UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21991

Fidelity Rutland Square Trust II

(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210

(Address of principal executive offices) (Zip code)

John Hitt, Secretary

245 Summer St.

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code:

617-563-7000


Date of fiscal year end:	May 31

Date of reporting period:	May 31, 2018

Item 1.

Reports to Stockholders

Strategic Advisers® Value Fund

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

Annual Report

May 31, 2018

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of 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

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.

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.

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, 2018	Past 1 year	Past 5 years	Life of fund^A
Strategic Advisers® Value Fund	13.38%	11.20%	13.13%

^A From December 30, 2008

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Strategic Advisers® Value Fund on December 30, 2008, when the fund started.

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

	Period Ending Values
	$31,976	Strategic Advisers® Value Fund
	$31,388	Russell 1000® Value Index

Management's Discussion of Fund Performance

Market Recap: The U.S. bellwether S&P 500^® index returned 14.38% for the year ending May 31, 2018, despite a resurgence of volatility in stocks that challenged the multiyear bull market. The steady growth seen throughout 2017 extended into the new year, as investors remained upbeat on hopes of continued strong economic and earnings growth. Stocks surged 5.73% in January alone. February was a decidedly different story, though, as volatility spiked amid fear that rising inflation and the potential for the economy to overheat would prompt the U.S. Federal Reserve to pick up the pace of interest rate hikes. The index returned -3.69% for the month, its first negative result since October 2016, and lost further ground in March on fear of a global trade war after the U.S. announced plans to impose tariffs on Chinese imports. The market stabilized in April and ended the period with a solid gain in May. For the full 12 months, growth stocks handily topped value, while small-caps bested large-caps. Information technology (+28%) was the top sector, rising amid strong earnings growth from several major index constituents. Financials, riding an uptick in bond yields, and energy, boosted by higher oil prices, each added about 19%. Consumer discretionary (+17%) also stood out, largely driven by retailers (+40%). Notable laggards included the defensive consumer staples (-10%), telecommunication services (-4%) and utilities (-2%) sectors.

Comments from Lead Portfolio Manager John Stone: For the year, the Fund gained 13.38%, handily outpacing the 8.25% return of the benchmark Russell 1000^® Value Index. The Fund’s positioning enabled it to benefit from market-leading sectors that tend to be highly sensitive to economic growth, such as information technology and financials. Strong stock selection by several underlying managers also fueled relative performance. Sub-advisers LSV Asset Management and Brandywine Global Investment Management were the top relative contributors, as both managers received a sizable boost from underweighting the more defensive "bond proxy" sectors. LSV’s quantitatively driven, deep-value strategy resulted in favorable positioning in industrials, strong selection in health care and an underweighting in consumer staples. Sub-adviser Brandywine's strategy emphasizing traditional value metrics, as well as company quality, resulted in solid picks in industrials and technology, along with an underweighting in consumer staples. Sub-adviser Boston Partners also contributed, partly because it had the largest underweighting in the bond proxies of any of our underlying managers. On the downside, Invesco Diversified Dividend Fund was the only notable detractor this period, as its defensive, income-oriented strategy was out of step with market leadership.

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, 2018

(excluding cash equivalents)	% of fund's net assets
Invesco Diversified Dividend Fund - Class A	4.7
JPMorgan Chase & Co.	3.1
Fidelity Low-Priced Stock Fund	2.5
Pfizer, Inc.	2.2
Johnson & Johnson	2.2
Intel Corp.	2.1
Fidelity Energy Portfolio	1.9
Cisco Systems, Inc.	1.9
Citigroup, Inc.	1.9
Apple, Inc.	1.8
	24.3

Top Five Market Sectors as of May 31, 2018

(stocks only)	% of fund's net assets
Financials	25.5
Information Technology	13.4
Health Care	13.2
Energy	9.2
Consumer Discretionary	8.6

Asset Allocation (% of fund's net assets)

As of May 31, 2018
	Common Stocks	88.4%
	Large Blend Funds	1.4%
	Large Value Funds	4.8%
	Mid-Cap Value Funds	2.5%
	Sector Funds	1.9%
	Short-Term Investments and Net Other Assets (Liabilities)	1.0%

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

Schedule of Investments May 31, 2018

Showing Percentage of Net Assets

Common Stocks - 88.4%
	Shares	Value
CONSUMER DISCRETIONARY - 8.6%
Auto Components - 0.9%
Aptiv PLC	115,900	$11,300,250
BorgWarner, Inc.	531,081	25,906,131
Cooper Tire & Rubber Co.	265,127	6,813,764
Gentex Corp.	126,300	3,034,989
Lear Corp.	187,200	37,065,600
The Goodyear Tire & Rubber Co.	685,300	16,741,879
		100,862,613
Automobiles - 1.3%
Fiat Chrysler Automobiles NV	269,707	6,265,294
Ford Motor Co.	3,833,800	44,280,390
General Motors Co.	1,655,500	70,689,850
Harley-Davidson, Inc.	401,872	16,508,902
Thor Industries, Inc.	22,900	2,120,540
		139,864,976
Distributors - 0.1%
Genuine Parts Co.	87,216	7,918,341
LKQ Corp. (a)	109,600	3,481,992
		11,400,333
Hotels, Restaurants & Leisure - 0.8%
Brinker International, Inc. (b)	402,190	17,587,769
Carnival Corp.	245,900	15,314,652
Darden Restaurants, Inc.	42,900	3,749,889
Hilton Worldwide Holdings, Inc.	66,983	5,406,198
Hyatt Hotels Corp. Class A	16,700	1,364,891
Norwegian Cruise Line Holdings Ltd. (a)	98,600	5,160,724
Royal Caribbean Cruises Ltd.	98,400	10,330,032
Wyndham Worldwide Corp.	318,309	34,517,428
		93,431,583
Household Durables - 0.7%
D.R. Horton, Inc.	27,300	1,152,333
Garmin Ltd.	82,300	4,945,407
Lennar Corp.:
Class A	310,000	16,039,400
Class B	6,200	256,556
Mohawk Industries, Inc. (a)	34,200	6,978,168
NVR, Inc. (a)	1,700	5,083,918
PulteGroup, Inc.	136,600	4,132,150
Sony Corp. sponsored ADR	333,000	15,680,970
Toll Brothers, Inc.	70,800	2,795,892
Whirlpool Corp.	137,700	19,932,075
		76,996,869
Internet & Direct Marketing Retail - 0.1%
Expedia, Inc.	29,823	3,609,478
The Booking Holdings, Inc. (a)	2,292	4,833,645
		8,443,123
Leisure Products - 0.0%
Brunswick Corp.	40,300	2,563,080
Media - 1.7%
CBS Corp. Class B	73,641	3,709,297
Charter Communications, Inc. Class A (a)	26,327	6,872,400
Clear Channel Outdoor Holding, Inc. Class A	83,418	362,868
Comcast Corp. Class A	313,525	9,775,710
DISH Network Corp. Class A (a)	264,497	7,815,886
Entercom Communications Corp. Class A (b)	362,467	2,482,899
Gannett Co., Inc.	247,600	2,617,132
Interpublic Group of Companies, Inc.	177,000	4,000,200
News Corp. Class A	176,300	2,649,789
Nexstar Broadcasting Group, Inc. Class A	72,513	4,807,612
Omnicom Group, Inc.	80,500	5,802,440
Tegna, Inc.	402,400	4,172,888
The Madison Square Garden Co. (a)	8,300	2,174,932
The Walt Disney Co.	677,100	67,351,137
Time Warner, Inc.	569,505	53,624,591
Viacom, Inc. Class B (non-vtg.)	300,200	8,135,420
		186,355,201
Multiline Retail - 1.2%
Big Lots, Inc.	160,800	6,578,328
Dillard's, Inc. Class A (b)	109,300	8,900,299
Dollar General Corp.	113,200	9,902,736
Kohl's Corp.	564,436	37,676,103
Macy's, Inc.	453,900	15,845,649
Nordstrom, Inc.	184,470	9,044,564
Target Corp.	678,300	49,441,287
		137,388,966
Specialty Retail - 1.7%
American Eagle Outfitters, Inc.	775,200	17,209,440
AutoZone, Inc. (a)	24,597	15,971,324
Best Buy Co., Inc.	566,727	38,679,118
CarMax, Inc. (a)	83,300	5,741,036
Dick's Sporting Goods, Inc.	293,368	10,737,269
Foot Locker, Inc.	42,100	2,272,137
Gap, Inc.	179,000	5,008,420
Home Depot, Inc.	183,090	34,155,440
Lowe's Companies, Inc.	393,049	37,343,585
Murphy U.S.A., Inc. (a)	57,587	3,844,508
Office Depot, Inc.	217,300	512,828
Penske Automotive Group, Inc.	203,300	9,788,895
Tiffany & Co., Inc.	33,765	4,415,787
TJX Companies, Inc.	43,293	3,910,224
Tractor Supply Co.	23,788	1,767,686
		191,357,697
Textiles, Apparel & Luxury Goods - 0.1%
Carter's, Inc.	19,600	2,136,596
Columbia Sportswear Co.	45,696	3,980,579
Michael Kors Holdings Ltd. (a)	47,200	2,708,808
PVH Corp.	35,400	5,664,000
		14,489,983

TOTAL CONSUMER DISCRETIONARY		963,154,424

CONSUMER STAPLES - 3.9%
Beverages - 0.3%
Coca-Cola European Partners PLC	131,807	5,004,712
Dr. Pepper Snapple Group, Inc.	63,988	7,633,768
Molson Coors Brewing Co. Class B	85,554	5,274,404
The Coca-Cola Co.	420,200	18,068,600
		35,981,484
Food & Staples Retailing - 1.7%
Kroger Co.	1,996,322	48,570,514
Walgreens Boots Alliance, Inc.	934,333	58,293,036
Walmart, Inc.	929,600	76,729,184
		183,592,734
Food Products - 1.6%
Archer Daniels Midland Co.	1,071,000	46,824,120
Bunge Ltd.	10,200	709,410
Campbell Soup Co. (b)	300,300	10,102,092
ConAgra Foods, Inc.	139,400	5,166,164
Dean Foods Co.	606,600	5,805,162
Fresh Del Monte Produce, Inc.	235,200	10,562,832
Ingredion, Inc.	204,100	22,734,699
Mondelez International, Inc.	429,500	16,866,465
Pilgrim's Pride Corp. (a)	831,126	16,198,646
Post Holdings, Inc. (a)	71,102	5,465,611
The J.M. Smucker Co.	205,300	22,069,750
Tyson Foods, Inc. Class A	310,200	20,929,194
		183,434,145
Household Products - 0.1%
Clorox Co.	17,946	2,168,415
Energizer Holdings, Inc.	63,465	3,854,864
Procter & Gamble Co.	72,979	5,339,873
		11,363,152
Personal Products - 0.2%
Coty, Inc. Class A	250,762	3,322,597
Unilever NV (NY Reg.)	305,000	17,009,850
		20,332,447

TOTAL CONSUMER STAPLES		434,703,962

ENERGY - 7.3%
Energy Equipment & Services - 0.4%
Halliburton Co.	330,700	16,449,018
Helmerich & Payne, Inc.	50,100	3,325,638
National Oilwell Varco, Inc.	175,000	7,248,500
Parker Drilling Co. (a)	568,125	249,975
U.S. Silica Holdings, Inc.	377,800	11,685,354
		38,958,485
Oil, Gas & Consumable Fuels - 6.9%
Andeavor	115,385	16,665,056
Antero Resources Corp. (a)	112,300	2,146,053
Apache Corp.	27,600	1,104,000
Chevron Corp.	1,620,336	201,407,765
ConocoPhillips Co.	887,067	59,779,445
Devon Energy Corp.	182,600	7,590,682
Diamondback Energy, Inc.	33,356	4,028,071
Energen Corp. (a)	111,030	7,532,275
EQT Corp.	250,114	12,890,876
Exxon Mobil Corp.	1,365,512	110,934,195
Hess Corp.	145,100	8,766,942
HollyFrontier Corp.	74,600	5,757,628
Kinder Morgan, Inc.	421,338	7,027,918
Marathon Oil Corp.	707,481	15,161,318
Marathon Petroleum Corp.	876,274	69,251,934
Murphy Oil Corp.	64,500	1,983,375
Newfield Exploration Co. (a)	463,800	13,561,512
Occidental Petroleum Corp.	91,353	7,691,923
PBF Energy, Inc. Class A	524,672	24,754,025
Phillips 66 Co.	472,933	55,091,965
Pioneer Natural Resources Co.	73,600	14,212,160
Royal Dutch Shell PLC Class A sponsored ADR	264,583	18,409,685
The Williams Companies, Inc.	116,180	3,120,595
Valero Energy Corp.	905,800	109,782,960
		778,652,358

TOTAL ENERGY		817,610,843

FINANCIALS - 25.5%
Banks - 12.9%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (b)	2,145,000	14,757,600
Bank of America Corp.	5,827,297	169,224,705
BB&T Corp.	718,600	37,726,500
BOK Financial Corp.	142,600	14,395,470
CIT Group, Inc.	311,400	15,548,202
Citigroup, Inc.	3,145,592	209,779,530
Citizens Financial Group, Inc.	378,615	15,466,423
Comerica, Inc.	67,900	6,402,291
Commerce Bancshares, Inc.	41,811	2,700,154
Cullen/Frost Bankers, Inc.	128,800	14,712,824
East West Bancorp, Inc.	308,200	21,413,736
Fifth Third Bancorp	1,307,984	39,998,151
First Republic Bank	39,677	3,951,829
Huntington Bancshares, Inc.	493,600	7,339,832
JPMorgan Chase & Co.	3,222,173	344,804,733
KeyCorp	1,542,159	29,979,571
Lloyds Banking Group PLC sponsored ADR	1,317,944	4,428,292
M&T Bank Corp.	129,941	22,360,247
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	1,639,000	9,850,390
PNC Financial Services Group, Inc.	552,321	79,208,355
Prosperity Bancshares, Inc.	32,000	2,317,760
Regions Financial Corp.	3,938,748	71,842,764
SunTrust Banks, Inc.	981,039	66,229,943
Synovus Financial Corp.	52,900	2,862,419
U.S. Bancorp	897,991	44,890,570
Umpqua Holdings Corp.	78,100	1,838,474
Webster Financial Corp.	42,400	2,717,840
Wells Fargo & Co.	3,414,347	184,340,595
Western Alliance Bancorp. (a)	39,400	2,374,244
Zions Bancorporation	90,900	4,982,229
		1,448,445,673
Capital Markets - 3.3%
Affiliated Managers Group, Inc.	19,200	3,057,792
Ameriprise Financial, Inc.	502,900	69,717,027
Bank of New York Mellon Corp.	466,600	25,546,350
Brighthouse Financial, Inc.	57,590	2,713,065
Charles Schwab Corp.	106,756	5,937,769
E*TRADE Financial Corp. (a)	118,900	7,532,315
Goldman Sachs Group, Inc.	371,256	83,859,305
Invesco Ltd.	103,295	2,822,019
Lazard Ltd. Class A	59,700	3,070,968
Morgan Stanley	1,514,222	75,923,091
Northern Trust Corp.	137,665	14,113,416
Raymond James Financial, Inc.	55,900	5,397,704
State Street Corp.	369,600	35,522,256
T. Rowe Price Group, Inc.	200,344	24,325,768
TD Ameritrade Holding Corp.	78,522	4,648,502
The NASDAQ OMX Group, Inc.	59,600	5,474,856
		369,662,203
Consumer Finance - 2.3%
Ally Financial, Inc.	367,076	9,415,499
American Express Co.	533,547	52,447,670
Capital One Financial Corp.	1,027,638	96,597,972
Credit Acceptance Corp. (a)(b)	6,800	2,400,468
Discover Financial Services	829,892	61,295,823
Navient Corp.	530,400	7,324,824
Nelnet, Inc. Class A	227,900	14,002,176
Santander Consumer U.S.A. Holdings, Inc.	165,700	2,967,687
Synchrony Financial	350,570	12,140,239
		258,592,358
Diversified Financial Services - 0.4%
Berkshire Hathaway, Inc. Class B (a)	171,638	32,873,826
Donnelley Financial Solutions, Inc. (a)	80,075	1,229,952
Jefferies Financial Group, Inc.	164,000	3,588,320
Voya Financial, Inc.	80,600	4,186,364
		41,878,462
Insurance - 6.3%
AFLAC, Inc.	1,208,200	54,441,492
Alleghany Corp.	11,278	6,434,776
Allstate Corp.	727,394	67,996,791
American Financial Group, Inc.	199,400	21,910,072
American International Group, Inc.	868,183	45,831,381
Aon PLC	17,700	2,475,699
Assurant, Inc.	173,400	16,186,890
Athene Holding Ltd. (a)	65,600	2,930,352
Axis Capital Holdings Ltd.	262,500	14,923,125
Chubb Ltd.	429,387	56,116,587
Cincinnati Financial Corp.	75,500	5,237,435
CNO Financial Group, Inc.	52,566	1,052,371
Everest Re Group Ltd.	170,985	38,521,211
Fairfax Financial Holdings Ltd.	6,403	3,584,784
FNF Group	107,600	3,976,896
Genworth Financial, Inc. Class A (a)	504,800	1,736,512
Hartford Financial Services Group, Inc.	863,130	45,167,593
Lincoln National Corp.	632,400	41,921,796
Loews Corp.	383,499	18,741,596
Markel Corp. (a)	6,460	7,087,137
Marsh & McLennan Companies, Inc.	30,447	2,447,025
MetLife, Inc.	1,118,000	51,416,820
Principal Financial Group, Inc.	124,900	6,969,420
Prudential Financial, Inc.	541,301	52,419,589
Reinsurance Group of America, Inc.	30,300	4,528,032
RenaissanceRe Holdings Ltd.	14,200	1,743,334
The Travelers Companies, Inc.	616,930	79,287,844
Torchmark Corp.	128,900	10,934,587
Unum Group	631,440	24,506,186
W.R. Berkley Corp.	56,000	4,282,320
Willis Group Holdings PLC	30,170	4,560,196
XL Group Ltd.	76,476	4,250,536
		703,620,385
Mortgage Real Estate Investment Trusts - 0.2%
Annaly Capital Management, Inc.	2,759,800	28,784,714
Thrifts & Mortgage Finance - 0.1%
New York Community Bancorp, Inc.	224,900	2,606,591
Radian Group, Inc.	780,900	12,416,310
		15,022,901

TOTAL FINANCIALS		2,866,006,696

HEALTH CARE - 13.2%
Biotechnology - 3.1%
AbbVie, Inc.	1,147,300	113,513,862
Amgen, Inc.	741,200	133,134,344
Biogen, Inc. (a)	97,400	28,631,704
Gilead Sciences, Inc.	1,103,899	74,402,793
		349,682,703
Health Care Equipment & Supplies - 0.4%
Danaher Corp.	217,000	21,543,760
Medtronic PLC	256,708	22,159,035
		43,702,795
Health Care Providers & Services - 3.6%
Acadia Healthcare Co., Inc. (a)	325,832	13,095,188
Aetna, Inc.	332,154	58,502,284
AmerisourceBergen Corp.	69,400	5,700,516
Anthem, Inc.	336,274	74,457,789
Cardinal Health, Inc.	230,400	12,001,536
Cigna Corp.	162,636	27,545,659
CVS Health Corp.	233,950	14,830,091
DaVita HealthCare Partners, Inc. (a)	84,000	5,614,560
Express Scripts Holding Co. (a)	695,400	52,718,274
HCA Holdings, Inc.	555,461	57,290,248
Laboratory Corp. of America Holdings (a)	95,131	17,179,707
LifePoint Hospitals, Inc. (a)	179,600	9,491,860
McKesson Corp.	288,176	40,903,701
Quest Diagnostics, Inc.	57,600	6,136,128
UnitedHealth Group, Inc.	47,078	11,369,808
		406,837,349
Pharmaceuticals - 6.1%
Allergan PLC	40,773	6,148,568
Bristol-Myers Squibb Co.	578,800	30,456,456
Johnson & Johnson	2,073,722	248,058,626
Mallinckrodt PLC (a)	89,508	1,508,210
Merck & Co., Inc.	1,959,538	116,651,297
Mylan NV (a)	246,900	9,495,774
Novartis AG sponsored ADR	257,032	19,154,025
Perrigo Co. PLC	64,800	4,740,768
Pfizer, Inc.	7,042,371	253,032,390
		689,246,114

TOTAL HEALTH CARE		1,489,468,961

INDUSTRIALS - 6.5%
Aerospace & Defense - 1.5%
General Dynamics Corp.	120,252	24,256,031
Huntington Ingalls Industries, Inc.	3,200	707,424
Moog, Inc. Class A	119,703	9,759,386
Raytheon Co.	20,682	4,332,879
Spirit AeroSystems Holdings, Inc. Class A	401,200	33,985,652
The Boeing Co.	76,300	26,869,808
Triumph Group, Inc.	270,000	5,724,000
United Technologies Corp.	522,207	65,181,878
Vectrus, Inc. (a)	37,733	1,210,097
		172,027,155
Air Freight & Logistics - 0.8%
FedEx Corp.	195,200	48,628,224
United Parcel Service, Inc. Class B	316,900	36,798,428
		85,426,652
Airlines - 1.2%
American Airlines Group, Inc.	217,800	9,483,012
Delta Air Lines, Inc.	1,162,546	62,835,611
JetBlue Airways Corp. (a)	132,200	2,497,258
Southwest Airlines Co.	477,242	24,377,521
United Continental Holdings, Inc. (a)	474,000	32,985,660
		132,179,062
Building Products - 0.2%
Johnson Controls International PLC	438,000	14,699,280
Masco Corp.	110,000	4,099,700
Owens Corning	51,500	3,255,830
		22,054,810
Commercial Services & Supplies - 0.1%
Deluxe Corp.	166,100	11,052,294
LSC Communications, Inc.	80,075	1,013,750
R.R. Donnelley & Sons Co.	213,533	1,332,446
		13,398,490
Construction & Engineering - 0.0%
Tutor Perini Corp. (a)	32,058	634,748
Electrical Equipment - 0.2%
ABB Ltd. sponsored ADR (b)	160,433	3,648,246
Eaton Corp. PLC	295,546	22,632,913
Hubbell, Inc. Class B	20,700	2,229,183
		28,510,342
Industrial Conglomerates - 0.6%
Carlisle Companies, Inc.	73,138	7,854,290
Honeywell International, Inc.	381,578	56,439,202
		64,293,492
Machinery - 1.4%
AGCO Corp.	209,800	13,343,280
Allison Transmission Holdings, Inc.	64,500	2,664,495
Apergy Corp. (a)	78,131	3,374,478
Cummins, Inc.	320,554	45,643,684
Dover Corp.	129,534	10,001,320
Illinois Tool Works, Inc.	24,676	3,545,941
Ingersoll-Rand PLC	115,100	10,075,854
Middleby Corp. (a)(b)	23,633	2,354,319
Oshkosh Corp.	262,400	19,089,600
PACCAR, Inc.	162,100	10,087,483
Parker Hannifin Corp.	47,100	8,049,390
Pentair PLC	66,300	2,893,332
Snap-On, Inc.	26,100	3,858,102
Timken Co.	169,200	8,003,160
Trinity Industries, Inc.	567,400	19,569,626
		162,554,064
Professional Services - 0.0%
Manpower, Inc.	30,500	2,745,000
Road & Rail - 0.3%
AMERCO	9,000	2,906,460
Kansas City Southern	38,500	4,125,275
Norfolk Southern Corp.	80,900	12,268,485
Ryder System, Inc.	184,000	12,342,720
		31,642,940
Trading Companies & Distributors - 0.2%
Aircastle Ltd.	570,900	12,194,424
United Rentals, Inc. (a)	36,300	5,792,391
		17,986,815

TOTAL INDUSTRIALS		733,453,570

INFORMATION TECHNOLOGY - 13.4%
Communications Equipment - 2.2%
Arris International PLC (a)	77,300	1,954,144
Cisco Systems, Inc.	5,046,962	215,555,747
CommScope Holding Co., Inc. (a)	131,388	3,852,296
Juniper Networks, Inc.	747,420	19,911,269
Motorola Solutions, Inc.	70,600	7,578,204
		248,851,660
Electronic Equipment & Components - 1.2%
Arrow Electronics, Inc. (a)	267,418	19,821,022
Avnet, Inc.	61,560	2,346,667
CDW Corp.	68,600	5,491,430
Corning, Inc.	1,346,100	36,573,537
Dell Technologies, Inc. (a)	191,031	15,408,560
Flextronics International Ltd. (a)	589,116	8,182,821
TE Connectivity Ltd.	165,089	15,366,484
Tech Data Corp. (a)	166,200	14,427,822
Vishay Intertechnology, Inc.	590,800	12,524,960
		130,143,303
Internet Software & Services - 0.1%
Alphabet, Inc. Class A (a)	4,251	4,676,100
eBay, Inc. (a)	176,004	6,638,871
		11,314,971
IT Services - 1.3%
Alliance Data Systems Corp.	25,400	5,354,828
CSG Systems International, Inc.	185,800	7,688,404
DXC Technology Co.	227,852	20,987,448
IBM Corp.	606,200	85,662,122
PayPal Holdings, Inc. (a)	242,000	19,860,940
The Western Union Co.	211,500	4,206,735
		143,760,477
Semiconductors & Semiconductor Equipment - 3.5%
Analog Devices, Inc.	45,872	4,457,841
Applied Materials, Inc.	914,300	46,428,154
Cirrus Logic, Inc. (a)	198,579	7,442,741
Intel Corp.	4,173,200	230,360,640
KLA-Tencor Corp.	72,100	8,163,883
Lam Research Corp.	249,500	49,445,910
Marvell Technology Group Ltd.	216,500	4,663,410
Microchip Technology, Inc. (b)	234,000	22,786,920
Qorvo, Inc. (a)	55,000	4,413,750
Qualcomm, Inc.	66,169	3,845,742
Skyworks Solutions, Inc.	13,100	1,291,791
Teradyne, Inc.	90,300	3,423,273
Texas Instruments, Inc.	93,608	10,475,671
		397,199,726
Software - 1.8%
Adobe Systems, Inc. (a)	140,000	34,899,200
ANSYS, Inc. (a)	120,000	19,536,000
CA Technologies, Inc.	192,000	6,862,080
Microsoft Corp.	442,232	43,710,211
Oracle Corp.	2,143,586	100,148,338
		205,155,829
Technology Hardware, Storage & Peripherals - 3.3%
Apple, Inc.	1,106,100	206,696,907
Hewlett Packard Enterprise Co.	1,960,764	29,882,043
HP, Inc.	2,550,629	56,190,357
NCR Corp. (a)	411,900	12,398,190
NetApp, Inc.	158,934	10,858,371
Seagate Technology LLC	502,900	28,338,415
Western Digital Corp.	177,300	14,806,323
Xerox Corp.	474,925	12,908,462
		372,079,068

TOTAL INFORMATION TECHNOLOGY		1,508,505,034

MATERIALS - 3.6%
Chemicals - 2.2%
AdvanSix, Inc. (a)	46,259	1,688,916
Ashland Global Holdings, Inc.	24,000	1,865,280
Cabot Corp.	272,700	16,430,175
Celanese Corp. Class A	255,400	28,839,768
Eastman Chemical Co.	409,671	42,732,782
FMC Corp.	49,702	4,328,547
Huntsman Corp.	740,000	23,657,800
LyondellBasell Industries NV Class A	588,500	65,982,620
Methanex Corp.	99,045	6,766,471
Nutrien Ltd.	80,053	4,050,808
PPG Industries, Inc.	272,000	27,450,240
RPM International, Inc.	52,600	2,603,700
The Chemours Co. LLC	356,860	17,482,571
Westlake Chemical Corp.	55,900	6,469,307
		250,348,985
Construction Materials - 0.3%
CEMEX S.A.B. de CV sponsored ADR	569,368	3,393,433
CRH PLC sponsored ADR (b)	144,959	5,362,033
Martin Marietta Materials, Inc.	114,630	25,547,588
		34,303,054
Containers & Packaging - 0.5%
Ball Corp.	236,698	8,745,991
Graphic Packaging Holding Co.	245,581	3,556,013
International Paper Co.	483,200	25,851,200
Packaging Corp. of America	39,000	4,582,500
Sonoco Products Co.	43,000	2,198,590
WestRock Co.	219,633	12,931,991
		57,866,285
Metals & Mining - 0.4%
Barrick Gold Corp.	277,005	3,646,827
Newmont Mining Corp.	154,200	6,003,006
Nucor Corp.	146,400	9,397,416
Reliance Steel & Aluminum Co.	33,400	3,125,238
Rio Tinto PLC sponsored ADR	77,624	4,401,281
Steel Dynamics, Inc.	298,662	14,762,863
		41,336,631
Paper & Forest Products - 0.2%
Domtar Corp.	211,100	10,147,577
Kapstone Paper & Packaging Corp.	91,655	3,152,932
Schweitzer-Mauduit International, Inc.	199,000	8,718,190
		22,018,699

TOTAL MATERIALS		405,873,654

REAL ESTATE - 1.5%
Equity Real Estate Investment Trusts (REITs) - 1.4%
American Homes 4 Rent Class A	204,368	4,071,011
Brixmor Property Group, Inc.	287,168	4,560,228
CorePoint Lodging, Inc. (a)	87,480	2,439,817
EastGroup Properties, Inc.	32,581	3,037,527
Equity Lifestyle Properties, Inc.	64,849	5,894,774
Equity Residential (SBI)	93,993	6,014,612
Federal Realty Investment Trust (SBI)	26,197	3,114,561
Hospitality Properties Trust (SBI)	690,200	19,981,290
Kimco Realty Corp.	256,862	3,971,087
Lexington Corporate Properties Trust	1,090,900	9,414,467
Mack-Cali Realty Corp.	410,100	8,107,677
Medical Properties Trust, Inc.	759,300	10,303,701
Mid-America Apartment Communities, Inc.	63,881	5,976,706
Omega Healthcare Investors, Inc. (b)	418,800	12,836,220
Outfront Media, Inc.	201,288	3,993,554
Piedmont Office Realty Trust, Inc. Class A	655,900	12,606,398
Public Storage	29,508	6,250,975
Rayonier, Inc.	135,596	5,270,617
SL Green Realty Corp.	55,722	5,434,009
Sun Communities, Inc.	68,751	6,646,847
VEREIT, Inc.	1,689,600	12,097,536
Weyerhaeuser Co.	81,686	3,049,338
		155,072,952
Real Estate Management & Development - 0.1%
CBRE Group, Inc. (a)	144,215	6,661,291
Jones Lang LaSalle, Inc.	20,900	3,422,584
		10,083,875

TOTAL REAL ESTATE		165,156,827

TELECOMMUNICATION SERVICES - 2.0%
Diversified Telecommunication Services - 2.0%
AT&T, Inc.	2,004,400	64,782,208
Verizon Communications, Inc.	3,467,387	165,290,338
		230,072,546
UTILITIES - 2.9%
Electric Utilities - 1.9%
American Electric Power Co., Inc.	314,586	21,376,119
Duke Energy Corp.	293,718	22,663,281
Edison International	134,889	8,384,700
Entergy Corp.	492,200	39,823,902
Eversource Energy	198,297	11,318,793
Exelon Corp.	1,021,300	42,271,607
FirstEnergy Corp.	924,700	31,828,174
NextEra Energy, Inc.	44,431	7,367,104
OGE Energy Corp.	14,400	504,288
Pinnacle West Capital Corp.	48,300	3,845,163
Westar Energy, Inc.	58,600	3,322,620
Xcel Energy, Inc.	351,343	15,993,133
		208,698,884
Gas Utilities - 0.1%
National Fuel Gas Co.	252,200	13,275,808
UGI Corp.	12,500	630,875
		13,906,683
Independent Power and Renewable Electricity Producers - 0.1%
The AES Corp.	1,082,900	13,806,975
Multi-Utilities - 0.8%
Ameren Corp.	111,700	6,611,523
DTE Energy Co.	77,600	7,948,568
Public Service Enterprise Group, Inc.	1,268,300	67,194,534
WEC Energy Group, Inc.	145,300	9,175,695
		90,930,320

TOTAL UTILITIES		327,342,862

TOTAL COMMON STOCKS
(Cost $6,812,628,725)		9,941,349,379

Equity Funds - 10.6%
Large Blend Funds - 1.4%
Fidelity SAI U.S. Minimum Volatility Index Fund (c)	12,310,868	154,255,175
Large Value Funds - 4.8%
Fidelity SAI U.S. Value Index Fund (c)	1,005,560	10,055,602
Invesco Diversified Dividend Fund - Class A	26,942,170	526,988,838

TOTAL LARGE VALUE FUNDS		537,044,440

Mid-Cap Value Funds - 2.5%
Fidelity Low-Priced Stock Fund (c)	5,186,165	283,631,373
Sector Funds - 1.9%
Fidelity Energy Portfolio (c)	4,509,330	217,755,545
TOTAL EQUITY FUNDS
(Cost $785,171,581)		1,192,686,533

Money Market Funds - 1.4%
Fidelity Securities Lending Cash Central Fund 1.76% (d)(e)	71,254,108	71,261,234
State Street Institutional U.S. Government Money Market Fund Premier Class 1.67%(f)	89,776,019	89,776,019
TOTAL MONEY MARKET FUNDS
(Cost $161,037,253)		161,037,253
TOTAL INVESTMENT IN SECURITIES - 100.4%
(Cost $7,758,837,559)		11,295,073,165
NET OTHER ASSETS (LIABILITIES) - (0.4)%		(49,315,148)
NET ASSETS - 100%		$11,245,758,017

Legend

(a) Non-income producing

(b) Security or a portion of the security is on loan at period end.

