Strategic Advisers® Short Duration Fund

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

Annual Report

May 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

To view a fund's proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

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Other third-party marks appearing herein are the property of their respective owners.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended May 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Strategic Advisers® Short Duration Fund	1.69%	1.05%	1.12%

^A From December 20, 2011

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Strategic Advisers® Short Duration Fund on December 20, 2011, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Citigroup® 6-Month US Treasury Bill Index performed over the same period.

	Period Ending Values
	$10,624	Strategic Advisers® Short Duration Fund
	$10,104	Citigroup® 6-Month US Treasury Bill Index

Management's Discussion of Fund Performance

Market Recap: U.S. taxable investment-grade bonds rose modestly for the 12 months ending May 31, 2017, a volatile stretch marked by early-period concern about global economic growth that gave way to investor optimism. The Bloomberg Barclays U.S. Aggregate Bond Index gained 1.58% for the year. Bond yields declined early on and reached an all-time low shortly after the U.K.’s late-June “Brexit” vote to leave the European Union. Bond yields began to rise heading into the U.S. election, and rallied strongly thereafter, as many investors viewed then-President-elect Donald Trump’s economic agenda as stimulative and potentially inflationary. Yields also rode the Fed’s decision in December to raise policy interest rates, and its signal for additional hikes in 2017. Bond yields then moderated to begin 2017, as it became clear that changes to tax, health care and fiscal policies would take time to develop and implement, and that the pace of rate increases was likely to be gradual. Within the Bloomberg Barclays index, investment-grade corporate bonds led all major market segments, returning 4.26%, while U.S. Treasuries finished breakeven. Securitized sectors posted moderate gains. Outside the index, riskier, non-core fixed-income segments led the broader market, while Treasury Inflation-Protected Securities (TIPS) rose 2.41%.

Comments from Portfolio Manager Gregory Pappas: For the year, the Fund gained 1.69%, outpacing the 0.51% return of its benchmark, the Citigroup^® 6-Month US Treasury Bill Index. Our positions in managers investing in securities with maturities that were somewhat longer than the benchmark fueled the Fund’s outperformance. An allocation to strong-performing floating-rate bank loans also bolstered relative results. PIMCO Short-Term Fund was the top relative contributor, benefiting from the income generated by its holdings of investment-grade corporate bonds, as well as favorable yield-curve positioning. Sub-adviser FIAM^® outpaced the benchmark due to a large allocation to floating-rate corporate bonds. A roughly 4% allocation to Fidelity^® Floating Rate High Income Fund – which invests in higher-yielding bank loans – was a further contributor versus the benchmark. There were no notable relative detractors, but two managers nicked the Fund's relative performance: Wells Fargo Ultra Short-Term Municipal Income Fund and Fidelity Conservative Income Municipal Fund. I sold both of these positions during the period. I added a position in Fidelity Money Market Prime Reserves Portfolio, a prime money fund that offers a higher yield than regular money funds. I also added the first ETF to the Fund: PIMCO Enhanced Short Maturity.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Ten Holdings as of May 31, 2017

(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
PIMCO Short-Term Fund - Administrator Class	17.1	17.0
Fidelity Conservative Income Bond Fund Institutional Class	9.7	8.3
Fidelity Short-Term Bond Fund	8.2	9.4
Metropolitan West Low Duration Bond Fund - Class M	5.9	6.6
BlackRock Low Duration Bond Portfolio Investor A Shares	4.3	4.8
PIMCO Enhanced Short Maturity Active ETF	4.1	3.8
Fidelity Floating Rate High Income Fund	3.2	3.6
JPMorgan Short Duration Bond Fund Class A	3.2	3.6
Janus Short-Term Bond Fund - Class T	2.4	2.8
Delaware Limited-Term Diversified Income Fund - Class A	2.2	2.6
	60.3

Asset Allocation (% of fund's net assets)

As of May 31, 2017
	Corporate Bonds	16.3%
	U.S. Government and U.S. Government Agency Obligations	1.7%
	Asset-Backed Securities	6.7%
	CMOs and Other Mortgage Related Securities	0.7%
	Municipal Securities	0.4%
	Bank Loan Funds	3.2%
	Other Investments	0.2%
	Short-Term Funds	59.1%
	Short-Term Investments and Net Other Assets (Liabilities)	11.7%

As of November 30, 2016
	Corporate Bonds	16.7%
	U.S. Government and U.S. Government Agency Obligations	2.2%
	Asset-Backed Securities	6.2%
	CMOs and Other Mortgage Related Securities	1.0%
	Municipal Securities	1.0%
	Bank Loan Funds	3.6%
	Other Investments	0.3%
	Short-Term Funds	61.2%
	Short-Term Investments and Net Other Assets (Liabilities)	7.8%

Asset allocations of funds in the pie charts reflect the categorizations of assets as defined by Morningstar as of the reporting dates indicated above.

Investments May 31, 2017

Showing Percentage of Net Assets

Nonconvertible Bonds - 16.3%
	Principal Amount	Value
CONSUMER DISCRETIONARY - 1.3%
Auto Components - 0.0%
Delphi Automotive PLC 3.15% 11/19/20	$1,130,000	$1,157,073
Automobiles - 0.7%
American Honda Finance Corp.:
1.4584% 11/19/18 (a)	5,000,000	5,010,915
1.9967% 2/22/19 (a)	8,351,000	8,452,465
BMW U.S. Capital LLC 1.5298% 4/6/20 (a)(b)	7,796,000	7,797,723
Daimler Finance North America LLC:
1.6312% 5/18/18 (a)(b)	5,000,000	5,012,080
1.7012% 5/5/20 (a)(b)	5,000,000	5,007,655
1.7798% 1/6/20 (a)(b)	10,000,000	10,046,880
1.7918% 10/30/19 (a)(b)	5,000,000	5,018,215
2.0296% 8/1/18 (a)(b)	1,060,000	1,065,683
2.2% 5/5/20 (b)	1,420,000	1,421,505
General Motors Financial Co., Inc.:
2.0851% 4/13/20 (a)	11,000,000	11,025,630
2.4196% 10/4/19 (a)	5,000,000	5,059,120
3.1% 1/15/19	630,000	639,231
4.75% 8/15/17	1,375,000	1,383,608
Hyundai Capital Services, Inc. 3.5% 9/13/17 (b)	605,000	607,906
Nissan Motor Acceptance Corp. 1.95% 9/12/17 (b)	1,375,000	1,376,540
		68,925,156
Diversified Consumer Services - 0.0%
ERAC U.S.A. Finance Co. 6.375% 10/15/17 (b)	550,000	559,290
ERAC U.S.A. Finance LLC 2.8% 11/1/18 (b)	1,140,000	1,152,141
		1,711,431
Hotels, Restaurants & Leisure - 0.1%
Brinker International, Inc. 2.6% 5/15/18	1,110,000	1,114,995
GLP Capital LP/GLP Financing II, Inc. 4.375% 11/1/18	1,225,000	1,258,688
McDonald's Corp. 5.8% 10/15/17	10,000,000	10,156,440
		12,530,123
Household Durables - 0.1%
Newell Brands, Inc.:
2.05% 12/1/17	1,580,000	1,583,887
2.15% 10/15/18	1,030,000	1,035,406
2.6% 3/29/19	307,000	310,705
Whirlpool Corp. 1.65% 11/1/17	450,000	450,237
		3,380,235
Internet & Direct Marketing Retail - 0.0%
JD.com, Inc. 3.125% 4/29/21	2,035,000	2,040,360
QVC, Inc. 3.125% 4/1/19	930,000	941,569
		2,981,929
Media - 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 3.579% 7/23/20	2,035,000	2,115,075
Comcast Corp. 6.3% 11/15/17	5,000,000	5,106,875
Interpublic Group of Companies, Inc. 2.25% 11/15/17	1,840,000	1,844,284
NBCUniversal Enterprise, Inc. 1.8434% 4/15/18 (a)(b)	15,315,000	15,403,459
Omnicom Group, Inc. 6.25% 7/15/19	1,350,000	1,466,244
Time Warner Cable, Inc.:
6.75% 7/1/18	539,000	566,529
8.25% 4/1/19	1,390,000	1,540,237
8.75% 2/14/19	530,000	588,062
		28,630,765
Specialty Retail - 0.1%
AutoZone, Inc. 1.625% 4/21/19	145,000	144,050
Home Depot, Inc. 1.5012% 9/15/17 (a)	10,000,000	10,010,640
Nissan Motor Acceptance Corp. 1.55% 9/13/19 (b)	725,000	716,321
		10,871,011
Textiles, Apparel & Luxury Goods - 0.0%
Invista Finance LLC 4.25% 10/15/19 (b)	1,475,000	1,510,031

TOTAL CONSUMER DISCRETIONARY		131,697,754

CONSUMER STAPLES - 1.0%
Beverages - 0.4%
Anheuser-Busch InBev Finance, Inc.:
1.25% 1/17/18	10,000,000	9,985,390
1.9% 2/1/19	2,170,000	2,175,653
Anheuser-Busch InBev Worldwide, Inc. 1.8596% 8/1/18 (a)	6,000,000	6,040,218
PepsiCo, Inc. 1.7617% 2/22/19 (a)	20,000,000	20,190,620
		38,391,881
Food & Staples Retailing - 0.2%
CVS Health Corp. 1.9% 7/20/18	11,033,000	11,062,105
Kroger Co. 6.4% 8/15/17	3,400,000	3,431,722
Walgreens Boots Alliance, Inc. 1.75% 5/30/18	3,242,000	3,268,844
		17,762,671
Food Products - 0.1%
Bunge Ltd. Finance Corp.:
3.2% 6/15/17	2,260,000	2,261,089
3.5% 11/24/20	520,000	534,181
8.5% 6/15/19	100,000	112,134
Danone SA 1.691% 10/30/19 (b)	2,430,000	2,410,652
Mead Johnson Nutrition Co. 3% 11/15/20	295,000	301,620
Tyson Foods, Inc. 1.6358% 5/30/19 (a)	3,826,000	3,832,057
		9,451,733
Tobacco - 0.3%
BAT International Finance PLC 1.6412% 6/15/18 (a)(b)	15,000,000	15,043,530
Imperial Tobacco Finance PLC 2.05% 2/11/18 (b)	2,950,000	2,950,974
Philip Morris International, Inc.:
1.25% 8/11/17	5,796,000	5,795,681
1.25% 11/9/17	9,225,000	9,220,637
Reynolds American, Inc.:
2.3% 6/12/18	780,000	783,986
8.125% 6/23/19	360,000	403,658
		34,198,466

TOTAL CONSUMER STAPLES		99,804,751

ENERGY - 1.1%
Energy Equipment & Services - 0.0%
Cameron International Corp. 1.4% 6/15/17	670,000	669,999
Oil, Gas & Consumable Fuels - 1.1%
BP Capital Markets PLC 1.5318% 8/14/18 (a)	20,000,000	20,041,220
Canadian Natural Resources Ltd. 1.75% 1/15/18	580,000	579,792
Chevron Corp.:
1.5728% 3/3/22 (a)	4,700,000	4,715,397
1.6796% 5/16/18 (a)	10,000,000	10,047,220
China Shenhua Overseas Capital Co. Ltd.:
2.5% 1/20/18 (Reg. S)	2,235,000	2,239,819
3.125% 1/20/20 (Reg. S)	1,740,000	1,761,757
Columbia Pipeline Group, Inc. 2.45% 6/1/18	460,000	462,116
ConocoPhillips Co.:
1.05% 12/15/17	750,000	748,766
5.2% 5/15/18	145,000	149,862
DCP Midstream Operating LP 2.5% 12/1/17	1,410,000	1,410,000
Enbridge, Inc. 1.514% 6/2/17 (a)	2,341,000	2,341,000
Encana Corp. 6.5% 5/15/19	150,000	161,501
Energy Transfer Partners LP 6.7% 7/1/18	275,000	288,136
Enterprise Products Operating LP:
2.55% 10/15/19	385,000	389,808
6.3% 9/15/17	1,620,000	1,641,356
Exxon Mobil Corp.:
1.305% 3/6/18	1,740,000	1,739,925
1.8346% 3/1/19 (a)	20,000,000	20,257,620
Kinder Morgan Energy Partners LP 5.95% 2/15/18	655,000	673,109
Marathon Oil Corp. 6% 10/1/17	1,515,000	1,538,411
Murphy Oil Corp. 3.5% 12/1/17 (a)	3,855,000	3,855,000
ONEOK Partners LP 3.2% 9/15/18	1,705,000	1,729,676
Origin Energy Finance Ltd. 3.5% 10/9/18 (b)	1,300,000	1,315,899
Panhandle Eastern Pipe Line Co. LP 6.2% 11/1/17	110,000	111,953
Petroleos Mexicanos:
3.125% 1/23/19	195,000	197,048
3.5% 7/18/18	625,000	631,996
3.5% 7/23/20	985,000	1,002,336
Phillips 66 Co. 1.7863% 4/15/19 (a)(b)	530,000	530,649
Sabine Pass Liquefaction LLC 5.625% 2/1/21 (a)	1,935,000	2,116,716
Schlumberger Investment SA 1.25% 8/1/17 (b)	10,000,000	9,997,020
Shell International Finance BV 1.4696% 9/12/19 (a)	10,000,000	10,039,830
TransCanada PipeLines Ltd.:
1.625% 11/9/17	1,573,000	1,573,582
1.9457% 1/12/18 (a)	3,000,000	3,009,864
Valero Energy Corp. 9.375% 3/15/19	255,000	287,154
		107,585,538

TOTAL ENERGY		108,255,537

FINANCIALS - 9.9%
Banks - 5.9%
ABN AMRO Bank NV:
1.7984% 1/18/19 (a)(b)	10,000,000	10,035,180
2.1% 1/18/19 (b)	1,780,000	1,783,412
2.5% 10/30/18 (b)	11,550,000	11,644,895
ANZ Banking Group Ltd. 1.6784% 8/19/20 (a)(b)	7,000,000	7,007,987
Australia & New Zealand Banking Group Ltd. 1.7418% 5/15/18 (a)	7,330,000	7,361,424
Banco de Credito del Peru 2.25% 10/25/19 (b)	280,000	279,664
Banco Santander SA 2.7176% 4/11/22 (a)	800,000	820,528
Bank of America Corp.:
1.7% 8/25/17	1,645,000	1,646,003
1.7987% 8/25/17 (a)	12,902,000	12,915,495
2% 1/11/18	715,000	716,763
2.0176% 4/1/19 (a)	12,130,000	12,243,719
2.2262% 3/22/18 (a)	2,466,000	2,483,403
2.3162% 1/20/23 (a)	1,480,000	1,495,938
2.503% 10/21/22	635,000	626,528
2.625% 4/19/21	715,000	718,754
5.625% 7/1/20	370,000	405,519
5.65% 5/1/18	425,000	439,760
Bank of Montreal:
1.7196% 12/12/19 (a)	5,000,000	5,030,305
1.7554% 4/9/18 (a)	8,400,000	8,433,684
Bank of Nova Scotia:
1.3% 7/21/17	5,687,000	5,687,466
1.9884% 1/15/19 (a)	5,000,000	5,038,025
Bank of Tokyo-Mitsubishi UFJ Ltd.:
1.4162% 9/8/17 (a)(b)	5,880,000	5,879,935
2.1412% 9/14/18 (a)(b)	5,000,000	5,039,875
Banque Federative du Credit Mutuel SA 2.5% 10/29/18 (b)	1,405,000	1,415,845
Barclays Bank PLC 6.05% 12/4/17 (b)	1,440,000	1,469,474
Barclays PLC 2.7804% 1/10/23 (a)	1,525,000	1,558,565
BB&T Corp.:
1.8296% 2/1/19 (a)	2,301,000	2,315,906
1.9912% 6/15/18 (a)	6,575,000	6,622,116
BNP Paribas 2.375% 9/14/17	4,064,000	4,075,123
BPCE SA:
2.4012% 5/22/22 (a)(b)	605,000	606,958
2.5% 12/10/18	2,130,000	2,148,831
Branch Banking & Trust Co. 1.6084% 1/15/20 (a)	5,000,000	5,009,510
Canadian Imperial Bank of Commerce 1.62% 9/6/19 (a)	10,000,000	10,036,380
Capital One NA:
1.8512% 2/5/18 (a)	5,000,000	5,012,740
1.8846% 9/13/19 (a)	10,000,000	10,051,450
2.35% 8/17/18	915,000	920,098
2.35% 1/31/20	915,000	916,641
Citigroup, Inc.:
1.55% 8/14/17	1,300,000	1,300,338
1.7% 4/27/18	1,065,000	1,064,573
1.8% 2/5/18	1,205,000	1,205,695
1.85% 11/24/17	870,000	871,813
1.8604% 4/27/18 (a)	5,000,000	5,021,410
1.9454% 1/10/20 (a)	5,905,000	5,942,314
1.9617% 12/7/18 (a)	10,000,000	10,082,250
2.0317% 6/7/19 (a)	20,000,000	20,185,860
2.05% 6/7/19	510,000	510,224
2.9% 12/8/21	1,495,000	1,512,361
Citizens Bank NA:
1.604% 3/2/20 (a)	15,000,000	15,043,545
1.7676% 5/26/20 (a)	10,000,000	10,000,200
2.25% 3/2/20	685,000	686,338
2.45% 12/4/19	260,000	262,170
2.55% 5/13/21	520,000	521,945
Commonwealth Bank of Australia:
1.75% 11/2/18	2,126,000	2,128,149
1.8193% 11/7/19 (a)(b)	10,000,000	10,070,220
1.9596% 11/2/18 (a)(b)	12,578,000	12,671,216
Danske Bank A/S 2.2% 3/2/20 (b)	1,345,000	1,347,391
Discover Bank:
2% 2/21/18	340,000	340,503
2.6% 11/13/18	590,000	595,003
7% 4/15/20	1,360,000	1,516,129
Fifth Third Bank:
1.7429% 9/27/19 (a)	5,000,000	5,030,400
2.0817% 8/20/18 (a)	5,000,000	5,026,100
HSBC Bank PLC 1.8218% 5/15/18 (a)(b)	1,365,000	1,371,649
HSBC U.S.A., Inc.:
1.5218% 11/13/17 (a)	5,000,000	5,003,815
1.625% 1/16/18	1,260,000	1,260,295
1.7918% 11/13/19 (a)	15,000,000	15,062,790
Huntington National Bank:
1.619% 3/10/20 (a)	9,027,000	9,054,442
2.2% 11/6/18	770,000	772,894
2.375% 3/10/20	1,465,000	1,476,285
ING Bank NV 1.8376% 10/1/19 (a)(b)	5,000,000	5,016,820
ING Groep NV 2.3019% 3/29/22 (a)	735,000	745,288
JP Morgan Chase Bank NA:
1.6018% 9/21/18 (a)	10,000,000	10,021,780
1.7462% 9/23/19 (a)	10,000,000	10,066,770
JPMorgan Chase & Co.:
1.6562% 3/9/21 (a)	1,485,000	1,481,316
2.0562% 1/25/18 (a)	19,350,000	19,448,046
2.3832% 10/24/23 (a)	1,460,000	1,482,983
Manufacturers & Traders Trust Co. 1.4562% 7/25/17 (a)	10,000,000	10,005,460
Mitsubishi UFJ Financial Group, Inc. 2.0917% 2/22/22 (a)	840,000	844,788
Mizuho Bank Ltd.:
1.6029% 9/25/17 (a)(b)	7,000,000	7,004,389
1.7% 9/25/17 (b)	950,000	950,827
2.15% 10/20/18 (b)	690,000	691,358
2.3462% 10/20/18 (a)(b)	5,000,000	5,059,560
MUFG Americas Holdings Corp. 1.7504% 2/9/18 (a)	9,000,000	9,003,384
National Bank of Canada 1.45% 11/7/17	2,090,000	2,090,813
Nordea Bank AB:
1.6704% 5/29/20 (a)(b)	10,000,000	10,010,490
1.9882% 9/17/18 (a)(b)	14,000,000	14,122,486
PNC Bank NA:
1.4696% 8/1/17 (a)	19,700,000	19,709,200
1.5384% 5/19/20 (a)	10,000,000	10,006,230
1.8% 11/5/18	1,300,000	1,302,389
PNC Financial Services Group, Inc. 1.4293% 8/7/18 (a)	10,000,000	9,998,520
Royal Bank of Canada:
1.48% 3/2/20 (a)	10,000,000	10,004,180
1.5% 6/7/18	5,000,000	4,999,005
Santander UK Group Holdings PLC 2.875% 10/16/20	820,000	831,441
Skandinaviska Enskilda Banken AB 1.5% 9/13/19	1,480,000	1,463,594
Sovereign Bank 8.75% 5/30/18	500,000	532,486
Standard Chartered PLC:
1.5% 9/8/17 (b)	1,390,000	1,389,009
2.1% 8/19/19 (b)	390,000	388,603
Sumitomo Mitsui Banking Corp.:
1.6976% 1/11/19 (a)	10,000,000	10,021,910
1.7384% 1/16/18 (a)	5,000,000	5,012,255
1.762% 10/19/18	435,000	434,315
Sumitomo Mitsui Trust Bank Ltd. 1.8% 3/28/18 (b)	1,815,000	1,816,634
SunTrust Bank 1.6996% 1/31/20 (a)	10,000,000	10,063,930
SunTrust Banks, Inc. 2.35% 11/1/18	645,000	649,768
Swedbank AB 1.75% 3/12/18 (b)	2,835,000	2,836,103
The Toronto-Dominion Bank 1.8318% 8/13/19 (a)	10,000,000	10,071,780
U.S. Bancorp 1.6718% 11/15/18 (a)	6,505,000	6,541,597
U.S. Bank NA:
1.3518% 5/24/19 (a)	10,000,000	10,000,000
1.4665% 1/26/18 (a)	10,000,000	10,015,610
Wells Fargo & Co.:
1.3662% 9/8/17 (a)	1,349,000	1,349,881
1.5212% 9/14/18 (a)	5,000,000	5,013,510
2.2632% 1/24/23 (a)	1,645,000	1,661,661
Wells Fargo Bank NA:
1.6517% 9/7/17 (a)	11,000,000	11,014,443
1.7004% 11/28/18 (a)	10,000,000	10,044,950
Westpac Banking Corp.:
1.4246% 12/1/17 (a)	5,000,000	5,008,205
1.7384% 8/19/19 (a)	5,000,000	5,025,525
1.9264% 11/23/18 (a)	5,000,000	5,036,390
		587,121,898
Capital Markets - 1.7%
Deutsche Bank AG London Branch:
2.6084% 1/18/19 (a)	19,490,000	19,705,033
3.0946% 5/10/19 (a)	10,000,000	10,193,620
Goldman Sachs Group, Inc.:
1.9196% 12/13/19 (a)	10,000,000	10,069,780
1.9312% 12/15/17 (a)	10,000,000	10,027,700
2.1962% 4/25/19 (a)	3,866,000	3,910,478
2.2765% 4/26/22 (a)	1,140,000	1,146,463
2.2818% 11/15/18 (a)	8,000,000	8,090,640
2.3% 12/13/19	810,000	812,957
2.375% 1/22/18	5,000,000	5,022,760
2.75% 9/15/20	220,000	222,901
6.15% 4/1/18	3,580,000	3,706,940
Legg Mason, Inc. 2.7% 7/15/19	185,000	186,920
Merrill Lynch & Co., Inc.:
6.4% 8/28/17	1,485,000	1,502,181
6.875% 4/25/18	1,465,000	1,530,674
Moody's Corp. 1.414% 9/4/18 (a)	15,000,000	15,032,745
Morgan Stanley:
1.8932% 7/23/19 (a)	5,000,000	5,031,690
1.9818% 2/14/20 (a)	10,000,000	10,032,570
2.0032% 1/24/19 (a)	3,265,000	3,290,447
2.125% 4/25/18	500,000	501,885
2.45% 2/1/19	880,000	886,582
2.5446% 2/1/19 (a)	20,000,000	20,341,320
6.625% 4/1/18	490,000	509,309
S&P Global, Inc. 2.5% 8/15/18	230,000	231,946
Thomson Reuters Corp. 1.65% 9/29/17	16,000,000	16,008,640
UBS AG Stamford Branch:
1.8218% 8/14/19 (a)	2,329,000	2,340,305
1.8529% 3/26/18 (a)	10,000,000	10,048,770
UBS Group Funding AG 2.4064% 5/23/23 (a)(b)	1,485,000	1,503,058
UBS Group Funding Ltd. 3% 4/15/21 (b)	1,495,000	1,520,100
		163,408,414
Consumer Finance - 1.0%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust:
3.5% 5/26/22	190,000	195,476
3.95% 2/1/22	1,070,000	1,119,303
American Express Co. 1.7617% 5/22/18 (a)	1,975,000	1,983,522
American Express Credit Corp.:
1.5023% 5/3/19 (a)	5,000,000	5,011,150
1.5228% 3/3/20 (a)	15,000,000	15,029,310
Caterpillar Financial Services Corp.:
1.5% 2/23/18	5,000,000	4,996,680
1.6654% 1/10/20 (a)	5,000,000	5,026,565
Discover Financial Services 6.45% 6/12/17	1,635,000	1,636,591
Ford Motor Credit Co. LLC:
1.684% 9/8/17	2,865,000	2,865,920
2.021% 5/3/19	570,000	567,575
2.0312% 6/15/18 (a)	22,000,000	22,104,896
2.1554% 1/9/20 (a)	7,000,000	7,055,433
2.375% 1/16/18	445,000	446,577
2.551% 10/5/18	1,385,000	1,393,968
3% 6/12/17	230,000	230,071
Hyundai Capital America:
1.75% 9/27/19 (b)	545,000	536,743
2% 7/1/19 (b)	480,000	476,640
2.4% 10/30/18 (b)	850,000	852,839
2.5% 3/18/19 (b)	1,455,000	1,459,765
Synchrony Financial 1.875% 8/15/17	7,954,000	7,954,398
Toyota Motor Credit Corp.:
1.5298% 4/6/18 (a)	5,000,000	5,013,650
1.9984% 2/19/19(a)	15,000,000	15,190,635
		101,147,707
Diversified Financial Services - 0.5%
Berkshire Hathaway Finance Corp.:
1.4076% 1/11/19 (a)	10,000,000	10,028,050
1.4557% 1/12/18 (a)	5,000,000	5,010,645
1.8212% 3/15/19 (a)	10,000,000	10,108,600
Brixmor Operating Partnership LP 3.875% 8/15/22	170,000	175,479
Broadcom Corp./Broadcom Cayman LP:
2.375% 1/15/20 (b)	1,640,000	1,643,021
3% 1/15/22 (b)	1,540,000	1,551,729
ENEL Finance International NV 2.875% 5/25/22 (b)	1,175,000	1,174,045
Nationwide Building Society 2.35% 1/21/20 (b)	755,000	759,187
NYSE Euronext 2% 10/5/17	10,000,000	10,022,241
USAA Capital Corp. 1.3996% 2/1/19 (a)(b)	7,140,000	7,139,093
		47,612,090
Insurance - 0.8%
ACE INA Holdings, Inc.:
2.3% 11/3/20	970,000	977,030
5.8% 3/15/18	1,000,000	1,033,051
AIA Group Ltd. 2.25% 3/11/19 (b)	336,000	336,493
Aon PLC 2.8% 3/15/21	1,320,000	1,331,322
CNA Financial Corp.:
6.95% 1/15/18	290,000	299,020
7.35% 11/15/19	490,000	548,837
Marsh & McLennan Companies, Inc. 2.55% 10/15/18	575,000	580,987
MassMutual Global Funding II 1.55% 10/11/19 (b)	1,476,000	1,462,419
Metropolitan Life Global Funding I 1.4612% 9/14/18 (a)(b)	15,000,000	15,046,905
New York Life Global Funding:
1.3298% 7/6/18 (a)(b)	5,000,000	5,007,100
1.5432% 10/24/19 (a)(b)	10,000,000	10,046,650
1.5498% 4/6/18 (a)(b)	5,000,000	5,015,225
1.55% 11/2/18 (b)	2,430,000	2,429,461
Principal Financial Group, Inc. 1.5% 4/18/19 (b)	550,000	545,300
Principal Life Global Funding II:
1.4717% 5/21/18 (a)(b)	5,000,000	5,005,800
1.5% 9/11/17 (b)	1,195,000	1,195,338
1.5546% 12/1/17 (a)(b)	10,000,000	10,022,260
2.2% 4/8/20 (b)	1,000,000	1,002,286
Provident Companies, Inc. 7% 7/15/18	265,000	279,628
Prudential Financial, Inc. 1.9618% 8/15/18 (a)	19,374,000	19,478,271
Reinsurance Group of America, Inc. 6.45% 11/15/19	255,000	280,187
Trinity Acquisition PLC 3.5% 9/15/21	335,000	345,415
Xlit Ltd. 2.3% 12/15/18	925,000	930,403
		83,199,388
Thrifts & Mortgage Finance - 0.0%
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. 6.113% 1/15/20 (b)	505,000	546,681

TOTAL FINANCIALS		983,036,178

HEALTH CARE - 0.6%
Biotechnology - 0.1%
AbbVie, Inc.:
1.8% 5/14/18	3,100,000	3,104,120
2.3% 5/14/21	850,000	848,844
Baxalta, Inc.:
1.9362% 6/22/18 (a)	515,000	517,848
2% 6/22/18	175,000	175,317
Biogen, Inc. 2.9% 9/15/20	510,000	521,533
Celgene Corp.:
1.9% 8/15/17	275,000	275,251
2.125% 8/15/18	640,000	643,397
2.3% 8/15/18	1,310,000	1,319,332
		7,405,642
Health Care Equipment & Supplies - 0.1%
Abbott Laboratories:
2.35% 11/22/19	2,480,000	2,495,160
2.9% 11/30/21	1,075,000	1,091,608
Becton, Dickinson & Co.:
2.404% 6/5/20 (c)	1,195,000	1,197,378
2.675% 12/15/19	1,160,000	1,174,149
		5,958,295
Health Care Providers & Services - 0.2%
Aetna, Inc.:
1.5% 11/15/17	590,000	589,899
1.7562% 12/8/17 (a)	10,000,000	10,027,940
Catholic Health Initiatives:
1.6% 11/1/17	140,000	139,944
2.6% 8/1/18	745,000	748,820
Express Scripts Holding Co.:
1.25% 6/2/17	700,000	700,000
2.25% 6/15/19	160,000	160,670
3.3% 2/25/21	150,000	154,097
HCA Holdings, Inc. 3.75% 3/15/19	910,000	929,338
Humana, Inc. 2.625% 10/1/19	890,000	901,655
Medco Health Solutions, Inc. 4.125% 9/15/20	710,000	746,615
WellPoint, Inc. 2.3% 7/15/18	995,000	1,001,351
		16,100,329
Life Sciences Tools & Services - 0.0%
Agilent Technologies, Inc. 6.5% 11/1/17	209,000	212,794
Pharmaceuticals - 0.2%
Actavis Funding SCS:
2.1996% 3/12/18 (a)	5,356,000	5,389,368
2.35% 3/12/18	1,410,000	1,416,167
Allergan PLC 1.875% 10/1/17	1,185,000	1,185,608
Perrigo Co. PLC 3.5% 3/15/21	200,000	208,057
Shire Acquisitions Investments Ireland DAC 1.9% 9/23/19	2,905,000	2,894,196
Teva Pharmaceutical Finance Netherlands III BV:
1.4% 7/20/18	11,450,000	11,398,784
1.7% 7/19/19	1,455,000	1,443,056
2.2% 7/21/21	1,200,000	1,176,449
		25,111,685

TOTAL HEALTH CARE		54,788,745

INDUSTRIALS - 0.4%
Aerospace & Defense - 0.0%
Rockwell Collins, Inc. 1.95% 7/15/19	455,000	456,078
Airlines - 0.0%
Delta Air Lines, Inc. 2.875% 3/13/20	1,450,000	1,470,310
Southwest Airlines Co. 2.75% 11/6/19	640,000	650,319
		2,120,629
Electrical Equipment - 0.0%
Fortive Corp. 1.8% 6/15/19 (b)	145,000	144,361
Industrial Conglomerates - 0.2%
Honeywell International, Inc. 1.4518% 10/30/19 (a)	15,000,000	15,087,915
Hutchison Whampoa International Ltd. 1.625% 10/31/17 (b)	2,660,000	2,658,255
Roper Technologies, Inc.:
1.85% 11/15/17	230,000	230,227
2.05% 10/1/18	1,775,000	1,779,878
2.8% 12/15/21	455,000	460,989
3% 12/15/20	195,000	199,701
		20,416,965
Machinery - 0.1%
John Deere Capital Corp. 1.7254% 1/8/19 (a)	5,000,000	5,040,595
Stanley Black & Decker, Inc.:
1.622% 11/17/18	80,000	79,790
2.451% 11/17/18	2,660,000	2,686,387
		7,806,772
Professional Services - 0.0%
Experian Finance PLC 2.375% 6/15/17 (b)	640,000	640,150
Road & Rail - 0.1%
J.B. Hunt Transport Services, Inc. 2.4% 3/15/19	235,000	236,857
Kansas City Southern 2.35% 5/15/20	1,140,000	1,141,151
Penske Truck Leasing Co. LP:
2.5% 6/15/19 (b)	615,000	619,716
2.875% 7/17/18 (b)	1,675,000	1,694,087
3.375% 3/15/18 (b)	1,840,000	1,864,525
		5,556,336
Trading Companies & Distributors - 0.0%
Air Lease Corp.:
2.125% 1/15/18	290,000	290,653
2.125% 1/15/20	1,285,000	1,284,324
GATX Corp.:
2.375% 7/30/18	1,005,000	1,009,734
2.5% 7/30/19	235,000	236,870
2.6% 3/30/20	765,000	775,632
		3,597,213
Transportation Infrastructure - 0.0%
HPHT Finance 15 Ltd. 2.25% 3/17/18 (b)	1,281,000	1,281,813

TOTAL INDUSTRIALS		42,020,317

INFORMATION TECHNOLOGY - 0.6%
Communications Equipment - 0.2%
Cisco Systems, Inc. 1.4412% 6/15/18 (a)	15,000,000	15,048,135
Harris Corp. 1.999% 4/27/18	1,665,000	1,668,094
		16,716,229
Electronic Equipment & Components - 0.1%
Anstock II Ltd. 2.125% 7/24/17 (Reg. S)	2,030,000	2,029,594
Arrow Electronics, Inc. 6.875% 6/1/18	955,000	1,004,890
Keysight Technologies, Inc. 3.3% 10/30/19	2,665,000	2,705,850
		5,740,334
Internet Software & Services - 0.0%
Alibaba Group Holding Ltd. 2.5% 11/28/19	1,965,000	1,976,446
Baidu.com, Inc. 2.75% 6/9/19	1,330,000	1,339,956
eBay, Inc. 2.15% 6/5/20	805,000	804,033
Tencent Holdings Ltd. 2.875% 2/11/20 (b)	390,000	396,263
		4,516,698
IT Services - 0.0%
Everett SpinCo, Inc. 2.875% 3/27/20 (b)	975,000	988,653
Fidelity National Information Services, Inc.:
1.45% 6/5/17	380,000	380,000
2.25% 8/15/21	1,080,000	1,073,373
		2,442,026
Semiconductors & Semiconductor Equipment - 0.0%
Qualcomm, Inc.:
2.1% 5/20/20	615,000	617,256
2.6% 1/30/23	415,000	415,636
		1,032,892
Software - 0.1%
Oracle Corp. 1.3504% 7/7/17 (a)	5,000,000	5,001,370
Technology Hardware, Storage & Peripherals - 0.2%
Apple, Inc. 1.3137% 8/2/19 (a)	10,000,000	10,016,620
Hewlett Packard Enterprise Co.:
2.45% 10/5/17 (a)	907,000	909,404
2.85% 10/5/18	915,000	927,470
2.8898% 10/5/17 (a)	11,000,000	11,045,804
Seagate HDD Cayman 3.75% 11/15/18	625,000	641,406
Xerox Corp. 5.625% 12/15/19	635,000	681,773
		24,222,477

TOTAL INFORMATION TECHNOLOGY		59,672,026

MATERIALS - 0.1%
Chemicals - 0.1%
Air Liquide Finance 1.375% 9/27/19 (b)	1,470,000	1,450,980
LyondellBasell Industries NV:
5% 4/15/19	200,000	209,611
6% 11/15/21	615,000	700,460
Sherwin-Williams Co. 2.25% 5/15/20	3,065,000	3,076,904
Solvay Finance America LLC 3.4% 12/3/20 (b)	950,000	981,606
		6,419,561
Construction Materials - 0.0%
Martin Marietta Materials, Inc.:
1.8284% 5/22/20 (a)	330,000	331,152
2.2522% 6/30/17 (a)	1,040,000	1,040,649
		1,371,801
Containers & Packaging - 0.0%
International Paper Co. 7.95% 6/15/18	2,550,000	2,710,018
Metals & Mining - 0.0%
Goldcorp, Inc. 2.125% 3/15/18	2,477,000	2,490,839

TOTAL MATERIALS		12,992,219

REAL ESTATE - 0.2%
Equity Real Estate Investment Trusts (REITs) - 0.1%
American Campus Communities Operating Partnership LP 3.35% 10/1/20	865,000	891,229
ARC Properties Operating Partnership LP 3% 2/6/19	2,630,000	2,661,087
Crown Castle International Corp.:
2.25% 9/1/21	1,195,000	1,182,300
3.4% 2/15/21	860,000	887,835
DDR Corp. 4.75% 4/15/18	510,000	519,531
Kimco Realty Corp. 6.875% 10/1/19	455,000	503,409
Simon Property Group LP:
1.5% 2/1/18 (b)	4,239,000	4,235,439
2.15% 9/15/17	2,000,000	2,000,798
2.35% 1/30/22	650,000	645,779
		13,527,407
Real Estate Management & Development - 0.1%
Bestgain Real Estate Ltd. 2.625% 3/13/18 (Reg. S)	2,485,000	2,485,619
Ventas Realty LP/Ventas Capital Corp.:
2% 2/15/18	410,000	410,717
4% 4/30/19	1,230,000	1,267,900
WEA Finance LLC/Westfield UK & Europe Finance PLC:
1.75% 9/15/17 (b)	760,000	760,230
2.7% 9/17/19 (b)	1,500,000	1,512,930
3.25% 10/5/20 (b)	235,000	239,904
		6,677,300

