# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035402-25-003000
**Filing Date:** 2025-12
**Character Count:** 90203
**Document Hash:** c387c216d68beb741c8bf776f3cf086f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035402-25-003000.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000035402-25-003000

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SALEM STREET TRUST
- **CENTRAL INDEX KEY:** 0000035315

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 251599972

**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 SAI Sustainable Conservative Income Municipal Bond Fund (Series ID: S000075888)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000235213 | Fidelity SAI Sustainable Conservative Income Municipal Bond Fund | FASYX           |

## Nport-Ex

**Quarterly Holdings Report**

**for**

**Fidelity® SAI Sustainable Conservative Income Municipal Bond Fund**

**October 31, 2025**

Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

SMB-NPRT3-1225

1.9905581.103 ---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 97.2%** | &nbsp;&nbsp;**Municipal Securities - 97.2%** | &nbsp;&nbsp;**Municipal Securities - 97.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 5.9%  |  |  |
| Electric Utilities - 0.7% |  |  |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) Series FIRST 2023, 4% 8/1/2063 VRDN (b)(c) | 100000 | 100000 |
| Wilsonville AL Indl Dev Brd Pollutn Ctl Rev (Alabama Power & Light Proj.) 4.05% 12/1/2030 VRDN (b)(c) | 100000 | 100000 |
|  |  | 200000 |
| General Obligations - 2.6% |  |  |
| Black Belt Energy Gas District 5% 5/1/2028 (BP PLC Guaranteed)  | 100000 | 103796 |
| Black Belt Energy Gas District 5.25% 12/1/2025 (Morgan Stanley Guaranteed)  | 5000 | 5006 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (b) | 100000 | 106609 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2026 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 50000 | 50488 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 110000 | 116747 |
| Lower Ala Gas Dist Gas Proj Rev 4% tender 12/1/2050 (Goldman Sachs Group Inc/The Guaranteed) (b) | 230000 | 230190 |
|  |  | 612836 |
| Health Care - 1.3% |  |  |
| Health Care Auth For Bapt Hlth Ala Series 2013B, 4.61% 11/1/2042 VRDN (b) | 300000 | 300000 |
| Synthetics - 1.3% |  |  |
| Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN 3.52% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 300000 | 300000 |
| TOTAL ALABAMA |  | 1412836 |
| Arizona - 1.7%  |  |  |
| Health Care - 0.7% |  |  |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2027  | 150000 | 156381 |
| Industrial Development - 0.2% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 50000 | 50837 |
| Resource Recovery - 0.8% |  |  |
| Phoenix Ariz Indl Dev Auth Solid Waste Disp Rev (Republic Services Inc Proj.) 3.85% tender 12/1/2035 (b)(c) | 200000 | 200000 |
| TOTAL ARIZONA |  | 407218 |
| California - 4.6%  |  |  |
| General Obligations - 0.4% |  |  |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2028 (Pacific Life Insurance Co Guaranteed)  | 100000 | 105265 |
| Resource Recovery - 2.9% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021 B, 3.85% tender 7/1/2051 (b)(c) | 150000 | 149895 |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021A, 3.45% tender 7/1/2041 (b)(c) | 100000 | 99917 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020B, 3.85% tender 11/1/2041 (b)(c) | 150000 | 149830 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2022A, 3.45% tender 10/1/2041 (b)(c) | 100000 | 100000 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2024B, 3.375% tender 9/1/2050 (b)(c) | 100000 | 98966 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2023, 3.8% tender 7/1/2043 (b)(c)(e) | 100000 | 99887 |
|  |  | 698495 |
| Transportation - 1.3% |  |  |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (c) | 100000 | 101079 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2026 (c) | 200000 | 202158 |
|  |  | 303237 |
| TOTAL CALIFORNIA |  | 1106997 |
| Colorado - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022B, 5% tender 5/15/2062 (b) | 150000 | 152220 |
| Connecticut - 0.6%  |  |  |
| Education - 0.6% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) 2.8% tender 7/1/2057 (b) | 150000 | 149813 |
| Delaware - 4.1%  |  |  |
| Electric Utilities - 4.1% |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 3.41% 10/1/2028 VRDN (b) | 100000 | 100000 |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 4.27% 10/1/2029 VRDN (b)(c) | 880000 | 880000 |
|  |  | 980000 |
| TOTAL DELAWARE |  | 980000 |
| Florida - 8.0%  |  |  |
| Electric Utilities - 3.4% |  |  |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2021, 3.35% 5/1/2046 VRDN (b)(c) | 800000 | 800000 |
| General Obligations - 0.4% |  |  |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) 5% 7/1/2026 (Assured Guaranty Inc Insured)  | 100000 | 101469 |
| Health Care - 1.0% |  |  |
| Alachua Cnty FL Hlth Fac Rev (Shands Teaching Hospital and Clinics Inc Proj.) 5% 12/1/2025  | 135000 | 135168 |
| Orange Cnty FL Health Facs Auth Rev (Advent Health Proj.) 5% tender 11/15/2052 (b) | 100000 | 102131 |
|  |  | 237299 |
| Housing - 2.6% |  |  |
| Broward Cty FL Hsg Aut Hsg Rev 3.15% tender 3/1/2028 (b) | 150000 | 149915 |
| Escambia Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2024, 3.8% tender 6/1/2027 (b) | 100000 | 100354 |
| Florida Hsg Fin Corp Mltfmy Rv Series 2024 E, 3.8% tender 6/1/2042 (b) | 100000 | 100284 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2023, 3.55% tender 1/1/2027 (b) | 50000 | 50012 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2024, 3.4% tender 4/1/2041 (b) | 100000 | 100011 |
| Polk Cnty FL Hsg Fin Auth Multi Fam Hsg Rev (Episcopal Catholic Apts Proj.) 4.15% tender 12/1/2040 (b) | 100000 | 100467 |
|  |  | 601043 |
| Resource Recovery - 0.4% |  |  |
| Florida Dev Fin Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025A, 3.4% tender 9/1/2050 (b)(c) | 100000 | 100433 |
| Water & Sewer - 0.2% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2017A, 5% 10/1/2026  | 50000 | 51070 |
| TOTAL FLORIDA |  | 1891314 |
| Georgia - 9.6%  |  |  |
| Electric Utilities - 6.4% |  |  |
