,875		98,851
National Bank Holdings Corp.	952		17,269
PacWest Bancorp	701		20,210
PrivateBancorp, Inc.	4,000		77,440
Prosperity Bancshares, Inc.	4,212		210,979
Regions Financial Corp.	33,525		306,083
SCBT Financial Corp.	420		21,021
SVB Financial Group (a)	1,550		119,955
Synovus Financial Corp.	6,347		17,391
TCF Financial Corp.	3,100		44,640
Texas Capital Bancshares, Inc. (a)	1,925		85,008
Umpqua Holdings Corp.	4,067		54,986
Zions Bancorporation	3,820		107,151
			2,666,943
Consumer Finance - 0.3%
DFC Global Corp. (a)	1,550		23,095
Discover Financial Services	2,790		132,274
			155,369
Diversified Financial Services - 0.7%
Interactive Brokers Group, Inc.	2,040		32,171
Leucadia National Corp.	8,880		278,654
			310,825
Insurance - 3.0%
Allied World Assurance Co. Holdings Ltd.	1,360		121,598
Amtrust Financial Services, Inc.	671		22,163
Aspen Insurance Holdings Ltd.	10		367
Axis Capital Holdings Ltd.	1,400		60,984
Brown & Brown, Inc.	2,821		91,034
CNO Financial Group, Inc.	1,100		13,574
HCC Insurance Holdings, Inc.	5,195		222,606
Lincoln National Corp.	7,350		262,101
Platinum Underwriters Holdings Ltd.	837		47,793
Protective Life Corp.	319		12,339
Reinsurance Group of America, Inc.	1,236		81,440
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
StanCorp Financial Group, Inc.	1,383		$ 62,830
Validus Holdings Ltd.	5,325		192,286
White Mountains Insurance Group Ltd.	410		242,380
			1,433,495
Real Estate Investment Trusts - 4.1%
American Campus Communities, Inc.	980		40,013
American Capital Mortgage Investment Corp.	1,220		25,705
BioMed Realty Trust, Inc.	7,850		164,301
Brandywine Realty Trust (SBI)	14,325		202,842
Campus Crest Communities, Inc.	2,521		31,891
CBL & Associates Properties, Inc.	3,125		71,844
Chesapeake Lodging Trust	1,233		27,804
Colonial Properties Trust (SBI)	3,100		68,541
Corporate Office Properties Trust (SBI)	681		18,135
Corrections Corp. of America	5,369		188,720
Douglas Emmett, Inc.	2,190		55,823
DuPont Fabros Technology, Inc.	3,875		93,891
Extra Space Storage, Inc.	630		26,391
Home Properties, Inc.	262		15,922
Kilroy Realty Corp.	3,700		195,767
Kite Realty Group Trust	2,645		16,055
Medical Properties Trust, Inc.	2,059		30,556
National Retail Properties, Inc.	729		26,149
New Residential Investment Corp.	9,840		67,306
Newcastle Investment Corp.	5,410		27,375
NorthStar Realty Finance Corp.	7,650		64,490
Omega Healthcare Investors, Inc.	810		26,252
Plum Creek Timber Co., Inc.	3,550		169,335
Post Properties, Inc.	453		21,653
Redwood Trust, Inc.	1,790		34,296
Ryman Hospitality Properties, Inc.	1,153		44,114
Silver Bay Realty Trust Corp.	2,183		38,923
Tanger Factory Outlet Centers, Inc.	1,500		51,720
Taubman Centers, Inc.	530		42,707
Two Harbors Investment Corp.	4,375		48,256
			1,936,777
Real Estate Management & Development - 0.7%
Alexander & Baldwin, Inc.	3,780		133,396
Jones Lang LaSalle, Inc.	2,240		205,699
			339,095
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.8%
EverBank Financial Corp.	9,700		$ 152,290
Nationstar Mortgage Holdings, Inc. (a)	3,280		133,529
Northfield Bancorp, Inc.	1,720		19,711
Northwest Bancshares, Inc.	5,071		62,880
Walker & Dunlop, Inc. (a)	1,437		27,260
			395,670
TOTAL FINANCIALS			8,401,217
HEALTH CARE - 9.2%
Biotechnology - 2.0%
Acorda Therapeutics, Inc. (a)	2,389		79,912
Alkermes PLC (a)	1,795		56,094
Amarin Corp. PLC ADR (a)	5,720		39,983
ARIAD Pharmaceuticals, Inc. (a)	1,160		21,274
BioMarin Pharmaceutical, Inc. (a)	2,464		154,493
Cepheid, Inc. (a)	1,270		44,145
Coronado Biosciences, Inc. (a)	1,260		12,449
Cubist Pharmaceuticals, Inc. (a)	765		42,037
Incyte Corp. (a)	3,570		79,147
Medivation, Inc. (a)	995		48,317
Merrimack Pharmaceuticals, Inc. (a)	3,075		17,036
Onyx Pharmaceuticals, Inc. (a)	865		82,564
Pharmacyclics, Inc. (a)	555		50,860
Portola Pharmaceuticals, Inc.	1,035		18,837
Repligen Corp. (a)	1,040		8,611
Seattle Genetics, Inc. (a)	2,079		71,351
Sunesis Pharmaceuticals, Inc. (a)	1,650		8,894
Synageva BioPharma Corp. (a)	480		19,786
Synta Pharmaceuticals Corp. (a)	1,260		9,299
United Therapeutics Corp. (a)	1,304		86,677
Vical, Inc. (a)	1,540		5,390
			957,156
Health Care Equipment & Supplies - 2.2%
Accuray, Inc. (a)	2,200		11,814
Align Technology, Inc. (a)	1,435		51,301
Analogic Corp.	527		41,891
CareFusion Corp. (a)	650		23,888
Given Imaging Ltd. (a)	790		11,329
Globus Medical, Inc.	1,570		22,922
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Haemonetics Corp. (a)	300		$ 12,384
HeartWare International, Inc. (a)	440		40,159
Hill-Rom Holdings, Inc.	352		12,718
Hologic, Inc. (a)	2,953		61,275
Insulet Corp. (a)	4,428		132,220
Masimo Corp.	2,454		53,129
Meridian Bioscience, Inc.	1,946		42,053
NuVasive, Inc. (a)	5,513		119,742
Orthofix International NV (a)	751		20,758
Sirona Dental Systems, Inc. (a)	2,194		155,642
Steris Corp.	2,010		91,133
Symmetry Medical, Inc. (a)	1,700		15,861
Teleflex, Inc.	350		27,416
Thoratec Corp. (a)	1,929		60,127
West Pharmaceutical Services, Inc.	321		22,005
			1,029,767
Health Care Providers & Services - 2.7%
Accretive Health, Inc. (a)	2,591		29,486
Air Methods Corp.	643		24,074
Catamaran Corp. (United States) (a)	1,157		56,948
Centene Corp. (a)	3,022		149,589
Chemed Corp.	1,433		100,339
Health Management Associates, Inc. Class A (a)	8,786		121,159
Health Net, Inc. (a)	620		19,759
HealthSouth Corp. (a)	4,221		123,633
Healthways, Inc. (a)	1,262		16,974
MEDNAX, Inc. (a)	1,381		128,198
Omnicare, Inc.	3,400		156,502
Team Health Holdings, Inc. (a)	1,850		72,280
Universal American Spin Corp.	9,059		82,618
Universal Health Services, Inc. Class B	1,400		96,796
VCA Antech, Inc. (a)	3,163		80,846
			1,259,201
Health Care Technology - 0.3%
Allscripts Healthcare Solutions, Inc. (a)	3,050		42,243
Greenway Medical Technologies (a)	2,255		27,060
HMS Holdings Corp. (a)	3,287		81,846
			151,149
Life Sciences Tools & Services - 1.2%
Affymetrix, Inc. (a)	3,500		13,125
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - continued
Bruker BioSciences Corp. (a)	1,970		$ 32,564
Cambrex Corp. (a)	1,600		22,016
Charles River Laboratories International, Inc. (a)	2,340		101,345
ICON PLC (a)	4,171		143,232
PAREXEL International Corp. (a)	2,771		126,607
PerkinElmer, Inc.	1,999		62,609
Techne Corp.	843		56,068
Waters Corp. (a)	292		28,239
			585,805
Pharmaceuticals - 0.8%
Endo Health Solutions, Inc. (a)	760		27,588
Jazz Pharmaceuticals PLC (a)	2,895		196,773
Salix Pharmaceuticals Ltd. (a)	2,175		131,957
ViroPharma, Inc. (a)	895		24,613
Warner Chilcott PLC	900		17,280
			398,211
TOTAL HEALTH CARE			4,381,289
INDUSTRIALS - 13.9%
Aerospace & Defense - 1.4%
AeroVironment, Inc. (a)	600		12,042
BE Aerospace, Inc. (a)	1,550		98,332
Esterline Technologies Corp. (a)	450		33,026
Hexcel Corp. (a)	4,754		165,297
Spirit AeroSystems Holdings, Inc. Class A (a)	2,120		45,813
Teledyne Technologies, Inc. (a)	967		74,672
Textron, Inc.	1,300		35,048
TransDigm Group, Inc.	661		96,572
Triumph Group, Inc.	1,330		103,275
			664,077
Air Freight & Logistics - 0.3%
Forward Air Corp.	1,813		70,290
Hub Group, Inc. Class A (a)	2,097		76,142
			146,432
Airlines - 0.3%
Alaska Air Group, Inc. (a)	790		44,888
Copa Holdings SA Class A	805		105,713
			150,601
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Building Products - 0.8%
A.O. Smith Corp.	4,304		$ 168,717
Fortune Brands Home & Security, Inc.	640		27,059
Owens Corning (a)	4,640		202,768
			398,544
Commercial Services & Supplies - 1.0%
ACCO Brands Corp.	3,606		25,783
Avery Dennison Corp.	3,625		157,688
Clean Harbors, Inc. (a)	330		18,876
Covanta Holding Corp.	2,200		44,990
Multi-Color Corp.	370		10,874
Tetra Tech, Inc. (a)	5,540		152,738
Waste Connections, Inc.	1,800		72,432
			483,381
Construction & Engineering - 0.9%
AECOM Technology Corp. (a)	3,650		112,384
EMCOR Group, Inc.	2,975		118,256
KBR, Inc.	2,480		89,528
MasTec, Inc. (a)	2,632		83,698
			403,866
Electrical Equipment - 1.1%
Acuity Brands, Inc.	1,091		81,901
AMETEK, Inc.	700		30,205
AZZ, Inc.	1,176		48,780
Encore Wire Corp.	3,890		134,633
Generac Holdings, Inc.	1,275		51,638
Hubbell, Inc. Class B	570		57,245
II-VI, Inc. (a)	930		15,438
Regal-Beloit Corp.	1,366		92,219
			512,059
Industrial Conglomerates - 0.1%
Carlisle Companies, Inc.	500		32,705
Machinery - 4.7%
Actuant Corp. Class A	3,126		106,284
AGCO Corp.	3,293		182,663
Colfax Corp. (a)	770		38,423
Crane Co.	1,382		82,575
ESCO Technologies, Inc.	900		28,908
ExOne Co.	1,705		84,602
Flowserve Corp.	180		30,263
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
IDEX Corp.	1,221		$ 67,216
ITT Corp.	4,018		121,143
Lincoln Electric Holdings, Inc.	2,518		150,576
Lindsay Corp.	992		80,600
Manitowoc Co., Inc.	1,600		33,616
Meritor, Inc. (a)	2,550		18,462
Middleby Corp. (a)	126		20,600
Nordson Corp.	540		38,459
Oshkosh Truck Corp. (a)	4,580		182,376
