Fidelity Corporate Bond Fund
Fidelity Salem Street Trust · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Fidelity Corporate 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
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q4
Fidelity Corporate Bond Fund seeks a high level of current income.
The fund invests at least 80% of assets in investment-grade corporate bonds and related debt securities, managing interest rate risk to align with the Bloomberg U.S. Credit Bond Index, while also holding up to 20% in lower-quality high-yield debt. The manager selects securities by analyzing credit quality, valuation, and trading opportunities rather than tracking the index mechanically. The fund may use derivatives and leverage to adjust risk exposure. Because security selection drives returns rather than index replication, the fund's performance will diverge from its benchmark.
| Share class | Gross | Net |
|---|---|---|
| FCBFX | 0.45% | — |
| FCBAX | 0.77% | 0.77% |
| FCCCX | 1.52% | 1.52% |
| FCBTX | 0.80% | 0.80% |
| FCBIX | 0.50% | 0.50% |
| FIKOX | 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 43.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 95.19% |
| Securitized | 2.30% |
| Cash & short-term | 2.08% |
| Stocks | 0.31% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 21.8% |
| Financials | 20.3% |
| International | 11.6% |
| Utilities | 10.9% |
| 12 smaller | 35.5% |
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: HPS CORPORATE LENDING FUND, MORGAN STANLEY, BUNGE LTD FIN CORP ×2, AUGUSTA SPINCO CORP, NATIONAL AUSTRALIA BANK LTD, TRANSCONTINENTAL GAS PIPE LINE CO LLC, MEDLINE BORROWER LP/MEDLINE CO-ISSUER INC
Largest exited: CLECO CORPORATE HLDGS LLC, SAMMONS FINANCIAL GROUP GLOBAL FUNDING, BOEING CO, HPS CORPORATE LENDING FUND, CDW LLC / CDW FIN CORP, TRANSCONTINENTAL GAS PIPE LINE CO LLC, BAT CAPITAL CORP, MICRON TECHNOLOGY INC
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 |
|---|---|---|---|---|---|
| +5.39% | +15.53% | +3.24% | 3.62% | -5.89% | |
| +5.04% | -53.39% | -84.47% | 3.62% | -55.65% | |
| +4.26% | -10.01% | -38.12% | 3.55% | -14.06% | |
| +5.01% | -53.46% | -84.50% | 3.65% | -55.71% | |
| +5.31% | +15.33% | +2.96% | 3.62% | -5.91% | |
| +5.48% | +15.80% | +3.57% | 3.54% | -5.76% |
These classes hold the same portfolio, so the 88.07pp spread over 5 years is the cost difference between them — roughly 17.61pp 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.
| Fixed rate | 80.5% |
| Floating rate | 19.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.5% |
| 1-3y | 6.9% |
| 3-5y | 21.1% |
| 5-10y | 43.9% |
| 10y+ | 26.7% |
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 | 51% |
| Interest rates | 49% |
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 | +6.86 yr |
| High yield | +0.07 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 | 0.00 yr | 0% |
| 1 yr | 0.30 yr | 5% |
| 5 yr | 2.06 yr | 31% |
| 10 yr | 2.10 yr | 32% |
| 30 yr | 2.13 yr | 32% |
| 3 mo | 0.46 yr | 7% |
| 1 yr | 1.57 yr | 23% |
| 5 yr | 2.60 yr | 38% |
| 10 yr | 1.65 yr | 24% |
| 30 yr | 0.65 yr | 9% |
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 | +0.00 | +0.45 | +0.01 | $90.5k | $2.1k |
| 1 yr | +0.30 | +1.54 | +0.02 | $311.9k | $4.4k |
| 5 yr | +2.06 | +2.59 | +0.01 | $523.2k | $2.8k |
| 10 yr | +2.10 | +1.63 | +0.02 | $329.5k | $3.9k |
| 30 yr | +2.13 | +0.65 | +0.00 | $130.9k | $31 |
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 | 2.08% | $41.90M | — |
| — | UNITED STATES TREASURY BOND4.75% · due 2056-02-15 | 1.96% | $39.51M | — |
| — | PEACHTREE CORNERS FUNDING TRUST II6.01% · due 2035-05-15 | 0.65% | $13.10M | — |
| — | BAYER US FIN LLC6.88% · due 2053-11-21 | 0.61% | $12.24M | — |
| — | JPMORGAN CHASE and CO5.72% floating · due 2033-09-14 | 0.60% | $12.11M | — |
| — | MORGAN STANLEY5.32% floating · due 2035-07-19 | 0.60% | $12.12M | — |
| — | WELLS FARGO and CO5.50% floating · due 2035-01-23 | 0.58% | $11.64M | — |
| — | ARES CAPITAL CORP2.15% · due 2026-07-15 | 0.53% | $10.77M | — |
| — | HUDSON PACIFIC PROPERTIES LP5.95% · due 2028-02-15 | 0.53% | $10.77M | — |
| — | OMEGA HEALTHCARE INVESTORS INC3.38% · due 2031-02-01 | 0.52% | $10.59M | — |
Top 10 positions are 8.65% of net assets, top 25 15.81%, across 272 issuers.
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