| Appling Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) 3.58% 1/1/2038 VRDN (b) | 800000 | 800000 |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 4% 11/1/2062 VRDN (b)(c) | 400000 | 400000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2013 FIRST, 3.375% tender 11/1/2053 (b) | 10000 | 10025 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIFTH 1994, 3.7% tender 10/1/2032 (b) | 100000 | 101331 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series NINTH 1994, 3.8% tender 10/1/2032 (b) | 100000 | 100340 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2009, 3.875% tender 10/1/2048 (b) | 90000 | 90209 |
|  |  | 1501905 |
| General Obligations - 1.9% |  |  |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b) | 100000 | 102024 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (b) | 150000 | 152127 |
| Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (b) | 100000 | 105037 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 3/1/2027 (Royal Bank of Canada Guaranteed)  | 100000 | 102153 |
|  |  | 461341 |
| Transportation - 1.3% |  |  |
| Atlanta GA Arpt Rev Series 2025B B 1, 5% 7/1/2028 (c) | 300000 | 316205 |
| TOTAL GEORGIA |  | 2279451 |
| Hawaii - 0.4%  |  |  |
| Housing - 0.4% |  |  |
| Honolulu HI City & Cnty Mfr Series 2023, 5% tender 6/1/2027 (b) | 100000 | 101024 |
| Illinois - 4.5%  |  |  |
| General Obligations - 1.6% |  |  |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 80000 | 81957 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 5000 | 5101 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2027  | 280000 | 288408 |
|  |  | 375466 |
| Health Care - 0.4% |  |  |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2028  | 90000 | 92429 |
| Housing - 0.4% |  |  |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2025, 3.15% tender 2/1/2029 (b) | 100000 | 99903 |
| Resource Recovery - 1.3% |  |  |
| Southwestern IL Da Sld Wst Dis (Waste Management Inc Del Proj.) 3.55% 10/1/2027, LOC JPMorgan Chase Bank NA VRDN (b)(c) | 300000 | 300000 |
| Water & Sewer - 0.8% |  |  |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2026  | 200000 | 200688 |
| TOTAL ILLINOIS |  | 1068486 |
| Indiana - 2.1%  |  |  |
| Electric Utilities - 1.7% |  |  |
| Indiana St Dev Fin Auth Envr Rev (Duke Energy Ind Inc Proj.) 3.45% 12/1/2038 VRDN (b)(c) | 400000 | 400000 |
| Water & Sewer - 0.4% |  |  |
| Indiana Finance Authority (Citizens Energy Group Water Proj.) Series 2025A, 5% 10/1/2027  | 105000 | 109253 |
| TOTAL INDIANA |  | 509253 |
| Kansas - 0.4%  |  |  |
| Housing - 0.4% |  |  |
| Shawnee Cnty KS Mf Hsg Revenue Series 2025 A, 3.75% tender 5/1/2059 (b) | 100000 | 100846 |
| Kentucky - 2.9%  |  |  |
| General Obligations - 0.6% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 12/1/2025 (Morgan Stanley Guaranteed)  | 150000 | 150171 |
| Industrial Development - 1.3% |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 4.4% 7/1/2060 VRDN (b)(c) | 200000 | 200000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 4.4% 7/1/2060 VRDN (b)(c) | 100000 | 100000 |
|  |  | 300000 |
| Resource Recovery - 1.0% |  |  |
| Kentucky Economic Dev Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2010A, 3.8% tender 4/1/2031 (b)(c) | 250000 | 250000 |
| TOTAL KENTUCKY |  | 700171 |
| Louisiana - 3.0%  |  |  |
| Industrial Development - 3.0% |  |  |
| St James Parish LA Rev (Nucor Corp Proj.) 3.4% 11/1/2040 VRDN (b) | 330000 | 330000 |
| St James Parish LA Rev (Nucor Corp Proj.) 3.49% 11/1/2040 VRDN (b) | 395000 | 395000 |
|  |  | 725000 |
| TOTAL LOUISIANA |  | 725000 |
| Maryland - 0.2%  |  |  |
| Housing - 0.2% |  |  |
| Maryland Community Development Administration (MD Mhsg Rev 1997 Proj.) Series 2023 D, 3.5% 1/1/2026  | 50000 | 50033 |
| Michigan - 2.7%  |  |  |
| Education - 0.6% |  |  |
| Wayne St Univ MI Univ Revs Series 2024A, 5% 11/15/2026 (Build America Mutual Assurance Co Insured)  | 135000 | 138125 |
| Electric Utilities - 0.4% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Consumers Energy Co Proj.) Series 2019, 3.35% tender 10/1/2049 (b)(c) | 100000 | 99746 |
| General Obligations - 0.1% |  |  |
| Coopersville Area MI Pub Schs Series 1, 4% 5/1/2026 (State of Michigan Guaranteed)  | 30000 | 30160 |
| Health Care - 0.5% |  |  |
| Michigan St Hosp Fin Auth Rev (Ascension Health Credit Group Proj.) 4% 11/15/2026  | 110000 | 111377 |
| Housing - 0.4% |  |  |
| Michigan State Housing Development Authority Series 2025, 2.7% tender 10/1/2043 (b) | 100000 | 98424 |
| Water & Sewer - 0.7% |  |  |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series D, 5% 7/1/2027  | 175000 | 177626 |
| TOTAL MICHIGAN |  | 655458 |
| Minnesota - 1.2%  |  |  |
| General Obligations - 1.2% |  |  |
| Minnesota Mun Gas Agy Commodity Supply Rev 4% tender 12/1/2052 (Royal Bank of Canada Guaranteed) (b) | 275000 | 279427 |
| Mississippi - 2.5%  |  |  |
| Industrial Development - 2.5% |  |  |
| Mississippi Bus Fin Corp Rev (Mississippi Power Co Proj.) Series 1999, 4.1% 12/1/2027 VRDN (b)(c) | 600000 | 600000 |
| Missouri - 0.8%  |  |  |
| Housing - 0.8% |  |  |
| Saint Louis MO Indl Dev Auth (The Brewery Apts Proj.) 3.15% tender 4/1/2046 (b) | 200000 | 200112 |
| Nevada - 0.6%  |  |  |
| Resource Recovery - 0.6% |  |  |
| Nevada Dpt Bus & Ind Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2001, 3.95% tender 12/1/2026 (b)(c)(e) | 150000 | 149968 |
| New Hampshire - 0.4%  |  |  |
| Housing - 0.4% |  |  |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) 3.85% 1/1/2027  | 100000 | 100524 |
| New Jersey - 3.1%  |  |  |
| Education - 0.8% |  |  |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2028 (Build America Mutual Assurance Co Insured)  | 200000 | 211958 |
| General Obligations - 1.0% |  |  |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026  | 100000 | 101303 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2026 (f) | 60000 | 58073 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2026 (Ambac Assurance Corp Insured) (f) | 80000 | 77432 |
|  |  | 236808 |
| Housing - 1.3% |  |  |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multi-Family 12/16/04 Proj.) Series 2024 D 1, 2.9% 11/1/2026  | 305000 | 303496 |
| TOTAL NEW JERSEY |  | 752262 |
| New York - 10.6%  |  |  |
| Electric Utilities - 0.4% |  |  |
| Long Island Pwr Auth NY Elec Series 2025B, 3% tender 9/1/2055 (b) | 100000 | 99056 |
| General Obligations - 3.1% |  |  |
| City of New York NY Gen. Oblig. 5% 8/1/2028  | 200000 | 212601 |
| City of New York NY Gen. Oblig. Series FISCAL 2021 2, 3.9% 4/1/2042 VRDN (b) | 500000 | 500000 |
|  |  | 712601 |
| Housing - 1.5% |  |  |
| Monroe Cnty NY Indl Dev Agy Multi-Family Hsg Rev 5% tender 7/1/2028 (b) | 50000 | 51555 |
