# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0001193125-23-041845
**Filing Date:** 2023-2
**Character Count:** 13813
**Document Hash:** 6e043ca91275b65170f91c2b45d29e47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-041845.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001193125-23-041845

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**EFFECTIVENESS DATE**: 20230217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SALEM STREET TRUST
- **CENTRAL INDEX KEY:** 0000035315
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-41839
- **FILM NUMBER:** 23641700

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FIXED INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FLEXIBLE BOND FUND
- **DATE OF NAME CHANGE:** 19860904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CORPORATE BOND FUND INC
- **DATE OF NAME CHANGE:** 19851225

## Series and Classes Contracts Data

### Fidelity Municipal Core Plus Bond Fund (Series ID: S000079710)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000240979 | Fidelity Municipal Core Plus Bond Fund | FMBAX           |

**Fidelity**<sup>®</sup> **Municipal Core Plus Bond Fund** 

<u>**Class**/Ticker</u> 

**Fidelity**<sup>®</sup> **Municipal Core Plus Bond Fund**/ FMBAX

In this summary prospectus, the term "shares" (as it relates to the fund) means the class of shares offered through this summary prospectus.

**Summary Prospectus** 

**February 8, 2023** 

Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, reports to shareholders, and other information about the fund (including the fund's SAI) online at www.fidelity.com/funddocuments. You can also get this information at no cost by calling 1-800-FIDELITY or by sending an e-mail request to fidfunddocuments@fidelity.com. The fund's prospectus and SAI dated February 8, 2023 are incorporated herein by reference.

![LOGO](g429287g93k15.jpg)

245 Summer Street, Boston, MA 02210

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**Fund Summary** 

Fund/**Class**:

**Fidelity**<sup>®</sup> **Municipal Core Plus Bond Fund/Fidelity**<sup>®</sup> **Municipal Core Plus Bond Fund** 

**Investment Objective** 

The fund seeks to provide a high current yield exempt from federal income tax. Growth of capital may also be considered.

**Fee Table** 

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund. **In addition to the fees and expenses described below, your broker may also require you to pay brokerage commissions on purchases and sales of certain share classes of the fund.**

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| | |
|:---|:---|
| **Shareholder fees** |  |
| **(fees paid directly from your investment)** |  |
| **Annual Operating Expenses** |  |
| **(expenses that you pay each year as a % of the value of your investment)** | **(expenses that you pay each year as a % of the value of your investment)** |
| Management fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses<sup>(a)</sup> | 0.93% |
| **Total annual operating expenses** | 1.28% |
| Fee waiver and/or expense reimbursement | 0.91% |
| **Total annual operating expenses after fee waiver and/or expense reimbursement** | 0.37% |

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<sup>(a)</sup> Based on estimated amounts for the current fiscal year.

<sup>(b)</sup> Fidelity Management & Research Company LLC (FMR) has contractually agreed to reimburse the class of shares of the fund to the extent that total operating expenses (excluding interest, certain taxes, fees and expenses of the Independent Trustees, proxy and shareholder meeting expenses, extraordinary expenses, and acquired fund fees and expenses (including fees and expenses associated with a wholly owned subsidiary), if any, as well as non-operating expenses such as brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable), as a percentage of its average net assets, exceed 0.37% (the Expense Cap). If at any time during the current fiscal year expenses for the class of shares of the fund fall below the Expense Cap, FMR reserves the right to recoup through the end of the fiscal year any expenses that were reimbursed during the current fiscal year up to, but not in excess of, the Expense Cap. This arrangement will remain in effect through May 31, 2024. FMR may not terminate this arrangement before the expiration date without the approval of the Board of Trustees and may extend it in its discretion after that date.

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This **example** helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the

effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

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| | |
|:---|:---|
| 1 year | $38 |
| 3 years | $292 |

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**Portfolio Turnover** 

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual operating expenses or in the example, affect the fund's performance.

**Principal Investment Strategies** 

• Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal income tax.