TOTAL REAL ESTATE		20,204,707

TELECOMMUNICATION SERVICES - 0.5%
Diversified Telecommunication Services - 0.5%
AT&T, Inc.:
2.1104% 11/27/18 (a)	9,254,000	9,335,741
2.3% 3/11/19	690,000	693,733
2.45% 6/30/20	715,000	718,356
British Telecommunications PLC 5.95% 1/15/18	4,251,000	4,362,389
SBA Tower Trust:
2.24% 4/16/18 (b)	820,000	819,513
2.877% 7/15/46 (b)	370,000	370,189
3.156% 10/15/20 (b)	265,000	268,090
3.168% 4/15/22 (b)	915,000	923,650
3.598% 4/15/18 (b)	635,000	635,161
Telefonica Emisiones S.A.U. 3.192% 4/27/18	735,000	743,836
Verizon Communications, Inc. 1.7217% 5/22/20 (a)	25,000,000	25,007,500
		43,878,158
UTILITIES - 0.6%
Electric Utilities - 0.4%
Duke Energy Corp. 1.625% 8/15/17	495,000	495,090
Exelon Corp. 1.55% 6/9/17	745,000	745,021
FirstEnergy Corp. 2.75% 3/15/18	680,000	683,997
Georgia Power Co. 1.95% 12/1/18	460,000	461,291
Great Plains Energy, Inc. 2.5% 3/9/20	860,000	868,538
NextEra Energy Capital Holdings, Inc.:
1.586% 6/1/17	2,902,000	2,902,000
1.649% 9/1/18	1,025,000	1,023,111
2.056% 9/1/17	300,000	300,548
2.3% 4/1/19	375,000	377,025
Pacific Gas & Electric Co. 1.4018% 11/30/17 (a)	2,861,000	2,862,405
PPL Capital Funding, Inc. 1.9% 6/1/18	865,000	865,755
Southern Co.:
1.55% 7/1/18	10,365,000	10,337,118
1.85% 7/1/19	1,295,000	1,291,672
2.35% 7/1/21	280,000	278,512
State Grid Overseas Investment Ltd. 2.25% 5/4/20 (b)	2,235,000	2,229,723
TECO Finance, Inc. 1.7554% 4/10/18 (a)	7,805,000	7,815,763
Virginia Electric & Power Co. 1.2% 1/15/18	4,075,000	4,065,933
		37,603,502
Independent Power and Renewable Electricity Producers - 0.1%
Exelon Generation Co. LLC 2.95% 1/15/20	810,000	825,016
Kinder Morgan Finance Co. LLC 6% 1/15/18 (b)	700,000	717,551
Southern Power Co. 1.85% 12/1/17	10,974,000	10,987,498
		12,530,065
Multi-Utilities - 0.1%
Dominion Resources, Inc.:
1.5% 9/30/18 (b)	700,000	695,118
1.875% 1/15/19	415,000	414,478
2.125% 2/15/18 (b)	1,450,000	1,450,687
2.579% 7/1/20 (a)	410,000	413,125
2.962% 7/1/19	330,000	334,983
NiSource Finance Corp. 6.8% 1/15/19	171,000	183,553
San Diego Gas & Electric Co. 1.914% 2/1/22	342,858	339,748
Sempra Energy 1.625% 10/7/19	1,755,000	1,736,924
Zhejiang Energy Group Hong Kong Ltd. 2.3% 9/30/17 (Reg. S)	4,230,000	4,229,653
		9,798,269

TOTAL UTILITIES		59,931,836

TOTAL NONCONVERTIBLE BONDS
(Cost $1,610,629,614)		1,616,282,228

U.S. Government and Government Agency Obligations - 0.7%
U.S. Government Agency Obligations - 0.1%
Federal Home Loan Bank 0.875% 6/29/18	4,545,000	4,526,302
Freddie Mac 0.75% 4/9/18	3,455,000	3,442,614

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS		7,968,916

U.S. Treasury Obligations - 0.6%
U.S. Treasury Notes:
1% 11/15/19	$9,160,000	$9,083,789
1.625% 11/30/20	53,500,000	53,623,318
1.75% 9/30/19	3,010,000	3,039,040

TOTAL U.S. TREASURY OBLIGATIONS		65,746,147

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS
(Cost $73,264,628)		73,715,063

U.S. Government Agency - Mortgage Securities - 0.3%
Fannie Mae - 0.3%
2.735% 10/1/33 (a)	60,338	62,635
2.765% 7/1/35 (a)	18,516	19,462
3% 2/1/30 to 5/1/32(c)	4,249,070	4,393,740
3.023% 8/1/37 (a)	21,883	23,078
3.103% 8/1/38 (a)	15,742	16,649
3.111% 12/1/35 (a)	12,414	13,064
3.12% 5/1/38 (a)	192,126	201,840
3.5% 12/1/25 to 2/1/31	2,583,891	2,707,938
3.538% 5/1/38 (a)	50,169	52,716
3.54% 12/1/36 (a)	21,337	22,608
3.566% 5/1/38 (a)	79,745	83,876
3.58% 4/1/38 (a)	25,854	27,081
4% 2/1/25 to 3/1/47	5,471,120	5,783,921
4.5% 5/1/19 to 3/1/46	6,306,533	6,747,906
5% 11/1/18 to 6/1/39	2,781,570	3,042,273
5.5% 4/1/18 to 5/1/40	4,408,142	4,882,922
6% 1/1/22 to 1/1/41	1,339,365	1,500,502
6.5% 7/1/32 to 12/1/32	174,076	201,110

TOTAL FANNIE MAE		29,783,321

Freddie Mac - 0.0%
2.789% 6/1/38 (a)	46,418	48,841
2.841% 9/1/35 (a)	16,378	17,238
2.875% 7/1/38 (a)	44,133	46,372
2.914% 5/1/37 (a)	19,969	21,020
2.953% 11/1/34 (a)	19,618	20,911
2.976% 7/1/35 (a)	25,603	27,053
2.987% 10/1/36 (a)	114,311	120,617
3.358% 2/1/37 (a)	14,793	15,576
3.382% 5/1/38 (a)	28,664	30,220
3.409% 2/1/37 (a)	21,020	22,172
3.486% 11/1/36 (a)	5,142	5,445
3.536% 12/1/36 (a)	8,756	9,265
3.782% 2/1/37 (a)	34,742	36,334
3.807% 2/1/38 (a)	69,394	73,033
4.5% 10/1/19	31,851	32,607
5% 10/1/18 to 12/1/23	439,270	465,577
5.5% 11/1/21 to 10/1/38	94,138	100,354
6% 7/1/21 to 1/1/38	285,480	321,625

TOTAL FREDDIE MAC		1,414,260

Ginnie Mae - 0.0%
4.5% 9/20/40	228,679	246,804
5% 12/20/34 to 3/20/41	866,404	958,219
6% 7/15/36	389,398	454,356

TOTAL GINNIE MAE		1,659,379

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES
(Cost $32,669,948)		32,856,960

Asset-Backed Securities - 6.7%
Access Group, Inc. Series 2005-2 Class A3, 1.2301% 11/22/24 (a)	$2,093,532	$2,093,313
Ally Auto Receivables Trust:
Series 2014-1:
Class C, 2.04% 12/15/19	160,000	160,327
Class D, 2.48% 2/15/21	155,000	155,685
Series 2015-1 Class A4, 1.75% 5/15/20	340,000	340,832
Series 2015-2 Class C, 2.41% 1/15/21 (b)	1,110,000	1,117,201
Series 2016-1 Class D, 2.84% 9/15/22	390,000	393,567
Series 2017-1 Class A2, 1.45% 10/15/19	5,000,000	4,997,904
Series 2017-2:
Class A2, 1.49% 11/15/19	5,000,000	5,000,861
Class C, 2.46% 9/15/22	150,000	150,826
Class D, 2.93% 11/15/23	200,000	200,277
Ally Master Owner Trust:
Series 2012-5 Class A, 1.54% 9/15/19	14,955,000	14,962,486
Series 2015-3 Class A, 1.63% 5/15/20	2,645,000	2,646,313
Series 2017-1 Class A, 1.3944% 2/15/21 (a)	10,000,000	10,018,795
ALM Loan Funding Series 2014-14A:
Class A1R, 2.3218% 7/28/26 (a)(b)	420,000	419,787
Class A2R, 2.7218% 7/28/26 (a)(b)	485,000	483,425
American Express Credit Account Master Trust:
Series 2012-1 Class A, 1.2591% 1/15/20	10,409,000	10,410,162
Series 2013-1 Class A, 1.4091% 2/16/21 (a)	570,000	572,185
Series 2014-2 Class A, 1.26% 1/15/20	800,000	799,967
Series 2015-1 Class A, 1.2791% 1/15/20	5,000,000	5,000,577
AmeriCredit Automobile Receivables Trust:
Series 2013-5 Class B, 1.52% 1/8/19	2,586	2,586
Series 2014-1 Class E, 3.58% 8/9/21	385,000	391,682
Series 2014-2:
Class B, 1.6% 7/8/19	345,000	345,078
Class E, 3.37% 11/8/21	815,000	827,769
Series 2014-3 Class C, 2.58% 9/8/20	1,190,000	1,200,648
Series 2014-4 Class C, 2.47% 11/9/20	505,000	509,052
Series 2015, Class D, 3% 6/8/21	540,000	546,341
Series 2015-1 Class A3, 1.26% 11/8/19	605,179	604,964
Series 2015-2 Class A3, 1.27% 1/8/20	526,603	526,391
Series 2015-3 Class D, 3.34% 8/8/21	680,000	691,144
Americredit Automobile Receivables Trust Series 2015-4 Class A3, 1.7% 7/8/20	515,000	515,713
AmeriCredit Automobile Receivables Trust:
Series 2016-1:
Class A2A, 1.69% 6/10/19	1,376,155	1,376,395
Class A3, 1.81% 10/8/20	175,000	175,351
Class C, 2.89% 1/10/22	775,000	785,381
Series 2016-2 Class A2A, 1.42% 10/8/19	966,434	966,317
Series 2016-4 Class A3, 1.53% 7/8/21	1,095,000	1,091,209
Series 2017-1 Class C, 2.71% 8/18/22	240,000	242,013
Ari Fleet Lease Trust Series 2015-A:
Class A2, 1.11% 11/15/18 (b)	294,340	294,091
Class A3, 1.67% 9/15/23 (b)	1,150,000	1,150,447
ARI Fleet Lease Trust:
Series 2016-A Class A2, 1.82% 7/15/24 (b)	985,720	987,599
Series 2017-A Class A2, 1.91% 4/15/26 (b)	290,000	290,091
Ascentium Equipment Receivables LLC:
Series 2015-2A Class A3, 1.93% 3/11/19 (b)	1,265,893	1,267,744
Series 2016-1A Class A2, 1.75% 11/13/18 (b)	192,421	192,641
Series 2016-2A Class A2, 1.77% 4/10/19 (b)	340,000	339,738
Series 2017-1A:
Class A2, 1.87% 7/10/19 (b)	340,000	340,299
Class A3, 2.29% 6/10/21 (b)	340,000	340,973
Avis Budget Rental Car Funding (AESOP) LLC:
Series 2013-2A:
Class A, 2.97% 2/20/20 (b)	295,000	298,804
Class B, 3.66% 2/20/20 (b)	595,000	605,407
Series 2014-1A Class A, 2.46% 7/20/20 (b)	330,000	331,264
Series 2014-2A Class A, 2.375% 2/20/21 (b)	1,620,000	1,615,798
Bank of America Credit Card Master Trust:
Series 2014-A3 Class A, 1.2791% 1/15/20 (a)	10,000,000	10,005,493
Series 2015-A1 Class A, 1.3191% 6/15/20 (a)	5,000,000	5,009,459
Series 2016-A1 Class A, 1.3791% 10/15/21 (a)	4,970,000	4,996,302
BankBoston Home Equity Loan Trust Series 1998-2 Class A6, 6.64% 12/25/28 (MBIA Insured)	32,001	31,947
Bayview Opportunity Master Fund Series 2017-SPL4 Class A, 3.5% 1/25/55 (b)	635,000	651,256
BMW Vehicle Lease Trust:
Series 2015-2 Class A2B, 1.5399% 1/22/18 (a)	68,064	68,079
Series 2016-1 Class A2B, 1.5099% 1/22/18 (a)	1,391,711	1,392,472
Series 2016-2:
Class A2, 1.25% 1/22/19	3,056,149	3,054,006
Class A3, 1.43% 9/20/19	495,000	494,120
BMW Vehicles Lease Trust Series 2017-1 Class A3, 2.04% 5/20/20	570,000	572,812
California Republic Auto Receivables Trust Series 2015-1 Class B, 2.51% 2/16/21	295,000	296,832
Capital Auto Receivables Asset Trust:
Series 2013-4 Class D, 3.22% 5/20/19	385,000	388,125
Series 2014-3 Class A3, 1.48% 11/20/18	136,045	136,033
Series 2015-2:
Class A2, 1.39% 9/20/18	73,978	73,973
Class A3, 1.73% 9/20/19	450,000	450,722
Series 2015-4 Class A2, 1.62% 3/20/19	815,000	815,366
Series 2016-1 Class A3, 1.73% 4/20/20	550,000	550,877
Series 2016-2 Class A4, 1.63% 1/20/21	385,000	384,203
Series 2016-3 Class A3, 1.54% 8/20/20	470,000	469,844
Capital One Multi-Asset Execution Trust:
Series 2007-A5 Class A5, 1.0291% 7/15/20 (a)	7,975,000	7,974,391
Series 2014-A3 Class A3, 1.3691% 1/18/22 (a)	4,000,000	4,017,690
Series 2015-A6 Class A6, 1.3591% 6/15/20 (a)	10,000,000	10,007,696
Series 2016-A1 Class A1, 1.4391% 2/15/22 (a)	10,000,000	10,060,049
Carmax Auto Owner Trust Series 2014-1:
Class B, 1.69% 8/15/19	100,000	100,075
Class C, 1.93% 11/15/19	145,000	145,241
CarMax Auto Owner Trust:
Series 2016-2 Class A3, 1.52% 2/16/21	720,000	719,220
Series 2016-4:
Class A2, 1.21% 11/15/19	8,374,111	8,362,445
Class A3, 1.4% 8/15/21	1,145,000	1,137,371
Series 2017-1 Class A2, 1.6% 2/18/20	5,000,000	5,002,374
CCG Receivables Trust:
Series 2014-1 Class A2, 1.06% 11/15/21 (b)	73,456	73,426
Series 2015-1:
Class A2, 1.46% 11/14/18 (b)	298,029	297,955
Class B, 2.6% 1/17/23 (b)	300,000	300,896
Series 2016-1 Class A2, 1.69% 9/14/22 (b)	374,907	374,767
Chase Issuance Trust:
Series 2007-A12 Class A12, 1.0391% 8/15/19 (a)	5,000,000	5,000,000
Series 2013-A3 Class A3, 1.2691% 4/15/20 (a)	3,153,000	3,158,881
Series 2014-A5 Class A5, 1.3591% 4/15/21 (a)	10,000,000	10,048,642
Series 2016-A1 Class A, 1.3991% 5/17/21 (a)	10,000,000	10,062,914
Series 2016-A2 Class A, 1.37% 6/15/21	2,770,000	2,755,226
Series 2016-A6 Class A6, 1.09% 1/15/20	5,000,000	4,990,552
Series 2016-A7 Class A7, 1.06% 9/16/19	20,000,000	19,987,634
Chesapeake Funding II LLC Series 2017-2A Class A2, 1.8036% 5/15/29 (a)(b)	10,000,000	10,000,000
Chrysler Capital Auto Receivables Trust:
Series 2014-B Class D, 3.44% 8/16/21 (b)	605,000	611,173
Series 2015-AA Class A3, 1.22% 7/15/19 (b)	822,832	822,498
Series 2016-BA:
Class A2, 1.36% 1/15/20 (b)	3,301,000	3,298,753
Class A3, 1.64% 7/15/21 (b)	280,000	279,700
Citibank Credit Card Issuance Trust:
Series 2014-A6 Class A6, 2.15% 7/15/21	2,105,000	2,126,315
Series 2017-A1 Class A1, 1.2508% 1/19/21 (a)	10,000,000	10,018,053
Series 2017-A4 Class A4, 1.0205% 4/7/22 (a)	10,000,000	10,010,794
CNH Equipment Trust:
Series 2014-C Class A3, 1.05% 11/15/19	351,179	350,761
Series 2015-B Class A3, 1.37% 7/15/20	993,470	992,698
Series 2015-C:
Class A2A, 1.1% 12/17/18	550,239	550,165
Class A3, 1.66% 11/16/20	1,030,000	1,031,203
Class B, 2.4% 2/15/23	1,265,000	1,273,887
Series 2016-A Class A3, 1.48% 4/15/21	805,000	802,704
Series 2016-C Class A3, 1.44% 12/15/21	670,000	666,234
DB Master Finance LLC Series 2015-1A Class A21, 3.262% 2/20/45 (b)	1,485,800	1,495,235
Diamond Resorts Owner Trust:
Series 2013-2 Class A, 2.27% 5/20/26 (b)	103,646	103,047
Series 2014-1 Class A, 2.54% 5/20/27 (b)	273,980	270,917
Series 2015-1 Class A, 2.73% 7/20/27 (b)	226,303	225,167
Series 2015-2 Class A, 2.99% 5/22/28 (b)	264,499	264,546
Discover Card Master Trust:
Series 2012-A6 Class A6, 1.67% 1/18/22	2,805,000	2,804,638
Series 2014-A1 Class A1, 1.4191% 7/15/21 (a)	3,905,000	3,923,409
Series 2015-A1 Class A1, 1.3391% 8/17/20 (a)	7,500,000	7,514,659
Series 2015-A3 Class A, 1.45% 3/15/21	265,000	264,864
Series 2016-A2 Class A2, 1.5291% 9/15/21 (a)	10,000,000	10,068,621
Series 2016-A4 Class A4, 1.39% 3/15/22	2,770,000	2,753,412
Dominos Pizza Master Issuer LLC Series 2012-1A Class A2, 5.216% 1/25/42 (b)	1,858,069	1,908,549
Elara HGV Timeshare Issuer Trust Series 2014-A Class A, 2.53% 2/25/27 (b)	183,359	182,782
Enterprise Fleet Financing LLC:
Series 2014-2 Class A2, 1.05% 3/20/20 (b)	294,097	293,934
Series 2015-1 Class A2, 1.3% 9/20/20 (b)	330,954	330,656
Series 2015-2 Class A2, 1.59% 2/22/21 (b)	640,368	640,509
Series 2016-1 Class A2, 1.83% 9/20/21 (b)	1,942,900	1,943,867
Series 2016-2 Class A2, 1.74% 2/22/22 (b)	566,289	565,898
Series 2017-1:
Class A1, 1.05% 2/20/18 (b)	2,922,218	2,920,147
Class A2, 2.13% 7/20/22 (b)	395,000	396,324
Ford Credit Auto Lease Trust:
Series 2015-A Class A4, 1.31% 8/15/18	895,000	894,913
Series 2017-A Class A4, 2.02% 6/15/20	1,200,000	1,204,446
Ford Credit Auto Owner Trust:
Series 2015-C Class A2A, 0.95% 8/15/18	77,815	77,800
Series 2016-A Class A2A, 1.56% 12/15/18	1,525,978	1,525,413
Ford Credit Floorplan Master Owner Trust:
Series 2013-2 Class A, 2.09% 3/15/22 (b)	570,000	573,565
Series 2014-2 Class A, 1.4939% 2/15/21 (a)	6,200,000	6,227,560
Series 2014-4 Class A1, 1.4% 8/15/19	2,185,000	2,185,882
Series 2015-1 Class A1, 1.42% 1/15/20	920,000	919,800
Series 2016-3:
Class A1, 1.55% 7/15/21	1,360,000	1,354,457
Class B, 1.75% 7/15/21	425,000	422,758
Series 2016-4 Class A, 1.5239% 7/15/20 (a)	10,000,000	10,034,001
Series 2017-1:
Class A2, 1.68% 5/15/22 (a)	10,000,000	10,000,000
Class B, 2.55% 5/15/22	830,000	829,896
GE Dealer Floorplan Master Note Trust:
Series 2014-1 Class A, 1.3899% 7/20/19 (a)	2,280,000	2,280,671
Series 2014-2 Class A, 1.4599% 10/20/19 (a)	1,050,000	1,051,043
GM Financial Automobile Leasing Trust:
Series 2015-1 Class D, 3.01% 3/20/20	305,000	306,758
Series 2015-3 Class A3, 1.69% 3/20/19	1,985,000	1,987,363
Series 2016-1:
Class A2A, 1.3% 7/20/18	2,661,179	2,660,532
Class A3, 1.64% 7/20/19	1,405,000	1,405,981
Series 2016-2:
Class A2A, 1.28% 10/22/18	1,858,699	1,857,862
Class A3, 1.62% 9/20/19	1,335,000	1,336,062
Series 2017-1:
Class A2B, 1.2299% 9/20/19 (a)	6,977,000	6,979,420
Class A4, 2.26% 8/20/20	165,000	166,024
GMF Floorplan Owner Revolving Trust:
Series 2015-1:
Class A1, 1.65% 5/15/20 (b)	855,000	855,586
Class A2, 1.4939% 5/15/20 (a)(b)	5,600,000	5,615,400
Class C, 2.22% 5/15/20 (b)	615,000	615,621
Series 2016-1:
Class A1, 1.86% 5/17/21 (b)	1,280,000	1,284,570
Class A2, 1.8439% 5/17/21 (a)(b)	5,000,000	5,043,388
Class B, 2.26% 5/17/21 (b)	275,000	276,912
Class C, 2.76% 5/17/21 (b)	105,000	105,235
Series 2017-1:
Class A2, 1.5639% 1/18/22 (a)(b)	10,000,000	10,031,545
Class C, 2.97% 1/18/22 (b)	575,000	579,394
GreatAmerica Leasing Receivables Funding LLC:
Series 2016-1 Class A3, 1.73% 6/20/19 (b)	800,000	799,679
Series 2017-1:
Class A2, 1.72% 4/22/19 (b)	100,000	99,975
Class A3, 2.06% 6/22/20 (b)	100,000	100,280
Hilton Grand Vacations Trust:
Series 2014-AA Class A, 1.77% 11/25/26 (b)	286,271	281,307
Series 2017-AA:
Class A, 2.66% 12/26/28 (b)	238,248	239,030
Class B, 2.96% 12/26/28 (b)	163,504	164,600
Honda Auto Receivables Owner Trust Series 2016-4 Class A4, 1.65% 1/18/23	805,000	798,139
Huntington Auto Trust Series 2016-1:
Class A2, 1.29% 5/15/19	10,000,000	9,996,632
Class A4, 1.93% 4/15/22	725,000	729,470
Hyundai Auto Lease Securitization Trust:
Series 2015-A Class A4, 1.65% 8/15/19 (b)	1,315,000	1,315,150
Series 2015-B Class A3, 1.4% 11/15/18 (b)	554,738	554,698
Series 2016-A:
Class A2A, 1.21% 6/17/19	2,846,901	2,845,381
Class A3, 2.01% 7/15/19 (b)	395,000	395,309
Series 2016-B Class A4, 1.68% 4/15/20 (b)	235,000	235,096
Series 2016-C Class A4, 1.65% 7/15/20 (b)	645,000	644,185
Series 2017-A Class A2A, 1.56% 7/15/19 (b)	5,000,000	4,994,733
Hyundai Auto Receivables Trust:
Series 2015-A Class A3, 1.05% 4/15/19	272,268	271,979
Series 2016-B Class A2, 1.12% 10/15/19	6,872,395	6,863,630
Series 2017-A:
Class A2A, 1.48% 2/18/20	5,000,000	5,001,650
Class B, 2.38% 4/17/23	340,000	342,065
Hyundai Floorplan Master Owner Trust Series 2016-1A Class A1, 1.8939% 3/15/21 (a)(b)	3,000,000	3,022,388
John Deere Owner Trust:
Series 2015-A Class A3, 1.32% 6/17/19	260,455	260,434
Series 2015-B Class A2, 0.98% 6/15/18	73,780	73,769
Series 2016-A Class A3, 1.36% 4/15/20	790,000	788,998
Series 2016-B Class A3, 1.25% 6/15/20	480,000	477,959
Series 2017-A Class A2, 1.5% 10/15/19	9,303,000	9,308,551
Kubota Credit Owner Trust Series 2015-1A Class A3, 1.54% 3/15/19 (b)	967,589	967,992
Madison Park Funding Ltd. Series 2014-14A Class A2R, 2.2762% 7/20/26 (a)(b)	1,055,000	1,054,464
Mercedes-Benz Auto Lease Trust:
Series 2016-A:
Class A2A, 1.34% 7/16/18	2,082,331	2,082,235
Class A3, 1.52% 3/15/19	925,000	925,540
Series 2016-B Class A2, 1.25% 1/15/19	6,695,693	6,689,334
Series 2017-A Class A2B, 1.1891% 8/15/19 (a)	10,000,000	10,000,574
Mercedes-Benz Auto Receivables Trust Series 2016-1 Class A2A, 1.11% 3/15/19	15,653,718	15,642,552
Mercedes-Benz Master Owner Trust:
Series 2015-BA Class A, 1.3739% 4/15/20 (a)(b)	4,315,000	4,320,728
Series 2016-BA Class A, 1.6939% 5/17/21 (a)(b)	10,000,000	10,087,383
Series 2017-BA Class A, 1.4191% 5/16/22 (a)(b)	10,000,000	10,000,000
MMAF Equipment Finance LLC:
Series 2014-AA Class A3, 0.87% 1/8/19 (b)	565,208	564,462
Series 2015-AA Class A3, 1.39% 10/16/19 (b)	311,894	311,662
Series 2016-AA Class A3, 1.48% 6/15/20 (b)	765,000	762,151
Series 2017-AA:
Class A2, 1.73% 5/18/20 (b)	515,000	515,358
Class A3, 2.04% 2/16/22 (b)	345,000	345,995
MVW Owner Trust:
Series 2013-1A Class A, 2.15% 4/22/30 (b)	87,086	86,894
Series 2014-1A Class A, 2.25% 9/22/31 (b)	276,439	275,095
Series 2015-1A Class A, 2.52% 12/20/32 (b)	744,918	742,809
Nationstar HECM Loan Trust:
Series 2016-1A Class A, 2.9813% 2/25/26 (b)	181,807	181,865
Series 2016-2A Class A, 2.2394% 6/25/26 (b)	205,207	205,050
Series 2016-3A Class A, 2.0125% 8/25/26 (b)	118,441	118,207
Navient Student Loan Trust:
Series 2016-6A Class A1, 1.5036% 3/25/66 (a)(b)	3,619,980	3,628,590
Series 2017-1A Class A1, 1.4236% 7/26/66 (a)(b)	13,304,133	13,316,069
Series 2017-3A:
Class A1, 1.3606% 7/26/66 (a)(b)	6,820,000	6,820,179
Class A2, 1.6606% 7/26/66 (a)(b)	6,820,000	6,847,803
Nissan Auto Lease Trust:
Series 2015-A Class A3, 1.4% 6/15/18	408,129	408,122
Series 2016-B Class A4, 1.82% 1/18/22	1,105,000	1,103,631
Nissan Auto Receivables Owner Trust:
Series 2015-B Class A3, 1.34% 3/16/20	1,325,000	1,324,150
Series 2016-A:
Class A2A, 1.06% 2/15/19	2,330,979	2,329,395
Class A3, 1.34% 10/15/20	325,000	324,392
Series 2016-B Class A2A, 1.14% 4/15/19	3,296,131	3,292,975
Nissan Auto Receivables Trust Series 2016-C Class A2A, 1.07% 5/15/19	6,001,395	5,994,948
Nissan Master Owner Trust Receivables:
Series 2015-A:
Class A1, 1.3939% 1/15/20 (a)	5,000,000	5,008,078
Class A2, 1.44% 1/15/20	890,000	889,948
Series 2016-A:
Class A1, 1.6339% 6/15/21 (a)	5,000,000	5,029,828
Class A2, 1.54% 6/15/21	750,000	746,584
Series 2017-B Class A, 1.4191% 4/18/22 (a)	8,700,000	8,699,997
Novastar Home Equity Loan Trust Series 2006-1 Class A1A, 1.1836% 5/25/36 (a)	1,166,645	1,129,173
OZLM Ltd. Series 2014-8A Class A1AR, 0% 10/17/26 (a)(b)	1,195,000	1,194,403
Santander Drive Auto Receivables Trust:
Series 2014-3 Class D, 2.65% 8/17/20	210,000	212,003
Series 2015-3 Class D, 3.49% 5/17/21	1,045,000	1,066,051
Series 2015-4 Class D, 3.53% 8/16/21	530,000	540,411
Series 2015-5:
Class C, 2.74% 12/15/21	1,565,000	1,574,141
Class D, 3.84% 12/15/21	745,000	763,500
Series 2016-1 Class B, 2.47% 12/15/20	375,000	377,441
Series 2017-1:
Class B, 2.1% 6/15/21	115,000	115,150
Class C, 2.58% 5/16/22	140,000	140,403
Securitized Term Auto Receivables Trust:
Series 2016-1A Class A2A, 1.284% 11/26/18 (b)	7,153,505	7,146,156
Series 2017-1A Class A2A, 1.46% 4/25/19 (b)	6,047,000	6,043,860
Sierra Receivables Funding Co., LLC Series 2016-2A Class A, 2.33% 7/20/33 (b)	307,701	307,931
Sierra Timeshare Receivables Funding Co. LLC:
Series 2014-2A Class A, 2.05% 6/20/31 (b)	136,912	136,401
Series 2014-3A Class A, 2.3% 10/20/31 (b)	191,817	191,985
Series 2015-1A Class A, 2.4% 3/22/32 (b)	1,574,952	1,579,975
Series 2015-2A Class 2, 2.43% 6/20/32 (b)	367,291	367,250
Series 2015-3A Class A, 2.58% 9/20/32 (b)	378,404	379,766
Series 2017-1A Class A, 2.91% 3/20/34 (b)	320,185	323,859
SLM Student Loan Trust:
Series 2007-5 Class A5, 1.2362% 1/25/24 (a)	6,021,175	6,012,841
Series 2008-4 Class A4, 2.8062% 7/25/22 (a)	86,191	87,768
Series 2008-5 Class A4, 2.8562% 7/25/23 (a)	514,304	527,983
Series 2008-9 Class A, 2.6562% 4/25/23 (a)	366,451	374,667
Series 2010-1 Class A, 1.4236% 3/25/25 (a)	1,353,634	1,332,209
Smart ABS Trust Series 2016-2U.S. Class A2A, 1.46% 8/14/19	1,695,000	1,687,544
SMART Trust Series 2015-3U.S. Class A3A, 1.66% 8/14/19	1,210,000	1,206,613
Springleaf Funding Trust Series 2016-AA Class A, 2.9% 11/15/29 (b)	405,000	407,583
Suntrust Auto Receivables Trust Series 2015-1A Class A3, 1.42% 9/16/19 (b)	862,333	862,391
Synchrony Credit Card Master Note Trust:
Series 2013-1 Class B, 1.69% 3/15/21	1,035,000	1,034,014
Series 2014-1 Class A, 1.61% 11/15/20	10,370,000	10,380,000
Series 2015-1 Class B, 2.64% 3/15/23	550,000	555,205
Series 2015-2 Class A, 1.6% 4/15/21	1,325,000	1,326,438
Series 2015-4 Class B, 2.62% 9/15/23	435,000	438,419
Series 2016-1 Class A, 2.04% 3/15/22	1,785,000	1,794,748
TCF Auto Receivables Owner Trust Series 2016-1A Class A2, 1.39% 11/15/19 (b)	1,844,651	1,842,999
Towd Point Mortgage Trust Series 2017-1 Class A1, 2.75% 10/25/56 (a)(b)	1,167,737	1,175,657
Toyota Auto Receivables Owner Trust Series 2016-B Class A2A, 1.26% 10/15/18	2,760,758	2,759,102
Toyota Auto Receivables Owners Trust Series 2016-A Class A2A, 1.03% 7/16/18	1,976,953	1,976,174
Toyota Auto Receivables Trust Series 2016-C Class A2A, 1% 1/15/19	4,120,840	4,116,215
Verizon Owner Trust:
Series 2016-1A Class A, 1.42% 1/20/21 (b)	7,812,000	7,783,783
Series 2016-2A:
Class A, 1.68% 5/20/21 (b)	1,115,000	1,115,324
Class B, 2.15% 5/20/21 (b)	755,000	756,960
Class C, 2.36% 5/20/21 (b)	600,000	601,533
Series 2017-1A:
Class B, 2.45% 9/20/21 (b)	235,000	237,103
Class C, 2.65% 9/20/21 (b)	315,000	318,109
Volkswagen Auto Loan Enhanced Trust:
Series 2014-1 Class A3, 0.91% 10/22/18	13,370	13,360
Series 2014-2 Class A4, 1.39% 5/20/21	1,380,000	1,377,591
Volkswagen Credit Auto Master Trust Series 2014-1A:
Class A1, 1.3428% 7/22/19 (a)(b)	10,000,000	10,001,410
Class A2, 1.4% 7/22/19 (b)	1,290,000	1,289,818
Volvo Financial Equipment LLC:
Series 2014-1A Series C, 1.94% 11/15/21 (b)	605,000	605,806
Series 2016-1A:
Class A2, 1.44% 10/15/18 (b)	2,780,147	2,781,023
Class A3, 1.67% 2/18/20 (b)	400,000	400,311
Series 2017-1A Class A2, 1.55% 10/15/19 (b)	10,000,000	10,000,793
Wendys Funding LLC Series 2015-1A Class A2I, 3.371% 6/15/45 (b)	1,314,975	1,327,375
Wheels SPV LLC Series 2015-1A Class A2, 1.27% 4/22/24 (b)	133,137	132,990
World Omni Auto Receivables Trust Series 2015-B Class A3, 1.49% 12/15/20	730,000	730,075
World Omni Automobile Lease Securitization Trust:
Series 2015-A Class A2A, 1.06% 5/15/18	801,945	801,634
Series 2016-A Class A3, 1.45% 8/15/19	1,070,000	1,066,050
TOTAL ASSET-BACKED SECURITIES
(Cost $661,919,747)		662,672,366

Collateralized Mortgage Obligations - 0.8%
Private Sponsor - 0.1%
Banc of America Mortgage Securities, Inc.:
Series 2004-A Class 2A2, 3.5926% 2/25/34 (a)	14,886	14,934
Series 2004-H Class 2A2, 3.1955% 9/25/34 (a)	55,415	54,773
COLT Mortgage Loan Trust Series 2017-1:
Class A1, 2.614% 5/27/47 (b)	1,240,000	1,243,989
Class A3, 3.074% 5/27/47 (b)	112,094	113,943
COMM Mortgage Trust Series 2016-CR28 Class A1, 1.77% 2/10/49	186,167	186,285
GS Mortgage-Backed Securites Trust Series 2014-EB1A Class 2A1, 2.4769% 7/25/44 (a)(b)	163,282	162,833
Kubota Credit Owner Trust sequential payer Series 2016-1A Class A3, 1.67% 7/15/20 (b)	340,000	338,134
Mill City Mortgage Loan Trust Series 2016-1 Class A1, 2.5% 4/25/57 (b)	259,929	260,109
Towd Point Mortgage Trust:
Series 2015-4 Class A1B, 2.75% 4/25/55 (b)	720,163	725,089
Series 2015-5 Class A1B, 2.75% 5/25/55 (b)	673,399	678,087
Series 2016-1:
Class A1B, 2.75% 2/25/55 (b)	395,352	398,094
Class A3B, 3% 2/25/55 (b)	486,320	491,198
Series 2016-2 Class A1A, 2.75% 8/25/55 (b)	423,890	426,232
Series 2016-3 Class A1, 2.25% 4/25/56 (b)	110,921	110,470
Series 2017-2 Class A1, 2.75% 4/25/57 (a)(b)	765,000	770,312
WaMu Mortgage pass-thru certificates Series 2005-AR12 Class 2A1, 3.0619% 9/25/35 (a)	28,553	28,611
Wells Fargo Mortgage Backed Securities Trust Series 2004-G Class A3, 3.044% 6/25/34 (a)	27,401	27,497

