# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-25-000731
**Filing Date:** 2025-8
**Character Count:** 831645
**Document Hash:** dc382bf4a1e4645079803883db2e2b69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-25-000731.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0000035315-25-000731

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 64

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 251243966

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

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

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

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

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

## Series and Classes Contracts Data

### Fidelity Municipal Income 2025 Fund (Series ID: S000057383)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000183196 | Fidelity Municipal Income 2025 Fund                  | FIMSX           |
| C000183197 | Fidelity Advisor Municipal Income 2025 Fund: Class A | FAMHX           |
| C000183198 | Fidelity Advisor Municipal Income 2025 Fund: Class I | FAMYX           |

### Fidelity SAI Municipal Bond Index Fund (Series ID: S000065747)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000212595 | Fidelity SAI Municipal Bond Index Fund | FSABX           |

### Fidelity Mid Cap Growth Index Fund (Series ID: S000065748)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000212596 | Fidelity Mid Cap Growth Index Fund | FMDGX           |

### Fidelity Mid Cap Value Index Fund (Series ID: S000065749)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000212597 | Fidelity Mid Cap Value Index Fund | FIMVX           |

### Fidelity Small Cap Growth Index Fund (Series ID: S000065750)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000212598 | Fidelity Small Cap Growth Index Fund | FECGX           |

### Fidelity Small Cap Value Index Fund (Series ID: S000065751)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000212599 | Fidelity Small Cap Value Index Fund | FISVX           |

### Fidelity SAI Enhanced Municipal Income Fund (Series ID: S000090604)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000257876 | Fidelity SAI Enhanced Municipal Income Fund | FENCX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-02105</u>

<u>Fidelity Salem Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;June 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;June 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Value Index Fund<br> **Fidelity® Small Cap Value Index Fund : FISVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Value Index Fund for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Value Index Fund  | $5  | 0.05% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, financials gained 19% and contributed most to the fund's performance for the fiscal year. Information technology stocks also helped (+20%), benefiting from the technology hardware & equipment industry (+31%). Industrials rose 6%, utilities gained 13%, and communication services advanced 21%. Other contributors included the real estate (+6%), consumer staples (+12%) and materials (+6%) sectors.

• In contrast, energy returned -25% and detracted most. Health care (-13%) and consumer discretionary (-4%), especially the consumer durables & apparel industry (-16%), also hurt.

• Turning to individual stocks, the top contributor was AST SpaceMobile (+323%), from the telecommunication services category. From the same industry, Lumen Technologies (+309%) boosted the fund. In financial services, Mr. Cooper gained approximately 84% and boosted the fund. Another notable contributor was Arcadium Lithium (+74%), a stock in the materials sector. Lastly, American Healthcare REIT, within the equity real estate investment trusts industry, gained roughly 157% and also contributed.

• Conversely, the biggest detractor was Murphy Oil (-43%), from the energy sector. From the same sector, PBF Energy (-51%) and Transocean (-52%) detracted. Neogen (-69%), from the health care equipment & services category, detracted. Lastly, Cytokinetics (-39%), a stock in the pharmaceuticals, biotechnology & life sciences category, also hurt the fund's performance.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

July 11, 2019 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Small Cap Value Index Fund<br>| $10000 | $8311<br>| $14387<br>| $12042<br>| $12781<br>| $14165<br>| $14979<br>|
| Russell 2000® Value Index<br>| $10000 | $8323<br>| $14423<br>| $12075<br>| $12800<br>| $14195<br>| $14980<br>|
| Russell 3000® Index<br>| $10000 | $10459<br>| $15078<br>| $12987<br>| $15449<br>| $19021<br>| $21931<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110565_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Small Cap Value Index Fund | 5.74% | 12.50% | 7.00% |
| Russell 2000® Value Index | 5.54%<br>| 12.47%<br>| 7.00% |
| Russell 3000® Index | 15.30%<br>| 15.96%<br>| 14.05% |

---

**A** From July 11, 2019

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1343222505<br>|
| Number of Holdings | 1451<br>|
| Total Advisory Fee | $651232<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.9 |
| Industrials | 13.5 |
| Real Estate | 10.4 |
| Consumer Discretionary | 10.3 |
| Health Care | 8.4 |
| Information Technology | 7.4 |
| Energy | 6.5 |
| Utilities | 6.2 |
| Materials | 4.6 |
| Communication Services | 2.5 |
| Consumer Staples | 1.8 |

---

Common Stocks 99.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3406_20250630_AA.jpg) <br>|

---

Common Stocks - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.5 <br>

---

| | |
|:---|:---|
| United States | 96.1 |
| Canada | 1.0 |
| Switzerland | 0.4 |
| Puerto Rico | 0.4 |
| Cameroon | 0.3 |
| Norway | 0.3 |
| Bermuda | 0.3 |
| Monaco | 0.2 |
| United Kingdom | 0.2 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3406_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Puerto Rico - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Cameroon - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bermuda - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Monaco - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Fluor Corp | 0.8<br>|
| UMB Financial Corp | 0.7<br>|
| Jackson Financial Inc | 0.6<br>|
| Essential Properties Realty Trust Inc | 0.6<br>|
| Taylor Morrison Home Corp | 0.6<br>|
| Essent Group Ltd | 0.6<br>|
| Old National Bancorp/IN | 0.6<br>|
| Cadence Bank | 0.6<br>|
| Terreno Realty Corp | 0.5<br>|
| UFP Industries Inc | 0.5<br>|
|  | 6.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3406_20250630_2.jpg)<br>| ![](img110565_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913368.101 3406-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Growth Index Fund<br> **Fidelity® Small Cap Growth Index Fund : FECGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Growth Index Fund for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Growth Index Fund  | $5  | 0.05% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, industrials gained roughly 21% and contributed most to the fund's performance for the fiscal year, driven by the capital goods industry (+31%). Financials stocks also helped (+29%). Information technology rose roughly 11%, consumer staples gained approximately 18%, lifted by the consumer staples distribution & retail industry (+81%), and consumer discretionary advanced approximately 5%. Other contributors included the materials (+11%), real estate (+13%), communication services (+4%) and utilities (+2%) sectors.

• In contrast, energy returned about -18% and detracted most. Health care (-2%) also hurt, hampered by the pharmaceuticals, biotechnology & life sciences industry (-6%).

• Turning to individual stocks, the top contributor was Credo Technology (+191%), from the semiconductors & semiconductor equipment industry. Carpenter Technology, within the materials sector, gained 153% and contributed. In consumer staples distribution & retail, Sprouts Farmers Market (+94%) contributed. IonQ (+511%), from the technology hardware & equipment category, helped. Lastly, in capital goods, Rocket Lab gained 429% and also helped.

• Conversely, the biggest detractor was Vaxcyte (-57%), from the pharmaceuticals, biotechnology & life sciences industry. In consumer discretionary distribution & retail, Abercrombie & Fitch returned -53% and hurt the fund's performance. Tidewater (-51%), from the energy sector, hindered the fund. Axcelis Technologies (-51%), a stock in the semiconductors & semiconductor equipment industry, hurt the fund. Lastly, in capital goods, Atkore returned approximately -46% and also hindered the fund.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

July 11, 2019 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Small Cap Growth Index Fund<br>| $10000 | $10359<br>| $15675<br>| $10451<br>| $12413<br>| $13562<br>| $14891<br>|
| Russell 2000® Growth Index<br>| $10000 | $10369<br>| $15695<br>| $10448<br>| $12384<br>| $13516<br>| $14830<br>|
| Russell 3000® Index<br>| $10000 | $10459<br>| $15078<br>| $12987<br>| $15449<br>| $19021<br>| $21931<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110566_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Small Cap Growth Index Fund | 9.80% | 7.53% | 6.89% |
| Russell 2000® Growth Index | 9.73%<br>| 7.42%<br>| 6.82% |
| Russell 3000® Index | 15.30%<br>| 15.96%<br>| 14.05% |

---

**A** From July 11, 2019

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $892228123<br>|
| Number of Holdings | 1110<br>|
| Total Advisory Fee | $395295<br>|
| Portfolio Turnover | 36%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 22.9 |
| Information Technology | 21.6 |
| Industrials | 20.4 |
| Financials | 11.4 |
| Consumer Discretionary | 9.7 |
| Energy | 3.1 |
| Materials | 3.1 |
| Communication Services | 2.7 |
| Consumer Staples | 2.6 |
| Real Estate | 2.0 |
| Utilities | 0.6 |

---

Common Stocks 100.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3405_20250630_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 96.4 |
| Thailand | 0.9 |
| Canada | 0.9 |
| United Kingdom | 0.5 |
| Brazil | 0.4 |
| Puerto Rico | 0.3 |
| Bahamas (Nassau) | 0.1 |
| Singapore | 0.1 |
| Bailiwick Of Guernsey | 0.1 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3405_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bahamas (Nassau) - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Singapore - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bailiwick Of Guernsey - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Credo Technology Group Holding Ltd | 1.1<br>|
| Fabrinet | 0.9<br>|
| IonQ Inc | 0.8<br>|
| Hims & Hers Health Inc Class A | 0.8<br>|
| HealthEquity Inc | 0.7<br>|
| Ensign Group Inc/The | 0.7<br>|
| Blueprint Medicines Corp | 0.7<br>|
| AeroVironment Inc | 0.7<br>|
| Brinker International Inc | 0.7<br>|
| Commvault Systems Inc | 0.7<br>|
|  | 7.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund added a contractual proxy and shareholder meeting expense cap during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3405_20250630_2.jpg)<br>| ![](img110566_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913367.101 3405-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® SAI Municipal Bond Index Fund<br> **Fidelity® SAI Municipal Bond Index Fund : FSABX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI Municipal Bond Index Fund for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Municipal Bond Index Fund  | $7  | 0.07% |

---

**What affected the Fund's performance this period?**

• Tax-exempt municipal bonds achieved a small gain for the 12 months ending June 30, 2025. Although the U.S. Federal Reserve's mid-September pivot to cutting its policy interest rate was supportive of muni bond prices through November 2024, returns were subsequently crimped by tariff policy uncertainty that clouded the picture for future rate cuts, as well as by unfavorable supply/demand muni market dynamics.

• We construct the portfolio using optimization. This approach minimizes the differences between risk exposures of the fund relative to the index. We attempt to hold all positions held by the index in the same relative proportions.

• Exposures include credit quality, duration, key rate durations and other factors.

• Differences in the way fund holdings and index holdings are priced modestly detracted from the fund's performance versus the benchmark. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management and Research's (FMR) fair-value processes. Securities within the index, however, are priced by the index provider.

• Trading costs associated with the purchases and sale of municipal securities slightly detracted from relative performance as well.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

July 11, 2019 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI Municipal Bond Index Fund<br>| $10000 | $10296<br>| $10656<br>| $9618<br>| $9876<br>| $10163<br>| $10266<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10410<br>| $10843<br>| $9914<br>| $10230<br>| $10558<br>| $10676<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110568_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI Municipal Bond Index Fund | 1.02% | -0.06% | 0.44% |
| Bloomberg Municipal Bond Index | 1.11%<br>| 0.51%<br>| 1.10% |

---

**A** From July 11, 2019

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $88146638<br>|
| Number of Holdings | 1104<br>|
| Total Advisory Fee | $40026<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 35.8 |
| Transportation | 16.4 |
| Special Tax | 15.2 |
| Water & Sewer | 7.6 |
| Health Care | 7.5 |
| Education | 5.8 |
| Electric Utilities | 5.7 |
| Others(Individually Less Than 5%) | 5.0 |
| 99.0 | 99.0 |

---

---

| | |
|:---|:---|
| AAA | 14.4 |
| AA | 58.8 |
| A | 21.7 |
| BBB | 3.6 |
| CCC,CC,C | 0.0 |
| Not Rated | 0.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3470_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 14.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 58.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 21.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 1.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| New York | 21.7 |
| California | 17.7 |
| Texas | 8.5 |
| Pennsylvania | 3.9 |
| New Jersey | 3.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3470_20250630_2.jpg)<br>| ![](img110568_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913370.101 3470-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Municipal Income 2025 Fund<br> **Fidelity® Municipal Income 2025 Fund : FIMSX** <br>|

---

This annual shareholder report contains information about Fidelity® Municipal Income 2025 Fund for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Municipal Income 2025 Fund  | $41  | 0.40% |

---

**What affected the Fund's performance this period?**

• Tax-exempt municipal bonds achieved a small gain for the 12 months ending June 30, 2025. Although the U.S. Federal Reserve's mid-September pivot to cutting its policy interest rate was supportive of muni bond prices through November 2024, returns were subsequently crimped by tariff policy uncertainty that clouded the picture for future rate cuts, as well as by unfavorable supply/demand muni market dynamics.

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, was a key contributor to performance versus the Bloomberg Municipal Bond 2025 Ex Tobacco/Prepaid Gas Index for the fiscal year.

• To a lesser degree, pricing factors contributed to relative performance as well. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management & Research's fair-value processes. Securities within the index, however, are priced by the index provider. These two approaches employ somewhat different methodologies in setting the prices of municipal securities, most of which trade infrequently.

• In contrast, the fund's overweight in investment-grade hospital and higher education bonds detracted versus the index.

• An underweight in shorter-term muni securities also hurt, given that they outperformed longer-term issues this period.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 25, 2017 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Municipal Income 2025 Fund<br>| $10000 | $9964<br>| $9960<br>| $10709<br>| $10973<br>| $11413<br>| $10849<br>| $10920<br>| $11270<br>|
| Bloomberg Municipal Bond 2025 Ex Tobacco/Prepaid Gas Index<br>| $10000 | $10001<br>| $10008<br>| $10749<br>| $11225<br>| $11480<br>| $10989<br>| $11072<br>| $11397<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10005<br>| $10162<br>| $10843<br>| $11325<br>| $11797<br>| $10786<br>| $11130<br>| $11487<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110569_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Municipal Income 2025 Fund | 3.33% | 1.20% | 1.90% |
| Bloomberg Municipal Bond 2025 Ex Tobacco/Prepaid Gas Index | 1.69%<br>| 0.64%<br>| 1.84% |
| Bloomberg Municipal Bond Index | 1.11%<br>| 0.51%<br>| 1.86% |

---

**A** From May 25, 2017

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $20601217<br>|
| Number of Holdings | 62<br>|
| Total Advisory Fee | $67212<br>|
| Portfolio Turnover | 0%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| Transportation | 14.4 |
| Education | 14.4 |
| Health Care | 11.0 |
| Others(Individually Less Than 5%) | 11.8 |
| 51.6 | 51.6 |

---

---

| | |
|:---|:---|
| AAA | 2.1 |
| AA | 20.8 |
| A | 10.6 |
| BBB | 7.4 |
| BB | 0.2 |
| Not Rated | 10.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 48.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2948_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 20.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 48.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Connecticut | 6.4 |
| Arizona | 5.3 |
| Massachusetts | 5.3 |
| Missouri | 4.4 |
| Washington | 3.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2948_20250630_2.jpg)<br>| ![](img110569_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913362.101 2948-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Municipal Income 2025 Fund<br> **Fidelity Advisor® Municipal Income 2025 Fund Class I : FAMYX** <br>|

---

This annual shareholder report contains information about Fidelity® Municipal Income 2025 Fund for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $41  | 0.40% |

---

**What affected the Fund's performance this period?**

• Tax-exempt municipal bonds achieved a small gain for the 12 months ending June 30, 2025. Although the U.S. Federal Reserve's mid-September pivot to cutting its policy interest rate was supportive of muni bond prices through November 2024, returns were subsequently crimped by tariff policy uncertainty that clouded the picture for future rate cuts, as well as by unfavorable supply/demand muni market dynamics.

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, was a key contributor to performance versus the Bloomberg Municipal Bond 2025 Ex Tobacco/Prepaid Gas Index for the fiscal year.

• To a lesser degree, pricing factors contributed to relative performance as well. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management & Research's fair-value processes. Securities within the index, however, are priced by the index provider. These two approaches employ somewhat different methodologies in setting the prices of municipal securities, most of which trade infrequently.

• In contrast, the fund's overweight in investment-grade hospital and higher education bonds detracted versus the index.

• An underweight in shorter-term muni securities also hurt, given that they outperformed longer-term issues this period.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 25, 2017 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9964<br>| $9960<br>| $10709<br>| $10984<br>| $11413<br>| $10848<br>| $10920<br>| $11270<br>|
| Bloomberg Municipal Bond 2025 Ex Tobacco/Prepaid Gas Index<br>| $10000 | $10001<br>| $10008<br>| $10749<br>| $11225<br>| $11480<br>| $10989<br>| $11072<br>| $11397<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10005<br>| $10162<br>| $10843<br>| $11325<br>| $11797<br>| $10786<br>| $11130<br>| $11487<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110570_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class I | 3.33% | 1.18% | 1.90% |
| Bloomberg Municipal Bond 2025 Ex Tobacco/Prepaid Gas Index | 1.69%<br>| 0.64%<br>| 1.84% |
| Bloomberg Municipal Bond Index | 1.11%<br>| 0.51%<br>| 1.86% |

---

**A** From May 25, 2017

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $20601217<br>|
| Number of Holdings | 62<br>|
| Total Advisory Fee | $67212<br>|
| Portfolio Turnover | 0%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| Transportation | 14.4 |
| Education | 14.4 |
| Health Care | 11.0 |
| Others(Individually Less Than 5%) | 11.8 |
| 51.6 | 51.6 |

---

---

| | |
|:---|:---|
| AAA | 2.1 |
| AA | 20.8 |
| A | 10.6 |
| BBB | 7.4 |
| BB | 0.2 |
| Not Rated | 10.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 48.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2948_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 20.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 48.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Connecticut | 6.4 |
| Arizona | 5.3 |
| Massachusetts | 5.3 |
| Missouri | 4.4 |
| Washington | 3.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2948_20250630_2.jpg)<br>| ![](img110570_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913364.101 2950-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Municipal Income 2025 Fund<br> **Fidelity Advisor® Municipal Income 2025 Fund Class A : FAMHX** <br>|

---

This annual shareholder report contains information about Fidelity® Municipal Income 2025 Fund for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $66  | 0.65% |

---

**What affected the Fund's performance this period?**

• Tax-exempt municipal bonds achieved a small gain for the 12 months ending June 30, 2025. Although the U.S. Federal Reserve's mid-September pivot to cutting its policy interest rate was supportive of muni bond prices through November 2024, returns were subsequently crimped by tariff policy uncertainty that clouded the picture for future rate cuts, as well as by unfavorable supply/demand muni market dynamics.

• Against this backdrop, the fund's "carry" advantage, meaning its proportionately larger stake in higher-yielding bonds, was a key contributor to performance versus the Bloomberg Municipal Bond 2025 Ex Tobacco/Prepaid Gas Index for the fiscal year.

• To a lesser degree, pricing factors contributed to relative performance as well. Fund holdings are priced by a third-party pricing service and validated daily by Fidelity Management & Research's fair-value processes. Securities within the index, however, are priced by the index provider. These two approaches employ somewhat different methodologies in setting the prices of municipal securities, most of which trade infrequently.

• In contrast, the fund's overweight in investment-grade hospital and higher education bonds detracted versus the index.

• An underweight in shorter-term muni securities also hurt, given that they outperformed longer-term issues this period.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 25, 2017 through June 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9725 | $9688<br>| $9660<br>| $10360<br>| $10589<br>| $10986<br>| $10417<br>| $10459<br>| $10767<br>|
| Bloomberg Municipal Bond 2025 Ex Tobacco/Prepaid Gas Index<br>| $10000 | $10001<br>| $10008<br>| $10749<br>| $11225<br>| $11480<br>| $10989<br>| $11072<br>| $11397<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $10005<br>| $10162<br>| $10843<br>| $11325<br>| $11797<br>| $10786<br>| $11130<br>| $11487<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110571_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class A (incl. 2.75% sales charge)  | 0.24% | 0.38%<br>| 1.29% |
| Class A (without 2.75% sales charge) | 3.07% | 0.94% | 1.64% |
| Bloomberg Municipal Bond 2025 Ex Tobacco/Prepaid Gas Index | 1.69%<br>| 0.64%<br>| 1.84% |
| Bloomberg Municipal Bond Index | 1.11%<br>| 0.51%<br>| 1.86% |

---

**A** From May 25, 2017

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $20601217<br>|
| Number of Holdings | 62<br>|
| Total Advisory Fee | $67212<br>|
| Portfolio Turnover | 0%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| Transportation | 14.4 |
| Education | 14.4 |
| Health Care | 11.0 |
| Others(Individually Less Than 5%) | 11.8 |
| 51.6 | 51.6 |

---

---

| | |
|:---|:---|
| AAA | 2.1 |
| AA | 20.8 |
| A | 10.6 |
| BBB | 7.4 |
| BB | 0.2 |
| Not Rated | 10.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 48.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2948_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 20.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 48.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Connecticut | 6.4 |
| Arizona | 5.3 |
| Massachusetts | 5.3 |
| Missouri | 4.4 |
| Washington | 3.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2948_20250630_2.jpg)<br>| ![](img110571_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913363.101 2949-TSRA-0825 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Mid Cap Value Index Fund<br> **Fidelity® Mid Cap Value Index Fund : FIMVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Mid Cap Value Index Fund for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Mid Cap Value Index Fund  | $5  | 0.05% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, financials gained 28% and contributed most to the fund's performance for the fiscal year. Industrials stocks also helped (+14%), benefiting from the capital goods industry (+16%). Utilities rose 21%, information technology gained roughly 11%, lifted by the software & services industry (+35%), and real estate advanced roughly 10%. Other contributors included the communication services (+27%), consumer discretionary (+8%), energy (+9%) and consumer staples (+3%) sectors.

• In contrast, health care returned -7% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-15%). Materials (-6%) also hurt.

• Turning to individual stocks, the top contributor was Robinhood Markets (+307%), from the financial services category. From the same industry, Bank of New York Mellon (+56%) boosted the fund. Howmet Aerospace (+139%), a stock in the capital goods category, boosted the fund. In software & services, MicroStrategy gained approximately 180% and contributed. Lastly, Williams Companies (+53%), from the energy sector, also contributed.

