# Portfolio overlap — FSTFX vs VSDM

Comparing **Fidelity Limited Term Municipal Income Fund** (2026-03-31) and **VANGUARD SHORT DURATION TAX-EXEMPT BOND ETF** (2026-01-31).

- Shared positions: 100
- Fidelity Limited Term Municipal Income Fund covered by VANGUARD SHORT DURATION TAX-EXEMPT BOND ETF: 0.08699130196981825788430501015
- VANGUARD SHORT DURATION TAX-EXEMPT BOND ETF covered by Fidelity Limited Term Municipal Income Fund: 0.08699130196981825788430501016

## Fidelity Limited Term Municipal Income Fund — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| Fidelity Municipal Cash Central Fund | 0.054522 |  |
| SOUTHEAST ENERGY-E | 0.013502 | ✓ |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 0.009282 |  |
| WA ST HLTH CAR 5% 10/1/2035 | 0.007430 | ✓ |
| MTRO WA DC ARPT 5% 10/1/2028 @ | 0.007421 |  |
| NYC NY 5% 8/1/2028 | 0.006804 |  |
| BLACK BELT ENERGY GAS VAR | 0.006642 | ✓ |
| Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C | 0.006628 | ✓ |
| WA ST HLTH CAR 5% MT | 0.006157 |  |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 0.006032 |  |
| WA ST HLTH CAR 5% 10/1/2030 | 0.005946 | ✓ |
| MAIN STR NAT GA 4% MT | 0.005921 | ✓ |
| WHITING IN ENVRNMNTL FACS REVE REGD V/R B/E AMT 5.00000000 | 0.005535 |  |
| MAIN STR NAT GA 4% 07/01/2052 MT | 0.005236 | ✓ |
| School District of Broward County, Series 2025A | 0.005073 |  |
| OKLAHOMA CTY OK 3% 7/1/2026 | 0.005015 |  |
| CHICAGO IL BRD OF EDU | 0.004873 | ✓ |
| DFW ARPT 5% 11/1/2050 MT @ | 0.004846 |  |
| California Community Choice Financing Authority | 0.004752 |  |
| WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 0.004748 |  |
| NYC NY 5% 8/1/2027 | 0.004699 |  |
| State of New Jersey, Series 2020A | 0.004648 |  |
| NY TRANS CORP 5% 12/1/2026 @ | 0.004642 |  |
| UT CNTY UT HOSP 5% MT | 0.004587 | ✓ |
| MTRO WA DC ARPT 5% 10/1/2026@ | 0.004504 |  |
| NY TRANS CORP 5% 12/1/2027 @ | 0.004471 |  |
| TN TNSUTL 5 11/01/2034 | 0.004459 | ✓ |
| COLORADO ST HLTH FACS AUTH REVENUE | 0.004449 |  |
| TX SANUTL 02/01/2055 | 0.004386 | ✓ |
| PORT NY NJ 5% 12/1/2028 @ | 0.004341 |  |
| KY HSG SFM 6% 7/1/2054 | 0.004284 |  |
| MAIN STR NAT GA 5% MT | 0.004283 | ✓ |
| LOVE FLD MOD TX 5% 11/1/2029 @ | 0.004283 |  |
| MINNEAPOLS MN 5% MT | 0.004278 | ✓ |
| NYC NY 5% 8/1/2028 | 0.004170 |  |
| TARRANT TX EDFC 5% MT | 0.004056 | ✓ |
| LOVE FLD MOD TX 5% 11/1/2028 @ | 0.004024 |  |
| OHIO HOUSING FINANCE AGENCY FNMA/GNMA/FHLMC 3.25% 03-01-51 | 0.003872 |  |
| NJ ST TRANSN TR FD | 0.003810 |  |
| MAIN STR NAT GA 5% MT | 0.003784 | ✓ |
| NE CENPWR 08/01/2055 | 0.003738 | ✓ |
| GRAND PKWY TRANSPRTN | 0.003720 | ✓ |
| CALIFORNIA COMMUNITY VAR | 0.003678 | ✓ |
| SAN ANTONIO TX ELEC   GAS REVE SANUTL 12/45 ADJUSTABLE VAR | 0.003660 | ✓ |
| HARRIS TX CED 5% MT | 0.003650 | ✓ |
| New Jersey Transportation Trust Fund Authority | 0.003626 |  |
| SOUTHEAST ENRG 5% MT | 0.003621 | ✓ |
| GEORGIA POWER CO (MPT) 2.9% 08-01-43 | 0.003593 |  |
| MAIN STR NAT GA 5% MT | 0.003548 | ✓ |
| HI ST 5% 10/1/2026 | 0.003463 |  |