RBC Bearings, Inc. (a)	625		30,600
SPX Corp.	450		35,514
Tennant Co.	455		22,450
Terex Corp. (a)	4,500		161,415
TriMas Corp. (a)	773		24,929
Trinity Industries, Inc.	7,458		305,256
Twin Disc, Inc.	1,000		24,930
Valmont Industries, Inc.	230		35,036
WABCO Holdings, Inc. (a)	1,766		133,192
Wabtec Corp.	1,249		137,402
Woodward, Inc.	727		28,462
			2,205,952
Marine - 0.2%
Danaos Corp. (a)	1,900		8,208
Kirby Corp. (a)	1,136		88,699
			96,907
Professional Services - 0.7%
Equifax, Inc.	920		56,028
FTI Consulting, Inc. (a)	700		26,593
ICF International, Inc. (a)	1,015		30,602
On Assignment, Inc. (a)	2,005		52,210
Towers Watson & Co.	2,100		163,128
			328,561
Road & Rail - 1.4%
AMERCO	835		143,954
Avis Budget Group, Inc. (a)	1,520		50,403
Genesee & Wyoming, Inc. Class A (a)	1,065		94,838
Ryder System, Inc.	3,580		225,683
Swift Transporation Co. (a)	9,585		161,411
			676,289
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Trading Companies & Distributors - 1.0%
MRC Global, Inc. (a)	1,040		$ 29,526
Rush Enterprises, Inc. Class A (a)	1,565		40,221
United Rentals, Inc. (a)	3,590		204,056
Watsco, Inc.	968		84,458
WESCO International, Inc. (a)	1,634		121,341
			479,602
TOTAL INDUSTRIALS			6,578,976
INFORMATION TECHNOLOGY - 15.1%
Communications Equipment - 1.4%
ADTRAN, Inc.	1,250		28,900
Anaren, Inc. (a)	831		19,961
Arris Group, Inc. (a)	11,704		177,082
Aruba Networks, Inc. (a)	1,364		20,378
Brocade Communications Systems, Inc. (a)	6,900		37,467
Ciena Corp. (a)	1,200		20,088
Infinera Corp. (a)	3,700		38,961
JDS Uniphase Corp. (a)	2,165		29,487
Juniper Networks, Inc. (a)	2,210		39,183
NETGEAR, Inc. (a)	2,515		83,699
Palo Alto Networks, Inc.	480		23,290
Procera Networks, Inc. (a)	2,665		39,335
Riverbed Technology, Inc. (a)	2,275		35,172
Ruckus Wireless, Inc.	2,470		30,924
Sierra Wireless, Inc. (a)	2,000		22,763
			646,690
Computers & Peripherals - 0.2%
NCR Corp. (a)	1,340		44,756
Quantum Corp. (a)	5,700		8,835
Silicon Graphics International Corp. (a)	2,685		40,544
			94,135
Electronic Equipment & Components - 2.7%
Avnet, Inc. (a)	4,500		153,720
Cognex Corp.	2,334		104,867
CTS Corp.	1,700		20,434
Dolby Laboratories, Inc. Class A	700		24,500
Fabrinet (a)	2,295		33,346
FARO Technologies, Inc. (a)	560		20,955
GSI Group, Inc. (a)	429		3,492
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
IPG Photonics Corp.	1,628		$ 96,540
Itron, Inc. (a)	800		33,600
Littelfuse, Inc.	1,202		88,335
Mercury Systems, Inc. (a)	1,500		13,110
Molex, Inc. Class A (non-vtg.)	6,620		162,587
National Instruments Corp.	2,410		68,444
Newport Corp. (a)	992		13,055
OSI Systems, Inc. (a)	1,222		70,680
Plexus Corp. (a)	669		19,521
SYNNEX Corp. (a)	2,658		107,782
Tech Data Corp. (a)	1,590		79,691
Trimble Navigation Ltd. (a)	1,574		43,915
Vishay Intertechnology, Inc. (a)	9,525		138,684
			1,297,258
Internet Software & Services - 2.0%
Bankrate, Inc. (a)	890		12,736
Cornerstone OnDemand, Inc. (a)	1,955		79,451
CoStar Group, Inc. (a)	1,345		150,384
DealerTrack Holdings, Inc. (a)	4,007		129,186
Digital River, Inc. (a)	2,900		50,663
eGain Communications Corp. (a)	6,345		50,950
ExactTarget, Inc. (a)	3,900		89,739
Keynote Systems, Inc.	1,140		14,364
Liquidity Services, Inc. (a)	817		32,688
SPS Commerce, Inc. (a)	1,590		85,812
Trulia, Inc.	1,965		60,404
ValueClick, Inc. (a)	7,121		187,567
Velti PLC (a)	2,400		4,224
			948,168
IT Services - 1.8%
Acxiom Corp. (a)	1,600		35,184
Alliance Data Systems Corp. (a)	844		149,464
Convergys Corp.	1,660		30,162
CoreLogic, Inc. (a)	4,805		125,891
DST Systems, Inc.	700		47,726
EPAM Systems, Inc. (a)	310		7,180
ExlService Holdings, Inc. (a)	1,030		30,210
Fidelity National Information Services, Inc.	1,975		88,678
FleetCor Technologies, Inc. (a)	420		36,574
Gartner, Inc. Class A (a)	1,035		58,591
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - continued
InterXion Holding N.V. (a)	1,975		$ 54,214
Lender Processing Services, Inc.	2,130		70,482
Maximus, Inc.	665		49,629
Total System Services, Inc.	1,600		37,616
VeriFone Systems, Inc. (a)	860		20,064
			841,665
Semiconductors & Semiconductor Equipment - 3.1%
Atmel Corp. (a)	7,475		58,828
Cavium, Inc. (a)	1,020		33,415
Ceva, Inc. (a)	900		15,093
Entropic Communications, Inc. (a)	3,249		13,906
FormFactor, Inc. (a)	2,500		14,725
Freescale Semiconductor Holdings I Ltd. (a)	1,690		26,905
Ikanos Communications, Inc. (a)	2,500		3,375
Lam Research Corp. (a)	1,449		67,784
M/A-COM Technology Solutions, Inc. (a)	600		8,358
MagnaChip Semiconductor Corp. (a)	1,271		23,514
Mellanox Technologies Ltd. (a)	395		20,489
Micron Technology, Inc. (a)	4,125		48,180
Microsemi Corp. (a)	5,715		125,330
MKS Instruments, Inc.	2,505		70,516
Monolithic Power Systems, Inc.	1,360		33,415
NXP Semiconductors NV (a)	6,825		210,551
ON Semiconductor Corp. (a)	4,170		35,695
Power Integrations, Inc.	1,873		79,958
Rambus, Inc. (a)	3,750		29,550
Semtech Corp. (a)	2,390		87,331
Silicon Laboratories, Inc. (a)	1,614		69,337
Skyworks Solutions, Inc. (a)	10,085		240,628
Spansion, Inc. Class A (a)	2,120		29,044
Teradyne, Inc. (a)	6,127		109,918
Ultratech, Inc. (a)	890		32,449
			1,488,294
Software - 3.9%
Accelrys, Inc. (a)	2,500		20,850
ANSYS, Inc. (a)	1,131		84,260
Aspen Technology, Inc. (a)	6,929		212,166
AVG Technologies NV (a)	5,350		97,531
Bottomline Technologies, Inc. (a)	990		27,354
BroadSoft, Inc. (a)	1,460		40,471
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Cadence Design Systems, Inc. (a)	11,363		$ 171,922
CommVault Systems, Inc. (a)	1,775		124,250
Comverse, Inc.	410		12,243
Cyan, Inc.	1,960		26,166
Fortinet, Inc. (a)	2,115		40,735
Informatica Corp. (a)	2,728		99,190
Interactive Intelligence Group, Inc. (a)	1,638		82,228
Manhattan Associates, Inc. (a)	1,893		142,032
Mentor Graphics Corp.	4,048		76,872
MICROS Systems, Inc. (a)	1,554		65,579
MicroStrategy, Inc. Class A (a)	493		45,100
Nuance Communications, Inc. (a)	1,521		28,899
Rovi Corp. (a)	2,150		55,470
SeaChange International, Inc. (a)	2,100		22,596
SolarWinds, Inc. (a)	1,616		68,114
Sourcefire, Inc. (a)	1,225		68,551
Synchronoss Technologies, Inc. (a)	1,589		49,815
Tableau Software, Inc.	310		15,841
TIBCO Software, Inc. (a)	2,023		43,151
Ultimate Software Group, Inc. (a)	560		62,328
Verint Systems, Inc. (a)	1,650		55,391
			1,839,105
TOTAL INFORMATION TECHNOLOGY			7,155,315
MATERIALS - 5.4%
Chemicals - 2.4%
Ashland, Inc.	520		46,238
Axiall Corp.	2,832		122,201
Chemtura Corp. (a)	3,865		88,624
Cytec Industries, Inc.	240		17,153
Huntsman Corp.	5,200		101,140
Innophos Holdings, Inc.	210		10,622
Innospec, Inc.	1,854		76,070
Intrepid Potash, Inc.	8,414		158,015
Koppers Holdings, Inc.	851		35,036
LSB Industries, Inc. (a)	2,847		96,143
Methanex Corp.	715		31,634
Olin Corp.	2,936		73,194
PolyOne Corp.	2,285		58,702
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Rockwood Holdings, Inc.	2,705		$ 180,315
Valspar Corp.	760		54,469
			1,149,556
Construction Materials - 0.4%
Eagle Materials, Inc.	1,075		79,281
Martin Marietta Materials, Inc.	1,016		110,774
			190,055
Containers & Packaging - 1.2%
Aptargroup, Inc.	500		28,360
Berry Plastics Group, Inc.	3,375		70,909
Crown Holdings, Inc. (a)	1,200		50,820
Graphic Packaging Holding Co. (a)	19,250		148,033
Myers Industries, Inc.	1,486		21,859
Rock-Tenn Co. Class A	2,068		204,277
Sealed Air Corp.	1,820		43,716
			567,974
Metals & Mining - 1.3%
A.M. Castle & Co. (a)	1,567		27,736
Allegheny Technologies, Inc.	5,940		163,766
Carpenter Technology Corp.	1,329		64,005
Compass Minerals International, Inc.	140		12,216
Kaiser Aluminum Corp.	1,470		93,257
Schnitzer Steel Industries, Inc. Class A	4,010		99,047
Steel Dynamics, Inc.	10,425		159,920
			619,947
Paper & Forest Products - 0.1%
Boise Cascade Co.	460		13,828
TOTAL MATERIALS			2,541,360
TELECOMMUNICATION SERVICES - 0.5%
Wireless Telecommunication Services - 0.5%
NII Holdings, Inc. (a)	450		3,470
SBA Communications Corp. Class A (a)	3,034		228,369
			231,839
UTILITIES - 2.3%
Electric Utilities - 0.9%
Allete, Inc.	262		12,398
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Electric Utilities - continued
Cleco Corp.	3,300		$ 150,183
Great Plains Energy, Inc.	2,515		56,764
ITC Holdings Corp.	1,302		112,714
Portland General Electric Co.	2,297		69,921
UIL Holdings Corp.	554		21,584
			423,564
Gas Utilities - 0.1%
Atmos Energy Corp.	980		41,376
Southwest Gas Corp.	408		19,319
			60,695
Independent Power Producers & Energy Traders - 0.6%
Dynegy, Inc. (a)	850		20,715
NRG Energy, Inc.	8,888		226,822
Ormat Technologies, Inc.	1,400		31,948
			279,485
Multi-Utilities - 0.7%
Alliant Energy Corp.	710		34,975
CMS Energy Corp.	5,625		151,594
NiSource, Inc.	4,575		131,440
			318,009
TOTAL UTILITIES			1,081,753
TOTAL COMMON STOCKS (Cost $33,376,122)		40,865,076
Equity Funds - 10.1%