TOTAL PRIVATE SPONSOR		6,030,590

U.S. Government Agency - 0.7%
Fannie Mae:
floater:
Series 2003-31 Class FM, 1.5236% 4/25/33 (a)	1,561,448	1,572,924
Series 2015-27 Class KF, 1.3236% 5/25/45 (a)	4,191,006	4,185,091
Series 2016-85:
Class FG, 1.5236% 11/25/46 (a)	1,233,119	1,242,561
Class FA, 1.5236% 11/25/46 (a)	1,178,820	1,187,968
floater planned amortization class Series 2004-52 Class PF 1.4736% 12/25/33 (a)	1,228,554	1,230,022
sequential payer Series 2012-114 Class DF, 1.4236% 8/25/39 (a)	25,131	25,189
sequential payer floater:
Series 2005-74 Class DF, 1.3736% 7/25/35 (a)	4,133,788	4,143,174
Series 2005-83 Class FP, 1.3536% 10/25/35 (a)	3,800,856	3,800,016
Series 2016-42 Class FL, 1.3736% 7/25/46 (a)	12,894,592	12,930,353
Series 2016-83 Class FA, 1.5236% 11/25/46 (a)	668,052	673,046
Fannie Mae Connecticut Avenue Securities floater:
Series 2016-C01 Class 2M1, 3.1236% 8/25/28 (a)	926,473	936,992
Series 2016-C02 Class 1M1, 3.1736% 9/25/28 (a)	279,894	283,589
Series 2016-C07 Class 2M1, 2.3236% 4/25/29 (a)	259,280	260,764
Series 2017-C01 Class 1M1, 2.3236% 7/25/29 (a)	949,666	957,434
Series 2017-C02, Class 2M1, 2.1736% 9/25/29 (a)	1,214,631	1,220,916
Series 2017-C03 Class 1M1, 1.9736% 10/25/29 (a)	1,508,996	1,511,948
Series 2017-C04 Class 2M1, 1.8947% 11/25/29 (a)	990,000	990,727
FHLMC Structured Agency Credit Risk Debt Notes:
floater:
Series 2014-HQ2 Class M1, 2.4406% 9/25/24 (a)	134,443	134,761
Series 2015-DNA1 Class M1, 1.8906% 10/25/27 (a)	255,296	255,649
Series 2015-HQ2 Class M1, 2.0906% 5/25/25 (a)	81,234	81,365
Series 2016-DNA1 Class M1, 2.4406% 7/25/28 (a)	599,052	601,366
Series 2016-HQA1 Class M1, 2.7406% 9/25/28 (a)(d)	140,455	141,254
Series 2017-DNA2 Class M1, 2.1861% 10/25/29 (a)	1,498,232	1,511,199
Series 2017-HQA1 Class M1, 2.1906% 8/25/29 (a)	1,088,973	1,095,280
Series 2017-DNA1 Class M1, 2.1906% 7/25/29 (a)	677,343	682,910
3.8736% 4/25/28 (a)	398,543	412,270
Freddie Mac:
floater Series 4604 Class FB, 1.3891% 8/15/46 (a)	11,950,087	11,986,532
floater planned amortization class:
Series 2953 Class LF, 1.2891% 12/15/34 (a)	1,320,910	1,321,178
Series 4057 Class EF, 1.3391% 12/15/41 (a)	10,869,634	10,858,757
floater sequential payer Series 3046 Class F, 1.3591% 3/15/33 (a)	1,769,338	1,768,768
sequential payer Series 4226 Class EF, 1.3391% 12/15/35 (a)	3,856,895	3,863,321
Series 4448 Class JA, 4% 11/15/36	190,000	199,707

TOTAL U.S. GOVERNMENT AGENCY		72,067,031

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $77,955,997)		78,097,621

Commercial Mortgage Securities - 0.6%
BAMLL Commercial Mortgage Securities Trust Series 2014-IP Class A, 2.8076% 6/15/28 (a)(b)	1,070,000	1,074,533
Banc of America Commercial Mortgage Trust Series 2007-4 Class AM, 6.1028% 2/10/51 (a)	43,447	43,566
Barclays Commercial Mortgage Securities LLC floater Series 2015-RRI Class A, 2.1439% 5/15/32 (a)(b)	2,468,326	2,471,413
CDGJ Commercial Mortgage Trust Series 2014-BXCH Class A, 2.3939% 12/15/27 (a)(b)	3,820,540	3,827,727
Citigroup Commercial Mortgage Trust:
Series 13-GC15 Class A1, 1.378% 9/10/46	19,352	19,344
Series 2007-C6 Class A4, 5.922% 12/10/49 (a)	302,677	302,421
Series 2014-GC19 Class A1, 1.199% 3/10/47	69,385	69,330
Series 2014-GC21 Class A1, 1.242% 5/10/47	315,512	314,470
Series 2014-GC25 Class A1, 1.485% 10/10/47	77,152	77,099
Series 2015-GC27 Class A1, 1.353% 2/10/48	458,905	456,835
Series 2015-GC31 Class A1, 1.637% 6/10/48	830,732	829,809
Series 2015-GC33 Class A1, 1.643% 9/10/58	290,705	289,620
Series 2015-P1 Class A1, 1.648% 9/15/48	291,296	291,094
CLNS Trust floater Series 2017-IKPR Class A, 1.8% 6/11/32 (a)(b)(c)	515,000	515,475
COMM Mortgage Trust:
Series 2014-CR15 Class A1, 1.218% 2/10/47	413,224	412,322
Series 2014-CR17 Class A1, 1.275% 5/10/47	200,501	199,990
Series 2014-CR18 Class A1, 1.442% 7/15/47	307,939	307,656
Series 2014-CR19 Class A1, 1.415% 8/10/47	301,296	300,447
Series 2014-CR20 Class A1, 1.324% 11/10/47	211,129	210,384
Series 2014-CR21 Class A1, 1.494% 12/10/47	121,898	121,644
Series 2014-LC15 Class A1, 1.259% 4/10/47	365,719	364,719
Series 2014-LC17 Class A1, 1.381% 10/10/47	224,509	223,835
Series 2014-UBS2 Class A1, 1.298% 3/10/47	249,631	249,141
Series 2014-UBS4 Class A1, 1.309% 8/10/47	121,144	120,816
Series 2014-UBS5 Class A1, 1.373% 9/10/47	225,125	225,037
Series 2014-UBS6 Class A1, 1.445% 12/10/47	333,588	333,001
Series 2015-CCRE26 Class A1, 1.604% 10/10/48	405,753	404,706
Series 2015-CR22 Class A1, 1.569% 3/10/48	154,496	154,290
Series 2015-LC23 Class A2, 3.221% 10/10/48	1,400,000	1,444,707
Series 2015-PC1 Class A1, 1.667% 7/10/50	1,027,609	1,028,307
COMM Mortgage Trust pass-thru certificates Series 2014-TWC Class A, 1.84% 2/13/32 (a)(b)	400,000	400,753
CSAIL Commercial Mortgage Trust:
Series 2015-C1 Class A1, 1.684% 4/15/50	192,617	192,323
Series 2015-C2 Class A1, 1.4544% 6/15/57	1,288,030	1,282,172
Series 2015-C3 Class A1, 1.7167% 8/15/48	562,645	561,132
Series 2015-C4 Class A1, 2.0102% 11/15/48	638,250	639,188
Series 2016-C5 Class A1, 1.7466% 11/15/48 (a)	159,112	158,674
CSMC Series 2015-TOWN Class A, 2.2444% 3/15/28 (a)(b)	3,644,000	3,641,014
Freddie Mac pass-thru certificates:
Series 2013-K502 Class A2, 1.426% 8/25/17	429,752	429,460
Series K712 Class A1, 1.369% 5/25/19	71,503	71,441
GAHR Commercial Mortgage Trust floater Series 2015-NRF Class AFL1, 2.2939% 12/15/34 (a)(b)	1,029,637	1,031,043
GS Mortgage Securities Trust:
floater Series 2014-GSFL Class A, 1.9939% 7/15/31 (a)(b)	460	455
sequential payer Series 2013-GC13 Class A1, 1.206% 7/10/46	54,453	54,422
Series 2014-GC22 Class A1, 1.29% 6/10/47	230,095	229,411
Series 2014-GC24 Class A1, 1.509% 9/10/47	434,178	432,725
Series 2015-GC28 Class A1, 1.528% 2/10/48	744,140	741,932
Series 2015-GC32 Class A1, 1.593% 7/10/48	301,012	300,684
Series 2016-GS3 Class A1, 1.429% 10/10/49	184,861	183,096
Hospitality Mortgage Trust floater Series 2017-HIT Class A, 1.85% 5/8/30 (a)(b)	510,000	510,328
Hyatt Hotel Portfolio Trust floater Series 2015-HYT Class A, 2.244% 11/15/29 (a)(b)	1,314,000	1,316,035
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-JP1 Class A1, 1.949% 1/15/49	536,054	537,880
JPMBB Commercial Mortgage Securities Trust:
sequential payer Series 2014-C21 Class A1, 1.322% 8/15/47	208,854	208,374
Series 2014-C19 Class A1, 1.2661% 4/15/47	115,283	115,143
Series 2014-C22 Class A1, 1.451% 9/15/47	118,870	118,686
Series 2014-C23 Class A1, 1.6502% 9/15/47	159,077	159,159
Series 2014-C24 Class A1, 1.5386% 11/15/47	91,683	91,551
Series 2014-C26 Class A1, 1.5962% 1/15/48	1,121,904	1,121,020
Series 2015-C27 Class A1, 1.4137% 2/15/48	634,474	632,468
Series 2015-C28 Class A1, 1.4451% 10/15/48	1,045,645	1,042,362
JPMBB Commercial Mortgage Secutities Trust Series 2015-C29 Class A1, 1.6255% 5/15/48	328,742	328,401
JPMCC Commercial Mortgage Securities Trust Series 2016-JP3 Class A1, 1.4615% 8/15/49	560,711	555,499
JPMorgan Chase Commercial Mortgage Securities Trust:
floater:
Series 2014-BXH Class A, 1.8891% 4/15/27 (a)(b)	2,301,871	2,306,951
Series 2014-FL5 Class A, 1.9739% 7/15/31 (a)(b)	1,064,126	1,064,791
Series 2006-LDP7 Class AM, 6.1382% 4/17/45 (a)	17,217	17,186
Series 2014-C20 Class A1, 1.2682% 7/15/47	249,520	248,750
Series 2016-WP Class TA, 2.4439% 10/15/33 (a)(b)	1,293,000	1,299,470
Lone Star Portfolio Trust floater Series 2015-LSP Class A1A2, 2.7939% 9/15/28 (a)(b)	1,503,078	1,507,825
Morgan Stanley BAML Trust:
sequential payer:
Series 2013-C7 Class A2, 1.863% 2/15/46	2,170,643	2,173,687
Series 2014-C18 Class A1, 1.686% 10/15/47	162,692	162,805
Series 2014-C14 Class A1, 1.25% 2/15/47	79,011	78,737
Series 2014-C16 Class A1, 1.294% 6/15/47	126,822	126,604
Series 2014-C17 Class A1, 1.551% 8/15/47	339,304	338,922
Series 2014-C19 Class A1, 1.573% 12/15/47	698,177	696,821
Series 2015-C24 Class A1, 1.706% 5/15/48	501,375	500,301
Series 2016-C30 Class A1, 1.389% 9/15/49	297,843	294,514
Morgan Stanley Capital I Trust Series 2015-MS1 Class A1, 1.638% 5/15/48	555,648	555,004
Waldorf Astoria Boca Raton Trust floater Series 2016-BOCA Class A, 2.3439% 6/15/29 (a)(b)	1,833,000	1,837,607
Wells Fargo Commercial Mortgage Trust:
Series 2014-LC18 Class A1, 1.437% 12/15/47	808,364	806,238
Series 2015-C26 Class A1, 1.454% 2/15/48	399,946	398,821
Series 2015-C27 Class A1, 1.73% 2/15/48	1,083,514	1,084,270
Series 2015-C28 Class A1, 1.531% 5/15/48	412,584	411,706
Series 2015-C31 Class A1, 1.679% 11/15/48	727,427	726,859
Series 2015-LC20 Class A1, 1.471% 4/15/50	716,767	714,938
Series 2015-NXS2 Class A2, 3.02% 7/15/58	1,180,000	1,208,147
Series 2015-SG1 Class A1, 1.568% 9/15/48	385,054	384,645
Series 2016-C32 Class A1, 1.577% 1/15/59	434,822	433,352
Series 2016-LC24 Class A1, 1.441% 10/15/49	308,784	307,031
WF-RBS Commercial Mortgage Trust:
sequential payer Series 2013-C16 Class A1, 1.406% 9/15/46	114,607	114,519
Series 2013-C17 Class A1, 1.154% 12/15/46	132,607	132,260
Series 2013-UBS1 Class A1, 1.122% 3/15/46	122,870	122,424
Series 2014-C20 Class A1, 1.283% 5/15/47	385,326	384,109
Series 2014-C21 Class A1, 1.413% 8/15/47	505,398	503,996
Series 2014-C22 Class A1, 1.479% 9/15/57	327,650	326,877
Series 2014-C23 Class A1, 1.663% 10/15/57	176,433	176,499
Series 2014-C24 Class A1, 1.39% 11/15/47	74,014	73,787
Series 2014-LC14 Class A1, 1.193% 3/15/47	201,949	201,370
TOTAL COMMERCIAL MORTGAGE SECURITIES
(Cost $55,542,012)		55,492,392

Municipal Securities - 0.4%
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 0.94% 6/7/17, VRDN (a)(e)	5,900,000	5,900,000
Florida State Board Administration Fin. Corp. Series 2016 A, 2.163% 7/1/19	1,085,000	1,094,049
Indiana Fin. Auth. Econ. Dev. Rev. Bonds (Republic Svcs., Inc. Proj.) Series 2012, 1.2%, tender 6/1/17 (a)(e)	9,000,000	9,000,000
Port Arthur Navigation District Envir. Facilities Rev. (Motiva Enterprises LLC Proj.) Series 2010 B, 1.4% 6/1/17, VRDN (a)	20,000,000	20,000,000
Univ. of California Revs. Bonds Series 2011 Y1, 1.495%, tender 6/1/17 (a)	445,000	445,000
TOTAL MUNICIPAL SECURITIES
(Cost $36,430,000)		36,439,049

Bank Notes - 0.2%
Capital One NA 1.85% 9/13/19	1,525,000	1,514,445
Citizens Bank NA 2.3% 12/3/18	335,000	336,492
RBS Citizens NA 2.5% 3/14/19	1,200,000	1,210,208
Regions Bank 7.5% 5/15/18	289,000	304,193
Regions Financial Corp. 2.25% 9/14/18	785,000	787,656
Union Bank NA 2.125% 6/16/17	1,330,000	1,330,414
Wells Fargo Bank NA 1.65% 1/22/18	10,000,000	10,010,220
TOTAL BANK NOTES
(Cost $15,481,137)		15,493,628

Commercial Paper - 1.3%
Barclays Bank PLC/Barclays U.S. CCP Funding LLC yankee 1.3% 7/5/17	10,000,000	9,989,529
Canadian Imperial Bank of Commerce 1.405% 11/2/17 (a)	10,000,000	10,014,790
CVS Health Corp. 1.12% 6/2/17	9,000,000	8,999,428
Dominion Resources, Inc. 1.32% 7/5/17	10,000,000	9,987,896
Ford Motor Credit Co. LLC 0% 9/1/17	2,795,000	2,784,624
Ontario Teachers' Finance Trust yankee:
1.18% 6/23/17	$5,000,000	$4,997,049
1.36% 11/10/17	9,000,000	8,951,263
Rogers Communications, Inc. yankee:
1.25% 6/12/17	2,200,000	2,199,138
1.25% 6/20/17	10,000,000	9,993,344
1.26% 6/6/17	4,000,000	3,999,229
1.37% 7/25/17	11,000,000	10,978,523
Sempra Global:
1.25% 6/6/17	5,000,000	4,999,036
1.27% 6/28/17	5,000,000	4,995,213
1.45% 8/28/17	10,000,000	9,966,427
UBS AG London Branch 1.1794% 12/22/17 (a)	10,000,000	9,998,640
UnitedHealth Group, Inc. 1.11% 6/15/17	3,000,000	2,998,580
Vodafone Group PLC yankee:
1.6% 9/5/17	3,000,000	2,988,821
1.6% 9/12/17	12,000,000	11,951,224
VW Credit, Inc. 0% 9/18/17	1,540,000	1,533,285
TOTAL COMMERCIAL PAPER
(Cost $132,289,785)		132,326,039
	Shares	Value

Fixed-Income Funds - 3.2%
Bank Loan Funds - 3.2%
Fidelity Floating Rate High Income Fund (f)
(Cost $322,872,524)	33,066,444	319,752,512

Short-Term Funds - 59.1%
Short-Term Funds - 59.1%
BlackRock Low Duration Bond Portfolio Investor A Shares	43,750,966	421,759,317
Delaware Limited-Term Diversified Income Fund - Class A	25,891,579	220,337,339
Fidelity Conservative Income Bond Fund Institutional Class (f)	95,730,787	961,137,099
Fidelity Short-Term Bond Fund (f)	94,755,484	817,739,827
Janus Short-Term Bond Fund - Class T	78,045,100	236,476,654
JPMorgan Short Duration Bond Fund Class A	28,927,153	312,991,800
Metropolitan West Low Duration Bond Fund - Class M	67,454,828	588,880,648
PIMCO Enhanced Short Maturity Active ETF	3,958,945	402,624,707
PIMCO Short-Term Fund - Administrator Class	172,990,921	1,698,770,823
Prudential Short-Term Corporate Bond Fund, Inc. Class A	17,862,432	197,915,744
TOTAL SHORT-TERM FUNDS
(Cost $5,858,602,053)		5,858,633,958

Money Market Funds - 10.6%
Fidelity Cash Central Fund, 0.86% (g)	58,184,120	58,195,757
Fidelity Investments Money Market Government Portfolio Institutional Class 0.69% (f)(h)	760,371,043	760,371,043
Fidelity Investments Money Market Prime Reserves Portfolio - Institutional Class 1.02%(f)	225,507,734	225,552,835
State Street Institutional U.S. Government Money Market Fund Premier Class 0.72%(h)	12,590,474	12,590,474
TOTAL MONEY MARKET FUNDS
(Cost $1,056,710,109)		1,056,710,109
TOTAL INVESTMENT PORTFOLIO - 100.2%
(Cost $9,934,367,554)		9,938,471,925
NET OTHER ASSETS (LIABILITIES) - (0.2)%		(17,534,804)
NET ASSETS - 100%		$9,920,937,121

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Treasury Contracts
336 CBOT 2-Year U.S. Treasury Note Contracts (United States)	Sept. 2017	72,738,750	$67,709
Sold
Treasury Contracts
134 CBOT 10-Year U.S. Treasury Note Contracts (United States)	Sept. 2017	16,923,781	(53,606)
TOTAL FUTURES CONTRACTS			$14,103

The face value of futures purchased as a percentage of Net Assets is 0.7%

The face value of futures sold as a percentage of Net Assets is 0.2%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

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

(b) 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 $537,855,042 or 5.4% of net assets.

(d) Coupon is inversely indexed to a floating interest rate multiplied by a specified factor. The price may be considerably more volatile than the price of a comparable fixed rate security.

(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(f) Affiliated Fund

(g) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) The rate quoted is the annualized seven-day yield of the fund 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	$217,704
Fidelity Securities Lending Cash Central Fund	13,990
Total	$231,694

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 Conservative Income Bond Fund Institutional Class	$407,582,010	$555,896,700	$3,108,021	$8,075,857	$961,137,099
Fidelity Conservative Income Municipal Bond Fund Institutional Class	31,749,413	46,189,890	77,853,860	179,940	--
Fidelity Floating Rate High Income Fund	258,214,134	84,285,518	31,306,369	12,876,102	319,752,512
Fidelity Investments Money Market Government Portfolio Institutional Class 0.69%	--	975,860,237	215,489,194	2,643,868	760,371,043
Fidelity Investments Money Market Portfolio Institutional Class 1.09%	185,202,811	--	185,202,811	40,059	--
Fidelity Investments Money Market Prime Reserves Portfolio - Institutional Class 1.02%	--	225,552,835	--	44,306	225,552,835
Fidelity Short-Term Bond Fund	634,165,507	187,383,646	4,869,748	9,051,555	817,739,827
Total	$1,516,913,875	$2,075,168,826	$517,830,003	$32,911,687	$3,084,553,316

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2017, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Corporate Bonds	$1,616,282,228	$--	$1,616,282,228	$--
U.S. Government and Government Agency Obligations	73,715,063	--	73,715,063	--
U.S. Government Agency - Mortgage Securities	32,856,960	--	32,856,960	--
Asset-Backed Securities	662,672,366	--	662,672,366	--
Collateralized Mortgage Obligations	78,097,621	--	78,097,621	--
Commercial Mortgage Securities	55,492,392	--	55,492,392	--
Municipal Securities	36,439,049	--	36,439,049	--
Bank Notes	15,493,628	--	15,493,628	--
Commercial Paper	132,326,039	--	132,326,039	--
Fixed-Income Funds	319,752,512	319,752,512	--	--
Short-Term Funds	5,858,633,958	5,858,633,958	--	--
Money Market Funds	1,056,710,109	1,056,710,109	--	--
Total Investments in Securities:	$9,938,471,925	$7,235,096,579	$2,703,375,346	$--
Derivative Instruments:
Assets
Futures Contracts	$67,709	$67,709	$--	$--
Total Assets	$67,709	$67,709	$--	$--
Liabilities
Futures Contracts	$(53,606)	$(53,606)	$--	$--
Total Liabilities	$(53,606)	$(53,606)	$--	$--
Total Derivative Instruments:	$14,103	$14,103	$--	$--

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2017. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Interest Rate Risk
Futures Contracts(a)	$67,709	$(53,606)
Total Interest Rate Risk	67,709	(53,606)
Total Value of Derivatives	$67,709	$(53,606)

(a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		May 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $6,797,262,668)	$6,795,722,851
Fidelity Central Funds (cost $58,195,757)	58,195,757
Affiliated issuers (cost $3,078,909,129)	3,084,553,317
Total Investments (cost $9,934,367,554)		$9,938,471,925
Cash		1,387,706
Receivable for investments sold		2,980,900
Receivable for fund shares sold		7,266,044
Dividends receivable		3,331,937
Interest receivable		6,457,488
Distributions receivable from Fidelity Central Funds		55,606
Prepaid expenses		44,485
Other receivables		115,273
Total assets		9,960,111,364
Liabilities
Payable for investments purchased
Regular delivery	$25,976,507
Delayed delivery	4,144,240
Payable for fund shares redeemed	7,143,321
Distributions payable	1,014,834
Accrued management fee	243,082
Payable for daily variation margin for derivative instruments	13,594
Other affiliated payables	469,247
Other payables and accrued expenses	169,418
Total liabilities		39,174,243
Net Assets		$9,920,937,121
Net Assets consist of:
Paid in capital		$9,931,226,218
Undistributed net investment income		3,075,139
Accumulated undistributed net realized gain (loss) on investments		(17,482,710)
Net unrealized appreciation (depreciation) on investments		4,118,474
Net Assets, for 986,722,898 shares outstanding		$9,920,937,121
Net Asset Value, offering price and redemption price per share ($9,920,937,121 ÷ 986,722,898 shares)		$10.05

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended May 31, 2017
Investment Income
Dividends:
Unaffiliated issuers		$53,347,164
Affiliated issuers		32,911,687
Interest		35,345,862
Income from Fidelity Central Funds		231,694
Total income		121,836,407
Expenses
Management fee	$23,588,277
Transfer agent fees	4,129,817
Accounting fees	1,308,946
Custodian fees and expenses	62,974
Independent trustees' fees and expenses	96,736
Registration fees	160,684
Audit	68,195
Legal	43,084
Miscellaneous	164,320
Total expenses before reductions	29,623,033
Expense reductions	(20,891,725)	8,731,308
Net investment income (loss)		113,105,099
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(1,222,836)
Fidelity Central Funds	91
Affiliated issuers	(1,708,573)
Futures contracts	(38,742)
Realized gain distributions from underlying funds:
Unaffiliated issuers	1,286,501
Affiliated issuers	116,789
Total net realized gain (loss)		(1,566,770)
Change in net unrealized appreciation (depreciation) on: Investment securities	28,514,922
Futures contracts	14,103
Total change in net unrealized appreciation (depreciation)		28,529,025
Net gain (loss)		26,962,255
Net increase (decrease) in net assets resulting from operations		$140,067,354

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended May 31, 2017	Year ended May 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$113,105,099	$78,391,488
Net realized gain (loss)	(1,566,770)	(13,672,397)
Change in net unrealized appreciation (depreciation)	28,529,025	(20,489,082)
Net increase (decrease) in net assets resulting from operations	140,067,354	44,230,009
Distributions to shareholders from net investment income	(106,812,751)	(79,865,336)
Distributions to shareholders from net realized gain	–	(4,355,761)
Total distributions	(106,812,751)	(84,221,097)
Share transactions
Proceeds from sales of shares	5,170,553,145	2,087,345,698
Reinvestment of distributions	100,841,024	84,143,145
Cost of shares redeemed	(1,977,465,881)	(2,800,007,460)
Net increase (decrease) in net assets resulting from share transactions	3,293,928,288	(628,518,617)
Total increase (decrease) in net assets	3,327,182,891	(668,509,705)
Net Assets
Beginning of period	6,593,754,230	7,262,263,935
End of period	$9,920,937,121	$6,593,754,230
Other Information
Undistributed net investment income end of period	$3,075,139	$–
Distributions in excess of net investment income end of period	$–	$(4,252,047)
Shares
Sold	515,147,452	208,925,720
Issued in reinvestment of distributions	10,048,630	8,414,508
Redeemed	(197,070,314)	(280,149,151)
Net increase (decrease)	328,125,768	(62,808,923)

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Short Duration Fund

Years ended May 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$10.01	$10.07	$10.10	$10.09	$10.06
Income from Investment Operations
Net investment income (loss)^A	.136	.115	.095	.077	.087
Net realized and unrealized gain (loss)	.033	(.051)	(.028)	.020	.040
Total from investment operations	.169	.064	.067	.097	.127
Distributions from net investment income	(.129)	(.118)	(.093)	(.079)	(.089)
Distributions from net realized gain	–	(.006)	(.004)	(.008)	(.008)
Total distributions	(.129)	(.124)	(.097)	(.087)	(.097)
Net asset value, end of period	$10.05	$10.01	$10.07	$10.10	$10.09
Total Return^B	1.69%	.64%	.66%	.96%	1.27%
Ratios to Average Net Assets^C
Expenses before reductions	.36%	.36%	.35%	.36%	.38%
Expenses net of fee waivers, if any	.10%	.11%	.10%	.11%	.13%
Expenses net of all reductions	.10%	.11%	.10%	.11%	.13%
Net investment income (loss)	1.36%	1.15%	.94%	.76%	.87%
Supplemental Data
Net assets, end of period (000 omitted)	$9,920,937	$6,593,754	$7,262,264	$5,869,152	$6,225,396
Portfolio turnover rate^D	26%	33%	16%	31%	17%^E

^A Calculated based on average shares outstanding during the period.

^B Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^C Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. Fees and expenses of the Underlying Funds are not included in the Fund's annualized ratios. The Fund indirectly bears its proportionate share of the expenses of the Underlying Funds.

^D Amount does not include the portfolio activity of any Underlying Funds.

^E Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended May 31, 2017

1. Organization.

Strategic Advisers Short Duration Fund (the Fund) is a fund of Fidelity Rutland Square Trust II (the Trust), and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund is offered exclusively to clients of Strategic Advisers, Inc. (Strategic Advisers), an affiliate of Fidelity Management & Research Company (FMR).

2. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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, 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 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 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. Corporate bonds, bank notes, municipal securities, U.S. government and government agency obligations and commercial paper are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by 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.

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.

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, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV 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.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2017 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Income and capital gain distributions from Underlying Funds and distributions from ETFs, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Strategic Advisers funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, futures contracts, market discount, amortization of premium, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$32,029,579
Gross unrealized depreciation	(29,393,173)
Net unrealized appreciation (depreciation) on securities	$2,636,406
Tax Cost	$9,935,835,519

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$2,319,964
Capital loss carryforward	$(15,130,195)
Net unrealized appreciation (depreciation) on securities and other investments	$2,636,406

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration
Short-term	$(2,590,072)
Long-term	(12,540,123)
Total capital loss carryforward	$(15,130,195)

The tax character of distributions paid was as follows:

	May 31, 2017	May 31, 2016
Ordinary Income	$106,812,751	$ 82,043,216
Long-term Capital Gains	–	2,177,881
Total	$106,812,751	$ 84,221,097

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2019. Management is currently evaluating the potential impact of these changes to the financial statements.

3. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period.

During the period the Fund recognized net realized gain (loss) of $(38,742) and a change in net unrealized appreciation (depreciation) of $14,103 related to its investment in futures contracts. These amounts are included in the Statement of Operations.

4. Purchases and Sales of Investments.

Purchases and sales of securities (including the Underlying Fund shares), other than short-term securities, and U.S. government securities, aggregated $4,853,763,414 and $1,708,383,992, respectively.

5. Fees and Other Transactions with Affiliates.

During the period, the investment adviser waived its management fee as described in the Expense Reductions note.

Sub-Advisers. FIAM LLC (an affiliate of the investment adviser) and T. Rowe Price Associates, Inc. each served as a sub-adviser for the Fund during the period. Sub-advisers provide discretionary investment advisory services for their allocated portion of the Fund's assets and are paid by the investment adviser and not the Fund for providing these services.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. The Fund does not directly pay transfer agent fees with respect to the portion of its assets invested in Underlying Funds, excluding exchange-traded funds. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .05% of average net assets.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions, and is paid by the investment adviser or an affiliate.

Interfund Trades. The Fund may purchase from or sell securities to other funds affiliated with each sub-adviser under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Fidelity Cash Central Fund and Securities Lending Cash Central Fund seek preservation of capital and current income and are managed by FIMM, an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC website or upon request.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $20,653 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $13,990.

9. Expense Reductions.

The investment adviser has contractually agreed to waive the Fund's management fee in an amount equal to .25% of the Fund's average net assets until September 30, 2019. During the period, this waiver reduced the Fund's management fee by $20,849,026.

In addition, the investment adviser has voluntarily agreed to waive a portion of the Fund's management fee. During the period, this waiver reduced the Fund's management fee by $42,041.

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $658.

10. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

The Fund does not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Fund within its principal investment strategies may represent a significant portion of the Underlying Fund's net assets. At the end of the period, the Fund was the owner of record of 10% or more of the total outstanding shares of the following Underlying Funds:

Fidelity Conservative Income Bond Fund	13%
Fidelity Investments Money Market Prime Reserves Portfolio	11%
Fidelity Short-Term Bond Fund	13%

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Short Duration Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Strategic Advisers Short Duration Fund (a fund of Fidelity Rutland Square Trust II) as of May 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Strategic Advisers Short Duration Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
July 18, 2017

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. If the interests of the fund and an underlying Fidelity^® fund were to diverge, a conflict of interest could arise and affect how the Trustees and Members of the Advisory Board fulfill their fiduciary duties to the affected funds. Strategic Advisers has structured the fund to avoid these potential conflicts, although there may be situations where a conflict of interest is unavoidable. In such instances, Strategic Advisers, the Trustees, and Members of the Advisory Board would take reasonable steps to minimize and, if possible, eliminate the conflict. Each of the Trustees oversees 18 funds.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee may also engage professional search firms to help identify potential Independent Trustee candidates with experience, qualifications, attributes, and skills consistent with the Statement of Policy. Additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, may be considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ralph F. Cox serves as the lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity^® funds are overseen by different Boards of Trustees. The fund's Board oversees asset allocation funds. Other boards oversee Fidelity's investment-grade bond, money market, and asset allocation funds, Fidelity's equity and high income funds, and Fidelity's sector portfolios. The fund may invest in Fidelity^® funds overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity^® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues.

The Trustees primarily operate as a full Board, but also operate in committees, to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board has charged Strategic Advisers and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through Strategic Advisers, its affiliates and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. Board oversight of different aspects of the fund's activities is exercised primarily through the full Board, but also through the Audit and Compliance Committee. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bruce T. Herring (1965)

Year of Election or Appointment: 2015

Trustee

Mr. Herring also serves as Trustee of other funds. Mr. Herring serves as Chairman and President (2015-present) and Director (2016-present) of Strategic Advisers, Inc. (investment adviser firm), and President of Fidelity Research & Analysis Company (investment adviser firm, 2010-present). Previously, Mr. Herring served as Group Chief Investment Officer of Fidelity Global Asset Allocation (GAA) (2013-2015) and Fidelity Management & Research Company (FMR) (investment adviser firm, 2005-2013), Vice President of certain Equity Funds (2006-2014), Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2010-2013), Vice President (2005-2006) and Senior Vice President (2006-2007) of FMR, Vice President of FMR Co., Inc. (investment adviser firm, 2001-2007), and as a portfolio manager.

Robert A. Lawrence (1952)

Year of Election or Appointment: 2016

Trustee

Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity^® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with Strategic Advisers.

+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Peter C. Aldrich (1944)

Year of Election or Appointment: 2006

Trustee

Mr. Aldrich also serves as Trustee of other funds. Mr. Aldrich is a Director of the National Bureau of Economic Research, a Director of the funds of BlackRock Realty Group (2006-present), and a Director of LivelyHood, Inc. (private corporation, 2013-present). Previously, Mr. Aldrich served as a Trustee for the Fidelity Rutland Square Trust (2005-2010), a Managing Member of Poseidon, LLC (foreign private investment, 1998-2004), and Chairman and Managing Member of AEGIS, LLC (foreign private investment, 1997-2004). Mr. Aldrich previously was a founder, Chief Executive Officer, and Chairman of AEW Capital Management, L.P. (then “Aldrich, Eastman and Waltch, L.P.”). Mr. Aldrich also served as a Director of Zipcar, Inc. (car sharing services, 2001-2009) and as Faculty Chairman of The Research Council on Global Investment of The Conference Board (business and professional education non-profit, 1999-2004). Mr. Aldrich is a Member Emeritus of the Board of Trustees of the Museum of Fine Arts Boston and an Overseer of the Massachusetts Eye and Ear Infirmary.

Ralph F. Cox (1932)

Year of Election or Appointment: 2006

Trustee

Mr. Cox also serves as Trustee of other funds. Mr. Cox is President of RABAR Enterprises (management consulting for the petroleum industry). Mr. Cox is a Director of Abraxas Petroleum (exploration and production, 1999-present). Mr. Cox is a member of the Advisory Boards of the Business and Engineering Schools of Texas A&M University and the Engineering School of University of Texas at Austin. Previously, Mr. Cox served as a Trustee for the Fidelity Rutland Square Trust (2005-2010) and as an Advisory Director of CH2M Hill Companies (engineering, 1981-2011). Mr. Ralph F. Cox and Mr. Howard E. Cox, Jr. are not related.

Mary C. Farrell (1949)

Year of Election or Appointment: 2013

Trustee

Ms. Farrell also serves as Trustee or Member of the Advisory Board of other funds. Ms. Farrell is a Director of the W.R. Berkley Corporation (insurance provider) and President (2009-present) and Director (2006-present) of the Howard Gilman Foundation (charitable organization). Previously, Ms. Farrell was Managing Director and Chief Investment Strategist at UBS Wealth Management USA and Co-Head of UBS Wealth Management Investment Strategy & Research Group (2003-2005). Ms. Farrell also served as Investment Strategist at PaineWebber (1982-2000) and UBS PaineWebber (2000-2002). Ms. Farrell also serves as Trustee on the Board of Overseers of the New York University Stern School of Business, as Chairman of the Board of Trustees of Yale-New Haven Hospital, and on the Yale New Haven Health System Board.

Karen Kaplan (1960)

Year of Election or Appointment: 2006

Trustee

Ms. Kaplan also serves as Trustee of other funds. Ms. Kaplan is Chairman (2014-present), Chief Executive Officer (2013-present), and President (2007-2013) of Hill Holliday (advertising and specialized marketing). Ms. Kaplan is a Director of The Michaels Companies, Inc. (specialty retailer, 2015-present), Member of the Board of Governors of the Chief Executives’ Club of Boston (2010-present), Member of the Executive Committee of the Greater Boston Chamber of Commerce (2006-present), Advisory Board Member of the National Association of Corporate Directors Chapter (2012-present), Member of the Board of Trustees of the Post Office Square Trust (2012-present), Trustee of the Brigham and Women’s Hospital (2016-present), and Overseer of the Boston Symphony Orchestra (2014-present). Previously, Ms. Kaplan served as an Advisory Board Member of Fidelity Rutland Square Trust (2006-2010), a member of the Clinton Global Initiative (2010-2015), Director of DSM (dba Delta Dental and DentaQuest) (2004-2014), Formal Appointee of the 2015 Baker-Polito Economic Development Council, Director of Vera Bradley Inc. (designer of women’s accessories, 2012-2015), Member of the Board of Directors of the Massachusetts Conference for Women (2008-2015), Member of the Board of Directors of Jobs for Massachusetts (2012-2015), President of the Massachusetts Women’s Forum (2008-2010), Treasurer of the Massachusetts Women’s Forum (2002-2006), and Vice Chair of the Board of the Massachusetts Society for the Prevention of Cruelty to Children (2003-2010).

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer or Howard E. Cox, Jr. may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation

Amy Butte (1968)

Year of Election or Appointment: 2017

Member of the Advisory Board

Ms. Butte also serves as Member of the Advisory Board of other funds. Ms. Butte is an Independent Director of BNP Paribas USA (2016-present). She is a Board Observer for Carbon38 (e-commerce, 2015-present), Strategic Advisor to the Long-Term Stock Exchange (financial technology start-up company, 2015-present), and member of the Advisory Board of and on air contributor for Wall Street Week (investment news, 2015-present). Ms. Butte was the founder and Chief Executive Officer of TILE Financial and SpendGrowGive (financial internet service, 2008-2012). Previously, Ms. Butte served as Trustee of certain funds (2011-2017), the Chief Financial Officer and member of the Board of Directors of MF Global (broker-dealer, 2006-2008) and Chief Financial Officer and Executive Vice President of the New York Stock Exchange (2004-2006). Ms. Butte is a member of the Economic Club of New York and WomenCorporateDirectors. Ms. Butte previously served as a member of the Boards of Accion International, Women’s Forum of New York, National Organization of Investment Professionals, and YMCA of Greater New York and on the Corporate Advisory Board of the New York City Ballet. Ms. Butte is also an alumna of the World Economic Forum's Young Global Leader program and the French American Young Leader program.

Howard E. Cox, Jr. (1944)

Year of Election or Appointment: 2009

Member of the Advisory Board

Mr. Cox also serves as Member of the Advisory Board of other funds. Mr. Cox is a Partner of Greylock (venture capital, 1971-present) and a Director of Stryker Corporation (medical products and services, 1974-present). Previously, Mr. Cox served as an Advisory Board Member of Fidelity Rutland Square Trust (2006-2010). Mr. Cox also serves as a Member of the Secretary of Defense's Business Board of Directors (2008-present), a Director of Business Executives for National Security (1997-present), a Director of the Brookings Institution (2010-present), a Director of the World Economic Forum’s Young Global Leaders Foundation (2009-present), and is a Member of the Harvard Medical School Board of Fellows (2002-present). Mr. Howard E. Cox, Jr. and Mr. Ralph F. Cox are not related.

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer (2012-present) and Senior Vice President (2014-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as AML Officer of the funds (2012-2016), and Vice President (2007-2014) and Deputy Anti-Money Laundering Officer (2007-2012) of FMR LLC.

