Form N-CEN Fidelity Rutland Square For: May 31
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E-mailX0404 N-CEN LIVE 0001364924 XXXXXXXX 811-21991 true false false N-1A S000035122 true S000062265 true S000072234 true S000061481 true S000063170 true S000069094 true S000060103 true Fidelity Rutland Square Trust II 811-21991 0001364924 1KZ3JN58GDRI3EZKKG06 245 Summer Street Boston 02210 US-MA US 1-800-FIDELITY Fidelity Service Company 245 Summer Street BOST 02210 1-800-FIDELITY Books and Records of the Fund as required to be maintained by the Investment Company Act N N N-1A 13 Y PETER ALDRICH N/A N ROBERT LAWRENCE N/A Y MARY FARRELL N/A N HEIDI STEIGER N/A N CHARLES MORRISON II 004650274 Y KAREN KAPLAN N/A N CHRISTINE MARCKS N/A N JAMES GRYGLEWICZ 006383238 245 SUMMER STREET BOSTON 02210 XXXXXX N N N N N N Fidelity Distributors Company LLC 8-35097 000017507 N/A Y N PricewaterhouseCoopers LLP 238 5493002GVO7EO8RNNS37 N N N N N N N Strategic Advisers Short Duration Fund S000035122 EYHV2YUODIOTIT965C53 N 1 0 0 Fund of Funds N N Y N N GOLDMAN SACHS BANK USA KD3XUN7C6T14HNAYLU02 N N Revenue sharing split 8811832.50000000 173336.00000000 Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17e-1 (17 CFR 270.17e-1) Rule 12d1-4 (17 CFR 270.12d1-4) Rule 17a-7 (17 CFR 270.17a-7) Rule 32a-4 (17 CFR 270.32a-4) Rule 17a-6 (17 CFR 270.17a-6) Y Y N N Strategic Advisers LLC 801-13243 000104555 5493007OHNIWYDN8JF76 N FIAM LLC 801-63658 000133196 5493004TXEKSUW10AL66 Y N T ROWE PRICE ASSOCIATES INC 801-856 000105496 7HTL8AEQSEDX602FBU63 N N Fidelity Investments Institutional Operations Company LLC 084-01839 549300XVSM8LN3LQOK63 Y N N MERRILL LYNCH VALUATIONS LLC 54930015EWCI4VNCZP82 N REFINITIV US HOLDINGS INC 549300NF240HXJO7N016 N PRICINGDIRECT INC 549300WIC0TOJ7N7GD54 N INTERCONTINENTAL EXCHANGE INC 5493000F4ZO33MV32P92 N BLOOMBERG LP 549300B56MD0ZC402L06 N N BANCO NACIONAL DE MEXICO SA 2SFFM4FUIE05S37WFU55 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STATE STREET TRUST COMPANY CANADA 549300L71XG2CTQ2V827 CA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) BNP PARIBAS FRANCE 549300WCGB70D06XZS54 FR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) SSB GMBH GERMANY - CBF ZMHGNT7ZPKZ3UFZ8EO46 DE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) EUROCLEAR 54930045L3MXWBD27H71 BE N Y Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7) STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) THE HONGKONG + SHANGHAI BANKIN 2HI3YI5320L3RW6NJ957 KR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC AUSTRALIA DY9DBNI4W8J63Z298033 AU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) STATE STREET SERVICES (UK) LIMITED 549300UFJRRBZEOUT427 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N Fidelity Investments Institutional Operations Company LLC 549300XVSM8LN3LQOK63 Y N N Fidelity Service Company 549300LT256P1KNTYF28 Y N N FMR LLC N/A N/A 6X064LF7Y6B4DKF2GZ26 3666.67000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 40721.30000000 JEFFERIES GROUP LLC N/A N/A NY9Q8VBNB6D1L6YV0J84 2525.33000000 CREDIT SUISSE GRP AG N/A N/A 549300506SI9CRFV9Z86 CH 4381.12000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 18860.07000000 UBS GROUP AG N/A N/A 549300SZJ9VS8SGXAN81 CH 4964.80000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 3592.40000000 FLOW TRADERS NV N/A N/A 549300Z7LIC6NFIJL947 NL 20001.71000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 995.50000000 JANE STREET GROUP LLC N/A N/A 5493002N1IVX6KHGYO08 