# Portfolio overlap — MSTPX vs FSMUX Comparing **Morningstar Municipal Bond Fund** (2026-01-30) and **Strategic Advisers Municipal Bond Fund** (2026-02-28). - Shared positions: 288 - Morningstar Municipal Bond Fund covered by Strategic Advisers Municipal Bond Fund: 0.07019155901182664850623009503 - Strategic Advisers Municipal Bond Fund covered by Morningstar Municipal Bond Fund: 0.07019155901182664850623009505 ## Morningstar Municipal Bond Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | NT-INST TRSR-PRM | 0.010822 | | | ROCHESTER MN HLTH CARE FACS RE REGD V/R B/E 1.85000000 | 0.005819 | | | OSF HEALTHCARE SYSTEM OBLIGATED GROUP (MPT) 5.0% 05-15-50 | 0.005632 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024A-1 | 0.005581 | ✓ | | TRIBOROUGH BRIDGE-B2 | 0.004655 | | | TX CLIEDU 02/15/2055 | 0.004585 | | | WA ENEPWR 4 07/01/2042 | 0.004458 | ✓ | | NY TRANS CORP 4% 10/1/2030@ | 0.004429 | | | State of Illinois, Series 2023D | 0.004408 | | | MI MISFIN 04/15/2047 | 0.004353 | | | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 20 | 0.004216 | | | CO THODEV 5 12/01/2029 | 0.004147 | | | BLACK BELT ENGY GAS-C | 0.004007 | ✓ | | NE CENPWR 08/01/2055 | 0.003907 | ✓ | | MD MDSDEV 5 11/12/2028 | 0.003865 | ✓ | | TN TNSUTL 5 12/01/2035 | 0.003839 | ✓ | | DEL TRAN 3% 7/1/2043 | 0.003777 | ✓ | | IN INSMED 10/01/2064 | 0.003770 | | | OK CARGEN 5 09/01/2028 | 0.003731 | | | State of Colorado, Rural Colorado, Certificates of Participation, Series 2022 | 0.003390 | ✓ | | Chandler Industrial Development Authority, Series 2007 | 0.003329 | ✓ | | NY MTATRN 5 11/15/2031 | 0.003310 | | | RESTRUCTURED-SER A1 | 0.003273 | ✓ | | PVT CLG UNIV AUTH-A | 0.003234 | | | TX ROUSCD 08/01/2044 | 0.003227 | | | TX PSPSCD 4 02/15/2054 | 0.003219 | | | BLACK BELT ENERGY GAS VAR | 0.003159 | ✓ | | NY TRANSITIONAL FIN-D | 0.003143 | | | STATE OF MICHIGAN TRUNK LINE REVENUE 5.5% 11-15-49 | 0.003138 | ✓ | | IL CHI 5 01/01/2032 | 0.003112 | | | TX TMGUTL 01/01/2054 | 0.003106 | ✓ | | STHRN CA PUB PWR-A | 0.003103 | | | OK OKSEDU 5 09/01/2031 | 0.003102 | | | TX DALAPT 11/01/2050 | 0.003100 | | | IL CHI 5 01/01/2031 | 0.003089 | | | MAIN STR NAT GA 5% MT | 0.003089 | ✓ | | California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB | 0.003070 | ✓ | | TX TXSTRN 5.5 06/30/2042 | 0.003067 | ✓ | | IL COOGEN 5 11/15/2045 | 0.003056 | ✓ | | NC GTRAPT 5.5 07/01/2047 | 0.003044 | ✓ | | Georgia (State of) Ports Authority, Series 2022, RB | 0.003037 | ✓ | | TN TNSUTL 05/01/2053 | 0.003015 | ✓ | | MTRO WA DC ARPT 5.25% 10/1/48@ | 0.003007 | ✓ | | UNIV OF N TEXAS UNIV REVENUE UNNHGR 04/27 FIXED 5 | 0.003003 | | | TX HSPMFH 11/01/2045 | 0.002965 | | | AZ ST INDL DEV AUTH-A | 0.002964 | ✓ | | NYS ENV SWD 2.75% 9/1/2050 MT | 0.002954 | ✓ | | STHRN ID REGL SOL WST DIST REV REGD B/E 4.00000000 | 0.002951 | | | NE LINMFH 01/10/2048 | 0.002943 | | | TX SANUTL 02/01/2055 | 0.002935 | | ## 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 `0002066578-26-000963` (as of 2026-01-30) - 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 _