{
  "page": "compare",
  "query": {
    "a": "FSMUX",
    "b": "FSMNX"
  },
  "retrieved_at": "2026-07-07T14:46:14+00:00",
  "disclaimer": "Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them.",
  "attribution": "Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC.",
  "terms": {
    "notice": "Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed.",
    "url": "https://fundwatcher.app/terms/"
  },
  "fund_a": {
    "name": "Strategic Advisers Municipal Bond Fund",
    "ticker": "FSMUX",
    "slug": "FSMUX",
    "series_id": "S000072234",
    "html_url": "https://fundwatcher.app/funds/FSMUX/"
  },
  "fund_b": {
    "name": "Fidelity SAI Municipal Income Fund",
    "ticker": "FSMNX",
    "slug": "FSMNX",
    "series_id": "S000062002",
    "html_url": "https://fundwatcher.app/funds/FSMNX/"
  },
  "overlap": {
    "coverage_a_by_b": "0.1340556965494334238704315032",
    "coverage_b_by_a": "0.1340556965494334238704315031",
    "shared_count": 1100,
    "as_of": {
      "a": "2026-02-28",
      "b": "2026-03-31"
    },
    "a_top": [
      {
        "name": "Allspring Municipal Bond Admin",
        "value": "865145655.00",
        "weight": "0.06200385",
        "shared": false
      },
      {
        "name": "Vanguard Long-Term Tax-Exempt Adm",
        "value": "694526934.51",
        "weight": "0.04977583",
        "shared": false
      },
      {
        "name": "Franklin Federal Tax Free Income R6",
        "value": "656439810.79",
        "weight": "0.04704618",
        "shared": false
      },
      {
        "name": "MONEY MARKET FUND",
        "value": "482309091.20",
        "weight": "0.03456646",
        "shared": false
      },
      {
        "name": "ISHARES NATIONAL MUNI BOND ETF ISHARES NATIONAL MUNI BOND E",
        "value": "322880269.60",
        "weight": "0.02314040",
        "shared": false
      },
      {
        "name": "VANGUARD TAX-EXM",
        "value": "310440040.35",
        "weight": "0.02224883",
        "shared": false
      },
      {
        "name": "DWS Managed Municipal Bond S",
        "value": "306113111.12",
        "weight": "0.02193872",
        "shared": false
      },
      {
        "name": "FIDELITY SAI ENHANCED MUNICIPAL INCOME FUND",
        "value": "259260993.15",
        "weight": "0.01858089",
        "shared": false
      },
      {
        "name": "BlackRock National Municipal Inv A",
        "value": "259004967.65",
        "weight": "0.01856254",
        "shared": false
      },
      {
        "name": "Eaton Vance National Municipal Income I",
        "value": "243829535.70",
        "weight": "0.01747494",
        "shared": false
      },
      {
        "name": "American High-Income Municipal Bond F-2",
        "value": "155640780.16",
        "weight": "0.01115457",
        "shared": false
      },
      {
        "name": "Fidelity Municipal Cash Central Fund",
        "value": "80023976.23",
        "weight": "0.00573521",
        "shared": true
      },
      {
        "name": "Invesco Government & Agency Portfolio, Institutional Class",
        "value": "40242334.91",
        "weight": "0.00288412",
        "shared": false
      },
      {
        "name": "MAIN STR NAT GA 4% 07/01/2052 MT",
        "value": "37437239.06",
        "weight": "0.00268308",
        "shared": true
      },
      {
        "name": "PUERTO RICO SALES TAX FING COR REGD OID B/E 4.75000000",
        "value": "33883883.53",
        "weight": "0.00242841",
        "shared": false
      },
      {
        "name": "OH BUCGEN 5 06/01/2055",
        "value": "32929474.32",
        "weight": "0.00236001",
        "shared": false
      },
      {
        "name": "SOUTHEAST ENERGY-E",
        "value": "31490389.35",
        "weight": "0.00225687",
        "shared": true
      },
      {
        "name": "TN TNSUTL 5 12/01/2035",
        "value": "28499240.13",
        "weight": "0.00204250",
        "shared": true
      },
      {
        "name": "Public Energy Auth. of Kentucky Gas Supply Rev. Refg. C",
        "value": "20993906.34",
        "weight": "0.00150461",
        "shared": false
      },
      {
        "name": "California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB",
        "value": "20284645.40",
        "weight": "0.00145377",
        "shared": false
      },
      {
        "name": "Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A",
