Fidelity Tax-Free Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Fidelity Tax-Free Bond Fund held 1,289 positions with $3.80B in net assets. Its ten largest holdings made up 12.1% of the fund. The FTABX share class costs 0.25% a year. Over the 12 months to May 2026, FTABX returned 7.3%, with dividends reinvested. In 2026 Q3 it added 41 new positions and exited 64.
Fidelity 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 by analyzing credit quality, valuation, and trading opportunities across different sectors and maturities. The fund manages overall interest rate risk to align with its index. Because security selection depends on the adviser's credit analysis and valuation judgments, fund holdings and performance may diverge from the index.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Fidelity Revere Street Trust | 4.60% | $174.70M | — |
SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT 5.00% · due 2030-10-01 | 1.31% | $49.98M | — |
SALT RIVER PROJ AZ AGRIC and PWR 5.25% · due 2053-01-01 | 1.15% | $43.73M | — |
BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV 5.00% · due 2034-12-01 | 0.98% | $37.27M | — |
BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV 5.00% · due 2033-10-01 | 0.86% | $32.88M | — |
METROPOLITAN TRANSN AUTH NY RV 0.04% · due 2046-11-15 | 0.77% | $29.13M | — |
SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT 5.00% floating · due 2055-10-01 | 0.67% | $25.39M | — |
BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV 5.00% floating · due 2055-12-01 | 0.61% | $23.10M | — |
SALT LAKE CITY UT ARPT REV 0.05% · due 2051-07-01 | 0.56% | $21.45M | — |
CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV 5.00% · due 2031-02-01 | 0.55% | $21.05M | — |
The 200 largest of 1,289 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 | 95.94% |
| Cash & short-term | 4.60% |
How it has done
FTABX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.13%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Fidelity 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
- Expense ratio, by class
- 0.25%· FTABX 0.25%
- Portfolio turnover
- 20.00% a year · as of 2026 Q1
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.
41 new· the largest 5
64 exited· the largest 7
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 | 88.4% |
| Floating rate | 11.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.1% |
| 1-3y | 2.0% |
| 3-5y | 8.0% |
| 5-10y | 22.6% |
| 10y+ | 67.3% |
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 | +6.90 yr |
| High yield | +0.50 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 | 0% |
| 1 yr | 0.27 yr | 4% |
| 5 yr | 1.44 yr | 20% |
| 10 yr | 3.63 yr | 50% |
| 30 yr | 1.91 yr | 26% |
| 3 mo | 0.53 yr | 7% |
| 1 yr | 1.67 yr | 23% |
| 5 yr | 2.74 yr | 37% |
| 10 yr | 2.07 yr | 28% |
| 30 yr | 0.39 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 | +0.02 | +0.49 | +0.03 | $187.9k | $12.2k |
| 1 yr | +0.27 | +1.57 | +0.10 | $597.1k | $37.6k |
| 5 yr | +1.44 | +2.57 | +0.17 | $976.4k | $65.0k |
| 10 yr | +3.63 | +1.92 | +0.15 | $728.7k | $56.8k |
| 30 yr | +1.91 | +0.35 | +0.05 | $131.6k | $17.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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