9021.91000000 VIRTU FINANCIAL INC N/A N/A 5493001OPW2K42CH3884 1092.66000000 114536.52000000 BARCLAYS PLC (UNGTD) N/A N/A 213800LBQA1Y9L22JB70 GB 125685252.24000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 154869778.43000000 HSBC Securities N/A N/A CYYGQCGNHMHPSMRL3R97 82273390.71000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 139118183.35000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 194228069.62000000 DEUTSCHE BANK AG N/A N/A 7LTWFZYICNSX8D621K86 DE 107542091.63000000 CITIGROUP INC N/A N/A 6SHGI4ZSSLCXXQSBB395 201285032.43000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 180269393.21000000 WELLS FARGO and CO N/A N/A PBLD0EJDB5FWOLXP3B76 109551401.63000000 THE TORONTO DOMINION BANK N/A N/A PT3QB789TSUIDF371261 CA 64467335.10000000 1936888469.84000000 N 6294378023.00000000 Uncommitted 150000000.00000000 N Committed 4250000000.00000000 N Uncommitted 300000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 25000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 400000000.00000000 N Uncommitted 1500000000.00000000 N N N N Strategic Advisers Fidelity Core Income Fund S000062265 5493002W9RRD825B2880 N 1 0 0 Fund of Funds N N Y N N/A 0.00000000 0.00000000 Rule 17a-7 (17 CFR 270.17a-7) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 12d1-4 (17 CFR 270.12d1-4) Rule 17e-1 (17 CFR 270.17e-1) Y Y N N Strategic Advisers LLC 801-13243 000104555 5493007OHNIWYDN8JF76 N FIAM LLC 801-63658 000133196 5493004TXEKSUW10AL66 Y N Fidelity Investments Institutional Operations Company LLC 084-01839 549300XVSM8LN3LQOK63 Y N N MERRILL LYNCH VALUATIONS LLC 54930015EWCI4VNCZP82 N REFINITIV US HOLDINGS INC 549300NF240HXJO7N016 N PRICINGDIRECT INC 549300WIC0TOJ7N7GD54 N BLOOMBERG LP 549300B56MD0ZC402L06 N IHS MARKIT LTD 549300HLPTRASHS0E726 BM N INTERCONTINENTAL EXCHANGE INC 5493000F4ZO33MV32P92 N N STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Fidelity Investments Institutional Operations Company LLC 549300XVSM8LN3LQOK63 Y N N Fidelity Service Company 549300LT256P1KNTYF28 Y N N GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 28.98000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 218259.75000000 218288.73000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 12964286150.55000000 NOMURA HOLDINGS INC N/A N/A 549300B3CEAHYG7K8164 JP 2003764392.27000000 BNP PARIBAS N/A N/A R0MUWSFPU8MPRO8K5P83 FR 2130494794.49000000 CITIGROUP INC N/A N/A 6SHGI4ZSSLCXXQSBB395 11177858558.61000000 BARCLAYS PLC (UNGTD) N/A N/A 213800LBQA1Y9L22JB70 GB 10320339845.76000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 16317515409.68000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 20998912006.30000000 WELLS FARGO and CO N/A N/A PBLD0EJDB5FWOLXP3B76 15692728235.22000000 CREDIT SUISSE GRP AG N/A N/A 549300506SI9CRFV9Z86 CH 20277300266.92000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 36476020932.79000000 151413314434.32000000 N 43766522402.00000000 Uncommitted 400000000.00000000 N Uncommitted 150000000.00000000 N Uncommitted 300000000.00000000 N Uncommitted 1500000000.00000000 N Uncommitted 500000000.00000000 N Committed 4250000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 25000000.00000000 N N N N Strategic Advisers Municipal Bond Fund S000072234 549300GS87OIPT0BBW50 Y 1 1 0 Fund of Funds N N N N N/A 0.00000000 0.00000000 Rule 17e-1 (17 CFR 270.17e-1) Rule 10f-3 (17 CFR 270.10f-3) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 12d1-4 (17 CFR 270.12d1-4) Rule 17a-7 (17 CFR 270.17a-7) Y