• Conversely, the biggest detractor was Dow (-46%), from the materials sector. In pharmaceuticals, biotechnology & life sciences, Biogen returned -46% and detracted. Another notable detractor was Humana (-34%), a stock in the health care equipment & services industry. Lastly, in energy, Halliburton (-38%) and Diamondback Energy (-29%) also hurt.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

July 11, 2019 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Mid Cap Value Index Fund<br>| $10000 | $8735<br>| $13349<br>| $12003<br>| $13271<br>| $14858<br>| $16559<br>|
| Russell Midcap® Value Index<br>| $10000 | $8756<br>| $13402<br>| $12062<br>| $13329<br>| $14925<br>| $16647<br>|
| Russell 3000® Index<br>| $10000 | $10459<br>| $15078<br>| $12987<br>| $15449<br>| $19021<br>| $21931<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110572_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Mid Cap Value Index Fund | 11.44% | 13.65% | 8.81% |
| Russell Midcap® Value Index | 11.53%<br>| 13.71%<br>| 8.90% |
| Russell 3000® Index | 15.30%<br>| 15.96%<br>| 14.05% |

---

**A** From July 11, 2019

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1570951303<br>|
| Number of Holdings | 726<br>|
| Total Advisory Fee | $491729<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 17.2 |
| Financials | 17.0 |
| Information Technology | 9.4 |
| Real Estate | 9.4 |
| Consumer Discretionary | 8.3 |
| Health Care | 7.7 |
| Energy | 7.0 |
| Utilities | 6.9 |
| Materials | 6.6 |
| Consumer Staples | 6.4 |
| Communication Services | 3.3 |

---

Common Stocks 99.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3404_20250630_AA.jpg) <br>|

---

Common Stocks - 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.8 <br>

---

| | |
|:---|:---|
| United States | 98.6 |
| United Kingdom | 0.5 |
| Canada | 0.3 |
| Bailiwick Of Jersey | 0.2 |
| Bermuda | 0.1 |
| Brazil | 0.1 |
| Puerto Rico | 0.1 |
| Finland | 0.1 |
| Japan | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3404_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Coinbase Global Inc Class A | 0.7<br>|
| Bank of New York Mellon Corp/The | 0.7<br>|
| Robinhood Markets Inc Class A | 0.7<br>|
| Digital Realty Trust Inc | 0.7<br>|
| Kinder Morgan Inc | 0.6<br>|
| Allstate Corp/The | 0.6<br>|
| Marathon Petroleum Corp | 0.6<br>|
| Realty Income Corp | 0.6<br>|
| ONEOK Inc | 0.6<br>|
| Corteva Inc | 0.6<br>|
|  | 6.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 29, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3404_20250630_2.jpg)<br>| ![](img110572_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913366.101 3404-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® Mid Cap Growth Index Fund<br> **Fidelity® Mid Cap Growth Index Fund : FMDGX** <br>|

---

This annual shareholder report contains information about Fidelity® Mid Cap Growth Index Fund for the period July 1, 2024 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Mid Cap Growth Index Fund  | $6  | 0.05% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending June 30, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through midyear, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, information technology gained 44% and contributed most to the fund's performance for the fiscal year, driven by the software & services industry (+76%). Industrials stocks also helped (+27%), benefiting from the capital goods industry (+42%). Financials rose 28%, boosted by the financial services industry (+33%), consumer discretionary gained 14%, and health care advanced approximately 12%. Other contributors included the utilities (+124%), communication services (+28%), energy (+17%) and real estate (+16%) sectors.

• Conversely, consumer staples returned about -10% and detracted most. This group was hampered by the household & personal products industry (-21%). Materials (-11%) also hurt.

• Turning to individual stocks, the biggest contributor was Palantir Technologies (+417%), from the software & services industry. Within the same industry, AppLovin (+302%) lifted the fund. Axon Enterprise (+182%), a stock in the capital goods group, helped. In utilities, Vistra (+127%) boosted the fund. Lastly, Roblox, within the media & entertainment category, gained 183% and also lifted the fund.

• In contrast, the biggest detractor was Super Micro Computer (-41%), from the technology hardware & equipment category. In pharmaceuticals, biotechnology & life sciences, Sarepta Therapeutics (-89%) hindered the fund. Trade Desk, within the media & entertainment group, returned -26% and detracted. Dexcom (-23%), a stock in the health care equipment & services group, detracted. Lastly, in consumer durables & apparel, Deckers Outdoor (-36%) also hindered the fund.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

July 11, 2019 through June 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Mid Cap Growth Index Fund<br>| $10000 | $10886<br>| $15643<br>| $11018<br>| $13566<br>| $15601<br>| $19711<br>|
| Russell Midcap® Growth Index<br>| $10000 | $10946<br>| $15738<br>| $11083<br>| $13647<br>| $15702<br>| $19861<br>|
| Russell 3000® Index<br>| $10000 | $10459<br>| $15078<br>| $12987<br>| $15449<br>| $19021<br>| $21931<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img110573_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Mid Cap Growth Index Fund | 26.34% | 12.61% | 12.03% |
| Russell Midcap® Growth Index | 26.49%<br>| 12.65%<br>| 12.17% |
| Russell 3000® Index | 15.30%<br>| 15.96%<br>| 14.05% |

---

**A** From July 11, 2019

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2882225439<br>|
| Number of Holdings | 280<br>|
| Total Advisory Fee | $849891<br>|
| Portfolio Turnover | 53%<br>|

---

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Consumer Discretionary | 22.1 |
| Industrials | 20.1 |
| Information Technology | 17.9 |
| Health Care | 13.8 |
| Financials | 10.6 |
| Communication Services | 6.1 |
| Utilities | 3.2 |
| Energy | 2.9 |
| Consumer Staples | 1.8 |
| Real Estate | 1.3 |
| Materials | 0.2 |

---

Common Stocks 100.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3403_20250630_AA.jpg) <br>|

---

Common Stocks - 100.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.0 <br>

---

| | |
|:---|:---|
| United States | 96.3 |
| United Kingdom | 1.5 |
| Korea (South) | 1.2 |
| Canada | 0.5 |
| Switzerland | 0.4 |
| Kazakhstan | 0.1 |
| Germany | 0.0 |
| Brazil | 0.0 |
| Puerto Rico | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3403_20250630_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Kazakhstan - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Royal Caribbean Cruises Ltd | 2.6<br>|
| Howmet Aerospace Inc | 2.6<br>|
| Vistra Corp | 2.2<br>|
| Hilton Worldwide Holdings Inc | 2.1<br>|
| Axon Enterprise Inc | 2.1<br>|
| Cloudflare Inc Class A | 2.0<br>|
| ROBLOX Corp Class A | 2.0<br>|
| Cencora Inc | 1.8<br>|
| Vertiv Holdings Co Class A | 1.6<br>|
| Ameriprise Financial Inc | 1.6<br>|
|  | 20.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3403_20250630_2.jpg)<br>| ![](img110573_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913365.101 3403-TSRA-0825 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JUNE 30, 2025 |
| Fidelity® SAI Enhanced Municipal Income Fund<br> **Fidelity® SAI Enhanced Municipal Income Fund : FENCX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI Enhanced Municipal Income Fund for the period March 18, 2025 to June 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Enhanced Municipal Income Fund A | $4  | 0.15% |

---

A Expenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of June 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $179251908<br>|
| Number of Holdings | 1421<br>|
| Total Advisory Fee | $32483<br>|
| Portfolio TurnoverA | 21%<br>|

---

A Amount not annualized

**What did the Fund invest in?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 27.5 |
| Special Tax | 11.9 |
| Health Care | 11.7 |
| Transportation | 11.1 |
| Water & Sewer | 8.3 |
| Education | 5.0 |
| Others(Individually Less Than 5%) | 14.3 |
| 89.8 | 89.8 |

---

---

| | |
|:---|:---|
| AAA | 15.6 |
| AA | 51.6 |
| A | 21.3 |
| BBB | 1.1 |
| Not Rated | 0.2 |
| Equities | 2.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 8.2 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img9002_20250630_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 15.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 51.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 21.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Equities - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 8.2 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 10.2 |
| New York | 8.8 |
| Illinois | 7.1 |
| Florida | 6.0 |
| California | 5.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img9002_20250630_1.jpg)<br>| ![](img110598_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918388.100 9002-TSRA-0825 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, June 30, 2025, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Mid Cap Growth Index Fund, Fidelity Mid Cap Value Index Fund, Fidelity Municipal Income 2025 Fund, and Fidelity SAI Enhanced Municipal Income Fund (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>June 30, 2025 Fees</u><sup>A,B</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Mid Cap Growth Index Fund | &nbsp;&nbsp; $42600  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8200  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity Mid Cap Value Index Fund | &nbsp;&nbsp; $42600  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8200  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity Municipal Income 2025 Fund | &nbsp;&nbsp; $37500 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8200  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity SAI Enhanced Municipal Income Fund | &nbsp;&nbsp; $33600  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9500  | &nbsp;&nbsp; $200  |

---

**<u>June 30, 2024 Fees</u><sup>A,B</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Mid Cap Growth Index Fund | &nbsp;&nbsp; $38900  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7900  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Fidelity Mid Cap Value Index Fund | &nbsp;&nbsp; $38900  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7900  | &nbsp;&nbsp; $1000  |
| &nbsp;&nbsp; Fidelity Municipal Income 2025 Fund | &nbsp;&nbsp; $35900 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7900  | &nbsp;&nbsp; $900 |
| &nbsp;&nbsp; Fidelity SAI Enhanced Municipal Income Fund | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup> Fidelity SAI Enhanced Municipal Income Fund commenced operation on March 18, 2025.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity SAI Municipal Bond Index Fund, Fidelity Small Cap Growth Index Fund, and Fidelity Small Cap Value Index Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>June 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity SAI Municipal Bond Index Fund | &nbsp;&nbsp; $51100  | &nbsp;&nbsp; $4100  | &nbsp;&nbsp; $5700  | &nbsp;&nbsp; $1700  |
| &nbsp;&nbsp; Fidelity Small Cap Growth Index Fund | &nbsp;&nbsp; $43100  | &nbsp;&nbsp; $3500  | &nbsp;&nbsp; $13900  | &nbsp;&nbsp; $1500  |
| &nbsp;&nbsp; Fidelity Small Cap Value Index Fund | &nbsp;&nbsp; $44400  | &nbsp;&nbsp; $3600  | &nbsp;&nbsp; $11700  | &nbsp;&nbsp; $1500  |

---

**<u>June 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity SAI Municipal Bond Index Fund | &nbsp;&nbsp; $49500  | &nbsp;&nbsp; $4000  | &nbsp;&nbsp; $5500  | &nbsp;&nbsp; $1700  |
| &nbsp;&nbsp; Fidelity Small Cap Growth Index Fund | &nbsp;&nbsp; $38500  | &nbsp;&nbsp; $3400  | &nbsp;&nbsp; $11000  | &nbsp;&nbsp; $1500  |
| &nbsp;&nbsp; Fidelity Small Cap Value Index Fund | &nbsp;&nbsp; $39800  | &nbsp;&nbsp; $3500  | &nbsp;&nbsp; $8800  | &nbsp;&nbsp; $1500  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>June 30, 2025</u><sup>A,B</sup>** | &nbsp;&nbsp; **<u>June 30, 2024</u><sup>A,B</sup>** |
| &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp; $125000  | &nbsp;&nbsp; $200000 |
| &nbsp;&nbsp; Tax Fees | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $- |
| &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp; $2970400  | &nbsp;&nbsp; $1929500 |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup> May include amounts billed prior to the Fidelity SAI Enhanced Municipal Income Fund's commencement of operations.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>June 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp; **<u>June 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp; $9680100  | &nbsp;&nbsp; $9437800  |
| &nbsp;&nbsp; Tax Fees | &nbsp;&nbsp; $1000  | &nbsp;&nbsp; $61000  |
| &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp; $- | &nbsp;&nbsp; $35000 |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **<u>Billed By</u>** | &nbsp;&nbsp; **<u>June 30, 2025</u><sup>A,B</sup>** | &nbsp;&nbsp; **<u>June 30, 2024</u><sup>A,B</sup>** |
| &nbsp;&nbsp; Deloitte Entities | &nbsp;&nbsp; $3468800  | &nbsp;&nbsp; $6225100  |
| &nbsp;&nbsp; PwC | &nbsp;&nbsp; $14687700  | &nbsp;&nbsp; $15060500  |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup> May include amounts billed prior to the Fidelity SAI Enhanced Municipal Income Fund's commencement of operations.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® SAI Municipal Bond Index Fund**

**Annual Report**

**June 30, 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.

![](img110329_1.jpg)

![](img110329_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_MBX-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Municipal Bond Index Fund](#Sub_Sec_Fund_3470_MBX-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3470_MBX-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_MBX-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_MBX-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MBX-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MBX-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MBX-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MBX-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