(d) 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.

(e) Investment made with cash collateral received from securities on loan.

(f) 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 Securities Lending Cash Central Fund	$631,541
Total	$631,541

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations if applicable.

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, excluding any Money Market Central Funds, is as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Energy Portfolio	$175,381,841	$2,994,758	$--	$2,994,757	$--	$39,378,946	$217,755,545
Fidelity Low-Priced Stock Fund	259,751,017	24,112,162	10,000,000	24,112,163	437,987	9,330,207	283,631,373
Fidelity SAI U.S. Minimum Volatility Index Fund	160,693,092	107,957,378	121,303,927	6,743,490	1,433,319	5,475,313	154,255,175
Fidelity SAI U.S. Value Index Fund	--	240,371,422	229,946,263	--	(337187)	(32,370)	10,055,602
Total	$595,825,950	$375,435,720	$361,250,190	$33,850,410	$1,534,119	$54,152,096	$665,697,695

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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

Financial Statements

Statement of Assets and Liabilities

		May 31, 2018
Assets
Investment in securities, at value (including securities loaned of $69,145,007) — See accompanying schedule: Unaffiliated issuers (cost $7,211,807,786)	$10,558,114,236
Fidelity Central Funds (cost $71,261,234)	71,261,234
Other affiliated issuers (cost $475,768,539)	665,697,695
Total Investment in Securities (cost $7,758,837,559)		$11,295,073,165
Receivable for investments sold		32,533,524
Receivable for fund shares sold		4,627,046
Dividends receivable		29,213,794
Interest receivable		129,015
Distributions receivable from Fidelity Central Funds		31,745
Prepaid expenses		56,586
Other receivables		235,630
Total assets		11,361,900,505
Liabilities
Payable for investments purchased	$36,603,929
Payable for fund shares redeemed	4,692,502
Accrued management fee	1,815,377
Other affiliated payables	1,442,902
Other payables and accrued expenses	319,493
Collateral on securities loaned	71,268,285
Total liabilities		116,142,488
Net Assets		$11,245,758,017
Net Assets consist of:
Paid in capital		$7,326,822,289
Undistributed net investment income		86,890,423
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		295,809,699
Net unrealized appreciation (depreciation) on investments		3,536,235,606
Net Assets, for 555,424,572 shares outstanding		$11,245,758,017
Net Asset Value, offering price and redemption price per share ($11,245,758,017 ÷ 555,424,572 shares)		$20.25

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

Statement of Operations

		Year ended May 31, 2018
Investment Income
Dividends:
Unaffiliated issuers		$241,865,065
Affiliated issuers		8,848,055
Interest		1,968,856
Income from Fidelity Central Funds		631,541
Total income		253,313,517
Expenses
Management fee	$50,306,008
Transfer agent fees	15,764,048
Accounting and security lending fees	1,364,233
Custodian fees and expenses	129,888
Independent trustees' fees and expenses	142,448
Registration fees	109,371
Audit	71,071
Legal	56,172
Miscellaneous	118,274
Total expenses before reductions	68,061,513
Expense reductions	(28,345,846)
Total expenses after reductions		39,715,667
Net investment income (loss)		213,597,850
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	543,668,031
Fidelity Central Funds	(6,620)
Other affiliated issuers	1,534,119
Foreign currency transactions	(17)
Futures contracts	3,589,844
Capital gain distributions from underlying funds:
Unaffiliated issuers	4,178,212
Affiliated issuers	25,002,355
Total net realized gain (loss)		577,965,924
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	571,591,368
Affiliated issuers	54,152,097
Futures contracts	797,310
Total change in net unrealized appreciation (depreciation)		626,540,775
Net gain (loss)		1,204,506,699
Net increase (decrease) in net assets resulting from operations		$1,418,104,549

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

Statement of Changes in Net Assets

	Year ended May 31, 2018	Year ended May 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$213,597,850	$213,164,362
Net realized gain (loss)	577,965,924	625,169,346
Change in net unrealized appreciation (depreciation)	626,540,775	714,973,100
Net increase (decrease) in net assets resulting from operations	1,418,104,549	1,553,306,808
Distributions to shareholders from net investment income	(201,991,822)	(197,242,245)
Distributions to shareholders from net realized gain	(632,443,426)	(426,212,584)
Total distributions	(834,435,248)	(623,454,829)
Share transactions
Proceeds from sales of shares	1,419,869,361	951,857,789
Reinvestment of distributions	831,430,096	621,702,046
Cost of shares redeemed	(2,342,706,572)	(2,810,534,542)
Net increase (decrease) in net assets resulting from share transactions	(91,407,115)	(1,236,974,707)
Total increase (decrease) in net assets	492,262,186	(307,122,728)
Net Assets
Beginning of period	10,753,495,831	11,060,618,559
End of period	$11,245,758,017	$10,753,495,831
Other Information
Undistributed net investment income end of period	$86,890,423	$90,236,532
Shares
Sold	70,663,944	51,329,536
Issued in reinvestment of distributions	42,632,296	34,489,325
Redeemed	(116,231,716)	(153,829,784)
Net increase (decrease)	(2,935,476)	(68,010,923)

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

Financial Highlights

Strategic Advisers Value Fund


Years ended May 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$19.26	$17.66	$19.26	$19.14	$16.92
Income from Investment Operations
Net investment income (loss)^A	.38	.37	.34	.31	.26
Net realized and unrealized gain (loss)	2.11	2.29	(.73)	1.59	3.02
Total from investment operations	2.49	2.66	(.39)	1.90	3.28
Distributions from net investment income	(.36)	(.34)	(.31)	(.27)	(.25)
Distributions from net realized gain	(1.14)	(.72)	(.90)	(1.51)	(.81)
Total distributions	(1.50)	(1.06)	(1.21)	(1.78)	(1.06)
Net asset value, end of period	$20.25	$19.26	$17.66	$19.26	$19.14
Total Return^B	13.38%	15.56%	(1.97)%	10.23%	20.07%
Ratios to Average Net Assets^C,^D
Expenses before reductions	.60%	.60%	.58%	.56%	.56%
Expenses net of fee waivers, if any	.35%	.35%	.33%	.31%	.31%
Expenses net of all reductions	.35%	.35%	.33%	.31%	.31%
Net investment income (loss)	1.88%	1.99%	1.94%	1.63%	1.45%
Supplemental Data
Net assets, end of period (000 omitted)	$11,245,758	$10,753,496	$11,060,619	$13,270,015	$12,849,529
Portfolio turnover rate^E	23%	32%	39%	31%	42%

^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 Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^D Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 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.

^E 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, 2018

1. Organization.

Strategic Advisers Value 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 certain clients of Strategic Advisers LLC (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. 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:

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.

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.

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 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 Fidelity Central Funds, if any, are recorded on the ex-dividend date. Income and capital gain distributions from Underlying Funds, 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.

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), certain independent Trustees have elected 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.

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, 2018, 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 and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, market discount, deferred trustees compensation, and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$3,734,968,488
Gross unrealized depreciation	(218,165,636)
Net unrealized appreciation (depreciation)	$3,516,802,852
Tax Cost	$7,778,270,313

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

Undistributed ordinary income	$87,126,053
Undistributed long-term capital gain	$315,242,453
Net unrealized appreciation (depreciation) on securities and other investments	$3,516,802,852

The tax character of distributions paid was as follows:

	May 31, 2018	May 31, 2017
Ordinary Income	$201,991,822	$ 197,242,245
Long-term Capital Gains	632,443,426	426,212,584
Total	$834,435,248	$ 623,454,829

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.

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 on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented 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 $2,593,346,607 and $3,132,372,714, respectively.

Prior Fiscal Year Exchanges In-Kind. During the prior period, the Fund redeemed 19,227,898 shares of JPMorgan Value Advantage L in exchange for cash and investments with a value of $644,711,422. The Fund had a net realized gain of $184,795,386 on the Fund's redemptions of JPMorgan Value Advantage L shares. The Fund recognized gains on the exchanges for federal income tax purposes.

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. Aristotle Capital Management, LLC, Brandywine Global Investment Management, LLC, J.P. Morgan Investment Management, Inc., LSV Asset Management and Boston Partners Global Investors, 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.

FIAM LLC (an affiliate of the investment adviser) and Geode Capital Management, LLC 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.

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. 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 .14% of average net assets.

During June 2018, the Board approved that effective July 1, 2018 transfer agent fees will not be paid by the Fund and will instead be paid by the investment adviser or an affiliate.

Accounting and Security Lending 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. For the period, the fees were equivalent to an annual rate of .01%.

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 $1,990 for the period.

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 Money Market Central Funds are managed by Fidelity Investments Money Management, Inc. (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 Securities and Exchange Commission (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 $31,955 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. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, 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 $631,541.

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, 2020. During the period, this waiver reduced the Fund's management fee by $28,345,846.

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 an Underlying Fund's net assets. At the end of the period, the Fund was the owner of record of approximately 11% of the total outstanding shares of Fidelity Energy Portfolio.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Value Fund:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Value Fund (one of the funds constituting Fidelity Rutland Square Trust II, hereafter collectively referred to as the "Fund") as of May 31, 2018, the related statement of operations for the year ended May 31, 2018, the statement of changes in net assets for each of the two years in the period ended May 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2018, 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 ended May 31, 2018 and the financial highlights for each of the five years in the period ended May 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2018 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 16, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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 20 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. Mary C. Farrell 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, and Fidelity's equity and high income funds. 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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2018

Trustee

Mr. Hogan also serves as Trustee of other funds. Mr. Hogan serves as Head of Fidelity Investments’ Investment Solutions and Innovation organization (2018-present), a Director of Strategic Advisers LLC (2018-present), a Director of Fidelity SelectCo, LLC (investment adviser firm, 2014-present), and President of FMR Co., Inc. (2009-present). Previously, Mr. Hogan served as a Vice President of Fidelity's Equity and High Income funds (2009-2018), a Director of FMR Investment Management (UK) Limited (investment adviser firm, 2015-2018), Trustee of certain Fidelity^®funds (2014-2018), President of the Equity Division of FMR (investment adviser firm, 2009-2018), Senior Vice President, Equity Research of FMR (2006-2009), and as a portfolio manager. Mr. Brian B. Hogan is not related to Mr. Colm A. Hogan.

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 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 serves as Chairman of the Board of Trustees of Yale-New Haven Hospital and on the Yale New Haven Health System Board and previously served as Trustee on the Board of Overseers of the New York University Stern School of Business.

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) and Chief Executive Officer (2013-present) 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), Overseer of the Boston Symphony Orchestra (2014-present), Member of the Board of Directors of The Advertising Council, Inc. (2016-present), and Member of the Ron Burton Training Village Executive Board of Advisors (2018-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).

Heidi L. Steiger (1953)

Year of Election or Appointment: 2017

Trustee

Ms. Steiger also serves as Trustee of other funds. Ms. Steiger serves as a member of the Global Advisory Board and Of Counsel to Signum Global Advisors (international policy and strategy, 2018-present), a guest lecturer in the joint degree program in Global Luxury Management at North Carolina State University (Raleigh, NC) and Skema (Paris) (2018-present), Managing Partner of Topridge Associates, LLC (consulting, 2005-present), and a member of the Board of Directors (2013-present) and Chair of the Audit Committee and member of the Membership and Executive Committees (2017-present) of Business Executives for National Security (nonprofit). Previously, Ms. Steiger served as Eastern Region President of The Private Client Reserve of U.S. Bancorp (banking and financial services, 2010-2015), Advisory Director of Berkshire Capital Securities, LLC (financial services, 2009-2010), President and Senior Advisor of Lowenhaupt Global Advisors, LLC (financial services, 2005-2007), and President and Contributing Editor of Worth Magazine (2004-2005) and held a variety of positions at Neuberger Berman Group, LLC (financial services, 1986-2004), including Partner and Executive Vice President and Global Head of Private Asset Management at Neuberger Berman (1999-2004). Ms. Steiger also served as a member of the Board of Directors of Nuclear Electric Insurance Ltd (insurer of nuclear utilities, 2006-2017), a member of the Board of Trustees and Audit Committee of the Eaton Vance Funds (2007-2010), a member of the Board of Directors of Aviva USA (formerly AmerUs) (insurance, 2004-2014), and a member of the Board of Trustees and Audit Committee and Chair of the Investment Committee of CIFG (financial guaranty insurance, 2009-2012), and a member of the Board of Directors of Kin Group Plc (formerly, Fitbug Holdings) (health and technology, 2016-2017).

Advisory Board Members and Officers:

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

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. Mr. Davis serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) 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 Assistant Treasurer of FMR Capital, Inc. (2017-present), Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (investment adviser firm, 2016-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as President and Treasurer of certain Fidelity^® funds (2013-2018). 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.

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato is an employee of Fidelity Investments (2017-present). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

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). Previously, Mr. Galligan served as a Director of Strategic Advisers LLC (investment adviser firm, 2008-2018), 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).

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 LLC (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). Previously, Mr. Gryglewicz served as Chief Compliance Officer of certain Fidelity^® funds (2014-2018).

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 serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Assistant Treasurer of certain Fidelity^® funds (2016-2018).

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, serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), 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).

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FMR Capital, Inc. (2017-present), 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 Assistant Treasurer (2013-2018) and Deputy Treasurer (2013-2016) of certain Fidelity^® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and 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 serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and 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 the 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 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, 2017 to May 31, 2018).

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 (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. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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, 2017	Ending Account Value May 31, 2018	Expenses Paid During Period-^B December 1, 2017 to May 31, 2018
Actual	.34%	$1,000.00	$1,005.70	$1.70-^C
Hypothetical-^D		$1,000.00	$1,023.24	$1.72-^C

^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 If fees and changes to the Fund's expense contract and/ or expense cap, effective July 1, 2018, had been in effect during the current period, the restated annualized expense ratio would have been .20% and the expenses paid in the actual and hypothetical examples above would have been $1.00 and $1.01, respectively.

^D 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Strategic Advisers Value Fund voted to pay on July 9, 2018, to shareholders of record at the opening of business on July 6, 2018, a distribution of $0.566 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.161 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2018, $556,796,704, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Strategic Advisers Value Fund

On March 8, 2018, 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 with LSV Asset Management (LSV) for the fund (the Amended Sub-Advisory Agreement), which may lower the amount of fees to be paid by Strategic Advisers to LSV, on behalf of the fund by allowing for the aggregation of the fund's assets with the assets of a separately managed account for which LSV serves as model provider. The terms of the Amended Sub-Advisory Agreement are identical to those of the existing sub-advisory agreement, except with respect to the date of execution and the fee schedule.

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 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 considered that it reviewed information regarding LSV, including the backgrounds of its investment personnel, and also took into consideration the fund's investment objective, strategies and related investment philosophy, in connection with the annual renewal of the current sub-advisory agreement at its September 2017 Board meeting.

The Board considered that the Amended Sub-Advisory Agreement will not result in any changes to the nature, extent and quality of the services provided to the fund. The Board also considered the sub-adviser's representation that the Amended Sub-Advisory Agreement would not result in any changes to (i) the investment process or strategies employed in the management of the fund's assets or (ii) the day-to-day management of the fund or the persons primarily responsible for such management.

Investment Performance. The Board considered that it previously received information regarding the sub-adviser's historical investment performance of its portion of fund and/or the performance of the strategy. The Board did not consider performance to be a material factor in its decision to approve the Amended Sub-Advisory Agreement because the Amended Sub-Advisory Agreement would not result in any changes to the fund's investment processes or strategies or in the persons primarily responsible for the day-to-day management of the fund.

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 will continue to benefit the fund's shareholders.

The Board also considered that the Amended Sub-Advisory Agreement would 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' contractual management fee waiver for the fund. The Board also considered that the Amended Sub-Advisory Agreement has the potential to reduce total net fund expenses by the same amount as any resulting decrease in the fund's management fee. 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 under the Amended Sub-Advisory Agreement 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, the Board did not consider the costs of services and profitability of the relationship with the fund to Strategic Advisers 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 from their relationships with the fund, including non-advisory fee compensation paid to affiliates of Strategic Advisers, if any, as well as information regarding potential fall-out benefits accruing to the sub-adviser, if any, as a result of its relationship with the fund, during its annual renewal of the fund's advisory agreements at its September Board meeting.

Possible Economies of Scale. The Board considered that the Amended Sub-Advisory Agreement, like the current sub-advisory agreement, provides for breakpoints that have the potential to further reduce sub-advisory fees paid to LSV as assets allocated to the sub-adviser grow. The Board also considered that it reviewed 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 at its September 2017 Board meeting.

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 rendered to the fund 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.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SUF-ANN-0718
1.912897.109

Strategic Advisers® Core Fund

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

Annual Report

May 31, 2018

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of 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

You may also call 1-800-544-3455 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, 2018	Past 1 year	Past 5 years	Life of fund^A
Strategic Advisers® Core Fund	14.59%	12.38%	12.45%

^A From December 30, 2009

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Strategic Advisers® Core Fund on December 30, 2009, 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
	$26,868	Strategic Advisers® Core Fund
	$28,651	S&P 500® Index

Management's Discussion of Fund Performance

Comments from Lead Portfolio Manager John Stone: For the year, the Fund gained 14.59%, slightly outpacing 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. Conversely, underlying managers with a valuation focus in their investment approaches worked against relative results amid the growth-led market environment. Sub-advised strategies managed by AllianceBernstein and FIAM℠ (Sector Managed strategy) were the top relative contributors. A momentum-driven strategy incorporating short-term market signals fueled AllianceBernstein’s contribution. Meanwhile, FIAM’s emphasis on growth stocks via a team of sector-focused managers resulted in broadly positive security selection. Sub-adviser T. Rowe Price, our largest manager allocation on average, also notably contributed, as its benchmark-like, sector-neutral core strategy led to solid stock picks across several sectors. As for relative detractors, sub-adviser OppenheimerFunds disappointed this period, hurt by poor results from several stock choices. Sub-adviser JPMorgan Investment Management also detracted due to its emphasis on valuation. The Fund ended its sub-advisory relationship with First Eagle Investment Management in May 2018, after the portfolio manager of this strategy announced his retirement.

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, 2018

(excluding cash equivalents)	% of fund's net assets
Fidelity SAI U.S. Quality Index Fund	7.6
JPMorgan U.S. Large Cap Core Plus Fund Select Class^(a)	6.8
Fidelity SAI U.S. Large Cap Index Fund	2.9
Microsoft Corp.	2.9
Apple, Inc.	2.4
Amazon.com, Inc.	1.8
JPMorgan Chase & Co.^(b)	1.6
Alphabet, Inc. Class C	1.6
PIMCO StocksPLUS Absolute Return Fund Institutional Class	1.5
Bank of America Corp.	1.3
	30.4

(a) The JPMorgan U.S. Large Cap Core Plus Fund seeks to provide a high total return from a portfolio of selected equity securities which includes both long and short positions.

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

Top Five Market Sectors as of May 31, 2018

(Stocks Only)	% of fund's net assets
Information Technology	19.3
Financials	13.5
Health Care	10.8
Consumer Discretionary	10.1
Industrials	8.1

Asset Allocation (% of fund's net assets)

As of May 31, 2018
	Common Stocks	78.4%
	Large Blend Funds	11.2%
	Large Growth Funds	8.9%
	Sector Funds	0.4%
	Short-Term Investments and Net Other Assets (Liabilities)	1.1%

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

Schedule of Investments May 31, 2018

Showing Percentage of Net Assets

Common Stocks - 78.4%
	Shares	Value
CONSUMER DISCRETIONARY - 10.1%
Auto Components - 0.4%
Aptiv PLC	356,387	$34,747,733
BorgWarner, Inc.	150,200	7,326,756
Cooper Tire & Rubber Co.	55,800	1,434,060
Delphi Technologies PLC	297,541	14,906,804
Gentex Corp.	41,200	990,036
Lear Corp.	55,705	11,029,590
Magna International, Inc. Class A (sub. vtg.)	205,300	13,164,154
The Goodyear Tire & Rubber Co.	283,600	6,928,348
		90,527,481
Automobiles - 0.4%
Ford Motor Co.	2,774,067	32,040,474
General Motors Co.	605,300	25,846,310
Harley-Davidson, Inc.	100,900	4,144,972
Tesla, Inc. (a)(b)	99,500	28,330,635
Thor Industries, Inc.	8,735	808,861
		91,171,252
Distributors - 0.0%
Genuine Parts Co.	17,000	1,543,430
LKQ Corp. (a)	35,800	1,137,366
		2,680,796
Hotels, Restaurants & Leisure - 1.2%
Brinker International, Inc. (b)	61,900	2,706,887
Carnival Corp.	582,151	36,256,364
Darden Restaurants, Inc.	154,900	13,539,809
Domino's Pizza, Inc.	44,585	11,212,236
Hilton Worldwide Holdings, Inc.	157,161	12,684,464
Hyatt Hotels Corp. Class A	5,400	441,342
Marriott International, Inc. Class A	173,820	23,528,275
McDonald's Corp.	457,333	73,177,853
MGM Mirage, Inc.	353,000	11,101,850
Norwegian Cruise Line Holdings Ltd. (a)	32,100	1,680,114
Restaurant Brands International, Inc. (b)	336,530	19,873,594
Royal Caribbean Cruises Ltd.	107,200	11,253,856
Starbucks Corp.	400,900	22,719,003
Wyndham Worldwide Corp.	60,200	6,528,088
Yum! Brands, Inc.	517,925	42,122,840
		288,826,575
Household Durables - 0.4%
D.R. Horton, Inc.	19,800	835,758
Garmin Ltd.	26,800	1,610,412
Lennar Corp.:
Class A	1,280,685	66,262,642
Class B	4,331	179,217
Mohawk Industries, Inc. (a)	108,000	22,036,320
NVR, Inc. (a)	1,420	4,246,567
PulteGroup, Inc.	44,500	1,346,125
Toll Brothers, Inc.	23,100	912,219
Whirlpool Corp.	38,000	5,500,500
		102,929,760
Internet & Direct Marketing Retail - 2.5%
Amazon.com, Inc. (a)	273,767	446,136,179
Expedia, Inc.	129,913	15,723,370
Netflix, Inc. (a)	239,620	84,250,392
The Booking Holdings, Inc. (a)	42,735	90,124,696
		636,234,637
Leisure Products - 0.0%
Brunswick Corp.	13,100	833,160
Media - 2.3%
Charter Communications, Inc. Class A (a)	165,635	43,237,360
Comcast Corp. Class A	7,636,705	238,112,462
DISH Network Corp. Class A (a)	296,030	8,747,687
Gannett Co., Inc.	184,400	1,949,108
Interpublic Group of Companies, Inc.	57,700	1,304,020
Liberty Broadband Corp. Class C (a)	358,000	24,655,460
Liberty Media Corp. Liberty SiriusXM Series A (a)	408,518	18,893,958
News Corp. Class A	57,500	864,225
Omnicom Group, Inc.	26,300	1,895,704
Tegna, Inc.	64,900	673,013
The Madison Square Garden Co. (a)	2,700	707,508
The Walt Disney Co.	1,439,343	143,171,448
Time Warner, Inc.	457,299	43,059,274
Twenty-First Century Fox, Inc. Class A	946,968	36,505,616
Viacom, Inc. Class B (non-vtg.)	159,300	4,317,030
		568,093,873
Multiline Retail - 0.3%
Big Lots, Inc.	13,500	552,285
Dillard's, Inc. Class A (b)	19,700	1,604,171
Dollar General Corp.	183,286	16,033,859
Dollar Tree, Inc. (a)	389,828	32,195,895
Kohl's Corp.	142,636	9,520,953
Macy's, Inc.	137,800	4,810,598
Nordstrom, Inc.	25,000	1,225,750
Target Corp.	301,100	21,947,179
		87,890,690
Specialty Retail - 2.1%
American Eagle Outfitters, Inc.	201,500	4,473,300
AutoZone, Inc. (a)	22,855	14,840,209
Best Buy Co., Inc.	303,290	20,699,543
CarMax, Inc. (a)(b)	207,600	14,307,792
Foot Locker, Inc.	13,700	739,389
Gap, Inc.	160,000	4,476,800
Home Depot, Inc.	1,157,334	215,900,658
L Brands, Inc.	70,700	2,397,437
Lowe's Companies, Inc.	853,230	81,065,382
O'Reilly Automotive, Inc. (a)	236,541	63,726,511
Office Depot, Inc.	40,900	96,524
Penske Automotive Group, Inc.	60,300	2,903,445
Ross Stores, Inc.	244,110	19,255,397
TJX Companies, Inc.	620,200	56,016,464
Tractor Supply Co.	7,765	577,017
Ulta Beauty, Inc. (a)	46,400	11,456,624
		512,932,492
Textiles, Apparel & Luxury Goods - 0.5%
Carter's, Inc.	6,400	697,664
Hanesbrands, Inc.	227,500	4,147,325
lululemon athletica, Inc. (a)	68,630	7,209,582
Michael Kors Holdings Ltd. (a)	15,400	883,806
NIKE, Inc. Class B	1,195,812	85,859,302
PVH Corp.	77,187	12,349,920
Scholar Rock Holding Corp.	21,100	369,039
Tapestry, Inc.	349,700	15,288,884
		126,805,522

TOTAL CONSUMER DISCRETIONARY		2,508,926,238

CONSUMER STAPLES - 4.0%
Beverages - 1.1%
Constellation Brands, Inc. Class A (sub. vtg.)	172,600	38,503,608
Dr. Pepper Snapple Group, Inc.	386,800	46,145,240
Molson Coors Brewing Co. Class B	454,743	28,034,906
Monster Beverage Corp. (a)	336,400	17,210,224
PepsiCo, Inc.	897,929	90,017,382
The Coca-Cola Co.	1,296,737	55,759,691
		275,671,051
Food & Staples Retailing - 0.5%
Costco Wholesale Corp.	134,000	26,564,160
Kroger Co.	412,300	10,031,259
Walgreens Boots Alliance, Inc.	148,500	9,264,915
Walmart, Inc.	981,642	81,024,731
		126,885,065
Food Products - 0.8%
Archer Daniels Midland Co.	213,830	9,348,648
Bunge Ltd.	104,800	7,288,840
Campbell Soup Co.	78,000	2,623,920
ConAgra Foods, Inc.	45,500	1,686,230
Fresh Del Monte Produce, Inc.	57,000	2,559,870
Ingredion, Inc.	61,400	6,839,346
Mondelez International, Inc.	2,165,587	85,042,601
Pilgrim's Pride Corp. (a)	219,462	4,277,314
Post Holdings, Inc. (a)	135,800	10,438,946
Sanderson Farms, Inc.	27,900	2,730,852
The J.M. Smucker Co.	66,500	7,148,750
The Kraft Heinz Co.	640,423	36,811,514
Tyson Foods, Inc. Class A	428,400	28,904,148
		205,700,979
Household Products - 0.5%
Church & Dwight Co., Inc.	400,120	18,785,634
Colgate-Palmolive Co.	256,800	16,201,512
Energizer Holdings, Inc.	84,400	5,126,456
Kimberly-Clark Corp.	319,800	32,251,830
Procter & Gamble Co.	457,822	33,498,836
Reckitt Benckiser Group PLC	125,600	9,613,825
		115,478,093
Personal Products - 0.3%
Coty, Inc. Class A	923,200	12,232,400
Estee Lauder Companies, Inc. Class A	200,946	30,029,370
Herbalife Nutrition Ltd. (a)	239,700	12,169,569
Unilever NV (NY Reg.)	76,800	4,283,136
		58,714,475
Tobacco - 0.8%
Altria Group, Inc.	1,164,300	64,898,082
British American Tobacco PLC sponsored ADR	370,000	18,944,000
Philip Morris International, Inc.	1,512,007	120,265,037
		204,107,119

TOTAL CONSUMER STAPLES		986,556,782

ENERGY - 5.5%
Energy Equipment & Services - 0.2%
Baker Hughes, a GE Co. Class A	328,100	11,348,979
C&J Energy Services, Inc. (a)	8,100	218,052
Dril-Quip, Inc. (a)	10,200	490,110
Halliburton Co.	79,500	3,954,330
Helmerich & Payne, Inc.	16,300	1,081,994
Liberty Oilfield Services, Inc. Class A (a)(b)	62,700	1,333,002
Nabors Industries Ltd.	186,652	1,394,290
National Oilwell Varco, Inc.	57,100	2,365,082
NCS Multistage Holdings, Inc. (a)	51,900	789,918
Oceaneering International, Inc.	18,500	440,855
Odfjell Drilling Ltd. (a)	85,300	374,758
Precision Drilling Corp. (a)	103,200	356,576
RigNet, Inc. (a)	40,400	478,740
Schlumberger Ltd.	563,528	38,697,468
Shelf Drilling Ltd. (a)(c)	128,800	1,101,837
TechnipFMC PLC	26,800	834,820
Trinidad Drilling Ltd. (a)	162,800	220,984
Weatherford International PLC (a)(b)	60,700	205,773
Xtreme Drilling & Coil Services Corp. (a)	153,800	232,491
		65,920,059
Oil, Gas & Consumable Fuels - 5.3%
Anadarko Petroleum Corp.	277,100	19,341,580
Andeavor	384,358	55,512,826
Antero Resources Corp. (a)	36,600	699,426
Apache Corp.	207,400	8,296,000
Boardwalk Pipeline Partners, LP	128,200	1,357,638
BP PLC sponsored ADR	858,918	39,355,623
Cabot Oil & Gas Corp.	124,500	2,844,825
California Resources Corp. (a)	6,500	238,810
Callon Petroleum Co. (a)	68,400	809,856
Cenovus Energy, Inc.	1,843,800	19,453,327
Centennial Resource Development, Inc. Class A (a)	63,500	1,117,600
Cheniere Energy Partners LP Holdings LLC	28,300	855,509
Cheniere Energy, Inc. (a)	23,700	1,578,894
Chevron Corp.	1,881,013	233,809,916
Cimarex Energy Co.	16,100	1,496,012
Concho Resources, Inc. (a)	76,000	10,435,560
ConocoPhillips Co.	536,400	36,147,996
Continental Resources, Inc. (a)	156,800	10,558,912
Delek U.S. Holdings, Inc.	126,829	7,074,522
Devon Energy Corp.	139,600	5,803,172
Diamondback Energy, Inc.	192,256	23,216,835
Encana Corp.	295,600	3,761,684
Energen Corp. (a)	14,600	990,464
Enterprise Products Partners LP	49,700	1,436,330
EOG Resources, Inc.	896,337	105,597,462
EQT Corp.	321,792	16,585,160
Extraction Oil & Gas, Inc. (a)	51,166	867,775
Exxon Mobil Corp.	3,293,550	267,568,002
GasLog Partners LP	17,900	437,655
Gener8 Maritime, Inc. (a)	80,200	535,736
GeoPark Ltd. (a)	10,000	156,200
Golar LNG Ltd.	26,700	693,666
Gran Tierra Energy, Inc. (U.S.) (a)	144,700	473,169
Hess Corp.	374,200	22,609,164
HollyFrontier Corp.	40,000	3,087,200
Imperial Oil Ltd.	248,400	8,126,738
Magellan Midstream Partners LP	271,224	18,958,558
Marathon Oil Corp.	127,600	2,734,468
Marathon Petroleum Corp.	346,100	27,352,283
Murphy Oil Corp.	21,100	648,825
Newfield Exploration Co. (a)	23,100	675,444
Noble Energy, Inc.	35,200	1,256,640
Noble Midstream Partners LP	20,800	1,072,656
Occidental Petroleum Corp.	1,054,538	88,792,100
Parex Resources, Inc. (a)	45,900	828,721
Parsley Energy, Inc. Class A (a)	497,991	14,680,775
PBF Energy, Inc. Class A	124,900	5,892,782
PDC Energy, Inc. (a)	6,900	417,381
Peabody Energy Corp.	9,500	411,065
Phillips 66 Co.	131,291	15,294,089
Pioneer Natural Resources Co.	208,075	40,179,283
Plains GP Holdings LP Class A	14,800	363,636
PrairieSky Royalty Ltd.	12,800	263,878
Reliance Industries Ltd.	37,633	514,210
Ring Energy, Inc. (a)	33,000	455,730
RSP Permian, Inc. (a)	70,500	3,083,670
Seven Generations Energy Ltd. (a)	12,300	159,181
Statoil ASA sponsored ADR (b)	371,900	9,762,375
Suncor Energy, Inc.	1,757,907	70,012,585
Suncor Energy, Inc.	181,383	7,215,416
Teekay LNG Partners LP	10,900	188,570
The Williams Companies, Inc.	476,192	12,790,517
Total SA sponsored ADR	380,700	23,089,455
TransCanada Corp.	378,750	15,855,738
Valero Energy Corp.	294,660	35,712,792
Viper Energy Partners LP	50,100	1,632,258
Whiting Petroleum Corp. (a)	39,300	2,060,106
WildHorse Resource Development Corp. (a)	19,400	521,084
WPX Energy, Inc. (a)	35,300	642,813
		1,316,450,328