Mid-Cap Growth Funds - 1.4%
iShares Russell Midcap Growth Index ETF	9,030		656,752
Mid-Cap Value Funds - 1.4%
iShares Russell Midcap Value Index ETF	11,510		676,097
Sector Funds - 1.3%
PowerShares S&P SmallCap Financials ETF	17,250		608,753
Small Growth Funds - 2.3%
iShares Russell 2000 Growth Index ETF	9,800		1,102,402
Equity Funds - continued
	Shares		Value
Small Value Funds - 3.7%
iShares Russell 2000 Value Index ETF	20,100		$ 1,735,032
TOTAL EQUITY FUNDS (Cost $3,758,289)		4,779,036
Money Market Funds - 3.7%

SSgA US Treasury Money Market Fund, 0% (b) (Cost $1,787,450)	1,787,450		1,787,450
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $38,921,861)			47,431,562
NET OTHER ASSETS (LIABILITIES) - 0.0%			(19,975)
NET ASSETS - 100%		$ 47,411,587

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
2 CME E-mini S&P Midcap 400 Index Contracts	June 2013	$ 236,680	$ 12,585
2 Russell 2000 Mini Index Contracts	June 2013	196,620	10,362
TOTAL EQUITY INDEX CONTRACTS		$ 433,300	$ 22,947

The face value of futures purchased as a percentage of net assets is 0.9%

Legend

(a) Non-income producing

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

Security Type Abbreviations
ETF	-	Exchange-Traded Fund

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $38,953,599. Net unrealized appreciation aggregated $8,477,963, of which $9,140,651 related to appreciated investment securities and $662,688 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers® International
Multi-Manager Fund