• Investing up to 30% of assets in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds).

• Investing up to 20% of assets in securities that are not municipal securities exempt from federal income tax, including, but not limited to, taxable

municipal bonds, U.S. Treasury and Government agency issues, and investment-grade corporate bonds.

• Managing the fund to have similar overall interest rate risk to an index designed to represent Fidelity Management & Research Company LLC (FMR)'s view of how the fund's competitive universe will perform over time.

• Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments.

• Allocating assets across different market sectors and maturities.

• Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.

• Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives—such as swaps (interest rate, total return, and credit default), options, and futures contracts—and forward-settling securities, to adjust the fund's risk exposure.

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**Fund Summary – continued** 

**Principal Investment Risks** 

*• Municipal Market Volatility.* The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.

• *Interest Rate Changes.* Interest rate increases can cause the price of a debt security to decrease.

• *Prepayment.* The ability of an issuer of a debt security to repay principal prior to a security's maturity can cause greater price volatility if interest rates change.

• *Issuer-Specific Changes.* The value of an individual security or particular type of security can be more volatile than, and can perform differently from, the market as a whole. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a security to decrease. Lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds) and certain types of other securities involve greater risk of default or price changes due to changes in the credit quality of the issuer. The value of lower-quality debt securities and certain types of other securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments and can be difficult to resell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• *Leverage Risk.* Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Unlike individual debt securities, which typically pay principal at maturity, the value of an investment in the fund will fluctuate. You could lose money by investing in the fund.

**Performance** 

Performance history will be available for the fund after the fund has been in operation for one calendar year.

**Investment Adviser** 

FMR (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)** 

Cormac Cullen (Co-Portfolio Manager) has managed the fund since February 2023.

Michael Maka (Co-Portfolio Manager) has managed the fund since February 2023.

Elizah McLaughlin (Co-Portfolio Manager) has managed the fund since February 2023.

***Summary Prospectus***<sub>4</sub>

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**Purchase and Sale of Shares** 

You may buy or sell shares through a Fidelity<sup>®</sup> brokerage or mutual fund account, or through an investment professional. You may buy or sell shares in various ways:

**Internet** 

**www.fidelity.com** 

**Phone** 

**Fidelity Automated Service Telephone (FAST**<sup>®</sup>**) 1-800-544-5555** 

**To reach a Fidelity representative 1-800-544-6666** 

**Mail** 

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| | |
|:---|:---|
| **Additional purchases:**<br>**Fidelity Investments <br>P.O. Box 770001 <br>Cincinnati, OH 45277-0003** | **Redemptions:**<br>**Fidelity Investments <br>P.O. Box 770001 <br>Cincinnati, OH 45277-0035** |

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**TDD- Service for the Deaf and Hearing Impaired 1-800-544-0118** 

Shares of the fund are not eligible for purchase by registered investment companies or business development companies to the extent such acquisition is in reliance on Rule 12d1-4 under the Investment Company Act of 1940.

The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after an order is received in proper form.

The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

The fund is open for business each day the New York Stock Exchange (NYSE) is open.

There is no purchase minimum for fund shares.

**Tax Information** 

The fund seeks to earn income and pay dividends exempt from federal income tax. Income exempt from federal income tax may be subject to state or local tax, or to the federal alternative minimum tax. A portion of the dividends you receive may be subject to federal and state income taxes. You may also receive taxable distributions attributable to the fund's sale of bonds.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

The fund, the Adviser, Fidelity Distributors Company LLC (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

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| | |
|:---|:---|
| **5** | ***Summary Prospectus*** |

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Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity<sup>®</sup> funds, such as prospectuses, annual and semi-annual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. For certain types of accounts, we will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.

Fidelity Distributors Company LLC (FDC) is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

Fidelity, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC. <sup>©</sup> 2023 FMR LLC. All rights reserved.

Any third-party marks that may appear above are the marks of their respective owners.

1.9907250.100 MUC-SUM-0123