TOTAL ENERGY		1,382,370,387

FINANCIALS - 13.5%
Banks - 7.1%
Bank of America Corp.	11,088,194	322,001,154
BB&T Corp.	212,700	11,166,750
BOK Financial Corp.	9,800	989,310
CIT Group, Inc.	94,100	4,698,413
Citigroup, Inc.	4,527,589	301,944,910
Citizens Financial Group, Inc.	354,700	14,489,495
Comerica, Inc.	22,100	2,083,809
Commerce Bancshares, Inc.	13,638	880,742
Cullen/Frost Bankers, Inc.	9,600	1,096,608
East West Bancorp, Inc.	21,700	1,507,716
Fifth Third Bancorp	1,538,700	47,053,446
First Horizon National Corp.	283,100	5,248,674
First Republic Bank	257,502	25,647,199
Huntington Bancshares, Inc.	1,818,800	27,045,556
JPMorgan Chase & Co. (d)	3,720,448	398,125,140
KeyCorp	1,403,200	27,278,208
M&T Bank Corp.	22,500	3,871,800
PNC Financial Services Group, Inc.	381,874	54,764,550
Prosperity Bancshares, Inc.	10,400	753,272
Regions Financial Corp.	900,500	16,425,120
SunTrust Banks, Inc.	1,285,302	86,770,738
SVB Financial Group (a)	67,445	21,051,608
Synovus Financial Corp.	64,500	3,490,095
U.S. Bancorp	2,568,302	128,389,417
Umpqua Holdings Corp.	25,500	600,270
Webster Financial Corp.	13,800	884,580
Wells Fargo & Co.	4,703,824	253,959,458
Western Alliance Bancorp. (a)	12,900	777,354
Zions Bancorporation	32,970	1,807,086
		1,764,802,478
Capital Markets - 2.4%
Affiliated Managers Group, Inc.	6,300	1,003,338
Ameriprise Financial, Inc.	109,300	15,152,259
Bank of New York Mellon Corp.	1,119,362	61,285,070
BlackRock, Inc. Class A	18,600	9,936,678
Brighthouse Financial, Inc.	44,358	2,089,705
Brookfield Asset Management, Inc. Class A	64,900	2,588,292
Cboe Global Markets, Inc.	109,294	10,662,723
Charles Schwab Corp.	1,270,682	70,675,333
CME Group, Inc.	94,604	15,410,992
E*TRADE Financial Corp. (a)	275,930	17,480,166
Franklin Resources, Inc.	156,000	5,236,920
Goldman Sachs Group, Inc.	193,600	43,730,368
IntercontinentalExchange, Inc.	838,641	59,451,260
KKR & Co. LP	1,496,778	33,273,375
Lazard Ltd. Class A	19,500	1,003,080
Legg Mason, Inc.	76,000	2,832,520
Morgan Stanley (d)	2,002,162	100,388,403
Northern Trust Corp.	84,800	8,693,696
Oaktree Capital Group LLC Class A	28,400	1,162,980
Raymond James Financial, Inc.	79,300	7,657,208
S&P Global, Inc.	81,345	16,065,638
State Street Corp.	679,617	65,317,990
T. Rowe Price Group, Inc.	34,000	4,128,280
TD Ameritrade Holding Corp.	537,200	31,802,240
The NASDAQ OMX Group, Inc.	128,800	11,831,568
TPG Pace Energy Holdings Corp. (a)	38,000	399,000
Virtu Financial, Inc. Class A	38,300	1,189,215
		600,448,297
Consumer Finance - 0.8%
Ally Financial, Inc.	574,700	14,741,055
American Express Co.	130,300	12,808,490
Capital One Financial Corp.	1,027,689	96,602,766
Credit Acceptance Corp. (a)(b)	2,200	776,622
Discover Financial Services	370,702	27,380,050
Navient Corp.	115,400	1,593,674
Nelnet, Inc. Class A	60,500	3,717,120
OneMain Holdings, Inc. (a)	225,600	7,338,768
Santander Consumer U.S.A. Holdings, Inc.	54,000	967,140
SLM Corp. (a)	387,292	4,426,748
Synchrony Financial	698,355	24,184,034
		194,536,467
Diversified Financial Services - 1.0%
AXA Equitable Holdings, Inc.	1,086,737	23,212,702
Berkshire Hathaway, Inc. Class B (a)	1,008,588	193,174,860
Jefferies Financial Group, Inc.	53,500	1,170,580
Voya Financial, Inc.	458,459	23,812,360
		241,370,502
Insurance - 2.2%
AFLAC, Inc.	323,400	14,572,404
Alleghany Corp.	2,300	1,312,288
Allstate Corp.	178,500	16,686,180
American Financial Group, Inc.	60,000	6,592,800
American International Group, Inc.	1,724,247	91,022,999
Aon PLC	5,800	811,246
Assurant, Inc.	43,600	4,070,060
Athene Holding Ltd. (a)	21,400	955,938
Axis Capital Holdings Ltd.	39,300	2,234,205
Chubb Ltd.	317,129	41,445,589
Cincinnati Financial Corp.	24,600	1,706,502
CNA Financial Corp.	79,000	3,711,420
Everest Re Group Ltd.	41,800	9,417,122
FNF Group	130,656	4,829,046
Genworth Financial, Inc. Class A (a)	116,700	401,448
Hartford Financial Services Group, Inc.	753,146	39,412,130
Lincoln National Corp.	197,700	13,105,533
Loews Corp.	193,407	9,451,800
Markel Corp. (a)	2,070	2,270,956
Marsh & McLennan Companies, Inc.	516,552	41,515,284
MetLife, Inc.	1,380,152	63,473,190
Principal Financial Group, Inc.	403,126	22,494,431
Progressive Corp.	924,974	57,431,636
Prudential Financial, Inc.	154,600	14,971,464
Reinsurance Group of America, Inc.	33,200	4,961,408
RenaissanceRe Holdings Ltd.	4,600	564,742
The Travelers Companies, Inc.	293,200	37,682,064
Torchmark Corp.	42,000	3,562,860
Unum Group	166,300	6,454,103
W.R. Berkley Corp.	18,200	1,391,754
Willis Group Holdings PLC	187,701	28,371,006
XL Group Ltd.	89,490	4,973,854
		551,857,462
Mortgage Real Estate Investment Trusts - 0.0%
Annaly Capital Management, Inc.	524,400	5,469,492
Thrifts & Mortgage Finance - 0.0%
New York Community Bancorp, Inc.	73,300	849,547
Radian Group, Inc.	198,900	3,162,510
		4,012,057

TOTAL FINANCIALS		3,362,496,755

HEALTH CARE - 10.8%
Biotechnology - 2.1%
AbbVie, Inc.	533,522	52,786,667
Abeona Therapeutics, Inc. (a)(b)	80,000	1,416,000
AC Immune SA (a)	60,000	628,800
Acorda Therapeutics, Inc. (a)	55,000	1,443,750
Alexion Pharmaceuticals, Inc. (a)	435,020	50,518,873
Alnylam Pharmaceuticals, Inc. (a)	25,944	2,580,650
Amgen, Inc.	427,904	76,860,116
AnaptysBio, Inc. (a)	23,200	1,804,960
Argenx SE ADR	33,000	3,151,500
Ascendis Pharma A/S sponsored ADR (a)	32,000	2,304,640
Atara Biotherapeutics, Inc. (a)	50,000	2,490,000
Audentes Therapeutics, Inc. (a)	24,000	909,600
BeiGene Ltd. ADR (a)	26,000	5,203,120
Biogen, Inc. (a)	231,916	68,174,027
BioMarin Pharmaceutical, Inc. (a)	158,036	14,276,972
bluebird bio, Inc. (a)	12,000	2,148,600
Blueprint Medicines Corp. (a)	40,700	3,422,056
Celgene Corp. (a)	524,691	41,282,688
Cellectis SA sponsored ADR (a)	52,000	1,556,880
CytomX Therapeutics, Inc. (a)	40,100	1,029,367
Exact Sciences Corp. (a)	136,500	8,127,210
Gilead Sciences, Inc.	744,296	50,165,550
Global Blood Therapeutics, Inc. (a)	20,000	963,000
GlycoMimetics, Inc. (a)	50,000	893,500
Heron Therapeutics, Inc. (a)	50,000	1,630,000
Incyte Corp. (a)	38,049	2,597,605
Insmed, Inc. (a)	140,000	3,900,400
Intercept Pharmaceuticals, Inc. (a)	93,900	6,592,719
Loxo Oncology, Inc. (a)	12,800	2,269,824
Momenta Pharmaceuticals, Inc. (a)	110,000	2,596,000
Neurocrine Biosciences, Inc. (a)	50,000	4,813,000
Regeneron Pharmaceuticals, Inc. (a)	12,600	3,784,032
Sage Therapeutics, Inc. (a)	9,500	1,450,555
Sarepta Therapeutics, Inc. (a)	60,000	5,631,000
Shire PLC sponsored ADR	155,496	25,538,663
TESARO, Inc. (a)	28,000	1,281,560
uniQure B.V. (a)	60,000	2,102,400
United Therapeutics Corp. (a)	33,600	3,581,088
Vertex Pharmaceuticals, Inc. (a)	401,303	61,800,662
Xencor, Inc. (a)	60,000	2,400,600
Zai Lab Ltd. ADR	50,000	1,171,000
		527,279,634
Health Care Equipment & Supplies - 2.4%
Abbott Laboratories	1,245,754	76,651,244
Align Technology, Inc. (a)	9,000	2,987,550
Atricure, Inc. (a)	84,500	2,003,495
Baxter International, Inc.	146,000	10,342,640
Becton, Dickinson & Co.	477,038	105,706,850
Boston Scientific Corp. (a)	3,788,068	115,119,387
Danaher Corp.	324,982	32,264,213
DexCom, Inc. (a)	35,000	3,079,650
Edwards Lifesciences Corp. (a)	43,110	5,919,434
Fisher & Paykel Healthcare Corp.	80,000	743,468
Genmark Diagnostics, Inc. (a)	300,000	2,199,000
Hologic, Inc. (a)	107,900	4,088,331
Inspire Medical Systems, Inc.	43,000	1,290,000
Insulet Corp. (a)	52,300	4,905,217
Integra LifeSciences Holdings Corp. (a)	70,000	4,517,800
Intuitive Surgical, Inc. (a)	156,900	72,122,223
Medtronic PLC	877,399	75,737,082
Penumbra, Inc. (a)	26,000	4,183,400
Stryker Corp.	334,845	58,269,727
The Cooper Companies, Inc.	6,760	1,529,856
Wright Medical Group NV (a)	155,000	3,868,800
Zimmer Biomet Holdings, Inc.	173,076	19,299,705
		606,829,072
Health Care Providers & Services - 2.9%
Aetna, Inc.	91,630	16,138,792
AmerisourceBergen Corp.	205,557	16,884,452
Anthem, Inc.	256,400	56,772,088
Cardinal Health, Inc.	177,000	9,219,930
Centene Corp. (a)	95,453	11,183,273
Cigna Corp.	305,563	51,753,205
CVS Health Corp.	677,747	42,962,382
DaVita HealthCare Partners, Inc. (a)	176,490	11,796,592
EBOS Group Ltd.	150,000	1,896,808
Envision Healthcare Corp. (a)	398,288	17,078,589
Express Scripts Holding Co. (a)	381,400	28,913,934
G1 Therapeutics, Inc.	40,000	1,732,400
HCA Holdings, Inc.	341,700	35,242,938
Henry Schein, Inc. (a)	54,000	3,736,800
Humana, Inc.	252,354	73,429,967
Laboratory Corp. of America Holdings (a)	65,730	11,870,181
LifePoint Hospitals, Inc. (a)	42,500	2,246,125
McKesson Corp.	242,174	34,374,178
Molina Healthcare, Inc. (a)	30,000	2,547,900
Quest Diagnostics, Inc.	64,940	6,918,058
United Drug PLC (United Kingdom)	140,000	1,673,120
UnitedHealth Group, Inc.	1,203,480	290,652,455
Universal Health Services, Inc. Class B	32,300	3,713,854
		732,738,021
Health Care Technology - 0.1%
Castlight Health, Inc. Class B (a)	440,000	1,584,000
Cerner Corp. (a)	114,407	6,827,810
Teladoc, Inc. (a)	90,000	4,581,000
		12,992,810
Life Sciences Tools & Services - 0.3%
Agilent Technologies, Inc.	572,043	35,420,903
Lonza Group AG	6,900	1,847,521
Thermo Fisher Scientific, Inc.	150,514	31,347,551
		68,615,975
Pharmaceuticals - 3.0%
Allergan PLC	266,071	40,123,507
Amneal Pharmaceuticals, Inc. (a)	30,000	592,200
Amneal Pharmaceuticals, Inc. (e)	75,676	1,493,844
AstraZeneca PLC:
(United Kingdom)	160,000	11,672,950
sponsored ADR	206,900	7,661,507
Bayer AG	71,500	8,533,794
Bristol-Myers Squibb Co.	424,002	22,310,985
Dechra Pharmaceuticals PLC	130,000	4,825,009
Eli Lilly& Co.	496,195	42,196,423
GlaxoSmithKline PLC sponsored ADR	818,800	33,177,776
Indivior PLC (a)	414,336	2,648,785
Jazz Pharmaceuticals PLC (a)	7,000	1,183,000
Johnson & Johnson	1,856,543	222,079,674
Mallinckrodt PLC (a)	101,900	1,717,015
Merck & Co., Inc.	2,279,951	135,725,483
Mylan NV (a)	174,800	6,722,808
MyoKardia, Inc. (a)	28,000	1,332,800
Nektar Therapeutics (a)	90,000	7,224,300
Novartis AG sponsored ADR	40,471	3,015,899
Perrigo Co. PLC	53,100	3,884,796
Pfizer, Inc.	3,348,517	120,312,216
Roche Holding AG (participation certificate)	22,000	4,717,060
Sanofi SA	69,142	5,300,002
Teva Pharmaceutical Industries Ltd. sponsored ADR	366,403	7,877,665
The Medicines Company (a)	48,000	1,625,280
Theravance Biopharma, Inc. (a)	72,000	1,752,480
Zoetis, Inc. Class A	700,924	58,667,339
		758,374,597

TOTAL HEALTH CARE		2,706,830,109

INDUSTRIALS - 8.1%
Aerospace & Defense - 2.6%
General Dynamics Corp.	143,402	28,925,617
Harris Corp.	135,100	20,328,497
Huntington Ingalls Industries, Inc.	1,000	221,070
L3 Technologies, Inc.	37,200	7,377,876
Lockheed Martin Corp.	174,615	54,923,402
Moog, Inc. Class A	35,400	2,886,162
Northrop Grumman Corp.	585,337	191,551,533
Orbital ATK, Inc.	880	117,674
Spirit AeroSystems Holdings, Inc. Class A	109,800	9,301,158
Textron, Inc.	323,600	21,545,288
The Boeing Co.	434,727	153,093,460
Triumph Group, Inc.	61,300	1,299,560
United Technologies Corp.	1,218,197	152,055,350
		643,626,647
Air Freight & Logistics - 0.4%
FedEx Corp.	236,700	58,966,704
United Parcel Service, Inc. Class B	367,608	42,686,641
		101,653,345
Airlines - 0.6%
Alaska Air Group, Inc.	342,042	20,799,574
American Airlines Group, Inc.	466,410	20,307,491
Delta Air Lines, Inc.	1,283,613	69,379,283
JetBlue Airways Corp. (a)	192,900	3,643,881
Southwest Airlines Co.	251,102	12,826,290
United Continental Holdings, Inc. (a)	346,300	24,099,017
		151,055,536
Building Products - 0.3%
A.O. Smith Corp.	160,300	10,110,121
Allegion PLC	169,487	12,953,891
Fortune Brands Home & Security, Inc.	453,300	25,461,861
Johnson Controls International PLC	517,602	17,370,723
Masco Corp.	327,274	12,197,502
Owens Corning	20,890	1,320,666
		79,414,764
Commercial Services & Supplies - 0.2%
Deluxe Corp.	49,200	3,273,768
Herman Miller, Inc.	113,700	3,723,675
LSC Communications, Inc.	14,212	179,924
R.R. Donnelley & Sons Co.	131,300	819,312
Republic Services, Inc.	112,150	7,562,275
Stericycle, Inc. (a)	325,500	20,669,250
Waste Connection, Inc.:
(Canada)	167,250	12,860,423
(United States)	167,800	12,900,464
		61,989,091
Construction & Engineering - 0.0%
Tutor Perini Corp. (a)	8,200	162,360
Electrical Equipment - 0.5%
Eaton Corp. PLC	401,508	30,747,483
Emerson Electric Co.	301,000	21,322,840
Fortive Corp.	665,137	48,348,809
Hubbell, Inc. Class B	87,700	9,444,413
Sensata Technologies, Inc. PLC (a)	127,500	6,513,975
		116,377,520
Industrial Conglomerates - 1.5%
Carlisle Companies, Inc.	9,300	998,727
General Electric Co.	3,750,208	52,802,929
Honeywell International, Inc.	1,895,782	280,405,116
Roper Technologies, Inc.	116,268	32,065,552
		366,272,324
Machinery - 0.8%
AGCO Corp.	57,700	3,669,720
Allison Transmission Holdings, Inc.	108,900	4,498,659
Apergy Corp. (a)	8,100	349,839
Cactus, Inc. (a)	18,000	606,960
Caterpillar, Inc.	138,332	21,014,014
Cummins, Inc.	24,900	3,545,511
Dover Corp.	3,600	277,956
Flowserve Corp.	321,800	13,303,212
Gardner Denver Holdings, Inc.	12,200	401,014
Illinois Tool Works, Inc.	72,280	10,386,636
Ingersoll-Rand PLC	352,680	30,873,607
Meritor, Inc. (a)	138,500	2,873,875
Minebea Mitsumi, Inc.	139,400	2,630,700
Oshkosh Corp.	14,055	1,022,501
PACCAR, Inc.	340,720	21,203,006
Parker Hannifin Corp.	15,400	2,631,860
Pentair PLC	200,300	8,741,092
ProPetro Holding Corp. (a)	19,200	312,384
Snap-On, Inc.	66,000	9,756,120
Stanley Black & Decker, Inc.	319,470	44,483,003
Timken Co.	62,900	2,975,170
Trinity Industries, Inc.	149,500	5,156,255
Wabtec Corp. (b)	67,928	6,623,659
		197,336,753
Professional Services - 0.1%
Equifax, Inc.	84,361	9,613,780
Manpower, Inc.	45,600	4,104,000
Nielsen Holdings PLC	355,080	10,712,764
TransUnion Holding Co., Inc.	89,224	6,120,766
		30,551,310
Road & Rail - 0.9%
AMERCO	2,900	936,526
CSX Corp.	654,465	42,311,162
Kansas City Southern	111,800	11,979,370
Norfolk Southern Corp.	658,468	99,856,672
Ryder System, Inc.	46,800	3,139,344
Union Pacific Corp.	570,850	81,494,546
		239,717,620
Trading Companies & Distributors - 0.2%
Aircastle Ltd.	132,300	2,825,928
Fastenal Co. (b)	575,041	30,609,432
HD Supply Holdings, Inc. (a)	167,900	6,838,567
United Rentals, Inc. (a)	13,425	2,142,227
		42,416,154

TOTAL INDUSTRIALS		2,030,573,424

INFORMATION TECHNOLOGY - 19.3%
Communications Equipment - 1.1%
Arris International PLC (a)	25,200	637,056
Cisco Systems, Inc. (d)	5,484,220	234,231,036
Juniper Networks, Inc.	422,000	11,242,080
Motorola Solutions, Inc.	238,831	25,636,120
		271,746,292
Electronic Equipment & Components - 0.3%
Amphenol Corp. Class A	141,300	12,283,209
Arrow Electronics, Inc. (a)	63,800	4,728,856
CDW Corp.	22,400	1,793,120
Chroma ATE, Inc.	1,178,600	5,875,021
Corning, Inc.	364,800	9,911,616
Dell Technologies, Inc. (a)	107,609	8,679,742
E Ink Holdings, Inc.	337,000	384,851
Flextronics International Ltd. (a)	168,600	2,341,854
Jabil, Inc.	100,800	2,850,624
Keysight Technologies, Inc. (a)	146,200	8,587,788
Tech Data Corp. (a)	47,100	4,088,751
Trimble, Inc. (a)	169,300	5,597,058
Vishay Intertechnology, Inc.	143,700	3,046,440
		70,168,930
Internet Software & Services - 3.8%
Akamai Technologies, Inc. (a)	40,900	3,083,042
Alibaba Group Holding Ltd. sponsored ADR (a)	50,700	10,039,107
Alphabet, Inc.:
Class A (a)	122,306	134,536,600
Class C (a)	356,185	386,457,163
Benefitfocus, Inc. (a)(b)	89,000	2,985,950
eBay, Inc. (a)	1,115,551	42,078,584
Envestnet, Inc. (a)	100	5,290
Facebook, Inc. Class A (a)	1,547,678	296,813,687
GoDaddy, Inc. (a)	63,800	4,567,442
LogMeIn, Inc.	66,300	7,153,770
NetEase, Inc. ADR	15,900	3,630,288
New Relic, Inc. (a)	31,100	3,159,449
SMS Co., Ltd.	136,600	5,129,485
Spotify Technology SA (a)	49,452	7,799,075
Tencent Holdings Ltd.	56,900	2,904,866
Twitter, Inc. (a)	6,980	242,206
Velti PLC (a)(e)(f)	147,198	88
Xunlei Ltd. sponsored ADR (a)(b)	190,300	2,354,011
Yahoo!, Inc.	381,688	29,451,046
		942,391,149
IT Services - 2.7%
Accenture PLC Class A	452,322	70,444,628
Alliance Data Systems Corp.	92,678	19,538,376
Amdocs Ltd.	212,857	14,359,333
Cognizant Technology Solutions Corp. Class A	966,014	72,789,155
DXC Technology Co.	123,042	11,333,399
Fidelity National Information Services, Inc.	259,000	26,474,980
First Data Corp. Class A (a)	143,670	2,729,730
Fiserv, Inc. (a)	5,790	420,354
FleetCor Technologies, Inc. (a)	39,500	7,874,325
Gartner, Inc. (a)	92,800	12,318,272
Global Payments, Inc.	1,755	195,086
IBM Corp.	206,400	29,166,384
MasterCard, Inc. Class A	373,575	71,024,079
PayPal Holdings, Inc. (a)	725,152	59,513,225
Square, Inc. (a)	30,200	1,759,150
The Western Union Co.	215,000	4,276,350
Visa, Inc. Class A	1,915,561	250,402,134
Worldpay, Inc. (a)	205,787	16,353,893
		670,972,853
Semiconductors & Semiconductor Equipment - 3.5%
Advanced Micro Devices, Inc. (a)	338,900	4,653,097
ams AG	95,600	8,256,364
Analog Devices, Inc.	288,041	27,991,824
Applied Materials, Inc.	552,521	28,057,016
ASM Pacific Technology Ltd.	601,500	7,846,764
Broadcom, Inc.	514,032	129,572,046
Cirrus Logic, Inc. (a)	51,700	1,937,716
Cree, Inc. (a)	66,900	3,118,878
GlobalWafers Co. Ltd.	95,100	1,880,343
Himax Technologies, Inc. sponsored ADR (b)	667,400	4,972,130
Intel Corp.	2,785,336	153,750,547
International Quantum Epitaxy PLC (a)(b)	959,705	1,398,259
KLA-Tencor Corp.	253,899	28,748,984
Lam Research Corp.	306,203	60,683,311
MACOM Technology Solutions Holdings, Inc. (a)(b)	187,700	4,232,635
Marvell Technology Group Ltd.	1,238,400	26,675,136
Maxim Integrated Products, Inc.	106,700	6,257,955
Mellanox Technologies Ltd. (a)	30,300	2,587,620
Microchip Technology, Inc.	366,810	35,719,958
Micron Technology, Inc. (a)	37,595	2,165,096
Monolithic Power Systems, Inc.	26,300	3,466,603
Nanya Technology Corp.	2,824,000	9,378,337
NVIDIA Corp.	274,445	69,212,285
NXP Semiconductors NV (a)	98,200	11,194,800
ON Semiconductor Corp. (a)	248,400	6,242,292
Qorvo, Inc. (a)	37,400	3,001,350
Qualcomm, Inc.	1,665,564	96,802,580
Rubicon Technology, Inc. (a)(b)	13,440	102,010
Semtech Corp. (a)	50,800	2,458,720
Silicon Laboratories, Inc. (a)	9,200	971,520
Skyworks Solutions, Inc.	4,300	424,023
SolarEdge Technologies, Inc. (a)	7,900	441,215
Teradyne, Inc.	29,400	1,114,554
Texas Instruments, Inc.	1,234,713	138,176,732
		883,492,700
Software - 5.2%
Activision Blizzard, Inc.	726,850	51,540,934
Adobe Systems, Inc. (a)	148,765	37,084,139
Autodesk, Inc. (a)	163,500	21,107,850
Black Knight, Inc. (a)	154,666	7,826,100
CA Technologies, Inc.	62,600	2,237,324
CDK Global, Inc.	132,300	8,513,505
Citrix Systems, Inc. (a)	142,700	15,071,974
Electronic Arts, Inc. (a)	501,940	65,708,965
Intuit, Inc.	249,365	50,271,984
Microsoft Corp.	7,273,112	718,874,390
Nintendo Co. Ltd.	16,900	6,917,779
Nintendo Co. Ltd. ADR	86,000	4,389,440
Oracle Corp.	1,783,331	83,317,224
Parametric Technology Corp. (a)	207,700	17,912,048
Paylocity Holding Corp. (a)	24,000	1,434,000
Pivotal Software, Inc.	396,565	7,134,204
Red Hat, Inc. (a)	170,055	27,620,333
Salesforce.com, Inc. (a)	686,774	88,820,481
SAP SE sponsored ADR	86,000	9,699,940
ServiceNow, Inc. (a)	47,940	8,514,623
Snap, Inc. Class A (a)	92,800	1,056,992
Symantec Corp.	1,007,203	20,929,678
Synopsys, Inc. (a)	5,000	440,350
Tableau Software, Inc. (a)	18,900	1,868,643
Take-Two Interactive Software, Inc. (a)	231,600	25,957,728
Workday, Inc. Class A (a)	83,674	10,957,947
Zendesk, Inc. (a)	73,100	4,085,559
		1,299,294,134
Technology Hardware, Storage & Peripherals - 2.7%
Apple, Inc.	3,265,158	610,160,075
Hewlett Packard Enterprise Co.	2,690,817	41,008,051
HP, Inc.	586,300	12,916,189
NCR Corp. (a)	104,900	3,157,490
NetApp, Inc.	6,380	435,882
Seagate Technology LLC	132,000	7,438,200
Western Digital Corp.	161,042	13,448,617
Xerox Corp.	140,050	3,806,559
		692,371,063

TOTAL INFORMATION TECHNOLOGY		4,830,437,121

MATERIALS - 2.3%
Chemicals - 1.5%
Air Products & Chemicals, Inc.	351,281	56,700,266
Ashland Global Holdings, Inc.	7,800	606,216
Cabot Corp.	50,500	3,042,625
Celanese Corp. Class A	80,900	9,135,228
CF Industries Holdings, Inc.	274,700	11,301,158
DowDuPont, Inc.	2,372,822	152,121,618
Eastman Chemical Co.	231,429	24,140,359
Huntsman Corp.	215,600	6,892,732
Innospec, Inc.	61,900	4,747,730
LyondellBasell Industries NV Class A	500,100	56,071,212
PPG Industries, Inc.	195,823	19,762,457
RPM International, Inc.	85,400	4,227,300
Sherwin-Williams Co.	25,700	9,746,725
The Chemours Co. LLC	27,800	1,361,922
Trinseo SA	47,700	3,448,710
Valvoline, Inc.	131,779	2,693,563
Westlake Chemical Corp.	19,502	2,256,966
		368,256,787
Construction Materials - 0.2%
Eagle Materials, Inc.	80,800	8,757,104
Martin Marietta Materials, Inc.	143,200	31,914,984
nVent Electric PLC (a)	172,500	4,671,300
Vulcan Materials Co.	129,278	16,513,972
		61,857,360
Containers & Packaging - 0.5%
Ball Corp.	398,082	14,709,130
Berry Global Group, Inc. (a)	1,118,552	54,014,876
Crown Holdings, Inc. (a)	238,164	10,322,028
International Paper Co.	211,000	11,288,500
Owens-Illinois, Inc. (a)	162,800	3,028,080
Packaging Corp. of America	81,000	9,517,500
Sealed Air Corp.	115,600	5,035,536
Sonoco Products Co.	14,000	715,820
WestRock Co.	204,145	12,020,058
		120,651,528
Metals & Mining - 0.1%
BHP Billiton Ltd. sponsored ADR (b)	178,100	8,865,818
First Quantum Minerals Ltd.	308,700	4,845,014
Newmont Mining Corp.	50,200	1,954,286
Nucor Corp.	47,700	3,061,863
Reliance Steel & Aluminum Co.	10,900	1,019,913
Southern Copper Corp.	81,800	3,999,202
Steel Dynamics, Inc.	45,105	2,229,540
		25,975,636
Paper & Forest Products - 0.0%
Domtar Corp.	62,600	3,009,182
Schweitzer-Mauduit International, Inc.	75,400	3,303,274
		6,312,456

TOTAL MATERIALS		583,053,767

REAL ESTATE - 1.6%
Equity Real Estate Investment Trusts (REITs) - 1.6%
American Homes 4 Rent Class A	68,100	1,356,552
American Tower Corp.	138,400	19,150,408
AvalonBay Communities, Inc.	133,811	22,151,073
Boston Properties, Inc.	51,600	6,283,332
Cedar Realty Trust, Inc.	72,100	316,519
Colony NorthStar, Inc.	98,342	579,234
Corporate Office Properties Trust (SBI)	102,900	2,870,910
Corrections Corp. of America	20,900	449,768
Crown Castle International Corp.	1,500,452	156,272,076
DDR Corp.	200,000	3,038,000
Equinix, Inc.	71,600	28,414,460
Equity Lifestyle Properties, Inc.	14,200	1,290,780
Equity Residential (SBI)	213,600	13,668,264
Front Yard Residential Corp. Class B	255,300	2,685,756
Gaming & Leisure Properties	15,800	554,580
General Growth Properties, Inc.	386,500	7,838,220
Healthcare Trust of America, Inc.	75,600	1,939,896
Hospitality Properties Trust (SBI)	168,700	4,883,865
Host Hotels & Resorts, Inc.	133,600	2,889,768
JBG SMITH Properties	65,850	2,429,207
Mack-Cali Realty Corp.	141,800	2,803,386
Medical Properties Trust, Inc.	240,400	3,262,228
Mid-America Apartment Communities, Inc.	75,350	7,049,746
Omega Healthcare Investors, Inc.	108,400	3,322,460
Outfront Media, Inc.	50,400	999,936
Pennsylvania Real Estate Investment Trust (SBI) (b)	65,000	715,650
Piedmont Office Realty Trust, Inc. Class A	128,500	2,469,770
Prologis, Inc.	394,400	25,379,640
Public Storage	44,200	9,363,328
Regency Centers Corp.	97,700	5,674,416
Simon Property Group, Inc.	17,200	2,755,784
SL Green Realty Corp.	88,737	8,653,632
Spirit Realty Capital, Inc.	311,700	2,730,492
Store Capital Corp.	97,400	2,610,320
Sun Communities, Inc.	23,400	2,262,312
The Macerich Co.	19,600	1,090,348
Ventas, Inc.	179,800	9,827,868
VEREIT, Inc.	585,100	4,189,316
Vornado Realty Trust	330,664	23,050,587
Weyerhaeuser Co.	171,521	6,402,879
		403,676,766
Real Estate Management & Development - 0.0%
CBRE Group, Inc. (a)	47,500	2,194,025
Jones Lang LaSalle, Inc.	6,800	1,113,568
		3,307,593