| New York St Hsg Fin Agy Series 2024 A, 3.375% tender 11/1/2063 (b) | 150000 | 150015 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 K2, 0.9% tender 11/1/2060 (b) | 165000 | 164231 |
|  |  | 365801 |
| Special Tax - 0.2% |  |  |
| NY Payroll Mobility Tax 2% tender 5/15/2045 (b) | 55000 | 54552 |
| Synthetics - 5.4% |  |  |
| Liberty NY Dev Corp Rev Participating VRDN 3.57% 10/1/2035 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 480000 | 480000 |
| Metropolitan Transn Auth NY Rv Participating VRDN 3.47% 11/15/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 300000 | 300001 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2022 XF1321, 3.47% 11/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 100000 | 100000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2023 XF1649, 3.47% 11/15/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 100000 | 100000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2025 XF8023, 3.34% 11/15/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 300000 | 300000 |
|  |  | 1280001 |
| TOTAL NEW YORK |  | 2512011 |
| North Carolina - 0.4%  |  |  |
| Housing - 0.4% |  |  |
| Inlivian NC Multifamily Rev 3.625% tender 11/1/2058 (b) | 100000 | 101021 |
| Ohio - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2021 C, 3.5% 1/15/2051 VRDN (b) | 100000 | 99999 |
| Oklahoma - 1.0%  |  |  |
| Housing - 1.0% |  |  |
| Oklahoma Hsg Fin Agy Collateralized Rev 3.2% tender 10/1/2042 (b) | 250000 | 250260 |
| Pennsylvania - 5.5%  |  |  |
| Health Care - 1.7% |  |  |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 D, 4.02% 9/1/2050 VRDN (b) | 410000 | 410000 |
| Resource Recovery - 3.8% |  |  |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2014, 3.65% tender 6/1/2044 (b)(c) | 100000 | 99982 |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2019 A, 3.45% tender 4/1/2034 (b)(c) | 100000 | 99979 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2013, 3.85% tender 8/1/2045 (b)(c) | 200000 | 199999 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2019 A, 3.875% tender 8/1/2038 (b)(c) | 200000 | 200320 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A 2, 4.6% tender 10/1/2046 (b)(c) | 150000 | 150686 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A, 4% tender 6/1/2041 (b)(c) | 150000 | 150148 |
|  |  | 901114 |
| TOTAL PENNSYLVANIA |  | 1311114 |
| South Carolina - 1.0%  |  |  |
| Electric Utilities - 1.0% |  |  |
| South Carolina St Svc Auth Rev (Santee Cooper Sys Sc Proj.) Series 2019 A, 3.43% 1/1/2036 VRDN (b) | 240000 | 240000 |
| Tennessee - 6.1%  |  |  |
| Health Care - 5.1% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (Commonspirit Health Proj.) 3.38% 5/1/2039 VRDN (b) | 1225000 | 1225000 |
| Housing - 0.8% |  |  |
| Chattanooga Tenn Health Edl & Hsg Fac Brd Multifamily Hsg Series 2025, 2.95% tender 5/1/2044 (b) | 100000 | 99748 |
| Kingsport Tenn Indl Dev Brd Collateralized Multifamily Hsg Rev Series 2025, 2.95% tender 9/1/2029 (b) | 100000 | 99715 |
|  |  | 199463 |
| Industrial Development - 0.2% |  |  |
| Memphis Shelby Cnty TN Indl Dev Brd Exempt Facs Rev (Nucor Corp Proj.) 3.55% 9/1/2037 VRDN (b)(c) | 50000 | 50000 |
| TOTAL TENNESSEE |  | 1474463 |
| Texas - 6.8%  |  |  |
| General Obligations - 3.1% |  |  |
| Clear Creek Independent School District Series 2025, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 125000 | 128616 |
| Clear Creek Independent School District Series 2025, 5% 2/15/2028 (Permanent Sch Fund of Texas Guaranteed)  | 175000 | 184320 |
| Denton Independent School District Series B1, 4% tender 8/15/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 200000 | 206646 |
| Hutto TX Indpt Sch Dist Series 2015, 4% tender 2/1/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 200000 | 206550 |
|  |  | 726132 |
| Health Care - 0.1% |  |  |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% tender 11/15/2052 (b) | 15000 | 15102 |
| Housing - 1.1% |  |  |
| Bexar Mgmt & Dev Corp Tex Multifamily Hsg Rev Series 2024, 3.02% tender 5/10/2045 (b) | 100000 | 99914 |
| San Antonio Tex Hsg Tr Pub Fac Multifamily Hsg Rev Series 2024, 3.45% tender 7/1/2029 (b) | 150000 | 150353 |
|  |  | 250267 |
| Industrial Development - 0.7% |  |  |
| Jewett Economic Dev Corp Tex I (Nucor Corp Proj.) 3.55% 8/1/2038 VRDN (b)(c) | 165000 | 165000 |
| Resource Recovery - 1.0% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020 B, 3.8% tender 7/1/2040 (b)(c) | 250000 | 249927 |
| Synthetics - 0.8% |  |  |
| Harris County Cultural Ed Facilities Fin Corp Med Facilities Rev Participating VRDN Series 2022 006, 3.52% 11/15/2046 (Liquidity Facility Barclays Bank PLC) (b)(d) | 200000 | 200000 |
| TOTAL TEXAS |  | 1606428 |
| Utah - 0.4%  |  |  |
| Industrial Development - 0.4% |  |  |
| Box Elder Cnty Utah Pollution Ctl Rev (Nucor Corp Proj.) 3.8% 4/1/2028 VRDN (b) | 100000 | 100000 |
| Virginia - 0.6%  |  |  |
| Electric Utilities - 0.6% |  |  |
| Chesapeake VA Economic Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) Series 2008A, 3.65% tender 2/1/2032 (b) | 150000 | 151653 |
| Washington - 2.6%  |  |  |
| Education - 0.9% |  |  |
| Washington St Univ Revs Series 2025, 5% 4/1/2027  | 200000 | 206496 |
| General Obligations - 0.2% |  |  |
| Washington State Ctfs Partn (State of Washington Proj.) Series 2016 A, 5% 7/1/2027  | 70000 | 70997 |
| Health Care - 0.4% |  |  |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) 5% 8/15/2026  | 100000 | 101437 |
| Housing - 1.1% |  |  |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 7/1/2027  | 200000 | 205471 |
| Seattle Wash Hsg Auth Rev Series 2023, 5% 6/1/2027  | 50000 | 50723 |
|  |  | 256194 |
| TOTAL WASHINGTON |  | 635124 |
| West Virginia - 1.3%  |  |  |
| Health Care - 0.9% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 E, 3.83% 6/1/2033 VRDN (b) | 200000 | 200000 |
| Industrial Development - 0.4% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2011A, 3.3% tender 1/1/2041 (b)(c) | 100000 | 100625 |
| TOTAL WEST VIRGINIA |  | 300625 |
| Wisconsin - 0.6%  |  |  |
| Housing - 0.6% |  |  |
| Wisconsin Hsg & Economic Dev Auth Multifamily Hsg Series 2024J, 5% tender 8/1/2058 (b) | 150000 | 151792 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $23,268,528) |  | <br> **23306903** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (g)(h)<br>(Cost $408,751)<br>| 3.44 | 408669 | **408751** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.9%**<br> (Cost $23,677,279)<br>| <br>**23715654** |
| **NET OTHER ASSETS (LIABILITIES) - 1.1%**  | **262958** |
| **NET ASSETS - 100.0%** | **23978612** |