"BLOOMBERG®" and the Bloomberg indices listed herein (the "Indices") are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Indices (collectively, "Bloomberg") and have been licensed for use for certain purposes by Fidelity. Bloomberg is not affiliated with Fidelity, and Bloomberg does not approve, endorse, review, or recommend the fund. Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the fund.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® SAI Municipal Bond Index Fund**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 99.0%** | &nbsp;&nbsp;**Municipal Securities - 99.0%** | &nbsp;&nbsp;**Municipal Securities - 99.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 1.4%  |  |  |
| Education - 0.0% |  |  |
| University AL Gen Rev Series 2017B, 3% 7/1/2035  | 30000 | 27295 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Alabama Fed Aid Hwy Fin Auth Spl Oblig Rev Series 2017A, 4% 6/1/2037 (Pre-refunded to 9/1/2027 at 100)  | 25000 | 25692 |
| Birmingham Ala Wtrwks Brd Wtr Rev Series 2016 B, 3% 1/1/2043 (Pre-refunded to 1/1/2027 at 100)  | 30000 | 30136 |
|  |  | 55828 |
| General Obligations - 1.2% |  |  |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Series 2023B, 5.25% tender 12/1/2053 (Royal Bank of Canada Guaranteed) (b) | 180000 | 192905 |
| Black Belt Energy Gas District Series 2024 C, 5% tender 5/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 300000 | 314231 |
| Southeast Energy Auth Coop Dist Ala Commodity Supply Rev Series 2023 B, 5% tender 1/1/2054 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (b) | 220000 | 231740 |
| Southeast Energy Authority A Cooperative District 5% tender 5/1/2055 (Royal Bank of Canada Guaranteed) (b) | 275000 | 290394 |
|  |  | 1029270 |
| Health Care - 0.1% |  |  |
| UAB Medicine Fin Auth Rev (University AL At Birmingham Hosp Rev Proj.) Series 2016 B, 5% 9/1/2034  | 50000 | 50693 |
| UAB Medicine Fin Auth Rev (University AL At Birmingham Hosp Rev Proj.) Series 2017B1, 3.25% 9/1/2031  | 45000 | 43632 |
|  |  | 94325 |
| Water & Sewer - 0.0% |  |  |
| Decatur Ala Wtr & Swr Rev Series 2021 A, 2.125% 2/15/2051  | 90000 | 47819 |
| TOTAL ALABAMA |  | 1254537 |
| Arizona - 1.5%  |  |  |
| Education - 0.2% |  |  |
| Arizona St Univ Revs Series 2019 B, 4% 7/1/2049  | 70000 | 60840 |
| University AZ Univ Revs Series 2016B, 5% 6/1/2042  | 95000 | 96306 |
|  |  | 157146 |
| Electric Utilities - 0.7% |  |  |
| Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2038  | 385000 | 391577 |
| Salt River Proj AZ Agric & Pwr Series 2017A, 5% 1/1/2028  | 55000 | 58201 |
| Salt River Proj AZ Agric & Pwr Series 2022A, 5% 1/1/2032  | 145000 | 162714 |
|  |  | 612492 |
| General Obligations - 0.0% |  |  |
| Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2032 (Citigroup Inc Guaranteed)  | 20000 | 21254 |
| Salt Verde Finl Corp Gas Rev AZ 5.25% 12/1/2026 (Citigroup Inc Guaranteed)  | 15000 | 15322 |
|  |  | 36576 |
| Health Care - 0.0% |  |  |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2016 A, 5% 1/1/2038  | 40000 | 40491 |
| Special Tax - 0.2% |  |  |
| Bullhead City Ariz Excise Taxes Rev 2.7% 7/1/2051  | 90000 | 54529 |
| Phoenix Ariz Civic Impt Corp Distr Rev 5.5% 7/1/2036 (National Public Finance Guarantee Corporation Insured) (c) | 25000 | 29250 |
| Phoenix Ariz Civic Impt Corp Distr Rev 5.5% 7/1/2041 (National Public Finance Guarantee Corporation Insured) (c) | 80000 | 91192 |
|  |  | 174971 |
| Transportation - 0.2% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 5% 7/1/2033 (d) | 110000 | 114454 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 5% 7/1/2044 (d) | 40000 | 40025 |
|  |  | 154479 |
| Water & Sewer - 0.2% |  |  |
| Lake Havasu City AZ Wastewater System Revenue Series B, 4% 7/1/2045 (Assured Guaranty Municipal Corp Insured)  | 60000 | 52543 |
| Mesa AZ Util Sys Rev Series 2016, 3% 7/1/2038  | 125000 | 104291 |
|  |  | 156834 |
| TOTAL ARIZONA |  | 1332989 |
| California - 17.7%  |  |  |
| Education - 1.6% |  |  |
| California Edl Facs Auth Rev (Loyola Marymount University Proj.) 0% 10/1/2034 (National Public Finance Guarantee Corporation Insured) (e) | 25000 | 17799 |
| California Edl Facs Auth Rev (Loyola Marymount University Proj.) Series 2001A, 0% 10/1/2030 (e) | 15000 | 12627 |
| California Edl Facs Auth Rev (Stanford University Proj.) 5% 3/15/2039  | 150000 | 170546 |
| California St Univ Rev Series 2015A, 5% 11/1/2026  | 15000 | 15119 |
| California St Univ Rev Series 2016A, 3.2% 11/1/2037  | 15000 | 13673 |
| California St Univ Rev Series 2016A, 5% 11/1/2026  | 40000 | 40828 |
| California St Univ Rev Series 2020C, 3% 11/1/2040  | 125000 | 104136 |
| California Statewide Communities Development Authority (University of Southern California Proj.) Series 2018, 5% 1/1/2032  | 30000 | 31417 |
| University CA Revs 5% 5/15/2035  | 50000 | 51311 |
| University CA Revs Series 2016AR, 5% 5/15/2035  | 15000 | 15179 |
| University CA Revs Series 2017AV, 5% 5/15/2047  | 110000 | 110856 |
| University CA Revs Series 2017M, 5% 5/15/2031  | 140000 | 145023 |
| University CA Revs Series 2017M, 5% 5/15/2032  | 35000 | 36182 |
| University CA Revs Series 2017M, 5% 5/15/2036  | 20000 | 20463 |
| University CA Revs Series 2020 BE, 4% 5/15/2047  | 125000 | 114719 |
| University CA Revs Series 2020 BE, 5% 5/15/2043  | 15000 | 15488 |
| University CA Revs Series 2022 BK, 5% 5/15/2032  | 170000 | 192241 |
| University CA Revs Series 2022 S, 5% 5/15/2036  | 150000 | 163296 |
| University CA Revs Series 2023 BM, 5% 5/15/2027  | 100000 | 104438 |
|  |  | 1375341 |
| Electric Utilities - 0.9% |  |  |
| Imperial CA Irr Dist Elec Rev Series C, 5% 11/1/2038  | 85000 | 85539 |
| Los Angeles CA Wtr & Pwr Rev Series 2017C, 5% 7/1/2036  | 50000 | 50711 |
| Los Angeles CA Wtr & Pwr Rev Series 2019 B, 5% 7/1/2035  | 90000 | 92691 |
| Los Angeles CA Wtr & Pwr Rev Series 2019 D, 5% 7/1/2044  | 150000 | 149074 |
| Los Angeles CA Wtr & Pwr Rev Series 2022 A, 5% 7/1/2040  | 105000 | 108595 |
| Riverside CA Elec Rev Series 2019 A, 5% 10/1/2026  | 50000 | 51542 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2023 1, 5% 7/1/2035  | 260000 | 283508 |
|  |  | 821660 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Anaheim CA Pub Fin Auth Lease Rev 0% 9/1/2036 (Escrowed to Maturity) (e) | 90000 | 60956 |
| Anaheim CA Pub Fin Auth Lease Rev Series 1997 C, 0% 9/1/2035 (e) | 45000 | 31959 |
| California Statewide Community Development Authority Rev Series 2015, 3% 8/15/2029 (Pre-refunded to 2/15/2026 at 100)  | 50000 | 50039 |
| Foothill/Estrn Transn CA Toll 0% 1/1/2029 (e) | 30000 | 27179 |
| San Diego CA Comm Coll Dist Gen. Oblig. Series 2016, 5% 8/1/2041 (Pre-refunded to 8/1/2026 at 100)  | 5000 | 5136 |
|  |  | 175269 |
| General Obligations - 9.4% |  |  |
| Alameda Calif Uni Sch Dist Series B, 4% 8/1/2052  | 35000 | 30807 |
| California Community Choice Financing Authority Series 2021B 1, 4% tender 2/1/2052 (Morgan Stanley Guaranteed) (b) | 755000 | 750407 |
| California Community Choice Financing Authority Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 245000 | 252859 |
| California St Pub Wks Brd Lse 5% 11/1/2035  | 200000 | 225309 |
| California St Pub Wks Brd Lse Series 2024 A, 5% 4/1/2041  | 295000 | 314558 |
| Chaffey CA Unified Hsd Series D, 4% 8/1/2049  | 30000 | 27123 |
| Chino Valley CA Uni Sch Dist Series 2017A, 5.25% 8/1/2047  | 25000 | 25528 |
| Compton CA Uni Sch Dist Series 2019 B, 3% 6/1/2049  | 75000 | 55256 |
| Contra Costa CA Community College Dist Gen. Oblig. Series 2014A, 4% 8/1/2039  | 5000 | 4840 |
| Corona-Norco Calif Uni Sch Dis Series C, 3% 8/1/2044  | 125000 | 95589 |
| El Camino CA Cmty College Dist Series 2012C, 0% 8/1/2034 (e) | 60000 | 43488 |
| El Camino CA Cmty College Dist Series 2012C, 0% 8/1/2038 (e) | 85000 | 49629 |
| Elk Grove Calif Uni Sch Dist Ctfs Partn (Elk Grove CA Uni Sch Dist Proj.) 3% 2/1/2035  | 65000 | 60151 |
| Foothill-De Anza CA Cmty College Dist Gen. Oblig. Series 2003 B, 0% 8/1/2033 (e) | 85000 | 65751 |
| Fremont Union High Sch Dist Santa Clara Series 2019 A, 4% 8/1/2046  | 30000 | 27582 |
| Grossmont CA Union High School Dist 0% 8/1/2030 (e) | 40000 | 34267 |
| Grossmont CA Union High School Dist Series 2016B, 3% 8/1/2045  | 30000 | 22122 |
| Grossmont-Cuyamaca Ccd Gen. Oblig. Series 2018 B, 4% 8/1/2047  | 200000 | 183483 |
| Livermore Valley CA Jt Uni Sch Series 2016A, 3% 8/1/2046  | 155000 | 113410 |
| Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5% 11/15/2035 (Merrill Lynch & Co Inc Guaranteed)  | 25000 | 26662 |
| Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5.5% 11/15/2037 (Merrill Lynch & Co Inc Guaranteed)  | 30000 | 33148 |
| Long Beach CA Uni Sch Dist 0% 8/1/2035 (e) | 90000 | 62781 |
| Long Beach CA Uni Sch Dist Series 2016, 3% 8/1/2032  | 80000 | 78801 |
| Los Angeles CA Ccd Gen. Oblig. Series 2024, 5% 8/1/2033  | 30000 | 34876 |
| Los Angeles CA Ccd Gen. Oblig. Series 2024, 5% 8/1/2039  | 45000 | 50417 |
| Los Angeles CA Mun Imp Crp Lse (Los Angeles CA Proj.) Series 2016 B, 4% 11/1/2037  | 40000 | 39088 |
| Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) 4% 12/1/2040  | 105000 | 98991 |
| Los Angeles Unified School District/CA Series 2016A, 5% 7/1/2029  | 80000 | 80000 |
| Los Angeles Unified School District/CA Series 2016B, 5% 7/1/2025  | 15000 | 15000 |
| Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2028  | 20000 | 21410 |
| Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2029  | 45000 | 49087 |
| Los Angeles Unified School District/CA Series 2019A, 5% 7/1/2030  | 75000 | 81489 |
| Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2037  | 40000 | 44364 |
| Los Angeles Unified School District/CA Series 2024A, 5% 7/1/2034  | 390000 | 448264 |
| Los Angeles Unified School District/CA Series A, 5% 7/1/2040  | 75000 | 75000 |
| M-S-R Energy Auth Calif Gas Rev 6.5% 11/1/2039 (Citigroup Inc Guaranteed)  | 25000 | 29878 |
| Monterey Peninsula CA Cmnty College Dist Gen. Oblig. Series 2016, 0% 8/1/2030 (e) | 20000 | 16836 |
| Newport Mesa CA Uni Sch Dist 0% 8/1/2036 (e) | 70000 | 47239 |
| Newport Mesa CA Uni Sch Dist Series 2017, 0% 8/1/2039 (e) | 5000 | 2726 |
| Palo Alto Calif Uni Sch Dist 0% 8/1/2030 (e) | 50000 | 43439 |
| Palo Alto Calif Uni Sch Dist 0% 8/1/2032 (e) | 100000 | 81232 |
| Palo Alto Calif Uni Sch Dist 0% 8/1/2033 (e) | 15000 | 11733 |
| Peralta Calif Cmnty College Dist Gen. Oblig. Series 2016A, 4% 8/1/2039  | 130000 | 130122 |
| Perris Calif Un High Sch Dist Series 2019 A, 3% 9/1/2044 (Assured Guaranty Municipal Corp Insured)  | 25000 | 19100 |
| Poway CA Unified Sch Dist 0% 8/1/2034 (e) | 50000 | 36403 |
| Poway CA Unified Sch Dist 0% 8/1/2041 (e) | 190000 | 92877 |
| San Bernardino CA Cmnty College Dist Gen. Oblig. 0% 8/1/2048 (e) | 45000 | 15321 |
| San Diego CA Uni Sch Dist 0% 7/1/2030 (e) | 35000 | 30024 |
| San Diego CA Uni Sch Dist 0% 7/1/2043 (e) | 40000 | 18014 |
| San Diego CA Uni Sch Dist Series 2019B, 3.25% 7/1/2048  | 80000 | 62220 |
| San Diego CA Uni Sch Dist Series 2021 N2, 4% 7/1/2046  | 25000 | 22967 |
| San Diego CA Uni Sch Dist Series 2022 F 2, 5% 7/1/2029  | 245000 | 268912 |
| San Diego CA Uni Sch Dist Series 2024 ZR 5A, 5% 7/1/2039  | 20000 | 22127 |
| San Diego CA Uni Sch Dist Series G 1, 5.25% 7/1/2028 (Assured Guaranty Municipal Corp Insured)  | 10000 | 10837 |
| San Diego CA Uni Sch Dist Series I, 4% 7/1/2047  | 15000 | 13521 |
| San Diego CA Uni Sch Dist Series J, 5% 7/1/2030  | 80000 | 83522 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series 2020 C 1, 4% 8/1/2030  | 145000 | 150366 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series A 1, 5% 8/1/2047  | 45000 | 45088 |
| San Francisco CA City & Cnty Ctfs Partn (San Francisco CA City & Cnty Proj.) Series 2019 A, 4% 4/1/2041  | 35000 | 32947 |
| San Francisco CA City & Cnty Gen. Oblig. Series 2022 R1, 5% 6/15/2032  | 75000 | 85793 |
| San Francisco CA City & Cnty Gen. Oblig. Series 2022 R1, 5% 6/15/2034  | 85000 | 95876 |
| San Mateo CA Unified Sch Dist 0% 9/1/2033 (c) | 50000 | 48959 |
| San Mateo CA Unified Sch Dist 0% 9/1/2041 (c) | 10000 | 10201 |
| Santa Clara CA Uni Sch Dist Series 2019, 4% 7/1/2048  | 35000 | 31454 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2018 A, 3.5% 4/1/2039  | 40000 | 37101 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2019 A, 3% 5/1/2042  | 100000 | 80331 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2021 A, 3% 5/1/2039  | 100000 | 85774 |
| Sequoia Calif Un High Sch Dist Series 2016, 3% 7/1/2031  | 55000 | 54898 |
| Southern California Pub Pwr Auth Nat Gas Proj Rev 5.25% 11/1/2026 (Goldman Sachs Group Inc/The Guaranteed)  | 30000 | 30527 |
| State of California Gen. Oblig. 3% 10/1/2036  | 50000 | 46015 |
| State of California Gen. Oblig. 3% 11/1/2035  | 425000 | 400640 |
| State of California Gen. Oblig. 3% 11/1/2050  | 295000 | 218513 |
| State of California Gen. Oblig. 3% 3/1/2046  | 235000 | 182349 |
| State of California Gen. Oblig. 4% 10/1/2037  | 80000 | 79837 |
| State of California Gen. Oblig. 4% 11/1/2044  | 10000 | 9349 |
| State of California Gen. Oblig. 4% 3/1/2037  | 85000 | 85061 |
| State of California Gen. Oblig. 4% 3/1/2050  | 95000 | 85023 |
| State of California Gen. Oblig. 4% 4/1/2043  | 40000 | 38014 |
| State of California Gen. Oblig. 4% 4/1/2049  | 100000 | 89875 |
| State of California Gen. Oblig. 4% 8/1/2037  | 25000 | 24773 |
| State of California Gen. Oblig. 5% 10/1/2039  | 110000 | 110886 |
| State of California Gen. Oblig. 5% 11/1/2027  | 90000 | 95041 |
| State of California Gen. Oblig. 5% 11/1/2034  | 80000 | 84523 |
| State of California Gen. Oblig. 5% 4/1/2045  | 60000 | 61628 |
| State of California Gen. Oblig. 5% 8/1/2026  | 20000 | 20037 |
| State of California Gen. Oblig. 5% 8/1/2029  | 20000 | 20024 |
| State of California Gen. Oblig. 5% 8/1/2036  | 95000 | 106397 |
| State of California Gen. Oblig. 5% 8/1/2045  | 30000 | 30018 |
| State of California Gen. Oblig. 5% 9/1/2026  | 15000 | 15427 |
| State of California Gen. Oblig. Series 2016, 3% 9/1/2033  | 30000 | 29231 |
| State of California Gen. Oblig. Series 2016, 4% 9/1/2036  | 100000 | 99371 |
| State of California Gen. Oblig. Series 2016, 5% 9/1/2045  | 10000 | 10070 |
| State of California Gen. Oblig. Series 2016B, 5% 9/1/2030  | 20000 | 20479 |
| State of California Gen. Oblig. Series 2017, 4% 11/1/2036  | 20000 | 19962 |
| State of California Gen. Oblig. Series 2017, 4% 8/1/2027  | 55000 | 55554 |
| State of California Gen. Oblig. Series 2017, 5% 11/1/2027  | 150000 | 158402 |
| State of California Gen. Oblig. Series 2017, 5% 8/1/2026  | 65000 | 66717 |
| State of California Gen. Oblig. Series 2017, 5% 8/1/2027  | 30000 | 31510 |
| State of California Gen. Oblig. Series C, 5% 9/1/2026  | 40000 | 40151 |
| State of California Gen. Oblig. Series C, 5% 9/1/2028  | 50000 | 50124 |
| West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 0% 8/1/2027 (Assured Guaranty Inc Insured) (e) | 70000 | 65882 |
| West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) Series 2020 E, 4% 8/1/2049 (Assured Guaranty Municipal Corp Insured)  | 75000 | 66873 |
| West Hollywood Public Financing Authority Series 2016, 3% 4/1/2041  | 75000 | 60876 |
| William S Hart Uni High School Dist 0% 9/1/2028 (Assured Guaranty Municipal Corp Insured) (e) | 140000 | 127737 |
| Yosemite CA Cmnty College Dist Gen. Oblig. 0% 8/1/2031 (e) | 100000 | 82449 |
| Yuba CA Gen. Oblig. Series 2016, 3% 8/1/2037  | 30000 | 26528 |
|  |  | 8285248 |
| Health Care - 0.8% |  |  |
| California Health Facilities Financing Authority (Kaiser Permanente Hlth System Proj.) Series A 2, 4% 11/1/2044  | 120000 | 107761 |
| California Health Facilities Financing Authority (Stanford Health Care Proj.) 4% 8/15/2050  | 185000 | 164270 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2016B, 5% 11/15/2046  | 15000 | 14977 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 4% 11/15/2042  | 20000 | 18264 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 5% 11/15/2033  | 35000 | 36278 |
| California Hlth Facs Fin Auth (Adventist Health System-West Proj.) Series 2013 A, 4% 3/1/2043  | 40000 | 33373 |
| California Statewide Community Development Authority Rev (Adventist Health System-West Proj.) Series 2018 A, 3.5% 3/1/2038  | 155000 | 140054 |
| Univ CA Regts Med Ctr Pooled Rev Series 2022 P, 5% 5/15/2041  | 135000 | 141109 |
| Upland CA Ctfs Partn (San Antonio Community Hosp,Ca Proj.) 4% 1/1/2042  | 10000 | 8808 |
|  |  | 664894 |
| Other - 0.2% |  |  |
| University CA Revs Series 2025 CC, 4% 5/15/2055  | 220000 | 190622 |
| Resource Recovery - 0.0% |  |  |
| Los Angeles CA Sld Wst Res Rev Series 2018 A, 4% 2/1/2032  | 35000 | 35351 |
| Special Tax - 0.5% |  |  |
| Irvine Calif Facs Fing Auth Spl Tax Rev Series 2023A, 4% 9/1/2058 (Build America Mutual Assurance Co Insured)  | 135000 | 117782 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2019 A, 5% 7/1/2044  | 45000 | 45963 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2023 A, 5% 7/1/2036  | 75000 | 84840 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2024A, 5% 7/1/2035  | 30000 | 34531 |
| San Francisco CA BART Dist Tax Series 2019 A, 3% 7/1/2044  | 50000 | 38749 |
| Westminster Calif Redev Agy Successor Agy Tax Allocation Series 2016, 3% 11/1/2041  | 25000 | 20010 |
| Westminster Calif Redev Agy Successor Agy Tax Allocation Series 2016, 3% 11/1/2045  | 75000 | 57113 |
|  |  | 398988 |
| Transportation - 2.5% |  |  |
| Bay Area Toll Auth CA Bridge Rev Series 2017 S 7, 4% 4/1/2042  | 10000 | 9404 |
| Bay Area Toll Auth CA Bridge Rev Series 2017 S 7, 4% 4/1/2047  | 45000 | 40068 |
| Bay Area Toll Auth CA Bridge Rev Series 2018 A, 2.625% tender 4/1/2045 (b) | 70000 | 69630 |
| Bay Area Toll Auth CA Bridge Rev Series 2024 S 11, 5% 4/1/2035  | 95000 | 109345 |
| Foothill/Estrn Transn CA Toll Series 2021 A, 4% 1/15/2046  | 15000 | 14112 |
| Foothill/Estrn Transn CA Toll Series B 1, 3.95% 1/15/2053 (b) | 65000 | 55925 |
| Los Angeles CA Dept Arpts Rev 4% 5/15/2041 (d) | 50000 | 47004 |
| Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2033 (d) | 155000 | 159055 |
| Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2036 (d) | 80000 | 81179 |
| Los Angeles CA Dept Arpts Rev Series 2020 A, 5% 5/15/2038  | 85000 | 89183 |
| Los Angeles CA Dept Arpts Rev Series 2021B, 5% 5/15/2037  | 50000 | 54000 |
| Los Angeles CA Dept Arpts Rev Series 2021B, 5% 5/15/2048  | 100000 | 102011 |
| Los Angeles CA Dept Arpts Rev Series 2025F, 5% 5/15/2035 (d) | 225000 | 243755 |
| Port Oakland Calif Rev Series 2017E, 5% 11/1/2026  | 30000 | 30908 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2019 A, 5% 7/1/2034  | 75000 | 80094 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2042 (d) | 175000 | 174694 |
| San Francisco CA City & County Airports Commission International Airport Revenue 4% 5/1/2050 (d) | 165000 | 140385 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2016A, 5% 5/1/2026  | 20000 | 20367 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2049 (d) | 120000 | 118559 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019E, 5% 5/1/2034 (d) | 125000 | 129666 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2020 B, 4% 5/1/2039  | 100000 | 98645 |
| San Francisco Municipal Transportation Agency Series 2021 C, 4% 3/1/2046  | 200000 | 181829 |
| San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/15/2029 (National Public Finance Guarantee Corporation Insured) (e) | 50000 | 44556 |
| San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/15/2031 (National Public Finance Guarantee Corporation Insured) (e) | 90000 | 73910 |
| San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev 0% 1/15/2032 (National Public Finance Guarantee Corporation Insured) (e) | 5000 | 3923 |
| San Joaquin Hills CA Transn Corridor Agy Toll Rd Rev Series 2021 A, 4% 1/15/2050  | 30000 | 26095 |
| San Jose Calif Arpt Rev Series 2017B, 5% 3/1/2042  | 25000 | 25195 |
|  |  | 2223497 |
| Water & Sewer - 1.6% |  |  |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 5% 10/1/2035  | 90000 | 101531 |
| California St Dept Wtr Res Cen Series BA, 5% 12/1/2032  | 5000 | 5418 |
| California St Dept Wtr Res Cen Series BA, 5% 12/1/2034  | 90000 | 96601 |
| City of Los Angeles CA Wastewater System Revenue Series 2022 A, 5% 6/1/2047  | 85000 | 87507 |
| East Bay CA Mun Util Dist Wtr Sys Rev Series 2017B, 5% 6/1/2032  | 45000 | 46849 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 5% 7/1/2033  | 190000 | 208489 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2017A, 5% 7/1/2033  | 55000 | 55966 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2018 B, 5% 7/1/2037  | 100000 | 101909 |
| Metropolitan Wtr Dist Southn Calif Series 2020 A, 5% 10/1/2036  | 135000 | 143836 |
| Sacramento Cnty CA Santn Dist Series 2021, 5% 12/1/2032  | 100000 | 115776 |
| San Diego CA Pub Facs Fing Auth Swr Rev Series 2016A, 5% 5/15/2039  | 100000 | 101478 |
| San Diego CA Pub Facs Fing Auth Wtr Rev 5.25% 8/1/2047  | 10000 | 10161 |
| San Francisco CA Pub Util Comm Wstwtr Rev Series 2021A, 4% 10/1/2048  | 100000 | 89548 |
| San Francisco CA Pub Util Comm Wstwtr Rev Series 2021A, 4% 10/1/2051  | 100000 | 88180 |
| San Francisco CA Pub Util Comm Wtr Rev Series 2020 SUB A, 5% 11/1/2050  | 30000 | 30391 |
| San Mateo Foster City Calif Pub Fing Auth Wastewater Rev (City of San Mateo CA Sewer Revenue Proj.) Series 2019, 5% 8/1/2049  | 45000 | 46107 |
| West Cnty Facs Fing Auth CA Wstwtr Rev Series 2021, 4% 6/1/2046  | 85000 | 77727 |
|  |  | 1407474 |
| TOTAL CALIFORNIA |  | 15578344 |
| Colorado - 1.7%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Colorado Springs Colo Utils Series 2021 B, 4% 11/15/2040  | 100000 | 96920 |
| General Obligations - 0.4% |  |  |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2018 A, 3.625% 12/15/2036  | 200000 | 190440 |
| County of Pueblo CO Series 2022A, 5% 7/1/2049  | 135000 | 135181 |
|  |  | 325621 |
| Health Care - 0.5% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2018A, 4% 11/15/2048  | 20000 | 17196 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 4% 11/15/2046  | 100000 | 88064 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2037  | 90000 | 86512 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2044  | 10000 | 8683 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2032  | 120000 | 126469 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2019 A, 5% 1/1/2030  | 105000 | 113517 |