Brian J. Blackburn (1975)

Year of Election or Appointment: 2014

Assistant Secretary

Mr. Blackburn also serves as an officer of other funds. Mr. Blackburn serves as Vice President & Associate General Counsel (2013-present) and is an employee of Fidelity Investments (2007-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as Assistant Treasurer of other funds, and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

President and Treasurer

Mr. Deberghes also serves as an officer of other funds. He serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005). Previously, Mr. Deberghes served in other fund officer roles.

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2012

Assistant Treasurer

Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.

Howard J. Galligan III (1966)

Year of Election or Appointment: 2015

Chief Financial Officer

Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (investment adviser firm, 2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

Mr. Goebel serves as Vice President of other funds and is an employee of Fidelity Investments (2001-present). Previously, Mr. Goebel served as Senior Vice President of Fidelity Management & Research Company (FMR) (investment adviser firm, 2016), Secretary of Fidelity SelectCo, LLC (investment adviser firm, 2013-2015), Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2010-2015), and Fidelity Research and Analysis Company (FRAC) (investment adviser firm, 2010-2015); General Counsel, Secretary, and Senior Vice President of FMR (investment adviser firm, 2008-2015) and FMR Co., Inc. (investment adviser firm, 2008-2015); Assistant Secretary of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2008-2015) and Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2008-2015); Chief Legal Officer (CLO) of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2008-2015); Secretary and CLO of certain Fidelity^® funds (2008-2015); Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).

James D. Gryglewicz (1972)

Year of Election or Appointment: 2015

Chief Compliance Officer

Mr. Gryglewicz also serves as Chief Compliance Officer of other funds. Mr. Gryglewicz serves as Compliance Officer of Strategic Advisers, Inc. (investment adviser firm, 2015-present) and Fidelity SelectCo, LLC (investment adviser firm, 2014-present), Senior Vice President of Asset Management Compliance (2009-present), and is an employee of Fidelity Investments (2004-present).

John Hitt (1967)

Year of Election or Appointment: 2014

Secretary and Chief Legal Officer

Mr. Hitt also serves as an officer of other funds. Mr. Hitt serves as Senior Vice President and Deputy General Counsel in Fidelity's Asset Management Group (2010-present) and is an employee of Fidelity Investments.

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche (accounting firm, 2005-2013).

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Stagnone also serves as an officer of other funds. Ms. Stagnone is an employee of Fidelity Investments (1997-present). Previously, Ms. Stagnone served as Deputy Treasurer of certain Fidelity^® funds (2013-2016).

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2016 to May 31, 2017).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the underlying mutual funds and exchange-traded funds (ETFs) (the Underlying Funds), the Fund also indirectly bears its proportionate share of the expenses of the Underlying Funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the Underlying Funds, the Fund also indirectly bears its proportionate share of the expenses of the Underlying Funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Annualized Expense Ratio-^A	Beginning Account Value December 1, 2016	Ending Account Value May 31, 2017	Expenses Paid During Period-^B December 1, 2016 to May 31, 2017
Actual	.10%	$1,000.00	$1,009.50	$.50
Hypothetical-^C		$1,000.00	$1,024.43	$.50

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The fees and expenses of the Underlying Funds in which the Fund invests are not included in the Fund's annualized expense ratio.

^C 5% return per year before expenses

Distributions (Unaudited)

A total of 1.82% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Proxy Voting Results

A special meeting of shareholders was held on October 17, 2016. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Peter C. Aldrich
Affirmative	80,345,400,272.38	97.367
Withheld	2,172,700,318.89	2.633
TOTAL	82,518,100,591.27	100.000
Amy Butte Liebowitz
Affirmative	80,349,798,079.05	97.372
Withheld	2,168,302,512.22	2.628
TOTAL	82,518,100,591.27	100.000
Ralph F. Cox
Affirmative	80,185,900,067.22	97.174
Withheld	2,332,200,524.05	2.826
TOTAL	82,518,100,591.27	100.000
Mary C. Farrell
Affirmative	80,442,189,509.02	97.484
Withheld	2,075,911,082.25	2.516
TOTAL	82,518,100,591.27	100.000
Bruce T. Herring
Affirmative	80,450,867,609.22	97.495
Withheld	2,067,232,982.05	2.505
TOTAL	82,518,100,591.27	100.000
Karen Kaplan
Affirmative	80,281,077,426.19	97.289
Withheld	2,237,023,165.08	2.711
TOTAL	82,518,100,591.27	100.000
Robert A. Lawrence
Affirmative	80,483,442,135.49	97.534
Withheld	2,034,658,455.78	2.466
TOTAL	82,518,100,591.27	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

ASD-ANN-0717
1.934458.105

Strategic Advisers® Core Multi-Manager Fund

Annual Report

May 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contract and Management Fees
Proxy Voting Results

You may also call 1-800-835-5095 (plan accounts) or 1-800-544-3455 (all other accounts) to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended May 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Strategic Advisers® Core Multi-Manager Fund	17.03%	14.49%	14.23%

^A From November 16, 2011

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Strategic Advisers® Core Multi-Manager Fund, a class of the fund, on November 16, 2011, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

	Period Ending Values
	$20,901	Strategic Advisers® Core Multi-Manager Fund
	$21,955	S&P 500® Index

Management's Discussion of Fund Performance

Market Recap: The U.S. equity bellwether S&P 500^® index gained 17.47% for the year ending May 31, 2017, rising sharply following the November election and continuing to gain ground through the end of February on optimism for President Trump’s pro-business agenda. Equity markets leveled off, however, as the fledgling administration faced the first test of its domestic agenda. Stocks reacted with uncertainty to efforts by Congress in March to repeal and replace the Affordable Care Act (ACA), and were relatively flat through May 31. In a stark reversal from 2016, growth-oriented stocks topped their value counterparts through the first five months of 2017. Sector-wise, information technology (+34%) fared best, anchored by twin rallies in the September 2016 quarter and year-to-date in 2017 as a handful of constituents posted stellar returns. Financials (+23%) also handily outperformed, riding an uptick in bond yields and a surge in banks, particularly post-election. Industrials (+21%) and materials (+16%) were driven by a call for increased infrastructure spending and a rise in related commodity prices, respectively. Conversely, real estate (+4%) and telecommunication services (-1%) were held back amid an improved backdrop for riskier assets that curbed demand for dividend-rich sectors, as well as the likelihood of one or two additional interest rate hikes later in 2017. Energy (-1%) also struggled this period.

Comments from Lead Portfolio Manager John Stone: For the year, the Fund's share classes posted gains of about 17%, slightly trailing the benchmark S&P 500^®. Underlying managers focused on growth and emphasizing economically sensitive market sectors aided the Fund’s relative performance, as growth-oriented stocks and strategies generally delivered the best results this period. Sub-adviser AllianceBernstein was the top relative contributor, as its momentum-oriented approach toward seeking companies that it believes have the potential to generate strong earnings growth helped it over- and underweight the right sectors this period. Sub-adviser JPMorgan Investment Management’s all-weather, large-cap core strategy also contributed, bolstered by its emphasis on economically sensitive market sectors and corresponding de-emphasis of more defensive groups. The U.S. Equity strategy managed by sub-adviser FIAM^® contributed slightly. FIAM’s emphasis on valuation led it to underweight real estate and consumer staples – sectors FIAM believed were overvalued – and to overweight financials and energy. There were no relative detractors this period, as the four managers in the Fund all contributed something to relative performance.

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Ten Holdings as of May 31, 2017

(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.^(a)	3.1	2.1
Alphabet, Inc. Class C	3.1	2.8
Microsoft Corp.	2.6	2.2
PepsiCo, Inc.	2.1	1.5
Honeywell International, Inc.	2.0	2.4
Bank of America Corp.^(a)	1.7	1.9
Northrop Grumman Corp.	1.5	0.9
McDonald's Corp.	1.5	0.0
Amazon.com, Inc.	1.4	0.7
Norfolk Southern Corp.	1.4	0.0
	20.4

(a) Security or a portion of the security is pledged as collateral for call options written.

Top Five Market Sectors as of May 31, 2017

(stocks only)	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	22.5	20.3
Consumer Discretionary	13.3	12.4
Financials	11.6	14.3
Health Care	11.6	11.3
Industrials	11.1	11.1

Asset Allocation (% of fund's net assets)

As of May 31, 2017
	Common Stocks	93.5%
	Sector Funds	0.9%
	Short-Term Investments and Net Other Assets (Liabilities)	5.6%

As of November 30, 2016
	Common Stocks	94.4%
	Sector Funds	0.4%
	Short-Term Investments and Net Other Assets (Liabilities)	5.2%

Asset allocations of funds in the pie charts reflect the categorizations of assets as defined by Morningstar as of the reporting dates indicated above.

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments May 31, 2017

Showing Percentage of Net Assets

Common Stocks - 93.5%
	Shares	Value
CONSUMER DISCRETIONARY - 13.3%
Auto Components - 0.2%
Delphi Automotive PLC	1,221	$107,411
Automobiles - 0.2%
Ford Motor Co.	10,760	119,651
General Motors Co.	745	25,278
		144,929
Hotels, Restaurants & Leisure - 2.9%
Carnival Corp.	1,474	94,439
Hilton, Inc.	1,429	94,986
Las Vegas Sands Corp.	172	10,170
McDonald's Corp.	6,276	946,986
MGM Mirage, Inc.	3,456	109,624
Restaurant Brands International, Inc.	2,197	134,421
Royal Caribbean Cruises Ltd.	1,512	166,592
Starbucks Corp.	4,605	292,924
		1,850,142
Household Durables - 0.5%
Lennar Corp. Class A	3,103	159,215
Mohawk Industries, Inc. (a)	266	63,654
PulteGroup, Inc.	3,520	79,798
Toll Brothers, Inc.	1,345	49,644
		352,311
Internet & Direct Marketing Retail - 1.7%
Amazon.com, Inc. (a)	898	893,169
Priceline Group, Inc. (a)	83	155,798
		1,048,967
Media - 5.1%
CBS Corp. Class B	2,312	141,286
Charter Communications, Inc. Class A (a)	675	233,246
Comcast Corp. Class A	16,670	694,972
DISH Network Corp. Class A (a)	3,462	220,772
The Madison Square Garden Co. (a)	2,408	470,547
The Walt Disney Co.	4,707	508,074
Time Warner, Inc.	6,978	694,241
Twenty-First Century Fox, Inc. Class A	7,622	206,709
Viacom, Inc. Class B (non-vtg.)	708	24,631
		3,194,478
Multiline Retail - 0.1%
Target Corp.	984	54,268
Specialty Retail - 2.3%
Home Depot, Inc.	1,526	234,256
Lowe's Companies, Inc.	9,183	723,345
O'Reilly Automotive, Inc. (a)	825	199,716
TJX Companies, Inc.	3,766	283,241
		1,440,558
Textiles, Apparel & Luxury Goods - 0.3%
NIKE, Inc. Class B	3,148	166,813

TOTAL CONSUMER DISCRETIONARY		8,359,877

CONSUMER STAPLES - 8.9%
Beverages - 3.8%
Coca-Cola European Partners PLC	8,322	341,535
Constellation Brands, Inc. Class A (sub. vtg.)	2,008	366,962
Diageo PLC	733	22,033
Molson Coors Brewing Co. Class B	2,057	194,983
PepsiCo, Inc.	11,100	1,297,257
The Coca-Cola Co.	2,659	120,905
		2,343,675
Food & Staples Retailing - 0.9%
Costco Wholesale Corp.	112	20,208
CVS Health Corp.	758	58,237
Kroger Co.	5,247	156,256
Wal-Mart Stores, Inc.	2,039	160,265
Walgreens Boots Alliance, Inc.	2,384	193,152
		588,118
Food Products - 1.8%
Campbell Soup Co.	2,800	161,420
Mondelez International, Inc.	9,133	425,506
The Hershey Co.	2,365	272,614
The Kraft Heinz Co.	2,937	270,791
		1,130,331
Household Products - 0.4%
Procter & Gamble Co.	3,022	266,208
Personal Products - 0.8%
Estee Lauder Companies, Inc. Class A	5,134	483,315
Unilever NV (NY Reg.)	355	20,157
		503,472
Tobacco - 1.2%
Altria Group, Inc.	5,666	427,443
Philip Morris International, Inc.	2,618	313,636
		741,079

TOTAL CONSUMER STAPLES		5,572,883

ENERGY - 4.7%
Energy Equipment & Services - 0.1%
Baker Hughes, Inc.	142	7,831
Schlumberger Ltd.	492	34,238
		42,069
Oil, Gas & Consumable Fuels - 4.6%
Anadarko Petroleum Corp.	4,102	207,274
Apache Corp.	1,285	60,087
Chevron Corp.	4,165	430,994
Concho Resources, Inc. (a)	1,026	130,076
ConocoPhillips Co.	3,226	144,170
Diamondback Energy, Inc. (a)	1,836	170,307
EOG Resources, Inc.	5,590	504,833
EQT Corp.	2,627	145,194
Exxon Mobil Corp.	122	9,821
Imperial Oil Ltd.	1,413	39,978
Kinder Morgan, Inc.	3,906	73,277
Occidental Petroleum Corp.	5,330	314,097
Phillips 66 Co.	1,833	139,510
Pioneer Natural Resources Co.	1,620	270,313
Suncor Energy, Inc.	4,183	130,923
The Williams Companies, Inc.	3,786	108,280
		2,879,134

TOTAL ENERGY		2,921,203

FINANCIALS - 11.6%
Banks - 6.3%
Bank of America Corp. (b)	47,310	1,060,217
Citigroup, Inc. (b)	13,222	800,460
JPMorgan Chase & Co. (b)	8,141	668,783
KeyCorp	7,871	137,506
PNC Financial Services Group, Inc.	684	81,191
SVB Financial Group (a)	850	144,925
U.S. Bancorp	9,262	471,343
Wells Fargo & Co.	11,278	576,757
		3,941,182
Capital Markets - 2.8%
Ameriprise Financial, Inc.	920	111,127
Bank of New York Mellon Corp.	4,309	203,040
Charles Schwab Corp.	6,519	252,611
Goldman Sachs Group, Inc.	1,675	353,861
IntercontinentalExchange, Inc.	3,323	200,011
KKR & Co. LP	8,299	152,868
Morgan Stanley	8,197	342,143
State Street Corp. (b)	1,669	135,957
		1,751,618
Consumer Finance - 0.4%
Capital One Financial Corp.	2,755	211,915
Diversified Financial Services - 0.8%
Berkshire Hathaway, Inc. Class B (a)	2,746	453,859
Voya Financial, Inc.	1,773	60,601
		514,460
Insurance - 1.3%
American International Group, Inc.	3,029	192,735
Arthur J. Gallagher & Co.	1,703	96,611
Athene Holding Ltd.	2,559	126,108
Chubb Ltd.	1,535	219,797
Marsh & McLennan Companies, Inc.	459	35,600
Progressive Corp.	3,760	159,537
		830,388

TOTAL FINANCIALS		7,249,563

HEALTH CARE - 11.6%
Biotechnology - 1.4%
Alexion Pharmaceuticals, Inc. (a)	534	52,348
Amgen, Inc.	703	109,134
Biogen, Inc. (a)	642	159,068
Biohaven Pharmaceutical Holding Co. Ltd.	363	9,151
BioMarin Pharmaceutical, Inc. (a)	634	55,564
Celgene Corp. (a)	2,139	244,723
Gilead Sciences, Inc.	514	33,353
Intercept Pharmaceuticals, Inc. (a)	100	11,190
Regeneron Pharmaceuticals, Inc. (a)	54	24,789
Vertex Pharmaceuticals, Inc. (a)	1,576	194,794
		894,114
Health Care Equipment & Supplies - 2.1%
Abbott Laboratories	3,870	176,704
Becton, Dickinson & Co.	24	4,542
Boston Scientific Corp. (a)	11,150	301,385
Danaher Corp.	7,194	611,058
Medtronic PLC	884	74,504
Zimmer Biomet Holdings, Inc.	868	103,474
		1,271,667
Health Care Providers & Services - 2.4%
Aetna, Inc.	3,426	496,290
Anthem, Inc.	232	42,305
Cardinal Health, Inc.	100	7,429
Cigna Corp.	229	36,922
Express Scripts Holding Co. (a)	346	20,674
Humana, Inc.	581	134,943
McKesson Corp.	362	59,039
UnitedHealth Group, Inc.	4,007	701,946
		1,499,548
Life Sciences Tools & Services - 0.2%
Agilent Technologies, Inc.	2,087	125,930
Pharmaceuticals - 5.5%
Allergan PLC	1,408	315,040
AstraZeneca PLC sponsored ADR	540	18,571
Bayer AG	31	4,119
Bristol-Myers Squibb Co.	4,235	228,478
Eli Lilly & Co.	5,220	415,355
GlaxoSmithKline PLC sponsored ADR	2,905	128,488
Johnson & Johnson	6,235	799,639
Merck & Co., Inc.	1,805	117,524
Novartis AG sponsored ADR	133	10,875
Pfizer, Inc.	18,090	590,639
Sanofi SA	244	24,169
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,523	42,431
Zoetis, Inc. Class A	11,987	746,550
		3,441,878

TOTAL HEALTH CARE		7,233,137

INDUSTRIALS - 11.1%
Aerospace & Defense - 2.2%
General Dynamics Corp.	746	151,625
L3 Technologies, Inc.	573	96,602
Northrop Grumman Corp.	3,699	958,855
The Boeing Co.	333	62,481
United Technologies Corp.	935	113,397
		1,382,960
Air Freight & Logistics - 0.2%
FedEx Corp.	168	32,565
United Parcel Service, Inc. Class B	764	80,961
		113,526
Airlines - 0.8%
Delta Air Lines, Inc.	6,181	303,673
United Continental Holdings, Inc. (a)	2,492	198,538
		502,211
Building Products - 0.4%
Allegion PLC	1,800	141,534
Masco Corp.	3,361	125,197
		266,731
Electrical Equipment - 0.7%
Fortive Corp.	6,503	406,112
Industrial Conglomerates - 3.1%
General Electric Co.	23,931	655,231
Honeywell International, Inc.	9,582	1,274,310
		1,929,541
Machinery - 0.9%
Ingersoll-Rand PLC	2,603	233,229
PACCAR, Inc.	1,771	111,502
Stanley Black & Decker, Inc.	1,673	230,272
		575,003
Road & Rail - 2.7%
Canadian Pacific Railway Ltd.	675	106,793
CSX Corp. (b)	6,357	344,359
Norfolk Southern Corp.	6,962	863,497
Union Pacific Corp.	3,623	399,617
		1,714,266
Trading Companies & Distributors - 0.1%
HD Supply Holdings, Inc. (a)	1,850	74,648

TOTAL INDUSTRIALS		6,964,998

INFORMATION TECHNOLOGY - 22.5%
Communications Equipment - 0.7%
Cisco Systems, Inc.	14,501	457,217
Electronic Equipment & Components - 1.5%
Amphenol Corp. Class A	7,819	583,297
TE Connectivity Ltd.	4,663	367,678
		950,975
Internet Software & Services - 5.1%
Alphabet, Inc.:
Class A (a)	174	171,754
Class C (a)	2,027	1,955,771
eBay, Inc. (a)	10,566	362,414
Facebook, Inc. Class A (a)	4,750	719,435
Velti PLC (a)(c)	976	2
		3,209,376
IT Services - 3.0%
Accenture PLC Class A	2,647	329,472
Cognizant Technology Solutions Corp. Class A	3,476	232,579
IBM Corp.	1,287	196,435
MasterCard, Inc. Class A	646	79,380
PayPal Holdings, Inc. (a)	3,162	165,088
Visa, Inc. Class A	7,887	751,079
WEX, Inc. (a)	853	87,142
		1,841,175
Semiconductors & Semiconductor Equipment - 4.5%
Analog Devices, Inc.	8,764	751,601
Broadcom Ltd.	2,190	524,461
Intel Corp.	5,064	182,861
Microchip Technology, Inc.	1,543	128,532
Micron Technology, Inc. (a)	3,398	104,556
NVIDIA Corp.	651	93,972
NXP Semiconductors NV (a)	1,140	125,286
Qualcomm, Inc.	5,000	286,350
Texas Instruments, Inc.	5,689	469,286
Xilinx, Inc.	2,325	155,101
		2,822,006
Software - 4.4%
Activision Blizzard, Inc.	1,798	105,327
Adobe Systems, Inc. (a)	2,515	356,778
Electronic Arts, Inc. (a)	827	93,724
Microsoft Corp.	23,440	1,637,050
Oracle Corp.	6,662	302,388
Salesforce.com, Inc. (a)	96	8,605
Snap, Inc. Class A (a)	2,267	48,083
Take-Two Interactive Software, Inc. (a)	1,540	118,180
Workday, Inc. Class A (a)	827	82,683
		2,752,818
Technology Hardware, Storage & Peripherals - 3.3%
Apple, Inc. (b)	12,876	1,966,933
Western Digital Corp.	1,161	104,560
		2,071,493

TOTAL INFORMATION TECHNOLOGY		14,105,060

MATERIALS - 4.0%
Chemicals - 3.2%
Air Products & Chemicals, Inc.	1,903	274,146
E.I. du Pont de Nemours & Co.	3,337	263,356
Eastman Chemical Co.	2,250	180,248
LyondellBasell Industries NV Class A	460	37,039
Monsanto Co.	2,260	265,369
Potash Corp. of Saskatchewan, Inc.	20,691	341,723
PPG Industries, Inc.	70	7,445
Praxair, Inc.	4,250	562,233
The Mosaic Co.	2,575	58,272
		1,989,831
Construction Materials - 0.1%
Vulcan Materials Co.	493	61,452
Containers & Packaging - 0.7%
Berry Global Group, Inc. (a)	2,745	159,183
Crown Holdings, Inc. (a)	1,839	106,184
Packaging Corp. of America	1,020	104,203
WestRock Co.	1,346	73,249
		442,819

TOTAL MATERIALS		2,494,102

REAL ESTATE - 1.2%
Equity Real Estate Investment Trusts (REITs) - 1.2%
American Tower Corp.	102	13,381
AvalonBay Communities, Inc.	620	118,569
Crown Castle International Corp.	4,207	427,642
Public Storage	332	71,496
Vornado Realty Trust	1,289	118,846
		749,934
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.	4,307	165,949
Verizon Communications, Inc.	5,426	253,069
		419,018
Wireless Telecommunication Services - 0.4%
T-Mobile U.S., Inc. (a)	4,321	291,322

TOTAL TELECOMMUNICATION SERVICES		710,340

UTILITIES - 3.5%
Electric Utilities - 3.4%
Edison International	1,699	138,587
Exelon Corp.	1,517	55,082
Fortis, Inc.	3,890	127,903
Fortis, Inc.	7,354	242,094
NextEra Energy, Inc.	5,661	800,692
PG&E Corp.	2,108	144,145
PPL Corp.	11,335	452,380
Xcel Energy, Inc.	3,084	147,754
		2,108,637
Multi-Utilities - 0.1%
CMS Energy Corp.	2,056	97,475

TOTAL UTILITIES		2,206,112

TOTAL COMMON STOCKS
(Cost $44,105,673)		58,567,209

Convertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Internet & Direct Marketing Retail - 0.0%
The Honest Co., Inc. Series D (a)(c)	151	5,018
HEALTH CARE - 0.0%
Health Care Equipment & Supplies - 0.0%
Becton, Dickinson & Co. Series A 6.125%	100	5,316
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $11,909)		10,334

Equity Funds - 0.9%
Sector Funds - 0.9%
iShares NASDAQ Biotechnology Index ETF
(Cost $524,252)	1,861	531,781

U.S. Treasury Obligations - 0.2%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.75% to 0.86% 6/22/17 to 8/3/17 (d)
(Cost $109,882)	$110,000	109,873

Money Market Funds - 5.2%
	Shares
Invesco Government & Agency Portfolio Institutional Class 0.71%(e)
(Cost $3,274,884)	3,274,884	3,274,884
TOTAL INVESTMENT PORTFOLIO - 99.8%
(Cost $48,026,600)		62,494,081
NET OTHER ASSETS (LIABILITIES) - 0.2%		113,883
NET ASSETS - 100%		$62,607,964

Written Options
	Expiration Date/Exercise Price	Number of Contracts	Premium	Value
Call Options
Apple, Inc.	7/21/17 - $155.00	1	$106	$(303)
Bank of America Corp.	8/18/17 - $26.00	12	204	(126)
Citigroup, Inc.	8/18/17 - $65.00	6	831	(438)
CSX Corp.	7/21/17 - $52.50	2	308	(630)
JPMorgan Chase & Co.	8/18/17 - $90.00	3	285	(123)
State Street Corp.	8/18/17 - $85.00	2	274	(299)
TOTAL WRITTEN OPTIONS			$2,008	$(1,919)

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
17 CME E-mini S&P 500 Index Contracts (United States)	June 2017	2,049,435	$38,585

The face value of futures purchased as a percentage of Net Assets is 3.3%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

(a) Non-income producing

(b) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $130,263.

(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,020 or 0.0% of net assets.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $91,898.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
The Honest Co., Inc. Series D	8/12/15	$6,909
Velti PLC	4/19/13	$1,464

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$8,364,895	$8,359,877	$--	$5,018
Consumer Staples	5,572,883	5,550,850	22,033	--
Energy	2,921,203	2,921,203	--	--
Financials	7,249,563	7,249,563	--	--
Health Care	7,238,453	7,204,849	33,604	--
Industrials	6,964,998	6,964,998	--	--
Information Technology	14,105,060	14,105,060	--	--
Materials	2,494,102	2,494,102	--	--
Real Estate	749,934	749,934	--	--
Telecommunication Services	710,340	710,340	--	--
Utilities	2,206,112	2,206,112	--	--
Equity Funds	531,781	531,781	--	--
Other Short-Term Investments	109,873	--	109,873	--
Money Market Funds	3,274,884	3,274,884	--	--
Total Investments in Securities:	$62,494,081	$62,323,553	$165,510	$5,018
Derivative Instruments:
Assets
Futures Contracts	$38,585	$38,585	$--	$--
Total Assets	$38,585	$38,585	$--	$--
Liabilities
Written Options	$(1,919)	$(1,919)	$--	$--
Total Liabilities	$(1,919)	$(1,919)	$--	$--
Total Derivative Instruments:	$36,666	$36,666	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts(a)	$38,585	$0
Written Options(b)	0	(1,919)
Total Equity Risk	38,585	(1,919)
Total Value of Derivatives	$38,585	$(1,919)

(b) Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		May 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $48,026,600)		$62,494,081
Foreign currency held at value (cost $2,554)		2,532
Receivable for investments sold		1,337,562
Receivable for fund shares sold		2,676
Dividends receivable		114,939
Interest receivable		2,011
Receivable for daily variation margin for derivative instruments		340
Prepaid expenses		302
Receivable from investment adviser for expense reductions		3,731
Other receivables		990
Total assets		63,959,164
Liabilities
Payable to custodian bank	$2,635
Payable for investments purchased	1,190,182
Payable for fund shares redeemed	50,871
Accrued management fee	31,096
Distribution and service plan fees payable	28
Written options, at value (premium received $2,008)	1,919
Other affiliated payables	6,403
Other payables and accrued expenses	68,066
Total liabilities		1,351,200
Net Assets		$62,607,964
Net Assets consist of:
Paid in capital		$45,820,192
Undistributed net investment income		212,114
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		2,069,522
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		14,506,136
Net Assets		$62,607,964
Core Multi-Manager:
Net Asset Value, offering price and redemption price per share ($58,221,026 ÷ 4,518,021 shares)		$12.89
Class F:
Net Asset Value, offering price and redemption price per share ($4,118,450 ÷ 318,022 shares)		$12.95
Class L:
Net Asset Value, offering price and redemption price per share ($134,838 ÷ 10,463 shares)		$12.89
Class N:
Net Asset Value, offering price and redemption price per share ($133,650 ÷ 10,385 shares)		$12.87

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended May 31, 2017
Investment Income
Dividends:
Unaffiliated issuers		$1,014,343
Interest		14,037
Total income		1,028,380
Expenses
Management fee	$349,024
Transfer agent fees	53,073
Distribution and service plan fees	313
Accounting fees and expenses	22,623
Custodian fees and expenses	87,417
Independent trustees' fees and expenses	692
Registration fees	42,779
Audit	69,719
Legal	6,956
Miscellaneous	2,280
Total expenses before reductions	634,876
Expense reductions	(114,603)	520,273
Net investment income (loss)		508,107
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,329,904
Foreign currency transactions	1,070
Futures contracts	365,269
Written options	4,429
Total net realized gain (loss)		4,700,672
Change in net unrealized appreciation (depreciation) on: Investment securities	3,978,310
Assets and liabilities in foreign currencies	18
Futures contracts	(71,122)
Written options	89
Total change in net unrealized appreciation (depreciation)		3,907,295
Net gain (loss)		8,607,967
Net increase (decrease) in net assets resulting from operations		$9,116,074

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended May 31, 2017	Year ended May 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$508,107	$490,739
Net realized gain (loss)	4,700,672	3,376,503
Change in net unrealized appreciation (depreciation)	3,907,295	(3,873,441)
Net increase (decrease) in net assets resulting from operations	9,116,074	(6,199)
Distributions to shareholders from net investment income	(471,794)	(513,897)
Distributions to shareholders from net realized gain	(4,835,255)	(4,359,150)
Total distributions	(5,307,049)	(4,873,047)
Share transactions - net increase (decrease)	3,335,131	(3,202,704)
Total increase (decrease) in net assets	7,144,156	(8,081,950)
Net Assets
Beginning of period	55,463,808	63,545,758
End of period	$62,607,964	$55,463,808
Other Information
Undistributed net investment income end of period	$212,114	$175,050

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund

Years ended May 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.11	$13.07	$14.28	$13.02	$10.61
Income from Investment Operations
Net investment income (loss)^A	.11	.10	.10	.11	.13
Net realized and unrealized gain (loss)	1.82	(.04)	1.28	2.27	2.60
Total from investment operations	1.93	.06	1.38	2.38	2.73
Distributions from net investment income	(.10)	(.11)	(.12)	(.11)	(.12)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(1.02)	(.20)
Total distributions	(1.15)	(1.02)	(2.59)	(1.12)^B	(.32)
Net asset value, end of period	$12.89	$12.11	$13.07	$14.28	$13.02
Total Return^C	17.03%	.61%	10.70%	19.49%	26.33%
Ratios to Average Net Assets^D
Expenses before reductions	1.10%	1.20%	1.14%	1.21%	1.03%
Expenses net of fee waivers, if any	.90%	.97%	.97%	.97%	.97%
Expenses net of all reductions	.90%	.97%	.97%	.97%	.96%
Net investment income (loss)	.87%	.84%	.78%	.80%	1.12%
Supplemental Data
Net assets, end of period (000 omitted)	$58,221	$52,330	$60,606	$60,938	$67,623
Portfolio turnover rate^E	151%	143%	151%	134%	95%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.12 per share is comprised of distributions from net investment income of $.108 and distributions from net realized gain of $1.015 per share.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the Underlying Funds are not included in the Fund's annualized ratios. The Fund indirectly bears its proportionate share of the expenses of the Underlying Funds.

^E Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund Class F

Years ended May 31,	2017	2016	2015	2014	2013 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.15	$13.10	$14.30	$13.02	$11.62
Income from Investment Operations
Net investment income (loss)^B	.12	.11	.11	.12	.06
Net realized and unrealized gain (loss)	1.83	(.04)	1.28	2.28	1.46
Total from investment operations	1.95	.07	1.39	2.40	1.52
Distributions from net investment income	(.10)	(.11)	(.12)	(.11)	(.08)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(1.02)	(.04)
Total distributions	(1.15)	(1.02)	(2.59)	(1.12)^C	(.12)
Net asset value, end of period	$12.95	$12.15	$13.10	$14.30	$13.02
Total Return^D,^E	17.14%	.69%	10.78%	19.66%	13.22%
Ratios to Average Net Assets^F
Expenses before reductions	1.00%	1.10%	1.05%	1.11%	.96%^G
Expenses net of fee waivers, if any	.81%	.87%	.87%	.87%	.87%^G
Expenses net of all reductions	.81%	.87%	.87%	.87%	.86%^G
Net investment income (loss)	.96%	.93%	.88%	.90%	1.02%^G
Supplemental Data
Net assets, end of period (000 omitted)	$4,118	$2,891	$2,698	$1,527	$285
Portfolio turnover rate^H	151%	143%	151%	134%	95%

^A For the period December 18, 2012 (commencement of sale of shares) to May 31, 2013.

^B Calculated based on average shares outstanding during the period.

^C Total distributions of $1.12 per share is comprised of distributions from net investment income of $.109 and distributions from net realized gain of $1.015 per share.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the Underlying Funds are not included in the Fund's annualized ratios. The Fund indirectly bears its proportionate share of the expenses of the Underlying Funds.

^G Annualized

^H Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund Class L

Years ended May 31,	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.11	$13.07	$14.29	$13.50
Income from Investment Operations
Net investment income (loss)^B	.11	.10	.10	.07
Net realized and unrealized gain (loss)	1.82	(.04)	1.27	1.19
Total from investment operations	1.93	.06	1.37	1.26
Distributions from net investment income	(.10)	(.11)	(.12)	(.06)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(.41)
Total distributions	(1.15)	(1.02)	(2.59)	(.47)
Net asset value, end of period	$12.89	$12.11	$13.07	$14.29
Total Return^C,^D	17.03%	.61%	10.62%	9.50%
Ratios to Average Net Assets^E
Expenses before reductions	1.10%	1.20%	1.14%	1.19%^F
Expenses net of fee waivers, if any	.90%	.97%	.97%	.97%^F
Expenses net of all reductions	.90%	.97%	.97%	.97%^F
Net investment income (loss)	.87%	.83%	.78%	.90%^F
Supplemental Data
Net assets, end of period (000 omitted)	$135	$122	$121	$109
Portfolio turnover rate^G	151%	143%	151%	134%

^A For the period November 12, 2013 (commencement of sale of shares) to May 31, 2014.

^B Calculated based on average shares outstanding during the period.

^C Total returns for periods of less than one year are not annualized.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the Underlying Funds are not included in the Fund's annualized ratios. The Fund indirectly bears its proportionate share of the expenses of the Underlying Funds.

^F Annualized

^G Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund Class N

Years ended May 31,	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.10	$13.06	$14.27	$13.50
Income from Investment Operations
Net investment income (loss)^B	.08	.07	.07	.05
Net realized and unrealized gain (loss)	1.81	(.04)	1.28	1.18
Total from investment operations	1.89	.03	1.35	1.23
Distributions from net investment income	(.07)	(.08)	(.09)	(.06)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(.41)
Total distributions	(1.12)	(.99)	(2.56)	(.46)^C
Net asset value, end of period	$12.87	$12.10	$13.06	$14.27
Total Return^D,^E	16.66%	.36%	10.43%	9.32%
Ratios to Average Net Assets^F
Expenses before reductions	1.35%	1.45%	1.39%	1.45%^G
Expenses net of fee waivers, if any	1.15%	1.22%	1.22%	1.22%^G
Expenses net of all reductions	1.15%	1.22%	1.22%	1.22%^G
Net investment income (loss)	.62%	.58%	.53%	.65%^G
Supplemental Data
Net assets, end of period (000 omitted)	$134	$121	$121	$109
Portfolio turnover rate^H	151%	143%	151%	134%

^A For the period November 12, 2013 (commencement of sale of shares) to May 31, 2014.

^B Calculated based on average shares outstanding during the period.

^C Total distributions of $.46 per share is comprised of distributions from net investment income of $.056 and distributions from net realized gain of $.405 per share.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Annualized

^H Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended May 31, 2017

1. Organization.

Strategic Advisers Core Multi-Manager Fund (the Fund) is a fund of Fidelity Rutland Square Trust II (the Trust), and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund is available only to certain employer-sponsored retirement plans and certain Fidelity brokerage or mutual fund accounts. The Fund offers Core Multi-Manager, Class F, Class L and Class N shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments 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 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

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. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by 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. 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. Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in 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. If an unaffiliated open-end mutual fund's NAV 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.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Underlying Funds and distributions from ETFs, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2017, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to futures and options contracts, foreign currency transactions, market discount, deferred trustees compensation, partnerships and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$14,844,875
Gross unrealized depreciation	(670,140)
Net unrealized appreciation (depreciation) on securities	$14,174,735
Tax Cost	$48,319,346

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$915,585
Undistributed long-term capital gain	$1,698,370
Net unrealized appreciation (depreciation) on securities and other investments	$14,174,805

The tax character of distributions paid was as follows:

	May 31, 2017	May 31, 2016
Ordinary Income	$1,030,553	$ 1,137,130
Long-term Capital Gains	4,276,496	3,735,917
Total	$5,307,049	$ 4,873,047

3. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts and options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts and exchange-traded options may be mitigated by the protection provided by the exchange on which they trade.

Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives. The table below, which reflects the impacts of derivatives on the financial performance of the Fund, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Equity Risk
Futures Contracts	$ 365,269	$(71,122)
Written Options	4,429	89
Totals	$369,698	$(71,033)

A summary of the value of derivatives by primary risk exposure as of period end is included at the end of the Schedule of Investments.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

The Fund used exchange-traded written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the Fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, the Fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are reflected separately on the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options".

The following is a summary of the Fund's written options activity:

	Number of Contracts	Amount of Premiums
Outstanding at beginning of period	-	$-
Options Opened	203	13,143
Options Exercised	(73)	(5,741)
Options Closed	(47)	(2,385)
Options Expired	(57)	(3,009)
Outstanding at end of period	26	$2,008

4. Purchases and Sales of Investments.

Purchases and sales of securities (including the Underlying Fund shares), other than short-term securities, aggregated $82,537,222 and $83,661,588, respectively.

5. Fees and Other Transactions with Affiliates.

Sub-Advisers. AllianceBernstein, L.P. (AB), First Eagle Investment Management, LLC, J.P. Morgan Investment Management, Inc. and FIAM LLC (an affiliate of the investment adviser) each served as a sub-adviser for the Fund during the period. Sub-advisers provide discretionary investment advisory services for their allocated portion of the Fund's assets and are paid by the investment adviser and not the Fund for providing these services.

