Fidelity SAI Low Duration Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Fidelity SAI Low Duration Bond Fund held 263 positions with $2.38B in net assets. Its ten largest holdings made up 32.3% of the fund. The FZOLX share class costs 0.2% a year. Over the 12 months to May 2026, FZOLX returned 4.3%, with dividends reinvested. In 2026 Q2 it added 65 new positions and exited 61.
Fidelity SAI Low Duration 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 investment-grade debt securities across all types—corporate bonds, government securities, mortgage and asset-backed securities, and related instruments—selected by the adviser based on credit quality, valuation, and trading opportunities. It maintains a duration of one year or less and dollar-weighted average maturity of two years or less, targeting interest rate risk similar to the Bloomberg US Treasury Bill: 6–9 Months Index. The fund may use derivatives including swaps, options, and futures to adjust risk exposure. Because security selection depends on the adviser's analysis rather than mechanical index tracking, portfolio composition will diverge from the benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
UST NOTES 3.63% · due 2027-08-31 | 13.65% | $324.63M | — |
UST NOTES 3.38% · due 2027-12-31 | 6.64% | $158.07M | — |
Fidelity Revere Street Trust | 4.16% | $98.86M | — |
UST NOTES 3.75% · due 2028-04-30 | 2.72% | $64.70M | — |
UST NOTES 3.50% · due 2027-09-30 | 1.60% | $38.01M | — |
MITSUBISHI UFJ TRUST and BANKING CORP NY BRANCH 0.04% floating · due 2026-07-23 | 0.84% | $20.00M | — |
UST NOTES 4.13% · due 2027-01-31 | 0.81% | $19.32M | — |
MATTEL INC 5.88% · due 2027-12-15 | 0.71% | $16.95M | — |
OHA CREDIT FUNDING 22 LTD 0.05% floating · due 2038-07-20 | 0.62% | $14.82M | — |
FLATIRON CLO 23 LLC 0.05% floating · due 2036-04-17 | 0.59% | $14.01M | — |
The 200 largest of 263 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 73.78% |
| Securitized | 21.41% |
| Cash & short-term | 5.21% |
By sector
- Government
- 25.3%
- Securitized
- 21.3%
- Other
- 18.0%
- Financials
- 12.8%
- 11 other sectors
- 22.5%
- Government
- 25.3%
- Securitized
- 21.3%
- Other
- 18.0%
- Financials
- 12.8%
- International
- 12.5%
- Cash
- 4.1%
- Consumer Staples
- 1.4%
- Consumer Discretionary
- 1.2%
- Health Care
- 1.0%
- Information Technology
- 0.8%
- Real Estate
- 0.7%
- Utilities
- 0.3%
- Industrials
- 0.2%
- Materials
- 0.2%
- Energy
- 0.2%
How it has done
FZOLX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.35%. Past returns are a record, not a forecast.
Fees & fund details
Fidelity SAI Low Duration 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
- Expense ratio, by class
- 0.20%· FZOLX 0.20%
- Portfolio turnover
- 80.00% a year · as of 2025 Q4
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
65 new· the largest 7
61 exited· the largest 8
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 | 50.5% |
| Fixed rate | 49.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 12.4% |
| 1-3y | 74.5% |
| 3-5y | 3.6% |
| 5-10y | 3.4% |
| 10y+ | 6.1% |
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 | 66% |
| Interest rates | 34% |
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 | +1.16 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 | 0.08 yr | 13% |
| 1 yr | 0.48 yr | 78% |
| 5 yr | 0.05 yr | 9% |
| 10 yr | 0.00 yr | 0% |
| 3 mo | 0.17 yr | 14% |
| 1 yr | 0.71 yr | 61% |
| 5 yr | 0.29 yr | 25% |
| 10 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 | +0.08 | +0.16 | +0.00 | $38.9k | $1.1k |
| 1 yr | +0.48 | +0.71 | +0.00 | $168.1k | $235 |
| 5 yr | +0.05 | +0.29 | +0.00 | $68.7k | $338 |
| 10 yr | +0.00 | +0.00 | +0.00 | $41 | $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.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
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