FSMUX — Strategic Advisers Municipal Bond Fund
Data updated: 2026-07-24
FSMUX — Strategic Advisers Municipal Bond Fund data: holdings, portfolio allocation, expenses, performance, cashflows, risk and SEC filings. Long Municipal - National Bond · $14.34B AUM · 0.19% expense ratio · 7.3% 1-yr return. From SEC regulatory filings.
FSMUX Fund Overview
FSMUX — Strategic Advisers Municipal Bond Fund is a US mutual fund managed by Fidelity Rutland Square Trust II, categorised as Long Municipal - National Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Fidelity Rutland Square Trust II
- Category: Long Municipal - National Bond
- Assets under management: $14.34B
- 1-year return: 7.3%
- Ticker: FSMUX
- SEC CIK: 0001364924
- SEC series ID: S000072234
- Share class ID: C000228148
FSMUX Holdings
Top 10 holdings of Strategic Advisers Municipal Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Wells Fargo Fds Tr | 6.29% |
| Vanguard Mun Bd Fd, Inc. | 4.82% |
| Franklin Fed Tax Fr Income Fd | 4.63% |
| Fidelity Colchester Street Trust | 3.40% |
| Fidelity Salem Street Trust | 2.39% |
| Vanguard Mun Bd Fd, Inc. | 2.38% |
| Ishares Tr | 2.35% |
| Dws Mun Tr | 2.13% |
| Blackrock Mun Bd Fd, Inc. | 1.83% |
| Eaton Vance Municipal Tr | 1.73% |
FSMUX Portfolio Allocation
Asset-class allocation of Strategic Advisers Municipal Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 65.9% |
| Equity | 33.6% |
| Cash & Equivalents | 0.2% |
FSMUX Performance
Total returns for FSMUX (as of 2026-08-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 1.9% |
| 1 year | 7.3% |
| 3 years (annualised) | 4.4% |
FSMUX Risk Information
Risk metrics for FSMUX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 4.0%
FSMUX Costs and Fees
FSMUX costs about $19 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.19%
- Gross expense ratio: 0.44%
- Portfolio turnover: 35%
- Brokerage commissions: 0.09 bps of average net assets (SEC N-CEN)
FSMUX Cashflows
Over the 12 months to 2026-02, Strategic Advisers Municipal Bond Fund had net inflows of $1.93B, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-02 | $31.16M |
| 2026-01 | $286.55M |
| 2025-12 | $249.19M |
| 2025-11 | $15.71M |
| 2025-10 | $111.28M |
| 2025-09 | $142.23M |
FSMUX Debt Constituents
Largest debt holdings of Strategic Advisers Municipal Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Puerto Rico Sales Tax Fing Corp. Sales Tax Rev | 0.27% |
| Main Str Nat Gas, Inc. Ga Gas Supply Rev | 0.26% |
| Buckeye Oh Tob Settlement Fing Auth | 0.23% |
| Southeast Energy Authority A Cooperative District | 0.22% |
| Black Belt Energy Gas Dist Alagas Proj Rev | 0.21% |
| SAN FRANCISCO CA CITY and COUNTY AIRPORTS COMMISSION INTERNATIONAL AIRPORT REVENUE | 0.20% |
| Tennessee Engy Acq Crp Gas Rev | 0.19% |
| Black Belt Energy Gas Dist Alagas Proj Rev | 0.18% |
| PUERTO RICO COMWLTH AQUEDUCT and SWR AUTH REV | 0.14% |
| Kentucky, Inc. Ky Pub Energy Auth Gas Supply Rev | 0.14% |
FSMUX Prospectus and SEC Filings
Official Strategic Advisers Municipal Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
Related Funds
Other Long Municipal - National Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.