Fidelity Rutland Square Trust II - Strategic Advisers Small-Mid Cap Fund (Strategic Advisers® Small-Mid ) Fonds

The fund invests at least 80% of assets in securities of small and mid cap companies (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell 2500™ Index) and in shares of other small and mid cap funds. It invests in domestic and foreign issuers. The fund invests in either "growth" stocks or "value" stocks or both. It allocates assets among underlying funds and sub-advisers to achieve portfolio characteristics similar to those of the Russell 2500™ Index.