---

**Security Type Abbreviations**

VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(d) Provides evidence of ownership in one or more underlying municipal bonds. Coupon rates are determined by re-marketing agents based on current market conditions.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $249,855 or 1.0% of net assets.

(f) Zero coupon bond which is issued at a discount.

(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 1014680 | 6304428 | 6910357 | 12852 | - | - | 408751 | 408669 | 0.0% |
| Total | 1014680 | 6304428 | 6910357 | 12852 | - | - | 408751 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.

**Investment Valuation**

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - Unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Municipal Securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

*The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.*

*Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Fidelity Salem Street Trust

- **b. Investment Company Act file number:** 811-02105

- **c. CIK number of Registrant:** 0000035315

- **d. LEI of Registrant:** S4W85DGKOEJ24DPRB829

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

**Item A.2. Information about the Series.**

- **a. Name of Series:** Fidelity SAI Sustainable Conservative Income Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000075888

- **c. LEI of Series:** 549300SGCJK6FKPDJC89

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $24005550.06

**Total Liabilities:** $110740.43

**Net Assets:** $23894809.63

**Cash Not Reported:** $123051.58

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 275.00211350 | **1-Year:** 993.29053200 | **5-Year:** 506.30133750 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000235213 | 0.35%                | 0.25%                | 0.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1175.32                 | $18637.43                                  |
| Month 2  | $4654.57                 | $-6998.97                                  |
| Month 3  | $0.88                    | $-24975.68                                 |