Aristotle Capital Management, LLC, Brandywine Global Investment Management, LLC, ClariVest Asset Management LLC, Geode Capital Management, LLC, Loomis Sayles & Company, L.P., LSV Asset Management, Massachusetts Financial Services Company (MFS), Morgan Stanley Investment Management, Inc., Oppenheimer Funds, Inc., Robeco Investment Management, Inc. (d/b/a Boston Partners), T. Rowe Price Associates, Inc. and Waddell & Reed Investment Management Co. have been retained to serve as a sub-adviser for the Fund. As of the date of the report, however, these sub-advisers have not been allocated any portion of the Fund's assets. These sub-advisers in the future may provide discretionary investment advisory services for an allocated portion of the Fund's assets and will be paid by the investment adviser for providing these services.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Class N pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a Service Fee based on an annual percentage of Class N's average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:

	Service Fee	Total Fees	Retained by FDC
Class N	.25%	$313	$313

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class F. Each class, except for Class F, does not directly pay transfer agent fees with respect to the portion of its assets invested in Underlying Funds, excluding exchange-traded funds. FIIOC receives no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each applicable class were as follows:

	Amount	% of Class-Level Average Net Assets
Core Multi-Manager	$52,830	.10
Class L	122	.10
Class N	121	.10
	$53,073

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $304 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $192 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

The investment adviser has contractually agreed to reimburse Core Multi-Manager, Class L and Class N to the extent that annual operating expenses exceed certain levels of average net assets as noted in the table below. This reimbursement will remain in place through July 31, 2018. In addition, the investment adviser has voluntarily agreed to reimburse Class F to the extent that annual operating expenses exceed certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from these reimbursements. The following classes of the Fund were in reimbursement during the period:

	Expense Limitations^(a)	Expense Limitations^(b)	Reimbursement
Core Multi-Manager	.90%	.90%	$107,527
Class F	.80%	.81%	6,554
Class L	.90%	.90%	247
Class N	1.15%	1.15%	249

(a) Expense limitation effective June 1, 2016.

(b) Expense limitation effective October 1, 2016.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $16 for the period.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended May 31, 2017	Year ended May 31, 2016
From net investment income
Core Multi-Manager	$443,816	$487,696
Class F	26,230	24,473
Class L	1,027	1,009
Class N	721	719
Total	$471,794	$513,897
From net realized gain
Core Multi-Manager	$4,552,626	$4,135,487
Class F	261,588	206,573
Class L	10,549	8,557
Class N	10,492	8,533
Total	$4,835,255	$4,359,150

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended May 31, 2017	Year ended May 31, 2016	Year ended May 31, 2017	Year ended May 31, 2016
Core Multi-Manager
Shares sold	141,085	96,245	$1,713,629	$1,129,447
Reinvestment of distributions	422,177	384,610	4,996,442	4,623,183
Shares redeemed	(366,148)	(796,791)	(4,350,140)	(9,362,604)
Net increase (decrease)	197,114	(315,936)	$2,359,931	$(3,609,974)
Class F
Shares sold	139,459	92,805	$1,705,384	$1,114,584
Reinvestment of distributions	24,215	19,171	287,818	231,046
Shares redeemed	(83,486)	(80,075)	(1,027,313)	(957,178)
Net increase (decrease)	80,188	31,901	$965,889	$388,452
Class L
Reinvestment of distributions	978	796	$11,576	$9,566
Shares redeemed	(578)	–	(6,762)	–
Net increase (decrease)	400	796	$4,814	$9,566
Class N
Reinvestment of distributions	948	769	$11,213	$9,252
Shares redeemed	(575)	–	(6,716)	–
Net increase (decrease)	373	769	$4,497	$9,252

10. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 89% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Core Multi-Manager Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Strategic Advisers Core Multi-Manager Fund (a fund of Fidelity Rutland Square Trust II) as of May 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Strategic Advisers Core Multi-Manager Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
July 17, 2017

Trustees and Officers

Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5095 (plan accounts), or 1-800-544-3455 (all other accounts).

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bruce T. Herring (1965)

Year of Election or Appointment: 2015

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2016

Trustee

Chairman of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with Strategic Advisers.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Peter C. Aldrich (1944)

Year of Election or Appointment: 2006

Trustee

Ralph F. Cox (1932)

Year of Election or Appointment: 2006

Trustee

Mary C. Farrell (1949)

Year of Election or Appointment: 2013

Trustee

Karen Kaplan (1960)

Year of Election or Appointment: 2006

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Amy Butte (1968)

Year of Election or Appointment: 2017

Member of the Advisory Board

Howard E. Cox, Jr. (1944)

Year of Election or Appointment: 2009

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Brian J. Blackburn (1975)

Year of Election or Appointment: 2014

Assistant Secretary

Mr. Blackburn also serves as an officer of other funds. Mr. Blackburn serves as Vice President & Associate General Counsel (2013-present) and is an employee of Fidelity Investments (2007-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

President and Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2012

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2015

Chief Financial Officer

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

James D. Gryglewicz (1972)

Year of Election or Appointment: 2015

Chief Compliance Officer

John Hitt (1967)

Year of Election or Appointment: 2014

Secretary and Chief Legal Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2016 to May 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the underlying mutual funds and exchange-traded funds (ETFs) (the Underlying Funds), the Fund also indirectly bears its proportionate share of the expenses of the Underlying Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the Underlying Funds, the Fund also indirectly bears its proportionate share of the expenses of the Underlying Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

	Annualized Expense Ratio-^A	Beginning Account Value December 1, 2016	Ending Account Value May 31, 2017	Expenses Paid During Period-^B December 1, 2016 to May 31, 2017
Core Multi-Manager	.90%
Actual		$1,000.00	$1,103.30	$4.72
Hypothetical-^C		$1,000.00	$1,020.44	$4.53
Class F	.81%
Actual		$1,000.00	$1,103.70	$4.25
Hypothetical-^C		$1,000.00	$1,020.89	$4.08
Class L	.90%
Actual		$1,000.00	$1,103.30	$4.72
Hypothetical-^C		$1,000.00	$1,020.44	$4.53
Class N	1.15%
Actual		$1,000.00	$1,101.80	$6.03
Hypothetical-^C		$1,000.00	$1,019.20	$5.79

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). The fees and expenses of the Underlying Funds in which the Fund invests are not included in the Fund's annualized expense ratio.

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Strategic Advisers Core Multi-Manager Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Strategic Advisers Core Multi-Manager Fund
Strategic Advisers Core Multi-Manager Fund	07/10/17	07/07/17	$0.044	$0.495
Class F	07/10/17	07/07/17	$0.044	$0.495
Class L	07/10/17	07/07/17	$0.044	$0.495
Class N	07/10/17	07/07/17	$0.031	$0.495

The fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2017, $3,033,134, or, if subsequently determined to be different, the net capital gain of such year.

Strategic Advisers Core Multi-Manager Fund designates 97%, and 58%; Class F designates 97%, and 58%; Class L designates 97% and 58%; and Class N designates 100%, and 65% of the dividends distributed in July and December respectively during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Strategic Advisers Core Multi-Manager Fund designates 98%, and 65%; Class F designates 98%, and 65%; Class L designates 98%, and 65%; and Class N designates 100% and 72% of the dividends distributed in July and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contract and Management Fees

Strategic Advisers Core Multi-Manager Fund

On March 7, 2017, the Board of Trustees, including the Independent Trustees (together, the Board) voted at an in-person meeting to approve an amendment to the fee schedule in the existing sub-advisory agreement (the Current Sub-Advisory Agreement) with J.P. Morgan Investment Management Inc. (J.P. Morgan) to add an additional investment mandate (the Amended Sub-Advisory Agreement) for the fund. The terms of the Amended Sub-Advisory Agreement are identical to those of the Current Sub-Advisory Agreement, except with respect to the date of execution and the fee schedule, which was amended to add a new investment mandate.

The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information it believed relevant to the approval of the Amended Sub-Advisory Agreement.

In considering whether to approve the Amended Sub-Advisory Agreement, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the approval of the Amended Sub-Advisory Agreement is in the best interests of the fund and its shareholders and that the approval of such agreement does not involve a conflict of interest from which Strategic Advisers, Inc. (Strategic Advisers) or its affiliates derive an inappropriate advantage. Also, the Board found that the advisory fees to be charged under the Amended Sub-Advisory Agreement bear a reasonable relationship to the services to be rendered and will be based upon services provided that will be in addition to, rather than duplicative of, services provided under the advisory contract of any underlying fund in which the fund may invest. The Board's decision to approve the Amended Sub-Advisory Agreement was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board. In addition, individual Trustees did not necessarily attribute the same weight or importance to each factor.

Nature, Extent, and Quality of Services Provided. The Board noted that it is familiar with the nature, extent and quality of services provided by J.P. Morgan from its oversight of J.P. Morgan as a sub-adviser on an existing investment mandate on behalf of the fund and other funds overseen by the Board and that the same support staff, including compliance personnel, that currently provides services to the fund and other Strategic Advisers funds will also provide services to the fund on behalf of the new investment mandate. The Board also took into consideration the fund's investment objective, strategies and related investment philosophy, and current sub-adviser lineup as well as information regarding the investment strategy to be used by J.P. Morgan under the new investment mandate on behalf of the fund. The Board also considered the structure of J.P. Morgan's portfolio manager compensation program with respect to the investment personnel that will provide services to the fund under the new investment mandate and whether this structure provides appropriate incentives to act in the best interests of the fund.

Resources Dedicated to Investment Management and Support Services. The Board noted that J.P. Morgan will utilize a different investment mandate to manage the fund than it currently uses on behalf of the fund and reviewed the general qualifications and capabilities of the investment staff that will provide services to the fund under the new investment mandate and its use of technology. The Board noted that J.P. Morgan's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated fundamental and/or quantitative analysis. Additionally, in their deliberations, the Board considered J.P. Morgan's trading capabilities and resources which are integral parts of the investment management process.

Shareholder and Administrative Services. The Board also noted that it reviewed information regarding (i) the nature, extent, quality and cost of advisory services provided by J.P. Morgan in connection with the annual renewal of the Current Sub-Advisory Agreement and (ii) the resources devoted to compliance policies and procedures at its September 2016 Board meeting.

Investment Performance. The Board also considered the historical investment performance of J.P. Morgan and the portfolio managers in managing accounts under a similar investment mandate.

Based on its review, the Board concluded that the nature, extent, and quality of services that will be provided to the fund under the Amended Sub-Advisory Agreement should continue to benefit the fund's shareholders.

Competitiveness of Management Fee and Total Fund Expenses. In reviewing the Amended Sub-Advisory Agreement, the Board considered the amount and nature of fees to be paid by the fund to the fund's investment adviser, Strategic Advisers, the amount and nature of fees to be paid by Strategic Advisers to J.P. Morgan and the projected change in the fund's total management fee and total operating expenses, if any, as a result of the new investment mandate.

The Board considered that the Amended Sub-Advisory Agreement will not result in any changes to the fund's total management fee or total fund expenses of the fund because Strategic Advisers does not expect to allocate any assets of the fund to J.P. Morgan under the new investment mandate at this time. The Board also considered that the Amended Sub-Advisory Agreement will not result in any changes to the fund's maximum aggregate annual management fee rate, Strategic Advisers' portion of the fund's management fee or Strategic Advisers' expense reimbursement arrangements for each class of the fund. Based on its review, the Board concluded that the fund's management fee structure and total expenses continue to bear a reasonable relationship to the services that the fund and its shareholders will receive and the other factors considered.

Based on its review, the Board concluded that the fund's management fee structure and any projected changes to total expenses (if any) continue to bear a reasonable relationship to the services that the fund and its shareholders will receive and the other factors considered.

Because the Amended Sub-Advisory Agreement was negotiated at arm's length and will have no impact on the maximum management fees payable by the fund or Strategic Advisers portion of the management fee, the Board did not consider the costs of services and profitability to be significant factors in its decision to approve the Amended Sub-Advisory Agreement.

Potential Fall-Out Benefits. The Board considered that it reviews information regarding the potential of direct and indirect benefits to Strategic Advisers and its affiliates and each sub-adviser from their relationships with the fund, including non-advisory fee compensation paid to affiliates of Strategic Advisers, if any, during its annual renewal of the fund's advisory agreement with Strategic Advisers and each sub-advisory agreement. With respect to the Amended Sub-Advisory Agreement, the Board considered management's representation that it does not anticipate that the addition of the new investment mandate will have a material impact on the potential for fall-out benefits to Strategic Advisers or its affiliates.

Possible Economies of Scale. The Board considered that it reviews whether there have been economies of scale in connection with the management of the fund during its annual renewal of the fund's advisory agreement with Strategic Advisers and the fund's sub-advisory agreements. The Board noted that under the Amended Sub-Advisory Agreement, a lower sub-advisory fee rate is paid to J.P. Morgan as a result of aggregating assets managed by J.P. Morgan on behalf of all funds managed by Strategic Advisers.

Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the Amended Sub-Advisory Agreement's fee structure continues to bear a reasonable relationship to the services to be rendered and that the Amended Sub-Advisory Agreement should be approved because the agreement is in the best interests of the fund and its shareholders. The Board also concluded that the sub-advisory fees to be charged thereunder will be based on services provided that will be in addition to, rather than duplicative of services provided under the advisory contract of any underlying fund in which the fund may invest. In addition, the Board concluded that the approval of the Amended Sub-Advisory Agreement does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage.

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Peter C. Aldrich
Affirmative	80,345,400,272.38	97.367
Withheld	2,172,700,318.89	2.633
TOTAL	82,518,100,591.27	100.000
Amy Butte Liebowitz
Affirmative	80,349,798,079.05	97.372
Withheld	2,168,302,512.22	2.628
TOTAL	82,518,100,591.27	100.000
Ralph F. Cox
Affirmative	80,185,900,067.22	97.174
Withheld	2,332,200,524.05	2.826
TOTAL	82,518,100,591.27	100.000
Mary C. Farrell
Affirmative	80,442,189,509.02	97.484
Withheld	2,075,911,082.25	2.516
TOTAL	82,518,100,591.27	100.000
Bruce T. Herring
Affirmative	80,450,867,609.22	97.495
Withheld	2,067,232,982.05	2.505
TOTAL	82,518,100,591.27	100.000
Karen Kaplan
Affirmative	80,281,077,426.19	97.289
Withheld	2,237,023,165.08	2.711
TOTAL	82,518,100,591.27	100.000
Robert A. Lawrence
Affirmative	80,483,442,135.49	97.534
Withheld	2,034,658,455.78	2.466
TOTAL	82,518,100,591.27	100.000

PROPOSAL 2a

To approve a sub-advisory agreement among Strategic Advisers, FIAM LLC (FIAM) and the Trust on behalf of Strategic Advisers^® Core Multi-Manager Fund with respect to FIAM's Sector Managed strategy.

	# of Votes	% of Votes
Affirmative	48,989,698.04	87.976
Against	515,760.11	0.926
Abstain	6,179,974.42	11.098
TOTAL	55,685,432.57	100.000

PROPOSAL 2b

To approve a sub-advisory agreement among Strategic Advisers, FIAM LLC (FIAM) and the Trust on behalf of Strategic Advisers^® Core Multi-Manager Fund with respect to FIAM's Large Cap Core strategy.

	# of Votes	% of Votes
Affirmative	48,989,698.04	87.976
Against	515,760.11	0.926
Abstain	6,179,974.42	11.098
TOTAL	55,685,432.57	100.000

PROPOSAL 4a

To approve a sub-advisory agreement among Strategic Advisers, Geode Capital Management, LLC (Geode) and the Trust on behalf of Strategic Advisers^® Core Multi-Manager Fund with respect to Geode's Factor-Based strategy.

	# of Votes	% of Votes
Affirmative	48,989,698.04	87.976
Against	515,760.11	0.926
Abstain	6,179,974.42	11.098
TOTAL	55,685,432.57	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MMC-ANN-0717
1.931538.105

Strategic Advisers® Core Multi-Manager Fund

Class F

Annual Report

May 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contract and Management Fees
Proxy Voting Results

You may also call 1-800-835-5095 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended May 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Class F	17.14%	14.58%	14.31%

^A From November 16, 2011

The initial offering of Class F shares took place on December 18, 2012. Returns prior to December 18, 2012 are those of Strategic Advisers® Core Multi-Manager Fund, the original class of the fund.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Strategic Advisers® Core Multi-Manager Fund - Class F on November 16, 2011, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

See previous page for additional information regarding the performance of Class F.

	Period Ending Values
	$20,984	Strategic Advisers® Core Multi-Manager Fund - Class F
	$21,955	S&P 500® Index

Management's Discussion of Fund Performance

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Ten Holdings as of May 31, 2017

(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.^(a)	3.1	2.1
Alphabet, Inc. Class C	3.1	2.8
Microsoft Corp.	2.6	2.2
PepsiCo, Inc.	2.1	1.5
Honeywell International, Inc.	2.0	2.4
Bank of America Corp.^(a)	1.7	1.9
Northrop Grumman Corp.	1.5	0.9
McDonald's Corp.	1.5	0.0
Amazon.com, Inc.	1.4	0.7
Norfolk Southern Corp.	1.4	0.0
	20.4

(a) Security or a portion of the security is pledged as collateral for call options written.

Top Five Market Sectors as of May 31, 2017

(stocks only)	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	22.5	20.3
Consumer Discretionary	13.3	12.4
Financials	11.6	14.3
Health Care	11.6	11.3
Industrials	11.1	11.1

Asset Allocation (% of fund's net assets)

As of May 31, 2017
	Common Stocks	93.5%
	Sector Funds	0.9%
	Short-Term Investments and Net Other Assets (Liabilities)	5.6%

As of November 30, 2016
	Common Stocks	94.4%
	Sector Funds	0.4%
	Short-Term Investments and Net Other Assets (Liabilities)	5.2%

Asset allocations of funds in the pie charts reflect the categorizations of assets as defined by Morningstar as of the reporting dates indicated above.

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments May 31, 2017

Showing Percentage of Net Assets

Common Stocks - 93.5%
	Shares	Value
CONSUMER DISCRETIONARY - 13.3%
Auto Components - 0.2%
Delphi Automotive PLC	1,221	$107,411
Automobiles - 0.2%
Ford Motor Co.	10,760	119,651
General Motors Co.	745	25,278
		144,929
Hotels, Restaurants & Leisure - 2.9%
Carnival Corp.	1,474	94,439
Hilton, Inc.	1,429	94,986
Las Vegas Sands Corp.	172	10,170
McDonald's Corp.	6,276	946,986
MGM Mirage, Inc.	3,456	109,624
Restaurant Brands International, Inc.	2,197	134,421
Royal Caribbean Cruises Ltd.	1,512	166,592
Starbucks Corp.	4,605	292,924
		1,850,142
Household Durables - 0.5%
Lennar Corp. Class A	3,103	159,215
Mohawk Industries, Inc. (a)	266	63,654
PulteGroup, Inc.	3,520	79,798
Toll Brothers, Inc.	1,345	49,644
		352,311
Internet & Direct Marketing Retail - 1.7%
Amazon.com, Inc. (a)	898	893,169
Priceline Group, Inc. (a)	83	155,798
		1,048,967
Media - 5.1%
CBS Corp. Class B	2,312	141,286
Charter Communications, Inc. Class A (a)	675	233,246
Comcast Corp. Class A	16,670	694,972
DISH Network Corp. Class A (a)	3,462	220,772
The Madison Square Garden Co. (a)	2,408	470,547
The Walt Disney Co.	4,707	508,074
Time Warner, Inc.	6,978	694,241
Twenty-First Century Fox, Inc. Class A	7,622	206,709
Viacom, Inc. Class B (non-vtg.)	708	24,631
		3,194,478
Multiline Retail - 0.1%
Target Corp.	984	54,268
Specialty Retail - 2.3%
Home Depot, Inc.	1,526	234,256
Lowe's Companies, Inc.	9,183	723,345
O'Reilly Automotive, Inc. (a)	825	199,716
TJX Companies, Inc.	3,766	283,241
		1,440,558
Textiles, Apparel & Luxury Goods - 0.3%
NIKE, Inc. Class B	3,148	166,813

TOTAL CONSUMER DISCRETIONARY		8,359,877

CONSUMER STAPLES - 8.9%
Beverages - 3.8%
Coca-Cola European Partners PLC	8,322	341,535
Constellation Brands, Inc. Class A (sub. vtg.)	2,008	366,962
Diageo PLC	733	22,033
Molson Coors Brewing Co. Class B	2,057	194,983
PepsiCo, Inc.	11,100	1,297,257
The Coca-Cola Co.	2,659	120,905
		2,343,675
Food & Staples Retailing - 0.9%
Costco Wholesale Corp.	112	20,208
CVS Health Corp.	758	58,237
Kroger Co.	5,247	156,256
Wal-Mart Stores, Inc.	2,039	160,265
Walgreens Boots Alliance, Inc.	2,384	193,152
		588,118
Food Products - 1.8%
Campbell Soup Co.	2,800	161,420
Mondelez International, Inc.	9,133	425,506
The Hershey Co.	2,365	272,614
The Kraft Heinz Co.	2,937	270,791
		1,130,331
Household Products - 0.4%
Procter & Gamble Co.	3,022	266,208
Personal Products - 0.8%
Estee Lauder Companies, Inc. Class A	5,134	483,315
Unilever NV (NY Reg.)	355	20,157
		503,472
Tobacco - 1.2%
Altria Group, Inc.	5,666	427,443
Philip Morris International, Inc.	2,618	313,636
		741,079

TOTAL CONSUMER STAPLES		5,572,883

ENERGY - 4.7%
Energy Equipment & Services - 0.1%
Baker Hughes, Inc.	142	7,831
Schlumberger Ltd.	492	34,238
		42,069
Oil, Gas & Consumable Fuels - 4.6%
Anadarko Petroleum Corp.	4,102	207,274
Apache Corp.	1,285	60,087
Chevron Corp.	4,165	430,994
Concho Resources, Inc. (a)	1,026	130,076
ConocoPhillips Co.	3,226	144,170
Diamondback Energy, Inc. (a)	1,836	170,307
EOG Resources, Inc.	5,590	504,833
EQT Corp.	2,627	145,194
Exxon Mobil Corp.	122	9,821
Imperial Oil Ltd.	1,413	39,978
Kinder Morgan, Inc.	3,906	73,277
Occidental Petroleum Corp.	5,330	314,097
Phillips 66 Co.	1,833	139,510
Pioneer Natural Resources Co.	1,620	270,313
Suncor Energy, Inc.	4,183	130,923
The Williams Companies, Inc.	3,786	108,280
		2,879,134

TOTAL ENERGY		2,921,203

FINANCIALS - 11.6%
Banks - 6.3%
Bank of America Corp. (b)	47,310	1,060,217
Citigroup, Inc. (b)	13,222	800,460
JPMorgan Chase & Co. (b)	8,141	668,783
KeyCorp	7,871	137,506
PNC Financial Services Group, Inc.	684	81,191
SVB Financial Group (a)	850	144,925
U.S. Bancorp	9,262	471,343
Wells Fargo & Co.	11,278	576,757
		3,941,182
Capital Markets - 2.8%
Ameriprise Financial, Inc.	920	111,127
Bank of New York Mellon Corp.	4,309	203,040
Charles Schwab Corp.	6,519	252,611
Goldman Sachs Group, Inc.	1,675	353,861
IntercontinentalExchange, Inc.	3,323	200,011
KKR & Co. LP	8,299	152,868
Morgan Stanley	8,197	342,143
State Street Corp. (b)	1,669	135,957
		1,751,618
Consumer Finance - 0.4%
Capital One Financial Corp.	2,755	211,915
Diversified Financial Services - 0.8%
Berkshire Hathaway, Inc. Class B (a)	2,746	453,859
Voya Financial, Inc.	1,773	60,601
		514,460
Insurance - 1.3%
American International Group, Inc.	3,029	192,735
Arthur J. Gallagher & Co.	1,703	96,611
Athene Holding Ltd.	2,559	126,108
Chubb Ltd.	1,535	219,797
Marsh & McLennan Companies, Inc.	459	35,600
Progressive Corp.	3,760	159,537
		830,388

TOTAL FINANCIALS		7,249,563

HEALTH CARE - 11.6%
Biotechnology - 1.4%
Alexion Pharmaceuticals, Inc. (a)	534	52,348
Amgen, Inc.	703	109,134
Biogen, Inc. (a)	642	159,068
Biohaven Pharmaceutical Holding Co. Ltd.	363	9,151
BioMarin Pharmaceutical, Inc. (a)	634	55,564
Celgene Corp. (a)	2,139	244,723
Gilead Sciences, Inc.	514	33,353
Intercept Pharmaceuticals, Inc. (a)	100	11,190
Regeneron Pharmaceuticals, Inc. (a)	54	24,789
Vertex Pharmaceuticals, Inc. (a)	1,576	194,794
		894,114
Health Care Equipment & Supplies - 2.1%
Abbott Laboratories	3,870	176,704
Becton, Dickinson & Co.	24	4,542
Boston Scientific Corp. (a)	11,150	301,385
Danaher Corp.	7,194	611,058
Medtronic PLC	884	74,504
Zimmer Biomet Holdings, Inc.	868	103,474
		1,271,667
Health Care Providers & Services - 2.4%
Aetna, Inc.	3,426	496,290
Anthem, Inc.	232	42,305
Cardinal Health, Inc.	100	7,429
Cigna Corp.	229	36,922
Express Scripts Holding Co. (a)	346	20,674
Humana, Inc.	581	134,943
McKesson Corp.	362	59,039
UnitedHealth Group, Inc.	4,007	701,946
		1,499,548
Life Sciences Tools & Services - 0.2%
Agilent Technologies, Inc.	2,087	125,930
Pharmaceuticals - 5.5%
Allergan PLC	1,408	315,040
AstraZeneca PLC sponsored ADR	540	18,571
Bayer AG	31	4,119
Bristol-Myers Squibb Co.	4,235	228,478
Eli Lilly & Co.	5,220	415,355
GlaxoSmithKline PLC sponsored ADR	2,905	128,488
Johnson & Johnson	6,235	799,639
Merck & Co., Inc.	1,805	117,524
Novartis AG sponsored ADR	133	10,875
Pfizer, Inc.	18,090	590,639
Sanofi SA	244	24,169
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,523	42,431
Zoetis, Inc. Class A	11,987	746,550
		3,441,878

TOTAL HEALTH CARE		7,233,137

INDUSTRIALS - 11.1%
Aerospace & Defense - 2.2%
General Dynamics Corp.	746	151,625
L3 Technologies, Inc.	573	96,602
Northrop Grumman Corp.	3,699	958,855
The Boeing Co.	333	62,481
United Technologies Corp.	935	113,397
		1,382,960
Air Freight & Logistics - 0.2%
FedEx Corp.	168	32,565
United Parcel Service, Inc. Class B	764	80,961
		113,526
Airlines - 0.8%
Delta Air Lines, Inc.	6,181	303,673
United Continental Holdings, Inc. (a)	2,492	198,538
		502,211
Building Products - 0.4%
Allegion PLC	1,800	141,534
Masco Corp.	3,361	125,197
		266,731
Electrical Equipment - 0.7%
Fortive Corp.	6,503	406,112
Industrial Conglomerates - 3.1%
General Electric Co.	23,931	655,231
Honeywell International, Inc.	9,582	1,274,310
		1,929,541
Machinery - 0.9%
Ingersoll-Rand PLC	2,603	233,229
PACCAR, Inc.	1,771	111,502
Stanley Black & Decker, Inc.	1,673	230,272
		575,003
Road & Rail - 2.7%
Canadian Pacific Railway Ltd.	675	106,793
CSX Corp. (b)	6,357	344,359
Norfolk Southern Corp.	6,962	863,497
Union Pacific Corp.	3,623	399,617
		1,714,266
Trading Companies & Distributors - 0.1%
HD Supply Holdings, Inc. (a)	1,850	74,648

TOTAL INDUSTRIALS		6,964,998

INFORMATION TECHNOLOGY - 22.5%
Communications Equipment - 0.7%
Cisco Systems, Inc.	14,501	457,217
Electronic Equipment & Components - 1.5%
Amphenol Corp. Class A	7,819	583,297
TE Connectivity Ltd.	4,663	367,678
		950,975
Internet Software & Services - 5.1%
Alphabet, Inc.:
Class A (a)	174	171,754
Class C (a)	2,027	1,955,771
eBay, Inc. (a)	10,566	362,414
Facebook, Inc. Class A (a)	4,750	719,435
Velti PLC (a)(c)	976	2
		3,209,376
IT Services - 3.0%
Accenture PLC Class A	2,647	329,472
Cognizant Technology Solutions Corp. Class A	3,476	232,579
IBM Corp.	1,287	196,435
MasterCard, Inc. Class A	646	79,380
PayPal Holdings, Inc. (a)	3,162	165,088
Visa, Inc. Class A	7,887	751,079
WEX, Inc. (a)	853	87,142
		1,841,175
Semiconductors & Semiconductor Equipment - 4.5%
Analog Devices, Inc.	8,764	751,601
Broadcom Ltd.	2,190	524,461
Intel Corp.	5,064	182,861
Microchip Technology, Inc.	1,543	128,532
Micron Technology, Inc. (a)	3,398	104,556
NVIDIA Corp.	651	93,972
NXP Semiconductors NV (a)	1,140	125,286
Qualcomm, Inc.	5,000	286,350
Texas Instruments, Inc.	5,689	469,286
Xilinx, Inc.	2,325	155,101
		2,822,006
Software - 4.4%
Activision Blizzard, Inc.	1,798	105,327
Adobe Systems, Inc. (a)	2,515	356,778
Electronic Arts, Inc. (a)	827	93,724
Microsoft Corp.	23,440	1,637,050
Oracle Corp.	6,662	302,388
Salesforce.com, Inc. (a)	96	8,605
Snap, Inc. Class A (a)	2,267	48,083
Take-Two Interactive Software, Inc. (a)	1,540	118,180
Workday, Inc. Class A (a)	827	82,683
		2,752,818
Technology Hardware, Storage & Peripherals - 3.3%
Apple, Inc. (b)	12,876	1,966,933
Western Digital Corp.	1,161	104,560
		2,071,493

TOTAL INFORMATION TECHNOLOGY		14,105,060

MATERIALS - 4.0%
Chemicals - 3.2%
Air Products & Chemicals, Inc.	1,903	274,146
E.I. du Pont de Nemours & Co.	3,337	263,356
Eastman Chemical Co.	2,250	180,248
LyondellBasell Industries NV Class A	460	37,039
Monsanto Co.	2,260	265,369
Potash Corp. of Saskatchewan, Inc.	20,691	341,723
PPG Industries, Inc.	70	7,445
Praxair, Inc.	4,250	562,233
The Mosaic Co.	2,575	58,272
		1,989,831
Construction Materials - 0.1%
Vulcan Materials Co.	493	61,452
Containers & Packaging - 0.7%
Berry Global Group, Inc. (a)	2,745	159,183
Crown Holdings, Inc. (a)	1,839	106,184
Packaging Corp. of America	1,020	104,203
WestRock Co.	1,346	73,249
		442,819

TOTAL MATERIALS		2,494,102

REAL ESTATE - 1.2%
Equity Real Estate Investment Trusts (REITs) - 1.2%
American Tower Corp.	102	13,381
AvalonBay Communities, Inc.	620	118,569
Crown Castle International Corp.	4,207	427,642
Public Storage	332	71,496
Vornado Realty Trust	1,289	118,846
		749,934
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.	4,307	165,949
Verizon Communications, Inc.	5,426	253,069
		419,018
Wireless Telecommunication Services - 0.4%
T-Mobile U.S., Inc. (a)	4,321	291,322

TOTAL TELECOMMUNICATION SERVICES		710,340

UTILITIES - 3.5%
Electric Utilities - 3.4%
Edison International	1,699	138,587
Exelon Corp.	1,517	55,082
Fortis, Inc.	3,890	127,903
Fortis, Inc.	7,354	242,094
NextEra Energy, Inc.	5,661	800,692
PG&E Corp.	2,108	144,145
PPL Corp.	11,335	452,380
Xcel Energy, Inc.	3,084	147,754
		2,108,637
Multi-Utilities - 0.1%
CMS Energy Corp.	2,056	97,475

TOTAL UTILITIES		2,206,112

TOTAL COMMON STOCKS
(Cost $44,105,673)		58,567,209

Convertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Internet & Direct Marketing Retail - 0.0%
The Honest Co., Inc. Series D (a)(c)	151	5,018
HEALTH CARE - 0.0%
Health Care Equipment & Supplies - 0.0%
Becton, Dickinson & Co. Series A 6.125%	100	5,316
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $11,909)		10,334

Equity Funds - 0.9%
Sector Funds - 0.9%
iShares NASDAQ Biotechnology Index ETF
(Cost $524,252)	1,861	531,781

U.S. Treasury Obligations - 0.2%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.75% to 0.86% 6/22/17 to 8/3/17 (d)
(Cost $109,882)	$110,000	109,873

Money Market Funds - 5.2%
	Shares
Invesco Government & Agency Portfolio Institutional Class 0.71%(e)
(Cost $3,274,884)	3,274,884	3,274,884
TOTAL INVESTMENT PORTFOLIO - 99.8%
(Cost $48,026,600)		62,494,081
NET OTHER ASSETS (LIABILITIES) - 0.2%		113,883
NET ASSETS - 100%		$62,607,964

Written Options
	Expiration Date/Exercise Price	Number of Contracts	Premium	Value
Call Options
Apple, Inc.	7/21/17 - $155.00	1	$106	$(303)
Bank of America Corp.	8/18/17 - $26.00	12	204	(126)
Citigroup, Inc.	8/18/17 - $65.00	6	831	(438)
CSX Corp.	7/21/17 - $52.50	2	308	(630)
JPMorgan Chase & Co.	8/18/17 - $90.00	3	285	(123)
State Street Corp.	8/18/17 - $85.00	2	274	(299)
TOTAL WRITTEN OPTIONS			$2,008	$(1,919)

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
17 CME E-mini S&P 500 Index Contracts (United States)	June 2017	2,049,435	$38,585

The face value of futures purchased as a percentage of Net Assets is 3.3%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

(a) Non-income producing

(b) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $130,263.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $91,898.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
The Honest Co., Inc. Series D	8/12/15	$6,909
Velti PLC	4/19/13	$1,464

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$8,364,895	$8,359,877	$--	$5,018
Consumer Staples	5,572,883	5,550,850	22,033	--
Energy	2,921,203	2,921,203	--	--
Financials	7,249,563	7,249,563	--	--
Health Care	7,238,453	7,204,849	33,604	--
Industrials	6,964,998	6,964,998	--	--
Information Technology	14,105,060	14,105,060	--	--
Materials	2,494,102	2,494,102	--	--
Real Estate	749,934	749,934	--	--
Telecommunication Services	710,340	710,340	--	--
Utilities	2,206,112	2,206,112	--	--
Equity Funds	531,781	531,781	--	--
Other Short-Term Investments	109,873	--	109,873	--
Money Market Funds	3,274,884	3,274,884	--	--
Total Investments in Securities:	$62,494,081	$62,323,553	$165,510	$5,018
Derivative Instruments:
Assets
Futures Contracts	$38,585	$38,585	$--	$--
Total Assets	$38,585	$38,585	$--	$--
Liabilities
Written Options	$(1,919)	$(1,919)	$--	$--
Total Liabilities	$(1,919)	$(1,919)	$--	$--
Total Derivative Instruments:	$36,666	$36,666	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts(a)	$38,585	$0
Written Options(b)	0	(1,919)
Total Equity Risk	38,585	(1,919)
Total Value of Derivatives	$38,585	$(1,919)

(b) Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		May 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $48,026,600)		$62,494,081
Foreign currency held at value (cost $2,554)		2,532
Receivable for investments sold		1,337,562
Receivable for fund shares sold		2,676
Dividends receivable		114,939
Interest receivable		2,011
Receivable for daily variation margin for derivative instruments		340
Prepaid expenses		302
Receivable from investment adviser for expense reductions		3,731
Other receivables		990
Total assets		63,959,164
Liabilities
Payable to custodian bank	$2,635
Payable for investments purchased	1,190,182
Payable for fund shares redeemed	50,871
Accrued management fee	31,096
Distribution and service plan fees payable	28
Written options, at value (premium received $2,008)	1,919
Other affiliated payables	6,403
Other payables and accrued expenses	68,066
Total liabilities		1,351,200
Net Assets		$62,607,964
Net Assets consist of:
Paid in capital		$45,820,192
Undistributed net investment income		212,114
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		2,069,522
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		14,506,136
Net Assets		$62,607,964
Core Multi-Manager:
Net Asset Value, offering price and redemption price per share ($58,221,026 ÷ 4,518,021 shares)		$12.89
Class F:
Net Asset Value, offering price and redemption price per share ($4,118,450 ÷ 318,022 shares)		$12.95
Class L:
Net Asset Value, offering price and redemption price per share ($134,838 ÷ 10,463 shares)		$12.89
Class N:
Net Asset Value, offering price and redemption price per share ($133,650 ÷ 10,385 shares)		$12.87

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended May 31, 2017
Investment Income
Dividends:
Unaffiliated issuers		$1,014,343
Interest		14,037
Total income		1,028,380
Expenses
Management fee	$349,024
Transfer agent fees	53,073
Distribution and service plan fees	313
Accounting fees and expenses	22,623
Custodian fees and expenses	87,417
Independent trustees' fees and expenses	692
Registration fees	42,779
Audit	69,719
Legal	6,956
Miscellaneous	2,280
Total expenses before reductions	634,876
Expense reductions	(114,603)	520,273
Net investment income (loss)		508,107
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,329,904
Foreign currency transactions	1,070
Futures contracts	365,269
Written options	4,429
Total net realized gain (loss)		4,700,672
Change in net unrealized appreciation (depreciation) on: Investment securities	3,978,310
Assets and liabilities in foreign currencies	18
Futures contracts	(71,122)
Written options	89
Total change in net unrealized appreciation (depreciation)		3,907,295
Net gain (loss)		8,607,967
Net increase (decrease) in net assets resulting from operations		$9,116,074

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended May 31, 2017	Year ended May 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$508,107	$490,739
Net realized gain (loss)	4,700,672	3,376,503
Change in net unrealized appreciation (depreciation)	3,907,295	(3,873,441)
Net increase (decrease) in net assets resulting from operations	9,116,074	(6,199)
Distributions to shareholders from net investment income	(471,794)	(513,897)
Distributions to shareholders from net realized gain	(4,835,255)	(4,359,150)
Total distributions	(5,307,049)	(4,873,047)
Share transactions - net increase (decrease)	3,335,131	(3,202,704)
Total increase (decrease) in net assets	7,144,156	(8,081,950)
Net Assets
Beginning of period	55,463,808	63,545,758
End of period	$62,607,964	$55,463,808
Other Information
Undistributed net investment income end of period	$212,114	$175,050

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund

Years ended May 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.11	$13.07	$14.28	$13.02	$10.61
Income from Investment Operations
Net investment income (loss)^A	.11	.10	.10	.11	.13
Net realized and unrealized gain (loss)	1.82	(.04)	1.28	2.27	2.60
Total from investment operations	1.93	.06	1.38	2.38	2.73
Distributions from net investment income	(.10)	(.11)	(.12)	(.11)	(.12)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(1.02)	(.20)
Total distributions	(1.15)	(1.02)	(2.59)	(1.12)^B	(.32)
Net asset value, end of period	$12.89	$12.11	$13.07	$14.28	$13.02
Total Return^C	17.03%	.61%	10.70%	19.49%	26.33%
Ratios to Average Net Assets^D
Expenses before reductions	1.10%	1.20%	1.14%	1.21%	1.03%
Expenses net of fee waivers, if any	.90%	.97%	.97%	.97%	.97%
Expenses net of all reductions	.90%	.97%	.97%	.97%	.96%
Net investment income (loss)	.87%	.84%	.78%	.80%	1.12%
Supplemental Data
Net assets, end of period (000 omitted)	$58,221	$52,330	$60,606	$60,938	$67,623
Portfolio turnover rate^E	151%	143%	151%	134%	95%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.12 per share is comprised of distributions from net investment income of $.108 and distributions from net realized gain of $1.015 per share.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund Class F

Years ended May 31,	2017	2016	2015	2014	2013 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.15	$13.10	$14.30	$13.02	$11.62
Income from Investment Operations
Net investment income (loss)^B	.12	.11	.11	.12	.06
Net realized and unrealized gain (loss)	1.83	(.04)	1.28	2.28	1.46
Total from investment operations	1.95	.07	1.39	2.40	1.52
Distributions from net investment income	(.10)	(.11)	(.12)	(.11)	(.08)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(1.02)	(.04)
Total distributions	(1.15)	(1.02)	(2.59)	(1.12)^C	(.12)
Net asset value, end of period	$12.95	$12.15	$13.10	$14.30	$13.02
Total Return^D,^E	17.14%	.69%	10.78%	19.66%	13.22%
Ratios to Average Net Assets^F
Expenses before reductions	1.00%	1.10%	1.05%	1.11%	.96%^G
Expenses net of fee waivers, if any	.81%	.87%	.87%	.87%	.87%^G
Expenses net of all reductions	.81%	.87%	.87%	.87%	.86%^G
Net investment income (loss)	.96%	.93%	.88%	.90%	1.02%^G
Supplemental Data
Net assets, end of period (000 omitted)	$4,118	$2,891	$2,698	$1,527	$285
Portfolio turnover rate^H	151%	143%	151%	134%	95%

^A For the period December 18, 2012 (commencement of sale of shares) to May 31, 2013.