Y N N Strategic Advisers LLC 801-13243 000104555 5493007OHNIWYDN8JF76 2021-06-17 Massachusetts Financial Services Company 801-17352 000110045 1G3OSH3GLGJ7X1JC5I61 N Delaware Investments Fund Advisers N/A N/A 549300FX8BEYC3JUAR23 N T ROWE PRICE ASSOCIATES INC 801-856 000105496 7HTL8AEQSEDX602FBU63 N MacKay Shields LLC N/A N/A 549300Y7LLCOFU7R8H16 N Fidelity Investments Institutional Operations Company LLC 084-01839 549300XVSM8LN3LQOK63 Y N Y REFINITIV US HOLDINGS INC 549300NF240HXJO7N016 N BLOOMBERG LP 549300B56MD0ZC402L06 N INTERCONTINENTAL EXCHANGE INC 5493000F4ZO33MV32P92 N Y BANK OF NEW YORK MELLON HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N Y Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Y Fidelity Investments Institutional Operations Company LLC 549300XVSM8LN3LQOK63 Y N Y Fidelity Service Company 549300LT256P1KNTYF28 Y N Y FLOW TRADERS NV N/A N/A 549300Z7LIC6NFIJL947 NL 1539.35000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 0.27000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 278.74000000 JANE STREET GROUP LLC N/A N/A 5493002N1IVX6KHGYO08 5576.62000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 4004.49000000 VIRTU FINANCIAL INC N/A N/A 5493001OPW2K42CH3884 427.53000000 21497.00000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 271373751.32000000 CANTOR FITZGERALD LP N/A N/A 549300RLUEEVQEMX0450 131259213.50000000 WELLS FARGO and CO N/A N/A PBLD0EJDB5FWOLXP3B76 133987881.65000000 CITIGROUP INC N/A N/A 6SHGI4ZSSLCXXQSBB395 158844134.41000000 PIPER SANDLER COS N/A N/A QUQDBTUSOAKFEVMRMF78 54428693.85000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 108774590.66000000 SIEBERT WILLIAMS SHANK and CO LLC N/A N/A 254900VTARX8RAY9QK77 62496580.89000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 260741838.40000000 BARCLAYS PLC (UNGTD) N/A N/A 213800LBQA1Y9L22JB70 GB 164337097.02000000 HILLTOP HOLDINGS INC N/A N/A 54930010TA543US0PM65 54503159.82000000 1918064523.50000000 N 5254962926.00000000 Uncommitted 25000000.00000000 N Uncommitted 1500000000.00000000 N Uncommitted 300000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 400000000.00000000 N Committed 4250000000.00000000 N Uncommitted 150000000.00000000 N N N N Strategic Advisers Fidelity U.S. Total Stock Fund S000061481 549300HE7P6L7KM5WL14 N 1 0 0 Fund of Funds N N Y N N GOLDMAN SACHS BANK USA KD3XUN7C6T14HNAYLU02 N N Revenue sharing split 47360622.35000000 4770742.00000000 Rule 12d1-1 (17 CFR 270.12d1-1) Rule 17a-6 (17 CFR 270.17a-6) Rule 12d1-4 (17 CFR 270.12d1-4) Rule 17a-7 (17 CFR 270.17a-7) Rule 32a-4 (17 CFR 270.32a-4) Rule 17e-1 (17 CFR 270.17e-1) Y Y N N Strategic Advisers LLC 801-13243 000104555 5493007OHNIWYDN8JF76 N Geode Capital Management, LLC 801-61117 000115504 549300R46G1X232ODH36 N FIAM LLC 801-63658 000133196 5493004TXEKSUW10AL66 Y FIL Investment Advisors 801-21347 000111103 N/A N BM N Fidelity Investments Institutional Operations Company LLC 084-01839 549300XVSM8LN3LQOK63 Y N N REFINITIV US HOLDINGS INC 549300NF240HXJO7N016 N BLOOMBERG LP 549300B56MD0ZC402L06 N INTERCONTINENTAL EXCHANGE INC 5493000F4ZO33MV32P92 N N STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Fidelity Investments Institutional Operations Company LLC 549300XVSM8LN3LQOK63 Y N N Fidelity Service Company 549300LT256P1KNTYF28 Y N N LUMINEX TRADING and ANALYTICS LLC N/A N/A 254900ZBK50B4Y36MJ33 44723.85000000 FMR LLC N/A N/A 6X064LF7Y6B4DKF2GZ26 204017.23000000 CITIGROUP INC N/A N/A 6SHGI4ZSSLCXXQSBB395 