Fidelity SAI Low Duration Bond Fund
Fidelity Salem Street Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q4
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.
| Share class | Gross | Net |
|---|---|---|
| FZOLX | 0.21% | 0.20% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 80.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 73.78% |
| Securitized | 21.41% |
| Cash & short-term | 5.21% |
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Government | 25.3% |
| Securitized | 21.3% |
| Other | 16.5% |
| Financials | 15.2% |
| 11 smaller | 21.7% |
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, WELLS FARGO and CO, CVS HEALTH CORP, AUGUSTA SPINCO CORP, BANK OF AMERICA CORPORATION
Largest exited: WESTPAC BANKING CORP, SVENSKA HANDELSBANKEN NY, THE TORONTO DOMINION BANK, MIZUHO BANK LTD NY BRANCH, HSBC USA INC, MIZUHO SECURITIES USA LLC, COPT DEFENSE PROPERTIES LP, NATWEST GROUP PLC
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.
| 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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | UST NOTES3.63% · due 2027-08-31 | 13.65% | $324.63M | — |
| — | UST NOTES3.38% · due 2027-12-31 | 6.64% | $158.07M | — |
| — | Fidelity Revere Street Trust | 4.16% | $98.86M | — |
| — | UST NOTES3.75% · due 2028-04-30 | 2.72% | $64.70M | — |
| — | UST NOTES3.50% · due 2027-09-30 | 1.60% | $38.01M | — |
| — | MITSUBISHI UFJ TRUST and BANKING CORP NY BRANCH0.04% floating · due 2026-07-23 | 0.84% | $20.00M | — |
| — | UST NOTES4.13% · due 2027-01-31 | 0.81% | $19.32M | — |
| — | MATTEL INC5.88% · due 2027-12-15 | 0.71% | $16.95M | — |
| — | OHA CREDIT FUNDING 22 LTD0.05% floating · due 2038-07-20 | 0.62% | $14.82M | — |
| — | FLATIRON CLO 23 LLC0.05% floating · due 2036-04-17 | 0.59% | $14.01M | — |
Top 10 positions are 32.34% of net assets, top 25 40.29%, across 206 issuers.
See more of this fund's book
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