^B Calculated based on average shares outstanding during the period.

^C Total distributions of $1.12 per share is comprised of distributions from net investment income of $.109 and distributions from net realized gain of $1.015 per share.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Annualized

^H Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund Class L

Years ended May 31,	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.11	$13.07	$14.29	$13.50
Income from Investment Operations
Net investment income (loss)^B	.11	.10	.10	.07
Net realized and unrealized gain (loss)	1.82	(.04)	1.27	1.19
Total from investment operations	1.93	.06	1.37	1.26
Distributions from net investment income	(.10)	(.11)	(.12)	(.06)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(.41)
Total distributions	(1.15)	(1.02)	(2.59)	(.47)
Net asset value, end of period	$12.89	$12.11	$13.07	$14.29
Total Return^C,^D	17.03%	.61%	10.62%	9.50%
Ratios to Average Net Assets^E
Expenses before reductions	1.10%	1.20%	1.14%	1.19%^F
Expenses net of fee waivers, if any	.90%	.97%	.97%	.97%^F
Expenses net of all reductions	.90%	.97%	.97%	.97%^F
Net investment income (loss)	.87%	.83%	.78%	.90%^F
Supplemental Data
Net assets, end of period (000 omitted)	$135	$122	$121	$109
Portfolio turnover rate^G	151%	143%	151%	134%

^A For the period November 12, 2013 (commencement of sale of shares) to May 31, 2014.

^B Calculated based on average shares outstanding during the period.

^C Total returns for periods of less than one year are not annualized.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Annualized

^G Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund Class N

Years ended May 31,	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.10	$13.06	$14.27	$13.50
Income from Investment Operations
Net investment income (loss)^B	.08	.07	.07	.05
Net realized and unrealized gain (loss)	1.81	(.04)	1.28	1.18
Total from investment operations	1.89	.03	1.35	1.23
Distributions from net investment income	(.07)	(.08)	(.09)	(.06)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(.41)
Total distributions	(1.12)	(.99)	(2.56)	(.46)^C
Net asset value, end of period	$12.87	$12.10	$13.06	$14.27
Total Return^D,^E	16.66%	.36%	10.43%	9.32%
Ratios to Average Net Assets^F
Expenses before reductions	1.35%	1.45%	1.39%	1.45%^G
Expenses net of fee waivers, if any	1.15%	1.22%	1.22%	1.22%^G
Expenses net of all reductions	1.15%	1.22%	1.22%	1.22%^G
Net investment income (loss)	.62%	.58%	.53%	.65%^G
Supplemental Data
Net assets, end of period (000 omitted)	$134	$121	$121	$109
Portfolio turnover rate^H	151%	143%	151%	134%

^A For the period November 12, 2013 (commencement of sale of shares) to May 31, 2014.

^B Calculated based on average shares outstanding during the period.

^C Total distributions of $.46 per share is comprised of distributions from net investment income of $.056 and distributions from net realized gain of $.405 per share.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Annualized

^H Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended May 31, 2017

1. Organization.

2. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments 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 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. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by 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. 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. Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in 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. If an unaffiliated open-end mutual fund's NAV 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.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Underlying Funds and distributions from ETFs, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$14,844,875
Gross unrealized depreciation	(670,140)
Net unrealized appreciation (depreciation) on securities	$14,174,735
Tax Cost	$48,319,346

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$915,585
Undistributed long-term capital gain	$1,698,370
Net unrealized appreciation (depreciation) on securities and other investments	$14,174,805

The tax character of distributions paid was as follows:

	May 31, 2017	May 31, 2016
Ordinary Income	$1,030,553	$ 1,137,130
Long-term Capital Gains	4,276,496	3,735,917
Total	$5,307,049	$ 4,873,047

3. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts and options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts and exchange-traded options may be mitigated by the protection provided by the exchange on which they trade.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Equity Risk
Futures Contracts	$ 365,269	$(71,122)
Written Options	4,429	89
Totals	$369,698	$(71,033)

A summary of the value of derivatives by primary risk exposure as of period end is included at the end of the Schedule of Investments.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options".

The following is a summary of the Fund's written options activity:

	Number of Contracts	Amount of Premiums
Outstanding at beginning of period	-	$-
Options Opened	203	13,143
Options Exercised	(73)	(5,741)
Options Closed	(47)	(2,385)
Options Expired	(57)	(3,009)
Outstanding at end of period	26	$2,008

4. Purchases and Sales of Investments.

Purchases and sales of securities (including the Underlying Fund shares), other than short-term securities, aggregated $82,537,222 and $83,661,588, respectively.

5. Fees and Other Transactions with Affiliates.

	Service Fee	Total Fees	Retained by FDC
Class N	.25%	$313	$313

	Amount	% of Class-Level Average Net Assets
Core Multi-Manager	$52,830	.10
Class L	122	.10
Class N	121	.10
	$53,073

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $192 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

	Expense Limitations^(a)	Expense Limitations^(b)	Reimbursement
Core Multi-Manager	.90%	.90%	$107,527
Class F	.80%	.81%	6,554
Class L	.90%	.90%	247
Class N	1.15%	1.15%	249

(a) Expense limitation effective June 1, 2016.

(b) Expense limitation effective October 1, 2016.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended May 31, 2017	Year ended May 31, 2016
From net investment income
Core Multi-Manager	$443,816	$487,696
Class F	26,230	24,473
Class L	1,027	1,009
Class N	721	719
Total	$471,794	$513,897
From net realized gain
Core Multi-Manager	$4,552,626	$4,135,487
Class F	261,588	206,573
Class L	10,549	8,557
Class N	10,492	8,533
Total	$4,835,255	$4,359,150

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended May 31, 2017	Year ended May 31, 2016	Year ended May 31, 2017	Year ended May 31, 2016
Core Multi-Manager
Shares sold	141,085	96,245	$1,713,629	$1,129,447
Reinvestment of distributions	422,177	384,610	4,996,442	4,623,183
Shares redeemed	(366,148)	(796,791)	(4,350,140)	(9,362,604)
Net increase (decrease)	197,114	(315,936)	$2,359,931	$(3,609,974)
Class F
Shares sold	139,459	92,805	$1,705,384	$1,114,584
Reinvestment of distributions	24,215	19,171	287,818	231,046
Shares redeemed	(83,486)	(80,075)	(1,027,313)	(957,178)
Net increase (decrease)	80,188	31,901	$965,889	$388,452
Class L
Reinvestment of distributions	978	796	$11,576	$9,566
Shares redeemed	(578)	–	(6,762)	–
Net increase (decrease)	400	796	$4,814	$9,566
Class N
Reinvestment of distributions	948	769	$11,213	$9,252
Shares redeemed	(575)	–	(6,716)	–
Net increase (decrease)	373	769	$4,497	$9,252

10. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 89% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Core Multi-Manager Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Strategic Advisers Core Multi-Manager Fund (a fund of Fidelity Rutland Square Trust II) as of May 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Strategic Advisers Core Multi-Manager Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
July 17, 2017

Trustees and Officers

Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5095.

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bruce T. Herring (1965)

Year of Election or Appointment: 2015

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2016

Trustee

Chairman of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with Strategic Advisers.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Peter C. Aldrich (1944)

Year of Election or Appointment: 2006

Trustee

Ralph F. Cox (1932)

Year of Election or Appointment: 2006

Trustee

Mary C. Farrell (1949)

Year of Election or Appointment: 2013

Trustee

Karen Kaplan (1960)

Year of Election or Appointment: 2006

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Amy Butte (1968)

Year of Election or Appointment: 2017

Member of the Advisory Board

Howard E. Cox, Jr. (1944)

Year of Election or Appointment: 2009

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Brian J. Blackburn (1975)

Year of Election or Appointment: 2014

Assistant Secretary

Mr. Blackburn also serves as an officer of other funds. Mr. Blackburn serves as Vice President & Associate General Counsel (2013-present) and is an employee of Fidelity Investments (2007-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

President and Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2012

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2015

Chief Financial Officer

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

James D. Gryglewicz (1972)

Year of Election or Appointment: 2015

Chief Compliance Officer

John Hitt (1967)

Year of Election or Appointment: 2014

Secretary and Chief Legal Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2016 to May 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value December 1, 2016	Ending Account Value May 31, 2017	Expenses Paid During Period-^B December 1, 2016 to May 31, 2017
Core Multi-Manager	.90%
Actual		$1,000.00	$1,103.30	$4.72
Hypothetical-^C		$1,000.00	$1,020.44	$4.53
Class F	.81%
Actual		$1,000.00	$1,103.70	$4.25
Hypothetical-^C		$1,000.00	$1,020.89	$4.08
Class L	.90%
Actual		$1,000.00	$1,103.30	$4.72
Hypothetical-^C		$1,000.00	$1,020.44	$4.53
Class N	1.15%
Actual		$1,000.00	$1,101.80	$6.03
Hypothetical-^C		$1,000.00	$1,019.20	$5.79

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^C 5% return per year before expenses

Distributions (Unaudited)

	Pay Date	Record Date	Dividends	Capital Gains
Strategic Advisers Core Multi-Manager Fund
Strategic Advisers Core Multi-Manager Fund	07/10/17	07/07/17	$0.044	$0.495
Class F	07/10/17	07/07/17	$0.044	$0.495
Class L	07/10/17	07/07/17	$0.044	$0.495
Class N	07/10/17	07/07/17	$0.031	$0.495

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contract and Management Fees

Strategic Advisers Core Multi-Manager Fund

Investment Performance. The Board also considered the historical investment performance of J.P. Morgan and the portfolio managers in managing accounts under a similar investment mandate.

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Peter C. Aldrich
Affirmative	80,345,400,272.38	97.367
Withheld	2,172,700,318.89	2.633
TOTAL	82,518,100,591.27	100.000
Amy Butte Liebowitz
Affirmative	80,349,798,079.05	97.372
Withheld	2,168,302,512.22	2.628
TOTAL	82,518,100,591.27	100.000
Ralph F. Cox
Affirmative	80,185,900,067.22	97.174
Withheld	2,332,200,524.05	2.826
TOTAL	82,518,100,591.27	100.000
Mary C. Farrell
Affirmative	80,442,189,509.02	97.484
Withheld	2,075,911,082.25	2.516
TOTAL	82,518,100,591.27	100.000
Bruce T. Herring
Affirmative	80,450,867,609.22	97.495
Withheld	2,067,232,982.05	2.505
TOTAL	82,518,100,591.27	100.000
Karen Kaplan
Affirmative	80,281,077,426.19	97.289
Withheld	2,237,023,165.08	2.711
TOTAL	82,518,100,591.27	100.000
Robert A. Lawrence
Affirmative	80,483,442,135.49	97.534
Withheld	2,034,658,455.78	2.466
TOTAL	82,518,100,591.27	100.000

PROPOSAL 2a

To approve a sub-advisory agreement among Strategic Advisers, FIAM LLC (FIAM) and the Trust on behalf of Strategic Advisers^® Core Multi-Manager Fund with respect to FIAM's Sector Managed strategy.

	# of Votes	% of Votes
Affirmative	48,989,698.04	87.976
Against	515,760.11	0.926
Abstain	6,179,974.42	11.098
TOTAL	55,685,432.57	100.000

PROPOSAL 2b

To approve a sub-advisory agreement among Strategic Advisers, FIAM LLC (FIAM) and the Trust on behalf of Strategic Advisers^® Core Multi-Manager Fund with respect to FIAM's Large Cap Core strategy.

	# of Votes	% of Votes
Affirmative	48,989,698.04	87.976
Against	515,760.11	0.926
Abstain	6,179,974.42	11.098
TOTAL	55,685,432.57	100.000

PROPOSAL 4a

	# of Votes	% of Votes
Affirmative	48,989,698.04	87.976
Against	515,760.11	0.926
Abstain	6,179,974.42	11.098
TOTAL	55,685,432.57	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MMC-F-ANN-0717
1.951474.104

Strategic Advisers® Core Multi-Manager Fund

Class L and Class N

Annual Report

May 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Board Approval of Investment Advisory Contract and Management Fees
Proxy Voting Results

You may also call 1-800-835-5095 (plan participants) or 1-877-208-0098 (Advisors and Investment Professionals) to request a free copy of the proxy voting guidelines.

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Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended May 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Class L	17.03%	14.49%	14.23%
Class N	16.66%	14.29%	14.04%

^A From November 16, 2011

The initial offering of Class L shares took place on November 12, 2013. Returns prior to November 12, 2013 are those of Strategic Advisers® Core Multi-Manager Fund, the original class of the fund.

Class N shares bear a 0.25% 12b-1 fee. The initial offering of Class N shares took place on November 12, 2013. Returns prior to November 12, 2013, are those of Strategic Advisers® Core Multi-Manager Fund, the original class of the fund, which has no 12b-1 fee. Had Class N's 12b-1 fee been reflected, returns prior to November 12, 2013, would have been lower.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Strategic Advisers® Core Multi-Manager Fund - Class L on November 16, 2011, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.

See previous page for additional information regarding the performance of Class L.

	Period Ending Values
	$20,901	Strategic Advisers® Core Multi-Manager Fund - Class L
	$21,955	S&P 500® Index

Management's Discussion of Fund Performance

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Ten Holdings as of May 31, 2017

(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.^(a)	3.1	2.1
Alphabet, Inc. Class C	3.1	2.8
Microsoft Corp.	2.6	2.2
PepsiCo, Inc.	2.1	1.5
Honeywell International, Inc.	2.0	2.4
Bank of America Corp.^(a)	1.7	1.9
Northrop Grumman Corp.	1.5	0.9
McDonald's Corp.	1.5	0.0
Amazon.com, Inc.	1.4	0.7
Norfolk Southern Corp.	1.4	0.0
	20.4

(a) Security or a portion of the security is pledged as collateral for call options written.

Top Five Market Sectors as of May 31, 2017

(stocks only)	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	22.5	20.3
Consumer Discretionary	13.3	12.4
Financials	11.6	14.3
Health Care	11.6	11.3
Industrials	11.1	11.1

Asset Allocation (% of fund's net assets)

As of May 31, 2017
	Common Stocks	93.5%
	Sector Funds	0.9%
	Short-Term Investments and Net Other Assets (Liabilities)	5.6%

As of November 30, 2016
	Common Stocks	94.4%
	Sector Funds	0.4%
	Short-Term Investments and Net Other Assets (Liabilities)	5.2%

Asset allocations of funds in the pie charts reflect the categorizations of assets as defined by Morningstar as of the reporting dates indicated above.

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Investments May 31, 2017

Showing Percentage of Net Assets

Common Stocks - 93.5%
	Shares	Value
CONSUMER DISCRETIONARY - 13.3%
Auto Components - 0.2%
Delphi Automotive PLC	1,221	$107,411
Automobiles - 0.2%
Ford Motor Co.	10,760	119,651
General Motors Co.	745	25,278
		144,929
Hotels, Restaurants & Leisure - 2.9%
Carnival Corp.	1,474	94,439
Hilton, Inc.	1,429	94,986
Las Vegas Sands Corp.	172	10,170
McDonald's Corp.	6,276	946,986
MGM Mirage, Inc.	3,456	109,624
Restaurant Brands International, Inc.	2,197	134,421
Royal Caribbean Cruises Ltd.	1,512	166,592
Starbucks Corp.	4,605	292,924
		1,850,142
Household Durables - 0.5%
Lennar Corp. Class A	3,103	159,215
Mohawk Industries, Inc. (a)	266	63,654
PulteGroup, Inc.	3,520	79,798
Toll Brothers, Inc.	1,345	49,644
		352,311
Internet & Direct Marketing Retail - 1.7%
Amazon.com, Inc. (a)	898	893,169
Priceline Group, Inc. (a)	83	155,798
		1,048,967
Media - 5.1%
CBS Corp. Class B	2,312	141,286
Charter Communications, Inc. Class A (a)	675	233,246
Comcast Corp. Class A	16,670	694,972
DISH Network Corp. Class A (a)	3,462	220,772
The Madison Square Garden Co. (a)	2,408	470,547
The Walt Disney Co.	4,707	508,074
Time Warner, Inc.	6,978	694,241
Twenty-First Century Fox, Inc. Class A	7,622	206,709
Viacom, Inc. Class B (non-vtg.)	708	24,631
		3,194,478
Multiline Retail - 0.1%
Target Corp.	984	54,268
Specialty Retail - 2.3%
Home Depot, Inc.	1,526	234,256
Lowe's Companies, Inc.	9,183	723,345
O'Reilly Automotive, Inc. (a)	825	199,716
TJX Companies, Inc.	3,766	283,241
		1,440,558
Textiles, Apparel & Luxury Goods - 0.3%
NIKE, Inc. Class B	3,148	166,813

TOTAL CONSUMER DISCRETIONARY		8,359,877

CONSUMER STAPLES - 8.9%
Beverages - 3.8%
Coca-Cola European Partners PLC	8,322	341,535
Constellation Brands, Inc. Class A (sub. vtg.)	2,008	366,962
Diageo PLC	733	22,033
Molson Coors Brewing Co. Class B	2,057	194,983
PepsiCo, Inc.	11,100	1,297,257
The Coca-Cola Co.	2,659	120,905
		2,343,675
Food & Staples Retailing - 0.9%
Costco Wholesale Corp.	112	20,208
CVS Health Corp.	758	58,237
Kroger Co.	5,247	156,256
Wal-Mart Stores, Inc.	2,039	160,265
Walgreens Boots Alliance, Inc.	2,384	193,152
		588,118
Food Products - 1.8%
Campbell Soup Co.	2,800	161,420
Mondelez International, Inc.	9,133	425,506
The Hershey Co.	2,365	272,614
The Kraft Heinz Co.	2,937	270,791
		1,130,331
Household Products - 0.4%
Procter & Gamble Co.	3,022	266,208
Personal Products - 0.8%
Estee Lauder Companies, Inc. Class A	5,134	483,315
Unilever NV (NY Reg.)	355	20,157
		503,472
Tobacco - 1.2%
Altria Group, Inc.	5,666	427,443
Philip Morris International, Inc.	2,618	313,636
		741,079

TOTAL CONSUMER STAPLES		5,572,883

ENERGY - 4.7%
Energy Equipment & Services - 0.1%
Baker Hughes, Inc.	142	7,831
Schlumberger Ltd.	492	34,238
		42,069
Oil, Gas & Consumable Fuels - 4.6%
Anadarko Petroleum Corp.	4,102	207,274
Apache Corp.	1,285	60,087
Chevron Corp.	4,165	430,994
Concho Resources, Inc. (a)	1,026	130,076
ConocoPhillips Co.	3,226	144,170
Diamondback Energy, Inc. (a)	1,836	170,307
EOG Resources, Inc.	5,590	504,833
EQT Corp.	2,627	145,194
Exxon Mobil Corp.	122	9,821
Imperial Oil Ltd.	1,413	39,978
Kinder Morgan, Inc.	3,906	73,277
Occidental Petroleum Corp.	5,330	314,097
Phillips 66 Co.	1,833	139,510
Pioneer Natural Resources Co.	1,620	270,313
Suncor Energy, Inc.	4,183	130,923
The Williams Companies, Inc.	3,786	108,280
		2,879,134

TOTAL ENERGY		2,921,203

FINANCIALS - 11.6%
Banks - 6.3%
Bank of America Corp. (b)	47,310	1,060,217
Citigroup, Inc. (b)	13,222	800,460
JPMorgan Chase & Co. (b)	8,141	668,783
KeyCorp	7,871	137,506
PNC Financial Services Group, Inc.	684	81,191
SVB Financial Group (a)	850	144,925
U.S. Bancorp	9,262	471,343
Wells Fargo & Co.	11,278	576,757
		3,941,182
Capital Markets - 2.8%
Ameriprise Financial, Inc.	920	111,127
Bank of New York Mellon Corp.	4,309	203,040
Charles Schwab Corp.	6,519	252,611
Goldman Sachs Group, Inc.	1,675	353,861
IntercontinentalExchange, Inc.	3,323	200,011
KKR & Co. LP	8,299	152,868
Morgan Stanley	8,197	342,143
State Street Corp. (b)	1,669	135,957
		1,751,618
Consumer Finance - 0.4%
Capital One Financial Corp.	2,755	211,915
Diversified Financial Services - 0.8%
Berkshire Hathaway, Inc. Class B (a)	2,746	453,859
Voya Financial, Inc.	1,773	60,601
		514,460
Insurance - 1.3%
American International Group, Inc.	3,029	192,735
Arthur J. Gallagher & Co.	1,703	96,611
Athene Holding Ltd.	2,559	126,108
Chubb Ltd.	1,535	219,797
Marsh & McLennan Companies, Inc.	459	35,600
Progressive Corp.	3,760	159,537
		830,388

TOTAL FINANCIALS		7,249,563

HEALTH CARE - 11.6%
Biotechnology - 1.4%
Alexion Pharmaceuticals, Inc. (a)	534	52,348
Amgen, Inc.	703	109,134
Biogen, Inc. (a)	642	159,068
Biohaven Pharmaceutical Holding Co. Ltd.	363	9,151
BioMarin Pharmaceutical, Inc. (a)	634	55,564
Celgene Corp. (a)	2,139	244,723
Gilead Sciences, Inc.	514	33,353
Intercept Pharmaceuticals, Inc. (a)	100	11,190
Regeneron Pharmaceuticals, Inc. (a)	54	24,789
Vertex Pharmaceuticals, Inc. (a)	1,576	194,794
		894,114
Health Care Equipment & Supplies - 2.1%
Abbott Laboratories	3,870	176,704
Becton, Dickinson & Co.	24	4,542
Boston Scientific Corp. (a)	11,150	301,385
Danaher Corp.	7,194	611,058
Medtronic PLC	884	74,504
Zimmer Biomet Holdings, Inc.	868	103,474
		1,271,667
Health Care Providers & Services - 2.4%
Aetna, Inc.	3,426	496,290
Anthem, Inc.	232	42,305
Cardinal Health, Inc.	100	7,429
Cigna Corp.	229	36,922
Express Scripts Holding Co. (a)	346	20,674
Humana, Inc.	581	134,943
McKesson Corp.	362	59,039
UnitedHealth Group, Inc.	4,007	701,946
		1,499,548
Life Sciences Tools & Services - 0.2%
Agilent Technologies, Inc.	2,087	125,930
Pharmaceuticals - 5.5%
Allergan PLC	1,408	315,040
AstraZeneca PLC sponsored ADR	540	18,571
Bayer AG	31	4,119
Bristol-Myers Squibb Co.	4,235	228,478
Eli Lilly & Co.	5,220	415,355
GlaxoSmithKline PLC sponsored ADR	2,905	128,488
Johnson & Johnson	6,235	799,639
Merck & Co., Inc.	1,805	117,524
Novartis AG sponsored ADR	133	10,875
Pfizer, Inc.	18,090	590,639
Sanofi SA	244	24,169
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,523	42,431
Zoetis, Inc. Class A	11,987	746,550
		3,441,878

TOTAL HEALTH CARE		7,233,137

INDUSTRIALS - 11.1%
Aerospace & Defense - 2.2%
General Dynamics Corp.	746	151,625
L3 Technologies, Inc.	573	96,602
Northrop Grumman Corp.	3,699	958,855
The Boeing Co.	333	62,481
United Technologies Corp.	935	113,397
		1,382,960
Air Freight & Logistics - 0.2%
FedEx Corp.	168	32,565
United Parcel Service, Inc. Class B	764	80,961
		113,526
Airlines - 0.8%
Delta Air Lines, Inc.	6,181	303,673
United Continental Holdings, Inc. (a)	2,492	198,538
		502,211
Building Products - 0.4%
Allegion PLC	1,800	141,534
Masco Corp.	3,361	125,197
		266,731
Electrical Equipment - 0.7%
Fortive Corp.	6,503	406,112
Industrial Conglomerates - 3.1%
General Electric Co.	23,931	655,231
Honeywell International, Inc.	9,582	1,274,310
		1,929,541
Machinery - 0.9%
Ingersoll-Rand PLC	2,603	233,229
PACCAR, Inc.	1,771	111,502
Stanley Black & Decker, Inc.	1,673	230,272
		575,003
Road & Rail - 2.7%
Canadian Pacific Railway Ltd.	675	106,793
CSX Corp. (b)	6,357	344,359
Norfolk Southern Corp.	6,962	863,497
Union Pacific Corp.	3,623	399,617
		1,714,266
Trading Companies & Distributors - 0.1%
HD Supply Holdings, Inc. (a)	1,850	74,648

TOTAL INDUSTRIALS		6,964,998

INFORMATION TECHNOLOGY - 22.5%
Communications Equipment - 0.7%
Cisco Systems, Inc.	14,501	457,217
Electronic Equipment & Components - 1.5%
Amphenol Corp. Class A	7,819	583,297
TE Connectivity Ltd.	4,663	367,678
		950,975
Internet Software & Services - 5.1%
Alphabet, Inc.:
Class A (a)	174	171,754
Class C (a)	2,027	1,955,771
eBay, Inc. (a)	10,566	362,414
Facebook, Inc. Class A (a)	4,750	719,435
Velti PLC (a)(c)	976	2
		3,209,376
IT Services - 3.0%
Accenture PLC Class A	2,647	329,472
Cognizant Technology Solutions Corp. Class A	3,476	232,579
IBM Corp.	1,287	196,435
MasterCard, Inc. Class A	646	79,380
PayPal Holdings, Inc. (a)	3,162	165,088
Visa, Inc. Class A	7,887	751,079
WEX, Inc. (a)	853	87,142
		1,841,175
Semiconductors & Semiconductor Equipment - 4.5%
Analog Devices, Inc.	8,764	751,601
Broadcom Ltd.	2,190	524,461
Intel Corp.	5,064	182,861
Microchip Technology, Inc.	1,543	128,532
Micron Technology, Inc. (a)	3,398	104,556
NVIDIA Corp.	651	93,972
NXP Semiconductors NV (a)	1,140	125,286
Qualcomm, Inc.	5,000	286,350
Texas Instruments, Inc.	5,689	469,286
Xilinx, Inc.	2,325	155,101
		2,822,006
Software - 4.4%
Activision Blizzard, Inc.	1,798	105,327
Adobe Systems, Inc. (a)	2,515	356,778
Electronic Arts, Inc. (a)	827	93,724
Microsoft Corp.	23,440	1,637,050
Oracle Corp.	6,662	302,388
Salesforce.com, Inc. (a)	96	8,605
Snap, Inc. Class A (a)	2,267	48,083
Take-Two Interactive Software, Inc. (a)	1,540	118,180
Workday, Inc. Class A (a)	827	82,683
		2,752,818
Technology Hardware, Storage & Peripherals - 3.3%
Apple, Inc. (b)	12,876	1,966,933
Western Digital Corp.	1,161	104,560
		2,071,493

TOTAL INFORMATION TECHNOLOGY		14,105,060

MATERIALS - 4.0%
Chemicals - 3.2%
Air Products & Chemicals, Inc.	1,903	274,146
E.I. du Pont de Nemours & Co.	3,337	263,356
Eastman Chemical Co.	2,250	180,248
LyondellBasell Industries NV Class A	460	37,039
Monsanto Co.	2,260	265,369
Potash Corp. of Saskatchewan, Inc.	20,691	341,723
PPG Industries, Inc.	70	7,445
Praxair, Inc.	4,250	562,233
The Mosaic Co.	2,575	58,272
		1,989,831
Construction Materials - 0.1%
Vulcan Materials Co.	493	61,452
Containers & Packaging - 0.7%
Berry Global Group, Inc. (a)	2,745	159,183
Crown Holdings, Inc. (a)	1,839	106,184
Packaging Corp. of America	1,020	104,203
WestRock Co.	1,346	73,249
		442,819

TOTAL MATERIALS		2,494,102

REAL ESTATE - 1.2%
Equity Real Estate Investment Trusts (REITs) - 1.2%
American Tower Corp.	102	13,381
AvalonBay Communities, Inc.	620	118,569
Crown Castle International Corp.	4,207	427,642
Public Storage	332	71,496
Vornado Realty Trust	1,289	118,846
		749,934
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.7%
AT&T, Inc.	4,307	165,949
Verizon Communications, Inc.	5,426	253,069
		419,018
Wireless Telecommunication Services - 0.4%
T-Mobile U.S., Inc. (a)	4,321	291,322

TOTAL TELECOMMUNICATION SERVICES		710,340

UTILITIES - 3.5%
Electric Utilities - 3.4%
Edison International	1,699	138,587
Exelon Corp.	1,517	55,082
Fortis, Inc.	3,890	127,903
Fortis, Inc.	7,354	242,094
NextEra Energy, Inc.	5,661	800,692
PG&E Corp.	2,108	144,145
PPL Corp.	11,335	452,380
Xcel Energy, Inc.	3,084	147,754
		2,108,637
Multi-Utilities - 0.1%
CMS Energy Corp.	2,056	97,475

TOTAL UTILITIES		2,206,112

TOTAL COMMON STOCKS
(Cost $44,105,673)		58,567,209

Convertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Internet & Direct Marketing Retail - 0.0%
The Honest Co., Inc. Series D (a)(c)	151	5,018
HEALTH CARE - 0.0%
Health Care Equipment & Supplies - 0.0%
Becton, Dickinson & Co. Series A 6.125%	100	5,316
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $11,909)		10,334

Equity Funds - 0.9%
Sector Funds - 0.9%
iShares NASDAQ Biotechnology Index ETF
(Cost $524,252)	1,861	531,781

U.S. Treasury Obligations - 0.2%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.75% to 0.86% 6/22/17 to 8/3/17 (d)
(Cost $109,882)	$110,000	109,873

Money Market Funds - 5.2%
	Shares
Invesco Government & Agency Portfolio Institutional Class 0.71%(e)
(Cost $3,274,884)	3,274,884	3,274,884
TOTAL INVESTMENT PORTFOLIO - 99.8%
(Cost $48,026,600)		62,494,081
NET OTHER ASSETS (LIABILITIES) - 0.2%		113,883
NET ASSETS - 100%		$62,607,964

Written Options
	Expiration Date/Exercise Price	Number of Contracts	Premium	Value
Call Options
Apple, Inc.	7/21/17 - $155.00	1	$106	$(303)
Bank of America Corp.	8/18/17 - $26.00	12	204	(126)
Citigroup, Inc.	8/18/17 - $65.00	6	831	(438)
CSX Corp.	7/21/17 - $52.50	2	308	(630)
JPMorgan Chase & Co.	8/18/17 - $90.00	3	285	(123)
State Street Corp.	8/18/17 - $85.00	2	274	(299)
TOTAL WRITTEN OPTIONS			$2,008	$(1,919)

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
17 CME E-mini S&P 500 Index Contracts (United States)	June 2017	2,049,435	$38,585

The face value of futures purchased as a percentage of Net Assets is 3.3%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

(a) Non-income producing

(b) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $130,263.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $91,898.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
The Honest Co., Inc. Series D	8/12/15	$6,909
Velti PLC	4/19/13	$1,464

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$8,364,895	$8,359,877	$--	$5,018
Consumer Staples	5,572,883	5,550,850	22,033	--
Energy	2,921,203	2,921,203	--	--
Financials	7,249,563	7,249,563	--	--
Health Care	7,238,453	7,204,849	33,604	--
Industrials	6,964,998	6,964,998	--	--
Information Technology	14,105,060	14,105,060	--	--
Materials	2,494,102	2,494,102	--	--
Real Estate	749,934	749,934	--	--
Telecommunication Services	710,340	710,340	--	--
Utilities	2,206,112	2,206,112	--	--
Equity Funds	531,781	531,781	--	--
Other Short-Term Investments	109,873	--	109,873	--
Money Market Funds	3,274,884	3,274,884	--	--
Total Investments in Securities:	$62,494,081	$62,323,553	$165,510	$5,018
Derivative Instruments:
Assets
Futures Contracts	$38,585	$38,585	$--	$--
Total Assets	$38,585	$38,585	$--	$--
Liabilities
Written Options	$(1,919)	$(1,919)	$--	$--
Total Liabilities	$(1,919)	$(1,919)	$--	$--
Total Derivative Instruments:	$36,666	$36,666	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts(a)	$38,585	$0
Written Options(b)	0	(1,919)
Total Equity Risk	38,585	(1,919)
Total Value of Derivatives	$38,585	$(1,919)

(b) Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		May 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $48,026,600)		$62,494,081
Foreign currency held at value (cost $2,554)		2,532
Receivable for investments sold		1,337,562
Receivable for fund shares sold		2,676
Dividends receivable		114,939
Interest receivable		2,011
Receivable for daily variation margin for derivative instruments		340
Prepaid expenses		302
Receivable from investment adviser for expense reductions		3,731
Other receivables		990
Total assets		63,959,164
Liabilities
Payable to custodian bank	$2,635
Payable for investments purchased	1,190,182
Payable for fund shares redeemed	50,871
Accrued management fee	31,096
Distribution and service plan fees payable	28
Written options, at value (premium received $2,008)	1,919
Other affiliated payables	6,403
Other payables and accrued expenses	68,066
Total liabilities		1,351,200
Net Assets		$62,607,964
Net Assets consist of:
Paid in capital		$45,820,192
Undistributed net investment income		212,114
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		2,069,522
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		14,506,136
Net Assets		$62,607,964
Core Multi-Manager:
Net Asset Value, offering price and redemption price per share ($58,221,026 ÷ 4,518,021 shares)		$12.89
Class F:
Net Asset Value, offering price and redemption price per share ($4,118,450 ÷ 318,022 shares)		$12.95
Class L:
Net Asset Value, offering price and redemption price per share ($134,838 ÷ 10,463 shares)		$12.89
Class N:
Net Asset Value, offering price and redemption price per share ($133,650 ÷ 10,385 shares)		$12.87

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended May 31, 2017
Investment Income
Dividends:
Unaffiliated issuers		$1,014,343
Interest		14,037
Total income		1,028,380
Expenses
Management fee	$349,024
Transfer agent fees	53,073
Distribution and service plan fees	313
Accounting fees and expenses	22,623
Custodian fees and expenses	87,417
Independent trustees' fees and expenses	692
Registration fees	42,779
Audit	69,719
Legal	6,956
Miscellaneous	2,280
Total expenses before reductions	634,876
Expense reductions	(114,603)	520,273
Net investment income (loss)		508,107
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,329,904
Foreign currency transactions	1,070
Futures contracts	365,269
Written options	4,429
Total net realized gain (loss)		4,700,672
Change in net unrealized appreciation (depreciation) on: Investment securities	3,978,310
Assets and liabilities in foreign currencies	18
Futures contracts	(71,122)
Written options	89
Total change in net unrealized appreciation (depreciation)		3,907,295
Net gain (loss)		8,607,967
Net increase (decrease) in net assets resulting from operations		$9,116,074

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended May 31, 2017	Year ended May 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$508,107	$490,739
Net realized gain (loss)	4,700,672	3,376,503
Change in net unrealized appreciation (depreciation)	3,907,295	(3,873,441)
Net increase (decrease) in net assets resulting from operations	9,116,074	(6,199)
Distributions to shareholders from net investment income	(471,794)	(513,897)
Distributions to shareholders from net realized gain	(4,835,255)	(4,359,150)
Total distributions	(5,307,049)	(4,873,047)
Share transactions - net increase (decrease)	3,335,131	(3,202,704)
Total increase (decrease) in net assets	7,144,156	(8,081,950)
Net Assets
Beginning of period	55,463,808	63,545,758
End of period	$62,607,964	$55,463,808
Other Information
Undistributed net investment income end of period	$212,114	$175,050

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund

Years ended May 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$12.11	$13.07	$14.28	$13.02	$10.61
Income from Investment Operations
Net investment income (loss)^A	.11	.10	.10	.11	.13
Net realized and unrealized gain (loss)	1.82	(.04)	1.28	2.27	2.60
Total from investment operations	1.93	.06	1.38	2.38	2.73
Distributions from net investment income	(.10)	(.11)	(.12)	(.11)	(.12)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(1.02)	(.20)
Total distributions	(1.15)	(1.02)	(2.59)	(1.12)^B	(.32)
Net asset value, end of period	$12.89	$12.11	$13.07	$14.28	$13.02
Total Return^C	17.03%	.61%	10.70%	19.49%	26.33%
Ratios to Average Net Assets^D
Expenses before reductions	1.10%	1.20%	1.14%	1.21%	1.03%
Expenses net of fee waivers, if any	.90%	.97%	.97%	.97%	.97%
Expenses net of all reductions	.90%	.97%	.97%	.97%	.96%
Net investment income (loss)	.87%	.84%	.78%	.80%	1.12%
Supplemental Data
Net assets, end of period (000 omitted)	$58,221	$52,330	$60,606	$60,938	$67,623
Portfolio turnover rate^E	151%	143%	151%	134%	95%

^A Calculated based on average shares outstanding during the period.