## VANGUARD SHORT DURATION TAX-EXEMPT BOND ETF — top positions

| Security | Weight | Shared |
|----------|--------|--------|
| Vanguard Municipal Cash Management Fund | 0.008463 |  |
| TX TMGUTL 01/01/2054 | 0.006500 |  |
| CALIFORNIA COMMUNITY VAR | 0.005305 |  |
| MAIN STR NAT GA 4% 07/01/2052 MT | 0.004811 | ✓ |
| Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2025A | 0.004252 | ✓ |
| TENNERGY CORP TN GAS REVENUE TENNERGY CORP/TN | 0.004002 |  |
| NM MUNI ENERGY ACQ AU | 0.003898 | ✓ |
| BLACK BELT ENERGY GAS VAR | 0.003847 |  |
| California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 D, RB | 0.003824 |  |
| LOWER CO RIVER AUTH-B | 0.003807 | ✓ |
| STATE OF ILLINOIS 5.0% 05-01-33 | 0.003770 |  |
| California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.003733 |  |
| SOUDERTON AREA SD | 0.003688 |  |
| FRT SMTH AR W and S 5% 10/1/2031 | 0.003546 |  |
| UNIV WI HOSP CLINIC-B | 0.003486 |  |
| HIDALGO DRN #1-UNREF | 0.003408 |  |
| NY NY CITY HS(NEW YORK MHSG) 3.25% 2/1/30 MT 65 | 0.003396 |  |
| Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2022A-1 | 0.003376 |  |
| STHRN CA PUB PWR-A | 0.003360 |  |
| PATRIOTS EN GRP 5.25% MT | 0.003337 |  |
| MINNEAPOLS MN 5% MT | 0.003241 | ✓ |
| California Community Choice Financing Authority, Series B-1 | 0.003194 |  |
| SOUTHEAST ENERGY AUTH VAR | 0.003167 | ✓ |
| MINNEAPOLIS MN HLTH CARE SYS R REGD V/R B/E 5.00000000 | 0.003100 |  |
| Energy Southeast Cooperative District, Alabama, Energy Supply Revenue Bonds, Series 2025B | 0.003100 |  |
| BLACK BELT ENERGY GAS VAR | 0.003032 | ✓ |
| TARRANT TX EDFC 5% MT | 0.002975 |  |
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1 | 0.002937 |  |
| SOUTHEAST ENERGY AUTH VAR | 0.002934 |  |
| California Community Choice Financing Authority, Series F | 0.002897 |  |
| TX TRANSPRTN-B-REF | 0.002891 |  |
| WAUKEGAN-B | 0.002842 |  |
| LOWER AL GAS DT-A-REF | 0.002827 |  |
| California Community Choice Financing Authority, Series C | 0.002816 | ✓ |
| TENNERGY CORP TN GAS REVENUE TGYPWR 10/53 ADJUSTABLE VAR | 0.002766 |  |
| NY TRANS FIN AUTH-D-1 | 0.002743 |  |
| TARRANT EFFC HO 5% MT | 0.002736 |  |
| COOK CO SD #78 | 0.002666 |  |
| RESTRUCTURED-SER A1 | 0.002632 |  |
| TX NSDSCD 08/01/2054 | 0.002581 | ✓ |
| SOUTHEAST ENERGY AUTH VAR | 0.002564 |  |
| SOUTHEAST ENERGY-E | 0.002552 | ✓ |
| Bay Area Toll Authority, Series 2021 A | 0.002531 | ✓ |
| Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 2, Series 2021B-1 | 0.002524 |  |
| MAIN STR NAT GA 5% MT | 0.002495 | ✓ |
| JOHNSON HLTH & EDU | 0.002494 |  |
| MAIN STR NAT GA 5% MT | 0.002489 |  |
| PHILA PA SD 5% 09/01/34 | 0.002473 |  |
| NORTH CAROLINA CAPITAL FACILIT NCSEDU 05/33 FIXED 4 | 0.002458 |  |
| BLACK BELT GAS DT-E | 0.002412 | ✓ |


## Sources

- N-PORT (fund A) — accession `0000035402-26-003413` (as of 2026-03-31)
  <https://www.sec.gov/Archives/edgar/data/35373/000003540226003413/0000035402-26-003413-index.htm>
- N-PORT (fund B) — accession `0000225997-26-000122` (as of 2026-01-31)
  <https://www.sec.gov/Archives/edgar/data/225997/000022599726000122/0000225997-26-000122-index.htm>

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