# Portfolio overlap — FSMUX vs FSMNX Comparing **Strategic Advisers Municipal Bond Fund** (2026-02-28) and **Fidelity SAI Municipal Income Fund** (2026-03-31). - Shared positions: 1100 - Strategic Advisers Municipal Bond Fund covered by Fidelity SAI Municipal Income Fund: 0.1340556965494334238704315032 - Fidelity SAI Municipal Income Fund covered by Strategic Advisers Municipal Bond Fund: 0.1340556965494334238704315031 ## Strategic Advisers Municipal Bond Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | Allspring Municipal Bond Admin | 0.062004 | | | Vanguard Long-Term Tax-Exempt Adm | 0.049776 | | | Franklin Federal Tax Free Income R6 | 0.047046 | | | MONEY MARKET FUND | 0.034566 | | | ISHARES NATIONAL MUNI BOND ETF ISHARES NATIONAL MUNI BOND E | 0.023140 | | | VANGUARD TAX-EXM | 0.022249 | | | DWS Managed Municipal Bond S | 0.021939 | | | FIDELITY SAI ENHANCED MUNICIPAL INCOME FUND | 0.018581 | | | BlackRock National Municipal Inv A | 0.018563 | | | Eaton Vance National Municipal Income I | 0.017475 | | | American High-Income Municipal Bond F-2 | 0.011155 | | | Fidelity Municipal Cash Central Fund | 0.005735 | ✓ | | Invesco Government & Agency Portfolio, Institutional Class | 0.002884 | | | MAIN STR NAT GA 4% 07/01/2052 MT | 0.002683 | ✓ | | PUERTO RICO SALES TAX FING COR REGD OID B/E 4.75000000 | 0.002428 | | | OH BUCGEN 5 06/01/2055 | 0.002360 | | | SOUTHEAST ENERGY-E | 0.002257 | ✓ | | TN TNSUTL 5 12/01/2035 | 0.002043 | ✓ | | Public Energy Auth. of Kentucky Gas Supply Rev. Refg. C | 0.001505 | | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB | 0.001454 | | | Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A | 0.001442 | | | CHICAGO ILLIN 6% 4/1/2046 | 0.001354 | | | MUNIBOND | 0.001309 | ✓ | | PUERTO RICO SALES TAX FING COR REGD OID B/E 5.00000000 | 0.001305 | ✓ | | MAIN STR NAT GA(RCC) 5% 9/1/30MT 53 | 0.001184 | ✓ | | TX TTFTRN 5.5 10/01/2055 | 0.001173 | | | TN TNSUTL 5 11/01/2034 | 0.001152 | ✓ | | NY TRANS CORP(JFK INT NEW ONE)/AGM 5.13% 6/30/60@ | 0.001144 | | | Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C | 0.001139 | ✓ | | NEW YORK ST URBAN DEV CORP SALES TAX REVENUE | 0.001125 | | | NY NYEFAC 07/01/2056 | 0.001115 | ✓ | | San Francisco City & County Airport Comm-San Francisco International Airport | 0.001099 | | | LOWER AL GAS DT-A-REF | 0.001083 | ✓ | | State of Illinois, Series D | 0.001075 | ✓ | | TOBACCO SETTLEMENT FING CORP N TOBGEN 06/46 FIXED 5 | 0.001074 | ✓ | | WI PUBTRN 5.75 12/31/2065 | 0.001045 | | | PENNSYLVANIA ST ECON DEV FING REGD OID B/E AMT 5.25000000 | 0.001038 | | | STATE OF ILLINOIS MCCORMICK PLACE EXPANSION PROJECT FUND 4.0% 06-15-52 | 0.001038 | ✓ | | PENNSYLVANIA ST ECON DEV FING REGD B/E AMT 5.75000000 | 0.001030 | | | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022 | 0.001029 | | | MAIN STR NAT GA 4% 9/1/2052 | 0.001029 | ✓ | | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B | 0.001029 | ✓ | | MAIN STR NAT GA 5% MT | 0.001019 | | | Black Belt Energy Gas District, Series D-1 | 0.001016 | | | TX TXSUTL 01/01/2055 | 0.000972 | | | PUERTO RICO SALES TAX FING COR REGD ZCP OID B/E 0.00000000 | 0.000960 | ✓ | | NEW YORK ST