Fidelity Tax-Free Bond Fund
Fidelity Salem Street Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net |
|---|---|---|
| FTABX | 0.43% | 0.25% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 20.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 95.94% |
| Cash & short-term | 4.60% |
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, FEDERAL HOME LN MTG CORP MULTIFAMILY VAR RATE CTFS RELATING TO TO MUN SECS, TEXAS MUNICIPAL GAS ACQUISITION and SUPPLY CORP V, SALT RIVER PROJ AZ AGRIC and PWR, TEXAS STATE
Largest exited: ARKANSAS RIVER PWR AUTH COLO PWR REV, NEW JERSEY ST TRANSN TR FD AUT ×2, ST LOUIS CNTY MO INDL DEV AUTH SR LIVING FACS REV, CHARLOTTE NC CTFS PARTN, DISTRICT COLUMBIA, SOUTH FLA WTR MGMT DIST CTFS PARTN, UNIV AKRON OHIO GEN RCPT
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 | 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.
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 | 4.60% | $174.70M | — |
| — | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT5.00% · due 2030-10-01 | 1.31% | $49.98M | — |
| — | SALT RIVER PROJ AZ AGRIC and PWR5.25% · due 2053-01-01 | 1.15% | $43.73M | — |
| — | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV5.00% · due 2034-12-01 | 0.98% | $37.27M | — |
| — | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV5.00% · due 2033-10-01 | 0.86% | $32.88M | — |
| — | METROPOLITAN TRANSN AUTH NY RV0.04% · due 2046-11-15 | 0.77% | $29.13M | — |
| — | SOUTHEAST ENERGY AUTHORITY A COOPERATIVE DISTRICT5.00% floating · due 2055-10-01 | 0.67% | $25.39M | — |
| — | BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV5.00% floating · due 2055-12-01 | 0.61% | $23.10M | — |
| — | SALT LAKE CITY UT ARPT REV0.05% · due 2051-07-01 | 0.56% | $21.45M | — |
| — | CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV5.00% · due 2031-02-01 | 0.55% | $21.05M | — |
Top 10 positions are 12.07% of net assets, top 25 19.22%, across 496 issuers.
See more of this fund's book
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