^B Total distributions of $1.12 per share is comprised of distributions from net investment income of $.108 and distributions from net realized gain of $1.015 per share.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^E Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund Class F

Years ended May 31,	2017	2016	2015	2014	2013 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.15	$13.10	$14.30	$13.02	$11.62
Income from Investment Operations
Net investment income (loss)^B	.12	.11	.11	.12	.06
Net realized and unrealized gain (loss)	1.83	(.04)	1.28	2.28	1.46
Total from investment operations	1.95	.07	1.39	2.40	1.52
Distributions from net investment income	(.10)	(.11)	(.12)	(.11)	(.08)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(1.02)	(.04)
Total distributions	(1.15)	(1.02)	(2.59)	(1.12)^C	(.12)
Net asset value, end of period	$12.95	$12.15	$13.10	$14.30	$13.02
Total Return^D,^E	17.14%	.69%	10.78%	19.66%	13.22%
Ratios to Average Net Assets^F
Expenses before reductions	1.00%	1.10%	1.05%	1.11%	.96%^G
Expenses net of fee waivers, if any	.81%	.87%	.87%	.87%	.87%^G
Expenses net of all reductions	.81%	.87%	.87%	.87%	.86%^G
Net investment income (loss)	.96%	.93%	.88%	.90%	1.02%^G
Supplemental Data
Net assets, end of period (000 omitted)	$4,118	$2,891	$2,698	$1,527	$285
Portfolio turnover rate^H	151%	143%	151%	134%	95%

^A For the period December 18, 2012 (commencement of sale of shares) to May 31, 2013.

^B Calculated based on average shares outstanding during the period.

^C Total distributions of $1.12 per share is comprised of distributions from net investment income of $.109 and distributions from net realized gain of $1.015 per share.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Annualized

^H Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund Class L

Years ended May 31,	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.11	$13.07	$14.29	$13.50
Income from Investment Operations
Net investment income (loss)^B	.11	.10	.10	.07
Net realized and unrealized gain (loss)	1.82	(.04)	1.27	1.19
Total from investment operations	1.93	.06	1.37	1.26
Distributions from net investment income	(.10)	(.11)	(.12)	(.06)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(.41)
Total distributions	(1.15)	(1.02)	(2.59)	(.47)
Net asset value, end of period	$12.89	$12.11	$13.07	$14.29
Total Return^C,^D	17.03%	.61%	10.62%	9.50%
Ratios to Average Net Assets^E
Expenses before reductions	1.10%	1.20%	1.14%	1.19%^F
Expenses net of fee waivers, if any	.90%	.97%	.97%	.97%^F
Expenses net of all reductions	.90%	.97%	.97%	.97%^F
Net investment income (loss)	.87%	.83%	.78%	.90%^F
Supplemental Data
Net assets, end of period (000 omitted)	$135	$122	$121	$109
Portfolio turnover rate^G	151%	143%	151%	134%

^A For the period November 12, 2013 (commencement of sale of shares) to May 31, 2014.

^B Calculated based on average shares outstanding during the period.

^C Total returns for periods of less than one year are not annualized.

^D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Annualized

^G Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Core Multi-Manager Fund Class N

Years ended May 31,	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.10	$13.06	$14.27	$13.50
Income from Investment Operations
Net investment income (loss)^B	.08	.07	.07	.05
Net realized and unrealized gain (loss)	1.81	(.04)	1.28	1.18
Total from investment operations	1.89	.03	1.35	1.23
Distributions from net investment income	(.07)	(.08)	(.09)	(.06)
Distributions from net realized gain	(1.05)	(.91)	(2.47)	(.41)
Total distributions	(1.12)	(.99)	(2.56)	(.46)^C
Net asset value, end of period	$12.87	$12.10	$13.06	$14.27
Total Return^D,^E	16.66%	.36%	10.43%	9.32%
Ratios to Average Net Assets^F
Expenses before reductions	1.35%	1.45%	1.39%	1.45%^G
Expenses net of fee waivers, if any	1.15%	1.22%	1.22%	1.22%^G
Expenses net of all reductions	1.15%	1.22%	1.22%	1.22%^G
Net investment income (loss)	.62%	.58%	.53%	.65%^G
Supplemental Data
Net assets, end of period (000 omitted)	$134	$121	$121	$109
Portfolio turnover rate^H	151%	143%	151%	134%

^A For the period November 12, 2013 (commencement of sale of shares) to May 31, 2014.

^B Calculated based on average shares outstanding during the period.

^C Total distributions of $.46 per share is comprised of distributions from net investment income of $.056 and distributions from net realized gain of $.405 per share.

^D Total returns for periods of less than one year are not annualized.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Annualized

^H Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended May 31, 2017

1. Organization.

2. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments 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 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. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by 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. 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. Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in 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. If an unaffiliated open-end mutual fund's NAV 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.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Underlying Funds and distributions from ETFs, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$14,844,875
Gross unrealized depreciation	(670,140)
Net unrealized appreciation (depreciation) on securities	$14,174,735
Tax Cost	$48,319,346

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$915,585
Undistributed long-term capital gain	$1,698,370
Net unrealized appreciation (depreciation) on securities and other investments	$14,174,805

The tax character of distributions paid was as follows:

	May 31, 2017	May 31, 2016
Ordinary Income	$1,030,553	$ 1,137,130
Long-term Capital Gains	4,276,496	3,735,917
Total	$5,307,049	$ 4,873,047

3. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts and options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts and exchange-traded options may be mitigated by the protection provided by the exchange on which they trade.

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Equity Risk
Futures Contracts	$ 365,269	$(71,122)
Written Options	4,429	89
Totals	$369,698	$(71,033)

A summary of the value of derivatives by primary risk exposure as of period end is included at the end of the Schedule of Investments.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options".

The following is a summary of the Fund's written options activity:

	Number of Contracts	Amount of Premiums
Outstanding at beginning of period	-	$-
Options Opened	203	13,143
Options Exercised	(73)	(5,741)
Options Closed	(47)	(2,385)
Options Expired	(57)	(3,009)
Outstanding at end of period	26	$2,008

4. Purchases and Sales of Investments.

Purchases and sales of securities (including the Underlying Fund shares), other than short-term securities, aggregated $82,537,222 and $83,661,588, respectively.

5. Fees and Other Transactions with Affiliates.

	Service Fee	Total Fees	Retained by FDC
Class N	.25%	$313	$313

	Amount	% of Class-Level Average Net Assets
Core Multi-Manager	$52,830	.10
Class L	122	.10
Class N	121	.10
	$53,073

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $192 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

	Expense Limitations^(a)	Expense Limitations^(b)	Reimbursement
Core Multi-Manager	.90%	.90%	$107,527
Class F	.80%	.81%	6,554
Class L	.90%	.90%	247
Class N	1.15%	1.15%	249

(a) Expense limitation effective June 1, 2016.

(b) Expense limitation effective October 1, 2016.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended May 31, 2017	Year ended May 31, 2016
From net investment income
Core Multi-Manager	$443,816	$487,696
Class F	26,230	24,473
Class L	1,027	1,009
Class N	721	719
Total	$471,794	$513,897
From net realized gain
Core Multi-Manager	$4,552,626	$4,135,487
Class F	261,588	206,573
Class L	10,549	8,557
Class N	10,492	8,533
Total	$4,835,255	$4,359,150

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended May 31, 2017	Year ended May 31, 2016	Year ended May 31, 2017	Year ended May 31, 2016
Core Multi-Manager
Shares sold	141,085	96,245	$1,713,629	$1,129,447
Reinvestment of distributions	422,177	384,610	4,996,442	4,623,183
Shares redeemed	(366,148)	(796,791)	(4,350,140)	(9,362,604)
Net increase (decrease)	197,114	(315,936)	$2,359,931	$(3,609,974)
Class F
Shares sold	139,459	92,805	$1,705,384	$1,114,584
Reinvestment of distributions	24,215	19,171	287,818	231,046
Shares redeemed	(83,486)	(80,075)	(1,027,313)	(957,178)
Net increase (decrease)	80,188	31,901	$965,889	$388,452
Class L
Reinvestment of distributions	978	796	$11,576	$9,566
Shares redeemed	(578)	–	(6,762)	–
Net increase (decrease)	400	796	$4,814	$9,566
Class N
Reinvestment of distributions	948	769	$11,213	$9,252
Shares redeemed	(575)	–	(6,716)	–
Net increase (decrease)	373	769	$4,497	$9,252

10. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 89% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Core Multi-Manager Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Strategic Advisers Core Multi-Manager Fund (a fund of Fidelity Rutland Square Trust II) as of May 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Strategic Advisers Core Multi-Manager Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
July 17, 2017

Trustees and Officers

Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5095 (plan participants) or 1-877-208-0098 (Advisors and Investment Professionals).

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bruce T. Herring (1965)

Year of Election or Appointment: 2015

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2016

Trustee

Chairman of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with Strategic Advisers

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Peter C. Aldrich (1944)

Year of Election or Appointment: 2006

Trustee

Ralph F. Cox (1932)

Year of Election or Appointment: 2006

Trustee

Mary C. Farrell (1949)

Year of Election or Appointment: 2013

Trustee

Karen Kaplan (1960)

Year of Election or Appointment: 2006

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Amy Butte (1968)

Year of Election or Appointment: 2017

Member of the Advisory Board

Howard E. Cox, Jr. (1944)

Year of Election or Appointment: 2009

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Brian J. Blackburn (1975)

Year of Election or Appointment: 2014

Assistant Secretary

Mr. Blackburn also serves as an officer of other funds. Mr. Blackburn serves as Vice President & Associate General Counsel (2013-present) and is an employee of Fidelity Investments (2007-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

President and Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2012

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2015

Chief Financial Officer

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

James D. Gryglewicz (1972)

Year of Election or Appointment: 2015

Chief Compliance Officer

John Hitt (1967)

Year of Election or Appointment: 2014

Secretary and Chief Legal Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2016 to May 31, 2017).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value December 1, 2016	Ending Account Value May 31, 2017	Expenses Paid During Period-^B December 1, 2016 to May 31, 2017
Core Multi-Manager	.90%
Actual		$1,000.00	$1,103.30	$4.72
Hypothetical-^C		$1,000.00	$1,020.44	$4.53
Class F	.81%
Actual		$1,000.00	$1,103.70	$4.25
Hypothetical-^C		$1,000.00	$1,020.89	$4.08
Class L	.90%
Actual		$1,000.00	$1,103.30	$4.72
Hypothetical-^C		$1,000.00	$1,020.44	$4.53
Class N	1.15%
Actual		$1,000.00	$1,101.80	$6.03
Hypothetical-^C		$1,000.00	$1,019.20	$5.79

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^C 5% return per year before expenses

Distributions (Unaudited)

	Pay Date	Record Date	Dividends	Capital Gains
Strategic Advisers Core Multi-Manager Fund
Strategic Advisers Core Multi-Manager Fund	07/10/17	07/07/17	$0.044	$0.495
Class F	07/10/17	07/07/17	$0.044	$0.495
Class L	07/10/17	07/07/17	$0.044	$0.495
Class N	07/10/17	07/07/17	$0.031	$0.495

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Board Approval of Investment Advisory Contract and Management Fees

Strategic Advisers Core Multi-Manager Fund

Investment Performance. The Board also considered the historical investment performance of J.P. Morgan and the portfolio managers in managing accounts under a similar investment mandate.

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Peter C. Aldrich
Affirmative	80,345,400,272.38	97.367
Withheld	2,172,700,318.89	2.633
TOTAL	82,518,100,591.27	100.000
Amy Butte Liebowitz
Affirmative	80,349,798,079.05	97.372
Withheld	2,168,302,512.22	2.628
TOTAL	82,518,100,591.27	100.000
Ralph F. Cox
Affirmative	80,185,900,067.22	97.174
Withheld	2,332,200,524.05	2.826
TOTAL	82,518,100,591.27	100.000
Mary C. Farrell
Affirmative	80,442,189,509.02	97.484
Withheld	2,075,911,082.25	2.516
TOTAL	82,518,100,591.27	100.000
Bruce T. Herring
Affirmative	80,450,867,609.22	97.495
Withheld	2,067,232,982.05	2.505
TOTAL	82,518,100,591.27	100.000
Karen Kaplan
Affirmative	80,281,077,426.19	97.289
Withheld	2,237,023,165.08	2.711
TOTAL	82,518,100,591.27	100.000
Robert A. Lawrence
Affirmative	80,483,442,135.49	97.534
Withheld	2,034,658,455.78	2.466
TOTAL	82,518,100,591.27	100.000

PROPOSAL 2a

To approve a sub-advisory agreement among Strategic Advisers, FIAM LLC (FIAM) and the Trust on behalf of Strategic Advisers^® Core Multi-Manager Fund with respect to FIAM's Sector Managed strategy.

	# of Votes	% of Votes
Affirmative	48,989,698.04	87.976
Against	515,760.11	0.926
Abstain	6,179,974.42	11.098
TOTAL	55,685,432.57	100.000

PROPOSAL 2b

To approve a sub-advisory agreement among Strategic Advisers, FIAM LLC (FIAM) and the Trust on behalf of Strategic Advisers^® Core Multi-Manager Fund with respect to FIAM's Large Cap Core strategy.

	# of Votes	% of Votes
Affirmative	48,989,698.04	87.976
Against	515,760.11	0.926
Abstain	6,179,974.42	11.098
TOTAL	55,685,432.57	100.000

PROPOSAL 4a

	# of Votes	% of Votes
Affirmative	48,989,698.04	87.976
Against	515,760.11	0.926
Abstain	6,179,974.42	11.098
TOTAL	55,685,432.57	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MMC-L-MMC-N-ANN-0717
1.9585620.103

Strategic Advisers® Growth Multi-Manager Fund

Annual Report

May 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

You may also call 1-800-835-5095 (plan accounts) or 1-800-544-3455 (all other accounts) to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended May 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Strategic Advisers® Growth Multi-Manager Fund	19.13%	14.96%	14.37%

^A From November 16, 2011

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Strategic Advisers® Growth Multi-Manager Fund, a class of the fund, on November 16, 2011, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.

	Period Ending Values
	$21,047	Strategic Advisers® Growth Multi-Manager Fund
	$22,538	Russell 1000® Growth Index

Management's Discussion of Fund Performance

Comments from Lead Portfolio Manager John Stone: For the year, the Fund's share classes posted gains of about 19%, trailing the 20.27% return of the benchmark Russell 1000^® Growth Index. Underlying managers holding large-cap aggressive-growth stocks performed particularly well this period and bolstered the Fund’s relative performance. Conversely, managers pursuing valuation-driven strategies underperformed and detracted versus the benchmark. Sub-adviser Waddell & Reed’s quality-growth strategy was the biggest relative detractor, due to unfavorable positioning in several sectors. We defunded this strategy early in the period. The Blended Research Large Cap Growth strategy from sub-adviser Massachusetts Financial Services performed somewhat worse than expected due to adverse security selection across several sectors. On the plus side, Fidelity^® Blue Chip Growth Fund was the top relative contributor, as its aggressive, large-cap growth strategy yielded strong overall positioning in technology. Sub-advisor ClariVest Asset Management also contributed, as this manager's quantitative strategy with a momentum bias led it to overweight the technology sector, within which it also benefited from favorable stock picks. As of period end, we had defunded sub-adviser Morgan Stanley Investment Management due to concern about the longer-term performance of its strategy.

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Ten Holdings as of May 31, 2017

(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Fidelity Blue Chip Growth Fund	5.4	5.3
Fidelity SAI U.S. Quality Index Fund	5.2	5.3
Facebook, Inc. Class A	4.1	3.7
Amazon.com, Inc.	3.9	3.6
Apple, Inc.	3.6	2.8
Microsoft Corp.	3.3	3.3
Alphabet, Inc. Class C	2.4	2.1
Alphabet, Inc. Class A	2.2	2.0
Visa, Inc. Class A	1.6	1.6
Comcast Corp. Class A	1.6	1.5
	33.3

Top Five Market Sectors as of May 31, 2017

(stocks only)	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	33.2	31.1
Consumer Discretionary	14.7	14.6
Health Care	12.8	13.3
Consumer Staples	7.8	8.4
Industrials	7.8	7.9

Asset Allocation (% of fund's net assets)

As of May 31, 2017
	Common Stocks	84.1%
	Large Growth Funds	10.6%
	Short-Term Investments and Net Other Assets (Liabilities)	5.3%

As of November 30, 2016
	Common Stocks	83.4%
	Large Growth Funds	10.6%
	Short-Term Investments and Net Other Assets (Liabilities)	6.0%

Asset allocations of funds in the pie charts reflect the categorizations of assets as defined by Morningstar as of the reporting dates indicated above.

Investments May 31, 2017

Showing Percentage of Net Assets

Common Stocks - 84.1%
	Shares	Value
CONSUMER DISCRETIONARY - 14.7%
Auto Components - 0.7%
Lear Corp.	3,008	$448,312
Automobiles - 0.2%
Thor Industries, Inc.	1,760	159,333
Hotels, Restaurants & Leisure - 3.2%
Carnival Corp.	2,684	171,961
Domino's Pizza, Inc.	2,417	511,727
International Game Technology PLC	3,108	55,167
Marriott International, Inc. Class A	1,806	194,416
McDonald's Corp.	2,025	305,552
Starbucks Corp.	3,487	221,808
Wyndham Worldwide Corp.	2,131	215,210
Yum China Holdings, Inc.	4,979	191,243
Yum! Brands, Inc.	3,389	246,177
		2,113,261
Household Durables - 0.6%
D.R. Horton, Inc.	7,513	245,600
Mohawk Industries, Inc. (a)	563	134,726
		380,326
Internet & Direct Marketing Retail - 4.4%
Amazon.com, Inc. (a)	2,584	2,570,098
Priceline Group, Inc. (a)	199	373,541
		2,943,639
Media - 2.6%
Charter Communications, Inc. Class A (a)	1,032	356,608
Comcast Corp. Class A	24,633	1,026,950
The Walt Disney Co.	2,877	310,543
		1,694,101
Multiline Retail - 0.2%
Dollar Tree, Inc. (a)	1,569	121,911
Specialty Retail - 2.7%
AutoZone, Inc. (a)	386	233,885
Best Buy Co., Inc.	4,342	257,871
Dick's Sporting Goods, Inc.	3,145	129,354
Foot Locker, Inc.	2,888	171,576
Home Depot, Inc.	4,165	639,369
Ross Stores, Inc.	4,633	296,141
Urban Outfitters, Inc. (a)	4,062	76,650
		1,804,846
Textiles, Apparel & Luxury Goods - 0.1%
NIKE, Inc. Class B	1,313	69,576

TOTAL CONSUMER DISCRETIONARY		9,735,305

CONSUMER STAPLES - 7.8%
Beverages - 2.7%
Constellation Brands, Inc. Class A (sub. vtg.)	1,581	288,928
Monster Beverage Corp. (a)	10,359	523,751
PepsiCo, Inc.	4,396	513,761
The Coca-Cola Co.	9,478	430,965
		1,757,405
Food & Staples Retailing - 0.8%
Costco Wholesale Corp.	578	104,289
CVS Health Corp.	1,469	112,863
Wal-Mart Stores, Inc.	3,810	299,466
		516,618
Food Products - 2.6%
Archer Daniels Midland Co.	4,016	166,985
Bunge Ltd.	1,241	99,243
Danone SA sponsored ADR	29,945	446,031
Ingredion, Inc.	1,210	138,049
Mondelez International, Inc.	1,834	85,446
Pinnacle Foods, Inc.	2,760	171,976
The Hershey Co.	1,935	223,047
The J.M. Smucker Co.	972	124,270
Tyson Foods, Inc. Class A	5,270	302,182
		1,757,229
Household Products - 0.6%
Procter & Gamble Co.	4,631	407,945
Personal Products - 0.3%
Estee Lauder Companies, Inc. Class A	2,164	203,719
Tobacco - 0.8%
Altria Group, Inc.	4,064	306,588
Philip Morris International, Inc.	1,777	212,885
		519,473

TOTAL CONSUMER STAPLES		5,162,389

ENERGY - 0.8%
Energy Equipment & Services - 0.4%
Schlumberger Ltd.	3,704	257,761
Oil, Gas & Consumable Fuels - 0.4%
EOG Resources, Inc.	1,805	163,010
ONEOK, Inc.	1,960	97,373
Parsley Energy, Inc. Class A (a)	1,465	43,437
		303,820

TOTAL ENERGY		561,581

FINANCIALS - 3.7%
Banks - 0.7%
Bank of America Corp.	14,898	333,864
Zions Bancorporation	2,240	89,757
		423,621
Capital Markets - 1.8%
Bank of New York Mellon Corp.	5,955	280,600
FactSet Research Systems, Inc.	1,393	230,806
Morgan Stanley	4,360	181,986
SEI Investments Co.	7,207	360,999
State Street Corp.	1,625	132,373
		1,186,764
Consumer Finance - 0.6%
American Express Co.	2,397	184,425
Discover Financial Services	3,632	213,198
		397,623
Diversified Financial Services - 0.0%
Varex Imaging Corp. (a)	722	24,801
Insurance - 0.6%
MetLife, Inc.	3,117	157,689
Progressive Corp.	2,330	98,862
Prudential Financial, Inc.	1,448	151,823
		408,374

TOTAL FINANCIALS		2,441,183

HEALTH CARE - 12.8%
Biotechnology - 4.1%
AbbVie, Inc.	2,707	178,716
Alexion Pharmaceuticals, Inc. (a)	1,218	119,401
Amgen, Inc.	4,858	754,156
Biogen, Inc. (a)	1,622	401,883
Celgene Corp. (a)	5,594	640,010
Gilead Sciences, Inc.	3,092	200,640
Regeneron Pharmaceuticals, Inc. (a)	874	401,218
		2,696,024
Health Care Equipment & Supplies - 2.5%
Edwards Lifesciences Corp. (a)	5,485	631,159
Hologic, Inc. (a)	3,181	137,769
Medtronic PLC	2,114	178,168
Stryker Corp.	1,131	161,688
The Cooper Companies, Inc.	1,135	248,281
Varian Medical Systems, Inc. (a)	3,144	311,319
		1,668,384
Health Care Providers & Services - 3.2%
Aetna, Inc.	1,759	254,809
Express Scripts Holding Co. (a)	4,266	254,894
HCA Holdings, Inc. (a)	2,797	229,102
Humana, Inc.	345	80,130
Laboratory Corp. of America Holdings (a)	1,716	238,524
McKesson Corp.	917	149,554
UnitedHealth Group, Inc.	5,169	905,505
		2,112,518
Health Care Technology - 0.5%
Cerner Corp. (a)	4,955	323,809
Life Sciences Tools & Services - 0.6%
Thermo Fisher Scientific, Inc.	2,339	404,156
Pharmaceuticals - 1.9%
Eli Lilly & Co.	4,528	360,293
Merck & Co., Inc.	3,530	229,838
Novartis AG sponsored ADR	3,389	277,119
Novo Nordisk A/S Series B sponsored ADR	9,966	422,259
		1,289,509

TOTAL HEALTH CARE		8,494,400

INDUSTRIALS - 7.8%
Aerospace & Defense - 2.3%
General Dynamics Corp.	1,102	223,982
Lockheed Martin Corp.	610	171,489
Northrop Grumman Corp.	2,350	609,167
Orbital ATK, Inc.	648	65,876
Spirit AeroSystems Holdings, Inc. Class A	1,713	93,341
Textron, Inc.	2,906	138,907
United Technologies Corp.	1,801	218,425
		1,521,187
Air Freight & Logistics - 1.3%
Expeditors International of Washington, Inc.	6,949	370,938
FedEx Corp.	750	145,380
United Parcel Service, Inc. Class B	2,967	314,413
		830,731
Airlines - 0.3%
Copa Holdings SA Class A	988	111,684
Delta Air Lines, Inc.	1,850	90,891
		202,575
Building Products - 0.8%
Lennox International, Inc.	573	101,478
Owens Corning	6,615	412,776
		514,254
Industrial Conglomerates - 0.2%
Roper Technologies, Inc.	665	151,088
Machinery - 1.5%
Deere & Co.	4,449	544,825
Ingersoll-Rand PLC	2,580	231,168
Oshkosh Corp.	1,640	103,517
Parker Hannifin Corp.	765	120,465
		999,975
Road & Rail - 0.4%
CSX Corp.	2,105	114,028
Union Pacific Corp.	1,548	170,744
		284,772
Trading Companies & Distributors - 1.0%
HD Supply Holdings, Inc. (a)	4,542	183,270
MSC Industrial Direct Co., Inc. Class A	1,170	98,210
United Rentals, Inc. (a)	2,018	219,417
Univar, Inc. (a)	5,075	154,382
		655,279

TOTAL INDUSTRIALS		5,159,861

INFORMATION TECHNOLOGY - 33.2%
Communications Equipment - 1.6%
Cisco Systems, Inc.	25,708	810,573
Juniper Networks, Inc.	8,145	238,893
		1,049,466
Internet Software & Services - 10.2%
Alibaba Group Holding Ltd. sponsored ADR (a)	6,106	747,741
Alphabet, Inc.:
Class A (a)	1,490	1,470,764
Class C (a)	1,630	1,572,722
Dropbox, Inc. Class B (a)(b)	1,441	18,013
eBay, Inc. (a)	8,090	277,487
Facebook, Inc. Class A (a)	17,743	2,687,355
SurveyMonkey (a)(b)	1,159	13,572
		6,787,654
IT Services - 5.4%
Accenture PLC Class A	2,241	278,937
Amdocs Ltd.	1,151	74,562
Automatic Data Processing, Inc.	1,166	119,363
DXC Technology Co.	2,622	203,257
Fidelity National Information Services, Inc.	1,682	144,433
Fiserv, Inc. (a)	2,004	251,061
FleetCor Technologies, Inc. (a)	1,635	235,914
Global Payments, Inc.	3,604	330,162
IBM Corp.	469	71,583
MasterCard, Inc. Class A	2,717	333,865
Total System Services, Inc.	2,793	166,323
Vantiv, Inc. (a)	4,098	257,027
Visa, Inc. Class A	11,441	1,089,526
		3,556,013
Semiconductors & Semiconductor Equipment - 3.8%
Analog Devices, Inc.	794	68,093
Applied Materials, Inc.	11,275	517,297
KLA-Tencor Corp.	660	68,640
Lam Research Corp.	2,345	363,874
Microchip Technology, Inc.	1,895	157,854
NVIDIA Corp.	4,789	691,292
Qualcomm, Inc.	7,833	448,596
Texas Instruments, Inc.	2,697	222,476
		2,538,122
Software - 8.0%
Activision Blizzard, Inc.	2,485	145,571
Adobe Systems, Inc. (a)	3,893	552,261
Autodesk, Inc. (a)	4,955	553,820
Electronic Arts, Inc. (a)	6,228	705,819
Intuit, Inc.	2,323	326,707
Microsoft Corp.	31,360	2,190,182
Oracle Corp.	12,795	580,765
Synopsys, Inc. (a)	3,420	256,055
		5,311,180
Technology Hardware, Storage & Peripherals - 4.2%
Apple, Inc.	15,471	2,363,350
NCR Corp. (a)	3,991	153,773
NetApp, Inc.	6,584	266,586
		2,783,709

TOTAL INFORMATION TECHNOLOGY		22,026,144

MATERIALS - 2.0%
Chemicals - 1.3%
Air Products & Chemicals, Inc.	1,234	177,770
FMC Corp.	1,157	87,203
LyondellBasell Industries NV Class A	2,649	213,297
Monsanto Co.	2,436	286,035
Sherwin-Williams Co.	184	61,046
		825,351
Containers & Packaging - 0.4%
Berry Global Group, Inc. (a)	2,599	150,716
Owens-Illinois, Inc. (a)	5,595	126,279
		276,995
Metals & Mining - 0.3%
Steel Dynamics, Inc.	6,511	221,309

TOTAL MATERIALS		1,323,655

REAL ESTATE - 0.9%
Equity Real Estate Investment Trusts (REITs) - 0.9%
Alexandria Real Estate Equities, Inc.	1,803	210,374
American Tower Corp.	810	106,264
Equity Lifestyle Properties, Inc.	1,095	92,418
Public Storage	286	61,590
Simon Property Group, Inc.	973	150,085
		620,731
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Verizon Communications, Inc.	3,545	165,339
UTILITIES - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
The AES Corp.	7,253	84,715
TOTAL COMMON STOCKS
(Cost $37,637,723)		55,775,303

Convertible Preferred Stocks - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Internet Software & Services - 0.0%
Dropbox, Inc. Series A (a)(b)
(Cost $1,303)	144	1,800

Equity Funds - 10.6%
Large Growth Funds - 10.6%
Fidelity Blue Chip Growth Fund (c)	44,507	3,601,515
Fidelity SAI U.S. Quality Index Fund (c)	282,596	3,447,674
TOTAL EQUITY FUNDS
(Cost $5,819,974)		7,049,189

U.S. Treasury Obligations - 0.2%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.76% to 0.96% 6/29/17 to 8/31/17 (d)
(Cost $129,895)	$130,000	129,889

Money Market Funds - 5.3%

Invesco Government & Agency Portfolio Institutional Class 0.71%(e)
(Cost $3,531,706)	3,531,706	3,531,706
TOTAL INVESTMENT PORTFOLIO - 100.2%
(Cost $47,120,601)		66,487,887
NET OTHER ASSETS (LIABILITIES) - (0.2)%		(129,602)
NET ASSETS - 100%		$66,358,285

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
49 ICE Russell 1000 Growth Index Contracts (United States)	June 2017	2,930,935	$138,081

The face value of futures purchased as a percentage of Net Assets is 4.4%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $4,511,407.

Legend

(a) Non-income producing

(b) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $33,385 or 0.1% of net assets.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $129,889.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Dropbox, Inc. Class B	5/1/12	$13,044
Dropbox, Inc. Series A	5/25/12	$1,303
SurveyMonkey	11/25/14	$19,066

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Blue Chip Growth Fund	$--	$2,948,770	$44,250	$6,678	$3,601,515
Fidelity SAI U.S. Quality Index Fund	--	2,914,718	--	39,457	3,447,674
Total	$--	$5,863,488	$44,250	$46,135	$7,049,189

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$9,735,305	$9,735,305	$--	$--
Consumer Staples	5,162,389	5,162,389	--	--
Energy	561,581	561,581	--	--
Financials	2,441,183	2,441,183	--	--
Health Care	8,494,400	8,494,400	--	--
Industrials	5,159,861	5,159,861	--	--
Information Technology	22,027,944	21,994,559	--	33,385
Materials	1,323,655	1,323,655	--	--
Real Estate	620,731	620,731	--	--
Telecommunication Services	165,339	165,339	--	--
Utilities	84,715	84,715	--	--
Equity Funds	7,049,189	7,049,189	--	--
Other Short-Term Investments	129,889	--	129,889	--
Money Market Funds	3,531,706	3,531,706	--	--
Total Investments in Securities:	$66,487,887	$66,324,613	$129,889	$33,385
Derivative Instruments:
Assets
Futures Contracts	$138,081	$138,081	$--	$--
Total Assets	$138,081	$138,081	$--	$--
Total Derivative Instruments:	$138,081	$138,081	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts(a)	$138,081	$0
Total Equity Risk	138,081	0
Total Value of Derivatives	$138,081	$0

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		May 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $41,300,627)	$59,438,698
Affiliated issuers (cost $5,819,974)	7,049,189
Total Investments (cost $47,120,601)		$66,487,887
Receivable for investments sold		3,027
Receivable for fund shares sold		4,285
Dividends receivable		74,998
Interest receivable		2,004
Receivable for daily variation margin for derivative instruments		2,515
Prepaid expenses		312
Other receivables		1,025
Total assets		66,576,053
Liabilities
Payable for fund shares redeemed	$145,911
Accrued management fee	25,179
Distribution and service plan fees payable	28
Other affiliated payables	6,317
Other payables and accrued expenses	40,333
Total liabilities		217,768
Net Assets		$66,358,285
Net Assets consist of:
Paid in capital		$45,476,784
Undistributed net investment income		101,429
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		1,274,705
Net unrealized appreciation (depreciation) on investments		19,505,367
Net Assets		$66,358,285
Growth Multi-Manager:
Net Asset Value, offering price and redemption price per share ($62,609,732 ÷ 4,558,639 shares)		$13.73
Class F:
Net Asset Value, offering price and redemption price per share ($3,472,771 ÷ 252,883 shares)		$13.73
Class L:
Net Asset Value, offering price and redemption price per share ($138,501 ÷ 10,092 shares)		$13.72
Class N:
Net Asset Value, offering price and redemption price per share ($137,281 ÷ 10,017 shares)		$13.70

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended May 31, 2017
Investment Income
Dividends:
Unaffiliated issuers		$701,226
Affiliated issuers		46,135
Interest		17,217
Total income		764,578
Expenses
Management fee	$279,939
Transfer agent fees	50,605
Distribution and service plan fees	314
Accounting fees and expenses	23,590
Custodian fees and expenses	13,613
Independent trustees' fees and expenses	722
Registration fees	42,762
Audit	68,001
Legal	1,856
Miscellaneous	2,141
Total expenses before reductions	483,543
Expense reductions	(928)	482,615
Net investment income (loss)		281,963
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,981,184
Affiliated issuers	739
Foreign currency transactions	228
Futures contracts	853,599
Realized gain distributions from underlying funds:
Affiliated issuers	123,635
Total net realized gain (loss)		5,959,385
Change in net unrealized appreciation (depreciation) on: Investment securities	4,500,523
Assets and liabilities in foreign currencies	(95)
Futures contracts	59,409
Total change in net unrealized appreciation (depreciation)		4,559,837
Net gain (loss)		10,519,222
Net increase (decrease) in net assets resulting from operations		$10,801,185

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended May 31, 2017	Year ended May 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$281,963	$292,540
Net realized gain (loss)	5,959,385	4,083,861
Change in net unrealized appreciation (depreciation)	4,559,837	(4,809,668)
Net increase (decrease) in net assets resulting from operations	10,801,185	(433,267)
Distributions to shareholders from net investment income	(319,551)	(250,913)
Distributions to shareholders from net realized gain	(7,341,393)	(3,437,178)
Total distributions	(7,660,944)	(3,688,091)
Share transactions - net increase (decrease)	4,574,494	(2,366,614)
Total increase (decrease) in net assets	7,714,735	(6,487,972)
Net Assets
Beginning of period	58,643,550	65,131,522
End of period	$66,358,285	$58,643,550
Other Information
Undistributed net investment income end of period	$101,429	$152,261

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Growth Multi-Manager Fund

Years ended May 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$13.17	$14.04	$14.73	$12.70	$10.47
Income from Investment Operations
Net investment income (loss)^A	.06	.06	.05	.08	.07
Net realized and unrealized gain (loss)	2.21^B	(.16)	1.71	2.74	2.22
Total from investment operations	2.27	(.10)	1.76	2.82	2.29
Distributions from net investment income	(.07)	(.05)	(.06)	(.07)	(.06)
Distributions from net realized gain	(1.64)	(.72)	(2.38)	(.73)	–
Total distributions	(1.71)	(.77)	(2.45)^C	(.79)^D	(.06)
Net asset value, end of period	$13.73	$13.17	$14.04	$14.73	$12.70
Total Return^E	19.13%^B	(.66)%	13.15%	22.94%	21.97%
Ratios to Average Net Assets^F
Expenses before reductions	.80%	.82%	.84%	.83%	.87%
Expenses net of fee waivers, if any	.80%	.82%	.84%	.80%	.87%
Expenses net of all reductions	.80%	.82%	.84%	.80%	.87%
Net investment income (loss)	.46%	.46%	.39%	.55%	.60%
Supplemental Data
Net assets, end of period (000 omitted)	$62,610	$55,948	$62,615	$65,731	$64,621
Portfolio turnover rate^G	52%	46%	46%	51%	65%

^A Calculated based on average shares outstanding during the period.

^B Amount includes a reimbursement from the investment adviser for an operational error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 19.07%.

^C Total distributions of $2.45 per share is comprised of distributions from net investment income of $.062 and distributions from net realized gain of $2.384 per share.

^D Total distributions of $.79 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.729 per share.

^E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the Underlying Funds are not included in the Fund's annualized ratios. The Fund indirectly bears its proportionate share of the expenses of the Underlying Funds.

