0001752724-21-226123.txt : 20211026 0001752724-21-226123.hdr.sgml : 20211026 20211026094239 ACCESSION NUMBER: 0001752724-21-226123 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210831 FILED AS OF DATE: 20211026 PERIOD START: 20220531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fidelity Rutland Square Trust II CENTRAL INDEX KEY: 0001364924 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21991 FILM NUMBER: 211346602 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 0001364924 S000072234 Strategic Advisers Municipal Bond Fund C000228148 Strategic Advisers Municipal Bond Fund FSMUX NPORT-P 1 primary_doc.xml NPORT-P false 0001364924 XXXXXXXX S000072234 C000228148 Fidelity Rutland Square Trust II 811-21991 0001364924 1KZ3JN58GDRI3EZKKG06 245 Summer Street Boston 02210 1-800-FIDELITY Strategic Advisers Municipal Bond Fund S000072234 549300GS87OIPT0BBW50 2022-05-31 2021-08-31 N 1738356295.78 877436.50 1737478859.28 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N DELAWARE GROUP TAX FREE FD INC 5VLH6BOP3D4OKT4X0Y06 Delaware Tax-Free USA A 245909106 5698571.91400000 NS USD 71574063.24000000 4.119420668500 Long EC RF US N 1 N N N VANGUARD MUN BD FD INC GGTVB4H7PGEDHLTPA045 Vanguard High-Yield Tax-Exempt Adm 922907845 205.25500000 NS USD 2497.95000000 0.000143768655 Long EC RF US N 1 N N N Fidelity Salem Street Trust S4W85DGKOEJ24DPRB829 Fidelity Sai Municipal Money Market Fund 31635V174 2499.00000000 NS USD 2500.00000000 0.000143886642 Long EC RF US N 1 N N N DWS MUN TR 66W6GCSESLF5I106IR95 DWS Managed Municipal Bond S 25158T848 2972758.35800000 NS USD 28003383.73000000 1.611725148794 Long EC RF US N 1 N N N MFS MUN SER TR IBCRCKLUQF4H2CCTDD70 MFS Municipal Income A 55273N574 20679530.76200000 NS USD 191492454.86000000 11.02128258063 Long EC RF US N 1 N N N ISHARES CORE TOTAL USD BOND MARKET ETF 549300G3FWQPUM47D181 iShares National Muni Bond ETF 464288414 426866.00000000 NS USD 50011620.56000000 2.878401673371 Long EC RF US N 1 N N N LEGG MASON PARTNERS INCOM TR 5493003ADJT3VWCXBJ73 Western Asset Managed Municipals A 52469J202 7626960.80900000 NS USD 128743098.46000000 7.409764888497 Long EC RF US N 1 N N N MAINSTAY FDS TR 549300DL5ZTPAWGC6G97 MainStay MacKay High Yield Muncpl Bd A 56063U547 1247022.07600000 NS USD 17084202.44000000 0.983275413611 Long EC RF US N 1 N N N BLACKROCK MUN BD FD INC 57P6LYFXTWNU9L7GM070 BlackRock National Municipal Inv A 09253C603 5664782.15100000 NS USD 64975051.27000000 3.739616797232 Long EC RF US N 1 N N N PRICE (T ROWE) TX FREE HI YD F L4BI0QG5MQV91OSDQ649 T. Rowe Price Tax-Free High Yield 741486104 13410297.48400000 NS USD 170981292.92000000 9.840769688032 Long EC RF US N 1 N N N Fidelity Salem Street Trust S4W85DGKOEJ24DPRB829 FIDELITY SAI MUNICIPAL INCOME FUND 31635V158 8697133.24200000 NS USD 95320580.33000000 5.486143317421 Long EC RF US N 1 N N N ROWE T PRICE TX FR INC FD INC AQVTFPJ03TC8U1Q0ZJ34 T. Rowe Price Tax Free Income I 779576305 236.96700000 NS USD 2495.26000000 0.000143613833 Long EC RF US N 1 N N N DWS MUN TR 66W6GCSESLF5I106IR95 DWS Strategic High Yield Tax-Free S 25158T400 238119.77700000 NS USD 3019358.77000000 0.173778158731 Long EC RF US N 1 N N N Fidelity Salem Street Trust S4W85DGKOEJ24DPRB829 FIDELITY TAX-FREE BOND FUND 316128503 203.25200000 NS USD 2495.93000000 0.000143652395 Long EC RF US N 1 N N N Fidelity Colchester Street Trust 549300SHPEJB1OPRCV46 FIMM MM Government Portfolio - Instl Cl 31607A703 2500.00000000 NS USD 2500.00000000 0.000143886642 Long EC RF US N 1 N N N Fidelity Salem Street Trust S4W85DGKOEJ24DPRB829 FIDELITY SAI TAX-FREE BOND FUND 31635V166 28969106.82600000 NS USD 318949866.15000000 18.35705018489 Long EC RF US N 1 N N N Fidelity Municipal Trust MC33ZH3HL1S8YN987650 FIDELITY ADVISOR MUNICIPAL INCOME FUND/FMTZ 316203744 181.42200000 NS USD 2496.37000000 0.000143677719 Long EC RF US N 1 N N N WELLS FARGO FDS TR 5493008YR83M6GI6QC15 Wells Fargo Municipal Bond Admin 949917793 8490508.59100000 NS USD 92037113.13000000 5.297164488558 Long EC RF US N 1 N N N VANGUARD MUN BD FD INC GGTVB4H7PGEDHLTPA045 Vanguard Long-Term Tax-Exempt Adm 922907860 10350513.23400000 NS USD 127000797.38000000 7.309487347237 Long EC RF US N 1 N N N ROWE T PRICE SUMMIT MUNI INC BIWLWYFM0V2XVQ2DZ062 T. Rowe Price Summit Municipal Inc Inv 77957N308 17292537.76200000 NS USD 217713050.42000000 12.53039996758 Long EC RF US N 1 N N N MAINSTAY FDS 5493003Y7K55IDIMKI62 MainStay MacKay Tax Free Bond A 56062F756 14958160.81300000 NS USD 160650647.13000000 9.246192911755 Long EC RF US N 1 N N N 2021-09-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_6352_20210831.htm US_QtlyFinancialStatementsCoverMaster
Quarterly Holdings Report
for
Strategic Advisers Municipal Bond Fund
Offered exclusively to certain clients of Strategic Advisers LLC - not available for sale to the general public
August 31, 2021
SAM-NPRT1-1021
1.9903616.100
Municipal Bond Funds - 97.1%
 