DO 5% 3/15/2041 | 0.000956 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.000939 | ✓ | | California Community Choice Financing Authority, Series 2025G | 0.000936 | | | NY TRNSPRTN DEV CRP-A | 0.000934 | | ## Fidelity SAI Municipal Income Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | Fidelity Municipal Cash Central Fund | 0.077786 | ✓ | | SOUTHEAST ENERGY-E | 0.012276 | ✓ | | TN MNVAPT 5.25 07/01/2051 | 0.010326 | ✓ | | Black Belt Energy Gas District | 0.009207 | | | NJ TRANSPRTN TRUST-BB | 0.007477 | ✓ | | NY MTA TRANSP 5% 11/15/2033 | 0.007433 | | | BLACK BELT ENERGY GAS VAR | 0.006522 | ✓ | | NYS TWY PIT 5% 3/15/2042 | 0.006265 | | | MUNIBOND | 0.005819 | ✓ | | TN TNSUTL 5 12/01/2035 | 0.005283 | ✓ | | MUNIBOND | 0.005218 | ✓ | | California Community Choice Financing Authority | 0.005183 | | | LOWER AL GAS DT-A-REF | 0.005110 | ✓ | | NY CITY TRANS FIN-F-1 | 0.005009 | ✓ | | MAIN STR NAT GA 4% 07/01/2052 MT | 0.004852 | ✓ | | NYC WTR 5.50% 6/15/2056 | 0.004652 | ✓ | | North Carolina Turnpike Authority, Series A | 0.004616 | | | Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C | 0.004517 | ✓ | | CALIFORNIA COMMUNITY VAR | 0.004503 | ✓ | | Black Belt Energy Gas District (The) (Gas), Series 2022 F, RB | 0.004502 | ✓ | | Miami-Dade (County of), FL, Series 2025 A, RB | 0.004473 | ✓ | | NY NYCGEN 5.5 02/01/2048 | 0.004381 | ✓ | | TN TNSUTL 5 11/01/2034 | 0.004351 | ✓ | | W VIRGINIA ST H-SER B | 0.004286 | | | WA ST 5% 2/1/2030 | 0.003969 | | | NY STATE UR D 5% 3/15/2040 | 0.003689 | | | CHICAGO IL BRD OF EDU REGD OID B/E 6.00000000 | 0.003663 | ✓ | | SAN ANTONIO TX ELEC GAS REVE SANUTL 02/49 FIXED 5.25 | 0.003506 | | | SAN ANTONIO TX ELEC & GAS REVENUE | 0.003490 | | | FAYETTE COUNTY 5.25% 6/1/2044 | 0.003428 | | | CALIFORNIA COMMUNITY VAR | 0.003355 | ✓ | | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical Center, Series 2021A | 0.003234 | | | NYC WTR 5.25% 6/15/2047 | 0.003189 | | | HOUSTON TX REGD B/E 5.25000000 | 0.003183 | | | New York City Transitional Finance Authority Future Tax Secured Revenue, Series 2025, RB | 0.003108 | | | NE CENPWR 08/01/2055 | 0.003101 | ✓ | | FEDERAL HOME LOAN MTGE CORP MF REGD N/C V/R B/E 4.77310000 | 0.003097 | | | SALES TAX SECURITIZTN | 0.003062 | ✓ | | NYS DORM PIT 5% 3/15/2047 | 0.003044 | | | OHIO ST UNIV GR 5.25% 12/1/2046 | 0.003042 | | | PORT NY NJ 5% 1/15/2047 @ | 0.003038 | ✓ | | Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B | 0.003014 | ✓ | | SOUTHEAST ENERGY-D | 0.003008 | ✓ | | NYC TRANSITIONAL-J-1 | 0.002998 | | | CASTAIC LK WTR AMBAC 0% 8/1/2026 | 0.002970 | | | MA ST TRANS REV 5% 6/1/52 | 0.002944 | | | CHICAGO IL BRD OF EDU | 0.002815 | ✓ | | COLUMBUS REGL ARPT-A | 0.002789 | | | MASSACHUSETTS ST DEV FIN AGY S REGD OID B/E 6.50000000 | 0.002708 | ✓ | | NJ TPK 5% 1/1/2030 | 0.002707 | ✓ | ## Sources - N-PORT (fund A) — accession `0000035402-26-002694` (as of 2026-02-28) - N-PORT (fund B) — accession `0000035402-26-003416` (as of 2026-03-31) --- _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._ _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._ _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. See _