^G Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Growth Multi-Manager Fund Class F

Years ended May 31,	2017	2016	2015	2014	2013 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.17	$14.04	$14.73	$12.70	$11.31
Income from Investment Operations
Net investment income (loss)^B	.07	.07	.07	.09	.03
Net realized and unrealized gain (loss)	2.22^C	(.15)	1.70	2.75	1.41
Total from investment operations	2.29	(.08)	1.77	2.84	1.44
Distributions from net investment income	(.08)	(.07)	(.08)	(.08)	(.05)
Distributions from net realized gain	(1.64)	(.72)	(2.38)	(.73)	–
Total distributions	(1.73)^D	(.79)	(2.46)	(.81)	(.05)
Net asset value, end of period	$13.73	$13.17	$14.04	$14.73	$12.70
Total Return^E,^F	19.25%^C	(.56)%	13.27%	23.05%	12.82%
Ratios to Average Net Assets^G
Expenses before reductions	.71%	.72%	.74%	.74%	.72%^H
Expenses net of fee waivers, if any	.71%	.72%	.74%	.69%	.72%^H
Expenses net of all reductions	.71%	.72%	.74%	.69%	.72%^H
Net investment income (loss)	.55%	.55%	.48%	.66%	.64%^H
Supplemental Data
Net assets, end of period (000 omitted)	$3,473	$2,451	$2,269	$1,286	$256
Portfolio turnover rate^I	52%	46%	46%	51%	65%

^A For the period December 18, 2012 (commencement of sale of shares) to May 31, 2013.

^B Calculated based on average shares outstanding during the period.

^C Amount includes a reimbursement from the investment adviser for an operational error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 19.19%.

^D Total distributions of $1.73 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $1.642 per share.

^E Total returns for periods of less than one year are not annualized.

^F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. Fees and expenses of the Underlying Funds are not included in the Fund's annualized ratios. The Fund indirectly bears its proportionate share of the expenses of the Underlying Funds.

^H Annualized

^I Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Growth Multi-Manager Fund Class L

Years ended May 31,	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.16	$14.03	$14.72	$13.96
Income from Investment Operations
Net investment income (loss)^B	.06	.06	.05	.05
Net realized and unrealized gain (loss)	2.21^C	(.15)	1.71	1.22
Total from investment operations	2.27	(.09)	1.76	1.27
Distributions from net investment income	(.07)	(.05)	(.07)	(.05)
Distributions from net realized gain	(1.64)	(.72)	(2.38)	(.46)
Total distributions	(1.71)	(.78)^D	(2.45)	(.51)
Net asset value, end of period	$13.72	$13.16	$14.03	$14.72
Total Return^E,^F	19.15%^C	(.65)%	13.18%	9.28%
Ratios to Average Net Assets^G
Expenses before reductions	.80%	.82%	.84%	.85%^H
Expenses net of fee waivers, if any	.80%	.82%	.84%	.85%^H
Expenses net of all reductions	.80%	.82%	.84%	.85%^H
Net investment income (loss)	.46%	.46%	.39%	.58%^H
Supplemental Data
Net assets, end of period (000 omitted)	$139	$123	$124	$109
Portfolio turnover rate^I	52%	46%	46%	51%

^A For the period November 12, 2013 (commencement of sale of shares) to May 31, 2014.

^B Calculated based on average shares outstanding during the period.

^C Amount includes a reimbursement from the investment adviser for an operational error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 19.09%.

^D Total distributions of $.78 per share is comprised of distributions from net investment income of $.053 and distributions from net realized gain of $.722 per share.

^E Total returns for periods of less than one year are not annualized.

^F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Annualized

^I Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Growth Multi-Manager Fund Class N

Years ended May 31,	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.15	$14.01	$14.71	$13.96
Income from Investment Operations
Net investment income (loss)^B	.03	.03	.02	.03
Net realized and unrealized gain (loss)	2.20^C	(.15)	1.70	1.23
Total from investment operations	2.23	(.12)	1.72	1.26
Distributions from net investment income	(.04)	(.02)	(.03)	(.05)
Distributions from net realized gain	(1.64)	(.72)	(2.38)	(.46)
Total distributions	(1.68)	(.74)	(2.42)^D	(.51)
Net asset value, end of period	$13.70	$13.15	$14.01	$14.71
Total Return^E,^F	18.79%^C	(.83)%	12.83%	9.17%
Ratios to Average Net Assets^G
Expenses before reductions	1.05%	1.07%	1.09%	1.10%^H
Expenses net of fee waivers, if any	1.05%	1.07%	1.09%	1.10%^H
Expenses net of all reductions	1.05%	1.06%	1.09%	1.10%^H
Net investment income (loss)	.21%	.21%	.14%	.32%^H
Supplemental Data
Net assets, end of period (000 omitted)	$137	$122	$123	$109
Portfolio turnover rate^I	52%	46%	46%	51%

^A For the period November 12, 2013 (commencement of sale of shares) to May 31, 2014.

^B Calculated based on average shares outstanding during the period.

^C Amount includes a reimbursement from the investment adviser for an operational error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 18.73%.

^D Total distributions of $2.42 per share is comprised of distributions from net investment income of $.031 and distributions from net realized gain of $2.384 per share.

^E Total returns for periods of less than one year are not annualized.

^F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^H Annualized

^I Amount does not include the portfolio activity of any Underlying Funds.

See accompanying notes which are an integral part of the financial statements.

Notes to Financial Statements

For the period ended May 31, 2017

1. Organization.

Strategic Advisers Growth Multi-Manager Fund (the Fund) is a fund of Fidelity Rutland Square Trust II (the Trust), and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Delaware statutory trust. The Fund is available only to certain employer-sponsored retirement plans and certain Fidelity brokerage or mutual fund accounts. The Fund offers Growth Multi-Manager, Class F, Class L and Class N shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

2. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's investments by major category are as follows:

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 (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV 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.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Underlying Funds and distributions from ETFs, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, market discount, deferred trustees compensation, security level mergers and exchanges and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$19,937,113
Gross unrealized depreciation	(669,337)
Net unrealized appreciation (depreciation) on securities	$19,267,776
Tax Cost	$47,220,111

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$102,304
Undistributed long-term capital gain	$1,512,448
Net unrealized appreciation (depreciation) on securities and other investments	$19,267,776

The tax character of distributions paid was as follows:

	May 31, 2017	May 31, 2016
Ordinary Income	$516,495	$ 302,461
Long-term Capital Gains	7,144,449	3,385,630
Total	$7,660,944	$ 3,688,091

3. Derivative Instruments.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $853,599 and a change in net unrealized appreciation (depreciation) of $59,409 related to its investment in futures contracts. These amounts are included in the Statement of Operations.

4. Purchases and Sales of Investments.

Purchases and sales of securities (including the Underlying Fund shares) other than short-term securities, aggregated $28,886,494 and $31,374,670, respectively.

5. Fees and Other Transactions with Affiliates.

Sub-Advisers. ClariVest Asset Management LLC, Loomis Sayles & Company, L.P., Massachusetts Financial Services Company (MFS), Morgan Stanley Investment Management, Inc. (through March 31, 2017) and Waddell & Reed Investment Management Co. (Waddell & Reed) (through June 28, 2016) each served as a sub-adviser for the Fund during the period. Sub-advisers provide discretionary investment advisory services for their allocated portion of the Fund's assets and are paid by the investment adviser and not the Fund for providing these services.

FIAM LLC (an affiliate of the investment adviser), Geode Capital Management, LLC, Morgan Stanley Investment Management, Inc. and Waddell & Reed have been retained to serve as a sub-adviser for the Fund. As of the date of the report, however, these sub-advisers have not been allocated any portion of the Fund's assets. These sub-advisers in the future may provide discretionary investment advisory services for an allocated portion of the Fund's assets and will be paid by the investment adviser for providing these services.

	Service Fee	Total Fees	Retained by FDC
Class N	.25%	$314	$314

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund, except for Class F. Each class, except for Class F, does not directly pay transfer agent fees with respect to the portion of its assets invested in Underlying Funds. FIIOC receives no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each applicable class were as follows:

	Amount	% of Class-Level Average Net Assets
Growth Multi-Manager	$50,389	.09
Class L	108	.09
Class N	108	.09
	$50,605

Other. During the period, the investment adviser reimbursed the Fund $37,297 for an operational error which is included in Net Realized Gain (Loss) in the accompanying Statement of Operations.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $184 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended May 31, 2017	Year ended May 31, 2016
From net investment income
Growth Multi-Manager	$301,715	$238,634
Class F	16,794	11,626
Class L	671	475
Class N	371	178
Total	$319,551	$250,913
From net realized gain
Growth Multi-Manager	$6,978,535	$3,295,885
Class F	332,358	128,412
Class L	15,293	6,450
Class N	15,207	6,431
Total	$7,341,393	$3,437,178

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended May 31, 2017	Year ended May 31, 2016	Year ended May 31, 2017	Year ended May 31, 2016
Growth Multi-Manager
Shares sold	85,500	156,433	$1,104,425	$2,082,156
Reinvestment of distributions	587,340	265,932	7,280,250	3,534,519
Shares redeemed	(361,805)	(635,319)	(4,658,114)	(8,317,006)
Net increase (decrease)	311,035	(212,954)	$3,726,561	$(2,700,331)
Class F
Shares sold	110,246	73,922	$1,414,746	$973,407
Reinvestment of distributions	28,217	10,546	349,152	140,038
Shares redeemed	(71,636)	(60,042)	(933,819)	(793,262)
Net increase (decrease)	66,827	24,426	$830,079	$320,183
Class L
Reinvestment of distributions	1,289	522	$15,964	$6,925
Shares redeemed	(534)	–	(6,870)	–
Net increase (decrease)	755	522	$9,094	$6,925
Class N
Reinvestment of distributions	1,258	498	$15,578	$6,609
Shares redeemed	(531)	–	(6,818)	–
Net increase (decrease)	727	498	$8,760	$6,609

10. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 90% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Growth Multi-Manager Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Strategic Advisers Growth Multi-Manager Fund (a fund of Fidelity Rutland Square Trust II) as of May 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Strategic Advisers Growth Multi-Manager Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2017 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts
July 17, 2017

Trustees and Officers

Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5095 (plan accounts) or 1-800-544-3455 (all other accounts).

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Bruce T. Herring (1965)

Year of Election or Appointment: 2015

Trustee

Robert A. Lawrence (1952)

Year of Election or Appointment: 2016

Trustee

Chairman of the Board of Trustees

* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with Strategic Advisers.

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Peter C. Aldrich (1944)

Year of Election or Appointment: 2006

Trustee

Ralph F. Cox (1932)

Year of Election or Appointment: 2006

Trustee

Mary C. Farrell (1949)

Year of Election or Appointment: 2013

Trustee

Karen Kaplan (1960)

Year of Election or Appointment: 2006

Trustee

Advisory Board Members and Officers:

Name, Year of Birth; Principal Occupation

Amy Butte (1968)

Year of Election or Appointment: 2017

Member of the Advisory Board

Howard E. Cox, Jr. (1944)

Year of Election or Appointment: 2009

Member of the Advisory Board

Elizabeth Paige Baumann (1968)

Year of Election or Appointment: 2017

Anti-Money Laundering (AML) Officer

Brian J. Blackburn (1975)

Year of Election or Appointment: 2014

Assistant Secretary

Mr. Blackburn also serves as an officer of other funds. Mr. Blackburn serves as Vice President & Associate General Counsel (2013-present) and is an employee of Fidelity Investments (2007-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Adrien E. Deberghes (1967)

Year of Election or Appointment: 2016

President and Treasurer

Stephanie J. Dorsey (1969)

Year of Election or Appointment: 2012

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2015

Chief Financial Officer

Scott C. Goebel (1968)

Year of Election or Appointment: 2015

Vice President

James D. Gryglewicz (1972)

Year of Election or Appointment: 2015

Chief Compliance Officer

John Hitt (1967)

Year of Election or Appointment: 2014

Secretary and Chief Legal Officer

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan is an employee of Fidelity Investments (2005-present).

Chris Maher (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

Assistant Treasurer

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Renee Stagnone (1975)

Year of Election or Appointment: 2016

Assistant Treasurer

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2016 to May 31, 2017).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition to the direct expenses incurred by the Fund presented in the table, as a shareholder of the underlying mutual funds (the Underlying Funds), the Fund also indirectly bears its proportionate share of the expenses of the Underlying Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount.

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value December 1, 2016	Ending Account Value May 31, 2017	Expenses Paid During Period-^B December 1, 2016 to May 31, 2017
Growth Multi-Manager	.74%
Actual		$1,000.00	$1,153.20	$3.97
Hypothetical-^C		$1,000.00	$1,021.24	$3.73
Class F	.69%
Actual		$1,000.00	$1,153.80	$3.71
Hypothetical-^C		$1,000.00	$1,021.49	$3.48
Class L	.74%
Actual		$1,000.00	$1,153.30	$3.97
Hypothetical-^C		$1,000.00	$1,021.24	$3.73
Class N	.99%
Actual		$1,000.00	$1,151.80	$5.31
Hypothetical-^C		$1,000.00	$1,020.00	$4.99

^A Annualized expense ratio reflects expenses net of applicable fee waivers.

^C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Strategic Advisers Growth Multi-Manager Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Strategic Advisers Growth Multi-Manger Fund	07/10/17	07/07/17	$0.022	$0.313
Class F	07/10/17	07/07/17	$0.027	$0.313
Class L	07/10/17	07/07/17	$0.023	$0.313
Class N	07/10/17	07/07/17	$0.009	$0.313

The fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2017, $5,840,040, or, if subsequently determined to be different, the net capital gain of such year.

Strategic Advisers Growth Multi-Manager Fund, Class F, Class L, and Class N designate 100% of the dividends distributed in July and December, 2016 during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Strategic Adviser Growth Multi-Manager Fund, Class F, Class L, and Class N designate 100% of dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2018 of amounts for use in preparing 2017 income tax returns.

Proxy Voting Results

PROPOSAL 1

To elect a Board of Trustees.

	# of Votes	% of Votes
Peter C. Aldrich
Affirmative	80,345,400,272.38	97.367
Withheld	2,172,700,318.89	2.633
TOTAL	82,518,100,591.27	100.000
Amy Butte Liebowitz
Affirmative	80,349,798,079.05	97.372
Withheld	2,168,302,512.22	2.628
TOTAL	82,518,100,591.27	100.000
Ralph F. Cox
Affirmative	80,185,900,067.22	97.174
Withheld	2,332,200,524.05	2.826
TOTAL	82,518,100,591.27	100.000
Mary C. Farrell
Affirmative	80,442,189,509.02	97.484
Withheld	2,075,911,082.25	2.516
TOTAL	82,518,100,591.27	100.000
Bruce T. Herring
Affirmative	80,450,867,609.22	97.495
Withheld	2,067,232,982.05	2.505
TOTAL	82,518,100,591.27	100.000
Karen Kaplan
Affirmative	80,281,077,426.19	97.289
Withheld	2,237,023,165.08	2.711
TOTAL	82,518,100,591.27	100.000
Robert A. Lawrence
Affirmative	80,483,442,135.49	97.534
Withheld	2,034,658,455.78	2.466
TOTAL	82,518,100,591.27	100.000

PROPOSAL 2c

To approve a sub-advisory agreement among Strategic Advisers, FIAM LLC (FIAM) and the Trust on behalf of Strategic Advisers Growth Multi-Manager Fund with respect to FIAM's Large Cap Core strategy.

	# of Votes	% of Votes
Affirmative	58,743,710.84	100.000
Against	0.00	0.000
Abstain	0.00	0.000
TOTAL	58,743,710.84	100.000

PROPOSAL 4b

To approve a sub-advisory agreement among Strategic Advisers, Geode Capital Management, LLC (Geode) and the Trust on behalf of Strategic Advisers Growth Multi-Manager Fund with respect to Geode's Factor-Based strategy.

	# of Votes	% of Votes
Affirmative	58,743,710.84	100.000
Against	0.00	0.000
Abstain	0.00	0.000
TOTAL	58,743,710.84	100.000
Proposal 1 reflects trust wide proposal and voting results.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MMG-ANN-0717
1.931553.105

Strategic Advisers® Growth Multi-Manager Fund

Class F

Annual Report

May 31, 2017

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Investments
Financial Statements
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Trustees and Officers
Shareholder Expense Example
Distributions
Proxy Voting Results

You may also call 1-800-835-5095 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Performance: The Bottom Line

Average Annual Total Returns

For the periods ended May 31, 2017	Past 1 year	Past 5 years	Life of fund^A
Class F	19.25%	15.05%	14.45%

^A From November 16, 2011

The initial offering of Class F shares took place on December 18, 2012. Returns prior to December 18, 2012 are those of Strategic Advisers® Growth Multi-Manager Fund, the original class of the fund.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Strategic Advisers® Growth Multi-Manager Fund - Class F on November 16, 2011, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.

See previous page for additional information regarding the performance of Class F.

	Period Ending Values
	$21,130	Strategic Advisers® Growth Multi-Manager Fund - Class F
	$22,538	Russell 1000® Growth Index

Management's Discussion of Fund Performance

Investment Summary (Unaudited)

The information in the following tables is based on the direct investments of the Fund.

Top Ten Holdings as of May 31, 2017

(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
Fidelity Blue Chip Growth Fund	5.4	5.3
Fidelity SAI U.S. Quality Index Fund	5.2	5.3
Facebook, Inc. Class A	4.1	3.7
Amazon.com, Inc.	3.9	3.6
Apple, Inc.	3.6	2.8
Microsoft Corp.	3.3	3.3
Alphabet, Inc. Class C	2.4	2.1
Alphabet, Inc. Class A	2.2	2.0
Visa, Inc. Class A	1.6	1.6
Comcast Corp. Class A	1.6	1.5
	33.3

Top Five Market Sectors as of May 31, 2017

(stocks only)	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	33.2	31.1
Consumer Discretionary	14.7	14.6
Health Care	12.8	13.3
Consumer Staples	7.8	8.4
Industrials	7.8	7.9

Asset Allocation (% of fund's net assets)

As of May 31, 2017
	Common Stocks	84.1%
	Large Growth Funds	10.6%
	Short-Term Investments and Net Other Assets (Liabilities)	5.3%

As of November 30, 2016
	Common Stocks	83.4%
	Large Growth Funds	10.6%
	Short-Term Investments and Net Other Assets (Liabilities)	6.0%

Asset allocations of funds in the pie charts reflect the categorizations of assets as defined by Morningstar as of the reporting dates indicated above.

Investments May 31, 2017

Showing Percentage of Net Assets

Common Stocks - 84.1%
	Shares	Value
CONSUMER DISCRETIONARY - 14.7%
Auto Components - 0.7%
Lear Corp.	3,008	$448,312
Automobiles - 0.2%
Thor Industries, Inc.	1,760	159,333
Hotels, Restaurants & Leisure - 3.2%
Carnival Corp.	2,684	171,961
Domino's Pizza, Inc.	2,417	511,727
International Game Technology PLC	3,108	55,167
Marriott International, Inc. Class A	1,806	194,416
McDonald's Corp.	2,025	305,552
Starbucks Corp.	3,487	221,808
Wyndham Worldwide Corp.	2,131	215,210
Yum China Holdings, Inc.	4,979	191,243
Yum! Brands, Inc.	3,389	246,177
		2,113,261
Household Durables - 0.6%
D.R. Horton, Inc.	7,513	245,600
Mohawk Industries, Inc. (a)	563	134,726
		380,326
Internet & Direct Marketing Retail - 4.4%
Amazon.com, Inc. (a)	2,584	2,570,098
Priceline Group, Inc. (a)	199	373,541
		2,943,639
Media - 2.6%
Charter Communications, Inc. Class A (a)	1,032	356,608
Comcast Corp. Class A	24,633	1,026,950
The Walt Disney Co.	2,877	310,543
		1,694,101
Multiline Retail - 0.2%
Dollar Tree, Inc. (a)	1,569	121,911
Specialty Retail - 2.7%
AutoZone, Inc. (a)	386	233,885
Best Buy Co., Inc.	4,342	257,871
Dick's Sporting Goods, Inc.	3,145	129,354
Foot Locker, Inc.	2,888	171,576
Home Depot, Inc.	4,165	639,369
Ross Stores, Inc.	4,633	296,141
Urban Outfitters, Inc. (a)	4,062	76,650
		1,804,846
Textiles, Apparel & Luxury Goods - 0.1%
NIKE, Inc. Class B	1,313	69,576

TOTAL CONSUMER DISCRETIONARY		9,735,305

CONSUMER STAPLES - 7.8%
Beverages - 2.7%
Constellation Brands, Inc. Class A (sub. vtg.)	1,581	288,928
Monster Beverage Corp. (a)	10,359	523,751
PepsiCo, Inc.	4,396	513,761
The Coca-Cola Co.	9,478	430,965
		1,757,405
Food & Staples Retailing - 0.8%
Costco Wholesale Corp.	578	104,289
CVS Health Corp.	1,469	112,863
Wal-Mart Stores, Inc.	3,810	299,466
		516,618
Food Products - 2.6%
Archer Daniels Midland Co.	4,016	166,985
Bunge Ltd.	1,241	99,243
Danone SA sponsored ADR	29,945	446,031
Ingredion, Inc.	1,210	138,049
Mondelez International, Inc.	1,834	85,446
Pinnacle Foods, Inc.	2,760	171,976
The Hershey Co.	1,935	223,047
The J.M. Smucker Co.	972	124,270
Tyson Foods, Inc. Class A	5,270	302,182
		1,757,229
Household Products - 0.6%
Procter & Gamble Co.	4,631	407,945
Personal Products - 0.3%
Estee Lauder Companies, Inc. Class A	2,164	203,719
Tobacco - 0.8%
Altria Group, Inc.	4,064	306,588
Philip Morris International, Inc.	1,777	212,885
		519,473

TOTAL CONSUMER STAPLES		5,162,389

ENERGY - 0.8%
Energy Equipment & Services - 0.4%
Schlumberger Ltd.	3,704	257,761
Oil, Gas & Consumable Fuels - 0.4%
EOG Resources, Inc.	1,805	163,010
ONEOK, Inc.	1,960	97,373
Parsley Energy, Inc. Class A (a)	1,465	43,437
		303,820

TOTAL ENERGY		561,581

FINANCIALS - 3.7%
Banks - 0.7%
Bank of America Corp.	14,898	333,864
Zions Bancorporation	2,240	89,757
		423,621
Capital Markets - 1.8%
Bank of New York Mellon Corp.	5,955	280,600
FactSet Research Systems, Inc.	1,393	230,806
Morgan Stanley	4,360	181,986
SEI Investments Co.	7,207	360,999
State Street Corp.	1,625	132,373
		1,186,764
Consumer Finance - 0.6%
American Express Co.	2,397	184,425
Discover Financial Services	3,632	213,198
		397,623
Diversified Financial Services - 0.0%
Varex Imaging Corp. (a)	722	24,801
Insurance - 0.6%
MetLife, Inc.	3,117	157,689
Progressive Corp.	2,330	98,862
Prudential Financial, Inc.	1,448	151,823
		408,374

TOTAL FINANCIALS		2,441,183

HEALTH CARE - 12.8%
Biotechnology - 4.1%
AbbVie, Inc.	2,707	178,716
Alexion Pharmaceuticals, Inc. (a)	1,218	119,401
Amgen, Inc.	4,858	754,156
Biogen, Inc. (a)	1,622	401,883
Celgene Corp. (a)	5,594	640,010
Gilead Sciences, Inc.	3,092	200,640
Regeneron Pharmaceuticals, Inc. (a)	874	401,218
		2,696,024
Health Care Equipment & Supplies - 2.5%
Edwards Lifesciences Corp. (a)	5,485	631,159
Hologic, Inc. (a)	3,181	137,769
Medtronic PLC	2,114	178,168
Stryker Corp.	1,131	161,688
The Cooper Companies, Inc.	1,135	248,281
Varian Medical Systems, Inc. (a)	3,144	311,319
		1,668,384
Health Care Providers & Services - 3.2%
Aetna, Inc.	1,759	254,809
Express Scripts Holding Co. (a)	4,266	254,894
HCA Holdings, Inc. (a)	2,797	229,102
Humana, Inc.	345	80,130
Laboratory Corp. of America Holdings (a)	1,716	238,524
McKesson Corp.	917	149,554
UnitedHealth Group, Inc.	5,169	905,505
		2,112,518
Health Care Technology - 0.5%
Cerner Corp. (a)	4,955	323,809
Life Sciences Tools & Services - 0.6%
Thermo Fisher Scientific, Inc.	2,339	404,156
Pharmaceuticals - 1.9%
Eli Lilly & Co.	4,528	360,293
Merck & Co., Inc.	3,530	229,838
Novartis AG sponsored ADR	3,389	277,119
Novo Nordisk A/S Series B sponsored ADR	9,966	422,259
		1,289,509

TOTAL HEALTH CARE		8,494,400

INDUSTRIALS - 7.8%
Aerospace & Defense - 2.3%
General Dynamics Corp.	1,102	223,982
Lockheed Martin Corp.	610	171,489
Northrop Grumman Corp.	2,350	609,167
Orbital ATK, Inc.	648	65,876
Spirit AeroSystems Holdings, Inc. Class A	1,713	93,341
Textron, Inc.	2,906	138,907
United Technologies Corp.	1,801	218,425
		1,521,187
Air Freight & Logistics - 1.3%
Expeditors International of Washington, Inc.	6,949	370,938
FedEx Corp.	750	145,380
United Parcel Service, Inc. Class B	2,967	314,413
		830,731
Airlines - 0.3%
Copa Holdings SA Class A	988	111,684
Delta Air Lines, Inc.	1,850	90,891
		202,575
Building Products - 0.8%
Lennox International, Inc.	573	101,478
Owens Corning	6,615	412,776
		514,254
Industrial Conglomerates - 0.2%
Roper Technologies, Inc.	665	151,088
Machinery - 1.5%
Deere & Co.	4,449	544,825
Ingersoll-Rand PLC	2,580	231,168
Oshkosh Corp.	1,640	103,517
Parker Hannifin Corp.	765	120,465
		999,975
Road & Rail - 0.4%
CSX Corp.	2,105	114,028
Union Pacific Corp.	1,548	170,744
		284,772
Trading Companies & Distributors - 1.0%
HD Supply Holdings, Inc. (a)	4,542	183,270
MSC Industrial Direct Co., Inc. Class A	1,170	98,210
United Rentals, Inc. (a)	2,018	219,417
Univar, Inc. (a)	5,075	154,382
		655,279

TOTAL INDUSTRIALS		5,159,861

INFORMATION TECHNOLOGY - 33.2%
Communications Equipment - 1.6%
Cisco Systems, Inc.	25,708	810,573
Juniper Networks, Inc.	8,145	238,893
		1,049,466
Internet Software & Services - 10.2%
Alibaba Group Holding Ltd. sponsored ADR (a)	6,106	747,741
Alphabet, Inc.:
Class A (a)	1,490	1,470,764
Class C (a)	1,630	1,572,722
Dropbox, Inc. Class B (a)(b)	1,441	18,013
eBay, Inc. (a)	8,090	277,487
Facebook, Inc. Class A (a)	17,743	2,687,355
SurveyMonkey (a)(b)	1,159	13,572
		6,787,654
IT Services - 5.4%
Accenture PLC Class A	2,241	278,937
Amdocs Ltd.	1,151	74,562
Automatic Data Processing, Inc.	1,166	119,363
DXC Technology Co.	2,622	203,257
Fidelity National Information Services, Inc.	1,682	144,433
Fiserv, Inc. (a)	2,004	251,061
FleetCor Technologies, Inc. (a)	1,635	235,914
Global Payments, Inc.	3,604	330,162
IBM Corp.	469	71,583
MasterCard, Inc. Class A	2,717	333,865
Total System Services, Inc.	2,793	166,323
Vantiv, Inc. (a)	4,098	257,027
Visa, Inc. Class A	11,441	1,089,526
		3,556,013
Semiconductors & Semiconductor Equipment - 3.8%
Analog Devices, Inc.	794	68,093
Applied Materials, Inc.	11,275	517,297
KLA-Tencor Corp.	660	68,640
Lam Research Corp.	2,345	363,874
Microchip Technology, Inc.	1,895	157,854
NVIDIA Corp.	4,789	691,292
Qualcomm, Inc.	7,833	448,596
Texas Instruments, Inc.	2,697	222,476
		2,538,122
Software - 8.0%
Activision Blizzard, Inc.	2,485	145,571
Adobe Systems, Inc. (a)	3,893	552,261
Autodesk, Inc. (a)	4,955	553,820
Electronic Arts, Inc. (a)	6,228	705,819
Intuit, Inc.	2,323	326,707
Microsoft Corp.	31,360	2,190,182
Oracle Corp.	12,795	580,765
Synopsys, Inc. (a)	3,420	256,055
		5,311,180
Technology Hardware, Storage & Peripherals - 4.2%
Apple, Inc.	15,471	2,363,350
NCR Corp. (a)	3,991	153,773
NetApp, Inc.	6,584	266,586
		2,783,709

TOTAL INFORMATION TECHNOLOGY		22,026,144

MATERIALS - 2.0%
Chemicals - 1.3%
Air Products & Chemicals, Inc.	1,234	177,770
FMC Corp.	1,157	87,203
LyondellBasell Industries NV Class A	2,649	213,297
Monsanto Co.	2,436	286,035
Sherwin-Williams Co.	184	61,046
		825,351
Containers & Packaging - 0.4%
Berry Global Group, Inc. (a)	2,599	150,716
Owens-Illinois, Inc. (a)	5,595	126,279
		276,995
Metals & Mining - 0.3%
Steel Dynamics, Inc.	6,511	221,309

TOTAL MATERIALS		1,323,655

REAL ESTATE - 0.9%
Equity Real Estate Investment Trusts (REITs) - 0.9%
Alexandria Real Estate Equities, Inc.	1,803	210,374
American Tower Corp.	810	106,264
Equity Lifestyle Properties, Inc.	1,095	92,418
Public Storage	286	61,590
Simon Property Group, Inc.	973	150,085
		620,731
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Verizon Communications, Inc.	3,545	165,339
UTILITIES - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
The AES Corp.	7,253	84,715
TOTAL COMMON STOCKS
(Cost $37,637,723)		55,775,303

Convertible Preferred Stocks - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Internet Software & Services - 0.0%
Dropbox, Inc. Series A (a)(b)
(Cost $1,303)	144	1,800

Equity Funds - 10.6%
Large Growth Funds - 10.6%
Fidelity Blue Chip Growth Fund (c)	44,507	3,601,515
Fidelity SAI U.S. Quality Index Fund (c)	282,596	3,447,674
TOTAL EQUITY FUNDS
(Cost $5,819,974)		7,049,189

U.S. Treasury Obligations - 0.2%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.76% to 0.96% 6/29/17 to 8/31/17 (d)
(Cost $129,895)	$130,000	129,889

Money Market Funds - 5.3%

Invesco Government & Agency Portfolio Institutional Class 0.71%(e)
(Cost $3,531,706)	3,531,706	3,531,706
TOTAL INVESTMENT PORTFOLIO - 100.2%
(Cost $47,120,601)		66,487,887
NET OTHER ASSETS (LIABILITIES) - (0.2)%		(129,602)
NET ASSETS - 100%		$66,358,285

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
49 ICE Russell 1000 Growth Index Contracts (United States)	June 2017	2,930,935	$138,081

The face value of futures purchased as a percentage of Net Assets is 4.4%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $4,511,407.

Legend

(a) Non-income producing

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $129,889.

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Dropbox, Inc. Class B	5/1/12	$13,044
Dropbox, Inc. Series A	5/25/12	$1,303
SurveyMonkey	11/25/14	$19,066

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Fidelity Blue Chip Growth Fund	$--	$2,948,770	$44,250	$6,678	$3,601,515
Fidelity SAI U.S. Quality Index Fund	--	2,914,718	--	39,457	3,447,674
Total	$--	$5,863,488	$44,250	$46,135	$7,049,189

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$9,735,305	$9,735,305	$--	$--
Consumer Staples	5,162,389	5,162,389	--	--
Energy	561,581	561,581	--	--
Financials	2,441,183	2,441,183	--	--
Health Care	8,494,400	8,494,400	--	--
Industrials	5,159,861	5,159,861	--	--
Information Technology	22,027,944	21,994,559	--	33,385
Materials	1,323,655	1,323,655	--	--
Real Estate	620,731	620,731	--	--
Telecommunication Services	165,339	165,339	--	--
Utilities	84,715	84,715	--	--
Equity Funds	7,049,189	7,049,189	--	--
Other Short-Term Investments	129,889	--	129,889	--
Money Market Funds	3,531,706	3,531,706	--	--
Total Investments in Securities:	$66,487,887	$66,324,613	$129,889	$33,385
Derivative Instruments:
Assets
Futures Contracts	$138,081	$138,081	$--	$--
Total Assets	$138,081	$138,081	$--	$--
Total Derivative Instruments:	$138,081	$138,081	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts(a)	$138,081	$0
Total Equity Risk	138,081	0
Total Value of Derivatives	$138,081	$0

See accompanying notes which are an integral part of the financial statements.

Financial Statements

Statement of Assets and Liabilities

		May 31, 2017
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $41,300,627)	$59,438,698
Affiliated issuers (cost $5,819,974)	7,049,189
Total Investments (cost $47,120,601)		$66,487,887
Receivable for investments sold		3,027
Receivable for fund shares sold		4,285
Dividends receivable		74,998
Interest receivable		2,004
Receivable for daily variation margin for derivative instruments		2,515
Prepaid expenses		312
Other receivables		1,025
Total assets		66,576,053
Liabilities
Payable for fund shares redeemed	$145,911
Accrued management fee	25,179
Distribution and service plan fees payable	28
Other affiliated payables	6,317
Other payables and accrued expenses	40,333
Total liabilities		217,768
Net Assets		$66,358,285
Net Assets consist of:
Paid in capital		$45,476,784
Undistributed net investment income		101,429
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		1,274,705
Net unrealized appreciation (depreciation) on investments		19,505,367
Net Assets		$66,358,285
Growth Multi-Manager:
Net Asset Value, offering price and redemption price per share ($62,609,732 ÷ 4,558,639 shares)		$13.73
Class F:
Net Asset Value, offering price and redemption price per share ($3,472,771 ÷ 252,883 shares)		$13.73
Class L:
Net Asset Value, offering price and redemption price per share ($138,501 ÷ 10,092 shares)		$13.72
Class N:
Net Asset Value, offering price and redemption price per share ($137,281 ÷ 10,017 shares)		$13.70

See accompanying notes which are an integral part of the financial statements.

Statement of Operations

		Year ended May 31, 2017
Investment Income
Dividends:
Unaffiliated issuers		$701,226
Affiliated issuers		46,135
Interest		17,217
Total income		764,578
Expenses
Management fee	$279,939
Transfer agent fees	50,605
Distribution and service plan fees	314
Accounting fees and expenses	23,590
Custodian fees and expenses	13,613
Independent trustees' fees and expenses	722
Registration fees	42,762
Audit	68,001
Legal	1,856
Miscellaneous	2,141
Total expenses before reductions	483,543
Expense reductions	(928)	482,615
Net investment income (loss)		281,963
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	4,981,184
Affiliated issuers	739
Foreign currency transactions	228
Futures contracts	853,599
Realized gain distributions from underlying funds:
Affiliated issuers	123,635
Total net realized gain (loss)		5,959,385
Change in net unrealized appreciation (depreciation) on: Investment securities	4,500,523
Assets and liabilities in foreign currencies	(95)
Futures contracts	59,409
Total change in net unrealized appreciation (depreciation)		4,559,837
Net gain (loss)		10,519,222
Net increase (decrease) in net assets resulting from operations		$10,801,185

See accompanying notes which are an integral part of the financial statements.

Statement of Changes in Net Assets

	Year ended May 31, 2017	Year ended May 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$281,963	$292,540
Net realized gain (loss)	5,959,385	4,083,861
Change in net unrealized appreciation (depreciation)	4,559,837	(4,809,668)
Net increase (decrease) in net assets resulting from operations	10,801,185	(433,267)
Distributions to shareholders from net investment income	(319,551)	(250,913)
Distributions to shareholders from net realized gain	(7,341,393)	(3,437,178)
Total distributions	(7,660,944)	(3,688,091)
Share transactions - net increase (decrease)	4,574,494	(2,366,614)
Total increase (decrease) in net assets	7,714,735	(6,487,972)
Net Assets
Beginning of period	58,643,550	65,131,522
End of period	$66,358,285	$58,643,550
Other Information
Undistributed net investment income end of period	$101,429	$152,261

See accompanying notes which are an integral part of the financial statements.

Financial Highlights — Strategic Advisers Growth Multi-Manager Fund

Years ended May 31,	2017	2016	2015	2014	2013
Selected Per–Share Data
Net asset value, beginning of period	$13.17	$14.04	$14.73	$12.70	$10.47
Income from Investment Operations
Net investment income (loss)^A	.06	.06	.05	.08	.07
Net realized and unrealized gain (loss)	2.21^B	(.16)	1.71	2.74	2.22
Total from investment operations	2.27	(.10)	1.76	2.82	2.29
Distributions from net investment income	(.07)	(.05)	(.06)	(.07)	(.06)
Distributions from net realized gain	(1.64)	(.72)	(2.38)	(.73)	–
Total distributions	(1.71)	(.77)	(2.45)^C	(.79)^D	(.06)
Net asset value, end of period	$13.73	$13.17	$14.04	$14.73	$12.70
Total Return^E	19.13%^B	(.66)%	13.15%	22.94%	21.97%
Ratios to Average Net Assets^F
Expenses before reductions	.80%	.82%	.84%	.83%	.87%
Expenses net of fee waivers, if any	.80%	.82%	.84%	.80%	.87%
Expenses net of all reductions	.80%	.82%	.84%	.80%	.87%
Net investment income (loss)	.46%	.46%	.39%	.55%	.60%
Supplemental Data
Net assets, end of period (000 omitted)	$62,610	$55,948	$62,615	$65,731	$64,621
Portfolio turnover rate^G	52%	46%	46%	51%	65%