Fidelity Rutland Square Trust II launches two new international funds

By Toni Weeks

San Diego, April 10 - Fidelity Rutland Square Trust II announced in an N-1A filing with the Securities and Exchange Commission that it has launched two new funds that focus on international investments: the Strategic Advisers International Multi-Manager Fund and the Strategic Advisers Emerging Markets Fund of Funds.

The International Multi-Manager Fund, which trades under the symbol "FMJDX," seeks capital appreciation. It will normally invest primarily in non-U.S. securities, including securities of issuers located in emerging markets.

The fund will allocate its investments across different countries and regions and among underlying funds and subadvisers to attempt to diversify the fund's portfolio in terms of market capitalization, investment style and geographic region. It will invest directly in securities through one or more subadvisers or indirectly through one or more underlying funds and will also allocate assets among affiliated international funds, non-affiliated international funds that participate in Fidelity's FundsNetwork as well as non-affiliated exchange-traded funds.

Causeway Capital Management LLC, Massachusetts Financial Services Co., Pyramis Global Advisors, LLC and William Blair & Co., LLC will serve as subadvisers to the fund.

Wilfred Chilangwa is the lead portfolio manager. Sarah H. Ketterer, Harry W. Hartford, James A. Doyle, Jonathan P. Eng, Kevin Durkin and Conor Muldoon co-manage Causeway's portion of the fund's assets; Benjamin Stone, Barnaby Wiener, Jose Luis Garcia and Thomas Melendez co-manage MFS's portion of the fund's assets; Cesar Hernandez manages Pyramis's portion of the fund's assets; and W. George Greig manages William Blair's portion of the fund's assets.

Shareholder fees consist of a 1% redemption fee on shares held less than 30 days.

The management fee is 0.7%. Including other expenses and fees, and taking into account a fee waiver agreement with the adviser, the total annual fund operating expenses are expected to be 1.2%. The agreement expires April 30, 2013.

The Emerging Markets Fund of Funds, which trades under the symbol "FLILX," also seeks capital appreciation by investing at least 80% of its assets in securities of issuers in emerging markets, in other investments that are tied economically to emerging markets and in shares of other emerging markets equity funds, attempting to diversify its portfolio in terms of market capitalization, investment style and geographic region.

The fund will allocate investments across different emerging market countries in affiliated emerging markets funds, non-affiliated emerging markets funds that typically participated in Fidelity's FundsNetwork, non-affiliated ETFs and closed-end funds.

Wilfred Chilangwa serves as the portfolio manager.

Shareholder fees consist of a 1.5% redemption fee on shares held less than 90 days.

The management fee is 0.3%. Including other expenses and fees, and taking into account a fee waiver agreement with the adviser, the total annual fund operating expenses are expected to be 1.3%. The agreement expires April 30, 2013.

Boston-based Strategic Advisers serves as the investment adviser.

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