717134.87000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 982512.60000000 JEFFERIES GROUP LLC N/A N/A NY9Q8VBNB6D1L6YV0J84 366036.56000000 UBS GROUP AG N/A N/A 549300SZJ9VS8SGXAN81 CH 568200.96000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 742731.29000000 BARCLAYS PLC (UNGTD) N/A N/A 213800LBQA1Y9L22JB70 GB 397212.00000000 CREDIT SUISSE GRP AG N/A N/A 549300506SI9CRFV9Z86 CH 353020.50000000 VIRTU FINANCIAL INC N/A N/A 5493001OPW2K42CH3884 436052.51000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 471653.89000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 655349.99000000 7727342.84000000 SVB FINANCIAL GROUP N/A N/A 549300D2KJ20JMXE7542 1603560.00000000 CITIGROUP INC N/A N/A 6SHGI4ZSSLCXXQSBB395 2860200.00000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 39257824.50000000 JEFFERIES GROUP LLC N/A N/A NY9Q8VBNB6D1L6YV0J84 1840000.00000000 B RILEY FINANCIAL INC N/A N/A N/A 1164700.00000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 57543637.76000000 BARCLAYS PLC (UNGTD) N/A N/A 213800LBQA1Y9L22JB70 GB 6303440.00000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 16652640.00000000 RAYMOND JAMES FINANCIAL INC. N/A N/A RGUZHJ05YTITL6D76949 2046000.00000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 57334916.50000000 188080054.85000000 Y 67737427207.00000000 Uncommitted 400000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 150000000.00000000 N Uncommitted 300000000.00000000 N Uncommitted 25000000.00000000 N Uncommitted 1500000000.00000000 N Committed 4250000000.00000000 N Uncommitted 500000000.00000000 N N N N Strategic Advisers Fidelity Emerging Markets Fund S000063170 549300YXMLS0UT4SHL91 N 1 0 0 Fund of Funds N N Y N N GOLDMAN SACHS BANK USA KD3XUN7C6T14HNAYLU02 N N Revenue sharing split 6008243.05000000 222680.00000000 Rule 12d1-1 (17 CFR 270.12d1-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 17e-1 (17 CFR 270.17e-1) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-4 (17 CFR 270.12d1-4) Y Y N N Strategic Advisers LLC 801-13243 000104555 5493007OHNIWYDN8JF76 N FIAM LLC 801-63658 000133196 5493004TXEKSUW10AL66 Y N FIL Investment Advisors 801-21347 000111103 N/A N BM N Geode Capital Management, LLC 801-61117 000115504 549300R46G1X232ODH36 N N Fidelity Investments Institutional Operations Company LLC 084-01839 549300XVSM8LN3LQOK63 Y N N INTERCONTINENTAL EXCHANGE INC 5493000F4ZO33MV32P92 N REFINITIV US HOLDINGS INC 549300NF240HXJO7N016 N BLOOMBERG LP 549300B56MD0ZC402L06 N N HSBC Bank Middle East Limited 549300F99IL9YJDWH369 QA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) CIBC Mellon Trust Company 549300IYUUH221WBZ505 CA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HKK Shanghai Bank 2HI3YI5320L3RW6NJ957 HK N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Standard Chartered Bank Singapore Limited 549300MDYVVHJ8D1DW28 SG N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG 529900LKVNEX4SG4UD38 ID N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) BNP Paribas Securities Services 549300WCGB70D06XZS54 GR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Taiwan Limited 549300SG184IVNYDMN03 TW N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG 529900LKVNEX4SG4UD38 PH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) PJSC ROSBANK HOXMZG026UQNRK6J0C60 RU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG 529900LKVNEX4SG4UD38 IN N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Standard Bank of South Africa Limited QFC8ZCW3Q5PRXU1XTM60 