FSMUX
Strategic Advisers Municipal Bond Fund
Fidelity Rutland Square Trust II
Fund of funds

Portfolio concentration

As of February 28, 2026 · N-PORT
Holdings
6875
Top-10 weight
31.53%
Effective holdings ?
79
Crowding ?
25.6

Holdings

As of February 28, 2026 · N-PORT
#SecurityTickerSharesValue% of fund
1 Allspring Municipal Bond Admin 88,010,748 $865.15M 6.18%
2 Vanguard Long-Term Tax-Exempt Adm 63,081,465 $694.53M 4.96%
3 Franklin Federal Tax Free Income R6 59,894,143 $656.44M 4.69%
4 MONEY MARKET FUND FRGXX 482,309,091 $482.31M 3.45%
5 ISHARES NATIONAL MUNI BOND ETF ISHARES NATIONAL MUNI BOND E MUB US 2,964,380 $322.88M 2.31%
6 VANGUARD TAX-EXM VTEB 6,069,209 $310.44M 2.22%
7 DWS Managed Municipal Bond S 37,745,143 $306.11M 2.19%
8 FIDELITY SAI ENHANCED MUNICIPAL INCOME FUND 25,219,941 $259.26M 1.85%
9 BlackRock National Municipal Inv A 25,517,731 $259.00M 1.85%
10 Eaton Vance National Municipal Income I 26,359,950 $243.83M 1.74%
11 American High-Income Municipal Bond F-2 9,996,197 $155.64M 1.11%
12 Fidelity Municipal Cash Central Fund 80,007,975 $80.02M 0.57%
13 Invesco Government & Agency Portfolio, Institutional Class 40,242,335 $40.24M 0.29%
14 MAIN STR NAT GA 4% 07/01/2052 MT MAIUTL 36,705,000 $37.44M 0.27%
15 PUERTO RICO SALES TAX FING COR REGD OID B/E 4.75000000 PRCGEN 34,819,000 $33.88M 0.24%
16 OH BUCGEN 5 06/01/2055 BUCGEN 39,880,000 $32.93M 0.24%
17 SOUTHEAST ENERGY-E SEEPWR 28,895,000 $31.49M 0.23%
18 TN TNSUTL 5 12/01/2035 TNSUTL 25,935,000 $28.50M 0.20%
19 Public Energy Auth. of Kentucky Gas Supply Rev. Refg. C KYSPWR 19,100,000 $20.99M 0.15%
20 California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB CCEDEV 18,875,000 $20.28M 0.14%
21 Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A PRCUTL 20,090,000 $20.13M 0.14%
22 CHICAGO ILLIN 6% 4/1/2046 CHIEDU 18,645,000 $18.89M 0.14%
23 MUNIBOND BBEUTL 16,565,000 $18.27M 0.13%
24 PUERTO RICO SALES TAX FING COR REGD OID B/E 5.00000000 PRCGEN 18,590,000 $18.21M 0.13%
25 MAIN STR NAT GA(RCC) 5% 9/1/30MT 53 MAIUTL 15,305,000 $16.52M 0.12%
26 TX TTFTRN 5.5 10/01/2055 TTFTRN 14,990,000 $16.37M 0.12%
27 TN TNSUTL 5 11/01/2034 TNSUTL 14,510,000 $16.07M 0.11%
28 NY TRANS CORP(JFK INT NEW ONE)/AGM 5.13% 6/30/60@ 15,815,000 $15.96M 0.11%
29 Southeast Energy Authority, Alabama, Revenue Bonds Cooperative District Energy Supply Series 2024C SEEPWR 14,465,000 $15.89M 0.11%
30 NEW YORK ST URBAN DEV CORP SALES TAX REVENUE 15,000,000 $15.70M 0.11%
31 NY NYEFAC 07/01/2056 NYEFAC 14,500,000 $15.55M 0.11%
32 San Francisco City & County Airport Comm-San Francisco International Airport 13,080,000 $15.33M 0.11%
33 LOWER AL GAS DT-A-REF LWRUTL 14,065,000 $15.11M 0.11%
34 State of Illinois, Series D ILS 14,385,000 $15.01M 0.11%
35 TOBACCO SETTLEMENT FING CORP N TOBGEN 06/46 FIXED 5 TOBGEN 15,150,000 $14.99M 0.11%
36 WI PUBTRN 5.75 12/31/2065 PUBTRN 13,940,000 $14.58M 0.10%
37 PENNSYLVANIA ST ECON DEV FING REGD OID B/E AMT 5.25000000 14,250,000 $14.49M 0.10%
38 STATE OF ILLINOIS MCCORMICK PLACE EXPANSION PROJECT FUND 4.0% 06-15-52 16,800,000 $14.48M 0.10%
39 PENNSYLVANIA ST ECON DEV FING REGD B/E AMT 5.75000000 PASDEV 13,590,000 $14.37M 0.10%
40 Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022 PRC 21,039,376 $14.36M 0.10%
41 MAIN STR NAT GA 4% 9/1/2052 MAIUTL 13,870,000 $14.36M 0.10%
42 Southeast Energy Authority, Alabama, Revenue Bonds, Cooperative District Energy Supply Series 2025B SEEPWR 13,405,000 $14.36M 0.10%
43 MAIN STR NAT GA 5% MT MAIUTL 13,250,000 $14.22M 0.10%
44 Black Belt Energy Gas District, Series D-1 BBEUTL 13,230,000 $14.18M 0.10%
45 TX TXSUTL 01/01/2055 TXSUTL 12,400,000 $13.57M 0.10%
46 PUERTO RICO SALES TAX FING COR REGD ZCP OID B/E 0.00000000 PRCGEN 37,410,000 $13.39M 0.10%
47 NEW YORK ST DO 5% 3/15/2041 11,945,000 $13.34M 0.10%
48 California (State of) Community Choice Financing Authority (Clean Energy) (Green Bonds), Series 2024, RB CCEDEV 12,405,000 $13.11M 0.09%
49 California Community Choice Financing Authority, Series 2025G CCEDEV 11,600,000 $13.06M 0.09%
50 NY TRNSPRTN DEV CRP-A NYTTRN 12,695,000 $13.03M 0.09%
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