        "value": "20125969.14",
        "weight": "0.00144240",
        "shared": false
      },
      {
        "name": "CHICAGO ILLIN 6% 4/1/2046",
        "value": "18890444.64",
        "weight": "0.00135385",
        "shared": false
      },
      {
        "name": "MUNIBOND",
        "value": "18270368.41",
        "weight": "0.00130941",
        "shared": true
      },
      {
        "name": "PUERTO RICO SALES TAX FING COR REGD OID B/E 5.00000000",
        "value": "18207752.42",
        "weight": "0.00130493",
        "shared": true
      },
      {
        "name": "MAIN STR NAT GA(RCC) 5% 9/1/30MT 53",
        "value": "16523209.13",
        "weight": "0.00118420",
        "shared": true
      },
      {
        "name": "TX TTFTRN 5.5 10/01/2055",
        "value": "16370516.04",
        "weight": "0.00117325",
        "shared": false
      },
      {
        "name": "TN TNSUTL 5 11/01/2034",
        "value": "16071892.68",
        "weight": "0.00115185",
        "shared": true
      },
      {
        "name": "NY TRANS CORP(JFK INT NEW ONE)/AGM 5.13% 6/30/60@",
        "value": "15961418.43",
        "weight": "0.00114393",
        "shared": false
      },
      {
        "name": "Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C",
        "value": "15885729.16",
        "weight": "0.00113851",
        "shared": true
      },
      {
        "name": "NEW YORK ST URBAN DEV CORP SALES TAX REVENUE",
        "value": "15696810.00",
        "weight": "0.00112497",
        "shared": false
      },
      {
        "name": "NY NYEFAC 07/01/2056",
        "value": "15553968.75",
        "weight": "0.00111473",
        "shared": true
      },
      {
        "name": "San Francisco City & County Airport Comm-San Francisco International Airport",
        "value": "15330517.33",
        "weight": "0.00109872",
        "shared": false
      },
      {
        "name": "LOWER AL GAS DT-A-REF",
        "value": "15111818.57",
        "weight": "0.00108304",
        "shared": true
      },
      {
        "name": "State of Illinois, Series D",
        "value": "15006124.16",
        "weight": "0.00107547",
        "shared": true
      },
      {
        "name": "TOBACCO SETTLEMENT FING CORP N TOBGEN 06/46 FIXED 5",
        "value": "14988320.72",
        "weight": "0.00107419",
        "shared": true
      },
      {
        "name": "WI PUBTRN 5.75 12/31/2065",
        "value": "14578761.47",
        "weight": "0.00104484",
        "shared": false
      },
      {
        "name": "PENNSYLVANIA ST ECON DEV FING REGD OID B/E AMT 5.25000000",
        "value": "14489270.33",
        "weight": "0.00103843",
        "shared": false
      },
      {
        "name": "STATE OF ILLINOIS MCCORMICK PLACE EXPANSION PROJECT FUND 4.0% 06-15-52",
        "value": "14479978.80",
        "weight": "0.00103776",
        "shared": true
      },
      {
        "name": "PENNSYLVANIA ST ECON DEV FING REGD B/E AMT 5.75000000",
        "value": "14373169.96",
        "weight": "0.00103011",
        "shared": false
      },
      {
        "name": "Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022",
        "value": "14359374.05",
        "weight": "0.00102912",
        "shared": false
      },
      {
        "name": "MAIN STR NAT GA 4% 9/1/2052",
        "value": "14357702.49",
        "weight": "0.00102900",
        "shared": true
      },
      {
        "name": "Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B",
        "value": "14355131.65",
        "weight": "0.00102881",
        "shared": true
      },
      {
        "name": "MAIN STR NAT GA 5% MT",
        "value": "14222939.55",
        "weight": "0.00101934",
        "shared": false
      },
      {
        "name": "Black Belt Energy Gas District, Series D-1",
        "value": "14178203.36",
        "weight": "0.00101613",
        "shared": false
      },
      {
        "name": "TX TXSUTL 01/01/2055",
        "value": "13568832.68",
        "weight": "0.00097246",
        "shared": false
      },
      {
        "name": "PUERTO RICO SALES TAX FING COR REGD ZCP OID B/E 0.00000000",
        "value": "13388709.79",
        "weight": "0.00095955",
        "shared": true
      },
      {
        "name": "NEW YORK ST DO 5% 3/15/2041",
        "value": "13335564.04",
        "weight": "0.00095574",
        "shared": false
      },
      {