|  |  | 440441 |
| Special Tax - 0.1% |  |  |
| Denver Colo City & Cnty Dedicated Tax Rev Series 2021 A, 4% 8/1/2042  | 100000 | 93067 |
| Transportation - 0.5% |  |  |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2026 (d) | 55000 | 56340 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2028 (d) | 30000 | 31126 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2029 (d) | 20000 | 20712 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2041 (d) | 250000 | 253322 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2031 (National Public Finance Guarantee Corporation Insured) (e) | 30000 | 24538 |
| E-470 Pub Hwy Auth Colo Rev 0% 9/1/2032 (National Public Finance Guarantee Corporation Insured) (e) | 50000 | 39227 |
|  |  | 425265 |
| Water & Sewer - 0.1% |  |  |
| Denver CO City & Cnty Brd Wtr Series 2022 A, 5% 12/15/2045  | 100000 | 103739 |
| TOTAL COLORADO |  | 1485053 |
| Connecticut - 1.9%  |  |  |
| Education - 0.0% |  |  |
| Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) Series R, 3.375% 7/1/2037  | 10000 | 9152 |
| General Obligations - 0.6% |  |  |
| Connecticut St Gen. Oblig. 3% 6/1/2039  | 115000 | 95329 |
| Connecticut St Gen. Oblig. 4% 6/1/2030  | 120000 | 126033 |
| Connecticut St Gen. Oblig. 4% 6/1/2031  | 25000 | 26085 |
| Connecticut St Gen. Oblig. Series 2015A, 5% 3/15/2028  | 15000 | 15024 |
| Connecticut St Gen. Oblig. Series 2015B, 4% 6/15/2033  | 110000 | 110082 |
| Connecticut St Gen. Oblig. Series 2016 D, 4% 8/15/2031  | 45000 | 45275 |
| Connecticut St Gen. Oblig. Series 2018 D, 5% 4/15/2026  | 25000 | 25419 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2027  | 15000 | 15607 |
| Connecticut St Gen. Oblig. Series E, 3.375% 10/15/2036  | 120000 | 112059 |
|  |  | 570913 |
| Health Care - 0.1% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 4% 7/1/2034  | 45000 | 45114 |
| Housing - 0.2% |  |  |
| Conn St Hsg Fin Auth Series 2020 A 1, 3.5% 11/15/2045  | 115000 | 114392 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2022A1, 3.5% 11/15/2051  | 85000 | 84490 |
|  |  | 198882 |
| Special Tax - 1.0% |  |  |
| Connecticut St Spl Tax Oblig 5% 5/1/2028  | 135000 | 143690 |
| Connecticut St Spl Tax Oblig Series 2018 A, 5% 1/1/2027  | 20000 | 20698 |
| Connecticut St Spl Tax Oblig Series 2018 A, 5% 1/1/2034  | 200000 | 208054 |
| Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2033  | 15000 | 15809 |
| Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2035  | 175000 | 182702 |
| Connecticut St Spl Tax Oblig Series A, 4% 9/1/2035  | 55000 | 54925 |
| Connecticut St Spl Tax Oblig Series A, 5% 8/1/2028  | 60000 | 60087 |
| Connecticut St Spl Tax Oblig Series A, 5% 8/1/2033  | 95000 | 95073 |
| Connecticut St Spl Tax Oblig Series A, 5% 9/1/2031  | 25000 | 25549 |
| Connecticut St Spl Tax Oblig Series B, 5% 8/1/2027  | 55000 | 55089 |
|  |  | 861676 |
| TOTAL CONNECTICUT |  | 1685737 |
| Delaware - 0.4%  |  |  |
| General Obligations - 0.4% |  |  |
| Delaware St Gen. Oblig. 3.25% 3/1/2037  | 6000 | 5553 |
| Delaware St Gen. Oblig. Series 2020 A, 5% 1/1/2030  | 115000 | 126431 |
| Delaware St Gen. Oblig. Series 2023A, 5% 5/1/2032  | 85000 | 96405 |
| Delaware St Gen. Oblig. Series 2023A, 5% 5/1/2035  | 100000 | 112640 |
|  |  | 341029 |
| Health Care - 0.0% |  |  |
| Delaware St Hlth Facs Auth Rev (Christiana Health Svcs Proj.) Series 2020 A, 4% 10/1/2049  | 60000 | 51111 |
| TOTAL DELAWARE |  | 392140 |
| Delaware,New Jersey - 0.1%  |  |  |
| Transportation - 0.1% |  |  |
| Delaware River & Bay Auth Series 2021, 4% 1/1/2046  | 65000 | 58529 |
| District Of Columbia - 1.2%  |  |  |
| Education - 0.0% |  |  |
| District Columbia Univ Rev (Georgetown Univ, DC Proj.) Series 2017, 5% 4/1/2031  | 25000 | 25627 |
| General Obligations - 0.4% |  |  |
| District Columbia Gen. Oblig. Series 2019 A, 5% 10/15/2028  | 100000 | 107335 |
| District Columbia Gen. Oblig. Series 2021 D, 4% 2/1/2040  | 135000 | 132782 |
| District Columbia Gen. Oblig. Series 2021 D, 5% 2/1/2031  | 95000 | 105544 |
|  |  | 345661 |
| Special Tax - 0.5% |  |  |
| District Columbia Income Tax Rev Series 2020 A, 4% 3/1/2045  | 50000 | 45467 |
| District Columbia Income Tax Rev Series 2020 B, 5% 10/1/2031  | 90000 | 100788 |
| District Columbia Income Tax Rev Series 2023C, 5% 10/1/2032  | 190000 | 214336 |
|  |  | 360591 |
| Transportation - 0.3% |  |  |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2027 (d) | 40000 | 41527 |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2039 (d) | 60000 | 60923 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2030 (Assured Guaranty Inc Insured) (e) | 65000 | 54546 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2031 (Assured Guaranty Inc Insured) (e) | 15000 | 12095 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2034 (Assured Guaranty Inc Insured) (e) | 35000 | 24516 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2036 (Assured Guaranty Inc Insured) (e) | 5000 | 3132 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Municipal Corp Insured)  | 10000 | 7034 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2053  | 95000 | 78620 |
|  |  | 282393 |
| Water & Sewer - 0.0% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev Series 2019 A, 5% 10/1/2044  | 30000 | 30513 |
| TOTAL DISTRICT OF COLUMBIA |  | 1044785 |
| District Of Columbia,Maryland,Virginia - 0.4%  |  |  |
| Special Tax - 0.4% |  |  |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2026  | 50000 | 51131 |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2042  | 50000 | 50201 |
| Washington DC Met Area Tran Auth Rev Series 2018, 5% 7/1/2030  | 35000 | 36317 |
| Washington DC Met Area Tran Auth Rev Series A 1, 5% 7/1/2029  | 40000 | 41614 |
| Washington Metropolitan Area Transit Authority Series 2021 A, 3% 7/15/2036  | 150000 | 132427 |
|  |  | 311690 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 311690 |
| Florida - 2.7%  |  |  |
| Education - 0.2% |  |  |
| Florida Higher Edl Facs Fing Auth Rev (Nova Southeastern University Proj.) Series 2016, 5% 4/1/2035  | 60000 | 60231 |
| Florida Higher Edl Facs Fing Auth Rev (Ringling College of Art Design Proj.) Series 2017, 4% 3/1/2047  | 70000 | 56338 |
| Miami-Dade Cnty FL Edl Fac Rev (University of Miami, FL Proj.) Series 2015A, 4% 4/1/2045  | 35000 | 31597 |
| Miami-Dade Cnty FL Edl Fac Rev (University of Miami, FL Proj.) Series 2018 A, 4% 4/1/2053  | 25000 | 20672 |
|  |  | 168838 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Greater Orlando Aviation Auth 5% 10/1/2030 (Pre-refunded to 10/1/2027 at 100) (d) | 30000 | 31344 |
| Orange Cnty FL Sch Brd Ctf Par Series 2015D, 5% 8/1/2028 (Pre-refunded to 8/1/2025 at 100)  | 50000 | 50081 |
| Palm Beach Cnty FL Pub Impt Rev Series D, 5% 12/1/2040 (Pre-refunded to 12/1/2025 at 100)  | 10000 | 10086 |
|  |  | 91511 |
| General Obligations - 0.6% |  |  |
| Florida St (Florida St Proj.) Gen. Oblig. Series 2021 A, 5% 7/1/2029  | 155000 | 168884 |
| Florida St Brd Ed Pub Ed (Florida St Proj.) Gen. Oblig. Series 2018 A, 4% 6/1/2037  | 55000 | 55053 |
| Florida St Brd Ed Pub Ed (Florida St Proj.) Gen. Oblig. Series 2019 D, 4% 6/1/2030  | 65000 | 67105 |
| Miami Beach FL Gen. Oblig. Series 2019, 3.25% 5/1/2049  | 25000 | 19431 |
| Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2015D, 5% 2/1/2030  | 85000 | 85815 |
| Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2016C, 5% 2/1/2032  | 90000 | 90796 |
| Miami-Dade Cnty Fla Gen. Oblig. Series 2016 A, 5% 7/1/2029  | 70000 | 71411 |
| Miami-Dade Cnty Fla Gen. Oblig. Series 2019 A, 5% 7/1/2043  | 10000 | 10247 |
|  |  | 568742 |
| Health Care - 0.4% |  |  |
| Alachua Cnty FL Hlth Fac Rev (Shands Teaching Hosp & Clinics Inc Proj.) Series 2019 A, 3% 12/1/2046  | 15000 | 10625 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 3% 8/15/2050 (Assured Guaranty Municipal Corp Insured)  | 115000 | 78476 |
| Lakeland FL Hosp Sys Rev Series 2016, 3% 11/15/2032  | 30000 | 27926 |
| Miami-Dade Cty FL Hlth Hsp Rev (Nicklaus Childrens Hospital,Fl Proj.) Series 2017, 5% 8/1/2047  | 85000 | 83672 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2016B, 5% 10/1/2044  | 35000 | 35009 |
| Palm Beach Cnty FL Health Facs Auth Retirement Cmnty Rev (Acts Ret-Life Cmntys Inc Proj.) Series 2016, 5% 11/15/2032  | 25000 | 25398 |
| South Broward Hosp Dist FL Rev Series 2016 A, 3.5% 5/1/2039  | 15000 | 12711 |
| Tampa FL Health Sys Rev (Baycare Health System Proj.) Series 2016 A, 4% 11/15/2046  | 125000 | 108379 |
|  |  | 382196 |
| Housing - 0.0% |  |  |
| Florida Hsg Fin Corp Rev Series 2017 1, 3.6% 7/1/2037  | 20000 | 18675 |
| Special Tax - 0.3% |  |  |
| Miami-Dade Cnty FL Spl Oblig 0% 10/1/2041 (e) | 20000 | 9642 |
| Miami-Dade Cnty FL Spl Oblig Series 2016, 0% 10/1/2031 (e) | 35000 | 27319 |
| Miami-Dade Cnty FL Spl Oblig Series 2016, 0% 10/1/2032 (e) | 25000 | 18583 |
| Miami-Dade Cty FL Sports Fac Tax 0% 10/1/2048 (Assured Guaranty Inc Insured) (e) | 60000 | 19910 |
| Miami-Dade Cty FL Sports Fac Tax 6.875% 10/1/2034 (Assured Guaranty Inc Insured) (c) | 70000 | 79786 |
| Orange Cnty FL Tourist Dev Tax Series 2017, 5% 10/1/2027  | 25000 | 26244 |
| Tampa FL Tax Alloc 0% 9/1/2053 (e) | 195000 | 41538 |
|  |  | 223022 |
| Transportation - 0.7% |  |  |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2047 (d) | 70000 | 68701 |
| Broward Cnty FL Arpt Sys Rev Series A, 5% 10/1/2033 (d) | 35000 | 35058 |
| Broward Cnty FL Port Everglades Series 2019 B, 4% 9/1/2044 (d) | 75000 | 65885 |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5.25% 7/1/2053 (Assured Guaranty Municipal Corp Insured) (d) | 110000 | 109734 |
| Florida St Dept Transn Tpk Rev Series 2021C, 3% 7/1/2051  | 100000 | 71072 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2027 (d) | 10000 | 10382 |
| Greater Orlando Aviation Auth Series 2022 A, 4% 10/1/2052 (d) | 120000 | 101084 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2039  | 70000 | 67592 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2016 B, 4% 7/1/2040  | 5000 | 4821 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2017, 3.25% 7/1/2039  | 70000 | 61805 |
|  |  | 596134 |
| Water & Sewer - 0.4% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2020 A, 3% 10/1/2036  | 120000 | 108579 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2017 B, 3.125% 10/1/2039  | 20000 | 17279 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2017A, 4% 10/1/2039  | 35000 | 34514 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2019 B, 3% 10/1/2049  | 40000 | 28575 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2021, 3% 10/1/2040  | 100000 | 82292 |
| Port St Lucie FL Util Rev 5.25% 9/1/2026 (National Public Finance Guarantee Corporation Insured)  | 45000 | 46288 |
|  |  | 317527 |
| TOTAL FLORIDA |  | 2366645 |
| Georgia - 2.4%  |  |  |
| Education - 0.1% |  |  |
| Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 5% 6/15/2044  | 30000 | 30367 |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2020 B, 5% 9/1/2030  | 5000 | 5480 |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2023B, 5% 9/1/2033  | 110000 | 123611 |
|  |  | 159458 |
| Electric Utilities - 0.2% |  |  |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2056  | 80000 | 78883 |
| Georgia Mun Elec Auth Pwr Rev Series HH, 4.125% 1/1/2049 (Assured Guaranty Municipal Corp Insured)  | 110000 | 100556 |
|  |  | 179439 |
| General Obligations - 1.4% |  |  |
| Georgia St Gen. Oblig. 5% 2/1/2027  | 10000 | 10377 |
| Georgia St Gen. Oblig. Series 2017 C, 5% 7/1/2027  | 5000 | 5241 |
| Georgia St Gen. Oblig. Series 2017 C, 5% 7/1/2030  | 25000 | 26067 |
| Georgia St Gen. Oblig. Series 2018A, 3% 7/1/2033  | 25000 | 24317 |
| Georgia St Gen. Oblig. Series 2018A, 5% 7/1/2027  | 20000 | 20966 |
| Georgia St Gen. Oblig. Series 2018A, 5% 7/1/2029  | 50000 | 53363 |
| Georgia St Gen. Oblig. Series 2020 A, 5% 8/1/2031  | 100000 | 110366 |
| Georgia St Gen. Oblig. Series 2021 A, 5% 7/1/2033  | 100000 | 110893 |
| Gwinnett Cnty GA Sch Dist Series 2022 B, 5% 8/1/2026  | 55000 | 56463 |
| Main Street Natural Gas Inc 5% tender 12/1/2054 (Royal Bank of Canada Guaranteed) (b) | 350000 | 369878 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (b) | 290000 | 306448 |
|  |  | 1094379 |
| Health Care - 0.3% |  |  |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 3% 2/15/2047  | 65000 | 46575 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 5% 2/15/2031  | 40000 | 43331 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series A, 4% 2/15/2042  | 20000 | 18357 |
| Glynn Brunswick Mem Hosp Auth GA Rev (Southeast GA Health System Proj.) Series 2015, 5% 8/1/2034  | 60000 | 60022 |
| Griffin-Spalding Cnty GA Hosp Rev (Wellstar Health System Inc Proj.) 3.75% 4/1/2047  | 75000 | 61601 |
|  |  | 229886 |
| Housing - 0.1% |  |  |
| Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2017 C, 3.65% 12/1/2042  | 50000 | 44040 |
| Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2020 A, 3.15% 12/1/2044  | 15000 | 11942 |
| Georgia Hsg & Fin Auth Rev Series 2017 A, 3.65% 12/1/2032  | 15000 | 15001 |
| Georgia Hsg & Fin Auth Rev Series 2017 B, 3.2% 12/1/2032  | 20000 | 19298 |
| Georgia Hsg & Fin Auth Rev Series A 1, 3.35% 12/1/2041  | 20000 | 16866 |
|  |  | 107147 |
| Industrial Development - 0.1% |  |  |
| Geo L Smith II GA World Congress Ctr Auth Convention Ctr Hotel Rev (Georgia Wcca Hotel Proj.) Series 2021 A, 2.375% 1/1/2031  | 135000 | 124813 |
| Special Tax - 0.0% |  |  |
| Metro Atlanta Rapid Tran Sales Series 2017 C, 3.5% 7/1/2038  | 30000 | 27864 |
| Transportation - 0.1% |  |  |
| Atlanta GA Arpt Rev Series 2019 B, 4% 7/1/2049 (d) | 50000 | 42826 |
| Georgia Port Authority Series 2021, 2.625% 7/1/2051  | 120000 | 76193 |
|  |  | 119019 |
| Water & Sewer - 0.1% |  |  |
| Atlanta GA Wtr & Wastewtr Rev Series 2015, 5% 11/1/2032  | 30000 | 30051 |
| Atlanta GA Wtr & Wastewtr Rev Series 2015, 5% 11/1/2040  | 20000 | 20001 |
| County of Paulding GA Water & Sewerage Revenue Series 2016, 3% 12/1/2048  | 15000 | 10712 |
| Fulton Cnty GA Wtr & Sew Rev Series 2020 A, 3% 1/1/2045  | 5000 | 3781 |
|  |  | 64545 |
| TOTAL GEORGIA |  | 2106550 |
| Hawaii - 0.4%  |  |  |
| General Obligations - 0.2% |  |  |
| Hawaii St Gen. Oblig. Series 2018 FT, 5% 1/1/2028  | 100000 | 105745 |
| Hawaii St Gen. Oblig. Series FG, 5% 10/1/2030  | 30000 | 30728 |
| Hawaii St Gen. Oblig. Series FH, 5% 10/1/2029  | 25000 | 25637 |
|  |  | 162110 |
| Health Care - 0.0% |  |  |
| Hawaii Dpt Bg & Fin Spl Pur Rev (Queens Health System Proj.) Series 2015A, 4% 7/1/2040  | 20000 | 20000 |
| Transportation - 0.1% |  |  |
| Hawaii St Arpts Sys Rev Series 2020 D, 4% 7/1/2039  | 120000 | 116887 |
| Water & Sewer - 0.1% |  |  |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series A, 3% 7/1/2046  | 110000 | 78917 |
| TOTAL HAWAII |  | 377914 |
| Idaho - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, ID Proj.) Series 2018 A, 5% 3/1/2028  | 10000 | 10513 |
| Idaho Health Facs Auth Rev (Trinity Health Proj.) Series 2015ID, 5.5% 12/1/2029  | 25000 | 25116 |
|  |  | 35629 |
| TOTAL IDAHO |  | 35629 |
| Illinois - 3.6%  |  |  |
| Education - 0.1% |  |  |
| Illinois Fin Auth Rev (Univ of Chicago, IL Proj.) Series 2018 A, 5% 10/1/2048  | 30000 | 29765 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2020 A, 4% 4/1/2050  | 60000 | 51359 |
|  |  | 81124 |
| Electric Utilities - 0.1% |  |  |
| Illinois Mun Elec Agy Pwr Supp Series 2015A, 4% 2/1/2033  | 70000 | 70005 |
| Northern Ill Mun Pwr Agy Pwr Proj Rev Series 2016 A, 5% 12/1/2028  | 25000 | 25605 |
|  |  | 95610 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Illinois Finance Authority Rev 5% 2/15/2034 (Pre-refunded to 2/15/2027 at 100)  | 10000 | 10353 |
| General Obligations - 1.2% |  |  |
| Chicago IL Gen. Oblig. Series 1999, 0% 1/1/2033 (e) | 70000 | 51820 |
| Chicago IL Gen. Oblig. Series 2000A, 0% 1/1/2029 (e) | 55000 | 48524 |
| Chicago IL Gen. Oblig. Series 2021 A, 4% 1/1/2035  | 165000 | 157908 |
| Illinois St Gen. Oblig. Series 2017 A, 4.5% 12/1/2041  | 15000 | 14289 |
| Illinois St Gen. Oblig. Series 2017C, 5% 11/1/2029  | 65000 | 67193 |
| Illinois St Gen. Oblig. Series 2017D, 3.25% 11/1/2026  | 10000 | 9984 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2028  | 60000 | 62142 |
| Illinois St Gen. Oblig. Series 2018B, 5% 10/1/2030  | 100000 | 104549 |
| Illinois St Gen. Oblig. Series 2019 A, 5% 11/1/2025  | 50000 | 50300 |
| Illinois St Gen. Oblig. Series 2022A, 5.25% 3/1/2038  | 155000 | 163391 |
| Illinois St Gen. Oblig. Series 2022A, 5.5% 3/1/2047  | 320000 | 326623 |
|  |  | 1056723 |
| Health Care - 0.2% |  |  |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 4% 12/1/2035  | 50000 | 49541 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2016, 3.25% 11/15/2045  | 20000 | 15234 |
| Illinois Fin Auth Rev (Silver Cross Health System IL Proj.) Series 2015 C, 4.125% 8/15/2037  | 65000 | 65078 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2034  | 50000 | 51022 |
|  |  | 180875 |
| Special Tax - 0.5% |  |  |
| Illinois St Sales Tax Rev Series SEPTEMBER 2016 A, 3% 6/15/2034  | 75000 | 66624 |
| Illinois St Sales Tax Rev Series SEPTEMBER 2016 D, 3% 6/15/2032  | 20000 | 18540 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2030 (National Public Finance Guarantee Corporation Insured) (e) | 70000 | 57273 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2031 (National Public Finance Guarantee Corporation Insured) (e) | 20000 | 15661 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2033 (National Public Finance Guarantee Corporation Insured) (e) | 50000 | 35554 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2034 (National Public Finance Guarantee Corporation Insured) (e) | 10000 | 6754 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2032 (National Public Finance Guarantee Corporation Insured) (e) | 30000 | 22943 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (National Public Finance Guarantee Corporation Insured) (e) | 30000 | 18654 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2045 (Assured Guaranty Municipal Corp Insured) (e) | 370000 | 133651 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 0% 12/15/2056 (Assured Guaranty Municipal Corp Insured) (e) | 50000 | 9470 |
| Sales Tax Securitization Corp Series 2017 A, 5% 1/1/2028  | 50000 | 52327 |
|  |  | 437451 |
| Transportation - 1.3% |  |  |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037  | 15000 | 15597 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2038  | 140000 | 141385 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2038  | 260000 | 268570 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 4% 1/1/2043 (d) | 45000 | 40208 |
| Chicago IL O'Hare Intl Arpt Rev Series A, 5% 1/1/2027  | 20000 | 20640 |
| Chicago IL O'Hare Intl Arpt Rev Series B, 5% 1/1/2033  | 90000 | 91964 |
| Chicago IL O'Hare Intl Arpt Rev Series C, 5% 1/1/2041  | 100000 | 100511 |
| Chicago IL O'Hare Intl Arpt Rev Series D, 5% 1/1/2042 (d) | 55000 | 54419 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 1/1/2040  | 55000 | 54728 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 1/1/2040  | 25000 | 24998 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 12/1/2031  | 60000 | 60464 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2017 A, 5% 1/1/2042  | 50000 | 50302 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 B, 5% 1/1/2027  | 35000 | 36249 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 B, 5% 1/1/2030  | 5000 | 5452 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 C, 5% 1/1/2030  | 30000 | 32716 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2045  | 145000 | 146260 |
|  |  | 1144463 |
| Water & Sewer - 0.2% |  |  |
| Chicago IL Wtr Rev Series 2000, 5% 11/1/2030  | 35000 | 35669 |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2019, 5% 1/1/2031  | 115000 | 123763 |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2019, 5% 7/1/2027  | 15000 | 15686 |
|  |  | 175118 |
| TOTAL ILLINOIS |  | 3181717 |
| Indiana - 0.5%  |  |  |
| Education - 0.1% |  |  |
| Indiana Univ Lease Purch Oblig (Indiana Univ Revs Proj.) Series 2020A, 4% 6/1/2045  | 5000 | 4482 |
| Purdue University Series EE, 5% 7/1/2036  | 80000 | 85387 |
|  |  | 89869 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Indiana Bond Bank Series 2008 B, 0% 6/1/2032 (Escrowed to Maturity) (e) | 70000 | 55822 |
| Special Tax - 0.0% |  |  |
| Indianapolis Ind Loc Pub Impt Bd Bank Series 2019A, 5% 2/1/2054  | 25000 | 24894 |
| Water & Sewer - 0.3% |  |  |
| Indiana Finance Authority Series 2021 1, 5% 10/1/2027  | 55000 | 57848 |
| Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) Series 2021A, 5% 2/1/2031  | 160000 | 177689 |
| Indianapolis IN Loc Pub Impt Bond Bank 0% 2/1/2028 (Ambac Assurance Corp Insured) (e) | 50000 | 45901 |
|  |  | 281438 |
| TOTAL INDIANA |  | 452023 |
| Iowa - 0.4%  |  |  |
| Tobacco Bonds - 0.1% |  |  |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 4% 6/1/2040  | 100000 | 93660 |
| Water & Sewer - 0.3% |  |  |
| Iowa Fin Auth Rev (Iowa State Revolving Fund Program Proj.) Series 2016, 5% 8/1/2026  | 30000 | 30765 |
| Iowa Fin Auth Rev (Iowa State Revolving Fund Program Proj.) Series 2017, 5% 8/1/2037  | 50000 | 51187 |
| Iowa Fin Auth Rev (Iowa State Revolving Fund Program Proj.) Series 2020 A, 5% 8/1/2028  | 165000 | 176551 |
|  |  | 258503 |
| TOTAL IOWA |  | 352163 |
| Kansas - 0.1%  |  |  |
| General Obligations - 0.0% |  |  |
| Johnson & Miami Cntys Kans Uni Sch Dist No 230 Series B, 3% 9/1/2037  | 20000 | 17672 |
| Health Care - 0.1% |  |  |
| University Kansas Hosp Auth Hlth Fac Rev (University of Kansas Hospital Authority Proj.) Series 2017 A, 5% 3/1/2047  | 85000 | 84746 |
| TOTAL KANSAS |  | 102418 |
| Kentucky - 0.8%  |  |  |
| Education - 0.0% |  |  |
| University of Kentucky Series 2018 A, 3.5% 10/1/2047  | 25000 | 19584 |
| Electric Utilities - 0.1% |  |  |
| Kentucky St Mun Pwr Agy Pwr Sys Rev Series 2015A, 4% 9/1/2039  | 75000 | 69702 |
| Kentucky St Mun Pwr Agy Pwr Sys Rev Series 2015A, 5% 9/1/2042  | 25000 | 25018 |
|  |  | 94720 |
| General Obligations - 0.5% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024B, 5% tender 1/1/2055 (b) | 230000 | 243006 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2040  | 100000 | 105538 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2028  | 30000 | 30724 |