May 31, 2013

1.938047.101

STG-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%
	Shares		Value
CONSUMER DISCRETIONARY - 10.7%
Auto Components - 0.8%
Autoliv, Inc.	1,260		$ 98,860
Brembo SpA	384		6,399
Bridgestone Corp.	1,500		48,690
DENSO Corp.	6,200		256,161
Minth Group Ltd.	6,000		10,294
Sumitomo Rubber Industries Ltd.	900		14,091
TS tech Co. Ltd.	600		18,797
			453,292
Automobiles - 2.9%
Bayerische Motoren Werke AG (BMW)	1,576		150,947
Daimler AG (Germany)	4,106		263,690
Fuji Heavy Industries Ltd.	9,000		202,713
Great Wall Motor Co. Ltd. (H Shares)	13,500		64,120
Honda Motor Co. Ltd.	8,000		296,998
Nissan Motor Co. Ltd.	4,700		50,755
Renault SA	700		54,371
Suzuki Motor Corp.	700		17,030
Tata Motors Ltd. sponsored ADR	426		11,685
Tofas Turk Otomobil Fabrikasi A/S	1,435		10,767
Toyota Motor Corp.	10,200		595,265
			1,718,341
Distributors - 0.2%
Li & Fung Ltd.	90,000		124,904
Diversified Consumer Services - 0.0%
Kroton Educacional SA	2,000		28,667
Hotels, Restaurants & Leisure - 1.9%
Arcos Dorados Holdings, Inc. Class A	8,300		114,374
Carnival PLC	1,104		36,979
Compass Group PLC	32,393		426,473
Galaxy Entertainment Group Ltd. (a)	8,000		41,529
InterContinental Hotel Group PLC	4,358		125,451
Sands China Ltd.	35,600		187,827
Tatts Group Ltd.	3,159		9,662
The Restaurant Group PLC	1,065		8,390
Whitbread PLC	2,962		129,748
William Hill PLC	8,870		59,663
			1,140,096
Household Durables - 0.2%
Berkeley Group Holdings PLC	2,060		66,261
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Haier Electronics Group Co. Ltd.	5,000		$ 8,883
Techtronic Industries Co. Ltd.	15,000		38,481
			113,625
Internet & Catalog Retail - 0.1%
LG Home Shopping, Inc.	68		14,538
Rakuten, Inc.	3,900		43,451
			57,989
Leisure Equipment & Products - 0.2%
Sankyo Co. Ltd. (Gunma)	1,100		48,279
Sega Sammy Holdings, Inc.	2,100		49,894
			98,173
Media - 2.3%
BEC World PCL (For. Reg.)	7,300		15,097
Daily Mail & General Trust PLC Class A	619		7,195
Fuji Media Holdings, Inc.	62		113,800
ITV PLC	60,921		121,351
Nippon Television Network Corp.	10,700		162,831
Pearson PLC	7,400		137,539
Publicis Groupe SA	2,514		180,599
realestate.com.au Ltd.	353		9,801
Reed Elsevier NV	26,804		441,752
Rightmove PLC	1,086		33,760
RTL Group	200		15,591
UBM PLC	3,616		40,025
WPP PLC	3,137		53,404
			1,332,745
Multiline Retail - 0.2%
Don Quijote Co. Ltd.	200		9,013
Lifestyle International Holdings Ltd.	8,000		17,737
Next PLC	300		21,054
PPR SA	300		65,585
			113,389
Specialty Retail - 0.9%
Dunelm Group PLC	2,410		32,828
Esprit Holdings Ltd.	44,250		67,342
Galiform PLC	4,187		14,899
H&M Hennes & Mauritz AB (B Shares)	4,870		167,643
Kingfisher PLC	5,500		28,881
Nitori Holdings Co. Ltd.	350		27,541
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Sa Sa International Holdings Ltd.	24,000		$ 26,732
Shimamura Co. Ltd.	200		22,976
Super Cheap Auto Group Ltd.	884		9,289
United Arrows Ltd.	400		14,712
USS Co. Ltd.	790		91,600
			504,443
Textiles, Apparel & Luxury Goods - 1.0%
adidas AG	400		43,718
Christian Dior SA	521		95,921
Compagnie Financiere Richemont SA Series A	236		21,188
ECLAT Textile Co. Ltd.	3,000		21,473
Forus SA	836		5,377
Gerry Weber International AG (Bearer)	168		7,204
Hermes International SCA	100		35,769
LVMH Moet Hennessy - Louis Vuitton SA	1,139		202,299
Swatch Group AG (Bearer)	100		57,725
Tod's SpA	227		32,632
Yue Yuen Industrial (Holdings) Ltd.	30,500		88,869
			612,175
TOTAL CONSUMER DISCRETIONARY			6,297,839
CONSUMER STAPLES - 11.6%
Beverages - 1.6%
Anheuser-Busch InBev SA NV	1,229		113,173
Diageo PLC	3,707		109,504
Heineken NV (Bearer)	5,506		384,944
Ito En Ltd.	1,500		33,138
Pernod Ricard SA	1,477		177,940
SABMiller PLC	2,200		111,311
			930,010
Food & Staples Retailing - 1.7%
Carrefour SA	1,608		47,683
Colruyt NV	670		34,359
Eurocash SA	1,060		21,155
FamilyMart Co. Ltd.	700		28,376
Koninklijke Ahold NV	1,985		32,315
Lawson, Inc.	3,800		276,435
Metro, Inc. Class A (sub. vtg.)	742		49,677
Seven & i Holdings Co., Ltd.	1,700		57,744
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Sundrug Co. Ltd.	500		$ 19,056
Tesco PLC	46,318		257,188
Tsuruha Holdings, Inc.	200		16,102
Woolworths Ltd.	3,664		115,204
Wumart Stores, Inc. (H Shares)	14,000		28,524
			983,818
Food Products - 3.5%
Ajinomoto Co., Inc.	2,000		27,536
Biostime International Holdings Ltd.	1,000		5,548
Danone SA	9,637		710,708
First Resources Ltd.	5,000		7,492
M. Dias Branco SA	1,600		72,126
Nestle SA	14,360		951,273
Orkla ASA (A Shares)	1,300		10,998
Unilever NV (Certificaten Van Aandelen) (Bearer)	5,132		209,662
Unilever PLC	1,200		50,406
Viscofan Envolturas Celulosicas SA	332		16,406
			2,062,155
Household Products - 1.1%
Henkel AG & Co. KGaA	380		31,165
Reckitt Benckiser Group PLC	8,248		591,762
Svenska Cellulosa AB (SCA) (B Shares)	1,600		39,980
			662,907
Personal Products - 1.0%
Beiersdorf AG	428		38,679
Kao Corp.	11,700		366,650
Kobayashi Pharmaceutical Co. Ltd.	2,400		114,270
Kose Corp.	2,000		48,294
			567,893
Tobacco - 2.7%
British American Tobacco PLC (United Kingdom)	13,732		754,556
Imperial Tobacco Group PLC	2,288		82,425
Japan Tobacco, Inc.	18,100		615,997
KT&G Corp.	2,367		166,006
			1,618,984
TOTAL CONSUMER STAPLES			6,825,767
Common Stocks - continued
	Shares		Value
ENERGY - 7.0%
Energy Equipment & Services - 1.1%
Aker Solutions ASA	1,700		$ 25,216
Fred Olsen Energy ASA	352		14,875
John Wood Group PLC	3,779		48,892
Petrofac Ltd.	6,833		140,262
ProSafe ASA	1,188		11,194
Seadrill Ltd.	700		28,674
Technip SA	1,535		171,440
Tecnicas Reunidas SA	2,561		124,292
TGS Nopec Geophysical Co. ASA	964		33,920
Transocean Ltd. (Switzerland)	770		39,303
			638,068
Oil, Gas & Consumable Fuels - 5.9%
BG Group PLC	21,430		394,962
BP PLC	72,815		520,424
Cairn Energy PLC (a)	23,396		97,081
Cenovus Energy, Inc.	1,930		57,784
CNOOC Ltd.	95,000		166,414
Dragon Oil PLC	2,807		26,656
ENI SpA	1,044		23,742
Imperial Oil Ltd.	3,700		144,503
INPEX Corp.	22		93,654
JX Holdings, Inc.	2,500		12,146
Kunlun Energy Co. Ltd.	20,000		38,170
Oil Search Ltd. ADR	5,410		42,298
Reliance Industries Ltd. GDR (c)	2,261		64,823
Repsol YPF SA	2,122		48,625
Royal Dutch Shell PLC:
Class A (United Kingdom)	31,416		1,045,553
Class B (United Kingdom)	1,753		60,431
StatoilHydro ASA	7,799		176,098
Total SA	6,035		301,650
Tullow Oil PLC	5,568		88,407
Woodside Petroleum Ltd.	2,259		76,995
			3,480,416
TOTAL ENERGY			4,118,484
FINANCIALS - 22.3%
Capital Markets - 2.2%
Aberdeen Asset Management PLC	5,757		40,762
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Ashmore Group PLC	4,474		$ 27,069
Azimut Holding SpA	1,542		29,362
Banca Generali SpA	213		4,648
CI Financial Corp.	1,460		42,501
Coronation Fund Managers Ltd.	1,620		10,071
Credit Suisse Group	7,502		221,731
Daiwa Securities Group, Inc.	12,000		98,157
Deutsche Bank AG	1,000		46,462
Hargreaves Lansdown PLC	1,128		16,513
Julius Baer Group Ltd.	1,682		66,840
Jupiter Fund Management PLC	4,009		19,858
Mediobanca SpA	4,471		29,753
Nomura Holdings, Inc.	1,800		13,648
Partners Group Holding AG	262		66,688
UBS AG	31,676		555,787
Value Partners Group Ltd.	17,000		9,963
			1,299,813
Commercial Banks - 11.6%
Alior Bank SA	276		7,032
Australia & New Zealand Banking Group Ltd.	6,420		167,467
Banco Santander SA (Spain)	9,230		66,015
Bank of Ireland (a)	118,460		27,297
Bank of Yokohama Ltd.	7,000		34,308
Banregio Grupo Financiero SA	3,900		23,303
Barclays PLC	116,369		557,424
BNP Paribas SA	10,252		603,957
BOC Hong Kong (Holdings) Ltd.	8,500		28,255
Chiba Bank Ltd.	7,000		43,557
China Merchants Bank Co. Ltd. (H Shares)	41,500		83,053
DBS Group Holdings Ltd.	8,000		108,315
DNB ASA	14,923		242,713
Erste Group Bank AG	3,748		122,079
First Gulf Bank PJSC	6,849		27,970
Guaranty Trust Bank PLC GDR (Reg. S)	3,497		31,123
HDFC Bank Ltd. sponsored ADR	3,436		138,265
HSBC Holdings PLC:
(Hong Kong)	24,800		271,650
(United Kingdom)	70,513		773,601
ICICI Bank Ltd. sponsored ADR	960		43,171
Industrial & Commercial Bank of China Ltd. (H Shares)	323,000		225,990
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Intesa Sanpaolo SpA	39,128		$ 74,200
Itau Unibanco Holding SA sponsored ADR	2,387		35,900
Joyo Bank Ltd.	10,000		49,503
Jyske Bank A/S (Reg.) (a)	695		27,675
Kasikornbank PCL:
NVDR	7,000		44,962
(For. Reg.)	7,400		47,559
KBC Groupe SA	3,732		148,867
Lloyds Banking Group PLC (a)	171,343		159,254
Mitsubishi UFJ Financial Group, Inc.	35,700		207,186
Nordea Bank AB	5,800		71,982
North Pacific Bank Ltd.	10,400		34,168
PT Bank Rakyat Indonesia Tbk	108,500		98,109
Sberbank (Savings Bank of the Russian Federation) sponsored ADR	5,912		72,363
Security Bank Corp.	2,250		9,200
Shinsei Bank Ltd.	22,000		51,374
Siam Commercial Bank PCL (For. Reg.)	9,900		55,941
Skandinaviska Enskilda Banken AB (A Shares)	12,208		128,285
Societe Generale Series A	400		16,044
Standard Chartered PLC (United Kingdom)	8,901		207,867
Sumitomo Mitsui Financial Group, Inc.	18,200		718,532
Sumitomo Mitsui Trust Holdings, Inc.	9,000		36,873
Svenska Handelsbanken AB (A Shares)	400		17,302
Swedbank AB (A Shares)	2,300		55,283
Sydbank A/S (a)	1,133		25,403
The Hachijuni Bank Ltd.	7,000		35,668
The Suruga Bank Ltd.	2,000		29,959
Turkiye Halk Bankasi A/S	5,197		55,786
UniCredit SpA	31,613		180,545
Unione di Banche Italiane SCPA	3,721		16,860
United Overseas Bank Ltd.	5,000		84,450
Westpac Banking Corp.	13,855		373,405
Wing Hang Bank Ltd.	2,013		19,280
			6,816,330
Consumer Finance - 0.2%
AEON Financial Service Co. Ltd.	2,800		74,643
Credit Saison Co. Ltd.	500		11,658
Provident Financial PLC	785		18,368
			104,669
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 1.2%
Deutsche Boerse AG	1,621		$ 104,902
FirstRand Ltd.	13,883		40,703
IG Group Holdings PLC	7,729		67,995
ING Groep NV (Certificaten Van Aandelen) (a)	27,444		255,907
Inversiones La Construccion SA	502		9,066
Mitsubishi UFJ Lease & Finance Co. Ltd.	2,800		12,693
ORIX Corp.	15,400		204,235
			695,501
Insurance - 4.7%
AEGON NV	10,100		68,910
Ageas	400		14,773
AIA Group Ltd.	66,800		295,323
Allianz AG	876		136,345
Amlin PLC	11,865		75,230
Aviva PLC	32,786		164,761
AXA SA	12,985		263,791
BB Seguridade Participacoes SA	5,400		45,483
Catalana Occidente SA	25		585
Catlin Group Ltd.	6,426		49,111
Delta Lloyd NV	6,310		124,416
Euler Hermes SA	448		43,445
Hiscox Ltd.	18,671		157,305
Jardine Lloyd Thompson Group PLC	4,212		56,829
Lancashire Holdings Ltd.	2,540		30,701
Legal & General Group PLC	19,194		52,202
MS&AD Insurance Group Holdings, Inc.	2,300		56,413
Muenchener Rueckversicherungs AG	514		96,637
Prudential PLC	10,415		175,192
Sampo Oyj (A Shares)	2,025		82,881
Sony Financial Holdings, Inc.	9,400		137,799
St. James's Place Capital PLC	3,191		28,484
Swiss Re Ltd.	2,420		178,795
Tokio Marine Holdings, Inc.	1,000		28,792
Zurich Insurance Group AG	1,582		420,543
			2,784,746
Real Estate Investment Trusts - 0.5%
Ascendas Real Estate Investment Trust	1,000		1,829
Big Yellow Group PLC	2,259		14,196
British Land Co. PLC	2,936		27,167
Derwent London PLC	585		21,226
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Goodman Group unit	2,626		$ 12,816
K-REIT Asia	2,000		2,245
Mirvac Group unit	19,356		30,853
Unibail-Rodamco	565		138,977
Westfield Group unit	7,115		78,095
			327,404
Real Estate Management & Development - 1.9%
AEON Mall Co. Ltd.	900		23,567
China Overseas Grand Oceans Group Ltd.	16,000		23,256
China Overseas Land and Investment Ltd.	28,000		83,001
Daito Trust Construction Co. Ltd.	300		27,921
Deutsche Wohnen AG	9,312		174,832
Global Logistic Properties Ltd.	10,000		22,116
GSW Immobilien AG	3,736		146,429
Hongkong Land Holdings Ltd.	4,000		27,654
Hysan Development Co. Ltd.	4,000		17,732
Mitsubishi Estate Co. Ltd.	5,000		123,185
Mitsui Fudosan Co. Ltd.	1,000		27,588
NTT Urban Development Co.	8		9,166
Parque Arauco SA	12,254		28,367
PT Alam Sutera Realty Tbk	210,000		22,614
PT Ciputra Development Tbk	67,500		10,623
Sun Hung Kai Properties Ltd.	7,000		92,631
Swire Properties Ltd.	9,200		28,716