        "name": "California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB",
        "value": "13108509.88",
        "weight": "0.00093947",
        "shared": true
      },
      {
        "name": "California Community Choice Financing Authority, Series 2025G",
        "value": "13063507.04",
        "weight": "0.00093624",
        "shared": false
      },
      {
        "name": "NY TRNSPRTN DEV CRP-A",
        "value": "13029440.89",
        "weight": "0.00093380",
        "shared": false
      }
    ],
    "b_top": [
      {
        "name": "Fidelity Municipal Cash Central Fund",
        "value": "271252453.09",
        "weight": "0.07778582",
        "shared": true
      },
      {
        "name": "SOUTHEAST ENERGY-E",
        "value": "42808796.53",
        "weight": "0.01227608",
        "shared": true
      },
      {
        "name": "TN MNVAPT 5.25 07/01/2051",
        "value": "36009939.00",
        "weight": "0.01032641",
        "shared": true
      },
      {
        "name": "Black Belt Energy Gas District",
        "value": "32106449.60",
        "weight": "0.00920702",
        "shared": false
      },
      {
        "name": "NJ TRANSPRTN TRUST-BB",
        "value": "26073607.50",
        "weight": "0.00747701",
        "shared": true
      },
      {
        "name": "NY MTA TRANSP 5% 11/15/2033",
        "value": "25919191.28",
        "weight": "0.00743273",
        "shared": false
      },
      {
        "name": "BLACK BELT ENERGY GAS VAR",
        "value": "22743878.79",
        "weight": "0.00652216",
        "shared": true
      },
      {
        "name": "NYS TWY PIT 5% 3/15/2042",
        "value": "21848290.00",
        "weight": "0.00626533",
        "shared": false
      },
      {
        "name": "MUNIBOND",
        "value": "20290194.13",
        "weight": "0.00581853",
        "shared": true
      },
      {
        "name": "TN TNSUTL 5 12/01/2035",
        "value": "18423704.64",
        "weight": "0.00528328",
        "shared": true
      },
      {
        "name": "MUNIBOND",
        "value": "18195123.62",
        "weight": "0.00521773",
        "shared": true
      },
      {
        "name": "California Community Choice Financing Authority",
        "value": "18073512.42",
        "weight": "0.00518286",
        "shared": false
      },
      {
        "name": "LOWER AL GAS DT-A-REF",
        "value": "17818624.82",
        "weight": "0.00510977",
        "shared": true
      },
      {
        "name": "NY CITY TRANS FIN-F-1",
        "value": "17467162.53",
        "weight": "0.00500898",
        "shared": true
      },
      {
        "name": "MAIN STR NAT GA 4% 07/01/2052 MT",
        "value": "16919819.49",
        "weight": "0.00485202",
        "shared": true
      },
      {
        "name": "NYC WTR 5.50% 6/15/2056",
        "value": "16222416.99",
        "weight": "0.00465203",
        "shared": true
      },
      {
        "name": "North Carolina Turnpike Authority, Series A",
        "value": "16096096.83",
        "weight": "0.00461580",
        "shared": false
      },
      {
        "name": "Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C",
        "value": "15751692.40",
        "weight": "0.00451704",
        "shared": true
      },
      {
        "name": "CALIFORNIA COMMUNITY VAR",
        "value": "15701338.33",
        "weight": "0.00450260",
        "shared": true
      },
      {
        "name": "Black Belt Energy Gas District (The) (Gas), Series 2022 F, RB",
        "value": "15700264.50",
        "weight": "0.00450229",
        "shared": true
      },
      {
        "name": "Miami-Dade (County of), FL, Series 2025 A, RB",
        "value": "15597376.50",
        "weight": "0.00447279",
        "shared": true
      },
      {
        "name": "NY NYCGEN 5.5 02/01/2048",
        "value": "15276016.08",
        "weight": "0.00438063",
        "shared": true
      },
      {
        "name": "TN TNSUTL 5 11/01/2034",
        "value": "15173698.43",
        "weight": "0.00435129",
        "shared": true
      },
      {
        "name": "W VIRGINIA ST H-SER B",
        "value": "14947136.07",
        "weight": "0.00428632",
        "shared": false
      },
      {
        "name": "WA ST 5% 2/1/2030",
        "value": "13840622.61",
        "weight": "0.00396901",
        "shared": false
      },
      {
        "name": "NY STATE UR D 5% 3/15/2040",
        "value": "12863248.80",