TOTAL REAL ESTATE		406,984,359

TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 1.0%
AT&T, Inc.	935,700	30,241,824
Verizon Communications, Inc.	4,514,880	215,224,330
Zayo Group Holdings, Inc. (a)	42,800	1,489,440
		246,955,594
Wireless Telecommunication Services - 0.1%
T-Mobile U.S., Inc. (a)	241,619	13,458,178

TOTAL TELECOMMUNICATION SERVICES		260,413,772

UTILITIES - 2.1%
Electric Utilities - 1.4%
American Electric Power Co., Inc.	268,839	18,267,610
Duke Energy Corp.	82,700	6,381,132
Edison International	48,200	2,996,112
Entergy Corp.	140,800	11,392,128
Eversource Energy	241,400	13,779,112
Exelon Corp.	874,400	36,191,416
FirstEnergy Corp.	465,800	16,032,836
Great Plains Energy, Inc.	134,200	4,554,748
NextEra Energy, Inc.	1,146,443	190,091,714
OGE Energy Corp.	4,700	164,594
PG&E Corp.	129,600	5,615,568
Pinnacle West Capital Corp.	15,700	1,249,877
Southern Co.	458,400	20,582,160
Vistra Energy Corp. (a)	36,642	898,828
Westar Energy, Inc.	90,600	5,137,020
Xcel Energy, Inc.	549,642	25,019,704
		358,354,559
Gas Utilities - 0.0%
Atmos Energy Corp.	111,800	9,973,678
Indraprastha Gas Ltd. (a)	4,402	17,300
South Jersey Industries, Inc.	46,000	1,523,520
UGI Corp.	4,100	206,927
		11,721,425
Independent Power and Renewable Electricity Producers - 0.1%
NextEra Energy Partners LP	49,100	2,207,536
NRG Energy, Inc.	661,708	22,650,265
The AES Corp.	363,900	4,639,725
		29,497,526
Multi-Utilities - 0.5%
Ameren Corp.	36,400	2,154,516
Avangrid, Inc.	40,600	2,155,454
Dominion Resources, Inc.	79,900	5,128,781
DTE Energy Co.	121,831	12,479,149
National Grid PLC	1,337,857	14,820,076
NiSource, Inc.	717,730	18,158,569
Public Service Enterprise Group, Inc.	331,400	17,557,572
SCANA Corp.	16,300	591,690
Sempra Energy	334,552	35,639,825
WEC Energy Group, Inc.	47,400	2,993,310
		111,678,942
Water Utilities - 0.1%
American Water Works Co., Inc.	171,714	14,276,302

TOTAL UTILITIES		525,528,754

TOTAL COMMON STOCKS
(Cost $13,744,220,297)		19,584,171,468

Convertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Internet & Direct Marketing Retail - 0.0%
The Honest Co., Inc. Series D (a)(e)(f)	32,084	1,082,299
HEALTH CARE - 0.0%
Health Care Equipment & Supplies - 0.0%
Becton, Dickinson & Co. Series A, 6.125%	37,600	2,179,552
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $3,348,003)		3,261,851

Equity Funds - 20.5%
Large Blend Funds - 11.2%
Fidelity SAI U.S. Large Cap Index Fund (g)	50,012,951	728,688,694
JPMorgan U.S. Large Cap Core Plus Fund Select Class (h)	56,140,280	1,710,594,325
PIMCO StocksPLUS Absolute Return Fund Institutional Class	33,230,398	363,540,554

TOTAL LARGE BLEND FUNDS		2,802,823,573

Large Growth Funds - 8.9%
Fidelity Growth Company Fund (g)	295,552	58,661,260
Fidelity SAI U.S. Momentum Index Fund (g)	19,658,778	256,743,644
Fidelity SAI U.S. Quality Index Fund (g)	139,092,227	1,901,390,732

TOTAL LARGE GROWTH FUNDS		2,216,795,636

Sector Funds - 0.4%
iShares NASDAQ Biotechnology Index ETF (b)	314,156	34,070,218
SPDR S&P Biotech ETF (b)	760,260	71,973,814

TOTAL SECTOR FUNDS		106,044,032

TOTAL EQUITY FUNDS
(Cost $3,864,316,907)		5,125,663,241
	Principal Amount

U.S. Treasury Obligations - 0.0%
U.S. Treasury Bills, yield at date of purchase 1.72% to 1.79% 7/12/18 (i)
(Cost $1,508,029)	$1,511,000	1,507,984
	Shares	Value

Money Market Funds - 1.5%
Fidelity Cash Central Fund, 1.76% (j)	44,294,853	44,303,712
Fidelity Securities Lending Cash Central Fund 1.76% (j)(k)	139,130,287	139,144,200
Invesco Government & Agency Portfolio Institutional Class 1.30% (l)	186,932,993	186,932,993
TOTAL MONEY MARKET FUNDS
(Cost $370,379,677)		370,380,905
TOTAL INVESTMENT IN SECURITIES - 100.4%
(Cost $17,983,772,913)		25,084,985,449
NET OTHER ASSETS (LIABILITIES) - (0.4)%		(100,388,724)
NET ASSETS - 100%		$24,984,596,725

Written Options
	Counterparty	Number of Contracts	Notional Amount	Exercise Price	Expiration Date	Value
Call Options
Cisco Systems, Inc.	Chicago Board Options Exchange	994	$4,245,374	$48.00	6/15/18	$(497)
JPMorgan Chase & Co.	Chicago Board Options Exchange	1,178	12,605,778	120.00	6/15/18	(2,356)
Morgan Stanley	Chicago Board Options Exchange	679	3,404,506	60.00	6/15/18	(340)
TOTAL WRITTEN OPTIONS						$(3,193)

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	167	June 2018	$22,590,925	$405,647	$405,647

The notional amount of futures purchased as a percentage of Net Assets is 0.1%

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

(a) Non-income producing

(b) Security or a portion of the security is on loan at period end.

(c) 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 $1,101,837 or 0.0% of net assets.

(d) 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 $20,255,658.

(e) 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 $2,576,231 or 0.0% of net assets.

(f) Level 3 security

(g) Affiliated Fund

(h) The JPMorgan U.S. Large Cap Core Plus Fund seeks to provide a high total return from a portfolio of selected equity securities which includes both long and short positions.

(i) 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 $1,001,996.

(j) 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.

(k) Investment made with cash collateral received from securities on loan.

(l) 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
Amneal Pharmaceuticals, Inc.	5/4/18	$1,381,087
The Honest Co., Inc. Series D	8/12/15	$1,468,003
Velti PLC	4/19/13	$220,797

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	$522,310
Fidelity Securities Lending Cash Central Fund	1,300,956
Total	$1,823,266

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Growth Company Fund	$45,577,002	$2,386,533	$--	$2,386,533	$--	$10,697,725	$58,661,260
Fidelity SAI U.S. Large Cap Index Fund	100,857,121	2,051,092,652	1,450,240,956	4,147,705	4,864,171	22,115,706	728,688,694
Fidelity SAI U.S. Momentum Index Fund	--	213,023,017	--	2,070,837	--	43,720,627	256,743,644
Fidelity SAI U.S. Quality Index Fund	1,630,628,264	285,119,610	200,000,000	59,119,633	20,454,508	165,188,350	1,901,390,732
Total	$1,777,062,387	$2,551,621,812	$1,650,240,956	$67,724,708	$25,318,679	$241,722,408	$2,945,484,330

Investment Valuation

The following is a summary of the inputs used, as of May 31, 2018, 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:
Equities:
Consumer Discretionary	$2,510,008,537	$2,508,926,238	$--	$1,082,299
Consumer Staples	986,556,782	976,942,957	9,613,825	--
Energy	1,382,370,387	1,382,370,387	--	--
Financials	3,362,496,755	3,362,496,755	--	--
Health Care	2,709,009,661	2,674,758,782	34,250,879	--
Industrials	2,030,573,424	2,027,942,724	2,630,700	--
Information Technology	4,830,437,121	4,812,767,624	17,669,409	88
Materials	583,053,767	583,053,767	--	--
Real Estate	406,984,359	406,984,359	--	--
Telecommunication Services	260,413,772	260,413,772	--	--
Utilities	525,528,754	525,528,754	--	--
Equity Funds	5,125,663,241	5,125,663,241	--	--
Other Short-Term Investments	1,507,984	--	1,507,984	--
Money Market Funds	370,380,905	370,380,905	--	--
Total Investments in Securities:	$25,084,985,449	$25,018,230,265	$65,672,797	$1,082,387
Derivative Instruments:
Assets
Futures Contracts	$405,647	$405,647	$--	$--
Total Assets	$405,647	$405,647	$--	$--
Liabilities
Written Options	$(3,193)	$(3,193)	$--	$--
Total Liabilities	$(3,193)	$(3,193)	$--	$--
Total Derivative Instruments:	$402,454	$402,454	$--	$--

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, 2018. 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
Equity Risk
Futures Contracts^(a)	$405,647	$0
Written Options^(b)	0	(3,193)
Total Equity Risk	405,647	(3,193)
Total Value of Derivatives	$405,647	$(3,193)

(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 on futures contracts, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).

(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, 2018
Assets
Investment in securities, at value (including securities loaned of $136,279,405) — See accompanying schedule: Unaffiliated issuers (cost $15,378,680,480)	$21,956,053,207
Fidelity Central Funds (cost $183,446,684)	183,447,912
Other affiliated issuers (cost $2,421,645,749)	2,945,484,330
Total Investment in Securities (cost $17,983,772,913)		$25,084,985,449
Cash		21,825
Foreign currency held at value (cost $140,015)		140,354
Receivable for investments sold		220,315,320
Receivable for fund shares sold		10,476,128
Dividends receivable		38,533,642
Interest receivable		250,157
Distributions receivable from Fidelity Central Funds		137,984
Other receivables		643,175
Total assets		25,355,504,034
Liabilities
Payable for investments purchased	$215,366,846
Payable for fund shares redeemed	11,433,015
Accrued management fee	4,263,494
Payable for daily variation margin on futures contracts	159,485
Written options, at value (premium received $734,124)	3,193
Other payables and accrued expenses	521,723
Collateral on securities loaned	139,159,553
Total liabilities		370,907,309
Net Assets		$24,984,596,725
Net Assets consist of:
Paid in capital		$16,924,843,507
Undistributed net investment income		134,233,540
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		823,242,836
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		7,102,276,842
Net Assets, for 1,358,184,401 shares outstanding		$24,984,596,725
Net Asset Value, offering price and redemption price per share ($24,984,596,725 ÷ 1,358,184,401 shares)		$18.40

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

Statement of Operations

		Year ended May 31, 2018
Investment Income
Dividends:
Unaffiliated issuers		$359,642,608
Affiliated issuers		27,810,815
Interest		3,023,831
Income from Fidelity Central Funds		1,823,266
Total income		392,300,520
Expenses
Management fee	$112,652,595
Independent trustees' fees and expenses	303,011
Miscellaneous	67,189
Total expenses before reductions	113,022,795
Expense reductions	(61,505,963)
Total expenses after reductions		51,516,832
Net investment income (loss)		340,783,688
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,424,096,929
Fidelity Central Funds	(15,360)
Other affiliated issuers	25,318,679
Foreign currency transactions	86,619
Futures contracts	25,407,156
Written options	2,361,702
Capital gain distributions from underlying funds:
Unaffiliated issuers	277,779,221
Affiliated issuers	39,913,893
Total net realized gain (loss)		1,794,948,839
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers (net of increase in deferred foreign taxes of $42,646)	906,340,247
Affiliated issuers	241,722,408
Assets and liabilities in foreign currencies	(4,236)
Futures contracts	(2,120,226)
Written options	757,848
Total change in net unrealized appreciation (depreciation)		1,146,696,041
Net gain (loss)		2,941,644,880
Net increase (decrease) in net assets resulting from operations		$3,282,428,568

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

Statement of Changes in Net Assets

	Year ended May 31, 2018	Year ended May 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$340,783,688	$323,952,777
Net realized gain (loss)	1,794,948,839	1,255,945,445
Change in net unrealized appreciation (depreciation)	1,146,696,041	2,309,861,220
Net increase (decrease) in net assets resulting from operations	3,282,428,568	3,889,759,442
Distributions to shareholders from net investment income	(310,751,726)	(280,132,089)
Distributions to shareholders from net realized gain	(1,461,353,123)	(376,121,471)
Total distributions	(1,772,104,849)	(656,253,560)
Share transactions
Proceeds from sales of shares	3,718,227,839	2,346,107,317
Reinvestment of distributions	1,766,119,610	654,632,342
Cost of shares redeemed	(5,167,982,110)	(6,713,197,504)
Net increase (decrease) in net assets resulting from share transactions	316,365,339	(3,712,457,845)
Total increase (decrease) in net assets	1,826,689,058	(478,951,963)
Net Assets
Beginning of period	23,157,907,667	23,636,859,630
End of period	$24,984,596,725	$23,157,907,667
Other Information
Undistributed net investment income end of period	$134,233,540	$123,480,985
Shares
Sold	207,114,947	146,302,124
Issued in reinvestment of distributions	101,160,959	41,453,021
Redeemed	(286,886,998)	(419,083,144)
Net increase (decrease)	21,388,908	(231,327,999)

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

Financial Highlights

Strategic Advisers Core Fund


Years ended May 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$17.32	$15.07	$16.12	$15.56	$14.00
Income from Investment Operations
Net investment income (loss)^A	.25	.22	.19	.19	.16
Net realized and unrealized gain (loss)	2.18	2.48	(.37)	1.51	2.52
Total from investment operations	2.43	2.70	(.18)	1.70	2.68
Distributions from net investment income	(.24)	(.19)	(.19)	(.16)	(.14)
Distributions from net realized gain	(1.11)	(.26)	(.68)	(.98)	(.98)
Total distributions	(1.35)	(.45)	(.87)	(1.14)	(1.12)
Net asset value, end of period	$18.40	$17.32	$15.07	$16.12	$15.56
Total Return^B	14.59%	18.22%	(1.10)%	11.37%	20.15%
Ratios to Average Net Assets^C,^D
Expenses before reductions	.47%	.46%	.43%	.42%	.46%
Expenses net of fee waivers, if any	.21%	.21%	.18%	.17%	.20%
Expenses net of all reductions	.21%	.21%	.18%	.17%	.20%
Net investment income (loss)	1.41%	1.40%	1.32%	1.22%	1.07%
Supplemental Data
Net assets, end of period (000 omitted)	$24,984,597	$23,157,908	$23,636,860	$24,497,753	$14,197,329
Portfolio turnover rate^E	98%	100%	85%	104%	109%

^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.

^D 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.

^E 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, 2018

1. Organization.

Strategic Advisers Core 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 certain clients of Strategic Advisers LLC (Strategic Advisers), an affiliate of Fidelity Management & Research Company (FMR).

2. Significant Accounting Policies.

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. 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, 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, 2018 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 and 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 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to short-term gain distributions from the Underlying Funds, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, deferred trustees compensation, and exchanges and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$7,344,169,351
Gross unrealized depreciation	(393,069,119)
Net unrealized appreciation (depreciation)	$6,951,100,232
Tax Cost	$18,133,882,024

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

Undistributed ordinary income	$250,118,044
Undistributed long-term capital gain	$859,063,147
Net unrealized appreciation (depreciation) on securities and other investments	$6,951,088,309

The tax character of distributions paid was as follows:

	May 31, 2018	May 31, 2017
Ordinary Income	$569,158,031	$ 331,699,801
Long-term Capital Gains	1,202,946,818	324,553,759
Total	$1,772,104,849	$ 656,253,560

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.

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. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded futures contracts and exchange-traded options are not covered by the ISDA Master Agreement; however 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	$25,407,156	$(2,120,226)
Written Options	2,361,702	757,848
Totals	$27,768,858	$(1,362,378)

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.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional 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. Securities deposited to meet initial margin requirements are identified in 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 and OTC 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 presented in 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" and are representative of volume of activity during the period.

4. Purchases and Sales of Investments.

Purchases and sales of securities (including the Underlying Fund shares), other than short-term securities, aggregated $23,286,625,902 and $23,940,527,976, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Strategic Advisers (the investment adviser) provides the Fund with investment management related services. For these services, the Fund pays a monthly management fee to the investment adviser. The management fee is calculated by adding the annual management fee rate of .25% of the Fund's average net assets throughout the month payable to the investment adviser to the aggregate of the fee rates, payable monthly, to the Fund's sub-advisers. The Fund's maximum aggregate management fee will not exceed 1.00% of the Fund's average net assets. For the reporting period, the total annual management fee rate was .47% of the Fund's average net assets. The investment adviser pays all other expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

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

Sub-Advisers. AllianceBernstein, L.P. (AB), Brandywine Global Investment Management, LLC, ClariVest Asset Management LLC, First Eagle Investment Management, LLC (through December 1, 2017), J.P. Morgan Investment Management, Inc., LSV Asset Management, OppenheimerFunds, Inc., 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.

Aristotle Capital Management, LLC, Geode Capital Management, LLC, Loomis Sayles & Company, L.P., Massachusetts Financial Services Company (MFS), Boston Partners Global Investors, 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.

Prior Fiscal Year Exchanges In-Kind. During the prior period, the Fund redeemed shares of the funds noted in the following table in exchange for investments and cash. The Fund had a total net realized loss on the Fund's redemptions of the funds, noted in the following table. The Fund recognized total net losses on the exchanges for federal income tax purposes.

Transaction Date	Fund Name	Value of investments and cash received	Realized gain (loss)	Shares redeemed
11/4/16	Fidelity Advisor Materials Fund Class I	$60,325,459	$(10,544,687)	845,013
11/4/16	Fidelity Advisor Technology Fund Class I	442,814,201	37,575,050	10,768,828
11/4/16	Fidelity Consumer Discretionary Portfolio	255,946,088	22,040,117	7,597,094
11/4/16	Fidelity Consumer Staples Portfolio	205,991,818	4,123,854	2,230,314
11/4/16	Fidelity Energy Portfolio	146,061,109	(23,606,187)	3,526,343
11/4/16	Fidelity Financial Services Portfolio	276,003,424	7,690,809	3,248,246
11/4/16	Fidelity Health Care Portfolio	284,244,539	(39,522,736)	1,587,958
11/4/16	Fidelity Industrials Portfolio	203,573,978	(6,379,139)	6,790,326
11/4/16	Fidelity Telecommunications Portfolio	53,345,591	4,690,715	805,095
11/4/16	Fidelity Utilities Portfolio	68,267,475	6,062	950,668
	Total	$1,996,573,682	$(3,926,142)	38,349,885

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $5,073.

6. Investments in Fidelity Central Funds.

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 $67,189 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.

9. Expense Reductions.

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 $720,231.

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 $293,276 for the period.

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 management fee. During the period, these credits reduced the Fund's management fee by $6,830.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $162,403.

10. Other.

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 an Underlying Fund's net assets. At the end of the period, the Fund was the owner of record of approximately 12% and 29% of the total outstanding shares of Fidelity SAI U.S. Momentum Index Fund and Fidelity SAI U.S. Quality Index Fund, respectively.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Core Fund (one of the funds constituting Fidelity Rutland Square Trust II, hereafter collectively referred to as the "Fund") as of May 31, 2018, the related statement of operations for the year ended May 31, 2018, the statement of changes in net assets for each of the two years in the period ended May 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2018, 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 ended May 31, 2018 and the financial highlights for each of the five years in the period ended May 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

July 16, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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 1-800-544-3455.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2018

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

Heidi L. Steiger (1953)

Year of Election or Appointment: 2017

Trustee

Advisory Board Members and Officers:

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

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2015

Chief Financial Officer

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

Chris Maher (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

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, 2017 to May 31, 2018).

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. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value December 1, 2017	Ending Account Value May 31, 2018	Expenses Paid During Period-^B December 1, 2017 to May 31, 2018
Actual	.21%	$1,000.00	$1,032.30	$1.06
Hypothetical-^C		$1,000.00	$1,023.88	$1.06

^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 Core Fund voted to pay on July 9, 2018, to shareholders of record at the opening of business on July 6, 2018, a distribution of $.739 per share derived from capital gains realized from sales of portfolio securities and a dividend of $.102 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2018, $1,412,521,846, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 52%, and 58% of the dividends distributed in July and December, respectively, during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 56% and 63% 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 the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Strategic Advisers Core Fund

On March 8, 2018, 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 (i) the existing sub-advisory agreement with LSV Asset Management (LSV) for the fund (an Amended Sub-Advisory Agreement), which may lower the amount of fees to be paid by Strategic Advisers to LSV, on behalf of the fund by allowing for the aggregation of the fund's assets with the assets of a separately managed account for which LSV serves as model provider and (ii) an amendment to the fee schedule in the existing sub-advisory agreement with OppenheimerFunds, Inc. (Oppenheimer) for the fund (an Amended Advisory Sub-Advisory Agreement), which will lower the amount of fees to be paid by Strategic Advisers to Oppenheimer, on behalf of the fund, at all asset levels. The terms of each Amended Sub-Advisory Agreement are identical to those of the existing respective sub-advisory agreement with each sub-adviser, except with respect to the date of execution and the fee schedule.

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 each respective Amended Sub-Advisory Agreement.

In considering whether to approve each 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 or its affiliates derive an inappropriate advantage. Also, the Board found that the advisory fees to be charged under each 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 each 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 considered that it reviewed information regarding LSV and Oppenheimer, including the backgrounds of their investment personnel, and also took into consideration the fund's investment objective, strategies and related investment philosophy, in connection with the annual renewal of the current sub-advisory agreement at its September 2017 Board meeting.

The Board considered that each Amended Sub-Advisory Agreement will not result in any changes to the nature, extent and quality of the services provided to the fund. The Board also considered each sub-adviser's representation that the respective Amended Sub-Advisory Agreement would not result in any changes to (i) the investment process or strategies employed in the management of the fund's assets or

(ii) the day-to-day management of the fund or the persons primarily responsible for such management.

Investment Performance. The Board considered that it previously received information regarding each sub-adviser's historical investment performance of its portion of fund and/or the performance of the strategy. The Board did not consider performance to be a material factor in its decision to approve each Amended Sub-Advisory Agreement because the Amended Sub-Advisory Agreements would not result in any changes to the fund's investment processes or strategies or in the persons primarily responsible for the day-to-day management of the fund.

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

Competitiveness of Management Fee and Total Fund Expenses.

The Board considered that the new fee schedule is expected to lower the amount of fees paid by Strategic Advisers to Oppenheimer under the Amended Sub-Advisory Agreement, on behalf of the fund. The Board also considered that the new fee schedule with LSV will not result in any immediate reduction to the fund's total management fee or total fund expenses under the Amended Sub-Advisory Agreement, but may in the future as assets increase.

The Board also considered that each Amended Sub-Advisory Agreement would 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' contractual management fee waiver for the fund. The Board also considered that each Amended Sub-Advisory Agreement has the potential to reduce total net fund expenses by the same amount as any resulting decrease in the fund's management fee. In addition, the Board considered that Strategic Advisers' portion of the management fee will continue to be all-inclusive and that Strategic Advisers will continue to pay the fund's operating expenses, with certain limited exceptions, out of its portion of the management fee. 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 under each Amended Sub-Advisory Agreement and the other factors considered.

Because each Amended Sub-Advisory Agreement was negotiated at arm's length and will have no impact on the maximum management fees payable by the fund, the Board did not consider the costs of services and profitability of the relationship with the fund to Strategic Advisers to be significant factors in its decision to approve each 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 from their relationships with the fund, including non-advisory fee compensation paid to affiliates of Strategic Advisers, if any, as well as information regarding potential fall-out benefits accruing to each sub-adviser, if any, as a result of its relationship with the fund, during its annual renewal of the fund's advisory agreements at its September Board meeting.

Possible Economies of Scale. The Board considered that each Amended Sub-Advisory Agreement, like the current sub-advisory agreement, provides for breakpoints that have the potential to further reduce sub-advisory fees paid to LSV and Oppenheimer as assets allocated to each sub-adviser grow. The Board also considered that it reviewed 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 at its September 2017 Board meeting.

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 each Amended Sub-Advisory Agreement's fee structure continues to bear a reasonable relationship to the services rendered to the fund and that each 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 each Amended Sub-Advisory Agreement does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SAI-COR-ANN-0718
1.902940.109

Strategic Advisers® Growth Fund

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

Annual Report

May 31, 2018

Contents

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

You may also call 1-800-544-3455 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, 2018	Past 1 year	Past 5 years	Life of fund^A
Strategic Advisers® Growth Fund	20.30%	14.91%	14.83%

^A From June 2, 2010

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Strategic Advisers® Growth Fund on June 2, 2010, 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
	$30,241	Strategic Advisers® Growth Fund
	$33,016	Russell 1000® Growth Index

Management's Discussion of Fund Performance

Comments from Lead Portfolio Manager John Stone: For the year, the Fund gained 20.30%, trailing the 21.02% return of the benchmark Russell 1000^® Growth Index. Underlying managers employing aggressive-growth strategies delivered the best results this period. Unfortunately, the Fund did not have enough exposure to these strategies to keep pace with the benchmark. Also, managers with a valuation focus in their investment approaches hindered relative performance amid the growth-led market environment. The Focused Growth strategy managed by sub-adviser FIAM^® was the primary relative detractor. Its valuation-driven GARP (growth at a reasonable price) strategy was out of favor during the period, and was also hurt by selections across several market sectors. Fidelity SAI^® U.S. Quality Index Fund – which we held to enhance the Fund’s higher-quality exposure – also worked against relative performance this period. This fund's defensively oriented holdings dampened its performance versus our growth benchmark. On the plus side, Fidelity^® Growth Company Fund was the top relative contributor, as its aggressive, all-cap growth strategy yielded strong picks in information technology, consumer discretionary and health care. In November, most of the assets from FIAM’s Focused Growth strategy were reallocated to the Fund’s other sub-advisers.

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, 2018

(excluding cash equivalents)	% of fund's net assets
Fidelity Growth Company Fund	19.2
Fidelity SAI U.S. Quality Index Fund	9.5
Columbia Select Large Cap Growth Fund Class R5	5.3
Microsoft Corp.	3.6
Amazon.com, Inc.	3.5
Apple, Inc.	3.1
Facebook, Inc. Class A	2.7
Fidelity SAI U.S. Momentum Index Fund	1.9
Alphabet, Inc. Class C	1.8
Janus Henderson Enterprise Fund	1.8
	52.4

Top Five Market Sectors as of May 31, 2018

(stocks only)	% of fund's net assets
Information Technology	26.5
Consumer Discretionary	10.2
Health Care	9.0
Industrials	6.1
Consumer Staples	4.3

Asset Allocation (% of fund's net assets)

As of May 31, 2018
	Common Stocks	61.5%
	Preferred Stocks	0.1%
	Large Growth Funds	35.9%
	Mid-Cap Growth Funds	1.8%
	Short-Term Investments and Net Other Assets (Liabilities)	0.7%

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

Schedule of Investments May 31, 2018

Showing Percentage of Net Assets

Common Stocks - 61.5%
	Shares	Value
CONSUMER DISCRETIONARY - 10.1%
Auto Components - 0.5%
Lear Corp.	268,789	$53,220,222
Automobiles - 0.1%
Thor Industries, Inc.	114,085	10,564,271
Hotels, Restaurants & Leisure - 2.4%
Domino's Pizza, Inc.	117,462	29,539,344
Marriott International, Inc. Class A	266,508	36,074,523
McDonald's Corp.	397,556	63,612,936
Norwegian Cruise Line Holdings Ltd. (a)	43,494	2,276,476
Royal Caribbean Cruises Ltd.	80,082	8,407,008
Starbucks Corp.	1,149,594	65,147,492
Wyndham Worldwide Corp.	285,214	30,928,606
Yum China Holdings, Inc.	412,024	16,192,543
Yum! Brands, Inc.	247,857	20,158,210
		272,337,138
Household Durables - 0.4%
D.R. Horton, Inc.	1,005,984	42,462,585
Internet & Direct Marketing Retail - 4.0%
Amazon.com, Inc. (a)	252,363	411,255,792
Netflix, Inc. (a)	18,977	6,672,313
The Booking Holdings, Inc. (a)	20,934	44,148,131
		462,076,236
Media - 0.5%
Comcast Corp. Class A	2,002,236	62,429,718
Multiline Retail - 0.2%
Kohl's Corp.	398,891	26,625,974
Specialty Retail - 1.6%
Home Depot, Inc.	524,627	97,869,167
Michaels Companies, Inc. (a)	1,064,268	19,539,960
Ross Stores, Inc.	626,380	49,408,854
TJX Companies, Inc.	193,438	17,471,320
		184,289,301
Textiles, Apparel & Luxury Goods - 0.4%
PVH Corp.	320,664	51,306,240

TOTAL CONSUMER DISCRETIONARY		1,165,311,685

CONSUMER STAPLES - 4.3%
Beverages - 1.6%
Constellation Brands, Inc. Class A (sub. vtg.)	150,876	33,657,418
Monster Beverage Corp. (a)	757,665	38,762,141
PepsiCo, Inc.	460,563	46,171,441
The Coca-Cola Co.	1,643,085	70,652,655
		189,243,655
Food & Staples Retailing - 0.8%
Costco Wholesale Corp.	206,487	40,933,983
Walgreens Boots Alliance, Inc.	417,174	26,027,486
Walmart, Inc.	239,777	19,791,194
		86,752,663
Food Products - 1.2%
Archer Daniels Midland Co.	761,402	33,288,495
Danone SA sponsored ADR (b)	2,239,133	34,381,887
General Mills, Inc.	436,630	18,465,083
Tyson Foods, Inc. Class A	710,062	47,907,883
		134,043,348
Household Products - 0.5%
Colgate-Palmolive Co.	370,518	23,375,981
Kimberly-Clark Corp.	92,807	9,359,586
Procter & Gamble Co.	374,089	27,372,092
		60,107,659
Tobacco - 0.2%
Philip Morris International, Inc.	334,152	26,578,450

TOTAL CONSUMER STAPLES		496,725,775

ENERGY - 0.8%
Energy Equipment & Services - 0.3%
Schlumberger Ltd.	518,211	35,585,549
Oil, Gas & Consumable Fuels - 0.5%
Marathon Petroleum Corp.	263,612	20,833,256
Valero Energy Corp.	298,600	36,190,320
		57,023,576

TOTAL ENERGY		92,609,125

FINANCIALS - 2.8%
Banks - 0.4%
Bank of America Corp.	1,157,508	33,614,032
Zions Bancorporation	301,017	16,498,742
		50,112,774
Capital Markets - 1.4%
Affiliated Managers Group, Inc.	87,986	14,012,650
Bank of New York Mellon Corp.	593,054	32,469,707
E*TRADE Financial Corp. (a)	599,000	37,946,650
FactSet Research Systems, Inc.	101,252	20,352,665
SEI Investments Co.	527,095	33,618,119
State Street Corp.	217,924	20,944,676
		159,344,467
Consumer Finance - 0.5%
American Express Co.	137,276	13,494,231
Discover Financial Services	367,051	27,110,387
Synchrony Financial	506,454	17,538,502
		58,143,120
Insurance - 0.5%
MetLife, Inc.	433,285	19,926,777
Progressive Corp.	311,952	19,369,100
Prudential Financial, Inc.	204,093	19,764,366
		59,060,243

TOTAL FINANCIALS		326,660,604

HEALTH CARE - 9.0%
Biotechnology - 2.5%
AbbVie, Inc.	535,542	52,986,525
Amgen, Inc.	539,469	96,899,422
Biogen, Inc. (a)	185,335	54,481,077
Celgene Corp. (a)	517,092	40,684,799
Regeneron Pharmaceuticals, Inc. (a)	106,947	32,118,323
Vertex Pharmaceuticals, Inc. (a)	57,095	8,792,630
		285,962,776
Health Care Equipment & Supplies - 1.5%
Align Technology, Inc. (a)	93,937	31,182,387
Edwards Lifesciences Corp. (a)	547,072	75,118,456
Medtronic PLC	164,722	14,218,803
The Cooper Companies, Inc.	152,027	34,405,230
Varian Medical Systems, Inc. (a)	184,011	21,689,377
		176,614,253
Health Care Providers & Services - 2.6%
Aetna, Inc.	235,147	41,416,441
CVS Health Corp.	196,571	12,460,636
Express Scripts Holding Co. (a)	61,555	4,666,485
HCA Holdings, Inc.	250,680	25,855,135
Humana, Inc.	35,138	10,224,455
Laboratory Corp. of America Holdings (a)	229,958	41,528,115
McKesson Corp.	110,711	15,714,319
UnitedHealth Group, Inc.	537,159	129,729,270
Wellcare Health Plans, Inc. (a)	93,050	20,626,394
		302,221,250
Health Care Technology - 0.2%
Cerner Corp. (a)	410,057	24,472,202
Life Sciences Tools & Services - 0.5%
Thermo Fisher Scientific, Inc.	298,677	62,205,459
Pharmaceuticals - 1.7%
Bristol-Myers Squibb Co.	157,849	8,306,014
Eli Lilly & Co.	496,672	42,236,987
Johnson & Johnson	279,514	33,435,465
Merck & Co., Inc.	933,440	55,567,683
Novartis AG sponsored ADR	247,867	18,471,049
Novo Nordisk A/S Series B sponsored ADR	725,476	34,489,129
		192,506,327

