Fidelity Conservative Income Bond Fund
Fidelity Salem Street Trust · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Fidelity Conservative Income Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
Fund profile
As filed in the prospectus · 2025 Q4
Fidelity Conservative Income Bond Fund seeks to obtain a high level of current income consistent with preservation of capital.
The fund invests at least 80% of assets in high-quality investment-grade debt securities and money market instruments, managing interest rate risk to align with the Bloomberg U.S. 3-6 Month Treasury Bill Index and maintaining a dollar-weighted average maturity of one year or less. The manager selects securities by analyzing credit quality, valuation, and trading opportunities across sectors and maturities, with a maximum maturity of four years. Because security selection depends on the manager's credit analysis and valuation judgments, fund returns will diverge from those of the index.
| Share class | Gross | Net |
|---|---|---|
| FCNVX | 0.30% | 0.25% |
| FCNYX | 0.25% | 0.20% |
| FCNQX | 0.48% | 0.45% |
| FCNWX | 0.37% | 0.25% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 73.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 71.66% |
| Securitized | 16.41% |
| Cash & short-term | 11.02% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 21.1% |
| Financials | 20.1% |
| Government | 18.5% |
| Securitized | 16.6% |
| 10 smaller | 23.8% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: UST NOTES ×2, WELLS FARGO SECURITIES, LLC, MIZUHO SECURITIES USA LLC, TORONTO DOMINION BANK - NY, STANDARD CHARTERED PLC, HALEON US CAPITAL LLC, AMAZON.COM INC
Largest exited: UST BILLS ×3, UST NOTES, WELLS FARGO SECURITIES, LLC, BANK OF MONTREAL QUE, SVENSKA HANDELSBANKEN NY, MIZUHO BANK LTD NY BRANCH
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.20% | +15.97% | +19.46% | 0.19% | 0.00% | |
| +4.31% | — | — | 0.33% | — | |
| +4.06% | — | — | 0.33% | — | |
| +4.30% | — | — | 0.33% | — |
These classes hold the same portfolio, so the 0.25pp spread over 1 year is the cost difference between them — roughly 0.25pp a year — not a difference in what they own.
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.
| Floating rate | 52.7% |
| Fixed rate | 47.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 37.9% |
| 1-3y | 57.4% |
| 3-5y | 3.8% |
| 5-10y | 0.3% |
| 10y+ | 0.5% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
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 | 67% |
| Interest rates | 33% |
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 | +0.70 yr |
| High yield | +0.05 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 | 0.09 yr | 23% |
| 1 yr | 0.26 yr | 70% |
| 5 yr | 0.02 yr | 6% |
10 yr is NEGATIVE (-0.00 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.19 yr | 25% |
| 1 yr | 0.40 yr | 53% |
| 5 yr | 0.16 yr | 21% |
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 | +0.09 | +0.16 | +0.03 | $99.9k | $19.6k |
| 1 yr | +0.26 | +0.39 | +0.01 | $246.0k | $7.0k |
| 5 yr | +0.02 | +0.15 | +0.01 | $95.2k | $6.6k |
| 10 yr | -0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
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 | 9.94% | $621.99M | — |
| — | UST NOTES3.50% · due 2026-09-30 | 4.80% | $300.73M | — |
| — | UST NOTES3.63% · due 2027-08-31 | 3.83% | $240.06M | — |
| — | UST BILLS0.00% · due 2026-06-18 | 3.19% | $199.66M | — |
| — | UST NOTES3.50% · due 2027-09-30 | 2.43% | $152.05M | — |
| — | UST NOTES3.38% · due 2027-12-31 | 2.04% | $127.97M | — |
| — | UST BILLS0.00% · due 2026-07-02 | 2.02% | $126.60M | — |
| — | WELLS FARGO SECURITIES, LLC | 0.54% | $34.00M | — |
| — | MIZUHO SECURITIES USA LLC | 0.54% | $34.00M | — |
| — | AMERICAN HONDA FINANCE CORP4.28% floating · due 2027-11-19 | 0.50% | $31.38M | — |
Top 10 positions are 29.85% of net assets, top 25 36.43%, across 211 issuers.
See more of this fund's book
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