# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0001193125-23-087002
**Filing Date:** 2023-3
**Character Count:** 15550
**Document Hash:** 16ed641287c9a4066db650397f878668
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-087002.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001193125-23-087002

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**EFFECTIVENESS DATE**: 20230331

**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:** 23783669

**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 Conservative Income Bond Fund (Series ID: S000031520)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000098000 | Fidelity Conservative Income Bond Fund: Institutional Class | FCNVX           |

Fidelity<sup>®</sup> Conservative Income Bond Fund

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

**Fidelity**<sup>®</sup> **Conservative Income Bond Fund**/FCNVX

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

**Fidelity**<sup>®</sup> **Conservative Income Bond Fund**, a class of shares of the fund, was formerly known as Institutional Class.

**Summary Prospectus** 

**October 29, 2022** 

**As Revised April 1, 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 dated October 29, 2022, As Revised April 1, 2023, and SAI dated October 29, 2022, As Revised April 1, 2023, are incorporated herein by reference.

![LOGO](g484853g93k15.jpg)

245 Summer Street, Boston, MA 02210

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**Fund Summary** 

Fund/**Class:**

Fidelity<sup>®</sup> Conservative Income Bond Fund/**Fidelity**<sup>®</sup> **Conservative Income Bond Fund**

**Investment Objective** 

The fund seeks to obtain a high level of current income consistent with preservation of capital.

**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<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Distribution and/or Service (12b-1) fees |  |
| Other expenses<sup>(a)</sup> | 0.10% |
| **Total annual operating expenses** | 0.30% |
| Fee waiver and/or expense reimbursement<sup>(b)</sup> | 0.05% |
| **Total annual operating expenses after fee waiver and/or expense reimbursement** | 0.25% |

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<sup>(a)</sup> Restated to reflect current fees.

<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, 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 0.25% (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 December 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 | $26 |
| 3 years | $87 |
| 5 years | $159 |
| 10 years | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 |

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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. During the most recent fiscal year, the fund's portfolio turnover rate was 50% of the average value of its portfolio.

**Principal Investment Strategies** 

• Normally investing at least 80% of assets in U.S. dollar-denominated money market and high quality investment-grade debt securities of all types, and repurchase agreements for those securities.

• Potentially entering into reverse repurchase agreements.

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

• Investing up to 5% of assets in lower quality investment-grade securities.

• Managing the fund to have similar overall interest rate risk to the Bloomberg U.S. 3-6 Month Treasury Bill Index.

• Normally maintaining a dollar-weighted average maturity of 0.75 years or less.

• Normally investing in fixed rate securities with a maximum maturity of two years or less and floating rate securities with a maximum maturity of three years or less.

• Allocating assets across different market sectors and maturities.

• Investing more than 25% of total assets in the financial services industries.

• Investing in domestic and foreign issuers.

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

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**Principal Investment Risks** 

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

• ***Foreign Exposure****.* Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

• ***Financial Services Concentration.*** Changes in government regulation and interest rates and economic downturns can have a significant negative effect on issuers in the financial services sector, including the price of their securities or their ability to meet their payment obligations.

• ***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.

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** 

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year and compares the performance of the fund's shares to the performance of a securities market index over various periods of time. The index description appears in the "Additional Index Information" section of the prospectus. Past performance (before and after taxes) is not an indication of future performance.

Visit www.fidelity.com for more recent performance information.

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**Year-by-Year Returns**![LOGO](g484853g04r01.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| *During the periods shown in the chart:* | | *Returns* |  | *Quarter ended* |
| &nbsp;&nbsp; *Highest Quarter Return* | | *1.90%* |  | *June 30, 2020* |
| &nbsp;&nbsp; *Lowest Quarter Return* | | *(1.04)%* | | *March 31, 2020* |
| &nbsp;&nbsp; *Year-to-Date Return* | | *0.24%* |  | *September 30, 2022* |

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**Average Annual Returns** 

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares

in a retirement account or in another tax-deferred arrangement, such as an employee benefit plan (profit sharing, 401(k), or 403(b) plan). Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares.

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| | | | |
|:---|:---|:---|:---|
| For the periods ended<br> December 31, 2021 | Past 1<br>year | Past 5<br>years | Past 10<br>years |
| **Fidelity**<sup>®</sup> **Conservative Income Bond Fund** |  |  |  |
| &nbsp;&nbsp; **Return Before Taxes** | 0.00% | 1.47% | 1.13% |
| &nbsp;&nbsp; **Return After Taxes on Distributions** | (0.12)% | 0.86% | 0.69% |
| &nbsp;&nbsp; **Return After Taxes on Distributions and Sale of Fund Shares** | 0.00% | 0.86% | 0.68% |
| Bloomberg U.S. 3-6 Month Treasury Bill Index<br> **(reflects no deduction for fees, expenses, or taxes)** | 0.06% | 1.22% | 0.70% |

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**Investment Adviser** 

Fidelity Management & Research Company LLC (FMR) (the Adviser) is the fund's manager. Other investment advisers serve as sub-advisers for the fund.

**Portfolio Manager(s)** 

Robert Galusza (co-manager) has managed the fund since November 2015.

Julian Potenza (co-manager) has managed the fund since October 2017.

Maura Walsh (co-manager) has managed the fund since October 2018.

David DeBiase (co-manager) has managed the fund since October 2020.

**Purchase and Sale of Shares** 

You may buy or sell shares through a Fidelity<sup>®</sup> brokerage or mutual fund account, through a retirement 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<br>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** 

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 shares of the fund offered in this prospectus.

**Tax Information** 

Distributions you receive from the fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

**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),

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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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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.

1.925523.116 FCV-I-SUM-1022-01