TOTAL HEALTH CARE		1,043,982,267

INDUSTRIALS - 6.1%
Aerospace & Defense - 2.3%
General Dynamics Corp.	85,782	17,303,087
Lockheed Martin Corp.	68,688	21,605,124
Northrop Grumman Corp.	160,701	52,589,402
Textron, Inc.	349,832	23,291,815
The Boeing Co.	427,757	150,638,905
		265,428,333
Air Freight & Logistics - 0.4%
Expeditors International of Washington, Inc.	508,217	37,852,002
United Parcel Service, Inc. Class B	113,462	13,175,207
		51,027,209
Airlines - 0.3%
Delta Air Lines, Inc.	680,805	36,797,510
Building Products - 0.3%
Owens Corning	520,796	32,924,723
Machinery - 1.8%
Allison Transmission Holdings, Inc.	310,327	12,819,608
Caterpillar, Inc.	388,903	59,078,255
Deere & Co.	218,450	32,660,460
Illinois Tool Works, Inc.	161,250	23,171,625
Ingersoll-Rand PLC	512,074	44,826,958
Oshkosh Corp.	261,051	18,991,460
Stanley Black & Decker, Inc.	87,986	12,251,171
		203,799,537
Road & Rail - 0.4%
Kansas City Southern	40,048	4,291,143
Union Pacific Corp.	338,966	48,390,786
		52,681,929
Trading Companies & Distributors - 0.6%
United Rentals, Inc. (a)	347,149	55,394,566
Univar, Inc. (a)	512,906	13,986,947
		69,381,513

TOTAL INDUSTRIALS		712,040,754

INFORMATION TECHNOLOGY - 26.5%
Communications Equipment - 0.7%
Cisco Systems, Inc.	2,021,977	86,358,638
Internet Software & Services - 7.6%
Alibaba Group Holding Ltd. sponsored ADR (a)	422,870	83,732,489
Alphabet, Inc.:
Class A (a)	179,926	197,918,600
Class C (a)	190,240	206,408,498
Dropbox, Inc. Class B	209,841	5,663,818
eBay, Inc. (a)	1,017,632	38,385,079
Facebook, Inc. Class A (a)	1,632,575	313,095,234
SurveyMonkey (a)(c)(d)	163,411	1,884,129
Twitter, Inc. (a)	641,900	22,273,930
VeriSign, Inc. (a)	66,226	8,638,519
		878,000,296
IT Services - 4.8%
Accenture PLC Class A	207,581	32,328,665
Amdocs Ltd.	357,226	24,098,466
Automatic Data Processing, Inc.	84,600	10,999,692
Cognizant Technology Solutions Corp. Class A	443,864	33,445,152
DXC Technology Co.	333,822	30,748,344
Fidelity National Information Services, Inc.	169,984	17,375,764
Fiserv, Inc. (a)	536,166	38,925,652
Global Payments, Inc.	418,618	46,533,577
MasterCard, Inc. Class A	436,545	82,995,935
Total System Services, Inc.	393,232	33,499,434
Visa, Inc. Class A	1,209,001	158,040,611
Worldpay, Inc. (a)	548,763	43,610,196
		552,601,488
Semiconductors & Semiconductor Equipment - 2.7%
Applied Materials, Inc.	1,122,520	57,001,566
KLA-Tencor Corp.	145,769	16,505,424
Lam Research Corp.	243,786	48,313,509
Micron Technology, Inc. (a)	495,800	28,553,122
NVIDIA Corp.	428,243	107,998,602
Qualcomm, Inc.	572,869	33,295,146
Texas Instruments, Inc.	144,855	16,210,723
		307,878,092
Software - 7.1%
Activision Blizzard, Inc.	474,124	33,620,133
Adobe Systems, Inc. (a)	470,312	117,239,375
Autodesk, Inc. (a)	362,423	46,788,809
Electronic Arts, Inc. (a)	484,640	63,444,222
Microsoft Corp.	4,252,685	420,335,385
Oracle Corp.	1,162,753	54,323,820
Salesforce.com, Inc. (a)	332,075	42,947,260
Synopsys, Inc. (a)	458,418	40,372,873
Take-Two Interactive Software, Inc. (a)	53,140	5,955,931
		825,027,808
Technology Hardware, Storage & Peripherals - 3.6%
Apple, Inc.	1,923,654	359,473,223
NetApp, Inc.	587,344	40,127,342
Western Digital Corp.	276,903	23,124,170
		422,724,735

TOTAL INFORMATION TECHNOLOGY		3,072,591,057

MATERIALS - 1.3%
Chemicals - 0.7%
CF Industries Holdings, Inc.	628,435	25,853,816
Huntsman Corp.	124,631	3,984,453
LyondellBasell Industries NV Class A	354,509	39,747,549
Westlake Chemical Corp.	118,560	13,720,949
		83,306,767
Containers & Packaging - 0.2%
Berry Global Group, Inc. (a)	124,627	6,018,238
Owens-Illinois, Inc. (a)	748,955	13,930,563
Sealed Air Corp.	53,435	2,327,629
		22,276,430
Metals & Mining - 0.4%
Steel Dynamics, Inc.	873,084	43,156,542

TOTAL MATERIALS		148,739,739

REAL ESTATE - 0.5%
Equity Real Estate Investment Trusts (REITs) - 0.5%
Extra Space Storage, Inc.	156,458	15,059,083
SBA Communications Corp. Class A (a)	172,019	27,191,043
Simon Property Group, Inc.	87,959	14,092,791
		56,342,917
UTILITIES - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
The AES Corp.	1,088,302	13,875,851
TOTAL COMMON STOCKS
(Cost $4,043,766,081)		7,128,879,774

Convertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Diversified Consumer Services - 0.1%
Airbnb, Inc. Series D (a)(c)(d)
(Cost $4,024,850)	98,859	10,617,457

Equity Funds - 37.7%
Large Growth Funds - 35.9%
Columbia Select Large Cap Growth Fund Class R5	32,403,090	614,038,550
Fidelity Growth Company Fund (e)	11,207,796	2,224,523,372
Fidelity SAI U.S. Momentum Index Fund (e)	17,505,748	228,625,066
Fidelity SAI U.S. Quality Index Fund (e)	80,720,796	1,103,453,284

TOTAL LARGE GROWTH FUNDS		4,170,640,272

Mid-Cap Growth Funds - 1.8%
Janus Henderson Enterprise Fund	1,629,272	204,815,820
TOTAL EQUITY FUNDS
(Cost $2,963,074,488)		4,375,456,092
	Principal Amount

U.S. Treasury Obligations - 0.0%
U.S. Treasury Bills, yield at date of purchase 1.69% 7/5/18
(Cost $294,530)	$295,000	294,515
	Shares

Money Market Funds - 0.5%
Fidelity Securities Lending Cash Central Fund 1.76% (f)(g)	144,298	144,312
Invesco Government & Agency Portfolio Institutional Class 1.64%(h)	61,806,351	61,806,351
TOTAL MONEY MARKET FUNDS
(Cost $61,950,663)		61,950,663
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $7,073,110,612)		11,577,198,501
NET OTHER ASSETS (LIABILITIES) - 0.2%		23,933,847
NET ASSETS - 100%		$11,601,132,348

Legend

(a) Non-income producing

(b) Security or a portion of the security is on loan at period end.

(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 $12,501,586 or 0.1% of net assets.

(d) Level 3 security

(e) Affiliated Fund

(f) 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.

(g) Investment made with cash collateral received from securities on loan.

(h) 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
Airbnb, Inc. Series D	4/16/14	$4,024,850
SurveyMonkey	11/25/14	$2,688,111

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 Securities Lending Cash Central Fund	$81,603
Total	$81,603

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Growth Company Fund	$1,701,841,148	$120,500,943	$--	$90,500,943	$--	$402,181,281	$2,224,523,372
Fidelity SAI U.S. Momentum Index Fund	--	346,965,951	140,000,000	1,965,951	1,323,700	20,335,415	228,625,066
Fidelity SAI U.S. Quality Index Fund	988,570,199	387,725,597	406,628,819	41,392,582	19,047,292	114,739,015	1,103,453,284
Total	$2,690,411,347	$855,192,491	$546,628,819	$133,859,476	$20,370,992	$537,255,711	$3,556,601,722

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$1,175,929,142	$1,165,311,685	$--	$10,617,457
Consumer Staples	496,725,775	496,725,775	--	--
Energy	92,609,125	92,609,125	--	--
Financials	326,660,604	326,660,604	--	--
Health Care	1,043,982,267	1,043,982,267	--	--
Industrials	712,040,754	712,040,754	--	--
Information Technology	3,072,591,057	3,065,043,110	5,663,818	1,884,129
Materials	148,739,739	148,739,739	--	--
Real Estate	56,342,917	56,342,917	--	--
Utilities	13,875,851	13,875,851	--	--
Equity Funds	4,375,456,092	4,375,456,092	--	--
Other Short-Term Investments	294,515	--	294,515	--
Money Market Funds	61,950,663	61,950,663	--	--
Total Investments in Securities:	$11,577,198,501	$11,558,738,582	$5,958,333	$12,501,586

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

Financial Statements

Statement of Assets and Liabilities

		May 31, 2018
Assets
Investment in securities, at value (including securities loaned of $137,393) — See accompanying schedule: Unaffiliated issuers (cost $4,795,573,262)	$8,020,452,467
Fidelity Central Funds (cost $144,312)	144,312
Other affiliated issuers (cost $2,277,393,038)	3,556,601,722
Total Investment in Securities (cost $7,073,110,612)		$11,577,198,501
Foreign currency held at value (cost $13,672)		15,014
Receivable for investments sold		15,868,894
Receivable for fund shares sold		4,712,893
Dividends receivable		10,192,008
Interest receivable		67,567
Distributions receivable from Fidelity Central Funds		21,314
Prepaid expenses		57,647
Other receivables		413,726
Total assets		11,608,547,564
Liabilities
Payable for fund shares redeemed	$4,832,474
Accrued management fee	1,087,067
Transfer agent fee payable	936,024
Other affiliated payables	112,249
Other payables and accrued expenses	303,402
Collateral on securities loaned	144,000
Total liabilities		7,415,216
Net Assets		$11,601,132,348
Net Assets consist of:
Paid in capital		$6,247,971,575
Undistributed net investment income		25,423,566
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		823,647,976
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		4,504,089,231
Net Assets, for 584,748,784 shares outstanding		$11,601,132,348
Net Asset Value, offering price and redemption price per share ($11,601,132,348 ÷ 584,748,784 shares)		$19.84

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

Statement of Operations

		Year ended May 31, 2018
Investment Income
Dividends:
Unaffiliated issuers		$90,484,839
Affiliated issuers		17,634,186
Interest		1,599,724
Income from Fidelity Central Funds		81,603
Total income		109,800,352
Expenses
Management fee	$42,781,927
Transfer agent fees	11,847,362
Accounting and security lending fees	1,348,722
Custodian fees and expenses	100,841
Independent trustees' fees and expenses	144,124
Registration fees	112,100
Audit	77,970
Legal	57,620
Miscellaneous	111,652
Total expenses before reductions	56,582,318
Expense reductions	(28,924,398)
Total expenses after reductions		27,657,920
Net investment income (loss)		82,142,432
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,127,357,093
Fidelity Central Funds	(5,577)
Other affiliated issuers	20,370,992
Foreign currency transactions	(8)
Futures contracts	21,918,265
Capital gain distributions from underlying funds:
Unaffiliated issuers	60,564,041
Affiliated issuers	116,225,290
Total net realized gain (loss)		1,346,430,096
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	158,450,789
Fidelity Central Funds	387
Other affiliated issuers	537,255,711
Assets and liabilities in foreign currencies	587
Futures contracts	(4,651,364)
Total change in net unrealized appreciation (depreciation)		691,056,110
Net gain (loss)		2,037,486,206
Net increase (decrease) in net assets resulting from operations		$2,119,628,638

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

Statement of Changes in Net Assets

	Year ended May 31, 2018	Year ended May 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$82,142,432	$95,478,042
Net realized gain (loss)	1,346,430,096	1,205,172,331
Change in net unrealized appreciation (depreciation)	691,056,110	681,903,263
Net increase (decrease) in net assets resulting from operations	2,119,628,638	1,982,553,636
Distributions to shareholders from net investment income	(83,336,854)	(93,952,653)
Distributions to shareholders from net realized gain	(835,648,765)	(947,878,670)
Total distributions	(918,985,619)	(1,041,831,323)
Share transactions
Proceeds from sales of shares	1,625,484,486	1,262,990,627
Reinvestment of distributions	915,025,337	1,038,085,983
Cost of shares redeemed	(3,104,974,374)	(3,239,442,386)
Net increase (decrease) in net assets resulting from share transactions	(564,464,551)	(938,365,776)
Total increase (decrease) in net assets	636,178,468	2,356,537
Net Assets
Beginning of period	10,964,953,880	10,962,597,343
End of period	$11,601,132,348	$10,964,953,880
Other Information
Undistributed net investment income end of period	$25,423,566	$31,676,597
Shares
Sold	86,286,096	76,190,260
Issued in reinvestment of distributions	51,303,699	64,942,406
Redeemed	(164,358,613)	(193,497,248)
Net increase (decrease)	(26,768,818)	(52,364,582)

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

Financial Highlights

Strategic Advisers Growth Fund


Years ended May 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$17.93	$16.51	$17.60	$16.51	$14.71
Income from Investment Operations
Net investment income (loss)^A	.13	.15	.13	.12	.12
Net realized and unrealized gain (loss)	3.31	2.89	(.23)	2.10	3.01
Total from investment operations	3.44	3.04	(.10)	2.22	3.13
Distributions from net investment income	(.14)	(.15)	(.12)	(.12)	(.10)
Distributions from net realized gain	(1.39)	(1.47)	(.88)	(1.01)	(1.23)
Total distributions	(1.53)	(1.62)	(.99)^B	(1.13)	(1.33)
Net asset value, end of period	$19.84	$17.93	$16.51	$17.60	$16.51
Total Return^C	20.30%	19.87%	(.62)%	13.99%	22.64%
Ratios to Average Net Assets^D,^E
Expenses before reductions	.49%	.54%	.57%	.56%	.56%
Expenses net of fee waivers, if any	.24%	.28%	.32%	.31%	.31%
Expenses net of all reductions	.24%	.28%	.32%	.31%	.31%
Net investment income (loss)	.72%	.89%	.79%	.73%	.75%
Supplemental Data
Net assets, end of period (000 omitted)	$11,601,132	$10,964,954	$10,962,597	$13,134,171	$12,141,245
Portfolio turnover rate^F	38%	38%	30%	40%	39%

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

^B Total distributions of $.99 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.876 per share.

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

^D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^E 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.

^F 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, 2018

1. Organization.

Strategic Advisers Growth 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 certain clients of Strategic Advisers LLC (Strategic Advisers), an affiliate of Fidelity Management & Research Company (FMR).

2. Significant Accounting Policies.

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:

Book-tax differences are primarily due to the short-term gain distributions from the Underlying Funds, futures contracts, foreign currency transactions, market discount, deferred trustees compensation and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$4,569,953,367
Gross unrealized depreciation	(70,873,631)
Net unrealized appreciation (depreciation)	$4,499,079,736
Tax Cost	$7,078,118,765

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

Undistributed ordinary income	$25,656,107
Undistributed long-term capital gain	$828,656,930
Net unrealized appreciation (depreciation) on securities and other investments	$4,499,081,078

The tax character of distributions paid was as follows:

	May 31, 2018	May 31, 2017
Ordinary Income	$83,336,854	$ 93,952,653
Long-term Capital Gains	835,648,765	947,878,670
Total	$918,985,619	$ 1,041,831,323

3. Derivative Instruments.

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

Equity Risk

4. Purchases and Sales of Investments.

Purchases and sales of securities (including the Underlying Fund shares), other than short-term securities, aggregated $4,257,828,138 and $5,365,237,718, 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. ClariVest Asset Management LLC, Loomis Sayles & Company, L.P., Massachusetts Financial Services Company (MFS) and FIAM LLC (an affiliate of the investment adviser) (through November 7, 2017) 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 and Waddell & Reed have been retained to serve as a sub-adviser for the Fund. As of the date of this 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.

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. 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 .10% of average net assets.

During June 2018, the Board approved that effective July 1, 2018 transfer agent fees will not be paid by the Fund and will instead be paid by the investment adviser or an affiliate.

6. Investments in Fidelity Central Funds.

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 $29,126 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.

9. Expense Reductions.

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 $309.

10. Other.

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 an Underlying Fund's net assets. At the end of the period, the Fund was the owner of record of approximately 11% and 17% of the total outstanding shares of Fidelity SAI U.S. Momentum Index Fund and Fidelity SAI U.S. Quality Index Fund, respectively.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Growth Fund (one of the funds constituting Fidelity Rutland Square Trust II, hereafter collectively referred to as the "Fund") as of May 31, 2018, the related statement of operations for the year ended May 31, 2018, the statement of changes in net assets for each of the two years in the period ended May 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2018, 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 ended May 31, 2018 and the financial highlights for each of the five years in the period ended May 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

July 16, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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 1-800-544-3455.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2018

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

Heidi L. Steiger (1953)

Year of Election or Appointment: 2017

Trustee

Advisory Board Members and Officers:

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

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2015

Chief Financial Officer

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

Chris Maher (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

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, 2017 to May 31, 2018).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value December 1, 2017	Ending Account Value May 31, 2018	Expenses Paid During Period-^B December 1, 2017 to May 31, 2018
Actual	.23%	$1,000.00	$1,070.30	$1.19-^C
Hypothetical-^D		$1,000.00	$1,023.78	$1.16-^C

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

^C If fees and changes to the Fund's expense contract and/or expense cap, effective July 1, 2018, had been in effect during the current period, the restated annualized expense ratio would have been .13% and the expenses paid in the actual and hypothetical examples above would have been $.67 and $.66, respectively.

^D 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Strategic Advisers Growth Fund voted to pay on July 9, 2018, to shareholders of record at the opening of business on July 6, 2018, a distribution of $1.487 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.046 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2018, $1,266,013,832, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Fidelity Investments

Corporate Headquarters

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Boston, MA 02210

www.fidelity.com

SGF-ANN-0718
1.907404.109

Strategic Advisers® Core Multi-Manager Fund

Annual Report

May 31, 2018

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of 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

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, 2018	Past 1 year	Past 5 years	Life of fund^A
Strategic Advisers® Core Multi-Manager Fund	12.94%	11.96%	14.03%

^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
	$23,606	Strategic Advisers® Core Multi-Manager Fund
	$25,113	S&P 500® 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 13%, trailing the benchmark S&P 500^®. Underlying managers with a valuation focus in their investment approaches hindered the Fund’s relative performance amid a market environment led by growth-oriented stocks and strategies. Sub-adviser JPMorgan Investment Management was the primary relative detractor, as its emphasis on valuation factors, such as price-to-cash-flow, resulted in subpar stock picks in consumer categories and in industrials. Sub-adviser First Eagle Investment Management also weighed on the Fund’s relative results. This manager’s high-risk/high-potential-return strategy with a contrarian tilt significantly underperformed the S&P 500. A mega-cap strategy with a relative value bias run by sub-adviser FIAM℠ placed a further drag on performance versus the benchmark. On the plus side, sub-adviser AllianceBernstein’s momentum-driven strategy incorporating short-term market signals aided the Fund's relative result. The Fund ended its sub-advisory relationship with First Eagle Investment Management in May 2018, after the portfolio manager of this strategy announced his retirement.

Investment Summary (Unaudited)

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

Top Ten Holdings as of May 31, 2018

(excluding cash equivalents)	% of fund's net assets
Microsoft Corp.	4.2
Apple, Inc.	3.4
Alphabet, Inc. Class C	3.2
Bank of America Corp.	2.4
Honeywell International, Inc.	2.4
Amazon.com, Inc.	2.2
Visa, Inc. Class A	2.1
UnitedHealth Group, Inc.	2.0
Northrop Grumman Corp.	1.7
Citigroup, Inc.	1.7
	25.3

Top Five Market Sectors as of May 31, 2018

(stocks only)	% of fund's net assets
Information Technology	24.4
Financials	14.9
Health Care	12.6
Consumer Discretionary	12.1
Industrials	10.7

Asset Allocation (% of fund's net assets)

As of May 31, 2018
	Common Stocks	94.3%
	Sector Funds	1.0%
	Short-Term Investments and Net Other Assets (Liabilities)	4.7%

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

Schedule of Investments May 31, 2018

Showing Percentage of Net Assets

Common Stocks - 94.3%
	Shares	Value
CONSUMER DISCRETIONARY - 12.1%
Auto Components - 0.2%
Delphi Technologies PLC	2,238	$112,124
Automobiles - 0.3%
Ford Motor Co.	15,353	177,327
General Motors Co.	345	14,732
		192,059
Hotels, Restaurants & Leisure - 0.9%
Carnival Corp.	2,650	165,042
McDonald's Corp.	1,224	195,852
Starbucks Corp.	100	5,667
Yum! Brands, Inc.	1,366	111,097
		477,658
Household Durables - 0.6%
Lennar Corp. Class A	5,983	309,560
Internet & Direct Marketing Retail - 2.9%
Amazon.com, Inc. (a)	750	1,222,215
Expedia, Inc.	1,269	153,587
Netflix, Inc. (a)	320	112,512
The Booking Holdings, Inc. (a)	63	132,862
		1,621,176
Media - 3.3%
Charter Communications, Inc. Class A (a)	1,101	287,405
Comcast Corp. Class A	19,702	614,308
DISH Network Corp. Class A (a)	2,888	85,340
Liberty Media Corp. Liberty SiriusXM Series A (a)	2,156	99,715
The Walt Disney Co.	5,610	558,027
Time Warner, Inc.	510	48,022
Twenty-First Century Fox, Inc. Class A	3,947	152,157
Viacom, Inc. Class B (non-vtg.)	308	8,347
		1,853,321
Multiline Retail - 0.4%
Dollar Tree, Inc. (a)	2,718	224,480
Target Corp.	332	24,199
		248,679
Specialty Retail - 2.6%
Home Depot, Inc.	4,600	858,130
Lowe's Companies, Inc.	3,026	287,500
O'Reilly Automotive, Inc. (a)	1,060	285,575
TJX Companies, Inc.	546	49,315
		1,480,520
Textiles, Apparel & Luxury Goods - 0.9%
lululemon athletica, Inc. (a)	361	37,923
NIKE, Inc. Class B	5,277	378,889
PVH Corp.	607	97,120
		513,932

TOTAL CONSUMER DISCRETIONARY		6,809,029

CONSUMER STAPLES - 3.9%
Beverages - 1.4%
Molson Coors Brewing Co. Class B	2,553	157,392
PepsiCo, Inc.	2,956	296,339
The Coca-Cola Co.	7,997	343,871
		797,602
Food & Staples Retailing - 0.5%
Costco Wholesale Corp.	66	13,084
Walmart, Inc.	3,109	256,617
		269,701
Food Products - 0.5%
Mondelez International, Inc.	6,674	262,088
Household Products - 0.3%
Kimberly-Clark Corp.	100	10,085
Procter & Gamble Co.	1,734	126,877
Reckitt Benckiser Group PLC	506	38,731
		175,693
Personal Products - 0.3%
Estee Lauder Companies, Inc. Class A	1,061	158,556
Unilever NV (NY Reg.)	255	14,221
		172,777
Tobacco - 0.9%
Altria Group, Inc.	2,723	151,780
British American Tobacco PLC sponsored ADR	1,403	71,834
Philip Morris International, Inc.	3,422	272,186
		495,800

TOTAL CONSUMER STAPLES		2,173,661

ENERGY - 7.4%
Energy Equipment & Services - 0.4%
Baker Hughes, a GE Co. Class A	1,042	36,043
Schlumberger Ltd.	2,759	189,461
		225,504
Oil, Gas & Consumable Fuels - 7.0%
Anadarko Petroleum Corp.	724	50,535
Andeavor	1,311	189,348
BP PLC sponsored ADR	2,490	114,092
Cenovus Energy, Inc.	7,100	74,910
Chevron Corp.	5,926	736,602
ConocoPhillips Co.	1,273	85,787
Diamondback Energy, Inc.	916	110,616
EOG Resources, Inc.	4,661	549,112
EQT Corp.	3,143	161,990
Exxon Mobil Corp.	6,353	516,118
Imperial Oil Ltd.	1,013	33,142
Occidental Petroleum Corp.	7,556	636,215
Parsley Energy, Inc. Class A (a)	3,780	111,434
Pioneer Natural Resources Co.	1,700	328,270
Statoil ASA sponsored ADR	1,400	36,750
Suncor Energy, Inc.	4,704	187,347
The Williams Companies, Inc.	1,641	44,077
		3,966,345

TOTAL ENERGY		4,191,849

FINANCIALS - 14.9%
Banks - 8.7%
Bank of America Corp.	47,341	1,374,783
Citigroup, Inc.	14,017	934,794
JPMorgan Chase & Co. (b)	7,596	812,848
PNC Financial Services Group, Inc.	662	94,937
SunTrust Banks, Inc.	4,488	302,985
SVB Financial Group (a)	474	147,950
U.S. Bancorp	10,650	532,394
Wells Fargo & Co.	12,583	679,356
		4,880,047
Capital Markets - 2.5%
Bank of New York Mellon Corp.	4,635	253,766
Charles Schwab Corp.	5,045	280,603
Goldman Sachs Group, Inc.	111	25,073
IntercontinentalExchange, Inc.	1,985	140,717
KKR & Co. LP	6,917	153,765
Morgan Stanley (b)	8,195	410,897
State Street Corp.	1,584	152,238
		1,417,059
Consumer Finance - 0.6%
Capital One Financial Corp.	3,612	339,528
Diversified Financial Services - 1.5%
Berkshire Hathaway, Inc. Class B (a)	3,931	752,904
Voya Financial, Inc.	1,692	87,882
		840,786
Insurance - 1.6%
American International Group, Inc.	5,129	270,760
Hartford Financial Services Group, Inc.	3,902	204,192
Marsh & McLennan Companies, Inc.	385	30,942
MetLife, Inc.	700	32,193
Principal Financial Group, Inc.	3,539	197,476
Progressive Corp.	2,911	180,744
		916,307

TOTAL FINANCIALS		8,393,727

HEALTH CARE - 12.6%
Biotechnology - 1.5%
AbbVie, Inc.	1,145	113,286
Alexion Pharmaceuticals, Inc. (a)	496	57,600
Amgen, Inc.	664	119,268
Biogen, Inc. (a)	690	202,832
Gilead Sciences, Inc.	2,365	159,401
Intercept Pharmaceuticals, Inc. (a)	300	21,063
Regeneron Pharmaceuticals, Inc. (a)	54	16,217
Vertex Pharmaceuticals, Inc. (a)	1,156	178,024
		867,691
Health Care Equipment & Supplies - 3.4%
Abbott Laboratories	6,578	404,744
Becton, Dickinson & Co.	900	199,431
Boston Scientific Corp. (a)	18,659	567,047
Danaher Corp.	157	15,587
Medtronic PLC	6,023	519,905
Zimmer Biomet Holdings, Inc.	1,690	188,452
		1,895,166
Health Care Providers & Services - 3.5%
AmerisourceBergen Corp.	1,449	119,021
Anthem, Inc.	247	54,691
Cardinal Health, Inc.	452	23,545
Cigna Corp.	1,247	211,204
CVS Health Corp.	1,529	96,923
Humana, Inc.	964	280,505
McKesson Corp.	523	74,235
UnitedHealth Group, Inc.	4,646	1,122,055
		1,982,179
Pharmaceuticals - 4.2%
Allergan PLC	193	29,104
AstraZeneca PLC sponsored ADR	840	31,105
Bayer AG	313	37,358
Bristol-Myers Squibb Co.	1,760	92,611
Eli Lilly & Co.	2,972	252,739
GlaxoSmithKline PLC sponsored ADR	3,145	127,435
Johnson & Johnson	6,223	744,395
Merck & Co., Inc.	3,896	231,929
Novartis AG sponsored ADR	133	9,911
Pfizer, Inc.	13,681	491,558
Sanofi SA	267	20,467
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,423	30,595
Zoetis, Inc. Class A	3,113	260,558
		2,359,765

TOTAL HEALTH CARE		7,104,801

INDUSTRIALS - 10.7%
Aerospace & Defense - 3.3%
General Dynamics Corp.	1,253	252,743
Northrop Grumman Corp.	2,991	978,805
The Boeing Co.	305	107,409
United Technologies Corp.	4,008	500,279
		1,839,236
Air Freight & Logistics - 0.3%
FedEx Corp.	115	28,649
United Parcel Service, Inc. Class B	1,031	119,720
		148,369
Airlines - 0.6%
Delta Air Lines, Inc.	5,423	293,113
Southwest Airlines Co.	859	43,878
		336,991
Building Products - 0.4%
Allegion PLC	1,655	126,492
Masco Corp.	2,845	106,033
		232,525
Electrical Equipment - 0.4%
Eaton Corp. PLC	3,275	250,800
Industrial Conglomerates - 2.7%
General Electric Co.	11,392	160,399
Honeywell International, Inc.	9,074	1,342,135
		1,502,534
Machinery - 0.8%
Caterpillar, Inc.	1,309	198,850
Ingersoll-Rand PLC	258	22,585
Stanley Black & Decker, Inc.	1,685	234,619
		456,054
Road & Rail - 1.9%
CSX Corp.	531	34,329
Norfolk Southern Corp.	3,673	557,010
Union Pacific Corp.	3,516	501,944
		1,093,283
Trading Companies & Distributors - 0.3%
Fastenal Co.	3,814	203,019

TOTAL INDUSTRIALS		6,062,811

INFORMATION TECHNOLOGY - 24.4%
Communications Equipment - 0.8%
Cisco Systems, Inc. (b)	10,428	445,380
Internet Software & Services - 5.6%
Alphabet, Inc.:
Class A (a)	296	325,600
Class C (a)	1,686	1,829,293
eBay, Inc. (a)	4,419	166,685
Facebook, Inc. Class A (a)	4,084	783,230
Spotify Technology SA (a)	259	40,847
Velti PLC (a)(c)(d)	976	1
		3,145,656
IT Services - 3.7%
Accenture PLC Class A	1,460	227,380
Alliance Data Systems Corp.	630	132,817
Cognizant Technology Solutions Corp. Class A	4,353	327,999
IBM Corp.	62	8,761
MasterCard, Inc. Class A	338	64,261
PayPal Holdings, Inc. (a)	1,981	162,581
Visa, Inc. Class A	8,842	1,155,826
		2,079,625
Semiconductors & Semiconductor Equipment - 4.6%
Analog Devices, Inc.	2,813	273,367
Broadcom, Inc.	1,786	450,197
Intel Corp.	6,493	358,414
Lam Research Corp.	491	97,306
NVIDIA Corp.	1,500	378,285
Qualcomm, Inc.	6,054	351,858
Texas Instruments, Inc.	6,085	680,972
		2,590,399
Software - 6.0%
Adobe Systems, Inc. (a)	244	60,824
Microsoft Corp.	24,286	2,400,428
Oracle Corp.	7,485	349,699
Pivotal Software, Inc.	2,093	37,653
Salesforce.com, Inc. (a)	2,161	279,482
SAP SE sponsored ADR	336	37,897
Take-Two Interactive Software, Inc. (a)	1,096	122,840
Workday, Inc. Class A (a)	701	91,803
		3,380,626
Technology Hardware, Storage & Peripherals - 3.7%
Apple, Inc.	10,386	1,940,832
Hewlett Packard Enterprise Co.	10,775	164,211
		2,105,043

TOTAL INFORMATION TECHNOLOGY		13,746,729

MATERIALS - 2.7%
Chemicals - 1.8%
Air Products & Chemicals, Inc.	1,191	192,239
DowDuPont, Inc.	9,799	628,214
Eastman Chemical Co.	1,105	115,263
LyondellBasell Industries NV Class A	534	59,872
		995,588
Construction Materials - 0.0%
Vulcan Materials Co.	12	1,533
Containers & Packaging - 0.9%
Berry Global Group, Inc. (a)	5,910	285,394
Crown Holdings, Inc. (a)	2,326	100,809
WestRock Co.	1,993	117,348
		503,551
Metals & Mining - 0.0%
BHP Billiton Ltd. sponsored ADR	700	34,846

TOTAL MATERIALS		1,535,518

REAL ESTATE - 2.2%
Equity Real Estate Investment Trusts (REITs) - 2.2%
American Tower Corp.	162	22,416
AvalonBay Communities, Inc.	865	143,192
Crown Castle International Corp.	7,925	825,389
Equinix, Inc.	56	22,224
Public Storage	44	9,321
Ventas, Inc.	1,700	92,922
Vornado Realty Trust	1,992	138,862
		1,254,326
TELECOMMUNICATION SERVICES - 0.9%
Diversified Telecommunication Services - 0.7%
Verizon Communications, Inc.	8,902	424,358
Wireless Telecommunication Services - 0.2%
T-Mobile U.S., Inc. (a)	1,585	88,285

TOTAL TELECOMMUNICATION SERVICES		512,643

UTILITIES - 2.5%
Electric Utilities - 2.3%
American Electric Power Co., Inc.	1,949	132,435
Exelon Corp.	1,517	62,789
NextEra Energy, Inc.	5,373	890,897
Xcel Energy, Inc.	4,720	214,854
		1,300,975
Independent Power and Renewable Electricity Producers - 0.2%
NRG Energy, Inc.	2,767	94,714

TOTAL UTILITIES		1,395,689

TOTAL COMMON STOCKS
(Cost $38,386,371)		53,180,783

Convertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Internet & Direct Marketing Retail - 0.0%
The Honest Co., Inc. Series D (a)(c)(d)	151	5,094
HEALTH CARE - 0.0%
Health Care Equipment & Supplies - 0.0%
Becton, Dickinson & Co. Series A, 6.125%	156	9,043
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $15,040)		14,137

Equity Funds - 1.0%
Sector Funds - 1.0%
iShares NASDAQ Biotechnology Index ETF	1,658	179,810
SPDR S&P Biotech ETF	4,014	380,005
TOTAL EQUITY FUNDS
(Cost $502,606)		559,815
	Principal Amount

U.S. Treasury Obligations - 0.1%
U.S. Treasury Bills, yield at date of purchase 1.65% to 1.86% 6/7/18 to 8/9/18 (e)
(Cost $79,749)	$80,000	79,749
	Shares

Money Market Funds - 4.4%
Invesco Government & Agency Portfolio Institutional Class 1.30% (f)
(Cost $2,451,268)	2,451,268	2,451,268
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $41,435,034)		56,285,752
NET OTHER ASSETS (LIABILITIES) - 0.2%		89,971
NET ASSETS - 100%		$56,375,723

Written Options
	Counterparty	Number of Contracts	Notional Amount	Exercise Price	Expiration Date	Value
Call Options
Cisco Systems, Inc.	Chicago Board Options Exchange	3	$12,813	$48.00	6/15/18	$(2)
JPMorgan Chase & Co.	Chicago Board Options Exchange	4	42,804	120.00	6/15/18	(8)
Morgan Stanley	Chicago Board Options Exchange	2	10,028	60.00	6/15/18	(1)
TOTAL WRITTEN OPTIONS						$(11)

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	11	June 2018	$1,488,025	$(21,319)	$(21,319)

The notional amount of futures purchased as a percentage of Net Assets is 2.6%

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 $65,645.