### Schedule of Portfolio Investments

| Name                                                                          | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                  | CA ST MFA SW 3.85% MT @                                                  | CUSIP: 13048RAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149830.23    | 0.63%             | 2041-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                         | NY MTA TRANSP 2023-XF1649-LA Q=JPMC BK D7                                | CUSIP: 88035G3V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.42%             | 2045-11-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| HEALTH CARE AUTH FOR BAPT HLTH ALA                                            | HLTH BAPTIST AL 2013B V7                                                 | CUSIP: 42219UBR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 1.26%             | 2042-11-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY N Y INDL DEV AGY MULTI-FAMILY HSG REV                             | MONRO NY 61075N 5% 7/1/2028                                              | CUSIP: 61075NAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51556.02     | 0.22%             | 2028-07-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| SAINT LOUIS MO INDL DEV AUTH                                                  | ST LOUIS MO MFH 3.15% 4/1/2046 MT                                        | CUSIP: 791900FX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200111.86    | 0.84%             | 2046-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                        | MAIN STR NAT GA 4% MT                                                    | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102024.37    | 0.43%             | 2052-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                    | BLACK BELT ENE 5.5% 6/1/2049 MT                                          | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    110000 | PA      | $116746.92    | 0.49%             | 2049-06-01      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX HSG TR PUB FACCORP MULTIFAMILY HSG REV                        | SAN ANTONI TXS 3.45% MT                                                  | CUSIP: 79626VAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150352.31    | 0.63%             | 2029-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| ST JAMES PARISH LA REV                                                        | LA NUCOR 10B1 V7                                                         | CUSIP: 790103AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $330000.00    | 1.38%             | 2040-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUT                                                | NEW JERSEY ST TRANSN TR FD CAP APPREC-TRANSN SYS-SER C AMBAC             | CUSIP: 646136EP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $77431.58     | 0.32%             | 2026-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WAYNE ST UNIV MI UNIV REVS                                                    | WAYNE ST U MI 5% 11/15/2026                                              | CUSIP: 946303H31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $138125.01    | 0.58%             | 2026-11-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WASHINGTON STATE CTFS PARTN                                                   | WA ST COP 5% 7/1/2027                                                    | CUSIP: 939720TP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70997.02     | 0.30%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH and EDL FACS AUTH REVENUE                               | CONN ST HEALTH 2.80% 7/1/2057                                            | CUSIP: 20775DUY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149812.50    | 0.63%             | 2057-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| LIBERTY NY DEV CORP REV                                                       | LIBERTY NY DEV 2015-XM0106 LIQ MORGAN STANLEY                            | CUSIP: 531127AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $480000.00    | 2.01%             | 2035-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                    | BURKE GA PCR 3.7% MT                                                     | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101330.91    | 0.42%             | 2032-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BEXAR MGMT and DEV CORP TEX MULTIFAMILY HSG REV                               | BEXAR MGMT and DE 3.02% MT                                               | CUSIP: 08857CAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99914.32     | 0.42%             | 2045-05-10      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| POLK CO FL HSG FIN AUTH MFH RV                                                | POLK CO FL HFA 4.15% MT                                                  | CUSIP: 731903BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100467.35    | 0.42%             | 2040-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FLA HSG FIN AUTHMULTIFAMILY HSG REV                             | ESCAM FL 3.8% MT                                                         | CUSIP: 296121FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100354.39    | 0.42%             | 2027-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MONROE CNTY GA DEV AUTH PCR                                                   | MONROE GA PCR (GEORGIA PWR CO PLT SCHERER) 3.88% 10/1/48                 | CUSIP: 610530FY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $90208.85     | 0.38%             | 2048-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                  | CA SOLID WASTE REPUBLIC SEVICES 21A MT@                                  | CUSIP: 13048RAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99917.42     | 0.42%             | 2041-07-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                  | CA SOLID WASTE REPUBLIC SEVICES 21B MT@                                  | CUSIP: 13048RAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149894.00    | 0.63%             | 2051-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NJ ST HSG and MTG FIN AGY MFR                                                 | NJ ST HMFA MF1 2.90% 11/1/2026                                           | CUSIP: 6461086H8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $303495.56    | 1.27%             | 2026-11-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                    | BLACK BELT ENE 5.25% 12/1/2025                                           | CUSIP: 09182TBY2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5006.19      | 0.02%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTHRV                                                           | ILLINOIS FN RV 5% 1/1/2026                                               | CUSIP: 45204FF83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200687.76    | 0.84%             | 2026-01-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DIRECTOR ST NV DPT BUS and IND SOLID WASTE DISP REV                           | NV SLD WST 3.95% @ MT                                                    | CUSIP: 25459JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149967.53    | 0.63%             | 2026-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| HONOLULU HI CITY and CNTY MFR                                                 | HONOLULU HI MFR 5% 12/1/2026 MT                                          | CUSIP: 438697BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101023.96    | 0.42%             | 2027-06-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WISCONSIN HSG and ECONOMIC DEV AUTH MULTIFAMILY HSG                           | WI MHSG 5% MT                                                            | CUSIP: 97689RFG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151791.62    | 0.64%             | 2058-08-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BROWARD CTY FL HSG AUT HSG REV                                                | BROWARD HSG 3.15% MT                                                     | CUSIP: 115027RE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149915.00    | 0.63%             | 2028-03-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                         | NY MTA TRANS 2022-XF1355-NUV Q=JPMC BK D7                                | CUSIP: 88035DDN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 1.26%             | 2043-11-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL INDL DEV AU                                                | FL PWR and LT - NEXTERA 01-A V7@                                         | CUSIP: 59333CAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 3.35%             | 2046-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY GO                                                              | NYC NY 5% 8/1/2028                                                       | CUSIP: 64966SKE5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    200000 | PA      | $212601.16    | 0.89%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                        | MAIN STR NAT GA 4% 07/01/2052 MT                                         | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152126.51    | 0.64%             | 2052-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI BUS FIN CORP MS RV                                                | MS PWR - SOUTHERN CO 99 V1@                                              | CUSIP: 605279MJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $600000.00    | 2.51%             | 