ZA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Bank Middle East Limited 549300F99IL9YJDWH369 AE N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AG Seoul 529900LKVNEX4SG4UD38 KR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) HSBC Saudi Arabia Limited 558600TQS0WENZUC5190 SA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Deutsche Bank AS 789000N5SE3LWDK7OI11 TR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) Citibank Europe plc Hungarian Branch Office N1FBEDJ5J41VKZLO2475 HU N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N Y Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Deutsche Bank Malaysia Berhad 529900DLWFR8HK7DR278 MY N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Hongkong and Shanghai Banking Corporation Limited 2HI3YI5320L3RW6NJ957 TH N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) The Bank of New York Mellon 549300KP56LL8NKKFL47 GB N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) BANK OF NEW YORK MELLON HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Citibanamex 2SFFM4FUIE05S37WFU55 MX N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N Fidelity Investments Institutional Operations Company LLC 549300XVSM8LN3LQOK63 Y N N Fidelity Service Company 549300LT256P1KNTYF28 Y N N LUMINEX TRADING and ANALYTICS LLC N/A N/A 254900ZBK50B4Y36MJ33 880.50000000 FMR LLC N/A N/A 6X064LF7Y6B4DKF2GZ26 7215.68000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 802486.05000000 CITIGROUP INC N/A N/A 6SHGI4ZSSLCXXQSBB395 569456.25000000 JEFFERIES GROUP LLC N/A N/A NY9Q8VBNB6D1L6YV0J84 143161.46000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 1060855.63000000 CITIC SECURITIES CO LTD N/A N/A 300300E1006744000068 CN 290065.12000000 CREDIT SUISSE GRP AG N/A N/A 549300506SI9CRFV9Z86 CH 484751.66000000 UBS GROUP AG N/A N/A 549300SZJ9VS8SGXAN81 CH 604618.12000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 673629.25000000 MACQUARIE GROUP LTD N/A N/A ACMHD8HWFMFUIQQ8Y590 AU 354151.65000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 457297.67000000 6282457.64000000 DEUTSCHE BANK AG N/A N/A 7LTWFZYICNSX8D621K86 DE 34228952.94000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 11214598.08000000 CITIGROUP INC N/A N/A 6SHGI4ZSSLCXXQSBB395 8657043.18000000 JEFFERIES GROUP LLC N/A N/A NY9Q8VBNB6D1L6YV0J84 18642002.00000000 WELLS FARGO and CO N/A N/A PBLD0EJDB5FWOLXP3B76 14606900.76000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 4228439.79000000 BANK OF MONTREAL QUE N/A N/A NQQ6HPCNCCU6TUTQYE16 CA 6665910.29000000 BARCLAYS PLC (UNGTD) N/A N/A 213800LBQA1Y9L22JB70 GB 15558159.18000000 NOMURA HOLDINGS INC N/A N/A 549300B3CEAHYG7K8164 JP 17903427.65000000 131705433.87000000 Y 8797955082.00000000 Uncommitted 25000000.00000000 N Uncommitted 1500000000.00000000 N Committed 4250000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 400000000.00000000 N Uncommitted 300000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 150000000.00000000 N N N N Strategic Advisers Large Cap Fund S000069094 54930008M7EG6IZZXW70 N 1 0 0 Fund of Funds N N Y N N GOLDMAN SACHS BANK USA KD3XUN7C6T14HNAYLU02 N N Revenue sharing split 55932484.77000000 1577057.00000000 Rule 17e-1 (17 CFR 270.17e-1) Rule 32a-4 (17 CFR 270.32a-4) Rule 17a-7 (17 CFR 270.17a-7) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 12d1-4 (17 CFR 270.12d1-4) Y Y N N Strategic Advisers LLC 801-13243 000104555 5493007OHNIWYDN8JF76 N Clarivest Asset Management LLC 801-66386 000139785 549300LJA5XIWTG2V513 N N Brandywine Global Investment Management, LLC 801-27797 000110783 8GTBE30G9EQQ2JEJZ302 N N T ROWE PRICE ASSOCIATES INC 801-856 000105496 7HTL8AEQSEDX602FBU63 N N Geode Capital Management, LLC 801-61117 000115504 549300R46G1X232ODH36 N N J.P. 