(d) Level 3 security

(e) 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 $79,749.

(f) 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	$6,814,123	$6,809,029	$--	$5,094
Consumer Staples	2,173,661	2,134,930	38,731	--
Energy	4,191,849	4,191,849	--	--
Financials	8,393,727	8,393,727	--	--
Health Care	7,113,844	7,046,976	66,868	--
Industrials	6,062,811	6,062,811	--	--
Information Technology	13,746,729	13,746,728	--	1
Materials	1,535,518	1,535,518	--	--
Real Estate	1,254,326	1,254,326	--	--
Telecommunication Services	512,643	512,643	--	--
Utilities	1,395,689	1,395,689	--	--
Equity Funds	559,815	559,815	--	--
Other Short-Term Investments	79,749	--	79,749	--
Money Market Funds	2,451,268	2,451,268	--	--
Total Investments in Securities:	$56,285,752	$56,095,309	$185,348	$5,095
Derivative Instruments:
Liabilities
Futures Contracts	$(21,319)	$(21,319)	$--	$--
Written Options	(11)	(11)	--	--
Total Liabilities	$(21,330)	$(21,330)	$--	$--
Total Derivative Instruments:	$(21,330)	$(21,330)	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts^(a)	$0	$(21,319)
Written Options^(b)	0	(11)
Total Equity Risk	0	(21,330)
Total Value of Derivatives	$0	$(21,330)

(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, 2018
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $41,435,034)		$56,285,752
Receivable for investments sold		485,568
Receivable for fund shares sold		1,727
Dividends receivable		102,064
Interest receivable		3,451
Prepaid expenses		278
Receivable from investment adviser for expense reductions		8,540
Other receivables		2,449
Total assets		56,889,829
Liabilities
Payable to custodian bank	$1,083
Payable for investments purchased	401,777
Payable for fund shares redeemed	1
Accrued management fee	27,390
Distribution and service plan fees payable	31
Payable for daily variation margin on futures contracts	10,505
Written options, at value (premium received $2,393)	11
Other affiliated payables	6,013
Other payables and accrued expenses	67,295
Total liabilities		514,106
Net Assets		$56,375,723
Net Assets consist of:
Paid in capital		$37,380,690
Undistributed net investment income		207,795
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		3,955,505
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		14,831,733
Net Assets		$56,375,723
Core Multi-Manager:
Net Asset Value, offering price and redemption price per share ($56,072,817 ÷ 4,245,349 shares)		$13.21
Class L:
Net Asset Value, offering price and redemption price per share ($152,310 ÷ 11,531 shares)		$13.21
Class N:
Net Asset Value, offering price and redemption price per share ($150,596 ÷ 11,418 shares)		$13.19

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

Statement of Operations

		Year ended May 31, 2018
Investment Income
Dividends:
Unaffiliated issuers		$1,022,164
Interest		36,906
Total income		1,059,070
Expenses
Management fee	$358,912
Transfer agent fees	55,751
Distribution and service plan fees	361
Accounting fees and expenses	23,738
Custodian fees and expenses	83,546
Independent trustees' fees and expenses	780
Registration fees	43,736
Audit	64,061
Legal	10,239
Miscellaneous	575
Total expenses before reductions	641,699
Expense reductions	(95,124)
Total expenses after reductions		546,575
Net investment income (loss)		512,495
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	6,605,000
Foreign currency transactions	700
Futures contracts	347,894
Written options	6,885
Total net realized gain (loss)		6,960,479
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	383,237
Assets and liabilities in foreign currencies	(29)
Futures contracts	(59,904)
Written options	2,293
Total change in net unrealized appreciation (depreciation)		325,597
Net gain (loss)		7,286,076
Net increase (decrease) in net assets resulting from operations		$7,798,571

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

Statement of Changes in Net Assets

	Year ended May 31, 2018	Year ended May 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$512,495	$508,107
Net realized gain (loss)	6,960,479	4,700,672
Change in net unrealized appreciation (depreciation)	325,597	3,907,295
Net increase (decrease) in net assets resulting from operations	7,798,571	9,116,074
Distributions to shareholders from net investment income	(514,306)	(471,794)
Distributions to shareholders from net realized gain	(5,077,003)	(4,835,255)
Total distributions	(5,591,309)	(5,307,049)
Share transactions - net increase (decrease)	(8,439,503)	3,335,131
Total increase (decrease) in net assets	(6,232,241)	7,144,156
Net Assets
Beginning of period	62,607,964	55,463,808
End of period	$56,375,723	$62,607,964
Other Information
Undistributed net investment income end of period	$207,795	$212,114

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

Financial Highlights

Strategic Advisers Core Multi-Manager Fund

Years ended May 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.89	$12.11	$13.07	$14.28	$13.02
Income from Investment Operations
Net investment income (loss)^A	.11	.11	.10	.10	.11
Net realized and unrealized gain (loss)	1.48	1.82	(.04)	1.28	2.27
Total from investment operations	1.59	1.93	.06	1.38	2.38
Distributions from net investment income	(.12)	(.10)	(.11)	(.12)	(.11)
Distributions from net realized gain	(1.15)	(1.05)	(.91)	(2.47)	(1.02)
Total distributions	(1.27)	(1.15)	(1.02)	(2.59)	(1.12)^B
Net asset value, end of period	$13.21	$12.89	$12.11	$13.07	$14.28
Total Return^C	12.94%	17.03%	.61%	10.70%	19.49%
Ratios to Average Net Assets^D
Expenses before reductions	1.05%	1.10%	1.20%	1.14%	1.21%
Expenses net of fee waivers, if any	.90%	.90%	.97%	.97%	.97%
Expenses net of all reductions	.90%	.90%	.97%	.97%	.97%
Net investment income (loss)	.84%	.87%	.84%	.78%	.80%
Supplemental Data
Net assets, end of period (000 omitted)	$56,073	$58,221	$52,330	$60,606	$60,938
Portfolio turnover rate^E	162%	151%	143%	151%	134%

^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. 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.

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

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

Strategic Advisers Core Multi-Manager Fund Class L

Years ended May 31,	2018	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.89	$12.11	$13.07	$14.29	$13.50
Income from Investment Operations
Net investment income (loss)^B	.11	.11	.10	.10	.07
Net realized and unrealized gain (loss)	1.48	1.82	(.04)	1.27	1.19
Total from investment operations	1.59	1.93	.06	1.37	1.26
Distributions from net investment income	(.12)	(.10)	(.11)	(.12)	(.06)
Distributions from net realized gain	(1.15)	(1.05)	(.91)	(2.47)	(.41)
Total distributions	(1.27)	(1.15)	(1.02)	(2.59)	(.47)
Net asset value, end of period	$13.21	$12.89	$12.11	$13.07	$14.29
Total Return^C,^D	12.94%	17.03%	.61%	10.62%	9.50%
Ratios to Average Net Assets^E
Expenses before reductions	1.05%	1.10%	1.20%	1.14%	1.19%^F
Expenses net of fee waivers, if any	.90%	.90%	.97%	.97%	.97%^F
Expenses net of all reductions	.90%	.90%	.97%	.97%	.97%^F
Net investment income (loss)	.84%	.87%	.83%	.78%	.90%^F
Supplemental Data
Net assets, end of period (000 omitted)	$152	$135	$122	$121	$109
Portfolio turnover rate^G	162%	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.

Strategic Advisers Core Multi-Manager Fund Class N

Years ended May 31,	2018	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.87	$12.10	$13.06	$14.27	$13.50
Income from Investment Operations
Net investment income (loss)^B	.08	.08	.07	.07	.05
Net realized and unrealized gain (loss)	1.48	1.81	(.04)	1.28	1.18
Total from investment operations	1.56	1.89	.03	1.35	1.23
Distributions from net investment income	(.09)	(.07)	(.08)	(.09)	(.06)
Distributions from net realized gain	(1.15)	(1.05)	(.91)	(2.47)	(.41)
Total distributions	(1.24)	(1.12)	(.99)	(2.56)	(.46)^C
Net asset value, end of period	$13.19	$12.87	$12.10	$13.06	$14.27
Total Return^D,^E	12.68%	16.66%	.36%	10.43%	9.32%
Ratios to Average Net Assets^F
Expenses before reductions	1.30%	1.35%	1.45%	1.39%	1.45%^G
Expenses net of fee waivers, if any	1.15%	1.15%	1.22%	1.22%	1.22%^G
Expenses net of all reductions	1.15%	1.15%	1.22%	1.22%	1.22%^G
Net investment income (loss)	.59%	.62%	.58%	.53%	.65%^G
Supplemental Data
Net assets, end of period (000 omitted)	$151	$134	$121	$121	$109
Portfolio turnover rate^H	162%	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.

^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.

Notes to Financial Statements

For the period ended May 31, 2018

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 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.

Effective December 5, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were redeemed.

2. Significant Accounting Policies.

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:

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 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.

Distributions are declared and recorded on the ex-dividend date. Income 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, passive foreign investment companies (PFIC), market discount, deferred trustees compensation, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$15,608,669
Gross unrealized depreciation	(1,087,878)
Net unrealized appreciation (depreciation)	$14,520,791
Tax Cost	$41,764,950

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

Undistributed ordinary income	$1,591,839
Undistributed long-term capital gain	$2,883,692
Net unrealized appreciation (depreciation) on securities and other investments	$14,520,743

The tax character of distributions paid was as follows:

	May 31, 2018	May 31, 2017
Ordinary Income	$2,126,374	$ 1,030,553
Long-term Capital Gains	3,464,935	4,276,496
Total	$5,591,309	$ 5,307,049

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

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Equity Risk
Futures Contracts	$347,894	$(59,904)
Written Options	6,885	2,293
Totals	$354,779	$(57,611)

A summary of the value of derivatives by primary risk exposure as of period end, if any, 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" and are representative of volume of activity during the period.

4. Purchases and Sales of Investments.

Purchases and sales of securities (including the Underlying Fund shares), other than short-term securities, aggregated $93,326,351 and $105,652,023, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Strategic Advisers LLC (the investment adviser) provides the Fund with investment management related services. For these services, the Fund pays a monthly management fee to the investment adviser. The management fee is calculated by adding the annual management fee rate of .30% of the Fund's average net assets throughout the month payable to the investment adviser to the aggregate of the fee rates, payable monthly, to the Fund's sub-advisers. The Fund's maximum aggregate management fee will not exceed 1.05% of the Fund's average net assets. For the reporting period, the total annual management fee rate was .59% of the Fund's average net assets.

Sub-Advisers. AllianceBernstein, L.P. (AB), First Eagle Investment Management, LLC (through December 1, 2017), 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), Oppenheimer Funds, Inc., Boston Partners Global Investors, Inc., 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%	$361	$361

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	$55,478	.09
Class L	137	.09
Class N	136	.09
	$55,751

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. For the period, the fees were equivalent to an annual rate of .04%.

Brokerage Commission. 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 $247 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 $183 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, 2019. In addition, the investment adviser 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 the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from these reimbursements. The following classes of the Fund were in reimbursement during the period:

	Expense Limitations	Reimbursement
Core Multi-Manager	.90%	$89,290
Class F	.81%	3,351
Class L	.90%	223
Class N	1.15%	221

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $46.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended May 31, 2018	Year ended May 31, 2017
From net investment income
Core Multi-Manager	$498,296	$443,816
Class F	13,825	26,230
Class L	1,268	1,027
Class N	917	721
Total	$514,306	$471,794
From net realized gain
Core Multi-Manager	$4,896,864	$4,552,626
Class F	155,534	261,588
Class L	12,352	10,549
Class N	12,253	10,492
Total	$5,077,003	$4,835,255

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, 2018	Year ended May 31, 2017	Year ended May 31, 2018	Year ended May 31, 2017
Core Multi-Manager
Shares sold	72,553	141,085	$945,428	$1,713,629
Reinvestment of distributions	423,610	422,177	5,395,160	4,996,442
Shares redeemed	(768,835)	(366,148)	(10,442,050)	(4,350,140)
Net increase (decrease)	(272,672)	197,114	$(4,101,462)	$2,359,931
Class F
Shares sold	93,295	139,459	$1,215,317	$1,705,384
Reinvestment of distributions	13,570	24,215	169,359	287,818
Shares redeemed	(424,887)	(83,486)	(5,749,507)	(1,027,313)
Net increase (decrease)	(318,022)	80,188	$(4,364,831)	$965,889
Class L
Reinvestment of distributions	1,068	978	$13,620	$11,576
Shares redeemed	–	(578)	–	(6,762)
Net increase (decrease)	1,068	400	$13,620	$4,814
Class N
Reinvestment of distributions	1,033	948	$13,170	$11,213
Shares redeemed	–	(575)	–	(6,716)
Net increase (decrease)	1,033	373	$13,170	$4,497

10. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 95% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Core Multi-Manager Fund (one of the funds constituting Fidelity Rutland Square Trust II, hereafter collectively referred to as the "Fund") as of May 31, 2018, the related statement of operations for the year ended May 31, 2018, the statement of changes in net assets for each of the two years in the period ended May 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2018, 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 ended May 31, 2018 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

PricewaterhouseCoopers LLP

Boston, Massachusetts

July 17, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2018

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

Heidi L. Steiger (1953)

Year of Election or Appointment: 2017

Trustee

Advisory Board Members and Officers:

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

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2015

Chief Financial Officer

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

Chris Maher (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

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, 2017 to May 31, 2018).

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, 2017	Ending Account Value May 31, 2018	Expenses Paid During Period-^B December 1, 2017 to May 31, 2018
Core Multi-Manager	.90%
Actual		$1,000.00	$1,026.70	$4.55
Hypothetical-^C		$1,000.00	$1,020.44	$4.53
Class L	.90%
Actual		$1,000.00	$1,026.70	$4.55
Hypothetical-^C		$1,000.00	$1,020.44	$4.53
Class N	1.15%
Actual		$1,000.00	$1,025.20	$5.81
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	07/09/18	07/06/18	$0.049	$1.000
Class L	07/09/18	07/06/18	$0.049	$1.000
Class N	07/09/18	07/06/18	$0.035	$1.000

The fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2018, $4,650,258, or, if subsequently determined to be different, the net capital gain of such year.

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:

	Retail	Class F	Class L	Class N
Strategic Advisers Core Multi-Manager Fund
July 2017	40%	40%	40%	43%
December 2017	41%	–%	41%	44%

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

	Retail	Class F	Class L	Class N
Strategic Advisers Core Multi-Manager Fund
July 2017	43%	43%	43%	46%
December 2017	49%	–%	49%	52%

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Strategic Advisers Core Multi-Manager Fund

The Board considered that each Amended Sub-Advisory Agreement will not result in any changes to the nature, extent and quality of the services provided to the fund. The Board also considered each sub-adviser’s representation that the respective Amended Sub-Advisory Agreement would not result in any changes to (i) the investment process or strategies employed in the management of the fund’s assets or (ii) the day-to-day management of the fund or the persons primarily responsible for such management.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered that the new fee schedules with LSV and Oppenheimer will not result in any changes to the fund's total management fee or total fund expenses because Strategic Advisers has not allocated any assets of the fund to either LSV or Oppenheimer at this time. In the case of Oppenheimer, the Board considered that to the extent Strategic Advisers allocates assets of the fund to Oppenheimer in the future, the new fee schedule under the Amended Sub-Advisory Agreement would result in lower fees to be paid by Strategic Advisers to Oppenheimer, on behalf of the fund, compared to the fees that would be paid under its current sub-advisory agreement. In the case of LSV, the Board considered that to the extent Strategic Advisers allocates assets of the fund to LSV in the future, the new fee schedule under the Amended Sub-Advisory Agreement may result in lower fees to be paid by Strategic Advisers to LSV, on behalf of the fund, compared to the fees that would be paid under its current sub-advisory agreement. The Board also considered that each Amended Sub-Advisory Agreement would 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.

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 from their relationships with the fund, including non-advisory fee compensation paid to affiliates of Strategic Advisers, if any, as well as information regarding potential fall-out benefits accruing to each sub-adviser, if any, as a result of its relationship with the fund, during its annual renewal of the fund's advisory agreements at its September Board meeting.

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 each Amended Sub-Advisory Agreement’s fee structure continues to bear a reasonable relationship to the services rendered to the fund and that each 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 each Amended Sub-Advisory Agreement does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MMC-ANN-0718
1.931538.106

Strategic Advisers® Core Multi-Manager Fund

Class L and Class N

Annual Report

May 31, 2018

Contents

Performance
Management's Discussion of Fund Performance
Investment Summary
Schedule of 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

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.

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, 2018	Past 1 year	Past 5 years	Life of fund^A
Class L	12.94%	11.96%	14.03%
Class N	12.68%	11.70%	13.83%

^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
	$23,605	Strategic Advisers® Core Multi-Manager Fund - Class L
	$25,113	S&P 500® Index

Management's Discussion of Fund Performance

Investment Summary (Unaudited)

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

Top Ten Holdings as of May 31, 2018

(excluding cash equivalents)	% of fund's net assets
Microsoft Corp.	4.2
Apple, Inc.	3.4
Alphabet, Inc. Class C	3.2
Bank of America Corp.	2.4
Honeywell International, Inc.	2.4
Amazon.com, Inc.	2.2
Visa, Inc. Class A	2.1
UnitedHealth Group, Inc.	2.0
Northrop Grumman Corp.	1.7
Citigroup, Inc.	1.7
	25.3

Top Five Market Sectors as of May 31, 2018

(stocks only)	% of fund's net assets
Information Technology	24.4
Financials	14.9
Health Care	12.6
Consumer Discretionary	12.1
Industrials	10.7

Asset Allocation (% of fund's net assets)

As of May 31, 2018
	Common Stocks	94.3%
	Sector Funds	1.0%
	Short-Term Investments and Net Other Assets (Liabilities)	4.7%

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

Schedule of Investments May 31, 2018

Showing Percentage of Net Assets

Common Stocks - 94.3%
	Shares	Value
CONSUMER DISCRETIONARY - 12.1%
Auto Components - 0.2%
Delphi Technologies PLC	2,238	$112,124
Automobiles - 0.3%
Ford Motor Co.	15,353	177,327
General Motors Co.	345	14,732
		192,059
Hotels, Restaurants & Leisure - 0.9%
Carnival Corp.	2,650	165,042
McDonald's Corp.	1,224	195,852
Starbucks Corp.	100	5,667
Yum! Brands, Inc.	1,366	111,097
		477,658
Household Durables - 0.6%
Lennar Corp. Class A	5,983	309,560
Internet & Direct Marketing Retail - 2.9%
Amazon.com, Inc. (a)	750	1,222,215
Expedia, Inc.	1,269	153,587
Netflix, Inc. (a)	320	112,512
The Booking Holdings, Inc. (a)	63	132,862
		1,621,176
Media - 3.3%
Charter Communications, Inc. Class A (a)	1,101	287,405
Comcast Corp. Class A	19,702	614,308
DISH Network Corp. Class A (a)	2,888	85,340
Liberty Media Corp. Liberty SiriusXM Series A (a)	2,156	99,715
The Walt Disney Co.	5,610	558,027
Time Warner, Inc.	510	48,022
Twenty-First Century Fox, Inc. Class A	3,947	152,157
Viacom, Inc. Class B (non-vtg.)	308	8,347
		1,853,321
Multiline Retail - 0.4%
Dollar Tree, Inc. (a)	2,718	224,480
Target Corp.	332	24,199
		248,679
Specialty Retail - 2.6%
Home Depot, Inc.	4,600	858,130
Lowe's Companies, Inc.	3,026	287,500
O'Reilly Automotive, Inc. (a)	1,060	285,575
TJX Companies, Inc.	546	49,315
		1,480,520
Textiles, Apparel & Luxury Goods - 0.9%
lululemon athletica, Inc. (a)	361	37,923
NIKE, Inc. Class B	5,277	378,889
PVH Corp.	607	97,120
		513,932

TOTAL CONSUMER DISCRETIONARY		6,809,029

CONSUMER STAPLES - 3.9%
Beverages - 1.4%
Molson Coors Brewing Co. Class B	2,553	157,392
PepsiCo, Inc.	2,956	296,339
The Coca-Cola Co.	7,997	343,871
		797,602
Food & Staples Retailing - 0.5%
Costco Wholesale Corp.	66	13,084
Walmart, Inc.	3,109	256,617
		269,701
Food Products - 0.5%
Mondelez International, Inc.	6,674	262,088
Household Products - 0.3%
Kimberly-Clark Corp.	100	10,085
Procter & Gamble Co.	1,734	126,877
Reckitt Benckiser Group PLC	506	38,731
		175,693
Personal Products - 0.3%
Estee Lauder Companies, Inc. Class A	1,061	158,556
Unilever NV (NY Reg.)	255	14,221
		172,777
Tobacco - 0.9%
Altria Group, Inc.	2,723	151,780
British American Tobacco PLC sponsored ADR	1,403	71,834
Philip Morris International, Inc.	3,422	272,186
		495,800

TOTAL CONSUMER STAPLES		2,173,661

ENERGY - 7.4%
Energy Equipment & Services - 0.4%
Baker Hughes, a GE Co. Class A	1,042	36,043
Schlumberger Ltd.	2,759	189,461
		225,504
Oil, Gas & Consumable Fuels - 7.0%
Anadarko Petroleum Corp.	724	50,535
Andeavor	1,311	189,348
BP PLC sponsored ADR	2,490	114,092
Cenovus Energy, Inc.	7,100	74,910
Chevron Corp.	5,926	736,602
ConocoPhillips Co.	1,273	85,787
Diamondback Energy, Inc.	916	110,616
EOG Resources, Inc.	4,661	549,112
EQT Corp.	3,143	161,990
Exxon Mobil Corp.	6,353	516,118
Imperial Oil Ltd.	1,013	33,142
Occidental Petroleum Corp.	7,556	636,215
Parsley Energy, Inc. Class A (a)	3,780	111,434
Pioneer Natural Resources Co.	1,700	328,270
Statoil ASA sponsored ADR	1,400	36,750
Suncor Energy, Inc.	4,704	187,347
The Williams Companies, Inc.	1,641	44,077
		3,966,345

TOTAL ENERGY		4,191,849

FINANCIALS - 14.9%
Banks - 8.7%
Bank of America Corp.	47,341	1,374,783
Citigroup, Inc.	14,017	934,794
JPMorgan Chase & Co. (b)	7,596	812,848
PNC Financial Services Group, Inc.	662	94,937
SunTrust Banks, Inc.	4,488	302,985
SVB Financial Group (a)	474	147,950
U.S. Bancorp	10,650	532,394
Wells Fargo & Co.	12,583	679,356
		4,880,047
Capital Markets - 2.5%
Bank of New York Mellon Corp.	4,635	253,766
Charles Schwab Corp.	5,045	280,603
Goldman Sachs Group, Inc.	111	25,073
IntercontinentalExchange, Inc.	1,985	140,717
KKR & Co. LP	6,917	153,765
Morgan Stanley (b)	8,195	410,897
State Street Corp.	1,584	152,238
		1,417,059
Consumer Finance - 0.6%
Capital One Financial Corp.	3,612	339,528
Diversified Financial Services - 1.5%
Berkshire Hathaway, Inc. Class B (a)	3,931	752,904
Voya Financial, Inc.	1,692	87,882
		840,786
Insurance - 1.6%
American International Group, Inc.	5,129	270,760
Hartford Financial Services Group, Inc.	3,902	204,192
Marsh & McLennan Companies, Inc.	385	30,942
MetLife, Inc.	700	32,193
Principal Financial Group, Inc.	3,539	197,476
Progressive Corp.	2,911	180,744
		916,307

TOTAL FINANCIALS		8,393,727

HEALTH CARE - 12.6%
Biotechnology - 1.5%
AbbVie, Inc.	1,145	113,286
Alexion Pharmaceuticals, Inc. (a)	496	57,600
Amgen, Inc.	664	119,268
Biogen, Inc. (a)	690	202,832
Gilead Sciences, Inc.	2,365	159,401
Intercept Pharmaceuticals, Inc. (a)	300	21,063
Regeneron Pharmaceuticals, Inc. (a)	54	16,217
Vertex Pharmaceuticals, Inc. (a)	1,156	178,024
		867,691
Health Care Equipment & Supplies - 3.4%
Abbott Laboratories	6,578	404,744
Becton, Dickinson & Co.	900	199,431
Boston Scientific Corp. (a)	18,659	567,047
Danaher Corp.	157	15,587
Medtronic PLC	6,023	519,905
Zimmer Biomet Holdings, Inc.	1,690	188,452
		1,895,166
Health Care Providers & Services - 3.5%
AmerisourceBergen Corp.	1,449	119,021
Anthem, Inc.	247	54,691
Cardinal Health, Inc.	452	23,545
Cigna Corp.	1,247	211,204
CVS Health Corp.	1,529	96,923
Humana, Inc.	964	280,505
McKesson Corp.	523	74,235
UnitedHealth Group, Inc.	4,646	1,122,055
		1,982,179
Pharmaceuticals - 4.2%
Allergan PLC	193	29,104
AstraZeneca PLC sponsored ADR	840	31,105
Bayer AG	313	37,358
Bristol-Myers Squibb Co.	1,760	92,611
Eli Lilly & Co.	2,972	252,739
GlaxoSmithKline PLC sponsored ADR	3,145	127,435
Johnson & Johnson	6,223	744,395
Merck & Co., Inc.	3,896	231,929
Novartis AG sponsored ADR	133	9,911
Pfizer, Inc.	13,681	491,558
Sanofi SA	267	20,467
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,423	30,595
Zoetis, Inc. Class A	3,113	260,558
		2,359,765

TOTAL HEALTH CARE		7,104,801

INDUSTRIALS - 10.7%
Aerospace & Defense - 3.3%
General Dynamics Corp.	1,253	252,743
Northrop Grumman Corp.	2,991	978,805
The Boeing Co.	305	107,409
United Technologies Corp.	4,008	500,279
		1,839,236
Air Freight & Logistics - 0.3%
FedEx Corp.	115	28,649
United Parcel Service, Inc. Class B	1,031	119,720
		148,369
Airlines - 0.6%
Delta Air Lines, Inc.	5,423	293,113
Southwest Airlines Co.	859	43,878
		336,991
Building Products - 0.4%
Allegion PLC	1,655	126,492
Masco Corp.	2,845	106,033
		232,525
Electrical Equipment - 0.4%
Eaton Corp. PLC	3,275	250,800
Industrial Conglomerates - 2.7%
General Electric Co.	11,392	160,399
Honeywell International, Inc.	9,074	1,342,135
		1,502,534
Machinery - 0.8%
Caterpillar, Inc.	1,309	198,850
Ingersoll-Rand PLC	258	22,585
Stanley Black & Decker, Inc.	1,685	234,619
		456,054
Road & Rail - 1.9%
CSX Corp.	531	34,329
Norfolk Southern Corp.	3,673	557,010
Union Pacific Corp.	3,516	501,944
		1,093,283
Trading Companies & Distributors - 0.3%
Fastenal Co.	3,814	203,019

TOTAL INDUSTRIALS		6,062,811

INFORMATION TECHNOLOGY - 24.4%
Communications Equipment - 0.8%
Cisco Systems, Inc. (b)	10,428	445,380
Internet Software & Services - 5.6%
Alphabet, Inc.:
Class A (a)	296	325,600
Class C (a)	1,686	1,829,293
eBay, Inc. (a)	4,419	166,685
Facebook, Inc. Class A (a)	4,084	783,230
Spotify Technology SA (a)	259	40,847
Velti PLC (a)(c)(d)	976	1
		3,145,656
IT Services - 3.7%
Accenture PLC Class A	1,460	227,380
Alliance Data Systems Corp.	630	132,817
Cognizant Technology Solutions Corp. Class A	4,353	327,999
IBM Corp.	62	8,761
MasterCard, Inc. Class A	338	64,261
PayPal Holdings, Inc. (a)	1,981	162,581
Visa, Inc. Class A	8,842	1,155,826
		2,079,625
Semiconductors & Semiconductor Equipment - 4.6%
Analog Devices, Inc.	2,813	273,367
Broadcom, Inc.	1,786	450,197
Intel Corp.	6,493	358,414
Lam Research Corp.	491	97,306
NVIDIA Corp.	1,500	378,285
Qualcomm, Inc.	6,054	351,858
Texas Instruments, Inc.	6,085	680,972
		2,590,399
Software - 6.0%
Adobe Systems, Inc. (a)	244	60,824
Microsoft Corp.	24,286	2,400,428
Oracle Corp.	7,485	349,699
Pivotal Software, Inc.	2,093	37,653
Salesforce.com, Inc. (a)	2,161	279,482
SAP SE sponsored ADR	336	37,897
Take-Two Interactive Software, Inc. (a)	1,096	122,840
Workday, Inc. Class A (a)	701	91,803
		3,380,626
Technology Hardware, Storage & Peripherals - 3.7%
Apple, Inc.	10,386	1,940,832
Hewlett Packard Enterprise Co.	10,775	164,211
		2,105,043

TOTAL INFORMATION TECHNOLOGY		13,746,729

MATERIALS - 2.7%
Chemicals - 1.8%
Air Products & Chemicals, Inc.	1,191	192,239
DowDuPont, Inc.	9,799	628,214
Eastman Chemical Co.	1,105	115,263
LyondellBasell Industries NV Class A	534	59,872
		995,588
Construction Materials - 0.0%
Vulcan Materials Co.	12	1,533
Containers & Packaging - 0.9%
Berry Global Group, Inc. (a)	5,910	285,394
Crown Holdings, Inc. (a)	2,326	100,809
WestRock Co.	1,993	117,348
		503,551
Metals & Mining - 0.0%
BHP Billiton Ltd. sponsored ADR	700	34,846

TOTAL MATERIALS		1,535,518

REAL ESTATE - 2.2%
Equity Real Estate Investment Trusts (REITs) - 2.2%
American Tower Corp.	162	22,416
AvalonBay Communities, Inc.	865	143,192
Crown Castle International Corp.	7,925	825,389
Equinix, Inc.	56	22,224
Public Storage	44	9,321
Ventas, Inc.	1,700	92,922
Vornado Realty Trust	1,992	138,862
		1,254,326
TELECOMMUNICATION SERVICES - 0.9%
Diversified Telecommunication Services - 0.7%
Verizon Communications, Inc.	8,902	424,358
Wireless Telecommunication Services - 0.2%
T-Mobile U.S., Inc. (a)	1,585	88,285

TOTAL TELECOMMUNICATION SERVICES		512,643

UTILITIES - 2.5%
Electric Utilities - 2.3%
American Electric Power Co., Inc.	1,949	132,435
Exelon Corp.	1,517	62,789
NextEra Energy, Inc.	5,373	890,897
Xcel Energy, Inc.	4,720	214,854
		1,300,975
Independent Power and Renewable Electricity Producers - 0.2%
NRG Energy, Inc.	2,767	94,714

TOTAL UTILITIES		1,395,689

TOTAL COMMON STOCKS
(Cost $38,386,371)		53,180,783

Convertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Internet & Direct Marketing Retail - 0.0%
The Honest Co., Inc. Series D (a)(c)(d)	151	5,094
HEALTH CARE - 0.0%
Health Care Equipment & Supplies - 0.0%
Becton, Dickinson & Co. Series A, 6.125%	156	9,043
TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $15,040)		14,137

Equity Funds - 1.0%
Sector Funds - 1.0%
iShares NASDAQ Biotechnology Index ETF	1,658	179,810
SPDR S&P Biotech ETF	4,014	380,005
TOTAL EQUITY FUNDS
(Cost $502,606)		559,815
	Principal Amount

U.S. Treasury Obligations - 0.1%
U.S. Treasury Bills, yield at date of purchase 1.65% to 1.86% 6/7/18 to 8/9/18 (e)
(Cost $79,749)	$80,000	79,749
	Shares

Money Market Funds - 4.4%
Invesco Government & Agency Portfolio Institutional Class 1.30% (f)
(Cost $2,451,268)	2,451,268	2,451,268
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $41,435,034)		56,285,752
NET OTHER ASSETS (LIABILITIES) - 0.2%		89,971
NET ASSETS - 100%		$56,375,723

Written Options
	Counterparty	Number of Contracts	Notional Amount	Exercise Price	Expiration Date	Value
Call Options
Cisco Systems, Inc.	Chicago Board Options Exchange	3	$12,813	$48.00	6/15/18	$(2)
JPMorgan Chase & Co.	Chicago Board Options Exchange	4	42,804	120.00	6/15/18	(8)
Morgan Stanley	Chicago Board Options Exchange	2	10,028	60.00	6/15/18	(1)
TOTAL WRITTEN OPTIONS						$(11)

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
CME E-mini S&P 500 Index Contracts (United States)	11	June 2018	$1,488,025	$(21,319)	$(21,319)

The notional amount of futures purchased as a percentage of Net Assets is 2.6%

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 $65,645.