|  |  | 379268 |
| Health Care - 0.2% |  |  |
| Kentucky Eco Dev Fa Hlth Rev (Norton Healthcare Inc Proj.) 0% 10/1/2027 (National Public Finance Guarantee Corporation Insured) (e) | 45000 | 41118 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2017 A, 5.25% 6/1/2041  | 100000 | 100143 |
|  |  | 141261 |
| Water & Sewer - 0.0% |  |  |
| Louisville & Jefferson KY Swr Sys Rev Series 2016 A, 3% 5/15/2046  | 60000 | 43329 |
| TOTAL KENTUCKY |  | 678162 |
| Louisiana - 0.3%  |  |  |
| Education - 0.1% |  |  |
| Louisiana Pub Facs Auth Lease (Provident Properties Proj.) Series 2017, 5% 7/1/2057  | 50000 | 49133 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| New Orl LA Wtr Series 2015, 5% 12/1/2040 (Pre-refunded to 12/1/2025 at 100)  | 20000 | 20166 |
| General Obligations - 0.2% |  |  |
| Louisiana St Gen. Oblig. Series 2021 A, 5% 3/1/2041  | 115000 | 120078 |
| Health Care - 0.0% |  |  |
| Louisiana Pub Facs Rev (Ochsner Clinic Foundation Proj.) Series 2016, 4% 5/15/2041  | 20000 | 18581 |
| Water & Sewer - 0.0% |  |  |
| Shreveport LA Wtr & Swr Rev Series 2014B, 4% 12/1/2038  | 25000 | 23345 |
| TOTAL LOUISIANA |  | 231303 |
| Maine - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2021 A, 4% 7/1/2050 (Assured Guaranty Municipal Corp Insured)  | 75000 | 65934 |
| Maryland - 2.0%  |  |  |
| Education - 0.1% |  |  |
| University MD Sys Auxiliary Fac & Tuition Series 2018 A, 3.25% 4/1/2036  | 50000 | 47307 |
| General Obligations - 1.5% |  |  |
| Anne Arundel Cnty MD Gen. Oblig. Series 2021, 5% 4/1/2029  | 150000 | 162786 |
| Baltimore Cnty MD Gen. Oblig. Series 2020, 5% 3/1/2030  | 150000 | 165307 |
| Prince Georges County MD Gen. Oblig. Series 2018 A, 3.25% 7/15/2036  | 155000 | 147213 |
| State of Maryland Gen. Oblig. Series 2018 A, 5% 3/15/2030  | 30000 | 31665 |
| State of Maryland Gen. Oblig. Series 2018, 5% 8/1/2031  | 100000 | 106001 |
| State of Maryland Gen. Oblig. Series 2020 SECOND A, 5% 8/1/2029  | 315000 | 343851 |
| State of Maryland Gen. Oblig. Series FIRST, 5% 3/15/2030  | 30000 | 32337 |
| State of Maryland Gen. Oblig. Series FIRST, 5% 3/15/2031  | 100000 | 107250 |
| Washington Suburban Sanitary Dist MD Series 2016 SECOND, 5% 6/1/2034  | 65000 | 65931 |
| Washington Suburban Sanitary Dist MD Series 2016, 3% 6/1/2046  | 150000 | 111504 |
|  |  | 1273845 |
| Health Care - 0.0% |  |  |
| Maryland St Hlth & HI Ed Facs (MedStar Health Inc Proj.) Series 2017 A, 4% 5/15/2047  | 50000 | 43181 |
| Housing - 0.0% |  |  |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 C, 3% 3/1/2042  | 20000 | 16047 |
| Special Tax - 0.2% |  |  |
| State of Maryland Built to Learn Revenue Series 2021, 2.75% 6/1/2051  | 205000 | 133268 |
| Transportation - 0.2% |  |  |
| Maryland St Transn Auth Transn 2.25% 7/1/2039  | 185000 | 137110 |
| Maryland St Transn Auth Transn 4% 7/1/2040  | 85000 | 81768 |
|  |  | 218878 |
| TOTAL MARYLAND |  | 1732526 |
| Massachusetts - 2.6%  |  |  |
| Education - 0.2% |  |  |
| Massachusetts St Dev Fin Agy Rev (Boston University Mass Proj.) Series BB 1, 4% 10/1/2046  | 30000 | 26578 |
| Massachusetts St Dev Fin Agy Rev (President and Fellows of Harvard College Proj.) Series 2016 A, 5% 7/15/2040  | 40000 | 43941 |
| University Mass Bldg Auth Proj (Univ of Massachusetts Proj.) Series 2015 1, 4% 11/1/2036  | 100000 | 98614 |
|  |  | 169133 |
| General Obligations - 1.5% |  |  |
| Massachusetts St Gen. Oblig. 5% 1/1/2049  | 70000 | 70258 |
| Massachusetts St Gen. Oblig. 5% 10/1/2047  | 100000 | 102204 |
| Massachusetts St Gen. Oblig. Series 2016A, 5% 7/1/2031  | 30000 | 30605 |
| Massachusetts St Gen. Oblig. Series 2016B, 4% 7/1/2033  | 25000 | 25050 |
| Massachusetts St Gen. Oblig. Series 2016B, 5% 7/1/2026  | 25000 | 25595 |
| Massachusetts St Gen. Oblig. Series 2016G, 3% 9/1/2046  | 140000 | 104017 |
| Massachusetts St Gen. Oblig. Series 2017D, 5% 7/1/2026  | 30000 | 30715 |
| Massachusetts St Gen. Oblig. Series 2017F, 5% 11/1/2044  | 5000 | 5038 |
| Massachusetts St Gen. Oblig. Series 2019 A, 5% 1/1/2038  | 60000 | 62363 |
| Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2030  | 40000 | 44123 |
| Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2031  | 85000 | 95055 |
| Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2041  | 35000 | 35880 |
| Massachusetts St Gen. Oblig. Series 2020 D, 5% 7/1/2041  | 55000 | 56765 |
| Massachusetts St Gen. Oblig. Series 2020 E, 5% 11/1/2045  | 55000 | 55771 |
| Massachusetts St Gen. Oblig. Series 2021 B, 3% 4/1/2047  | 225000 | 165506 |
| Massachusetts St Gen. Oblig. Series 2023A, 5% 5/1/2048  | 140000 | 143536 |
| Massachusetts St Gen. Oblig. Series 2024B, 5% 5/1/2054  | 275000 | 280310 |
|  |  | 1332791 |
| Housing - 0.1% |  |  |
| Massachusetts St Hsg Fin Agy Series 2019 B 1, 2.75% 12/1/2034  | 80000 | 69011 |
| Special Tax - 0.7% |  |  |
| Mass Bay Tran Auth Sls Tax Series 2021 A 1, 4% 7/1/2051  | 180000 | 159517 |
| Mass Bay Tran Auth Sls Tax Series B, 5% 7/1/2033  | 85000 | 85058 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2050  | 10000 | 10084 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016B, 5% 11/15/2046  | 20000 | 20077 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016C, 5% 11/15/2034  | 20000 | 20499 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2018 B, 4% 2/15/2040  | 85000 | 81379 |
| Massachusetts St Spl Oblig Dedicated Tax Rev 5.5% 1/1/2030 (National Public Finance Guarantee Corporation Insured)  | 65000 | 72254 |
| Massachusetts St Transn Fd Rev 5% 6/1/2047  | 145000 | 145571 |
|  |  | 594439 |
| Transportation - 0.1% |  |  |
| Massachusetts St Fed Hwy Series 2016A, 5% 6/15/2027  | 55000 | 56121 |
| Massachusetts St Port Auth Rev 5% 7/1/2034 (d) | 80000 | 85380 |
|  |  | 141501 |
| TOTAL MASSACHUSETTS |  | 2306875 |
| Michigan - 1.2%  |  |  |
| Education - 0.1% |  |  |
| Michigan St Univ Revs Series 2019 B, 4% 2/15/2037  | 60000 | 59648 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Michigan St Hosp Fin Auth Rev 4% 11/15/2047 (Pre-refunded to 11/15/2026 at 100)  | 20000 | 20341 |
| General Obligations - 0.1% |  |  |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2015 I, 5% 4/15/2038  | 50000 | 50111 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2016 I, 5% 10/15/2030  | 35000 | 35867 |
|  |  | 85978 |
| Health Care - 0.1% |  |  |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 3.25% 11/15/2042  | 25000 | 19269 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2026  | 70000 | 72157 |
|  |  | 91426 |
| Housing - 0.2% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev Series 2023 B, 5.75% 6/1/2054  | 90000 | 96186 |
| Michigan Hsg Dev Rental Hsg (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2020 A 1, 2.7% 10/1/2045  | 135000 | 94120 |
| Michigan St Hsg Dev Auth Sfmr Series 2016, 3.35% 12/1/2031  | 10000 | 9895 |
|  |  | 200201 |
| Special Tax - 0.4% |  |  |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2029  | 55000 | 58454 |
| Michigan St Trunk Line Fd 4% 11/15/2037  | 10000 | 9909 |
| Michigan St Trunk Line Fd Series 2023, 5% 11/15/2030  | 230000 | 255643 |
|  |  | 324006 |
| Transportation - 0.2% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2026 (d) | 50000 | 50927 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 6/30/2028 (d) | 45000 | 46472 |
| Wayne Cnty Mich Arpt Auth Rev Series 2021 B, 5% 12/1/2035 (d) | 100000 | 103945 |
|  |  | 201344 |
| Water & Sewer - 0.1% |  |  |
| Great Lakes Sewer Auth Mich Series C, 5% 7/1/2036  | 35000 | 35342 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2018 A, 5% 7/1/2027  | 35000 | 36509 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2023A, 5% 7/1/2038  | 35000 | 37848 |
|  |  | 109699 |
| TOTAL MICHIGAN |  | 1092643 |
| Minnesota - 0.8%  |  |  |
| General Obligations - 0.6% |  |  |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2021 C, 4% 8/1/2043  | 75000 | 68854 |
| Minnesota St Gen. Oblig. Series 2017 A, 5% 10/1/2028  | 30000 | 31545 |
| Minnesota St Gen. Oblig. Series 2018 B, 3.25% 8/1/2036  | 65000 | 62102 |
| Minnesota St Gen. Oblig. Series 2022B, 5% 8/1/2032  | 125000 | 141361 |
| Owatonna MN Ind Sch Dist 761 Series 2020 A, 2.125% 2/1/2040 (Minnesota St Guaranteed)  | 90000 | 62575 |
| Virginia MN Series 2019A, 3% 2/1/2036 (Minnesota St Guaranteed)  | 85000 | 76490 |
|  |  | 442927 |
| Health Care - 0.1% |  |  |
| Minneapolis MN Health Care Sys Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2018 A, 4% 11/15/2037  | 95000 | 90226 |
| Rochester MN Health Care Facs (Mayo Clinic Proj.) Series 2016B, 5% 11/15/2029  | 25000 | 27271 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2016A, 3.25% 5/1/2039  | 15000 | 12856 |
|  |  | 130353 |
| Housing - 0.1% |  |  |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2021 D, 2.45% 1/1/2052  | 100000 | 59595 |
| Minnesota Housing Finance Agency (MN Residential Hsg Proj.) Series 2019 F, 3.75% 1/1/2050  | 15000 | 15030 |
|  |  | 74625 |
| Transportation - 0.0% |  |  |
| Minneapolis Met Airport Commis Series 2019 A, 5% 1/1/2049  | 35000 | 34918 |
| TOTAL MINNESOTA |  | 682823 |
| Mississippi - 0.2%  |  |  |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Mississippi St Gen. Oblig. Series 2016 B, 5% 12/1/2031 (Pre-refunded to 12/1/2026 at 100)  | 75000 | 77468 |
| Mississippi St Gen. Oblig. Series 2016 B, 5% 12/1/2035 (Pre-refunded to 12/1/2026 at 100)  | 55000 | 56809 |
|  |  | 134277 |
| Special Tax - 0.0% |  |  |
| Mississippi Dev Bank Spl Oblg Series A, 5% 8/1/2026  | 45000 | 46003 |
| TOTAL MISSISSIPPI |  | 180280 |
| Missouri - 0.6%  |  |  |
| Electric Utilities - 0.0% |  |  |
| City of Springfield MO Public Utility Revenue Series 2015, 4% 8/1/2031  | 35000 | 35072 |
| Health Care - 0.6% |  |  |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 5% 7/1/2031  | 155000 | 170748 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2012, 4% 11/15/2042  | 85000 | 76536 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2014F, 4.25% 11/15/2048  | 15000 | 13352 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2017 C, 3.625% 11/15/2047  | 25000 | 20193 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2017 C, 4% 11/15/2049  | 55000 | 46411 |
| Missouri Hlth & Edl Facs Rev (St Lukes Hospital,Kan City, MO Proj.) Series 2016, 5% 11/15/2028  | 30000 | 30543 |
| Missouri St Health & Edl Facs (Lutheran Senior Services Proj.) Series 2019 A, 5% 2/1/2042  | 125000 | 122799 |
|  |  | 480582 |
| TOTAL MISSOURI |  | 515654 |
| Nebraska - 0.3%  |  |  |
| Education - 0.0% |  |  |
| University NE Facs Corp Rev Series 2021A, 4% 7/15/2062  | 40000 | 33749 |
| Electric Utilities - 0.2% |  |  |
| Omaha Public Power District Series 2021 B, 4% 2/1/2046  | 145000 | 130425 |
| Health Care - 0.1% |  |  |
| Douglas Cnty NE Hosp Auth #2 (Nebraska Methodist Hospital Proj.) Series 2015, 4.25% 11/1/2045  | 35000 | 32475 |
| Nebraska Edl Health Cultural & Social Svcs Fin Auth Rev (Immanuel Retirement Communitis Proj.) Series 2019 A, 4% 1/1/2049  | 85000 | 72098 |
|  |  | 104573 |
| TOTAL NEBRASKA |  | 268747 |
| Nevada - 0.4%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Clark NV Pollutn Ctl Rev (Southern California Edison Co Proj.) Series 2010, 2.1% 6/1/2031  | 100000 | 87477 |
| General Obligations - 0.3% |  |  |
| Clark Cnty NV Gen. Oblig. Series 2017, 3% 11/1/2038  | 15000 | 12726 |
| Clark Cnty NV Gen. Oblig. Series 2018 A, 5% 6/1/2043  | 110000 | 111250 |
| Clark Cnty NV School Dist Series 2019 A, 3% 6/15/2039 (Assured Guaranty Municipal Corp Insured)  | 95000 | 77574 |
| Washoe Cnty Nev Sch Dist Series 2017 C, 3.25% 10/1/2042 (Assured Guaranty Municipal Corp Insured)  | 50000 | 40241 |
|  |  | 241791 |
| Special Tax - 0.0% |  |  |
| Clark Cnty NV Hwy Impt Rev Series 2017, 5% 7/1/2030  | 50000 | 51841 |
| TOTAL NEVADA |  | 381109 |
| New Jersey - 3.9%  |  |  |
| Education - 0.5% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019 B, 3.25% 12/1/2039 (d) | 20000 | 18843 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019A, 5% 12/1/2027  | 35000 | 36538 |
| New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) Series 2017 A, 4% 7/1/2047  | 40000 | 34649 |
| New Jersey St Edl Facs Auth Rev (Princeton Univ Proj.) Series 2022A, 5% 3/1/2032  | 110000 | 123449 |
| New Jersey St Edl Facs Auth Rev (Princeton Univ Proj.) Series 2024 C, 5% 3/1/2028  | 210000 | 222829 |
|  |  | 436308 |
| Electric Utilities - 0.0% |  |  |
| NJ Econ Dev Auth (New Jersey Natural Gas Co Proj.) Series 2011 C, 3% 8/1/2041 (d) | 20000 | 15300 |
| General Obligations - 2.4% |  |  |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 LLL, 5% 6/15/2030  | 80000 | 86414 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series B, 5% 11/1/2026  | 5000 | 5140 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series WW, 5.25% 6/15/2028  | 45000 | 45044 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series XX, 4.375% 6/15/2027  | 15000 | 15008 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 11/1/2037  | 60000 | 57247 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2031  | 105000 | 112481 |
| New Jersey St Gen. Oblig. 3% 6/1/2032  | 380000 | 370064 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2026 (e) | 70000 | 67043 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2027 (e) | 30000 | 27847 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2029 (Assured Guaranty Municipal Corp Insured) (e) | 5000 | 4347 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2032 (e) | 35000 | 26775 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2032 (Assured Guaranty Municipal Corp Insured) (e) | 125000 | 96258 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2033 (e) | 110000 | 80455 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2037 (e) | 5000 | 2943 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2038 (e) | 65000 | 35887 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2050  | 100000 | 86994 |
| New Jersey Trans Trust Fund Auth 4.5% 6/15/2049  | 5000 | 4724 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2028  | 85000 | 90086 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2030  | 50000 | 54594 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2034  | 85000 | 88351 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2037  | 305000 | 326024 |
| New Jersey Trans Trust Fund Auth Series 2015AA, 5.25% 6/15/2032  | 5000 | 5005 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 4% 12/15/2031  | 80000 | 81389 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 4.25% 12/15/2038  | 95000 | 93044 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2037  | 160000 | 154969 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 5% 6/15/2032  | 80000 | 84176 |
|  |  | 2102309 |
| Health Care - 0.2% |  |  |
| New Jersey Health Care (Rwj Barnabas Health Proj.) Series 2016 A, 3.5% 7/1/2034  | 175000 | 171498 |
| Housing - 0.1% |  |  |
| New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2018 A, 3.75% 10/1/2035  | 70000 | 67616 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2029  | 30000 | 30932 |
| Transportation - 0.7% |  |  |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 4.1% 6/15/2031  | 55000 | 55337 |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2030  | 25000 | 25386 |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2018 A, 5% 6/15/2031  | 75000 | 76124 |
| New Jersey Turnpike Authority 5% 1/1/2033  | 210000 | 235858 |
| New Jersey Turnpike Authority Series 2017B, 4% 1/1/2035  | 5000 | 5029 |
| New Jersey Turnpike Authority Series 2017E, 5% 1/1/2029  | 10000 | 10520 |
| New Jersey Turnpike Authority Series 2021 A, 4% 1/1/2051  | 190000 | 167506 |
|  |  | 575760 |
| TOTAL NEW JERSEY |  | 3399723 |
| New Jersey,New York - 1.1%  |  |  |
| Transportation - 1.1% |  |  |
| Port Auth NY & NJ 5% 11/15/2026  | 110000 | 113609 |
| Port Auth NY & NJ 5% 9/15/2026 (d) | 5000 | 5105 |
| Port Auth NY & NJ 5.25% 11/15/2057  | 175000 | 176657 |
| Port Auth NY & NJ Series 194, 4% 10/15/2045  | 280000 | 248184 |
| Port Auth NY & NJ Series 194, 5% 10/15/2030  | 15000 | 15051 |
| Port Auth NY & NJ Series 194, 5% 10/15/2034  | 55000 | 55171 |
| Port Auth NY & NJ Series 198, 5% 11/15/2046  | 50000 | 50297 |
| Port Auth NY & NJ Series 209, 5% 7/15/2031  | 30000 | 31707 |
| Port Auth NY & NJ Series 209, 5% 7/15/2036  | 115000 | 119335 |
| Port Auth NY & NJ Series TWO HUNDRED ELEVENTH, 4% 9/1/2043  | 55000 | 50230 |
| Port Auth NY & NJ Series TWO HUNDRED THIRTEEN, 5% 9/1/2030  | 70000 | 75890 |
| Port Auth NY & NJ Series TWO HUNDREDSEVENTEEN, 5% 11/1/2032  | 50000 | 53883 |
|  |  | 995119 |
| TOTAL NEW JERSEY,NEW YORK |  | 995119 |
| New Jersey,Pennsylvania - 0.1%  |  |  |
| Transportation - 0.1% |  |  |
| Delaware Rvr Jt Toll Brg PA NJ Series 2017, 5% 7/1/2036  | 65000 | 66737 |
| New Mexico - 0.4%  |  |  |
| Health Care - 0.0% |  |  |
| New Mexico St Hosp Equip Ln Council Hosp Rev (Presbyterian Hlthcare Serv Sys Proj.) Series 2019 A, 3% 8/1/2048  | 20000 | 14553 |
| Housing - 0.4% |  |  |
| New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) Series 2022 C, 3.95% 9/1/2047  | 165000 | 138856 |
| New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 Proj.) Series 2021 C CL I, 3% 1/1/2052  | 85000 | 83571 |
| New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 Proj.) Series 2021 D CL I, 3% 7/1/2052  | 125000 | 122682 |
|  |  | 345109 |
| TOTAL NEW MEXICO |  | 359662 |
| New York - 21.7%  |  |  |
| Education - 1.1% |  |  |
| New York St Dorm Auth Revs Non St Supportd Debt (Columbia Univ, NY Proj.) Series 2018B, 5% 10/1/2038  | 125000 | 127899 |
| New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) Series 2016 A, 4% 7/1/2043  | 55000 | 49170 |
| New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2016 A, 5% 7/1/2026  | 65000 | 66516 |
| New York St Dorm Auth Revs Non St Supported Debt (Barnard College, NY Proj.) Series 2015 A, 3.75% 7/1/2046  | 55000 | 43907 |
| New York St Dorm Auth Revs Non St Supported Debt (Cornell University Proj.) Series 2020A, 4% 7/1/2050  | 95000 | 82845 |
| New York St Dorm Auth Revs Non St Supported Debt (New York Univ, NY Proj.) Series 2019A, 4% 7/1/2045  | 130000 | 116262 |
| New York St Dorm Auth Revs Non St Supported Debt (New York Univ, NY Proj.) Series 2019A, 5% 7/1/2034  | 150000 | 159562 |
| New York St Dorm Auth Revs Non St Supported Debt (St Johns Univ, NY Proj.) 5% 7/1/2026  | 100000 | 102016 |
| New York State Dormitory Authority (New York Univ, NY Proj.) Series 2015A, 3% 7/1/2029  | 50000 | 49988 |
| Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 5% 12/1/2039  | 75000 | 77795 |
| Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 5% 12/1/2040  | 65000 | 67192 |
|  |  | 943152 |
| Electric Utilities - 0.6% |  |  |
| Long Island Pwr Auth NY Elec Series 2016 B, 5% 9/1/2046  | 10000 | 10006 |
| Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2047  | 20000 | 20002 |
| Long Island Pwr Auth NY Elec Series 2018, 5% 9/1/2035  | 30000 | 31438 |
| Long Island Pwr Auth NY Elec Series 2024A, 5% 9/1/2034  | 130000 | 149685 |
| New York St Pwr Auth Series 2024A, 5% 11/15/2030  | 160000 | 179396 |
| Utility Debt Securitization Authority Series 2015, 3% 12/15/2032  | 15000 | 14713 |
| Utility Debt Securitization Authority Series 2017, 5% 12/15/2041  | 100000 | 101829 |
|  |  | 507069 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Long Island Pwr Auth NY Elec Series 1998 A, 0% 12/1/2026 (Escrowed to Maturity) (e) | 125000 | 120205 |
| New York St Dorm Auth St Pers Income Tax Rev Series 2016 D, 5% 2/15/2026 (Escrowed to Maturity)  | 35000 | 35457 |
|  |  | 155662 |
| General Obligations - 2.7% |  |  |
| City of New York NY Gen. Oblig. 4% 8/1/2050  | 140000 | 121047 |
| City of New York NY Gen. Oblig. 5.25% 2/1/2053  | 210000 | 218051 |
| City of New York NY Gen. Oblig. Series 2018 1, 5% 8/1/2028  | 30000 | 31358 |
| City of New York NY Gen. Oblig. Series 2018 F 1, 3.5% 4/1/2046  | 200000 | 161585 |
| City of New York NY Gen. Oblig. Series 2018 F 1, 5% 4/1/2043  | 100000 | 100830 |
| City of New York NY Gen. Oblig. Series 2019 D1, 5% 12/1/2034  | 25000 | 26123 |
| City of New York NY Gen. Oblig. Series 2019 E, 5% 8/1/2034  | 70000 | 73585 |
| City of New York NY Gen. Oblig. Series A(A 1), 5% 8/1/2035  | 150000 | 157990 |
| City of New York NY Gen. Oblig. Series C, 3% 8/1/2029  | 50000 | 49960 |
| City of New York NY Gen. Oblig. Series E, 5% 8/1/2026  | 25000 | 25624 |
| City of New York NY Gen. Oblig. Series F 1, 3.5% 3/1/2038  | 170000 | 151003 |
| City of New York NY Gen. Oblig. Series FISCAL 2008 J 9, 3% 8/1/2026  | 45000 | 45123 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 D 1, 3% 3/1/2045  | 100000 | 74109 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 SUB B 1, 5% 10/1/2032  | 55000 | 58776 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 SUB B 1, 5% 10/1/2034  | 95000 | 100621 |
| City of New York NY Gen. Oblig. Series FISCAL 2024 C, 4.125% 3/1/2054  | 250000 | 216907 |
| Nassau Cnty NY Gen. Oblig. Series 2016 A, 3.5% 1/1/2037  | 130000 | 123061 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2015 S 2, 5% 7/15/2040  | 80000 | 80009 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 3, 3.625% 7/15/2047  | 125000 | 101913 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 4A, 5% 7/15/2031  | 10000 | 10533 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 4A, 5.25% 7/15/2035  | 35000 | 36595 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series FISCAL 2020S1 SUBS1B, 3% 7/15/2049  | 50000 | 35184 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series FISCAL 2023 SUB S 1A, 5% 7/15/2032  | 100000 | 111975 |
| New York St Dorm Auth Revs Non St Supportd Debt (Scio N Y Cent Sch Dist Proj.) Series A, 5% 10/1/2029  | 35000 | 36769 |
| New York St Dorm Auth Revs Non St Supported Debt (NY School Bond Program Proj.) Series 2023 A, 5% 10/1/2032  | 125000 | 140433 |
| New York St Gen. Oblig. Series 2013A, 3.5% 3/1/2043  | 10000 | 8425 |
| Westchester Cnty NY Gen. Oblig. Series 2021 A, 5% 10/15/2029  | 65000 | 71690 |
|  |  | 2369279 |
| Health Care - 0.3% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2019 1, 3% 7/1/2034  | 25000 | 23052 |
| New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2019 1, 5% 7/1/2030  | 30000 | 32586 |
| New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2022 1 A, 4% 7/1/2051  | 90000 | 79027 |