2027-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ECONOMIC DEV AUTH SOLD WASTE DISP FACS REV                      | WV EDA SLD WAST 3.3% MT @                                                | CUSIP: 95648VBY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100625.12    | 0.42%             | 2041-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MEMPHIS SHELBY CNTY TN INDL DEV BRD EXEMPT FACS REV                           | TN NUCOR 07 V7@                                                          | CUSIP: 58612AAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.21%             | 2037-09-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                   | IL ST 5% 11/1/2026                                                       | CUSIP: 452152Q61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      5000 | PA      | $5100.90      | 0.02%             | 2026-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WTR AUTH MICH WTR SUPPLY SYS REV                                  | GREAT LAKES WTR 5% 7/1/2027                                              | CUSIP: 39081JAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $177625.49    | 0.74%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REV                                                   | KY NUCOR 20A1 V1@                                                        | CUSIP: 583022AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.84%             | 2060-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FL HSG FIN AUTH MULTIFAMILY HSG REV                           | MIAMI-DADE MFH 3.55% MT                                                  | CUSIP: 593344BT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50011.55     | 0.21%             | 2027-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CLEAR CREEK TEX INDPT SCH DISTFOR ISSUES DATED PRIOR TO 04/02/2015 SEE 184540 | CLEAR CREEK TEX 5% 2/15/2028                                             | CUSIP: 184541HY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $184320.22    | 0.77%             | 2028-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH RV                                                          | ILLINOIS FIN AT 5% 2/15/2028                                             | CUSIP: 45204EEU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $92429.06     | 0.39%             | 2028-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| JEWETT ECONOMIC DEV CORP TEX I                                                | TX NUCOR 03 V7@                                                          | CUSIP: 477349AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $165000.00    | 0.69%             | 2038-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH HSG AUTH HSG RE                                                | KING CNTY WA MF 5% 7/1/2027                                              | CUSIP: 494759SH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205470.62    | 0.86%             | 2027-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                 | PA EDFA SW 3.65% MT@                                                     | CUSIP: 708692BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99982.30     | 0.42%             | 2044-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST STRATEGIC FD LTD OBLIG REV                                        | MI STRAT FND 3.35% MT@                                                   | CUSIP: 594698TK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99746.28     | 0.42%             | 2049-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                         | NY MTA TRAN-XF8023-NUV Q=JP D7                                           | CUSIP: 88035RHX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 1.26%             | 2049-11-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| RIB FLOATER TRUST VARIOUS STS                                                 | HARRIS TX BAYLOR MED BC22-006 BC/BC DR42                                 | CUSIP: 76252PSC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.84%             | 2046-11-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KINGSPORT TENN INDL DEV BRD COLLATERALIZED MULTIFAMILY HSG REV                | KINGSPORT TE 2.95% MT                                                    | CUSIP: 496451AB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99714.79     | 0.42%             | 2029-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                 | PA EDFA SW 8/1/45 MT@                                                    | CUSIP: 708692BG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $199999.00    | 0.84%             | 2045-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                       | NYS_HFA 3.375% MT                                                        | CUSIP: 64987JQ38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150014.66    | 0.63%             | 2063-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUN GAS AGY COMMODITY SUPPLY REV                                    | MINNESOTA MUN G 4% 12/1/2052 MT                                          | CUSIP: 60406UAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $279426.54    | 1.17%             | 2052-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CITY HSG DEV CORPMULTIFAMILY HSG REV                                          | CITY HSG DEV CO 0.9% MT                                                  | CUSIP: 64972EK32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $164230.52    | 0.69%             | 2060-11-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                   | IL ST 5% 5/1/2027                                                        | CUSIP: 452153JJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $288407.53    | 1.21%             | 2027-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST SVC AUTH REV                                                | SC SANTEE COOPER 19A L=BA V7                                             | CUSIP: 837151WN5<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    240000 | PA      | $240000.00    | 1.00%             | 2036-01-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                 | PA EDFA SW 4.6% 10/1/2046 MT @                                           | CUSIP: 708692BZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150685.50    | 0.63%             | 2046-10-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                  | CALIFORNIA MUN 4.125% MT                                                 | CUSIP: 13048RAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99999.81     | 0.42%             | 2041-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MEADE CNTY KY INDL BLDG REV                                                   | KY NUCOR 20B1 V1@                                                        | CUSIP: 583022AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.42%             | 2060-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| JEA FLA WTR and SWR SYS REV                                                   | JEA FL WTSW 5% 10/1/2026                                                 | CUSIP: 46613P3F1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51069.76     | 0.21%             | 2026-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT REV                                                           | ATLANTA GA ARPT 5% 7/1/2028 @                                            | CUSIP: 04780M2J7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $316204.98    | 1.32%             | 2028-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CLEAR CREEK TEX INDPT SCH DISTFOR ISSUES DATED PRIOR TO 04/02/2015 SEE 184540 | CLEAR CREEK TEX 5% 2/15/2027                                             | CUSIP: 184541HX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $128616.21    | 0.54%             | 2027-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BOX ELDER CNTY UTAH POLLUTION CTL REV                                         | BOX ELDER CNTY UTAH POLLUTION CTL REV VAR-REF-NUCOR CORP PROJ            | CUSIP: 103160AE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.42%             | 2028-04-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| DUVAL CNTY FLA SCH BRD CTFS PT                                                | DUVAL FL SD COP 5% 7/1/2026                                              | CUSIP: 267169GZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101469.26    | 0.42%             | 2026-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                    | BLACK BELT ENE 5% 5/1/2028                                               | CUSIP: 09182TFU6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103796.18    | 0.43%             | 2028-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH HOSP REV                                     | MARICOPA C 5% 12/1/2027                                                  | CUSIP: 56678PBT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156381.12    | 0.65%             | 2027-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MISSION TX ECONIMC DEV CORP SOLID WASTE DISP REV                              | MISSION TX EDC 7/1/2040 MT@                                              | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249926.85    | 1.05%             | 2040-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW HAMPSHIRE ST HSG FIN AUTH MULTI-FAMILY HSG                                | NEW HAMPSHIRE 3.85% 1/1/2027                                             | CUSIP: 64469MQM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100523.89    | 0.42%             | 2027-01-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WALKER CNTY AL ECONOMIC and INDL DEV AUTH SOLID WASTE DISP