(d) Level 3 security

(e) 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 $79,749.

(f) 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	$6,814,123	$6,809,029	$--	$5,094
Consumer Staples	2,173,661	2,134,930	38,731	--
Energy	4,191,849	4,191,849	--	--
Financials	8,393,727	8,393,727	--	--
Health Care	7,113,844	7,046,976	66,868	--
Industrials	6,062,811	6,062,811	--	--
Information Technology	13,746,729	13,746,728	--	1
Materials	1,535,518	1,535,518	--	--
Real Estate	1,254,326	1,254,326	--	--
Telecommunication Services	512,643	512,643	--	--
Utilities	1,395,689	1,395,689	--	--
Equity Funds	559,815	559,815	--	--
Other Short-Term Investments	79,749	--	79,749	--
Money Market Funds	2,451,268	2,451,268	--	--
Total Investments in Securities:	$56,285,752	$56,095,309	$185,348	$5,095
Derivative Instruments:
Liabilities
Futures Contracts	$(21,319)	$(21,319)	$--	$--
Written Options	(11)	(11)	--	--
Total Liabilities	$(21,330)	$(21,330)	$--	$--
Total Derivative Instruments:	$(21,330)	$(21,330)	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts^(a)	$0	$(21,319)
Written Options^(b)	0	(11)
Total Equity Risk	0	(21,330)
Total Value of Derivatives	$0	$(21,330)

(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, 2018
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $41,435,034)		$56,285,752
Receivable for investments sold		485,568
Receivable for fund shares sold		1,727
Dividends receivable		102,064
Interest receivable		3,451
Prepaid expenses		278
Receivable from investment adviser for expense reductions		8,540
Other receivables		2,449
Total assets		56,889,829
Liabilities
Payable to custodian bank	$1,083
Payable for investments purchased	401,777
Payable for fund shares redeemed	1
Accrued management fee	27,390
Distribution and service plan fees payable	31
Payable for daily variation margin on futures contracts	10,505
Written options, at value (premium received $2,393)	11
Other affiliated payables	6,013
Other payables and accrued expenses	67,295
Total liabilities		514,106
Net Assets		$56,375,723
Net Assets consist of:
Paid in capital		$37,380,690
Undistributed net investment income		207,795
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		3,955,505
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		14,831,733
Net Assets		$56,375,723
Core Multi-Manager:
Net Asset Value, offering price and redemption price per share ($56,072,817 ÷ 4,245,349 shares)		$13.21
Class L:
Net Asset Value, offering price and redemption price per share ($152,310 ÷ 11,531 shares)		$13.21
Class N:
Net Asset Value, offering price and redemption price per share ($150,596 ÷ 11,418 shares)		$13.19

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

Statement of Operations

		Year ended May 31, 2018
Investment Income
Dividends:
Unaffiliated issuers		$1,022,164
Interest		36,906
Total income		1,059,070
Expenses
Management fee	$358,912
Transfer agent fees	55,751
Distribution and service plan fees	361
Accounting fees and expenses	23,738
Custodian fees and expenses	83,546
Independent trustees' fees and expenses	780
Registration fees	43,736
Audit	64,061
Legal	10,239
Miscellaneous	575
Total expenses before reductions	641,699
Expense reductions	(95,124)
Total expenses after reductions		546,575
Net investment income (loss)		512,495
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	6,605,000
Foreign currency transactions	700
Futures contracts	347,894
Written options	6,885
Total net realized gain (loss)		6,960,479
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	383,237
Assets and liabilities in foreign currencies	(29)
Futures contracts	(59,904)
Written options	2,293
Total change in net unrealized appreciation (depreciation)		325,597
Net gain (loss)		7,286,076
Net increase (decrease) in net assets resulting from operations		$7,798,571

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

Statement of Changes in Net Assets

	Year ended May 31, 2018	Year ended May 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$512,495	$508,107
Net realized gain (loss)	6,960,479	4,700,672
Change in net unrealized appreciation (depreciation)	325,597	3,907,295
Net increase (decrease) in net assets resulting from operations	7,798,571	9,116,074
Distributions to shareholders from net investment income	(514,306)	(471,794)
Distributions to shareholders from net realized gain	(5,077,003)	(4,835,255)
Total distributions	(5,591,309)	(5,307,049)
Share transactions - net increase (decrease)	(8,439,503)	3,335,131
Total increase (decrease) in net assets	(6,232,241)	7,144,156
Net Assets
Beginning of period	62,607,964	55,463,808
End of period	$56,375,723	$62,607,964
Other Information
Undistributed net investment income end of period	$207,795	$212,114

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

Financial Highlights

Strategic Advisers Core Multi-Manager Fund

Years ended May 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$12.89	$12.11	$13.07	$14.28	$13.02
Income from Investment Operations
Net investment income (loss)^A	.11	.11	.10	.10	.11
Net realized and unrealized gain (loss)	1.48	1.82	(.04)	1.28	2.27
Total from investment operations	1.59	1.93	.06	1.38	2.38
Distributions from net investment income	(.12)	(.10)	(.11)	(.12)	(.11)
Distributions from net realized gain	(1.15)	(1.05)	(.91)	(2.47)	(1.02)
Total distributions	(1.27)	(1.15)	(1.02)	(2.59)	(1.12)^B
Net asset value, end of period	$13.21	$12.89	$12.11	$13.07	$14.28
Total Return^C	12.94%	17.03%	.61%	10.70%	19.49%
Ratios to Average Net Assets^D
Expenses before reductions	1.05%	1.10%	1.20%	1.14%	1.21%
Expenses net of fee waivers, if any	.90%	.90%	.97%	.97%	.97%
Expenses net of all reductions	.90%	.90%	.97%	.97%	.97%
Net investment income (loss)	.84%	.87%	.84%	.78%	.80%
Supplemental Data
Net assets, end of period (000 omitted)	$56,073	$58,221	$52,330	$60,606	$60,938
Portfolio turnover rate^E	162%	151%	143%	151%	134%

^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.

Strategic Advisers Core Multi-Manager Fund Class L

Years ended May 31,	2018	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.89	$12.11	$13.07	$14.29	$13.50
Income from Investment Operations
Net investment income (loss)^B	.11	.11	.10	.10	.07
Net realized and unrealized gain (loss)	1.48	1.82	(.04)	1.27	1.19
Total from investment operations	1.59	1.93	.06	1.37	1.26
Distributions from net investment income	(.12)	(.10)	(.11)	(.12)	(.06)
Distributions from net realized gain	(1.15)	(1.05)	(.91)	(2.47)	(.41)
Total distributions	(1.27)	(1.15)	(1.02)	(2.59)	(.47)
Net asset value, end of period	$13.21	$12.89	$12.11	$13.07	$14.29
Total Return^C,^D	12.94%	17.03%	.61%	10.62%	9.50%
Ratios to Average Net Assets^E
Expenses before reductions	1.05%	1.10%	1.20%	1.14%	1.19%^F
Expenses net of fee waivers, if any	.90%	.90%	.97%	.97%	.97%^F
Expenses net of all reductions	.90%	.90%	.97%	.97%	.97%^F
Net investment income (loss)	.84%	.87%	.83%	.78%	.90%^F
Supplemental Data
Net assets, end of period (000 omitted)	$152	$135	$122	$121	$109
Portfolio turnover rate^G	162%	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.

Strategic Advisers Core Multi-Manager Fund Class N

Years ended May 31,	2018	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$12.87	$12.10	$13.06	$14.27	$13.50
Income from Investment Operations
Net investment income (loss)^B	.08	.08	.07	.07	.05
Net realized and unrealized gain (loss)	1.48	1.81	(.04)	1.28	1.18
Total from investment operations	1.56	1.89	.03	1.35	1.23
Distributions from net investment income	(.09)	(.07)	(.08)	(.09)	(.06)
Distributions from net realized gain	(1.15)	(1.05)	(.91)	(2.47)	(.41)
Total distributions	(1.24)	(1.12)	(.99)	(2.56)	(.46)^C
Net asset value, end of period	$13.19	$12.87	$12.10	$13.06	$14.27
Total Return^D,^E	12.68%	16.66%	.36%	10.43%	9.32%
Ratios to Average Net Assets^F
Expenses before reductions	1.30%	1.35%	1.45%	1.39%	1.45%^G
Expenses net of fee waivers, if any	1.15%	1.15%	1.22%	1.22%	1.22%^G
Expenses net of all reductions	1.15%	1.15%	1.22%	1.22%	1.22%^G
Net investment income (loss)	.59%	.62%	.58%	.53%	.65%^G
Supplemental Data
Net assets, end of period (000 omitted)	$151	$134	$121	$121	$109
Portfolio turnover rate^H	162%	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, 2018

1. Organization.

Effective December 5, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were redeemed.

2. Significant Accounting Policies.

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:

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 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.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$15,608,669
Gross unrealized depreciation	(1,087,878)
Net unrealized appreciation (depreciation)	$14,520,791
Tax Cost	$41,764,950

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

Undistributed ordinary income	$1,591,839
Undistributed long-term capital gain	$2,883,692
Net unrealized appreciation (depreciation) on securities and other investments	$14,520,743

The tax character of distributions paid was as follows:

	May 31, 2018	May 31, 2017
Ordinary Income	$2,126,374	$ 1,030,553
Long-term Capital Gains	3,464,935	4,276,496
Total	$5,591,309	$ 5,307,049

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

Primary Risk Exposure / Derivative Type	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)
Equity Risk
Futures Contracts	$347,894	$(59,904)
Written Options	6,885	2,293
Totals	$354,779	$(57,611)

A summary of the value of derivatives by primary risk exposure as of period end, if any, 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" and are representative of volume of activity during the period.

4. Purchases and Sales of Investments.

Purchases and sales of securities (including the Underlying Fund shares), other than short-term securities, aggregated $93,326,351 and $105,652,023, respectively.

5. Fees and Other Transactions with Affiliates.

	Service Fee	Total Fees	Retained by FDC
Class N	.25%	$361	$361

	Amount	% of Class-Level Average Net Assets
Core Multi-Manager	$55,478	.09
Class L	137	.09
Class N	136	.09
	$55,751

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 $183 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	Reimbursement
Core Multi-Manager	.90%	$89,290
Class F	.81%	3,351
Class L	.90%	223
Class N	1.15%	221

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $46.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended May 31, 2018	Year ended May 31, 2017
From net investment income
Core Multi-Manager	$498,296	$443,816
Class F	13,825	26,230
Class L	1,268	1,027
Class N	917	721
Total	$514,306	$471,794
From net realized gain
Core Multi-Manager	$4,896,864	$4,552,626
Class F	155,534	261,588
Class L	12,352	10,549
Class N	12,253	10,492
Total	$5,077,003	$4,835,255

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, 2018	Year ended May 31, 2017	Year ended May 31, 2018	Year ended May 31, 2017
Core Multi-Manager
Shares sold	72,553	141,085	$945,428	$1,713,629
Reinvestment of distributions	423,610	422,177	5,395,160	4,996,442
Shares redeemed	(768,835)	(366,148)	(10,442,050)	(4,350,140)
Net increase (decrease)	(272,672)	197,114	$(4,101,462)	$2,359,931
Class F
Shares sold	93,295	139,459	$1,215,317	$1,705,384
Reinvestment of distributions	13,570	24,215	169,359	287,818
Shares redeemed	(424,887)	(83,486)	(5,749,507)	(1,027,313)
Net increase (decrease)	(318,022)	80,188	$(4,364,831)	$965,889
Class L
Reinvestment of distributions	1,068	978	$13,620	$11,576
Shares redeemed	–	(578)	–	(6,762)
Net increase (decrease)	1,068	400	$13,620	$4,814
Class N
Reinvestment of distributions	1,033	948	$13,170	$11,213
Shares redeemed	–	(575)	–	(6,716)
Net increase (decrease)	1,033	373	$13,170	$4,497

10. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 95% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

July 17, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2018

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

Heidi L. Steiger (1953)

Year of Election or Appointment: 2017

Trustee

Advisory Board Members and Officers:

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

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2015

Chief Financial Officer

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

Chris Maher (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

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, 2017 to May 31, 2018).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio-^A	Beginning Account Value December 1, 2017	Ending Account Value May 31, 2018	Expenses Paid During Period-^B December 1, 2017 to May 31, 2018
Core Multi-Manager	.90%
Actual		$1,000.00	$1,026.70	$4.55
Hypothetical-^C		$1,000.00	$1,020.44	$4.53
Class L	.90%
Actual		$1,000.00	$1,026.70	$4.55
Hypothetical-^C		$1,000.00	$1,020.44	$4.53
Class N	1.15%
Actual		$1,000.00	$1,025.20	$5.81
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	07/09/18	07/06/18	$0.049	$1.000
Class L	07/09/18	07/06/18	$0.049	$1.000
Class N	07/09/18	07/06/18	$0.035	$1.000

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:

	Retail	Class F	Class L	Class N
Strategic Advisers Core Multi-Manager Fund
July 2017	40%	40%	40%	43%
December 2017	41%	–%	41%	44%

	Retail	Class F	Class L	Class N
Strategic Advisers Core Multi-Manager Fund
July 2017	43%	43%	43%	46%
December 2017	49%	–%	49%	52%

The fund will notify shareholders in January 2019 of amounts for use in preparing 2018 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Strategic Advisers Core Multi-Manager Fund

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 from their relationships with the fund, including non-advisory fee compensation paid to affiliates of Strategic Advisers, if any, as well as information regarding potential fall-out benefits accruing to each sub-adviser, if any, as a result of its relationship with the fund, during its annual renewal of the fund's advisory agreements at its September Board meeting.

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 each Amended Sub-Advisory Agreement's fee structure continues to bear a reasonable relationship to the services rendered to the fund and that each 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 each Amended Sub-Advisory Agreement does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MMC-L-MMC-N-ANN-0718
1.9585620.104

Strategic Advisers® Growth Multi-Manager Fund

Annual Report

May 31, 2018

Contents

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

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, 2018	Past 1 year	Past 5 years	Life of fund^A
Strategic Advisers® Growth Multi-Manager Fund	19.47%	14.48%	15.14%

^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
	$25,145	Strategic Advisers® Growth Multi-Manager Fund
	$27,276	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 roughly 19%, trailing the 21.02% return of the benchmark Russell 1000^® Growth Index. Underlying managers employing aggressive-growth strategies delivered the best results this period. Unfortunately, the Fund did not have enough exposure to these strategies to keep pace with the benchmark. Also, managers with a valuation focus in their investment approaches hindered relative performance amid the growth-led market environment. The Blended Research Large Cap Growth strategy from sub-adviser Massachusetts Financial Services was the primary relative detractor. The value tilt inherent in the strategy’s quantitative model constrained its performance in a growth-driven environment. Sub-adviser Loomis Sayles also detracted, as its balanced approach of holding aggressive-growth stocks, as well as more defensive names in the consumer staples and health care sectors, could not keep pace this period. On the plus side, sub-adviser ClariVest Asset Management was the top relative contributor, benefiting from its momentum emphasis, as well as favorable picks in materials and in consumer sectors. Fidelity^® Blue Chip Growth Fund also aided relative results. Its aggressive, all-cap growth strategy yielded strong positioning in information technology, along with solid picks in several other sectors.

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, 2018

(excluding cash equivalents)	% of fund's net assets
Fidelity Blue Chip Growth Fund	5.6
Amazon.com, Inc.	5.1
Fidelity SAI U.S. Quality Index Fund	5.0
Microsoft Corp.	4.7
Facebook, Inc. Class A	3.9
Apple, Inc.	3.8
Alphabet, Inc. Class C	2.5
Alphabet, Inc. Class A	2.3
Visa, Inc. Class A	2.2
The Boeing Co.	1.6
	36.7

Top Five Market Sectors as of May 31, 2018

(stocks only)	% of fund's net assets
Information Technology	36.2
Consumer Discretionary	13.4
Health Care	12.1
Industrials	8.3
Consumer Staples	6.6

Asset Allocation (% of fund's net assets)

As of May 31, 2018
	Common Stocks	84.2%
	Large Growth Funds	10.6%
	Short-Term Investments and Net Other Assets (Liabilities)	5.2%

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

Schedule of Investments May 31, 2018

Showing Percentage of Net Assets

Common Stocks - 84.2%
	Shares	Value
CONSUMER DISCRETIONARY - 13.4%
Auto Components - 0.5%
Lear Corp.	1,922	$380,556
Automobiles - 0.1%
Thor Industries, Inc.	815	75,469
Hotels, Restaurants & Leisure - 3.3%
Domino's Pizza, Inc.	840	211,243
Marriott International, Inc. Class A	2,546	344,627
McDonald's Corp.	2,845	455,228
Norwegian Cruise Line Holdings Ltd. (a)	416	21,773
Royal Caribbean Cruises Ltd.	766	80,415
Starbucks Corp.	13,058	739,997
Wyndham Worldwide Corp.	2,041	221,326
Yum China Holdings, Inc.	5,629	221,220
Yum! Brands, Inc.	3,389	275,627
		2,571,456
Household Durables - 0.4%
D.R. Horton, Inc.	7,193	303,617
Internet & Direct Marketing Retail - 5.7%
Amazon.com, Inc. (a)	2,396	3,904,570
Netflix, Inc. (a)	183	64,343
The Booking Holdings, Inc. (a)	200	421,784
		4,390,697
Media - 0.7%
Comcast Corp. Class A	17,733	552,915
Multiline Retail - 0.2%
Kohl's Corp.	2,830	188,903
Specialty Retail - 2.0%
Home Depot, Inc.	3,957	738,178
Michaels Companies, Inc. (a)	10,172	186,758
Ross Stores, Inc.	5,339	421,140
TJX Companies, Inc.	1,848	166,911
		1,512,987
Textiles, Apparel & Luxury Goods - 0.5%
PVH Corp.	2,295	367,200

TOTAL CONSUMER DISCRETIONARY		10,343,800

CONSUMER STAPLES - 6.6%
Beverages - 2.5%
Constellation Brands, Inc. Class A (sub. vtg.)	1,077	240,257
Monster Beverage Corp. (a)	10,359	529,966
PepsiCo, Inc.	4,402	441,301
The Coca-Cola Co.	16,160	694,880
		1,906,404
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.	1,974	391,326
Walgreens Boots Alliance, Inc.	3,988	248,811
Walmart, Inc.	1,715	141,556
		781,693
Food Products - 1.7%
Archer Daniels Midland Co.	6,077	265,686
Danone SA sponsored ADR	30,585	469,633
General Mills, Inc.	4,174	176,518
Tyson Foods, Inc. Class A	5,981	403,538
		1,315,375
Household Products - 1.0%
Colgate-Palmolive Co.	5,065	319,551
Kimberly-Clark Corp.	887	89,454
Procter & Gamble Co.	5,115	374,265
		783,270
Tobacco - 0.4%
Philip Morris International, Inc.	3,195	254,130

TOTAL CONSUMER STAPLES		5,040,872

ENERGY - 1.2%
Energy Equipment & Services - 0.6%
Schlumberger Ltd.	7,083	486,390
Oil, Gas & Consumable Fuels - 0.6%
Marathon Petroleum Corp.	2,520	199,156
Valero Energy Corp.	2,135	258,762
		457,918

TOTAL ENERGY		944,308

FINANCIALS - 4.0%
Banks - 0.5%
Bank of America Corp.	9,706	281,862
Zions Bancorporation	2,155	118,116
		399,978
Capital Markets - 2.0%
Affiliated Managers Group, Inc.	878	139,830
Bank of New York Mellon Corp.	4,240	232,140
E*TRADE Financial Corp. (a)	4,280	271,138
FactSet Research Systems, Inc.	1,393	280,007
SEI Investments Co.	7,207	459,662
State Street Corp.	1,560	149,932
		1,532,709
Consumer Finance - 0.8%
American Express Co.	1,900	186,770
Discover Financial Services	3,508	259,101
Synchrony Financial	4,841	167,644
		613,515
Insurance - 0.7%
MetLife, Inc.	4,142	190,491
Progressive Corp.	2,230	138,461
Prudential Financial, Inc.	1,951	188,935
		517,887

TOTAL FINANCIALS		3,064,089

HEALTH CARE - 12.1%
Biotechnology - 3.4%
AbbVie, Inc.	3,832	379,138
Amgen, Inc.	4,864	873,672
Biogen, Inc. (a)	1,627	478,273
Celgene Corp. (a)	4,458	350,755
Regeneron Pharmaceuticals, Inc. (a)	1,458	437,867
Vertex Pharmaceuticals, Inc. (a)	546	84,084
		2,603,789
Health Care Equipment & Supplies - 2.1%
Align Technology, Inc. (a)	898	298,091
Edwards Lifesciences Corp. (a)	4,542	623,662
Medtronic PLC	1,575	135,954
The Cooper Companies, Inc.	1,085	245,546
Varian Medical Systems, Inc. (a)	2,515	296,443
		1,599,696
Health Care Providers & Services - 3.1%
Aetna, Inc.	1,684	296,603
CVS Health Corp.	1,404	89,000
Express Scripts Holding Co. (a)	588	44,576
HCA Holdings, Inc.	2,396	247,123
Humana, Inc.	336	97,769
Laboratory Corp. of America Holdings (a)	1,646	297,251
McKesson Corp.	1,058	150,173
UnitedHealth Group, Inc.	4,019	970,629
Wellcare Health Plans, Inc. (a)	890	197,286
		2,390,410
Health Care Technology - 0.4%
Cerner Corp. (a)	5,606	334,566
Life Sciences Tools & Services - 0.6%
Thermo Fisher Scientific, Inc.	2,244	467,358
Pharmaceuticals - 2.5%
Bristol-Myers Squibb Co.	1,508	79,351
Eli Lilly & Co.	4,747	403,685
Johnson & Johnson	2,000	239,240
Merck & Co., Inc.	7,982	475,168
Novartis AG sponsored ADR	3,389	252,548
Novo Nordisk A/S Series B sponsored ADR	9,966	473,784
		1,923,776

TOTAL HEALTH CARE		9,319,595

INDUSTRIALS - 8.3%
Aerospace & Defense - 2.8%
General Dynamics Corp.	612	123,447
Lockheed Martin Corp.	657	206,653
Northrop Grumman Corp.	1,152	376,992
Textron, Inc.	3,345	222,710
The Boeing Co.	3,533	1,244,181
		2,173,983
Air Freight & Logistics - 0.9%
Expeditors International of Washington, Inc.	6,949	517,562
United Parcel Service, Inc. Class B	1,552	180,218
		697,780
Airlines - 0.4%
Delta Air Lines, Inc.	5,659	305,869
Building Products - 0.3%
Owens Corning	4,069	257,242
Machinery - 2.4%
Allison Transmission Holdings, Inc.	2,966	122,525
Caterpillar, Inc.	2,775	421,550
Deere & Co.	2,989	446,885
Illinois Tool Works, Inc.	1,541	221,442
Ingersoll-Rand PLC	4,315	377,735
Oshkosh Corp.	1,865	135,679
Stanley Black & Decker, Inc.	630	87,721
		1,813,537
Road & Rail - 0.7%
Kansas City Southern	383	41,038
Union Pacific Corp.	3,239	462,400
		503,438
Trading Companies & Distributors - 0.8%
United Rentals, Inc. (a)	2,945	469,934
Univar, Inc. (a)	4,901	133,650
		603,584

TOTAL INDUSTRIALS		6,355,433

INFORMATION TECHNOLOGY - 36.2%
Communications Equipment - 1.1%
Cisco Systems, Inc.	20,762	886,745
Internet Software & Services - 10.9%
Alibaba Group Holding Ltd. sponsored ADR (a)	5,781	1,144,696
Alphabet, Inc.:
Class A (a)	1,642	1,806,200
Class C (a)	1,737	1,884,628
Dropbox, Inc. Class B	1,056	28,503
eBay, Inc. (a)	7,275	274,413
Facebook, Inc. Class A (a)	15,458	2,964,535
SurveyMonkey (a)(b)(c)	1,159	13,363
Twitter, Inc. (a)	4,590	159,273
VeriSign, Inc. (a)	633	82,569
		8,358,180
IT Services - 6.5%
Accenture PLC Class A	1,984	308,988
Amdocs Ltd.	2,551	172,090
Automatic Data Processing, Inc.	1,166	151,603
Cognizant Technology Solutions Corp. Class A	4,242	319,635
DXC Technology Co.	3,190	293,831
Fidelity National Information Services, Inc.	1,624	166,005
Fiserv, Inc. (a)	3,838	278,639
Global Payments, Inc.	3,610	401,288
MasterCard, Inc. Class A	3,225	613,137
Total System Services, Inc.	3,758	320,144
Visa, Inc. Class A	12,592	1,646,026
Worldpay, Inc. (a)	3,923	311,761
		4,983,147
Semiconductors & Semiconductor Equipment - 3.4%
Applied Materials, Inc.	9,506	482,715
KLA-Tencor Corp.	1,040	117,759
Lam Research Corp.	1,745	345,824
Micron Technology, Inc. (a)	3,545	204,157
NVIDIA Corp.	3,574	901,327
Qualcomm, Inc.	7,833	455,254
Texas Instruments, Inc.	1,385	154,995
		2,662,031
Software - 9.8%
Activision Blizzard, Inc.	3,390	240,385
Adobe Systems, Inc. (a)	3,951	984,905
Autodesk, Inc. (a)	4,955	639,691
Electronic Arts, Inc. (a)	3,893	509,633
Microsoft Corp.	36,907	3,647,888
Oracle Corp.	15,895	742,614
Salesforce.com, Inc. (a)	3,174	410,493
Synopsys, Inc. (a)	3,280	288,870
Take-Two Interactive Software, Inc. (a)	508	56,937
		7,521,416
Technology Hardware, Storage & Peripherals - 4.5%
Apple, Inc.	15,724	2,938,344
NetApp, Inc.	4,205	287,286
Western Digital Corp.	2,647	221,051
		3,446,681

TOTAL INFORMATION TECHNOLOGY		27,858,200

MATERIALS - 1.5%
Chemicals - 0.9%
CF Industries Holdings, Inc.	6,006	247,087
Huntsman Corp.	1,191	38,076
LyondellBasell Industries NV Class A	2,534	284,112
Westlake Chemical Corp.	846	97,908
		667,183
Containers & Packaging - 0.2%
Berry Global Group, Inc. (a)	1,191	57,513
Owens-Illinois, Inc. (a)	5,355	99,603
Sealed Air Corp.	511	22,259
		179,375
Metals & Mining - 0.4%
Steel Dynamics, Inc.	6,246	308,740

TOTAL MATERIALS		1,155,298

REAL ESTATE - 0.7%
Equity Real Estate Investment Trusts (REITs) - 0.7%
Extra Space Storage, Inc.	1,496	143,990
SBA Communications Corp. Class A (a)	1,643	259,709
Simon Property Group, Inc.	841	134,745
		538,444
UTILITIES - 0.2%
Independent Power and Renewable Electricity Producers - 0.2%
The AES Corp.	10,401	132,613
TOTAL COMMON STOCKS
(Cost $39,702,585)		64,752,652

Equity Funds - 10.6%
Large Growth Funds - 10.6%
Fidelity Blue Chip Growth Fund (d)	44,507	4,287,812
Fidelity SAI U.S. Quality Index Fund (d)	282,596	3,863,090
TOTAL EQUITY FUNDS
(Cost $5,819,974)		8,150,902
	Principal Amount

U.S. Treasury Obligations - 0.2%
U.S. Treasury Bills, yield at date of purchase 1.8% to 1.88% 8/2/18 to 8/30/18 (e)
(Cost $129,535)	130,000	129,528
	Shares	Value

Money Market Funds - 4.8%
Invesco Government & Agency Portfolio Institutional Class 1.64%(f)
(Cost $3,741,777)	3,741,777	3,741,777
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $49,393,871)		76,774,859
NET OTHER ASSETS (LIABILITIES) - 0.2%		127,296
NET ASSETS - 100%		$76,902,155

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 1000 Growth Index Contracts (United States)	42	June 2018	$3,001,320	$(26,516)	$(26,516)

The notional amount of futures purchased as a percentage of Net Assets is 3.9%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $3,270,988.

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 $13,363 or 0.0% of net assets.

(d) Affiliated Fund

(e) 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 $129,528.

