Fidelity Total Bond Fund
Fidelity Income Fund · Series S000007066 · 6 share classes
data updated 2026-08-17
Fund profile
As filed in the prospectus · 2025 Q4
Fidelity Total Bond Fund seeks a high level of current income.
The fund invests at least 80% of assets in debt securities across investment-grade, high yield, and emerging markets, selecting securities by analyzing credit quality, valuation, and economic risks while managing overall interest rate risk to align with the Bloomberg U.S. Aggregate Bond Index. The fund may allocate up to 20% to below-investment-grade debt and uses derivatives and leverage to adjust risk exposure. Because security selection depends on the manager's credit analysis and valuation judgments, fund returns will diverge from the index.
| Share class | Gross | Net |
|---|---|---|
| FTBFX | 0.45% | — |
| FEPAX | 0.75% | 0.75% |
| FCEPX | 1.51% | 1.51% |
| FEPTX | 0.75% | 0.75% |
| FEPIX | 0.50% | 0.50% |
| FBKWX | 0.40% | 0.36% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 211.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 65.75% |
| Securitized | 29.38% |
| Loans | 4.68% |
| Cash & short-term | 4.37% |
| Stocks | 0.43% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: UST NOTES ×5, GNMA II GTD PASS THRU CTF MULTIPLE ISSUER, FNMA/FHLG TBA ISSUER ×2
Largest exited: FNMA/FHLG TBA ISSUER ×2, GNMA II GTD PASS THRU CTF MULTIPLE ISSUER ×5, UNITED STATES TREASURY BOND
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — |
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-02-28
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 | 79.3% |
| Floating rate | 20.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 4.4% |
| 3-5y | 14.3% |
| 5-10y | 36.1% |
| 10y+ | 44.5% |
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 2026Q1
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
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.
| Credit spreads | 52% |
| Interest rates | 48% |
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 | +5.62 yr |
| High yield | +0.35 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 | 0.02 yr | 0% |
| 1 yr | 0.27 yr | 5% |
| 5 yr | 1.73 yr | 31% |
| 10 yr | 1.68 yr | 30% |
| 30 yr | 1.83 yr | 33% |
| 3 mo | 0.14 yr | 2% |
| 1 yr | 0.66 yr | 11% |
| 5 yr | 2.16 yr | 36% |
| 10 yr | 1.85 yr | 31% |
| 30 yr | 1.17 yr | 20% |
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 | +0.02 | +0.08 | +0.05 | $365.5k | $224.8k |
| 1 yr | +0.27 | +0.53 | +0.13 | $2.28m | $581.5k |
| 5 yr | +1.73 | +2.02 | +0.14 | $8.77m | $592.5k |
| 10 yr | +1.68 | +1.83 | +0.02 | $7.93m | $97.5k |
| 30 yr | +1.83 | +1.17 | +0.01 | $5.07m | $25.9k |
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 | Value | Shares |
|---|---|---|---|---|
| — | Fidelity Revere Street Trust | 4.22% | $1.83B | — |
| — | UST NOTES3.63% · due 2031-09-30 | 2.69% | $1.17B | — |
| — | UST NOTES4.25% · due 2035-08-15 | 2.11% | $915.39M | — |
| — | UST NOTES3.38% · due 2033-05-15 | 1.87% | $811.69M | — |
| — | UNITED STATES TREASURY BOND4.50% · due 2054-11-15 | 1.70% | $738.77M | — |
| — | UST NOTES4.25% · due 2035-05-15 | 1.65% | $716.19M | — |
| — | UST NOTES4.00% · due 2031-01-31 | 1.41% | $612.61M | — |
| — | GNMA II GTD PASS THRU CTF MULTIPLE ISSUER5.50% · due 2056-03-01 | 1.39% | $605.67M | — |
| — | UST NOTES3.63% · due 2030-08-31 | 1.38% | $597.89M | — |
| — | UST NOTES4.00% · due 2033-01-31 | 1.24% | $540.13M | — |
Top 10 positions are 19.66% of net assets, top 25 34.60%, across 1.8K issuers.
See more of this fund's book
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