TAG Immobilien AG	6,530		75,215
Tokyo Tatemono Co. Ltd.	3,000		22,472
UOL Group Ltd.	4,000		21,090
Wharf Holdings Ltd.	10,000		88,485
Wheelock and Co. Ltd.	2,000		11,131
			1,107,791
TOTAL FINANCIALS			13,136,254
HEALTH CARE - 9.6%
Biotechnology - 0.4%
Abcam PLC	2,426		16,643
Algeta ASA (a)	288		11,258
Amarin Corp. PLC ADR (a)	2,400		16,776
CSL Ltd.	3,227		183,618
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
Grifols SA ADR	1,450		$ 39,527
Thrombogenics NV (a)	235		9,812
			277,634
Health Care Equipment & Supplies - 0.4%
GN Store Nordic A/S	2,419		46,518
Nihon Kohden Corp.	1,600		57,228
Olympus Corp. (a)	1,200		35,634
Sonova Holding AG Class B	619		68,292
St. Shine Optical Co. Ltd.	500		11,212
			218,884
Health Care Providers & Services - 0.3%
Diagnosticos da America SA	6,100		31,984
Fresenius SE & Co. KGaA	300		35,670
Life Healthcare Group Holdings Ltd.	4,794		17,428
Miraca Holdings, Inc.	1,000		43,153
Ryman Healthcare Group Ltd.	2,716		14,226
Ship Healthcare Holdings, Inc.	500		18,061
			160,522
Life Sciences Tools & Services - 0.0%
Eurofins Scientific SA (a)	6		1,180
WuXi PharmaTech Cayman, Inc. sponsored ADR (a)	554		11,340
			12,520
Pharmaceuticals - 8.5%
Astellas Pharma, Inc.	2,800		142,985
Bayer AG	8,633		930,087
CFR Pharmaceuticals SA	56,837		13,838
Daiichi Sankyo Kabushiki Kaisha	1,000		16,418
GlaxoSmithKline PLC	32,288		835,394
Hikma Pharmaceuticals PLC	1,053		15,519
Novartis AG	11,326		811,304
Novo Nordisk A/S Series B	930		150,732
Roche Holding AG (participation certificate)	4,621		1,155,431
Rohto Pharmaceutical Co. Ltd.	1,000		14,516
Sanofi SA	5,546		591,360
Santen Pharmaceutical Co. Ltd.	5,300		212,247
Shionogi & Co. Ltd.	800		14,956
Sino Biopharmaceutical Ltd.	28,000		19,516
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,598		$ 61,044
UCB SA	500		27,486
			5,012,833
TOTAL HEALTH CARE			5,682,393
INDUSTRIALS - 12.6%
Aerospace & Defense - 1.4%
Cobham PLC	34,532		149,953
Finmeccanica SpA (a)	5,600		31,269
Meggitt PLC	8,185		66,223
MTU Aero Engines Holdings AG	471		47,658
Rolls-Royce Group PLC	19,233		352,133
Safran SA	1,300		69,437
Singapore Technologies Engineering Ltd.	23,000		74,270
Zodiac Aerospace	115		15,224
			806,167
Air Freight & Logistics - 1.0%
Deutsche Post AG	4,375		111,226
PostNL NV	34,153		93,442
Yamato Holdings Co. Ltd.	20,100		369,060
			573,728
Airlines - 0.5%
Cathay Pacific Airways Ltd.	7,000		12,987
easyJet PLC	2,256		43,396
International Consolidated Airlines Group SA CDI (a)	1,261		5,357
Japan Airlines Co. Ltd.	300		15,377
Ryanair Holdings PLC sponsored ADR	2,600		126,984
Singapore Airlines Ltd.	9,000		76,258
WestJet Airlines Ltd.	892		20,425
			300,784
Building Products - 0.6%
Asahi Glass Co. Ltd.	4,000		28,469
ASSA ABLOY AB (B Shares)	1,300		52,661
Compagnie de St. Gobain	1,100		47,953
Daikin Industries Ltd.	1,200		52,031
Geberit AG (Reg.)	640		160,092
LIXIL Group Corp.	1,500		35,757
			376,963
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.4%
Aggreko PLC	500		$ 13,576
Babcock International Group PLC	4,435		78,167
BIC SA	191		20,362
Brambles Ltd.	6,123		53,337
Park24 Co. Ltd.	800		14,859
RPS Group PLC	2,450		7,817
Serco Group PLC	1,954		18,170
			206,288
Construction & Engineering - 1.0%
Balfour Beatty PLC	30,375		107,580
JGC Corp.	13,000		431,313
Keller Group PLC	583		8,397
VINCI SA	900		46,434
			593,724
Electrical Equipment - 1.5%
Alstom SA	742		28,089
Legrand SA	9,823		485,737
Mitsubishi Electric Corp.	6,000		56,435
Schneider Electric SA	3,674		292,916
Sumitomo Electric Industries Ltd.	2,400		28,709
			891,886
Industrial Conglomerates - 1.3%
Bidvest Group Ltd.	1,680		43,321
Hutchison Whampoa Ltd.	9,000		95,278
Keppel Corp. Ltd.	2,000		16,555
Koninklijke Philips Electronics NV	2,300		65,127
SembCorp Industries Ltd.	19,000		72,779
Siemens AG	4,518		476,253
			769,313
Machinery - 2.4%
Andritz AG	498		27,186
Atlas Copco AB (A Shares)	9,715		259,327
Burckhardt Compression Holding AG	35		13,359
GEA Group AG	1,300		47,531
Glory Ltd.	5,700		144,010
Haitian International Holdings Ltd.	8,000		13,815
IMI PLC	3,771		74,084
Joy Global, Inc.	1,820		98,426
JTEKT Corp.	1,100		11,865
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Komatsu Ltd.	500		$ 12,521
Kone Oyj (B Shares)	536		47,478
Kubota Corp.	1,000		14,484
Makita Corp.	1,800		96,107
NSK Ltd.	2,000		18,459
Rotork PLC	670		29,115
Sandvik AB	2,600		36,782
Schindler Holding AG (participation certificate)	1,583		231,428
SembCorp Marine Ltd.	38,000		129,759
Senior Engineering Group PLC	2,373		9,894
Sinotruk Hong Kong Ltd.	2,000		1,121
SKF AB (B Shares)	600		14,675
SMC Corp.	200		37,929
Volvo AB (B Shares)	2,300		33,996
			1,403,351
Marine - 0.3%
A.P. Moller - Maersk A/S Series B	6		43,140
Kuehne & Nagel International AG	760		85,438
Orient Overseas International Ltd.	3,000		18,802
			147,380
Professional Services - 0.6%
Bertrandt AG	126		13,670
Capita Group PLC	1,300		19,002
Experian PLC	5,699		105,814
Michael Page International PLC	13,608		79,561
Randstad Holding NV	1,100		47,181
SEEK Ltd.	1,537		14,902
SGS SA (Reg.)	23		52,001
			332,131
Road & Rail - 0.3%
Canadian National Railway Co.	1,129		114,572
East Japan Railway Co.	800		59,240
West Japan Railway Co.	600		24,954
			198,766
Trading Companies & Distributors - 1.1%
Brenntag AG	1,053		160,815
Bunzl PLC	12,439		242,674
Itochu Corp.	9,000		111,533
Mills Estruturas e Servicos de Engenharia SA	800		13,073
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Trading Companies & Distributors - continued
Misumi Group, Inc.	500		$ 12,955
Mitsubishi Corp.	3,800		65,673
Noble Group Ltd.	23,000		18,788
Wolseley PLC	765		39,264
			664,775
Transportation Infrastructure - 0.2%
CCR SA	5,700		51,470
China Merchant Holdings International Co. Ltd.	18,000		59,338
Transurban Group unit	4,300		28,364
			139,172
TOTAL INDUSTRIALS			7,404,428
INFORMATION TECHNOLOGY - 7.2%
Communications Equipment - 0.9%
AAC Acoustic Technology Holdings, Inc.	6,000		33,825
Nokia Corp.	31,623		105,789
Telefonaktiebolaget LM Ericsson (B Shares)	31,347		368,229
			507,843
Computers & Peripherals - 0.2%
ASUSTeK Computer, Inc.	5,000		54,696
Toshiba Corp.	8,000		37,638
Wincor Nixdorf AG	374		21,296
			113,630
Electronic Equipment & Components - 1.1%
China High Precision Automation Group Ltd.	15,000		1,886
Halma PLC	14,903		117,068
Hirose Electric Co. Ltd.	800		103,079
Hitachi High-Technologies Corp.	600		13,801
Hitachi Ltd.	26,000		175,001
HLS Systems International Ltd. (a)	943		11,071
Keyence Corp.	200		61,031
Kyocera Corp.	200		19,501
Murata Manufacturing Co. Ltd.	500		37,788
Omron Corp.	400		11,840
Oxford Instruments PLC	246		6,291
Spectris PLC	2,358		74,772
Venture Corp. Ltd.	7,000		40,463
			673,592
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 0.5%
DeNA Co. Ltd.	900		$ 18,977
Moneysupermarket.com Group PLC	7,232		22,856
Tencent Holdings Ltd.	2,500		98,402
Yahoo! Japan Corp.	380		172,163
			312,398
IT Services - 1.6%
Amadeus IT Holding SA Class A	11,046		337,462
Atos Origin SA	251		18,390
Cognizant Technology Solutions Corp. Class A (a)	810		52,367
Computershare Ltd.	7,319		77,740
Infosys Ltd. sponsored ADR	1,734		72,395
Nomura Research Institute Ltd.	8,800		254,308
Obic Co. Ltd.	390		94,899
Sonda SA	4,090		13,108
WNS Holdings Ltd. sponsored ADR (a)	1,930		31,073
			951,742
Office Electronics - 0.7%
Canon, Inc.	7,700		263,097
Neopost SA	1,792		120,440
			383,537
Semiconductors & Semiconductor Equipment - 1.4%
ARM Holdings PLC	1,290		18,893
ASM International NV (Netherlands)	1,087		38,966
ASML Holding NV (Netherlands)	739		61,161
Infineon Technologies AG	9,315		79,302
Nanoco Group PLC (a)	1,847		4,202
Samsung Electronics Co. Ltd.	85		114,368
Shinko Electric Industries Co. Ltd.	1,500		16,590
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	21,523		401,619
Tokyo Electron Ltd.	2,300		113,132
			848,233
Software - 0.8%
Dassault Systemes SA	643		81,067
Linx SA	700		12,171
Nexon Co. Ltd.	2,400		25,425
Nintendo Co. Ltd.	600		59,254
Sage Group PLC	2,600		14,423
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
SAP AG	3,318		$ 248,312
SimCorp A/S	64		19,694
			460,346
TOTAL INFORMATION TECHNOLOGY			4,251,321
MATERIALS - 6.8%
Chemicals - 4.3%
Akzo Nobel NV	8,787		562,879
Arkema SA	1,041		107,756
Asahi Kasei Corp.	4,000		26,902
AZ Electronic Materials SA	2,712		13,190
BASF AG	435		42,534
Chugoku Marine Paints Ltd.	4,000		18,051
DuluxGroup Ltd.	3,815		16,672
Elementis PLC	5,198		18,576
Givaudan SA	285		369,271
HEXPOL AB (B Shares)	384		23,828
Incitec Pivot Ltd.	4,512		12,451
Johnson Matthey PLC	1,227		47,745
JSR Corp.	1,200		23,239
Lanxess AG	800		59,861
Linde AG	2,666		513,013
Mitsubishi Gas Chemical Co., Inc.	2,000		14,182
Nitto Denko Corp.	1,500		89,052
Royal DSM NV	500		32,897
Shin-Etsu Chemical Co., Ltd.	3,600		225,544
Symrise AG	3,833		157,006
Syngenta AG (Switzerland)	300		117,029
Toray Industries, Inc.	4,000		27,362
Umicore SA	983		47,248
			2,566,288
Construction Materials - 0.1%
Boral Ltd.	2,007		8,670
HeidelbergCement Finance AG	566		43,029
James Hardie Industries PLC CDI	1,395		13,157
			64,856
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.4%
Rexam PLC	17,136		$ 137,993
Smurfit Kappa Group PLC	5,067		84,957
			222,950
Metals & Mining - 2.0%
African Minerals Ltd. (a)	2,600		10,074
Antofagasta PLC	1,358		19,509
BHP Billiton Ltd.	1,552		50,668
BHP Billiton PLC	5,406		155,450
First Quantum Minerals Ltd.	2,050		36,699
Fortescue Metals Group Ltd.	7,000		21,843
Glencore Xstrata PLC	37,608		184,625
Iluka Resources Ltd.	14,105		148,539
JFE Holdings, Inc.	600		12,331
Newcrest Mining Ltd.	3,048		41,642
Nippon Steel & Sumitomo Metal Corp.	6,000		15,042
Randgold Resources Ltd.	300		23,603
Rio Tinto Ltd.	478		24,762
Rio Tinto PLC	9,261		395,544
Thyssenkrupp AG (a)	1,400		28,123
			1,168,454
TOTAL MATERIALS			4,022,548
TELECOMMUNICATION SERVICES - 5.8%
Diversified Telecommunication Services - 2.1%
Bezeq Israeli Telecommunication Corp. Ltd.	13,330		17,171
BT Group PLC	35,770		162,773
China Unicom Ltd.	72,000		97,822
Deutsche Telekom AG	5,530		63,524
Hutchison Telecommunications Hong Kong Holdings Ltd.	62,000		33,562
Iliad SA	167		35,033
Koninklijke KPN NV	4,347		8,419
PT Telkomunikasi Indonesia Tbk Series B	66,500		74,669
Singapore Telecommunications Ltd.	26,000		76,907
Swisscom AG	110		47,071
TDC A/S	28,505		224,132
Telefonica SA	1,626		22,372
Telenor ASA	7,625		160,850
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Telstra Corp. Ltd.	27,191		$ 122,947
Vivendi SA	4,229		83,384
			1,230,636
Wireless Telecommunication Services - 3.7%
Advanced Info Service PCL (For. Reg.)	4,100		35,118
Empresa Nacional de Telecomunicaciones SA (ENTEL)	1,433		26,023
KDDI Corp.	23,000		1,037,621
NTT DoCoMo, Inc.	95		138,797
SK Telecom Co. Ltd.	61		11,247
SmarTone Telecommunications Holdings Ltd.	15,500		26,989
Softbank Corp.	2,500		124,963
StarHub Ltd.	6,000		19,016
Tele2 AB (B Shares)	4,030		50,502
TIM Participacoes SA sponsored ADR	2,790		53,456
Vodafone Group PLC	224,690		651,177
			2,174,909
TOTAL TELECOMMUNICATION SERVICES			3,405,545
UTILITIES - 1.6%
Electric Utilities - 0.6%
Enel SpA	18,821		71,382
Energias de Portugal SA	5,972		19,242
Energias do Brasil SA	14,400		83,167
Kansai Electric Power Co., Inc.	5,600		65,925
Scottish & Southern Energy PLC	2,900		68,473
SP AusNet unit	9,219		10,610
Spark Infrastructure Group unit	13,000		21,682
			340,481
Gas Utilities - 0.6%
China Resources Gas Group Ltd.	14,000		36,514
Enagas SA	1,501		37,672
Snam Rete Gas SpA	34,984		166,513
Tokyo Gas Co. Ltd.	20,000		107,538
			348,237
Multi-Utilities - 0.4%
Centrica PLC	16,000		92,380
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
GDF Suez	4,167		$ 85,303
Suez Environnement SA	3,820		49,318
			227,001
Water Utilities - 0.0%
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP)	300		3,750
TOTAL UTILITIES			919,469
TOTAL COMMON STOCKS (Cost $49,619,952)		56,064,048
Nonconvertible Preferred Stocks - 1.0%