(f) 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
SurveyMonkey	11/25/14	$19,066

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Blue Chip Growth Fund	$3,601,515	$--	$--	$167,257	$--	$686,297	$4,287,812
Fidelity SAI U.S. Quality Index Fund	3,447,674	--	--	141,581	--	415,416	3,863,090
Total	$7,049,189	$--	$--	$308,838	$--	$1,101,713	$8,150,902

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$10,343,800	$10,343,800	$--	$--
Consumer Staples	5,040,872	5,040,872	--	--
Energy	944,308	944,308	--	--
Financials	3,064,089	3,064,089	--	--
Health Care	9,319,595	9,319,595	--	--
Industrials	6,355,433	6,355,433	--	--
Information Technology	27,858,200	27,816,334	28,503	13,363
Materials	1,155,298	1,155,298	--	--
Real Estate	538,444	538,444	--	--
Utilities	132,613	132,613	--	--
Equity Funds	8,150,902	8,150,902	--	--
Other Short-Term Investments	129,528	--	129,528	--
Money Market Funds	3,741,777	3,741,777	--	--
Total Investments in Securities:	$76,774,859	$76,603,465	$158,031	$13,363
Derivative Instruments:
Liabilities
Futures Contracts	$(26,516)	$(26,516)	$--	$--
Total Liabilities	$(26,516)	$(26,516)	$--	$--
Total Derivative Instruments:	$(26,516)	$(26,516)	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts^(a)	$0	$(26,516)
Total Equity Risk	0	(26,516)
Total Value of Derivatives	$0	$(26,516)

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

Financial Statements

Statement of Assets and Liabilities

		May 31, 2018
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $43,573,897)	$68,623,957
Affiliated issuers (cost $5,819,974)	8,150,902
Total Investment in Securities (cost $49,393,871)		$76,774,859
Receivable for investments sold		112,555
Receivable for fund shares sold		11,094
Dividends receivable		98,437
Interest receivable		4,573
Prepaid expenses		374
Other receivables		1,315
Total assets		77,003,207
Liabilities
Payable for fund shares redeemed	$6,642
Accrued management fee	29,242
Transfer agent fee payable	5,253
Distribution and service plan fees payable	34
Payable for daily variation margin on futures contracts	17,010
Other affiliated payables	2,463
Audit fees payable	36,362
Other payables and accrued expenses	4,046
Total liabilities		101,052
Net Assets		$76,902,155
Net Assets consist of:
Paid in capital		$46,806,312
Undistributed net investment income		48,792
Accumulated undistributed net realized gain (loss) on investments		2,692,579
Net unrealized appreciation (depreciation) on investments		27,354,472
Net Assets		$76,902,155
Growth Multi-Manager:
Net Asset Value, offering price and redemption price per share ($76,573,234 ÷ 4,912,402 shares)		$15.59
Class L:
Net Asset Value, offering price and redemption price per share ($165,393 ÷ 10,619 shares)		$15.58
Class N:
Net Asset Value, offering price and redemption price per share ($163,528 ÷ 10,516 shares)		$15.55

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

Statement of Operations

		Year ended May 31, 2018
Investment Income
Dividends:
Unaffiliated issuers		$733,926
Affiliated issuers		57,878
Interest		43,352
Total income		835,156
Expenses
Management fee	$335,526
Transfer agent fees	61,132
Distribution and service plan fees	381
Accounting fees and expenses	28,277
Custodian fees and expenses	10,057
Independent trustees' fees and expenses	905
Registration fees	43,806
Audit	63,861
Legal	2,047
Miscellaneous	836
Total expenses		546,828
Net investment income (loss)		288,328
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	3,666,342
Futures contracts	669,743
Capital gain distributions from underlying funds:
Affiliated issuers	250,960
Total net realized gain (loss)		4,587,045
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	6,911,989
Affiliated issuers	1,101,713
Futures contracts	(164,597)
Total change in net unrealized appreciation (depreciation)		7,849,105
Net gain (loss)		12,436,150
Net increase (decrease) in net assets resulting from operations		$12,724,478

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

Statement of Changes in Net Assets

	Year ended May 31, 2018	Year ended May 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$288,328	$281,963
Net realized gain (loss)	4,587,045	5,959,385
Change in net unrealized appreciation (depreciation)	7,849,105	4,559,837
Net increase (decrease) in net assets resulting from operations	12,724,478	10,801,185
Distributions to shareholders from net investment income	(341,014)	(319,551)
Distributions to shareholders from net realized gain	(3,169,123)	(7,341,393)
Total distributions	(3,510,137)	(7,660,944)
Share transactions - net increase (decrease)	1,329,529	4,574,494
Total increase (decrease) in net assets	10,543,870	7,714,735
Net Assets
Beginning of period	66,358,285	58,643,550
End of period	$76,902,155	$66,358,285
Other Information
Undistributed net investment income end of period	$48,792	$101,429

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

Financial Highlights

Strategic Advisers Growth Multi-Manager Fund

Years ended May 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$13.73	$13.17	$14.04	$14.73	$12.70
Income from Investment Operations
Net investment income (loss)^A	.06	.06	.06	.05	.08
Net realized and unrealized gain (loss)	2.53	2.21^B	(.16)	1.71	2.74
Total from investment operations	2.59	2.27	(.10)	1.76	2.82
Distributions from net investment income	(.07)	(.07)	(.05)	(.06)	(.07)
Distributions from net realized gain	(.66)	(1.64)	(.72)	(2.38)	(.73)
Total distributions	(.73)	(1.71)	(.77)	(2.45)^C	(.79)^D
Net asset value, end of period	$15.59	$13.73	$13.17	$14.04	$14.73
Total Return^E	19.47%	19.13%^B	(.66)%	13.15%	22.94%
Ratios to Average Net Assets^F
Expenses before reductions	.75%	.80%	.82%	.84%	.83%
Expenses net of fee waivers, if any	.75%	.80%	.82%	.84%	.80%
Expenses net of all reductions	.75%	.80%	.82%	.84%	.80%
Net investment income (loss)	.40%	.46%	.46%	.39%	.55%
Supplemental Data
Net assets, end of period (000 omitted)	$76,573	$62,610	$55,948	$62,615	$65,731
Portfolio turnover rate^G	30%	52%	46%	46%	51%

^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.

Strategic Advisers Growth Multi-Manager Fund Class L

Years ended May 31,	2018	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.72	$13.16	$14.03	$14.72	$13.96
Income from Investment Operations
Net investment income (loss)^B	.06	.06	.06	.05	.05
Net realized and unrealized gain (loss)	2.53	2.21^C	(.15)	1.71	1.22
Total from investment operations	2.59	2.27	(.09)	1.76	1.27
Distributions from net investment income	(.07)	(.07)	(.05)	(.07)	(.05)
Distributions from net realized gain	(.66)	(1.64)	(.72)	(2.38)	(.46)
Total distributions	(.73)	(1.71)	(.78)^D	(2.45)	(.51)
Net asset value, end of period	$15.58	$13.72	$13.16	$14.03	$14.72
Total Return^E,^F	19.49%	19.15%^C	(.65)%	13.18%	9.28%
Ratios to Average Net Assets^G
Expenses before reductions	.75%	.80%	.82%	.84%	.85%^H
Expenses net of fee waivers, if any	.75%	.80%	.82%	.84%	.85%^H
Expenses net of all reductions	.75%	.80%	.82%	.84%	.85%^H
Net investment income (loss)	.40%	.46%	.46%	.39%	.58%^H
Supplemental Data
Net assets, end of period (000 omitted)	$165	$139	$123	$124	$109
Portfolio turnover rate^I	30%	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.

^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.

Strategic Advisers Growth Multi-Manager Fund Class N

Years ended May 31,	2018	2017	2016	2015	2014 ^A
Selected Per–Share Data
Net asset value, beginning of period	$13.70	$13.15	$14.01	$14.71	$13.96
Income from Investment Operations
Net investment income (loss)^B	.02	.03	.03	.02	.03
Net realized and unrealized gain (loss)	2.53	2.20^C	(.15)	1.70	1.23
Total from investment operations	2.55	2.23	(.12)	1.72	1.26
Distributions from net investment income	(.04)	(.04)	(.02)	(.03)	(.05)
Distributions from net realized gain	(.66)	(1.64)	(.72)	(2.38)	(.46)
Total distributions	(.70)	(1.68)	(.74)	(2.42)^D	(.51)
Net asset value, end of period	$15.55	$13.70	$13.15	$14.01	$14.71
Total Return^E,^F	19.15%	18.79%^C	(.83)%	12.83%	9.17%
Ratios to Average Net Assets^G
Expenses before reductions	1.00%	1.05%	1.07%	1.09%	1.10%^H
Expenses net of fee waivers, if any	1.00%	1.05%	1.07%	1.09%	1.10%^H
Expenses net of all reductions	1.00%	1.05%	1.06%	1.09%	1.10%^H
Net investment income (loss)	.15%	.21%	.21%	.14%	.32%^H
Supplemental Data
Net assets, end of period (000 omitted)	$164	$137	$122	$123	$109
Portfolio turnover rate^I	30%	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, 2018

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 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.

Effective December 5, 2017, the Fund no longer offered Class F, and all outstanding shares of Class F were redeemed.

2. Significant Accounting Policies.

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:

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.

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, 2018, 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 and 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, 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.

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

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation	$28,095,915
Gross unrealized depreciation	(780,327)
Net unrealized appreciation (depreciation)	$27,315,588
Tax Cost	$49,459,271

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

Undistributed ordinary income	$299,709
Undistributed long-term capital gain	$2,481,862
Net unrealized appreciation (depreciation) on securities and other investments	$27,315,588

The tax character of distributions paid was as follows:

	May 31, 2018	May 31, 2017
Ordinary Income	$403,002	$ 516,495
Long-term Capital Gains	3,107,135	7,144,449
Total	$3,510,137	$ 7,660,944

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 notional 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities (including the Underlying Fund shares), other than short-term securities, aggregated $20,739,164 and $22,339,290, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Strategic Advisers LLC (the investment adviser) provides the Fund with investment management related services. For these services, the Fund pays a monthly management fee to the investment adviser. The management fee is calculated by adding the annual management fee rate of .30% of the Fund's average net assets throughout the month payable to the investment adviser to the aggregate of the fee rates, payable monthly, to the Fund's sub-advisers. The Fund's maximum aggregate management fee will not exceed 1.00% of the Fund's average net assets. For the reporting period, the total annual management fee rate was .46% of the Fund's average net assets.

Sub-Advisers. ClariVest Asset Management LLC, Loomis Sayles & Company, L.P. and Massachusetts Financial Services Company (MFS) 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 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%	$381	$381

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	$60,879	.09
Class L	127	.08
Class N	126	.08
	$61,132

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 $196 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. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended May 31, 2018	Year ended May 31, 2017
From net investment income
Growth Multi-Manager	$333,149	$301,715
Class F	6,749	16,794
Class L	739	671
Class N	377	371
Total	$341,014	$319,551
From net realized gain
Growth Multi-Manager	$3,077,441	$6,978,535
Class F	78,239	332,358
Class L	6,748	15,293
Class N	6,695	15,207
Total	$3,169,123	$7,341,393

8. 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, 2018	Year ended May 31, 2017	Year ended May 31, 2018	Year ended May 31, 2017
Growth Multi-Manager
Shares sold	298,280	85,500	$4,480,988	$1,104,425
Reinvestment of distributions	239,972	587,340	3,410,590	7,280,250
Shares redeemed	(184,489)	(361,805)	(2,779,444)	(4,658,114)
Net increase (decrease)	353,763	311,035	$5,112,134	$3,726,561
Class F
Shares sold	69,702	110,246	$993,972	$1,414,746
Reinvestment of distributions	6,324	28,217	84,988	349,152
Shares redeemed	(328,909)	(71,636)	(4,876,124)	(933,819)
Net increase (decrease)	(252,883)	66,827	$(3,797,164)	$830,079
Class L
Reinvestment of distributions	527	1,289	7,487	15,964
Shares redeemed	–	(534)	–	(6,870)
Net increase (decrease)	527	755	$7,487	$9,094
Class N
Reinvestment of distributions	499	1,258	7,072	15,578
Shares redeemed	–	(531)	–	(6,818)
Net increase (decrease)	499	727	$7,072	$8,760

9. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 91% of the total outstanding shares of the Fund.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Growth Multi-Manager Fund (one of the funds constituting Fidelity Rutland Square Trust II, hereafter collectively referred to as the "Fund") as of May 31, 2018, the related statement of operations for the year ended May 31, 2018, the statement of changes in net assets for each of the two years in the period ended May 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2018, 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 ended May 31, 2018 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

July 16, 2018

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

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+

Brian B. Hogan (1964)

Year of Election or Appointment: 2018

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

Heidi L. Steiger (1953)

Year of Election or Appointment: 2017

Trustee

Advisory Board Members and Officers:

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

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Howard J. Galligan III (1966)

Year of Election or Appointment: 2015

Chief Financial Officer

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

Chris Maher (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Rieco E. Mello (1969)

Year of Election or Appointment: 2017

Assistant Treasurer

Mr. Mello also serves as Assistant Treasurer of other funds. Mr. Mello serves as Assistant Treasurer of FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (1995-present).

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, 2017 to May 31, 2018).

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, 2017	Ending Account Value May 31, 2018	Expenses Paid During Period-^B December 1, 2017 to May 31, 2018
Growth Multi-Manager	.70%
Actual		$1,000.00	$1,056.40	$3.59
Hypothetical-^C		$1,000.00	$1,021.44	$3.53
Class L	.70%
Actual		$1,000.00	$1,056.40	$3.59
Hypothetical-^C		$1,000.00	$1,021.44	$3.53
Class N	.95%
Actual		$1,000.00	$1,054.30	$4.87
Hypothetical-^C		$1,000.00	$1,020.19	$4.78

^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-Manager Fund
Strategic Advisers Growth Multi-Manager Fund	07/09/18	07/06/18	$0.010	$0.557
Class L	07/09/18	07/06/18	$0.011	$0.557
Class N	07/09/18	07/06/18	$0.000	$0.552

The fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2018, $4,076,550, 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, 2017 during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Strategic Advisers Growth Multi-Manager Fund, Class F, Class L, and Class N designate 100% of the dividends distributed in July and December, 2017 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 2019 of amounts for use in preparing 2018 income tax returns.

Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

MMG-ANN-0718
1.931553.106

Strategic Advisers® Growth Multi-Manager Fund

Class L and Class N

Annual Report

May 31, 2018

Contents

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

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.

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, 2018	Past 1 year	Past 5 years	Life of fund^A
Class L	19.49%	14.49%	15.14%
Class N	19.15%	14.22%	14.93%

^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® Growth 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® Growth 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® Growth 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 Russell 1000® Growth Index performed over the same period.

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

	Period Ending Values
	$25,148	Strategic Advisers® Growth Multi-Manager Fund - Class L
	$27,276	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, 2018

(excluding cash equivalents)	% of fund's net assets
Fidelity Blue Chip Growth Fund	5.6
Amazon.com, Inc.	5.1
Fidelity SAI U.S. Quality Index Fund	5.0
Microsoft Corp.	4.7
Facebook, Inc. Class A	3.9
Apple, Inc.	3.8
Alphabet, Inc. Class C	2.5
Alphabet, Inc. Class A	2.3
Visa, Inc. Class A	2.2
The Boeing Co.	1.6
	36.7

Top Five Market Sectors as of May 31, 2018

(stocks only)	% of fund's net assets
Information Technology	36.2
Consumer Discretionary	13.4
Health Care	12.1
Industrials	8.3
Consumer Staples	6.6

Asset Allocation (% of fund's net assets)

As of May 31, 2018
	Common Stocks	84.2%
	Large Growth Funds	10.6%
	Short-Term Investments and Net Other Assets (Liabilities)	5.2%

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

Schedule of Investments May 31, 2018

Showing Percentage of Net Assets

Common Stocks - 84.2%
	Shares	Value
CONSUMER DISCRETIONARY - 13.4%
Auto Components - 0.5%
Lear Corp.	1,922	$380,556
Automobiles - 0.1%
Thor Industries, Inc.	815	75,469
Hotels, Restaurants & Leisure - 3.3%
Domino's Pizza, Inc.	840	211,243
Marriott International, Inc. Class A	2,546	344,627
McDonald's Corp.	2,845	455,228
Norwegian Cruise Line Holdings Ltd. (a)	416	21,773
Royal Caribbean Cruises Ltd.	766	80,415
Starbucks Corp.	13,058	739,997
Wyndham Worldwide Corp.	2,041	221,326
Yum China Holdings, Inc.	5,629	221,220
Yum! Brands, Inc.	3,389	275,627
		2,571,456
Household Durables - 0.4%
D.R. Horton, Inc.	7,193	303,617
Internet & Direct Marketing Retail - 5.7%
Amazon.com, Inc. (a)	2,396	3,904,570
Netflix, Inc. (a)	183	64,343
The Booking Holdings, Inc. (a)	200	421,784
		4,390,697
Media - 0.7%
Comcast Corp. Class A	17,733	552,915
Multiline Retail - 0.2%
Kohl's Corp.	2,830	188,903
Specialty Retail - 2.0%
Home Depot, Inc.	3,957	738,178
Michaels Companies, Inc. (a)	10,172	186,758
Ross Stores, Inc.	5,339	421,140
TJX Companies, Inc.	1,848	166,911
		1,512,987
Textiles, Apparel & Luxury Goods - 0.5%
PVH Corp.	2,295	367,200

TOTAL CONSUMER DISCRETIONARY		10,343,800

CONSUMER STAPLES - 6.6%
Beverages - 2.5%
Constellation Brands, Inc. Class A (sub. vtg.)	1,077	240,257
Monster Beverage Corp. (a)	10,359	529,966
PepsiCo, Inc.	4,402	441,301
The Coca-Cola Co.	16,160	694,880
		1,906,404
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.	1,974	391,326
Walgreens Boots Alliance, Inc.	3,988	248,811
Walmart, Inc.	1,715	141,556
		781,693
Food Products - 1.7%
Archer Daniels Midland Co.	6,077	265,686
Danone SA sponsored ADR	30,585	469,633
General Mills, Inc.	4,174	176,518
Tyson Foods, Inc. Class A	5,981	403,538
		1,315,375
Household Products - 1.0%
Colgate-Palmolive Co.	5,065	319,551
Kimberly-Clark Corp.	887	89,454
Procter & Gamble Co.	5,115	374,265
		783,270
Tobacco - 0.4%
Philip Morris International, Inc.	3,195	254,130

TOTAL CONSUMER STAPLES		5,040,872

ENERGY - 1.2%
Energy Equipment & Services - 0.6%
Schlumberger Ltd.	7,083	486,390
Oil, Gas & Consumable Fuels - 0.6%
Marathon Petroleum Corp.	2,520	199,156
Valero Energy Corp.	2,135	258,762
		457,918

TOTAL ENERGY		944,308

FINANCIALS - 4.0%
Banks - 0.5%
Bank of America Corp.	9,706	281,862
Zions Bancorporation	2,155	118,116
		399,978
Capital Markets - 2.0%
Affiliated Managers Group, Inc.	878	139,830
Bank of New York Mellon Corp.	4,240	232,140
E*TRADE Financial Corp. (a)	4,280	271,138
FactSet Research Systems, Inc.	1,393	280,007
SEI Investments Co.	7,207	459,662
State Street Corp.	1,560	149,932
		1,532,709
Consumer Finance - 0.8%
American Express Co.	1,900	186,770
Discover Financial Services	3,508	259,101
Synchrony Financial	4,841	167,644
		613,515
Insurance - 0.7%
MetLife, Inc.	4,142	190,491
Progressive Corp.	2,230	138,461
Prudential Financial, Inc.	1,951	188,935
		517,887

TOTAL FINANCIALS		3,064,089

HEALTH CARE - 12.1%
Biotechnology - 3.4%
AbbVie, Inc.	3,832	379,138
Amgen, Inc.	4,864	873,672
Biogen, Inc. (a)	1,627	478,273
Celgene Corp. (a)	4,458	350,755
Regeneron Pharmaceuticals, Inc. (a)	1,458	437,867
Vertex Pharmaceuticals, Inc. (a)	546	84,084
		2,603,789
Health Care Equipment & Supplies - 2.1%
Align Technology, Inc. (a)	898	298,091
Edwards Lifesciences Corp. (a)	4,542	623,662
Medtronic PLC	1,575	135,954
The Cooper Companies, Inc.	1,085	245,546
Varian Medical Systems, Inc. (a)	2,515	296,443
		1,599,696
Health Care Providers & Services - 3.1%
Aetna, Inc.	1,684	296,603
CVS Health Corp.	1,404	89,000
Express Scripts Holding Co. (a)	588	44,576
HCA Holdings, Inc.	2,396	247,123
Humana, Inc.	336	97,769
Laboratory Corp. of America Holdings (a)	1,646	297,251
McKesson Corp.	1,058	150,173
UnitedHealth Group, Inc.	4,019	970,629
Wellcare Health Plans, Inc. (a)	890	197,286
		2,390,410
Health Care Technology - 0.4%
Cerner Corp. (a)	5,606	334,566
Life Sciences Tools & Services - 0.6%
Thermo Fisher Scientific, Inc.	2,244	467,358
Pharmaceuticals - 2.5%
Bristol-Myers Squibb Co.	1,508	79,351
Eli Lilly & Co.	4,747	403,685
Johnson & Johnson	2,000	239,240
Merck & Co., Inc.	7,982	475,168
Novartis AG sponsored ADR	3,389	252,548
Novo Nordisk A/S Series B sponsored ADR	9,966	473,784
		1,923,776

TOTAL HEALTH CARE		9,319,595

INDUSTRIALS - 8.3%
Aerospace & Defense - 2.8%
General Dynamics Corp.	612	123,447
Lockheed Martin Corp.	657	206,653
Northrop Grumman Corp.	1,152	376,992
Textron, Inc.	3,345	222,710
The Boeing Co.	3,533	1,244,181
		2,173,983
Air Freight & Logistics - 0.9%
Expeditors International of Washington, Inc.	6,949	517,562
United Parcel Service, Inc. Class B	1,552	180,218
		697,780
Airlines - 0.4%
Delta Air Lines, Inc.	5,659	305,869
Building Products - 0.3%
Owens Corning	4,069	257,242
Machinery - 2.4%
Allison Transmission Holdings, Inc.	2,966	122,525
Caterpillar, Inc.	2,775	421,550
Deere & Co.	2,989	446,885
Illinois Tool Works, Inc.	1,541	221,442
Ingersoll-Rand PLC	4,315	377,735
Oshkosh Corp.	1,865	135,679
Stanley Black & Decker, Inc.	630	87,721
		1,813,537
Road & Rail - 0.7%
Kansas City Southern	383	41,038
Union Pacific Corp.	3,239	462,400
		503,438
Trading Companies & Distributors - 0.8%
United Rentals, Inc. (a)	2,945	469,934
Univar, Inc. (a)	4,901	133,650
		603,584

TOTAL INDUSTRIALS		6,355,433

INFORMATION TECHNOLOGY - 36.2%
Communications Equipment - 1.1%
Cisco Systems, Inc.	20,762	886,745
Internet Software & Services - 10.9%
Alibaba Group Holding Ltd. sponsored ADR (a)	5,781	1,144,696
Alphabet, Inc.:
Class A (a)	1,642	1,806,200
Class C (a)	1,737	1,884,628
Dropbox, Inc. Class B	1,056	28,503
eBay, Inc. (a)	7,275	274,413
Facebook, Inc. Class A (a)	15,458	2,964,535
SurveyMonkey (a)(b)(c)	1,159	13,363
Twitter, Inc. (a)	4,590	159,273
VeriSign, Inc. (a)	633	82,569
		8,358,180
IT Services - 6.5%
Accenture PLC Class A	1,984	308,988
Amdocs Ltd.	2,551	172,090
Automatic Data Processing, Inc.	1,166	151,603
Cognizant Technology Solutions Corp. Class A	4,242	319,635
DXC Technology Co.	3,190	293,831
Fidelity National Information Services, Inc.	1,624	166,005
Fiserv, Inc. (a)	3,838	278,639
Global Payments, Inc.	3,610	401,288
MasterCard, Inc. Class A	3,225	613,137
Total System Services, Inc.	3,758	320,144
Visa, Inc. Class A	12,592	1,646,026
Worldpay, Inc. (a)	3,923	311,761
		4,983,147
Semiconductors & Semiconductor Equipment - 3.4%
Applied Materials, Inc.	9,506	482,715
KLA-Tencor Corp.	1,040	117,759
Lam Research Corp.	1,745	345,824
Micron Technology, Inc. (a)	3,545	204,157
NVIDIA Corp.	3,574	901,327
Qualcomm, Inc.	7,833	455,254
Texas Instruments, Inc.	1,385	154,995
		2,662,031
Software - 9.8%
Activision Blizzard, Inc.	3,390	240,385
Adobe Systems, Inc. (a)	3,951	984,905
Autodesk, Inc. (a)	4,955	639,691
Electronic Arts, Inc. (a)	3,893	509,633
Microsoft Corp.	36,907	3,647,888
Oracle Corp.	15,895	742,614
Salesforce.com, Inc. (a)	3,174	410,493
Synopsys, Inc. (a)	3,280	288,870
Take-Two Interactive Software, Inc. (a)	508	56,937
		7,521,416
Technology Hardware, Storage & Peripherals - 4.5%
Apple, Inc.	15,724	2,938,344
NetApp, Inc.	4,205	287,286
Western Digital Corp.	2,647	221,051
		3,446,681

TOTAL INFORMATION TECHNOLOGY		27,858,200

MATERIALS - 1.5%
Chemicals - 0.9%
CF Industries Holdings, Inc.	6,006	247,087
Huntsman Corp.	1,191	38,076
LyondellBasell Industries NV Class A	2,534	284,112
Westlake Chemical Corp.	846	97,908
		667,183
Containers & Packaging - 0.2%
Berry Global Group, Inc. (a)	1,191	57,513
Owens-Illinois, Inc. (a)	5,355	99,603
Sealed Air Corp.	511	22,259
		179,375
Metals & Mining - 0.4%
Steel Dynamics, Inc.	6,246	308,740

TOTAL MATERIALS		1,155,298

REAL ESTATE - 0.7%
Equity Real Estate Investment Trusts (REITs) - 0.7%
Extra Space Storage, Inc.	1,496	143,990
SBA Communications Corp. Class A (a)	1,643	259,709
Simon Property Group, Inc.	841	134,745
		538,444
UTILITIES - 0.2%
Independent Power and Renewable Electricity Producers - 0.2%
The AES Corp.	10,401	132,613
TOTAL COMMON STOCKS
(Cost $39,702,585)		64,752,652

Equity Funds - 10.6%
Large Growth Funds - 10.6%
Fidelity Blue Chip Growth Fund (d)	44,507	4,287,812
Fidelity SAI U.S. Quality Index Fund (d)	282,596	3,863,090
TOTAL EQUITY FUNDS
(Cost $5,819,974)		8,150,902
	Principal Amount

U.S. Treasury Obligations - 0.2%
U.S. Treasury Bills, yield at date of purchase 1.8% to 1.88% 8/2/18 to 8/30/18 (e)
(Cost $129,535)	130,000	129,528
	Shares	Value

Money Market Funds - 4.8%
Invesco Government & Agency Portfolio Institutional Class 1.64%(f)
(Cost $3,741,777)	3,741,777	3,741,777
TOTAL INVESTMENT IN SECURITIES - 99.8%
(Cost $49,393,871)		76,774,859
NET OTHER ASSETS (LIABILITIES) - 0.2%		127,296
NET ASSETS - 100%		$76,902,155

Futures Contracts
	Number of contracts	Expiration Date	Notional Amount	Value	Unrealized Appreciation/(Depreciation)
Purchased
Equity Index Contracts
CME E-mini Russell 1000 Growth Index Contracts (United States)	42	June 2018	$3,001,320	$(26,516)	$(26,516)

The notional amount of futures purchased as a percentage of Net Assets is 3.9%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $3,270,988.

Legend

(a) Non-income producing

(d) Affiliated Fund

(e) 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 $129,528.

(f) 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
SurveyMonkey	11/25/14	$19,066

Affiliated Underlying Funds

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Realized Gain (loss)	Change in Unrealized appreciation (depreciation)	Value, end of period
Fidelity Blue Chip Growth Fund	$3,601,515	$--	$--	$167,257	$--	$686,297	$4,287,812
Fidelity SAI U.S. Quality Index Fund	3,447,674	--	--	141,581	--	415,416	3,863,090
Total	$7,049,189	$--	$--	$308,838	$--	$1,101,713	$8,150,902

Investment Valuation

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$10,343,800	$10,343,800	$--	$--
Consumer Staples	5,040,872	5,040,872	--	--
Energy	944,308	944,308	--	--
Financials	3,064,089	3,064,089	--	--
Health Care	9,319,595	9,319,595	--	--
Industrials	6,355,433	6,355,433	--	--
Information Technology	27,858,200	27,816,334	28,503	13,363
Materials	1,155,298	1,155,298	--	--
Real Estate	538,444	538,444	--	--
Utilities	132,613	132,613	--	--
Equity Funds	8,150,902	8,150,902	--	--
Other Short-Term Investments	129,528	--	129,528	--
Money Market Funds	3,741,777	3,741,777	--	--
Total Investments in Securities:	$76,774,859	$76,603,465	$158,031	$13,363
Derivative Instruments:
Liabilities
Futures Contracts	$(26,516)	$(26,516)	$--	$--
Total Liabilities	$(26,516)	$(26,516)	$--	$--
Total Derivative Instruments:	$(26,516)	$(26,516)	$--	$--

Value of Derivative Instruments

Primary Risk Exposure / Derivative Type	Value
	Asset	Liability
Equity Risk
Futures Contracts^(a)	$0	$(26,516)
Total Equity Risk	0	(26,516)
Total Value of Derivatives	$0	$(26,516)

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

Financial Statements

Statement of Assets and Liabilities

		May 31, 2018
Assets
Investment in securities, at value — See accompanying schedule: Unaffiliated issuers (cost $43,573,897)	$68,623,957
Affiliated issuers (cost $5,819,974)	8,150,902
Total Investment in Securities (cost $49,393,871)		$76,774,859
Receivable for investments sold		112,555
Receivable for fund shares sold		11,094
Dividends receivable		98,437
Interest receivable		4,573
Prepaid expenses		374
Other receivables		1,315
Total assets		77,003,207
Liabilities
Payable for fund shares redeemed	$6,642
Accrued management fee	29,242
Transfer agent fee payable	5,253
Distribution and service plan fees payable	34
Payable for daily variation margin on futures contracts	17,010
Other affiliated payables	2,463
Audit fees payable	36,362
Other payables and accrued expenses	4,046
Total liabilities		101,052
Net Assets		$76,902,155
Net Assets consist of:
Paid in capital		$46,806,312
Undistributed net investment income		48,792
Accumulated undistributed net realized gain (loss) on investments		2,692,579
Net unrealized appreciation (depreciation) on investments		27,354,472
Net Assets		$76,902,155
Growth Multi-Manager:
Net Asset Value, offering price and redemption price per share ($76,573,234 ÷ 4,912,402 shares)		$15.59
Class L:
Net Asset Value, offering price and redemption price per share ($165,393 ÷ 10,619 shares)		$15.58
Class N:
Net Asset Value, offering price and redemption price per share ($163,528 ÷ 10,516 shares)		$15.55

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

Statement of Operations

		Year ended May 31, 2018
Investment Income
Dividends:
Unaffiliated issuers		$733,926
Affiliated issuers		57,878
Interest		43,352
Total income		835,156
Expenses
Management fee	$335,526
Transfer agent fees	61,132
Distribution and service plan fees	381
Accounting fees and expenses	28,277
Custodian fees and expenses	10,057
Independent trustees' fees and expenses	905
Registration fees	43,806
Audit	63,861
Legal	2,047
Miscellaneous	836
Total expenses		546,828
Net investment income (loss)		288,328
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	3,666,342
Futures contracts	669,743
Capital gain distributions from underlying funds:
Affiliated issuers	250,960
Total net realized gain (loss)		4,587,045
Change in net unrealized appreciation (depreciation) on:
Investment securities:
Unaffiliated issuers	6,911,989
Affiliated issuers	1,101,713
Futures contracts	(164,597)
Total change in net unrealized appreciation (depreciation)		7,849,105
Net gain (loss)		12,436,150
Net increase (decrease) in net assets resulting from operations		$12,724,478

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

Statement of Changes in Net Assets

	Year ended May 31, 2018	Year ended May 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$288,328	$281,963
Net realized gain (loss)	4,587,045	5,959,385
Change in net unrealized appreciation (depreciation)	7,849,105	4,559,837
Net increase (decrease) in net assets resulting from operations	12,724,478	10,801,185
Distributions to shareholders from net investment income	(341,014)	(319,551)
Distributions to shareholders from net realized gain	(3,169,123)	(7,341,393)
Total distributions	(3,510,137)	(7,660,944)
Share transactions - net increase (decrease)	1,329,529	4,574,494
Total increase (decrease) in net assets	10,543,870	7,714,735
Net Assets
Beginning of period	66,358,285	58,643,550
End of period	$76,902,155	$66,358,285
Other Information
Undistributed net investment income end of period	$48,792	$101,429

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

Financial Highlights

Strategic Advisers Growth Multi-Manager Fund

Years ended May 31,	2018	2017	2016	2015	2014
Selected Per–Share Data
Net asset value, beginning of period	$13.73	$13.17	$14.04	$14.73	$12.70
Income from Investment Operations
Net investment income (loss)^A	.06	.06	.06	.05	.08
Net realized and unrealized gain (loss)	2.53	2.21^B	(.16)	1.71	2.74
Total from investment operations	2.59	2.27	(.10)	1.76	2.82
Distributions from net investment income	(.07)	(.07)	(.05)	(.06)	(.07)
Distributions from net realized gain	(.66)	(1.64)	(.72)	(2.38)	(.73)
Total distributions	(.73)	(1.71)	(.77)	(2.45)^C	(.79)^D
Net asset value, end of period	$15.59	$13.73	$13.17	$14.04	$14.73
Total Return^E	19.47%	19.13%^B	(.66)%	13.15%	22.94%
Ratios to Average Net Assets^F
Expenses before reductions	.75%	.80%	.82%	.84%	.83%
Expenses net of fee waivers, if any	.75%	.80%	.82%	.84%	.80%
Expenses net of all reductions	.75%	.80%	.82%	.84%	.80%
Net investment income (loss)	.40%	.46%	.46%	.39%	.55%
Supplemental Data
Net assets, end of period (000 omitted)	$76,573	$62,610	$55,948	$62,615	$65,731
Portfolio turnover rate^G	30%	52%	46%	46%	51%