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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