CONSUMER DISCRETIONARY - 0.3%
Automobiles - 0.3%
Volkswagen AG	600		131,756
CONSUMER STAPLES - 0.5%
Household Products - 0.5%
Henkel AG & Co. KGaA	3,052		295,926
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
Rolls-Royce Group PLC Class C	2,288,727		3,478
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.2%
Telecom Italia SpA (Risparmio Shares)	195,486		120,860
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $514,559)		552,020
Equity Funds - 0.3%

Other - 0.3%
iShares MSCI Japan Index ETF (Cost $198,232)	18,282		198,177
Money Market Funds - 3.8%
	Shares		Value
SSgA US Treasury Money Market Fund, 0% (b) (Cost $2,227,382)	2,227,382		$ 2,227,382
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $52,560,125)			59,041,627
NET OTHER ASSETS (LIABILITIES) - (0.3)%			(154,513)
NET ASSETS - 100%		$ 58,887,114

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
4 CME NIKKEI 225 Index Contracts (Japan)	June 2013	$ 260,411	$ (43,418)

The face value of futures purchased as a percentage of net assets is 0.4%

Security Type Abbreviations
ETF	-	Exchange-Traded Fund

Legend

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $64,823 or 0.1% of net assets.

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 6,429,595	$ 3,235,047	$ 3,194,548	$ -
Consumer Staples	7,121,693	3,006,747	4,114,946	-
Energy	4,118,484	1,560,909	2,557,575	-
Financials	13,136,254	5,462,239	7,674,015	-
Health Care	5,682,393	2,524,059	3,158,334	-
Industrials	7,407,906	4,538,433	2,869,473	-
Information Technology	4,251,321	1,550,033	2,699,402	1,886
Materials	4,022,548	2,540,813	1,481,735	-
Telecommunication Services	3,526,405	769,565	2,756,840	-
Utilities	919,474	677,205	242,269	-
Equity Funds	198,177	198,177	-	-
Money Market Funds	2,227,377	2,227,377	-	-
Total Investments in Securities:	$ 59,041,627	$ 28,290,604	$ 30,749,137	$ 1,886
Derivative Instruments:
Liabilities
Futures Contracts	$ (43,418)	$ (43,418)	$ -	$ -

Transfers	Total
Level 1 to Level 2	$ 13,568,394
Level 2 to Level 1	$ 0

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $52,616,443. Net unrealized appreciation aggregated $6,425,184, of which $7,957,237 related to appreciated investment securities and $1,532,053 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers®
Emerging Markets Fund of Funds

May 31, 2013

1.938037.101

RMF-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Equity Funds - 99.8%
	Shares		Value
Emerging Markets Funds - 99.8%
Aberdeen Emerging Markets Fund Institutional Class	93,195		$ 1,435,197
Acadian Emerging Markets Portfolio Institutional Class	79,066		1,492,765
Eaton Vance Parametric Structured Emerging Markets Fund Class I	33,613		497,812
Fidelity Emerging Markets Fund (a)	44,106		1,044,433
GMO Emerging Markets Fund - Class V	107,485		1,168,363
iShares FTSE/Xinhua China 25 Index ETF	4,360		157,004
Lazard Emerging Markets Equity Portfolio Institutional Class	73,936		1,404,048
Oppenheimer Developing Markets Fund Class Y	14,945		526,227
SSgA Emerging Markets Fund Select Class	25,751		510,642
T. Rowe Price Emerging Markets Stock Fund	32,261		1,063,312
Thornburg Developing World Fund - Class I	34,269		638,779
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $9,760,055)			9,938,582
NET OTHER ASSETS (LIABILITIES) - 0.2%			15,167
NET ASSETS - 100%		$ 9,953,749

Legend

(a) Affiliated company

Security Type Abbreviations
ETF	-	Exchange-Traded Fund

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Emerging Markets Fund	$ 984,774	$ 65,980	$ 8,455	$ -	$ 1,044,433

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $9,762,672. Net unrealized appreciation aggregated $175,910, of which $304,278 related to appreciated investment securities and $128,368 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers®
Income Opportunities
Fund of Funds