| New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2022 A, 4.25% 5/1/2052  | 100000 | 87608 |
| Westchester County Local Development Corp (Westchester Cnty NY Healthcare Proj.) Series 2016, 3.75% 11/1/2037  | 30000 | 25369 |
|  |  | 247642 |
| Housing - 0.7% |  |  |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series C 1, 3.65% 11/1/2047  | 100000 | 80265 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series H, 2.95% tender 11/1/2045 (Liquidity Facility Fannie Mae) (b) | 60000 | 59817 |
| New York NY City Hsg Dev Corp Rev (NY City Mhsg Rev 2019 Proj.) Series 2020 A, 2.55% 8/1/2040  | 110000 | 78138 |
| New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2019 N, 3.05% 11/1/2052  | 120000 | 83495 |
| New York St Hsg Fin Agy Series 2019 P, 3.15% 11/1/2054  | 5000 | 3488 |
| New York St Mtg Agy Rev (NY Mortgage Proj.) Series FORTY EIGHTH, 3.45% 10/1/2033  | 15000 | 14636 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 E 1, 3.25% 11/1/2049  | 30000 | 23172 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 G 1, 2.15% 11/1/2036  | 165000 | 131542 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 K 1, 2.45% 11/1/2041  | 130000 | 92735 |
| State of New York Mortgage Agency (NY Mortgage Proj.) Series 220, 2.4% 10/1/2034  | 110000 | 93689 |
| State of New York Mortgage Agency (NY Mortgage Proj.) Series 220, 2.85% 10/1/2044  | 15000 | 10906 |
|  |  | 671883 |
| Industrial Development - 0.1% |  |  |
| Liberty NY Dev Corp Rev (Goldman Sachs Group Inc/The Proj.) 5.25% 10/1/2035  | 75000 | 84100 |
| New York Liberty Dev Corp Series 2021, 2.75% 2/15/2044  | 55000 | 38700 |
|  |  | 122800 |
| Lease Revenue - 0.2% |  |  |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2021A 1, 4% 3/15/2056  | 220000 | 188039 |
| Other - 0.1% |  |  |
| New York City Trust Cultural Resources Rev (Museum of Modern Art, NY Proj.) Series 2016 ONE E, 4% 4/1/2026  | 50000 | 50467 |
| New York City Trust Cultural Resources Rev (Museum of Modern Art, NY Proj.) Series 2016 ONE E, 4% 4/1/2028  | 40000 | 40721 |
| New York St Dorm Auth Revs Non St Supported Debt (Rockefeller Univ, NY Proj.) 4% 7/1/2049  | 30000 | 25858 |
|  |  | 117046 |
| Special Tax - 9.7% |  |  |
| Battery Pk City Auth NY Rev Series 2019 B, 5% 11/1/2034  | 190000 | 204292 |
| Battery Pk City Auth NY Rev Series 2019 B, 5% 11/1/2039  | 60000 | 62842 |
| Battery Pk City Auth NY Rev Series 2019A, 5% 11/1/2049  | 80000 | 81696 |
| Brooklyn Arena Local Dev Corp N Y Series A, 3% 7/15/2043 (Assured Guaranty Municipal Corp Insured)  | 25000 | 18211 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2030  | 320000 | 330163 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2039  | 70000 | 70964 |
| Hudson Yds Infrastructure Corp NY Rev Series FISCAL 2022 A, 4% 2/15/2039  | 50000 | 49407 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 4.25% 5/1/2054  | 175000 | 158057 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2025C SUB C 1, 5% 5/1/2029  | 250000 | 271131 |
| New York NY City Ida Rev (Queens Ballpark Company LLC Proj.) Series 2021A, 3% 1/1/2037 (Assured Guaranty Municipal Corp Insured)  | 145000 | 127228 |
| New York NY City Ida Rev (Yankees Hldgs LP Proj.) 0% 3/1/2046 (Assured Guaranty Inc Insured) (e) | 25000 | 8276 |
| New York NY City Transitional Fin Auth Rev Series 2016, 5% 2/1/2035  | 120000 | 120965 |
| New York NY City Transitional Fin Auth Rev Series 2016, 5% 2/1/2037  | 130000 | 130821 |
| New York NY City Transitional Fin Auth Rev Series 2017 B, 4% 8/1/2037  | 50000 | 48978 |
| New York NY City Transitional Fin Auth Rev Series 2017, 5% 5/1/2040  | 105000 | 105539 |
| New York NY City Transitional Fin Auth Rev Series 2018 A 2, 5% 8/1/2039  | 55000 | 56026 |
| New York NY City Transitional Fin Auth Rev Series 2018 B 1, 3.375% 8/1/2045  | 65000 | 51889 |
| New York NY City Transitional Fin Auth Rev Series 2019 A 1, 5% 8/1/2040  | 75000 | 76660 |
| New York NY City Transitional Fin Auth Rev Series 2019 C 1, 3.25% 11/1/2043  | 50000 | 39659 |
| New York NY City Transitional Fin Auth Rev Series 2019 C 1, 4% 11/1/2037  | 70000 | 68431 |
| New York NY City Transitional Fin Auth Rev Series 2022 F 1, 5% 2/1/2026  | 50000 | 50619 |
| New York NY City Transitional Fin Auth Rev Series B 1, 4% 8/1/2039  | 5000 | 4760 |
| New York NY City Transitional Fin Auth Rev Series B1, 5% 11/1/2037  | 100000 | 100272 |
| New York NY City Transitional Fin Auth Rev Series C 3, 4% 5/1/2044  | 10000 | 8916 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2017 E, 5% 2/1/2040  | 115000 | 116258 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 3% 11/1/2037  | 310000 | 272122 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 4% 11/1/2035  | 45000 | 45241 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 5% 11/1/2031  | 80000 | 87591 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2022 A 1, 5% 11/1/2028  | 255000 | 274208 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2022 A 1, 5% 11/1/2032  | 200000 | 220870 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023 SUB E1, 5% 11/1/2032  | 105000 | 118326 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023F SUB F 1, 4% 2/1/2051  | 400000 | 350984 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023F SUB F 1, 5.25% 2/1/2047  | 305000 | 315908 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2016 A, 5% 3/15/2029 (Pre-refunded to 9/15/2026 at 100)  | 70000 | 72039 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2043  | 75000 | 75369 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2044  | 15000 | 15060 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2016 A, 5% 2/15/2040  | 220000 | 222018 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2040  | 15000 | 15341 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2020 A, 4% 3/15/2046  | 250000 | 223229 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2021 A, 4% 3/15/2037  | 195000 | 194168 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2033  | 240000 | 270790 |
| New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2017 A, 3.5% 3/15/2039  | 110000 | 98977 |
| New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2042  | 10000 | 10130 |
| New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2044  | 25000 | 25223 |
| New York State Dormitory Authority (New York State Pit Proj.) 5% 2/15/2039  | 110000 | 112594 |
| New York State Dormitory Authority (New York State Pit Proj.) 5% 3/15/2042  | 100000 | 101291 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 3% 3/15/2050  | 310000 | 220594 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2023B, 5% 3/15/2037  | 410000 | 451282 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2021A 1, 5% 3/15/2031  | 250000 | 278647 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) 5% 3/15/2054  | 505000 | 514322 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2021 A, 3% 3/15/2041  | 50000 | 40214 |
| NY Convention Ctr Dev Corp Rev Series B, 0% 11/15/2032 (e) | 135000 | 101278 |
| NY Convention Ctr Dev Corp Rev Series B, 0% 11/15/2038 (e) | 105000 | 55215 |
| NY Mta Dedicated Tax Fund 5% 11/15/2047  | 165000 | 165897 |
| NY Mta Dedicated Tax Fund Series 2012A, 0% 11/15/2032 (e) | 60000 | 46133 |
| NY Mta Dedicated Tax Fund Series 2016 A, 5% 11/15/2026  | 35000 | 36119 |
| NY Payroll Mobility Tax Series 2021 B 1, 5% 5/15/2056  | 80000 | 80122 |
| NY Payroll Mobility Tax Series 2021 C 2, 3% 5/15/2032  | 360000 | 350808 |
| NY Payroll Mobility Tax Series 2021 C 2, 3% 5/15/2033  | 230000 | 221254 |
| NY Payroll Mobility Tax Series 2024C, 5% 11/15/2037  | 100000 | 110122 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2023A, 4% 5/15/2048  | 130000 | 114325 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2023A, 4.125% 5/15/2053  | 150000 | 131476 |
| Triborough Brdg & Tunl NY Rett Series 2025 A, 5% 12/1/2042  | 100000 | 104871 |
|  |  | 8506218 |
| Transportation - 3.9% |  |  |
| Metropolitan Transn Auth NY Rv 5% 11/15/2028  | 50000 | 53234 |
| Metropolitan Transn Auth NY Rv Series 2015 F, 3.25% 11/15/2031  | 160000 | 151725 |
| Metropolitan Transn Auth NY Rv Series 2015B, 4% 11/15/2045  | 60000 | 50656 |
| Metropolitan Transn Auth NY Rv Series 2016 B, 5% 11/15/2029  | 115000 | 117795 |
| Metropolitan Transn Auth NY Rv Series 2016 B, 5% 11/15/2037  | 330000 | 333060 |
| Metropolitan Transn Auth NY Rv Series 2016 D, 5% 11/15/2027  | 30000 | 30804 |
| Metropolitan Transn Auth NY Rv Series 2017 B, 5% 11/15/2026  | 95000 | 97662 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 4% 11/15/2042  | 65000 | 57620 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2027  | 50000 | 52379 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 3.25% 11/15/2036  | 260000 | 222298 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2028  | 35000 | 36647 |
| Metropolitan Transn Auth NY Rv Series 2018 B, 5% 11/15/2026  | 80000 | 82242 |
| Metropolitan Transn Auth NY Rv Series 2020 E, 5% 11/15/2027  | 130000 | 136185 |
| Metropolitan Transn Auth NY Rv Series C 1, 4% 11/15/2026  | 65000 | 65936 |
| Metropolitan Transn Auth NY Rv Series D 1, 5% 11/15/2031  | 130000 | 130474 |
| New York St Twy Auth Gen Rev Series 2016 A, 5% 1/1/2051  | 35000 | 34511 |
| New York St Twy Auth Gen Rev Series 2019 B, 4% 1/1/2045 (Assured Guaranty Municipal Corp Insured)  | 235000 | 211496 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2030 (d) | 15000 | 15323 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2036 (d) | 255000 | 257024 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2030  | 100000 | 108305 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2032 (d) | 80000 | 85707 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.5% 6/30/2060 (d) | 275000 | 274962 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 4.5% 12/31/2054 (Assured Guaranty Municipal Corp Insured) (d) | 110000 | 99067 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 4% 1/1/2051 (Assured Guaranty Municipal Corp Insured) (d) | 20000 | 16536 |
| Port Auth NY & NJ Series 245, 5% 9/1/2054  | 110000 | 112435 |
| Triborough Brdg & Tunl NY Revs 5% 11/15/2034  | 150000 | 163130 |
| Triborough Brdg & Tunl NY Revs Series 2002 F, 5% 11/1/2027  | 65000 | 68576 |
| Triborough Brdg & Tunl NY Revs Series 2002 F, 5% 11/1/2031  | 75000 | 84354 |
| Triborough Brdg & Tunl NY Revs Series 2008B 3, 5% 11/15/2037  | 60000 | 60284 |
| Triborough Brdg & Tunl NY Revs Series 2013A, 0% 11/15/2030 (e) | 85000 | 71345 |
| Triborough Brdg & Tunl NY Revs Series 2013A, 0% 11/15/2032 (e) | 90000 | 69552 |
| Triborough Brdg & Tunl NY Revs Series 2016A, 5% 11/15/2041  | 25000 | 25168 |
| Triborough Brdg & Tunl NY Revs Series 2016A, 5% 11/15/2046  | 50000 | 50239 |
|  |  | 3426731 |
| Water & Sewer - 2.1% |  |  |
| New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2017 A, 3.5% 6/15/2036  | 40000 | 39127 |
| New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2018 A, 5% 6/15/2030  | 145000 | 153439 |
| New York NY Cty Muni Wtr Fin Auth 5.25% 6/15/2047  | 60000 | 60424 |
| New York NY Cty Muni Wtr Fin Auth Series 2016, 4% 6/15/2038  | 25000 | 23906 |
| New York NY Cty Muni Wtr Fin Auth Series 2018 AA, 5% 6/15/2037  | 25000 | 25532 |
| New York NY Cty Muni Wtr Fin Auth Series 2018 EE, 5% 6/15/2034  | 45000 | 45232 |
| New York NY Cty Muni Wtr Fin Auth Series 2018 FF, 5% 6/15/2040  | 210000 | 215674 |
| New York NY Cty Muni Wtr Fin Auth Series 2020 BB1, 3% 6/15/2049  | 205000 | 144333 |
| New York NY Cty Muni Wtr Fin Auth Series 2020 BB1, 5% 6/15/2049  | 115000 | 115708 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2020 SUB GG 2, 5% 6/15/2029  | 135000 | 141864 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2021 SUB CC 1, 4% 6/15/2051  | 115000 | 99773 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2024 SUB BB2, 5% 6/15/2035  | 280000 | 313145 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2024 SUB BB2, 5% 6/15/2039  | 385000 | 413499 |
| New York St Env Facs Corp Rev Series 2019 A, 5% 2/15/2049  | 30000 | 30516 |
| Suffolk Cnty NY Wtr Auth Wtrwk Series 2018 A, 4% 6/1/2041  | 45000 | 42759 |
|  |  | 1864931 |
| TOTAL NEW YORK |  | 19120452 |
| North Carolina - 1.1%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| North Carolina Cap Fac Fin Agy Rev Series 2015 B, 5% 10/1/2041 (Pre-refunded to 10/1/2025 at 100)  | 10000 | 10053 |
| General Obligations - 0.5% |  |  |
| Mecklenburg Cnty NC Gen. Oblig. Series 2018, 3.25% 3/1/2034  | 65000 | 63696 |
| North Carolina St Gen. Oblig. Series 2016 A, 5% 6/1/2027  | 40000 | 40872 |
| North Carolina St Gen. Oblig. Series 2018 A, 5% 6/1/2029  | 75000 | 79919 |
| State of North Carolina (North Carolina St Proj.) Series 2020 B, 5% 5/1/2028  | 50000 | 53270 |
| State of North Carolina (North Carolina St Proj.) Series 2020 B, 5% 5/1/2029  | 35000 | 37983 |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) Series 2021, 5% 3/1/2031  | 140000 | 155955 |
|  |  | 431695 |
| Health Care - 0.2% |  |  |
| Atrium Health Series 2016 A, 4% 1/15/2045  | 150000 | 134257 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) Series 2012 A, 4% 12/1/2045  | 10000 | 8910 |
|  |  | 143167 |
| Transportation - 0.3% |  |  |
| Charlotte NC Arpt Rev Series A, 5% 7/1/2047  | 55000 | 55072 |
| North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2031  | 5000 | 5352 |
| North Carolina St Grant Antic Rev Series 2019, 5% 3/1/2032  | 195000 | 207887 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2018, 5% 1/1/2030  | 55000 | 58180 |
|  |  | 326491 |
| Water & Sewer - 0.1% |  |  |
| Charlotte NC Wtr & Swr Sys Rev Series 2018, 4% 7/1/2047  | 25000 | 23168 |
| Union Cnty NC Enterprise Sys Rev Series 2021, 3% 6/1/2037  | 80000 | 71145 |
|  |  | 94313 |
| TOTAL NORTH CAROLINA |  | 1005719 |
| North Dakota - 0.2%  |  |  |
| Health Care - 0.1% |  |  |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 5% 12/1/2027  | 85000 | 87664 |
| Housing - 0.1% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 2.25% 7/1/2041  | 50000 | 35311 |
| North Dakota St Hsg Fin Agy Series 2019 C, 3.35% 7/1/2042  | 20000 | 16622 |
|  |  | 51933 |
| TOTAL NORTH DAKOTA |  | 139597 |
| Ohio - 2.3%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Cleveland OH Pub Pwr Sys Rev 0% 11/15/2038 (National Public Finance Guarantee Corporation Insured) (e) | 45000 | 23363 |
| General Obligations - 0.6% |  |  |
| City of Columbus OH Gen. Oblig. Series 2016 A, 4% 8/15/2027  | 30000 | 30038 |
| City of Columbus OH Gen. Oblig. Series 2018 A, 5% 4/1/2030  | 30000 | 31737 |
| Gahanna-Jefferson OH Sch Dist Series 2021, 2% 12/1/2050 (Assured Guaranty Municipal Corp Insured)  | 100000 | 52621 |
| Northeastern OH Local Sch Dist Clark Cnty Series 2018, 4% 12/1/2055 (Assured Guaranty Municipal Corp Insured)  | 100000 | 85596 |
| Southwest Licking OH Local Sch Dist Series 2017 A, 3.375% 11/1/2047  | 15000 | 12082 |
| State of Ohio Gen. Oblig. Series 2015A, 5% 9/15/2026  | 35000 | 35996 |
| State of Ohio Gen. Oblig. Series 2017B, 5% 9/1/2028  | 60000 | 64337 |
| State of Ohio Gen. Oblig. Series 2017C, 5% 8/1/2026  | 20000 | 20514 |
| State of Ohio Gen. Oblig. Series 2021 A, 4% 3/1/2038  | 55000 | 55296 |
| Willoughby-Eastlake Ohio Csd Series 2016, 4% 12/1/2050  | 160000 | 132992 |
|  |  | 521209 |
| Health Care - 0.7% |  |  |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) Series 2020, 4% 11/15/2037  | 5000 | 4907 |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 12/1/2035  | 185000 | 194691 |
| Chillicothe Ohio Hosp Facs Rev (Adena Health Sys Proj.) Series 2017, 4% 12/1/2042  | 100000 | 87914 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 5% 2/15/2052  | 5000 | 4589 |
| Franklin Cnty OH Rev (Trinity Health Proj.) Series 2017 OH, 5% 12/1/2046  | 85000 | 83888 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2021 A, 3% 1/15/2046  | 50000 | 35702 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2028  | 145000 | 152734 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2033  | 40000 | 41668 |
|  |  | 606093 |
| Housing - 0.1% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2022 A, 3.25% 9/1/2052  | 85000 | 84057 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2019A, 3.5% 9/1/2034  | 5000 | 4889 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2019A, 4% 3/1/2049  | 10000 | 8561 |
|  |  | 97507 |
| Other - 0.2% |  |  |
| State of Ohio Gen. Oblig. Series 2023A, 5% 9/1/2030  | 160000 | 177328 |
| Special Tax - 0.1% |  |  |
| Franklin Cnty Ohio Sales Tax Rev Series 2018, 5% 6/1/2048  | 30000 | 30061 |
| Hamilton OH Sales Tax Series 2016 A, 5% 12/1/2027  | 55000 | 58032 |
|  |  | 88093 |
| Transportation - 0.1% |  |  |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2037 (e) | 80000 | 48752 |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2043 (e) | 30000 | 12606 |
|  |  | 61358 |
| Water & Sewer - 0.5% |  |  |
| Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2040  | 100000 | 80064 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020 A, 5% 12/1/2038  | 65000 | 68237 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020B, 4% 12/1/2038  | 260000 | 261342 |
|  |  | 409643 |
| TOTAL OHIO |  | 1984594 |
| Oklahoma - 0.2%  |  |  |
| General Obligations - 0.0% |  |  |
| Oklahoma Cap Imp Auth St Hwy Cap Impt Rev (Oklahoma St Proj.) Series 2016, 4% 7/1/2033  | 40000 | 40208 |
| Transportation - 0.2% |  |  |
| Oklahoma St Tpk Auth Tpk Rev Series 2017C, 4% 1/1/2042  | 30000 | 28072 |
| Oklahoma St Tpk Auth Tpk Rev Series 2017C, 5% 1/1/2047  | 45000 | 45322 |
| Oklahoma St Tpk Auth Tpk Rev Series 2017E, 4% 1/1/2031  | 100000 | 100955 |
|  |  | 174349 |
| TOTAL OKLAHOMA |  | 214557 |
| Oregon - 1.4%  |  |  |
| General Obligations - 0.6% |  |  |
| Clackamas & Wash Cnty OR Sch Dist No 3 Series 2020 A, 0% 6/15/2035 (Oregon St Guaranteed) (e) | 165000 | 108368 |
| Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2032 (Oregon St Guaranteed) (e) | 50000 | 39190 |
| Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2034 (Oregon St Guaranteed) (e) | 20000 | 14277 |
| Clackamas Cnty Ore Sch Dis No 46 Oregon Trail 0% 6/15/2039 (Oregon St Guaranteed) (e) | 10000 | 5338 |
| Deschutes & Jefferson Cnties School District #2 0% 6/15/2026 (Oregon St Guaranteed) (e) | 10000 | 9703 |
| Oregon St Gen. Oblig. 5% 8/1/2044  | 120000 | 126379 |
| Washington Clackamas & Yamhill Cntys OR Sch Dist No 88j Series 2018 A, 0% 6/15/2048 (Oregon St Guaranteed) (e) | 255000 | 73204 |
| Washington Cnty OR Sch Dist 48j Beaverton 0% 6/15/2039 (Oregon St Guaranteed) (e) | 200000 | 106464 |
|  |  | 482923 |
| Health Care - 0.3% |  |  |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 2.5% 8/15/2035 (Assured Guaranty Municipal Corp Insured)  | 190000 | 159657 |
| Oregon Hlth Sciences Univ Rev Series 2016 B, 5% 7/1/2039  | 35000 | 35295 |
| Oregon St Facs Auth Rev (Legacy Health System, or Proj.) Series 2022 A, 5% 6/1/2052  | 110000 | 107715 |
|  |  | 302667 |
| Special Tax - 0.2% |  |  |
| Oregon St Dept Trans Hwy User Tax Rev Series 2020 A, 5% 11/15/2037  | 160000 | 170179 |
| Transportation - 0.3% |  |  |
| Port of Portland Arpt Rev 5% 7/1/2030 (d) | 270000 | 288998 |
| TOTAL OREGON |  | 1244767 |
| Pennsylvania - 3.9%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Philadelphia PA Gas Wks Rev Series 15TH, 5% 8/1/2042  | 150000 | 150423 |
| General Obligations - 0.8% |  |  |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 4% 6/1/2039 (Assured Guaranty Municipal Corp Insured)  | 15000 | 14013 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018 A, 4% 7/1/2046  | 110000 | 97309 |
| Pennsylvania St Gen. Oblig. 5% 9/1/2031  | 230000 | 256671 |
| Pennsylvania St Gen. Oblig. Series 2015, 4% 8/15/2034  | 25000 | 25043 |
| Pennsylvania St Gen. Oblig. Series 2015, 5% 8/15/2032  | 60000 | 60135 |
| Pennsylvania St Gen. Oblig. Series 2016, 3% 9/15/2036  | 15000 | 12984 |
| Pennsylvania St Gen. Oblig. Series 2016, 5% 9/15/2027  | 10000 | 10266 |
| Pennsylvania St Gen. Oblig. Series FIRST 2021, 5% 5/15/2031  | 60000 | 66739 |
| Philadelphia PA Sch Dist 5% 6/1/2027 (National Public Finance Guarantee Corporation Insured)  | 10000 | 10397 |
| Philadelphia PA Sch Dist Series 2019 A, 5% 9/1/2044  | 25000 | 25031 |
| State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2016 A, 5% 6/1/2033  | 90000 | 91143 |
| State Pub Sch Bldg Auth PA Sch Rev (Harrisburg PA Sch Dist Proj.) Series 2016 A, 5% 12/1/2027  | 50000 | 51071 |
|  |  | 720802 |
| Health Care - 1.0% |  |  |
| Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 4% 4/1/2038  | 30000 | 28799 |
| Chester Cnty PA Hlth & Ed Facs Auth (Main Line Health Inc Proj.) Series 2020A, 4% 9/1/2050  | 100000 | 81678 |
| Cumberland Cnty PA Mun Auth Rv (Penn State Hlth System Proj.) Series 2019, 3% 11/1/2039  | 170000 | 140701 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2017 A 2, 4% 2/15/2039  | 100000 | 94196 |
| Lancaster Cnty PA Hosp Aut Rev (Univ of Penn Health Systems Proj.) Series 2016 A, 5% 8/15/2042  | 10000 | 10016 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2015 A, 4.125% 7/1/2040  | 90000 | 85265 |
| Monroeville PA Fin Auth UPMC Rev (UPMC Proj.) Series 2022B, 4% 2/15/2040  | 105000 | 96973 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2017 A, 5% 11/15/2028  | 85000 | 88427 |
| Pennsylvania St Higher Edl Rev (Univ of Penn Health Systems Proj.) Series 2016 C, 3% 8/15/2041  | 65000 | 53230 |
| Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp of Phil, PA Proj.) Series 2017, 4% 7/1/2037  | 45000 | 43855 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 A, 4% 9/1/2042  | 25000 | 22156 |
| Pocono Mtns PA Indl Pk Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2015A, 4% 8/15/2045  | 110000 | 95099 |
|  |  | 840395 |
| Housing - 0.2% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 2017 125 B, 3.65% 10/1/2042  | 20000 | 17457 |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series B, 3.45% 10/1/2032  | 15000 | 14872 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 134 A, 1.85% 4/1/2036  | 100000 | 76118 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 2.45% 10/1/2041  | 130000 | 94966 |
|  |  | 203413 |
| Other - 0.1% |  |  |
| Chester Cnty PA Indl Dev Auth (Longwood Gardens Proj.) Series 2021, 4% 12/1/2046  | 110000 | 97525 |
| Transportation - 1.2% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 B, 5% 1/1/2056  | 105000 | 105099 |
| Delaware Riv Port Auth PA & NJ Series 2018 A, 5% 1/1/2032  | 10000 | 10655 |