  
Shares
Value ($)
 
High Yield Muni Funds - 11.4%
 
  
  
DWS Strategic High Yield Tax-Free Fund Class S
 
238,120
3,019,359
MainStay MacKay High Yield Municipal Bond Fund Class A
 
1,248,920
17,110,197
T. Rowe Price Tax-Free High Yield Fund
 
14,202,210
181,078,177
TOTAL HIGH YIELD MUNI FUNDS
  
  
201,207,733
Muni National Intermediate Funds - 3.7%
 
  
  
BlackRock National Municipal Fund Investor A Shares
 
5,667,023
65,000,753
 
  
  
  
Muni National Long Funds - 82.0%
 
  
  
Delaware Tax-Free U.S.A. Fund Class A
 
5,702,478
71,623,126
DWS Managed Municipal Bond Fund - Class S
 
2,972,758
28,003,384
Fidelity Advisor Municipal Income Fund - Class Z (a)
  
182
2,498
Fidelity SAI Municipal Income Fund (a)
  
8,704,442
95,400,689
Fidelity SAI Tax-Free Bond Fund (a)
  
28,978,225
319,050,253
Fidelity Tax-Free Bond Fund (a)
  
203
2,497
MainStay MacKay Tax Free Bond Fund Class A
 
14,965,317
160,727,507
MFS Municipal Income Fund Class A
 
20,679,531
191,492,455
T. Rowe Price Summit Municipal Income Fund Investor Class
 
18,701,164
235,447,658
T. Rowe Price Tax-Free Income Fund - I Class
 
237
2,497
Vanguard High-Yield Tax-Exempt Fund Admiral Shares
 
205
2,500
Vanguard Long-Term Tax-Exempt Fund Admiral Shares
 
10,357,033
127,080,794
Wells Fargo Municipal Bond Fund - Class Admin
 
8,495,668
92,093,038
Western Asset Managed Municipals Fund Class A
 
7,631,517
128,820,015
TOTAL MUNI NATIONAL LONG FUNDS
  
  
1,449,748,911
 
TOTAL MUNICIPAL BOND FUNDS
 (Cost $1,717,437,280)
  
  
  
1,715,957,397
 
  
  
  
Investment Companies - 2.8%
 
  
Shares
Value ($)
 
Investment Companies - 2.8%
 
  
  
iShares S&P National Municipal Bond ETF
  (Cost $50,000,945)
  
426,866
50,011,621
 
  
  
  
 
  
  
  
Money Market Funds - 0.0%
 
  
Shares
Value ($)
 
Fidelity Investments Money Market Government Portfolio Institutional Class 0.01% (a)(b)
  
2,500
2,500
Fidelity SAI Municipal Money Market Fund 0.01% (a)(b)
  
2,499
2,500
 
TOTAL MONEY MARKET FUNDS
 (Cost $5,000)
  
  
5,000
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.9%
 (Cost $1,767,443,225)
 
  
 
1,765,974,018
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(120,481)
NET ASSETS - 100.0%
1,765,853,537
 
  
Security Type Abbreviations
ETF
-
Exchange-Traded Fund
 
Legend
 
(a)
Affiliated Fund
 
(b)
The rate quoted is the annualized seven-day yield of the fund at period end.
 
 
 
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Fund changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Advisor Municipal Income Fund - Class Z
-
2,502
-
-
-
(4)
2,498
Fidelity Investments Money Market Government Portfolio Institutional Class 0.01%
-
2,500
-
-
-
-
2,500
Fidelity SAI Municipal Income Fund
-
95,561,536
5,036
124,597
(5)
(155,806)
95,400,689
Fidelity SAI Municipal Money Market Fund 0.01%
-
2,500
-
-
-
-
2,500
Fidelity SAI Tax-Free Bond Fund
-
319,102,887
-
100,388
-
(52,634)
319,050,253
Fidelity Tax-Free Bond Fund
-
2,501
-
-
-
(4)
2,497
 
-
414,674,426
5,036
224,985
(5)
(208,448)
414,460,937
 
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
 
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
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 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 any 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) 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 and ETNs 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 and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
 
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.
 
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