Fidelity SAI Tax-Free Bond Fund
Fidelity Salem Street Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Fidelity SAI Tax-Free 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
- Long duration
Fund profile
As filed in the prospectus · 2026 Q1
Fidelity SAI Tax-Free Bond Fund seeks to provide a high current yield exempt from federal income tax.
The fund invests at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax, selecting securities across sectors and maturities to match the interest rate risk of a supplemental index. The manager analyzes credit quality, security features, valuation, and trading opportunities to build the portfolio. Because security selection depends on the manager's credit analysis and valuation judgments, fund holdings and returns may diverge from the index.
| Share class | Gross | Net |
|---|---|---|
| FSAJX | 0.35% | 0.25% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 12.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 93.41% |
| Cash & short-term | 7.20% |
Latest quarter
What changed since the fund's previous filing
Largest new: BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV ×3, CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV, NEW YORK ST DORM AUTH ST PERS INCOME TAX REV, WASHINGTON ST, FEDERAL HOME LN MTG CORP MULTIFAMILY VAR RATE CTFS RELATING TO TO MUN SECS, TEXAS MUNICIPAL GAS ACQUISITION and SUPPLY CORP V
Largest exited: NEW YORK ST TWY AUTH ST PERS, SAN ANTONIO TX ELEC and GAS REV, KENTUCKY INC KY PUB ENERGY AUTH GAS SUPPLY REV, NEW YORK N Y CITY TRANSITIONALFIN AUTH REV, METROPOLITAN WASH D C ARPTS AUTH DULLES TOLL RD REV, PUBLIC FIN AUTH WIS SR LIVING REV, NATIONAL FIN AUTH N H MUN CTFS, MIDDLE FORK PROJECT FINANCE AUTHORITY
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
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 | 84.5% |
| Floating rate | 15.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 2.0% |
| 3-5y | 6.2% |
| 5-10y | 19.7% |
| 10y+ | 71.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
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 | 50% |
| Interest rates | 50% |
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 | +6.97 yr |
| High yield | +0.37 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 | 0.01 yr | 0% |
| 1 yr | 0.25 yr | 3% |
| 5 yr | 1.47 yr | 20% |
| 10 yr | 3.63 yr | 50% |
| 30 yr | 1.85 yr | 26% |
| 3 mo | 0.49 yr | 7% |
| 1 yr | 1.64 yr | 22% |
| 5 yr | 2.87 yr | 39% |
| 10 yr | 2.00 yr | 27% |
| 30 yr | 0.34 yr | 5% |
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 | +0.01 | +0.47 | +0.02 | $267.9k | $11.6k |
| 1 yr | +0.25 | +1.57 | +0.07 | $888.9k | $37.4k |
| 5 yr | +1.47 | +2.75 | +0.12 | $1.55m | $69.6k |
| 10 yr | +3.63 | +1.88 | +0.12 | $1.06m | $69.3k |
| 30 yr | +1.85 | +0.30 | +0.04 | $168.5k | $20.8k |
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 | 7.20% | $406.73M | — |
| — | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT5.00% · due 2030-10-01 | 1.22% | $69.01M | — |
| — | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV5.00% · due 2034-12-01 | 0.97% | $54.94M | — |
| — | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV5.00% · due 2033-10-01 | 0.85% | $47.75M | — |
| — | WISCONSIN ST HEALTH and EDL FACSAUTH REV5.00% · due 2032-10-01 | 0.70% | $39.71M | — |
| — | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV5.00% · due 2031-02-01 | 0.55% | $31.07M | — |
| — | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV5.00% floating · due 2055-12-01 | 0.55% | $30.79M | — |
| — | TENNESSEE ENGY ACQ CRP GAS REV5.00% · due 2035-12-01 | 0.54% | $30.46M | — |
| — | MAIN STR NAT GAS INC GA GAS SUPPLY REV4.00% floating · due 2052-07-01 | 0.51% | $28.59M | — |
| — | NEW JERSEY ST TPK AUTH TPK REV5.00% · due 2032-01-01 | 0.49% | $27.89M | — |
Top 10 positions are 13.58% of net assets, top 25 19.50%, across 573 issuers.
See more of this fund's book
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