Strategic Advisers Municipal Bond Fund
Fidelity Rutland Square Trust II · Series S000072234 · 1 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2025 Q3
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.
| Share class | Gross | Net |
|---|---|---|
| FSMUX | 0.44% | 0.19% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 35.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV ×3, SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE, PEFA INC IOWA GAS PROJ REV, CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV, MASSACHUSETTS ST, PHOENIX ARIZ INDL DEV AUTH HEALTH CARE FACS REV
Largest exited: DISTRICT COLUMBIA REV, NYS ENERGY R+D AUTH CON ED, KENTUCKY INC KY PUB ENERGY AUTH GAS SUPPLY REV, ARKANSAS ST DEV FAIDEV REV, TEXAS STATE, TRIBOROUGH BRDG and TUNL AUTH NY SALES TAX REV, NY PAYROLL MOBILITY TX, NORTHAMPTON CNTY PA GEN PURP AUTH HOSP REV
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | WELLS FARGO FDS TR | 6.29% | $9.72 | $902.69M | 92.9M |
| — | VANGUARD MUN BD FD INC | 4.82% | $10.86 | $691.63M | 63.7M |
| FFTQX | FRANKLIN FED TAX FR INCOME FDFFTQX | 4.63% | $10.81 | $663.96M | 61.4M |
| — | Fidelity Colchester Street Trust | 3.40% | $1.0000 | $488.31M | 488.3M |
| FENCX | Fidelity Salem Street TrustFENCX | 2.39% | $10.13 | $343.04M | 33.9M |
| — | VANGUARD MUN BD FD INC | 2.38% | $50.36 | $340.76M | 6.8M |
| — | ISHARES TR | 2.35% | $107.17 | $337.69M | 3.2M |
| — | DWS MUN TR | 2.13% | $8.01 | $305.54M | 38.1M |
| — | BLACKROCK MUN BD FD INC | 1.83% | $9.99 | $262.24M | 26.3M |
| — | EATON VANCE MUNICIPAL TR | 1.73% | $9.13 | $248.09M | 27.2M |
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.
Top 10 positions are 31.96% of net assets, top 25 36.14%, across 1.8K issuers.
See more of this fund's book
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