Strategic Advisers Municipal Bond Fund
Conservative allocation fund
As of its 2026 Q2 report, Strategic Advisers Municipal Bond Fund held 6,869 positions with $14.34B in net assets. Its ten largest holdings made up 32.0% of the fund. The FSMUX share class costs 0.19% a year. Over the 12 months to May 2026, FSMUX returned 7.3%, with dividends reinvested. In 2026 Q2 it added 177 new positions and exited 185.
Strategic Advisers Municipal Bond Fund seeks to provide a high current yield exempt from federal income tax.
The fund invests at least 80% of assets in investment-grade municipal securities, whose interest is exempt from federal income tax, and may allocate up to 30% to lower-quality municipal debt. Day-to-day management is delegated to one or more sub-advisers, and the fund may invest directly in securities or indirectly through underlying funds, including mutual funds and ETFs. The adviser allocates assets among sub-advisers and underlying funds using proprietary research, considering performance, manager experience, costs, and other factors. Because the fund's returns depend on the selection and performance of its sub-advisers and underlying funds, results will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
WELLS FARGO FDS TR | 6.29% | $902.69M | 92.9M | $9.72 |
VANGUARD MUN BD FD INC | 4.82% | $691.63M | 63.7M | $10.86 |
FFTQXFRANKLIN FED TAX FR INCOME FD | 4.63% | $663.96M | 61.4M | $10.81 |
Fidelity Colchester Street Trust | 3.40% | $488.31M | 488.3M | $1.0000 |
FENCXFidelity Salem Street Trust | 2.39% | $343.04M | 33.9M | $10.13 |
VANGUARD MUN BD FD INC | 2.38% | $340.76M | 6.8M | $50.36 |
ISHARES TR | 2.35% | $337.69M | 3.2M | $107.17 |
DWS MUN TR | 2.13% | $305.54M | 38.1M | $8.01 |
BLACKROCK MUN BD FD INC | 1.83% | $262.24M | 26.3M | $9.99 |
EATON VANCE MUNICIPAL TR | 1.73% | $248.09M | 27.2M | $9.13 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
The 200 largest of 6,869 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 88.11% |
| Stocks | 8.91% |
| Cash & short-term | 2.60% |
| Securitized | 0.26% |
| 3 smaller | 0.08% |
Look-through blends 9 underlying funds; 3.96% of NAV was not looked through and stays direct-classified.
How it has done
FSMUX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.00%. Past returns are a record, not a forecast.
Fees & fund details
Strategic Advisers Municipal Bond Fund is a conservative allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Conservative
- Features
- Fund of funds
- Expense ratio, by class
- 0.19%· FSMUX 0.19%
- Portfolio turnover
- 35.00% a year · as of 2025 Q3
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
177 new· the largest 6
185 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 88.6% |
| Floating rate | 11.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.9% |
| 1-3y | 2.1% |
| 3-5y | 2.7% |
| 5-10y | 12.3% |
| 10y+ | 82.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 61% |
| Credit spreads | 39% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +2.61 yr |
| High yield | +0.38 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.16 yr | 3% |
| 5 yr | 0.72 yr | 15% |
| 10 yr | 2.13 yr | 45% |
| 30 yr | 1.67 yr | 36% |
| 3 mo | 0.34 yr | 11% |
| 1 yr | 1.04 yr | 35% |
| 5 yr | 0.84 yr | 28% |
| 10 yr | 0.63 yr | 21% |
| 30 yr | 0.14 yr | 5% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.28 | +0.06 | $406.0k | $81.6k |
| 1 yr | +0.16 | +0.87 | +0.17 | $1.25m | $243.0k |
| 5 yr | +0.72 | +0.77 | +0.07 | $1.10m | $102.8k |
| 10 yr | +2.13 | +0.57 | +0.06 | $820.8k | $84.1k |
| 30 yr | +1.67 | +0.12 | +0.02 | $166.4k | $31.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
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