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section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) CITIBANK NA E57ODZWZ7FF32TWEFA76 AR N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N Fidelity Investments Institutional Operations Company LLC 549300XVSM8LN3LQOK63 Y N N Fidelity Service Company 549300LT256P1KNTYF28 Y N N 0.00000000 ROYAL BANK OF CANADA N/A N/A ES7IP3U3RHIGC71XBU11 CA 272932144.50000000 WELLS FARGO and CO N/A N/A PBLD0EJDB5FWOLXP3B76 392435244.35000000 GOLDMAN SACHS GROUP INC (THE) N/A N/A 784F5XWPLTWKTBV3E584 335294889.10000000 US BANCORP DEL N/A N/A N1GZ7BBF3NP8GI976H15 254680000.00000000 BARCLAYS PLC (UNGTD) N/A N/A 213800LBQA1Y9L22JB70 GB 561341298.60000000 State Street Global Markets N/A N/A 549300FDEDF5ORXCMQ56 281970000.00000000 BANK OF AMERICA CORPORATION N/A N/A 9DJT3UXIJIZJI4WXO774 1000975337.17000000 MORGAN STANLEY N/A N/A IGJSJL3JD5P30I6NJZ34 315951153.25000000 JPMORGAN CHASE and CO N/A N/A 8I5DZWZKVSZI1NUHU748 1083512813.00000000 CITIGROUP INC N/A N/A 6SHGI4ZSSLCXXQSBB395 436829329.85000000 5761673069.85000000 N 5431431539.00000000 Uncommitted 300000000.00000000 N Uncommitted 1500000000.00000000 N Uncommitted 150000000.00000000 N Uncommitted 400000000.00000000 N Uncommitted 25000000.00000000 N Committed 4250000000.00000000 N Uncommitted 500000000.00000000 N Uncommitted 500000000.00000000 N N N N true
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Short Duration Fund, Strategic Advisers Tax-Sensitive Short Duration Fund and Strategic Advisers Municipal Bond Fund
In planning and performing our audits of the financial statements of Strategic Advisers Short Duration Fund, Strategic Advisers Tax-Sensitive Short Duration Fund and Strategic Advisers Municipal Bond Fund (three of the funds constituting Rutland Square Trust II, hereafter collectively referred to as the “Funds”) as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of May 31, 2022.
This report is intended solely for the information and use of the Board of Trustees of Fidelity Rutland Square Trust II and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
July 14, 2022
PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617) 530 5000, www.pwc.com/us
2
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Fidelity U.S. Total Stock Fund, Strategic Advisers Fidelity Core Income Fund, Strategic Advisers Fidelity Emerging Markets Fund and Strategic Advisers Large Cap Fund
In planning and performing our audits of the financial statements of Strategic Advisers Fidelity U.S. Total Stock Fund, Strategic Advisers Fidelity Core Income Fund, Strategic Advisers Fidelity Emerging Markets Fund and Strategic Advisers Large Cap Fund (four of the funds constituting Fidelity Rutland Square Trust II, hereafter collectively referred to as the “Funds”) as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting.
The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of May 31, 2022.
This report is intended solely for the information and use of the Board of Trustees of Fidelity Rutland Square Trust II and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
July 15, 2022
PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210
T: (617) 530 5000, www.pwc.com/us
2
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