May 31, 2013

1.941265.100

ODF-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Fixed-Income Funds - 100.3%
	Shares		Value
High Yield Fixed-Income Funds - 100.3%
BlackRock High Yield Bond Fund Institutional Class	15,780		$ 130,025
Eaton Vance Income Fund of Boston Class I	11,784		71,648
Fidelity Advisor High Income Advantage Fund Institutional Class (a)	3,955		39,752
Fidelity Advisor High Income Fund Institutional Class (a)	4,368		38,616
Fidelity Capital & Income Fund (a)	25,576		250,136
Fidelity High Income Fund (a)	18,422		174,275
Hotchkis and Wiley High Yield Fund I	3,516		46,446
Janus High-Yield Fund Class I Shares	13,861		130,846
MainStay High Yield Corporate Bond Fund Class I	7,387		45,506
PIMCO High-Yield Fund Institutional Class	9,914		96,165
T. Rowe Price High Yield Fund	39,535		284,252
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $1,258,982)			1,307,667
NET OTHER ASSETS (LIABILITIES) - (0.3)%			(3,361)
NET ASSETS - 100%		$ 1,304,306

Legend

(a) Affiliated company

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Advisor High Income Advantage Fund Institutional Class	$ 37,401	$ 8,661	$ 6,937	$ 530	$ 39,752
Fidelity Advisor High Income Fund Institutional Class	36,698	8,658	6,937	527	38,616
Fidelity Capital & Income Fund	235,291	54,729	43,935	3,230	250,136
Fidelity High Income Fund	166,020	37,683	30,060	2,447	174,275
Total	$ 475,410	$ 109,731	$ 87,869	$ 6,734	$ 502,779

Other Information

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $1,259,336. Net unrealized appreciation aggregated $48,331, of which $48,482 related to appreciated investment securities and $151 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Strategic Advisers®
Core Income
Multi-Manager Fund

May 31, 2013

1.941275.100

ACF-QTLY-0713

Investments May 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 6.2%
	Principal Amount		Value
CONSUMER DISCRETIONARY - 0.6%
Media - 0.6%
Comcast Corp. 4.65% 7/15/42	$ 7,000		$ 7,173
COX Communications, Inc. 3.25% 12/15/22 (d)	4,000		3,938
Discovery Communications LLC:
3.25% 4/1/23	2,000		1,981
4.875% 4/1/43	3,000		2,999
NBCUniversal Media LLC 5.15% 4/30/20	100,000		118,226
Time Warner Cable, Inc.:
4% 9/1/21	100,000		104,561
4.5% 9/15/42	8,000		7,154
			246,032
CONSUMER STAPLES - 0.4%
Beverages - 0.0%
Heineken NV:
1.4% 10/1/17 (d)	5,000		4,940
2.75% 4/1/23 (d)	5,000		4,819
			9,759
Food & Staples Retailing - 0.0%
Walgreen Co. 1.8% 9/15/17	4,000		4,025
Food Products - 0.2%
ConAgra Foods, Inc.:
1.9% 1/25/18	4,000		4,023
3.2% 1/25/23	4,000		3,947
4.65% 1/25/43	5,000		4,907
Kraft Foods, Inc. 5.375% 2/10/20	50,000		58,054
			70,931
Tobacco - 0.2%
Altria Group, Inc.:
2.85% 8/9/22	7,000		6,677
4.25% 8/9/42	7,000		6,191
9.7% 11/10/18	2,000		2,733
Reynolds American, Inc.:
3.25% 11/1/22	50,000		48,648
4.75% 11/1/42	8,000		7,521
			71,770
TOTAL CONSUMER STAPLES			156,485
Nonconvertible Bonds - continued
	Principal Amount		Value
ENERGY - 1.0%
Energy Equipment & Services - 0.3%
DCP Midstream LLC 4.75% 9/30/21 (d)	$ 100,000		$ 105,686
FMC Technologies, Inc.:
2% 10/1/17	2,000		2,003
3.45% 10/1/22	2,000		1,989
			109,678
Oil, Gas & Consumable Fuels - 0.7%
DCP Midstream Operating LP:
2.5% 12/1/17	5,000		5,060
3.875% 3/15/23	18,000		17,688
Petrobras Global Finance BV:
4.375% 5/20/23	45,000		43,592
5.625% 5/20/43	10,000		9,341
Petrobras International Finance Co. Ltd. 3.875% 1/27/16	100,000		104,359
Petroleos Mexicanos:
3.5% 1/30/23 (d)	10,000		9,500
5.5% 6/27/44	110,000		107,525
			297,065
TOTAL ENERGY			406,743
FINANCIALS - 2.9%
Capital Markets - 0.3%
Goldman Sachs Group, Inc. 5.75% 1/24/22	8,000		9,170
Morgan Stanley:
2.125% 4/25/18	15,000		14,819
3.75% 2/25/23	36,000		35,764
4.875% 11/1/22	48,000		49,362
			109,115
Commercial Banks - 0.3%
Credit Suisse 6% 2/15/18	2,000		2,309
Marshall & Ilsley Bank 5% 1/17/17	1,000		1,081
Regions Financial Corp.:
2% 5/15/18	7,000		6,861
5.75% 6/15/15	100,000		108,250
Royal Bank of Scotland Group PLC 6.125% 12/15/22	29,000		29,915
			148,416
Consumer Finance - 0.0%
General Electric Capital Corp. 1% 12/11/15	8,000		8,035
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Consumer Finance - continued
Hyundai Capital America:
1.625% 10/2/15 (d)	$ 3,000		$ 3,021
2.125% 10/2/17 (d)	4,000		3,954
			15,010
Diversified Financial Services - 0.6%
Bank of America Corp. 3.3% 1/11/23	69,000		66,943
Citigroup, Inc.:
4.05% 7/30/22	4,000		4,006
6.125% 5/15/18	31,000		36,578
JPMorgan Chase & Co.:
3.25% 9/23/22	22,000		21,564
4.5% 1/24/22	100,000		108,551
			237,642
Insurance - 0.4%
MetLife, Inc.:
1.756% 12/15/17 (b)	5,000		5,039
3.048% 12/15/22	10,000		9,818
Pacific LifeCorp:
5.125% 1/30/43 (d)	9,000		8,888
6% 2/10/20 (d)	2,000		2,265
Prudential Financial, Inc. 4.5% 11/16/21	100,000		109,702
Unum Group 5.75% 8/15/42	12,000		13,183
			148,895
Real Estate Investment Trusts - 0.7%
American Campus Communities Operating Partnership LP 3.75% 4/15/23	3,000		2,978
Boston Properties, Inc. 3.85% 2/1/23	25,000		25,917
Camden Property Trust 2.95% 12/15/22	4,000		3,835
Developers Diversified Realty Corp.:
4.75% 4/15/18	100,000		110,632
9.625% 3/15/16	3,000		3,629
Duke Realty LP:
3.625% 4/15/23	5,000		4,892
3.875% 10/15/22	7,000		7,013
5.95% 2/15/17	100,000		113,164
Equity One, Inc. 3.75% 11/15/22	20,000		19,779
Health Care REIT, Inc. 2.25% 3/15/18	5,000		5,041
Weingarten Realty Investors 3.375% 10/15/22	2,000		1,938
			298,818
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Real Estate Management & Development - 0.6%
BioMed Realty LP 4.25% 7/15/22	$ 4,000		$ 4,158
Brandywine Operating Partnership LP:
3.95% 2/15/23	10,000		9,919
4.95% 4/15/18	5,000		5,486
ERP Operating LP 4.625% 12/15/21	75,000		82,657
Liberty Property LP:
3.375% 6/15/23	25,000		24,302
5.5% 12/15/16	100,000		112,158
Mack-Cali Realty LP:
2.5% 12/15/17	9,000		9,063
3.15% 5/15/23	12,000		11,244
Simon Property Group LP 2.75% 2/1/23	7,000		6,762
Ventas Realty LP/Ventas Capital Corp. 2% 2/15/18	6,000		5,987
			271,736
TOTAL FINANCIALS			1,229,632
HEALTH CARE - 0.6%
Health Care Providers & Services - 0.5%
Aetna, Inc.:
1.5% 11/15/17	2,000		1,987
2.75% 11/15/22	5,000		4,794
4.125% 11/15/42	3,000		2,805
Express Scripts Holding Co. 3.5% 11/15/16	100,000		107,390
UnitedHealth Group, Inc.:
1.625% 3/15/19	3,000		2,955
2.75% 2/15/23	2,000		1,935
2.875% 3/15/23	13,000		12,678
3.95% 10/15/42	2,000		1,838
4.25% 3/15/43	20,000		19,256
WellPoint, Inc.:
3.3% 1/15/23	45,000		44,737
4.65% 1/15/43	11,000		10,951
			211,326
Pharmaceuticals - 0.1%
AbbVie, Inc.:
1.75% 11/6/17 (d)	10,000		9,975
2.9% 11/6/22 (d)	11,000		10,715
4.4% 11/6/42 (d)	9,000		8,815
Watson Pharmaceuticals, Inc. 1.875% 10/1/17	3,000		2,982
Nonconvertible Bonds - continued
	Principal Amount		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Zoetis, Inc.:
1.875% 2/1/18 (d)	$ 2,000		$ 2,004
3.25% 2/1/23 (d)	4,000		3,964
4.7% 2/1/43 (d)	4,000		3,995
			42,450
TOTAL HEALTH CARE			253,776
INDUSTRIALS - 0.0%
Industrial Conglomerates - 0.0%
General Electric Co. 4.125% 10/9/42	8,000		7,656
MATERIALS - 0.0%
Chemicals - 0.0%
The Dow Chemical Co. 4.375% 11/15/42	4,000		3,747
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
AT&T, Inc.:
5.35% 9/1/40	6,000		6,434
5.55% 8/15/41	100,000		110,737
CenturyLink, Inc.:
5.15% 6/15/17	2,000		2,140
6% 4/1/17	2,000		2,205
6.15% 9/15/19	2,000		2,150
Embarq Corp. 7.082% 6/1/16	5,000		5,732
Verizon Communications, Inc. 3.85% 11/1/42	3,000		2,593
			131,991
UTILITIES - 0.4%
Electric Utilities - 0.1%
American Electric Power Co., Inc. 2.95% 12/15/22	4,000		3,889
Cleveland Electric Illuminating Co. 5.7% 4/1/17	6,000		6,703
FirstEnergy Corp.:
2.75% 3/15/18	8,000		8,018
4.25% 3/15/23	28,000		27,643
Northeast Utilities:
1.45% 5/1/18	3,000		2,962
Nonconvertible Bonds - continued
	Principal Amount		Value
UTILITIES - continued
Electric Utilities - continued
Northeast Utilities: - continued
2.8% 5/1/23	$ 12,000		$ 11,614
PPL Capital Funding, Inc. 3.4% 6/1/23	6,000		5,890
			66,719
Multi-Utilities - 0.3%
NiSource Finance Corp. 4.45% 12/1/21	100,000		107,709
Sempra Energy 2.875% 10/1/22	4,000		3,908
			111,617
TOTAL UTILITIES			178,336
TOTAL NONCONVERTIBLE BONDS (Cost $2,601,235)		2,614,398
U.S. Treasury Obligations - 8.0%