| Pennslyvania Dev Fing Auth Rev (Plenary Walsh Keystone Partners LLC Proj.) Series 2015, 4.125% 12/31/2038 (d) | 20000 | 18426 |
| Pennslyvania Dev Fing Auth Rev (Plenary Walsh Keystone Partners LLC Proj.) Series 2015, 5% 12/31/2028 (d) | 70000 | 70784 |
| Pennsylvania Econ Dev Fing Auth Private Activity Rev (PA Dot Major Bridges I Proj.) 5.25% 6/30/2053 (d) | 110000 | 110023 |
| Pennsylvania Turnpike Commission Series 2014 A 2, 5.125% 12/1/2039 (c) | 35000 | 36353 |
| Pennsylvania Turnpike Commission Series 2016, 5% 6/1/2036  | 50000 | 50606 |
| Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2030  | 10000 | 10471 |
| Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2040  | 10000 | 10167 |
| Pennsylvania Turnpike Commission Series 2019 A, 4% 12/1/2049  | 225000 | 196248 |
| Pennsylvania Turnpike Commission Series 2019 A, 4% 12/1/2049 (Assured Guaranty Municipal Corp Insured)  | 190000 | 167944 |
| Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2034  | 30000 | 32066 |
| Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2035  | 35000 | 37184 |
| Pennsylvania Turnpike Commission Series A 2, 5% 12/1/2028  | 115000 | 120634 |
| Philadelphia PA Airport Rev Series 2020 A, 4% 7/1/2038  | 60000 | 58593 |
|  |  | 1035253 |
| Water & Sewer - 0.4% |  |  |
| Philadelphia PA Wtr & Wastewtr Series 2023B, 5% 9/1/2028 (Assured Guaranty Municipal Corp Insured)  | 280000 | 298830 |
| Pittsburgh PA Wtr & Swr Auth 0% 9/1/2028 (National Public Finance Guarantee Corporation Insured) (e) | 15000 | 13586 |
| Westmoreland Cnty PA Mun Auth Series 2016, 3% 8/15/2042  | 50000 | 39737 |
|  |  | 352153 |
| TOTAL PENNSYLVANIA |  | 3399964 |
| Rhode Island - 0.3%  |  |  |
| General Obligations - 0.2% |  |  |
| Rhode Island & Providence Plantations (Rhode Island St Proj.) Gen. Oblig. Series 2019C, 3% 1/15/2036  | 95000 | 86545 |
| Rhode Island St Gen. Oblig. Series 2021 E, 2% 8/1/2038  | 70000 | 50213 |
| Rhode Island St Gen. Oblig. Series 2021 E, 2% 8/1/2039  | 50000 | 34786 |
|  |  | 171544 |
| Housing - 0.1% |  |  |
| Rhode Island Hsg & Mtg Fin Cp Series 70, 2.8% 10/1/2034  | 145000 | 128347 |
| TOTAL RHODE ISLAND |  | 299891 |
| South Carolina - 0.8%  |  |  |
| Electric Utilities - 0.5% |  |  |
| South Carolina St Svc Auth Rev 3% 12/1/2041  | 20000 | 14951 |
| South Carolina St Svc Auth Rev 5.75% 12/1/2047  | 310000 | 329815 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2030  | 80000 | 80709 |
|  |  | 425475 |
| General Obligations - 0.1% |  |  |
| Lexington County School District No 1/SC Series 2019 B, 2.25% 2/1/2034  | 85000 | 74094 |
| Lexington County School District No 2 Series 2016, 3% 3/1/2038  | 20000 | 17570 |
|  |  | 91664 |
| Health Care - 0.1% |  |  |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2054  | 105000 | 108784 |
| South Carolina Jobs-Economic Development Authority (Carealliance Health Svcs Proj.) Series 2016 A, 3% 8/15/2038  | 25000 | 19821 |
|  |  | 128605 |
| Special Tax - 0.1% |  |  |
| South Carolina Trans Infrastructure Bank Rev Series 2017 A, 5% 10/1/2038  | 45000 | 45971 |
| TOTAL SOUTH CAROLINA |  | 691715 |
| Tennessee - 1.1%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Tennessee Engy Acq Crp Gas Rev 5.625% 9/1/2026 (Goldman Sachs Group Inc/The Guaranteed)  | 50000 | 50894 |
| General Obligations - 0.6% |  |  |
| Memphis TN Gen. Oblig. Series 2021, 4% 5/1/2046  | 50000 | 45234 |
| Memphis TN Gen. Oblig. Series 2021, 5% 5/1/2030  | 80000 | 88004 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. 5% 1/1/2029  | 230000 | 247831 |
| Tennessee Engy Acq Crp Gas Rev 5% 2/1/2027 (Goldman Sachs Group Inc/The Guaranteed)  | 15000 | 15237 |
| Tennessee Engy Acq Crp Gas Rev 5.25% 9/1/2026 (Goldman Sachs Group Inc/The Guaranteed)  | 20000 | 20305 |
| Tennessee St Gen. Oblig. Series A, 5% 8/1/2035  | 50000 | 50819 |
| Tennessee St Sch Bd Auth (Tennessee St Proj.) Series 2017A, 5% 11/1/2042  | 50000 | 50553 |
|  |  | 517983 |
| Health Care - 0.2% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2035  | 175000 | 181626 |
| Knox Cnty Tenn Health Edl & Hsg Fac Brd Hosp Rev (Covenant Health TN Proj.) Series 2016 A, 4% 1/1/2042  | 15000 | 13677 |
| Knox Cnty Tenn Health Edl & Hsg Fac Brd Hosp Rev (East Tenn Children's Hospital Proj.) Series 2019, 4% 11/15/2043  | 5000 | 4423 |
|  |  | 199726 |
| Housing - 0.0% |  |  |
| Tennessee Housing Development Agency Series 2016 2B, 3.5% 1/1/2047  | 25000 | 24957 |
| Transportation - 0.2% |  |  |
| Metro Nashville Arpt Auth Rev Series 2019A, 4% 7/1/2054  | 35000 | 30058 |
| Metro Nashville Arpt Auth Rev Series 2019A, 5% 7/1/2054  | 140000 | 140005 |
|  |  | 170063 |
| TOTAL TENNESSEE |  | 963623 |
| Texas - 8.5%  |  |  |
| Education - 1.0% |  |  |
| Arlington Higher Education Finance Corp Series 2018, 4% 8/15/2048 (Permanent Sch Fund of Texas Guaranteed)  | 80000 | 70019 |
| Board of Regents of the University of Texas System Series 2016 J, 5% 8/15/2026  | 20000 | 20520 |
| Board of Regents of the University of Texas System Series 2017 B, 3.375% 8/15/2044  | 110000 | 91024 |
| Board of Regents of the University of Texas System Series 2019 A, 5% 8/15/2031  | 15000 | 16183 |
| Board of Regents of the University of Texas System Series 2021 A, 5% 8/15/2031  | 165000 | 184780 |
| Board of Regents of the University of Texas System Series 2022A, 4% 8/15/2042  | 65000 | 60714 |
| Texas A&M Univ Revs Series 2017E, 5% 5/15/2035  | 50000 | 51250 |
| Texas A&M Univ Revs Series 2021 A, 3% 5/15/2037  | 115000 | 101047 |
| University Houston TX Univ Rev Series 2017 C, 3.25% 2/15/2041  | 165000 | 136985 |
| University TX Perm Univ Fd Series 2015A, 3.25% 7/1/2034  | 160000 | 151966 |
|  |  | 884488 |
| Electric Utilities - 0.8% |  |  |
| Austin TX Elec Util Sys Rev Series 2015A, 5% 11/15/2045  | 100000 | 100099 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2020 A, 5% 5/15/2050  | 55000 | 55021 |
| Lower Colorado River Authority Series 2025, 5% 5/15/2044  | 110000 | 112816 |
| Matagorda Cnty TX Nav Dist No1 (AEP Texas Central Co Proj.) 4.4% 5/1/2030 (Ambac Assurance Corp Insured)  | 10000 | 10361 |
| Matagorda Cnty TX Nav Dist No1 (AEP Texas Central Co Proj.) 4.55% 5/1/2030 (b)(d) | 50000 | 52024 |
| San Antonio TX Elec & Gas Rev Series 2015, 5% 2/1/2027  | 30000 | 30353 |
| San Antonio TX Elec & Gas Rev Series 2015, 5% 2/1/2032  | 45000 | 45455 |
| San Antonio TX Elec & Gas Rev Series 2019, 4% 2/1/2028  | 110000 | 113474 |
| San Antonio TX Elec & Gas Rev Series 2024D, 5% 2/1/2036  | 180000 | 200088 |
|  |  | 719691 |
| Escrowed/Pre-Refunded - 0.3% |  |  |
| Denton Independent School District Series 2015 A, 5% 8/15/2045 (Pre-refunded to 8/15/2025 at 100)  | 100000 | 100243 |
| Houston TX Wtr & Swr Sys Rev 0% 12/1/2027 (e) | 50000 | 46479 |
| Tomball TX Indpt Sch Dist 5% 2/15/2041 (Pre-refunded to 2/15/2028 at 100)  | 80000 | 84761 |
|  |  | 231483 |
| General Obligations - 3.6% |  |  |
| Aldine TX Indpt Sch Dist Series 2017 A, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 50000 | 51753 |
| Alvin Tex Indpt Sch Dist Series 2020, 4% 2/15/2048 (Permanent Sch Fund of Texas Guaranteed)  | 100000 | 89712 |
| College of the Mainland Gen. Oblig. Series 2019, 3.75% 8/15/2049  | 50000 | 41592 |
| Collin Cnty TX Cmnty Coll Dist Gen. Oblig. Series 2018, 3.25% 8/15/2033  | 40000 | 39149 |
| Comal Tex Indpt Sch Dist (Permanent Sch Fund of Texas Proj.) Series 2020, 5% 2/1/2029  | 120000 | 129437 |
| Conroe TX Isd Series 2020 A, 2.25% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 85000 | 53216 |
| Cypress-Fairbanks TX Isd Series 2019, 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 45000 | 48225 |
| Cypress-Fairbanks TX Isd Series 2020A, 3% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 180000 | 167387 |
| Dallas TX Gen. Oblig. Series 2024 B, 5% 2/15/2029  | 205000 | 220475 |
| Dallas TX ISD Series 2019 B, 3% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 20000 | 17790 |
| Dallas TX ISD Series 2024, 5% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 175000 | 195693 |
| Del Mar TX College Dist Gen. Oblig. Series 2018 B, 4% 8/15/2048  | 150000 | 127917 |
| Denton Independent School District Series 2023, 5% 8/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 180000 | 200058 |
| Eagle Mtn & Saginaw TX Isd Series 2019, 4% 8/15/2050 (Permanent Sch Fund of Texas Guaranteed)  | 20000 | 17660 |
| Frisco Tex Indpt Sch Dis Series 2017, 4% 8/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 30000 | 30038 |
| Frisco Tex Indpt Sch Dis Series 2019, 4% 8/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 35000 | 34328 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2017 A, 4% 10/1/2038  | 200000 | 191271 |
| Harris Cnty TX Series 2016 A, 5% 8/15/2033  | 35000 | 35637 |
| Houston TX Indpt Sch Dist Series 2016, 5% 2/15/2031 (Permanent Sch Fund of Texas Guaranteed)  | 55000 | 55664 |
| Houston TX Indpt Sch Dist Series 2017, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 30000 | 31163 |
| Katy TX Ind Sch Dist Series 2019, 4% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 35000 | 33314 |
| Katy TX Ind Sch Dist Series 2022, 4% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 125000 | 120190 |
| Keller Texas Indpt School Dist Series 2020, 4% 2/15/2044 (Permanent Sch Fund of Texas Guaranteed)  | 100000 | 92637 |
| Lamar TX Isd Series 2018, 4% 2/15/2050  | 75000 | 66017 |
| Lamar TX Isd Series 2023 A, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 105000 | 113036 |
| Leander Independent School District Series 2016 A, 0% 8/16/2044 (Permanent Sch Fund of Texas Guaranteed) (e) | 130000 | 49344 |
| Northside TX Indpt Sch Dist Series 2019A, 4% 8/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 190000 | 190425 |
| Northwest Tex Indpt Sch Dist Series 2024 A, 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 110000 | 122767 |
| Prosper Tex Indpt Sch Dist Series 2024, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)  | 210000 | 226135 |
| San Jacinto TX Cmnty College Dist Gen. Oblig. Series 2019A, 5% 2/15/2044  | 20000 | 20310 |
| Sherman TX Indpt Sch Dist Series 2018 A, 5% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 50000 | 50860 |
| Texas State Gen. Oblig. Series 2016 A, 5% 4/1/2030  | 50000 | 50693 |
| Texas State Gen. Oblig. Series 2018A, 5% 10/1/2026  | 65000 | 66927 |
| Texas State Gen. Oblig. Series B, 5% 10/1/2033  | 35000 | 36414 |
| Tomball TX Indpt Sch Dist Series 2018, 5% 2/15/2041  | 45000 | 45762 |
| Waller TX Indpt Sch Dist Series 2020, 4% 2/15/2050 (Permanent Sch Fund of Texas Guaranteed)  | 15000 | 13269 |
|  |  | 3076265 |
| Health Care - 0.1% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Childrens Hospital, TX Proj.) Series 2019 A, 3% 10/1/2039  | 55000 | 45055 |
| Harris Cnty TX Hosp Dist Rev Series 2016, 3.25% 2/15/2042  | 60000 | 46690 |
|  |  | 91745 |
| Housing - 0.0% |  |  |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) 3% 3/1/2050  | 35000 | 24437 |
| Special Tax - 0.2% |  |  |
| Denton TX Gen. Oblig. Series 2017, 4% 2/15/2047  | 15000 | 13086 |
| El Paso Tex Gen. Oblig. Series 2020, 4% 8/15/2045  | 100000 | 88209 |
| Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2048 (Assured Guaranty Municipal Corp Insured) (e) | 40000 | 11406 |
| Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2049 (Assured Guaranty Municipal Corp Insured) (e) | 35000 | 9408 |
| Houston TX Hotel Occ Tx & Spl Rev 0% 9/1/2033 (Ambac Assurance Corp Insured) (e) | 120000 | 85657 |
|  |  | 207766 |
| Transportation - 1.5% |  |  |
| Central TX Regl Mobility Auth Rev Series 2016, 3.375% 1/1/2041  | 45000 | 37911 |
| City of Houston TX Airport System Revenue 4% 7/1/2041 (d) | 110000 | 99985 |
| City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2038  | 20000 | 20341 |
| Dallas Fort Worth International Airport 5% 11/1/2032  | 215000 | 241203 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2013 B, 5.3% 10/1/2032 (c) | 35000 | 37234 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2013 B, 5.85% 10/1/2048 (c) | 70000 | 72328 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2037  | 40000 | 41142 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2018 A, 4% 8/15/2048  | 105000 | 92596 |
| North East Texas Regional Mobility Authority Series B, 5% 1/1/2041  | 40000 | 39784 |
| North TX Twy Auth Rev 0% 1/1/2034 (Assured Guaranty Inc Insured) (e) | 75000 | 54698 |
| North TX Twy Auth Rev 0% 1/1/2036 (Assured Guaranty Inc Insured) (e) | 25000 | 16501 |
| North TX Twy Auth Rev 0% 1/1/2038 (Assured Guaranty Inc Insured) (e) | 100000 | 59057 |
| North TX Twy Auth Rev Series 2018, 4.25% 1/1/2049  | 5000 | 4276 |
| North TX Twy Auth Rev Series 2018, 5% 1/1/2048  | 70000 | 70019 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2035  | 130000 | 144196 |
| Port of Houston Auth 4% 10/1/2039  | 115000 | 110301 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2031  | 65000 | 65670 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2019, 5% 6/30/2058 (d) | 105000 | 100262 |
| Texas Private Activity Bd Surface Transn Corp Rev Series 2019 A, 5% 12/31/2032  | 55000 | 58215 |
| Texas St Tpk Auth Cent TX Tpk Sys Rev (Central Texas Turnpike Proj.) 0% 8/15/2029 (Ambac Assurance Corp Insured) (e) | 15000 | 13160 |
|  |  | 1378879 |
| Water & Sewer - 1.0% |  |  |
| Dallas TX Wtrwks & Swr Sys Rev Series 2018 C, 4% 10/1/2043  | 100000 | 90669 |
| Dallas TX Wtrwks & Swr Sys Rev Series 2020 C, 4% 10/1/2049  | 75000 | 64743 |
| Houston TX Util Sys Rev 4% 11/15/2049  | 155000 | 133067 |
| San Antonio TX Wtr Rev 5% 5/15/2042  | 100000 | 103805 |
| Texas Wtr Dev Brd 5% 8/1/2033  | 55000 | 59881 |
| Texas Wtr Dev Brd Series 2017 A, 5% 10/15/2047  | 60000 | 60332 |
| Texas Wtr Dev Brd Series 2018 B, 4% 10/15/2034  | 5000 | 5025 |
| Texas Wtr Dev Brd Series 2018A, 4% 10/15/2037  | 10000 | 9770 |
| Texas Wtr Dev Brd Series 2019 A, 4% 10/15/2049  | 275000 | 240379 |
| Texas Wtr Dev Brd Series 2022, 5% 10/15/2034  | 125000 | 139090 |
|  |  | 906761 |
| TOTAL TEXAS |  | 7521515 |
| Utah - 0.6%  |  |  |
| Education - 0.2% |  |  |
| University UT Univ Revs (University UT Univ Revs Proj.) Series 2021 A 1, 4% 8/1/2041  | 35000 | 33213 |
| University UT Univ Revs Series 2020 A, 4% 8/1/2039  | 65000 | 62944 |
| University UT Univ Revs Series 2020 A, 5% 8/1/2037  | 60000 | 63395 |
|  |  | 159552 |
| Electric Utilities - 0.1% |  |  |
| Intermountain Pwr Agy UT Pwr Series 2023 A, 5% 7/1/2033  | 120000 | 131503 |
| Health Care - 0.2% |  |  |
| Utah Cnty Utah Hosp Rev (IHC Health Services Inc Proj.) Series 2018 A, 5% 5/15/2041  | 175000 | 175218 |
| Transportation - 0.1% |  |  |
| Salt Lake City UT Arpt Rev 4% 7/1/2038 (d) | 90000 | 85297 |
| TOTAL UTAH |  | 551570 |
| Virginia - 1.3%  |  |  |
| Education - 0.1% |  |  |
| University VA Univ Revs Series 2015 A 1, 4% 4/1/2045  | 55000 | 50308 |
| Virginia Small Business Fing Auth Rev (Hampton Univ, VA Proj.) Series 2014, 4% 10/1/2038  | 5000 | 4773 |
|  |  | 55081 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Fairfax Cnty VA Economic Dev Auth Transn Contract Rev Series A, 3% 4/1/2036 (Pre-refunded to 4/1/2026 at 100)  | 30000 | 30022 |
| General Obligations - 1.0% |  |  |
| Chesterfield Cnty VA Economic Dev Auth Rev (Chesterfield Cnty VA Proj.) 4% 4/1/2050  | 20000 | 17563 |
| County of Loudoun VA Gen. Oblig. Series 2023A, 5% 12/1/2029  | 155000 | 170113 |
| Richmond VA Series 2019 A, 3% 7/15/2034  | 40000 | 37888 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019 C, 5% 2/1/2030  | 45000 | 48450 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2020 A, 5% 2/1/2031  | 100000 | 109084 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2022A, 5% 2/1/2026  | 100000 | 101280 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) Series 2017, 3% 5/15/2036  | 125000 | 113563 |
| Virginia St Gen. Oblig. Series 2018A, 3% 6/1/2032  | 5000 | 4925 |
| Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series 2013A, 3% 8/1/2030  | 100000 | 98671 |
| Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series 2019A, 5% 8/1/2029  | 60000 | 65341 |
| Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series A, 3% 8/1/2035  | 15000 | 13603 |
| Virginia St Pub Bldg Auth Pub Facs Rev (Virginia St Proj.) Series 2022 A, 5% 8/1/2031  | 80000 | 89486 |
|  |  | 869967 |
| Health Care - 0.1% |  |  |
| Lynchburg Economic Development Authority (Centra Health Proj.) Series 2017 A, 4% 1/1/2047  | 35000 | 29923 |
| Lynchburg Economic Development Authority (Centra Health Proj.) Series 2021, 3% 1/1/2051  | 50000 | 34064 |
| Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2020 D, 5% tender 7/1/2053 (b) | 30000 | 32327 |
|  |  | 96314 |
| Special Tax - 0.0% |  |  |
| Fairfax Cnty VA Economic Dev Auth Transn Contract Rev (Fairfax County Economic Development Authority Proj.) 2.875% 4/1/2035  | 45000 | 40418 |
| Transportation - 0.1% |  |  |
| VA Commlth Trn Bd Grnt Antic Rev Series 2017, 5% 3/15/2027  | 15000 | 15580 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 3% 1/1/2041 (d) | 50000 | 38480 |
|  |  | 54060 |
| TOTAL VIRGINIA |  | 1145862 |
| Washington - 3.7%  |  |  |
| Education - 0.1% |  |  |
| University Wash Univ Revs Series 2012C, 3.25% 7/1/2043  | 135000 | 105270 |
| Washington St Higher Ed Facs (Gonzaga University Proj.) Series 2019 A, 3% 4/1/2049  | 40000 | 27880 |
|  |  | 133150 |
| Electric Utilities - 1.0% |  |  |
| Energy Norwthwest WA Elec Rev Series 2015 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)  | 75000 | 75000 |
| Energy Norwthwest WA Elec Rev Series 2016 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)  | 55000 | 56185 |
| Energy Norwthwest WA Elec Rev Series 2017 A, 5% 7/1/2028 (Bonneville Power Administration Guaranteed)  | 95000 | 99118 |
| Energy Norwthwest WA Elec Rev Series 2018 C, 5% 7/1/2033 (Bonneville Power Administration Guaranteed)  | 65000 | 68099 |
| Energy Norwthwest WA Elec Rev Series 2024A, 5% 7/1/2032 (Bonneville Power Administration Guaranteed)  | 175000 | 197051 |
| Seattle WA Mun Lt & Pwr Rev Series 2019 A, 5% 4/1/2042  | 100000 | 102385 |
| Seattle WA Mun Lt & Pwr Rev Series 2020 A, 5% 7/1/2027  | 90000 | 94161 |
| Seattle WA Mun Lt & Pwr Rev Series 2021 A, 4% 7/1/2043  | 50000 | 45808 |
| Tacoma WA Elec Sys Rev Series 2021, 4% 1/1/2051  | 135000 | 118415 |
|  |  | 856222 |
| General Obligations - 1.7% |  |  |
| Clark Cnty WA Sch Dist 114 Evergreen Series 2019, 3% 12/1/2038 (State of Washington Guaranteed)  | 20000 | 17058 |
| King Cnty WA Sch Dist #403 Renton Series 2020, 4% 12/1/2035 (State of Washington Guaranteed)  | 100000 | 101340 |
| King Cnty Wash Hsg Auth Rev Series 2018, 3.5% 5/1/2038 (King County WA Guaranteed)  | 35000 | 31131 |
| King County WA Gen. Oblig. Series 2015E, 5% 12/1/2029  | 45000 | 45319 |
| State of Washington Gen. Oblig. Series 2016C, 5% 2/1/2035  | 30000 | 30266 |
| State of Washington Gen. Oblig. Series 2017A, 5% 8/1/2039  | 280000 | 282652 |
| State of Washington Gen. Oblig. Series 2020 E, 5% 6/1/2045  | 55000 | 55811 |
| State of Washington Gen. Oblig. Series 2020A, 5% 8/1/2028  | 230000 | 246172 |
| State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2029  | 140000 | 152520 |
| State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2043  | 175000 | 179248 |
| State of Washington Gen. Oblig. Series R 2016B, 5% 7/1/2032  | 50000 | 50448 |
| State of Washington Gen. Oblig. Series R 2018 D, 5% 8/1/2028  | 30000 | 31307 |
| State of Washington Gen. Oblig. Series R 2022A, 5% 2/1/2031  | 100000 | 111268 |
| State of Washington Gen. Oblig. Series R 2023 B, 5% 7/1/2033  | 125000 | 141742 |
|  |  | 1476282 |
| Health Care - 0.3% |  |  |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) Series 2017B, 3.5% 8/15/2038  | 125000 | 108503 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2014C, 4% 10/1/2044  | 55000 | 47272 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2014D, 5% 10/1/2038  | 5000 | 5001 |
| Washington St Health Care Facs Auth Rev (Seattle Cancer Care Proj.) 4% 9/1/2050  | 115000 | 97145 |
|  |  | 257921 |
| Lease Revenue - 0.2% |  |  |
| State of Washington Gen. Oblig. 5% 6/1/2049  | 180000 | 185140 |
| Special Tax - 0.1% |  |  |
| Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2016 S 1, 5% 11/1/2027  | 45000 | 46178 |
| Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2016 S 1, 5% 11/1/2035  | 65000 | 66156 |
|  |  | 112334 |
| Transportation - 0.2% |  |  |
| Port Seattle WA Rev Series 2019, 5% 4/1/2034 (d) | 160000 | 165423 |
| Water & Sewer - 0.1% |  |  |
| Seattle WA Wtr Sys Rev Series 2015, 4% 5/1/2045  | 50000 | 44133 |
| TOTAL WASHINGTON |  | 3230605 |
| West Virginia - 0.1%  |  |  |
| Transportation - 0.1% |  |  |
| West Virginia Parkways Authority Series 2021, 4% 6/1/2051  | 145000 | 123315 |
| Wisconsin - 0.6%  |  |  |
| Education - 0.0% |  |  |
| Public Fin Auth WI Lease Dev Rev (University Kans Univ Revs Proj.) Series 2016, 5% 3/1/2029  | 40000 | 40440 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Wisconsin General Fund Annual Appropiation Series 2017 B, 5% 5/1/2036  | 35000 | 35678 |
| Wisconsin Health & Educational Facilities Authority Series 2016 A, 3.125% 11/15/2036 (Pre-refunded to 5/15/2026 at 100)  | 50000 | 50026 |
|  |  | 85704 |
| General Obligations - 0.5% |  |  |
| Milwaukee WI Gen. Oblig. Series 2016 B3, 3% 3/1/2031  | 50000 | 48137 |
| Wisconsin St Gen. Oblig. 5% 5/1/2031  | 175000 | 196148 |
| Wisconsin St Gen. Oblig. Series 2016 2, 5% 11/1/2029  | 65000 | 66123 |
| Wisconsin St Gen. Oblig. Series 2017, 5% 11/1/2026  | 40000 | 41289 |
|  |  | 351697 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Mtg Rev 2.69% 7/1/2047  | 7688 | 6781 |
| Special Tax - 0.0% |  |  |
| Public Fin Auth WI Revenue Series 2021, 4% 3/31/2056 (d) | 5000 | 3843 |
| Wisconsin St Transn Rev Series 2017 1, 5% 7/1/2028  | 10000 | 10442 |
|  |  | 14285 |
| TOTAL WISCONSIN |  | 498907 |
| Wyoming - 0.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Campbell Cnty WY Solid Waste Facs Rev (County of Mercer ND Proj.) Series 2019 A, 3.625% 7/15/2039  | 30000 | 26178 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $91,553,709) |  | <br> **87238991** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (f)(g)<br>(Cost $382,957)<br>| 2.90 | 382881 | **382958** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $91,936,666)<br>| <br>**87621949** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **524689** |
| **NET ASSETS - 100.0%** | **88146638** |