REV                | AL PWR - SOUTHERN CO 23-1 V1@                                            | CUSIP: 931542AB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.42%             | 2063-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                 | PA EDFA SW 1.75% 8/1/2038 MT @                                           | CUSIP: 708692BP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200319.68    | 0.84%             | 2038-08-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA HSG FIN AGY COLLATERALIZED REV                                       | OKLAH OK 3.2% MT                                                         | CUSIP: 67886UAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250259.93    | 1.05%             | 2042-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HOSP FIN AUTH REV                                                 | MI HOSP 4% 11/15/26                                                      | CUSIP: 59465HUU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $111376.86    | 0.47%             | 2026-11-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                         | AL SE ENERGY G=MO 2022-XG0410-NUV Q=MO D7                                | CUSIP: 88035DL94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 1.26%             | 2053-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP MLTFMY RV                                                | FL HFC MF 3.8% 6/1/2042 MT                                               | CUSIP: 34073JVE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100283.92    | 0.42%             | 2042-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| LOWER ALA GAS DIST GAS PROJ REV                                               | LOWER ALA GAS D 4% MT                                                    | CUSIP: 547804AM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $230190.10    | 0.96%             | 2050-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                        | MAIN STR NAT GA 5% 12/1/2052 MT                                          | CUSIP: 56035DEE8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105037.19    | 0.44%             | 2052-12-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WILSONVILLE AL INDL DEV BRD POLLUTN CTL REV                                   | AL PWR - SOUTHERN CO 2008 V1@                                            | CUSIP: 97247RAB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.42%             | 2030-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV                       | CALIFORNIA CMY 5% 11/1/2028                                              | CUSIP: 13013JFY7<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    100000 | PA      | $105265.04    | 0.44%             | 2028-11-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ST JAMES PARISH LA REV                                                        | LA NUCOR 10A1 V7                                                         | CUSIP: 790103AG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $395000.00    | 1.65%             | 2040-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN IL DA SLD WST DIS                                                | SW IL WSTE MGMT 02 L=JP V7@                                              | CUSIP: 84552KAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300000.00    | 1.26%             | 2027-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                    | BLACK BELT ENE(MO) 5.25% 6/1/29MT 53                                     | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106609.23    | 0.45%             | 2053-02-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| OHIO ST HOSP REV                                                              | OH UNIV HOSP HLTH SYS 21C V1                                             | CUSIP: 67756CFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.42%             | 2051-01-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HEALTH FACS AUTH REV                                           | ORANGE CNTY FL 0% 11/15/2052                                             | CUSIP: 68450LGT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102130.68    | 0.43%             | 2052-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                 | LA CA AIRPT 5% 5/15/2026 @                                               | CUSIP: 5444452F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101079.12    | 0.42%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| COOPERSVILLE AREA MI PUB SCHS                                                 | COOPERSVILLE AR 4% 5/1/2026                                              | CUSIP: 216876MG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30160.13     | 0.13%             | 2026-05-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                                   | IL ST 5% 2/1/27                                                          | CUSIP: 452152G88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $81957.36     | 0.34%             | 2027-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST UNIV REVS                                                       | WA ST UNIV 5% 4/1/2027                                                   | CUSIP: 940094FG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206496.16    | 0.86%             | 2027-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ECONOMIC DEV FIN AUTH SOLID WASTE DISP REV                           | KENTUCKY ECONOMIC DEV FIN REPUBLIC SVCS-A ***AMT***@                     | CUSIP: 49126RAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250000.00    | 1.05%             | 2031-04-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH SOLID WASTE DISP REV                                  | CA ST MFA SW 3.375% 9/1/2050 @                                           | CUSIP: 13048RAS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98965.98     | 0.41%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH REV                                                 | DE DELMARVA PWR and LT 94 V1@                                            | CUSIP: 246387FB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $880000.00    | 3.68%             | 2029-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG and CMNTY DEV                            | MARYLAND ST CMN 3.50% 1/1/2026                                           | CUSIP: 57419T3S8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50034.36     | 0.21%             | 2026-01-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                 | PA EDFA SW SIFMA+40 MT @                                                 | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150148.40    | 0.63%             | 2041-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| DELAWARE ST ECON DEV AUTH REV                                                 | DE DELMARVA PWR and LT 93C V7                                            | CUSIP: 246387DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.42%             | 2028-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NY PAYROLL MOBILITY TX                                                        | TRIBOROUGH BRID 2% MT                                                    | CUSIP: 89602HAD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $54552.45     | 0.23%             | 2045-05-15      | Variable      | 0.02%                 | No            |                  2 | On Loan: No      |
| CHESAPEAKE VA ECONOMIC DEV AUTH POLLUTION CTL REV                             | CHESAPEAKE VA E 3.65% MT                                                 | CUSIP: 16532YAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151652.78    | 0.63%             | 2032-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                    | BURKE GA PCR 3.375% MT                                                   | CUSIP: 121342QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | PA      | $10025.34     | 0.04%             | 2053-11-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH WASTEWATER UTIL REV                                       | IN ST FA WWTR 5% 10/1/2027                                               | CUSIP: 45471GAC3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    105000 | PA      | $109252.99    | 0.46%             | 2027-10-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust                                                  | Fidelity Municipal Cash Central Fund                                     | CUSIP: 31635A204<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    408669 | NS      | $408751.16    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNSYLVANIA ECON DEV SLD WST                                                 | PA EDFA SW 4% MT@                                                        | CUSIP: 708692BL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99978.89     | 0.42%             | 2034-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BURKE CNTY GA DEV AUTH PCR                                                    | BURKE GA PCR 3.8% 10/1/2032 MT                                           | CUSIP: 121342QH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100340.02    | 0.42%             | 2032-10-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CNTY FL HSG FIN AUTH MULTIFAMILY HSG REV                           | MIAMI-DADE MFH MT 4/1/2041                                               | CUSIP: 593344BU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100010.98    | 0.42%             | 2041-04-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY PA HIGHER ED and HEALTH AUTH REV                              | PA THO JFFRSN U 18D RFLOAT V7                                            | CUSIP: 613603ZL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $410000.00    | 1.72%             | 2050-09-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH GAS SUPPLY REV                                | KENTUCKY INC KY 5% 12/1/2025                                             | CUSIP: 74440DFD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150171.24    | 0.63%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CHATANOOGA TN HEALTH ED and HSG FAC BRD REV                                   | CHTNOOGA TN COMNSPIRIT HLTH V7                                           | CUSIP: 162410CB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1225000.00   | 5.13%             | 2039-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| APPLING CNTY GA DEV AUTH PCR                                                  | GA OGLETHORPE PWR HATCH 13A V7                                           | CUSIP: 038315EX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $800000.00    | 3.35%             | 2038-01-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ILLINOIS HSG DEV AUTH MULTIFAMILY HSG REV                                     | ILLINOIS HDA MU 3.15% 2/1/2029 MT                                        | CUSIP: 45203LFC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99903.01     | 0.42%             | 2029-02-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TENN HEALTH EDL and HSG FAC BRD MULTIFAMILY HSG                   | CHATT TN HEHA 2.950% 5/1/2044 MT                                         | CUSIP: 162404DU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99748.21     | 0.42%             | 2044-05-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND PWR AUTH NY ELEC                                                  | LIPA NY 9/1/2055 MT                                                      | CUSIP: 542691LD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99056.22     | 0.41%             | 2055-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TX CULTURAL ED FACS FIN CORP HOSP REV                            | TARRANT EFFC HO 5% MT                                                    | CUSIP: 87638QSF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | PA      | $15102.07     | 0.06%             | 2052-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT ARPTS REV                                                 | LA CA AIRPT 5% 5/15/2026 @                                               | CUSIP: 544445W54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202158.24    | 0.85%             | 2026-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH REV                                       | WA ST HLTH CAR 5% 8/15/2026                                              | CUSIP: 93978HB46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101437.02    | 0.42%             | 2026-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| HUTTO TX INDPT SCH DIST                                                       | HUTTO TX ISD 4% MT                                                       | CUSIP: 4484926N3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $206549.50    | 0.86%             | 2055-02-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA GAS SUPPLY REV                                        | MAIN STR NAT GA 5% 3/1/2027                                              | CUSIP: 56035DGH9<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102152.52    | 0.43%             | 2027-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA PCF SOLID WST DISP                                                 | CAL PCR SWDR 4.25% 7/1/2043 MT @                                         | CUSIP: 130536RN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99887.07     | 0.42%             | 2043-07-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TENDER OPT BD TR RCPTS / CTFS VAR STS                                         | NY MTA TRANSP 2022-XF1321-LA Q=JPMC BK D7                                | CUSIP: 88035AUM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.42%             | 2055-11-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SEATTLE WASH HSG AUTH REV                                                     | SEATTLE WA HSG 5% 6/1/2027                                               | CUSIP: 812636PA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50723.49     | 0.21%             | 2027-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH REV                                              | NEW JERSEY ECN 5% 6/15/2026                                              | CUSIP: 64577XET9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101302.74    | 0.42%             | 2026-06-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY INST TECHNOLOGY                                                    | NEW JERSEY INST 5% 7/1/2028                                              | CUSIP: 64579RDL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211958.70    | 0.89%             | 2028-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| INLIVIAN N C MULTIFAMILY REV                                                  | INLIVIAN N C MU 11/1/2058 MT                                             | CUSIP: 45753CAT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101020.87    | 0.42%             | 2058-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV                                    | BLACK BELT ENE 5% 6/1/2026                                               | CUSIP: 09182TBH9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50487.87     | 0.21%             | 2026-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH SOLIDWASTE DISP FAC REV                               | GA PWR - SOUTHERN CO 22-1 V1@                                            | CUSIP: 06964KAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 1.67%             | 2062-11-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HFA HLTH FAC R                                                | ALACHUA FL HREV 5% 12/1/2025                                             | CUSIP: 010685KQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135168.03    | 0.57%             | 2025-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH HOSP REV                                       | WV UNIV HLTH 18E RFLOAT V7                                               | CUSIP: 956622P32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.84%             | 2033-06-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY GO                                                              | NYC GO FY21-2 Q=SELF V8+                                                 | CUSIP: 64966QWQ9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.09%             | 2042-04-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| INDIANA ST DEV FIN AUTH ENVR R                                                | INDIANA ST DEV FIN AUTH ENVIRONMENTAL REV VAR-PSI ENERGY INC PROJS-SER A | CUSIP: 454912AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400000.00    | 1.67%             | 2038-12-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP SOLID WASTE DISP REV                                     | FLORIDA DEV FIN 3.40% 9/1/2050 @                                         | CUSIP: 34061XAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100433.29    | 0.42%             | 2050-09-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| SHAWNEE CNTY KS MF HSG REVENUE                                                | COUNTY OF SHAWNEE KS 3.75% 5/1/2059 MT                                   | CUSIP: 82056AAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100845.92    | 0.42%             | 2059-05-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUT                                                | NEW JERSEY ST TRANSN TR FD AUTH CAP APPREC-TRANSN SYS-SER                | CUSIP: 646136XD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $58073.69     | 0.24%             | 2026-12-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH CO                                                  | COLORADO HEALTH 5% MT                                                    | CUSIP: 19648FVK7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    150000 | PA      | $152219.97    | 0.64%             | 2062-05-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL DEVE AUTH IDR                                                | CHANDLER AZ IDR(INTEL) 5% 9/1/27MT@                                      | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50836.69     | 0.21%             | 2052-09-01      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| DENTON TEXAS ISD                                                              | DENTON TX ISD 4% MT                                                      | CUSIP: 249002NM4<br>LEI: 5493005I9W678SUI0Z07 | Long             | DBT              | MUN               | LU        |    200000 | PA      | $206646.02    | 0.86%             | 2055-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY                                  | UNASSGND LC 567 2.7% MT                                                  | CUSIP: 59465FAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98424.44     | 0.41%             | 2043-10-01      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PHOENIX ARIZ INDL DEV AUTH SOLID WASTE DISP REV                               | PHX IDA SW 3.85% 12/1/2035 @                                             | CUSIP: 71884RAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.84%             | 2035-12-01      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

**Name of Applicant:** Laura M. Del Prato

**Signature:** Laura M. Del Prato

**Name of Signer:** Laura M. Del Prato

**Title:** President and Treasurer