U.S. Treasury Bonds 3.125% 2/15/43	90,000		87,413
U.S. Treasury Notes:
0.25% 3/31/15	332,000		331,780
0.375% 1/15/16	1,774,000		1,771,644
0.875% 1/31/18	7,000		6,971
1% 5/31/18	16,000		15,972
1.125% 4/30/20	395,000		384,817
1.375% 5/31/20	762,000		753,665
2% 2/15/23	2,000		1,983
TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,369,741)		3,354,245
U.S. Government Agency - Mortgage Securities - 6.9%

Fannie Mae - 5.5%
3% 2/1/43	199,530		201,264
3.5% 2/1/41 to 6/1/43	623,790		646,910
4% 4/1/25 to 7/1/42	631,706		668,887
4% 6/1/43 (e)	100,000		105,508
4.5% 3/1/41 to 10/1/41	76,466		82,152
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount		Value
Fannie Mae - continued
4.5% 6/1/43 (e)	$ 400,000		$ 427,406
5% 6/1/35 to 2/1/38	172,875		186,800
TOTAL FANNIE MAE			2,318,927
Freddie Mac - 0.5%
3% 2/1/43	99,173		99,646
3.5% 6/1/43 (e)	100,000		103,352
TOTAL FREDDIE MAC			202,998
Ginnie Mae - 0.9%
3.5% 6/1/43 (e)	100,000		105,180
3.5% 6/1/43 (e)	100,000		104,930
5% 2/15/39	167,907		181,122
TOTAL GINNIE MAE			391,232
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $2,961,341)		2,913,157
Collateralized Mortgage Obligations - 1.0%

U.S. Government Agency - 1.0%
Fannie Mae:
floater:
Series 2006-82 Class F, 0.7633% 9/25/36 (f)	3,881		3,892
Series 2007-53 Class FB, 0.5933% 6/25/37 (f)	24,632		24,632
Series 2007-85 Class FL, 0.7333% 9/25/37 (f)	8,391		8,464
Series 2007-89 Class FT, 0.7633% 9/25/37 (f)	7,156		7,209
Series 2012-122 Class LF, 0.5933% 11/25/42 (f)	96,529		97,128
Series 2013-44 Class FA, 0.455% 5/25/43 (f)	38,951		38,942
floater planned amortization class:
Series 2012-128 Class VF, 0.4433% 6/25/42 (f)	38,842		38,884
Series 2012-111 Class NF, 0.5433% 5/25/42 (f)	9,603		9,608
Series 2012-113 Class PF, 0.5433% 10/25/40 (f)	19,375		19,402
Series 2012-128 Class YF, 0.4933% 6/25/42 (f)	38,842		38,969
floater sequential payer Series 2012-120 Class FE 0.4933% 2/25/39 (f)	4,616		4,623
Freddie Mac:
floater:
Series 3349 Class FE, 0.6892% 7/15/37 (f)	8,805		8,847
Collateralized Mortgage Obligations - continued
	Principal Amount		Value
U.S. Government Agency - continued
Freddie Mac: - continued
floater:
Series 3376 Class FA, 0.7992% 10/15/37 (f)	$ 8,762		$ 8,869
Series 4087 Class FB, 0.6692% 7/15/42 (f)	76,662		76,674
floater planned amortization class Series 4094 Class BF, 0.5992% 8/15/32 (f)	9,486		9,517
Ginnie Mae guaranteed REMIC pass-thru certificates floater sequential payer Series 2010-113 Class JF, 0.5982% 3/20/38 (f)	7,764		7,778
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $404,101)		403,438
Commercial Mortgage Securities - 2.1%

Citigroup/Deutsche Bank Commercial Mortgage Trust sequential payer Series 2007-CD4 Class A4, 5.322% 12/11/49	10,000		11,223
GE Capital Commercial Mortgage Corp. sequential payer Series 2007-C1 Class A4, 5.543% 12/10/49	88,500		99,438
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2007-GG9 Class A4, 5.444% 3/10/39	120,000		135,094
Series 2006-GG7 Class A4, 6.0605% 7/10/38 (f)	25,000		28,015
JPMorgan Chase Commercial Mortgage Securities Trust sequential payer:
Series 2007-CB19 Class A4, 5.9096% 2/12/49 (f)	20,000		22,858
Series 2007-LD11 Class A4, 6.0024% 6/15/49 (f)	240,000		273,504
LB-UBS Commercial Mortgage Trust Series 2007-C7 Class A3, 5.866% 9/15/45	9,606		10,888
Wachovia Bank Commercial Mortgage Trust sequential payer:
Series 2007-C30 Class A5, 5.342% 12/15/43	160,000		180,029
Series 2007-C31 Class A4, 5.509% 4/15/47	10,000		11,174
Series 2007-C32 Class A3, 5.9236% 6/15/49 (f)	90,000		102,446
Series 2007-C33 Class A4, 6.1222% 2/15/51 (f)	24,000		27,124
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $879,109)		901,793
Municipal Securities - 0.6%

California Gen. Oblig.:
7.55% 4/1/39	5,000		7,152
7.6% 11/1/40	115,000		166,901
Municipal Securities - continued
	Principal Amount		Value
Illinois Gen. Oblig.:
Series 2003, 5.1% 6/1/33	$ 50,000		$ 50,167
Series 2010-1, 6.63% 2/1/35	5,000		5,696
Series 2010-3, 6.725% 4/1/35	5,000		5,751
Series 2011, 5.877% 3/1/19	5,000		5,683
TOTAL MUNICIPAL SECURITIES (Cost $225,660)		241,350
Foreign Government and Government Agency Obligations - 0.0%

United Mexican States 4.75% 3/8/44 (Cost $10,956)	10,000		10,000

Fixed-Income Funds - 73.1%
	Shares
Intermediate-Term Bond Funds - 71.5%
DoubleLine Total Return Bond Fund Class I	203,365		2,291,923
Fidelity GNMA Fund (c)	81,182		935,214
JPMorgan Core Bond Fund Select Class	413,993		4,914,103
Metropolitan West Total Return Bond Fund Class I	351,030		3,805,162
PIMCO Total Return Fund Institutional Class	903,045		9,996,703
Western Asset Core Bond Fund Class I	208,220		2,527,790
Western Asset Core Plus Bond Fund Class I	489,928		5,643,976
TOTAL INTERMEDIATE-TERM BOND FUNDS			30,114,871
Long Government Bond Funds - 0.5%
Spartan Long-Term Treasury Bond Index Fund Investor Class (c)	16,295		200,103
Long-Term Bond Funds - 1.1%
PIMCO Long-Term Credit Fund Institutional Class	34,698		444,485
TOTAL FIXED-INCOME FUNDS (Cost $30,987,911)		30,759,459
Short-Term Funds - 2.8%

Short-Term Funds - 2.8%
Prudential Short-Term Corporate Bond Fund Class Z (Cost $1,192,636)	103,071		1,183,260
Money Market Funds - 1.6%
	Shares		Value
SSgA US Treasury Money Market Fund, 0% (a) (Cost $690,312)	690,312		$ 690,312
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $43,323,002)			43,071,412
NET OTHER ASSETS (LIABILITIES) - (2.3)%			(976,808)
NET ASSETS - 100%		$ 42,094,604
TBA Sale Commitments
	Principal Amount
Fannie Mae
3.5% 6/1/43	$ (100,000)		(103,602)
3.5% 6/1/43	(100,000)		(103,602)
4% 6/1/43	(300,000)		(316,522)
4.5% 6/1/43	(100,000)		(106,852)
TOTAL TBA SALE COMMITMENTS (Proceeds $639,504)		$ (630,578)

Legend

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

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

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

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

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity GNMA Fund	$ 829,110	$ 121,123	$ -	$ 3,653	$ 935,214
Spartan Long-Term Treasury Bond Index Fund Investor Class	205,211	1,571	-	1,571	200,103
Spartan U.S. Bond Index Fund Investor Class	2,313,521	41,675	2,349,424	9,439	-
Total	$ 3,347,842	$ 164,369	$ 2,349,424	$ 14,663	$ 1,135,317

Other Information

The following is a summary of the inputs used, as of May 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Corporate Bonds	$ 2,614,398	$ -	$ 2,614,398	$ -
U.S. Government and Government Agency Obligations	3,354,245	-	3,354,245	-
U.S. Government Agency - Mortgage Securities	2,913,157	-	2,913,157	-
Collateralized Mortgage Obligations	403,438	-	403,438	-
Commercial Mortgage Securities	901,793	-	901,793	-
Municipal Securities	241,350	-	241,350	-
Foreign Government and Government Agency Obligations	10,000	-	10,000	-
Fixed-Income Funds	30,759,459	30,759,459	-	-
Short-Term Funds	1,183,260	1,183,260	-	-
Money Market Funds	690,312	690,312	-	-
Total Investments in Securities:	$ 43,071,412	$ 32,633,031	$ 10,438,381	$ -
Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Other Financial Instruments:
TBA Sale Commitments	$ (630,578)	$ -	$ (630,578)	$ -

Income Tax Information

At May 31, 2013, the cost of investment securities for income tax purposes was $43,323,644. Net unrealized depreciation aggregated $252,232, of which $199,483 related to appreciated investment securities and $451,715 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Strategic Advisers Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

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:	July 30, 2013

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

By:	/s/Kenneth B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	July 30, 2013

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

Date:	July 30, 2013