Fidelity Intermediate Bond Fund
Fidelity Salem Street Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Fidelity Intermediate 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
- Features
- Fund of funds
Fund profile
As filed in the prospectus · 2025 Q4
Fidelity Intermediate Bond Fund seeks a high level of current income.
The fund invests at least 80% of assets in investment-grade debt securities across all types—corporate bonds, government securities, mortgage-backed securities, and similar instruments—managed to maintain interest rate risk similar to the Bloomberg U.S. Intermediate Government/Credit Bond Index, with a dollar-weighted average maturity between three and 10 years. The manager selects securities by analyzing credit quality, valuation, and trading opportunities, and may also invest in lower-quality debt securities and use derivatives including swaps, options, and futures to adjust risk exposure. Because security selection and tactical positioning depend on the manager's analysis rather than index replication, the fund's returns may diverge from its benchmark.
| Share class | Expense ratio |
|---|---|
| FTHRX | 0.45% |
Portfolio turnover 33.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 83.15% |
| Securitized | 16.15% |
| Cash & short-term | 0.20% |
| Derivatives | 0.03% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Government | 42.2% |
| Securitized | 16.2% |
| Financials | 12.4% |
| Other | 10.6% |
| 12 smaller | 18.5% |
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: UST NOTES ×4, PSTAT 2024-2A, AIMCO CLO SER 2018-B / AIMCO CLO SER 2018-B LLC, RGA GLOBAL FUNDING, MEDLINE BORROWER LP/MEDLINE CO-ISSUER INC
Largest exited: UST NOTES ×8
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 | 77.0% |
| Floating rate | 23.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.1% |
| 1-3y | 24.3% |
| 3-5y | 30.3% |
| 5-10y | 34.8% |
| 10y+ | 8.5% |
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 | 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 | +3.80 yr |
| High yield | +0.01 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 | 1% |
| 1 yr | 0.63 yr | 18% |
| 5 yr | 1.91 yr | 55% |
| 10 yr | 0.91 yr | 26% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.17 yr | 4% |
| 1 yr | 1.00 yr | 26% |
| 5 yr | 1.87 yr | 49% |
| 10 yr | 0.77 yr | 20% |
| 30 yr | 0.00 yr | 0% |
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 | +0.17 | +0.00 | $81.1k | $515 |
| 1 yr | +0.63 | +0.99 | +0.00 | $482.8k | $1.4k |
| 5 yr | +1.91 | +1.87 | +0.00 | $908.4k | $1.3k |
| 10 yr | +0.91 | +0.77 | +0.00 | $373.5k | $85 |
| 30 yr | +0.00 | +0.00 | +0.00 | $905 | $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 |
|---|---|---|---|---|
| — | UST NOTES2.75% · due 2032-08-15 | 4.70% | $228.04M | — |
| — | UST NOTES3.63% · due 2028-08-15 | 3.37% | $163.56M | — |
| — | UST NOTES3.50% · due 2029-02-15 | 3.31% | $161.00M | — |
| — | UST NOTES4.13% · due 2030-08-31 | 3.12% | $151.60M | — |
| — | UST NOTES4.00% · due 2033-01-31 | 3.07% | $148.92M | — |
| — | UST NOTES3.50% · due 2031-02-28 | 2.55% | $123.74M | — |
| — | UST NOTES4.25% · due 2035-08-15 | 2.54% | $123.40M | — |
| — | UST NOTES3.88% · due 2028-03-15 | 2.52% | $122.59M | — |
| — | UST NOTES3.75% · due 2030-05-31 | 2.27% | $110.11M | — |
| — | UST NOTES4.38% · due 2034-05-15 | 2.24% | $108.65M | — |
Top 10 positions are 29.68% of net assets, top 25 44.03%, across 334 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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