        "weight": "0.00368873",
        "shared": false
      },
      {
        "name": "CHICAGO IL BRD OF EDU REGD OID B/E 6.00000000",
        "value": "12774007.50",
        "weight": "0.00366314",
        "shared": true
      },
      {
        "name": "SAN ANTONIO TX ELEC   GAS REVE SANUTL 02/49 FIXED 5.25",
        "value": "12226734.20",
        "weight": "0.00350620",
        "shared": false
      },
      {
        "name": "SAN ANTONIO TX ELEC & GAS REVENUE",
        "value": "12170568.30",
        "weight": "0.00349010",
        "shared": false
      },
      {
        "name": "FAYETTE COUNTY 5.25% 6/1/2044",
        "value": "11955302.13",
        "weight": "0.00342837",
        "shared": false
      },
      {
        "name": "CALIFORNIA COMMUNITY VAR",
        "value": "11697706.09",
        "weight": "0.00335450",
        "shared": true
      },
      {
        "name": "Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical Center, Series 2021A",
        "value": "11278653.75",
        "weight": "0.00323433",
        "shared": false
      },
      {
        "name": "NYC WTR 5.25% 6/15/2047",
        "value": "11119267.61",
        "weight": "0.00318862",
        "shared": false
      },
      {
        "name": "HOUSTON TX REGD B/E 5.25000000",
        "value": "11099646.85",
        "weight": "0.00318299",
        "shared": false
      },
      {
        "name": "New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2025, RB",
        "value": "10837320.68",
        "weight": "0.00310777",
        "shared": false
      },
      {
        "name": "NE CENPWR 08/01/2055",
        "value": "10813070.88",
        "weight": "0.00310081",
        "shared": true
      },
      {
        "name": "FEDERAL HOME LOAN MTGE CORP MF REGD N/C V/R B/E 4.77310000",
        "value": "10798990.80",
        "weight": "0.00309678",
        "shared": false
      },
      {
        "name": "SALES TAX SECURITIZTN",
        "value": "10676544.86",
        "weight": "0.00306166",
        "shared": true
      },
      {
        "name": "NYS DORM PIT 5% 3/15/2047",
        "value": "10615738.99",
        "weight": "0.00304423",
        "shared": false
      },
      {
        "name": "OHIO ST UNIV GR 5.25% 12/1/2046",
        "value": "10607026.00",
        "weight": "0.00304173",
        "shared": false
      },
      {
        "name": "PORT NY NJ 5% 1/15/2047 @",
        "value": "10594964.55",
        "weight": "0.00303827",
        "shared": true
      },
      {
        "name": "Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B",
        "value": "10510298.93",
        "weight": "0.00301399",
        "shared": true
      },
      {
        "name": "SOUTHEAST ENERGY-D",
        "value": "10488013.37",
        "weight": "0.00300760",
        "shared": true
      },
      {
        "name": "NYC TRANSITIONAL-J-1",
        "value": "10453037.47",
        "weight": "0.00299757",
        "shared": false
      },
      {
        "name": "CASTAIC LK WTR AMBAC 0% 8/1/2026",
        "value": "10356296.88",
        "weight": "0.00296983",
        "shared": false
      },
      {
        "name": "MA ST TRANS REV 5% 6/1/52",
        "value": "10266268.00",
        "weight": "0.00294401",
        "shared": false
      },
      {
        "name": "CHICAGO IL BRD OF EDU",
        "value": "9816297.58",
        "weight": "0.00281497",
        "shared": true
      },
      {
        "name": "COLUMBUS REGL ARPT-A",
        "value": "9724859.08",
        "weight": "0.00278875",
        "shared": false
      },
      {
        "name": "MASSACHUSETTS ST DEV FIN AGY S REGD OID B/E 6.50000000",
        "value": "9444602.27",
        "weight": "0.00270839",
        "shared": true
      },
      {
        "name": "NJ TPK 5% 1/1/2030",
        "value": "9438431.91",
        "weight": "0.00270662",
        "shared": true
      }
    ]
  },
  "error": null,
  "sources": [
    {
      "label": "N-PORT (fund A)",
      "accession_no": "0000035402-26-002694",
      "as_of": "2026-02-28",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/1364924/000003540226002694/0000035402-26-002694-index.htm"
    },
    {
      "label": "N-PORT (fund B)",
      "accession_no": "0000035402-26-003416",
      "as_of": "2026-03-31",
      "edgar_url": "https://www.sec.gov/Archives/edgar/data/35315/000003540226003416/0000035402-26-003416-index.htm"
    }
  ]
}