# Portfolio overlap — LSMSX vs FSMUX Comparing **Western Asset SMASh Series TF Fund** (2026-02-27) and **Strategic Advisers Municipal Bond Fund** (2026-02-28). - Shared positions: 188 - Western Asset SMASh Series TF Fund covered by Strategic Advisers Municipal Bond Fund: 0.05628299936219824865396807790 - Strategic Advisers Municipal Bond Fund covered by Western Asset SMASh Series TF Fund: 0.05628299936219824865396807789 ## Western Asset SMASh Series TF Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | NYC-D4-ADJ | 0.036862 | | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.023821 | ✓ | | ILLINOIS ST FIN AUTH REVENUE | 0.023551 | ✓ | | STATE OF NEW JERSEY NATL 0.0% 12-15-31 | 0.021980 | ✓ | | NYC MUNI WTR FIN-BB | 0.021802 | ✓ | | CALIFORNIA COMMUNITY VAR | 0.019613 | ✓ | | MET NASHVILLE TN ARPT AUTH ARPT REVENUE | 0.016061 | | | PENNSYLVANIA ST ECON DEV FING REGD OID B/E AMT 5.25000000 | 0.014067 | ✓ | | State of Illinois | 0.013779 | | | NOVANT HEALTH OBLIGATED GROUP 5.0% 12-01-35 | 0.011782 | ✓ | | Energy Southeast A Cooperative District, Series B-1 | 0.011553 | ✓ | | CTR PLN ENG GAS 5% 9/1/2033 | 0.011518 | ✓ | | CTR TX RMA 4% 1/1/2051 | 0.011517 | ✓ | | CHICAGO IL BRD OF EDU CHIEDU 12/40 FIXED 5 | 0.011384 | ✓ | | Public Energy Auth. of Kentucky Gas Supply Rev. Refg. C | 0.011265 | ✓ | | OR FACS AUTH-B-REF | 0.011263 | | | IL CHI 5.5 01/01/2039 | 0.011056 | | | New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 0.010824 | | | NY NYCUTL 5.25 06/15/2052 | 0.010818 | ✓ | | NY TRANSPRTN DEV CORP | 0.010749 | ✓ | | Chandler Industrial Development Authority | 0.010445 | ✓ | | NOVANT HEALTH OBLIGATED GROUP 5.0% 06-01-55 | 0.010268 | ✓ | | PUERTO RICO SALES TAX FING COR REGD OID B/E 4.75000000 | 0.009985 | ✓ | | PORT NY NJ 4% 7/15/2045 @ | 0.009936 | ✓ | | NY MTA DED 4% 11/15/2054 | 0.009504 | ✓ | | INDIANA ST FIN AUTH HLTH SYS R INSMED 12/49 FIXED 4 | 0.009484 | ✓ | | NYC GO 23A-4 Q=TD V1 | 0.009216 | | | CALIFORNIA COMMUNITY VAR | 0.009145 | ✓ | | NY TRANSPRTN DEV -AMT | 0.008573 | ✓ | | CHICAGO IL BRD OF EDU REGD B/E 5.00000000 | 0.008279 | ✓ | | Black Belt Energy Gas District (The) (Gas), Series 2022 F, RB | 0.008194 | ✓ | | CHICAGO IL BRD OF EDU DEDICATE REGD B/E 5.75000000 | 0.008179 | ✓ | | Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 0.008148 | ✓ | | California Community Choice Financing Authority, Series 2025G | 0.008080 | ✓ | | Chandler Industrial Development Authority, Series 2019 | 0.007903 | ✓ | | RESTRUCTURED-SER A1 | 0.007798 | ✓ | | NY TRANS CORP 5% 6/30/2049 @ | 0.007769 | ✓ | | NY TRANS CORP 5% 7/1/46 @ | 0.007683 | ✓ | | NY TRANSPRTN DEV -AMT | 0.007675 | ✓ | | ELGIN TX ISD 4% 8/1/2049 | 0.007304 | ✓ | | WV HOSP FIN AUTH-C | 0.007168 | | | Van Alstyne Independent School District | 0.007113 | | | New York City Housing Development Corp | 0.006740 | | | St. John the Baptist (Parish of), LA (Marathon Oil Corp.), Series 2017, Ref. RB | 0.006252 | ✓ | | Oneida County Local Development Corp., Series A | 0.005978 | ✓ | | LONGVIEW TX ISD 4% 2/15/2049 | 0.005852 | ✓ | | DENVER CO ARPT 5% 11/15/2032 @ | 0.005827 | ✓ | | Black Belt Energy Gas District, Series D | 0.005689 | ✓ | | MTRO WA DC ARPT 5% 10/1/2030 @ | 0.005676 | ✓ | | SALT VERDE FINL CORP GAS REV ARIZ SR | 0.005614 | | ## 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 | | ## Sources - N-PORT (fund A) — accession `0000940400-26-014628` (as of 2026-02-27) - N-PORT (fund B) — accession `0000035402-26-002694` (as of 2026-02-28) --- _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 _