---

**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) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(e) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

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

(g) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | - | 15704774 | 15321817 | 8656 | - | 1 | 382958 | 382881 | 0.0% |
| Total | - | 15704774 | 15321817 | 8656 | - | 1 | 382958 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 5124575 | - | 5124575 | - |
| Electric Utilities | 5059933 | - | 5059933 | - |
| Escrowed/Pre-Refunded | 1076491 | - | 1076491 | - |
| General Obligations | 30934449 | - | 30934449 | - |
| Health Care | 6708807 | - | 6708807 | - |
| Housing | 2306571 | - | 2306571 | - |
| Industrial Development | 247613 | - | 247613 | - |
| Lease Revenue | 373179 | - | 373179 | - |
| Other | 582521 | - | 582521 | - |
| Resource Recovery | 35351 | - | 35351 | - |
| Special Tax | 13249035 | - | 13249035 | - |
| Tobacco Bonds | 124592 | - | 124592 | - |
| Transportation | 14645140 | - | 14645140 | - |
| Water & Sewer | 6770734 | - | 6770734 | - |
|  **Money Market Funds** | 382958 | 382958 | - | - |
| **Total Investments in Securities:** | 87621949 | 382958 | 87238991 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $91,553,709) | $87238991 |  |
| Fidelity Central Funds (cost $382,957) | 382958 |  |
| Total Investment in Securities (cost $91,936,666) |  | $87621949 |
| Cash |  | 77917 |
| Interest receivable |  | 1084595 |
| Distributions receivable from Fidelity Central Funds |  | 1519 |
| Receivable from investment adviser for expense reductions |  | 25190 |
| Other receivables |  | 10 |
| **Total assets** |  | 88811180 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $340943 |  |
| Payable for fund shares redeemed | 42082 |  |
| Distributions payable | 219237 |  |
| Accrued management fee | 3593 |  |
| Audit fee payable | 55630 |  |
| Other payables and accrued expenses | 3057 |  |
| **Total liabilities** |  | 664542 |
| **Net Assets**  |  | $88146638 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $96210014 |
| Total accumulated earnings (loss) |  | (8063376) |
| **Net Assets** |  | $88146638 |
| **Net Asset Value**, offering price and redemption price per share ($88,146,638 ÷ 4,886,341 shares) |  | $18.04 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $2400618 |
| Income from Fidelity Central Funds  |  | 8656 |
| **Total income** |  | 2409274 |
| **Expenses** |  |  |
| Management fee | $40026 |  |
| Custodian fees and expenses | 4676 |  |
| Independent trustees' fees and expenses | 202 |  |
| Registration fees | 30854 |  |
| Audit fees | 64024 |  |
| Legal | 73 |  |
| Miscellaneous | 293 |  |
| Total expenses before reductions | 140148 |  |
| Expense reductions | (83893) |  |
| Total expenses after reductions |  | 56255 |
| **Net Investment income (loss)** |  | 2353019 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (567091) |  |
| Total net realized gain (loss) |  | (567091) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (915735) |  |
| Fidelity Central Funds  | 1 |  |
| Total change in net unrealized appreciation (depreciation) |  | (915734) |
| **Net gain (loss)** |  | (1482825) |
| **Net increase (decrease) in net assets resulting from operations** |  | $870194 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2353019 | $2265630 |
| &nbsp;&nbsp;Net realized gain (loss) | (567091)<br>| (1027813)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (915734) | 563471<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 870194<br>| 1801288<br>|
| Distributions to shareholders | (2309305)<br>| (2222794)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 55987925 | 59628992 |
| Reinvestment of distributions | 383<br>| 289<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (47150127) | (67272229) |
| **Net increase (decrease) in net assets resulting from share transactions** | 8838181<br>| (7642948)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 7399070<br>| (8064454)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 80747568 | 88812022<br>|
| &nbsp;&nbsp;End of period | $88146638 | $80747568 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3094596 | 3336429 |
| Issued in reinvestment of distributions | 21<br>| 16<br>|
| &nbsp;&nbsp;Redeemed | (2600973) | (3783308) |
| &nbsp;&nbsp;Net increase (decrease) | 493644 | (446863) |

---

**Financial Highlights** 

**Fidelity® SAI Municipal Bond Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.38 | $18.35 | $18.33 | $20.65 | $20.26 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .540  | .501  | .470  | .330  | .314  |
| Net realized and unrealized gain (loss)  | (.350)  | .021 C | .012  | (2.320)  | .391  |
| Total from investment operations  | .190  | .522  | .482  | (1.990)  | .705  |
| Distributions from net investment income  | (.528)  | (.492)  | (.462)  | (.330)  | (.315)  |
| Distributions from net realized gain  | (.002)  | -  | -  | -  | -  |
| Total distributions  | (.530)  | (.492)  | (.462)  | (.330)  | (.315)  |
| Net asset value, end of period  | $18.04 | $18.38 | $18.35 | $18.33 | $20.65 |
| **Total Return** D | 1.02% <br>| 2.90%  | 2.68%  | (9.74)%  | 3.50%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .18%  | .17%  | .18%  | .20%  | .17%  |
| Expenses net of fee waivers, if any  | .07% <br>| .07%  | .07%  | .07%  | .07%  |
| Expenses net of all reductions, if any  | .07%  | .07%  | .07%  | .07%  | .07%  |
| Net investment income (loss)  | 2.94%  | 2.75%  | 2.57%  | 1.65%  | 1.53%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $88147 | $80748 | $88812 | $86256 | $90154 |
| Portfolio turnover rate G | 25% <br>| 17%  | 17%  | 59%  | 13%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended June 30, 2025

**1. Organization.**

Fidelity SAI Municipal Bond Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount and capital loss carryforwards.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $180258 |
| **Gross unrealized depreciation**  | <u>(4393390)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(4213132)</u> |
| **Tax Cost**  | <u>$91835081</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(3849505)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(4213132)</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(1293554) |
| Long-term | <u>(2555951)</u> |
| **Total capital loss carryforward** | <u>$(3849505)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Tax-exempt Income** | $2300369 | $2222794 |
| **Ordinary Income**  | <u>8936</u> | <u>-</u> |
| **Total**  | <u>$2309305</u> | <u>$2222794</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI Municipal Bond Index Fund** | 29418472 | 20287716 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .05% of the Fund's average net assets.

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Municipal Bond Index Fund** | 118 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .07% of average net assets. This reimbursement will remain in place through October 31, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $83,893.

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Municipal Bond Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Municipal Bond Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of June 30, 2025, the related statement of operations for the year ended June 30, 2025, the statement of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2025 and the financial highlights for each of the five years in the period ended June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

August 14, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

During fiscal year ended 2025, 100% of the fund's income dividends was free from federal income tax, and 5.14% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img110329_4.jpg)<br>

1.9894029.105 MBX-ANN-0825

**Fidelity® Mid Cap Growth Index Fund**

**Fidelity® Mid Cap Value Index Fund**

**Fidelity® Small Cap Growth Index Fund**

**Fidelity® Small Cap Value Index Fund**

**Annual Report**

**June 30, 2025**

![](img110330_1.jpg)

![](img110330_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_C06-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid Cap Growth Index Fund](#Sub_Sec_Fund_3403_C06-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Mid Cap Value Index Fund](#Sub_Sec_Fund_3404_C06-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Growth Index Fund](#Sub_Sec_Fund_3405_C06-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Value Index Fund](#Sub_Sec_Fund_3406_C06-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3403_C06-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_C06-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_C06-ANN_1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_C06-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_C06-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_C06-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_C06-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_C06-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

A fund is not in any way connected to or sponsored, endorsed, sold or promoted by Frank Russell Company ("Russell") or by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of a fund or the underlying data.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Funds nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Mid Cap Growth Index Fund**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 34306 | 692981 |
| CANADA - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Restaurant Brands International Inc (United States)  | 197543 | 13095126 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| RB Global Inc (United States)  | 10802 | 1147064 |
| TOTAL CANADA |  | 14242190 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 15259 | 750438 |
| KAZAKHSTAN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Freedom Holding Corp/NV (b) | 14379 | 2100053 |
| KOREA (SOUTH) - 1.2%  |  |  |
| Consumer Discretionary - 1.2% |  |  |
| Broadline Retail - 1.2% |  |  |
| Coupang Inc Class A (b) | 1189221 | 35629061 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 5808 | 640100 |
| SWITZERLAND - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| On Holding AG Class A (b) | 210985 | 10981769 |
| UNITED KINGDOM - 1.5%  |  |  |
| Consumer Discretionary - 1.4% |  |  |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Flutter Entertainment PLC (b) | 138833 | 39672918 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Anglogold Ashanti Plc  | 58503 | 2665982 |
| TOTAL UNITED KINGDOM |  | 42338900 |
| UNITED STATES - 96.3%  |  |  |
| Communication Services - 6.1% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| AST SpaceMobile Inc Class A (b) | 152543 | 7128334 |
| Iridium Communications Inc  | 7217 | 217737 |
|  |  | 7346071 |
| Entertainment - 3.7% |  |  |
| Liberty Media Corp-Liberty Formula One Class A (b) | 6775 | 643354 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 62304 | 6510768 |
| Live Nation Entertainment Inc (b) | 151581 | 22931174 |
| ROBLOX Corp Class A (b) | 539702 | 56776651 |
| Roku Inc Class A (b) | 16024 | 1408349 |
| Take-Two Interactive Software Inc (b) | 58129 | 14116628 |
| TKO Group Holdings Inc Class A  | 28052 | 5104061 |
|  |  | 107490985 |
| Interactive Media & Services - 1.0% |  |  |
| Pinterest Inc Class A (b) | 280970 | 10075584 |
| Reddit Inc Class A (b) | 111664 | 16813248 |
| Trump Media & Technology Group Corp (b)(c) | 53839 | 971256 |
|  |  | 27860088 |
| Media - 1.2% |  |  |
| DoubleVerify Holdings Inc (b) | 62605 | 937197 |
| Liberty Broadband Corp Class A (b) | 3343 | 327012 |
| Liberty Broadband Corp Class C (b) | 22694 | 2232636 |
| Nexstar Media Group Inc  | 1623 | 280698 |
| Trade Desk Inc (The) Class A (b) | 427419 | 30769894 |
|  |  | 34547437 |
| TOTAL COMMUNICATION SERVICES |  | 177244581 |
| Consumer Discretionary - 18.6% |  |  |
| Broadline Retail - 0.1% |  |  |
| Etsy Inc (b) | 56731 | 2845627 |
| Distributors - 0.1% |  |  |
| Pool Corp  | 6419 | 1871010 |
| Diversified Consumer Services - 0.6% |  |  |
| Bright Horizons Family Solutions Inc (b) | 7049 | 871186 |
| Duolingo Inc Class A (b) | 35995 | 14758670 |
| Grand Canyon Education Inc (b) | 7491 | 1415799 |
| H&R Block Inc  | 21432 | 1176402 |
|  |  | 18222057 |
| Hotels, Restaurants & Leisure - 11.4% |  |  |
| Carnival Corp (b) | 319338 | 8979785 |
| Cava Group Inc (b) | 95572 | 8050030 |
| Choice Hotels International Inc  | 7897 | 1001970 |
| Churchill Downs Inc  | 52500 | 5302500 |
| Darden Restaurants Inc  | 106290 | 23168031 |
| Domino's Pizza Inc  | 9242 | 4164445 |
| DraftKings Inc Class A (b) | 460316 | 19742953 |
| Dutch Bros Inc Class A (b) | 110770 | 7573345 |
| Expedia Group Inc Class A  | 115900 | 19550012 |
| Hilton Worldwide Holdings Inc  | 223408 | 59502487 |
| Las Vegas Sands Corp  | 306783 | 13348128 |
| Light & Wonder Inc Class A (b) | 79270 | 7630530 |
| Norwegian Cruise Line Holdings Ltd (b) | 382357 | 7754200 |
| Planet Fitness Inc Class A (b) | 80370 | 8764349 |
| Royal Caribbean Cruises Ltd  | 242678 | 75992189 |
| Texas Roadhouse Inc  | 63400 | 11881794 |
| Travel + Leisure Co  | 19742 | 1018885 |
| Vail Resorts Inc (c) | 28070 | 4410639 |
| Viking Holdings Ltd (b) | 194685 | 10374764 |
| Wendy's Co/The  | 68314 | 780145 |
| Wingstop Inc  | 26603 | 8958294 |
| Wyndham Hotels & Resorts Inc  | 65136 | 5289695 |
| Yum! Brands Inc  | 89715 | 13293969 |
|  |  | 326533139 |
| Household Durables - 0.5% |  |  |
| SharkNinja Inc (b) | 11509 | 1139276 |
| Somnigroup International Inc  | 193632 | 13176658 |
| TopBuild Corp (b) | 1960 | 634530 |
|  |  | 14950464 |
| Specialty Retail - 4.3% |  |  |
| Burlington Stores Inc (b) | 60196 | 14003997 |
| Carvana Co Class A (b) | 122998 | 41445407 |
| Chewy Inc Class A (b) | 200319 | 8537596 |
| Floor & Decor Holdings Inc Class A (b) | 32431 | 2463459 |
| Lithia Motors Inc Class A  | 2751 | 929343 |
| Murphy USA Inc  | 17223 | 7006316 |
| RH (b) | 2472 | 467233 |
| Ross Stores Inc  | 61667 | 7867476 |
| Tractor Supply Co  | 509184 | 26869640 |
| Ulta Beauty Inc (b) | 10810 | 5057134 |
| Valvoline Inc (b) | 107827 | 4083408 |
| Wayfair Inc Class A (b) | 16103 | 823507 |
| Williams-Sonoma Inc  | 16943 | 2767978 |
|  |  | 122322494 |
| Textiles, Apparel & Luxury Goods - 1.6% |  |  |
| Deckers Outdoor Corp (b) | 144732 | 14917527 |
| Lululemon Athletica Inc (b) | 58101 | 13803636 |
| Ralph Lauren Corp Class A  | 2754 | 755367 |
| Tapestry Inc  | 181681 | 15953409 |
|  |  | 45429939 |
| TOTAL CONSUMER DISCRETIONARY |  | 532174730 |
| Consumer Staples - 1.8% |  |  |
| Beverages - 0.3% |  |  |
| Celsius Holdings Inc (b) | 157461 | 7304616 |
| Coca-Cola Consolidated Inc  | 6787 | 757768 |
|  |  | 8062384 |
| Consumer Staples Distribution & Retail - 1.4% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 18519 | 1996904 |
| Casey's General Stores Inc  | 5305 | 2706982 |
| Performance Food Group Co (b) | 18072 | 1580758 |
| Sprouts Farmers Market Inc (b) | 93758 | 15436317 |
| Sysco Corp  | 248871 | 18849490 |
|  |  | 40570451 |
| Food Products - 0.1% |  |  |
| Darling Ingredients Inc (b) | 16778 | 636557 |
| Freshpet Inc (b) | 12622 | 857791 |
| Hershey Co/The  | 16856 | 2797254 |
|  |  | 4291602 |
| TOTAL CONSUMER STAPLES |  | 52924437 |
| Energy - 2.9% |  |  |
| Oil, Gas & Consumable Fuels - 2.9% |  |  |
| Cheniere Energy Inc  | 95096 | 23157778 |
| HF Sinclair Corp  | 15201 | 624456 |
| Phillips 66  | 27915 | 3330260 |
| Targa Resources Corp  | 205703 | 35808778 |
| Texas Pacific Land Corp  | 18417 | 19455535 |
|  |  | 82376807 |
| Financials - 10.5% |  |  |
| Banks - 0.1% |  |  |
| Pinnacle Financial Partners Inc  | 5054 | 558011 |
| Western Alliance Bancorp  | 21623 | 1686162 |
|  |  | 2244173 |
| Capital Markets - 6.3% |  |  |
| Ameriprise Financial Inc  | 83083 | 44343890 |
| Ares Management Corp Class A  | 180225 | 31214970 |
| Bank of New York Mellon Corp/The  | 49795 | 4536822 |
| Blue Owl Capital Inc Class A  | 584291 | 11224230 |
| Coinbase Global Inc Class A (b) | 19288 | 6760251 |
| FactSet Research Systems Inc  | 2369 | 1059606 |
| Hamilton Lane Inc Class A  | 24963 | 3547742 |
| Houlihan Lokey Inc Class A  | 19747 | 3553473 |
| Jefferies Financial Group Inc  | 35819 | 1958941 |
| Lazard Inc (c) | 20407 | 979128 |
| LPL Financial Holdings Inc  | 76323 | 28618835 |
| Morningstar Inc  | 15287 | 4799048 |
| MSCI Inc  | 35440 | 20439666 |
| Robinhood Markets Inc Class A (b) | 94892 | 8884738 |
| TPG Inc Class A  | 116396 | 6104970 |
| Tradeweb Markets Inc Class A  | 9372 | 1372061 |
|  |  | 179398371 |
| Consumer Finance - 0.2% |  |  |
| Ally Financial Inc  | 31138 | 1212825 |
| Credit Acceptance Corp (b)(c) | 689 | 350997 |
| SLM Corp  | 27611 | 905365 |
| SoFi Technologies Inc Class A (b)(c) | 139605 | 2542207 |
|  |  | 5011394 |
| Financial Services - 3.0% |  |  |
| Affirm Holdings Inc Class A (b) | 152836 | 10567081 |
| Block Inc Class A (b) | 193038 | 13113071 |
| Corpay Inc (b) | 65092 | 21598828 |
| Equitable Holdings Inc  | 292924 | 16433036 |
| Shift4 Payments Inc Class A (b)(c) | 63568 | 6300224 |
| Toast Inc Class A (b) | 432667 | 19162822 |
| UWM Holdings Corp Class A  | 16717 | 69208 |
| WEX Inc (b) | 2647 | 388818 |
|  |  | 87633088 |
| Insurance - 0.9% |  |  |
| Brown & Brown Inc  | 27935 | 3097153 |
| Everest Group Ltd  | 5656 | 1922192 |
| Kinsale Capital Group Inc  | 21180 | 10249003 |
| Markel Group Inc (b) | 2434 | 4861574 |
| RLI Corp  | 4195 | 302963 |
| Ryan Specialty Holdings Inc Class A (c) | 100551 | 6836462 |
|  |  | 27269347 |
| TOTAL FINANCIALS |  | 301556373 |
| Health Care - 13.8% |  |  |
| Biotechnology - 4.1% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 119550 | 38984060 |
| Apellis Pharmaceuticals Inc (b) | 103253 | 1787309 |
| Exact Sciences Corp (b) | 9840 | 522898 |
| Exelixis Inc (b) | 209003 | 9211807 |
| Halozyme Therapeutics Inc (b) | 117365 | 6105327 |
| Incyte Corp (b) | 39188 | 2668703 |
| Insmed Inc (b) | 160260 | 16128566 |
| Ionis Pharmaceuticals Inc (b) | 138308 | 5464549 |
| Natera Inc (b) | 124360 | 21009378 |
| Neurocrine Biosciences Inc (b) | 79359 | 9974633 |
| Sarepta Therapeutics Inc (b) | 73915 | 1263947 |
| Summit Therapeutics Inc (b) | 111879 | 2380785 |
| Ultragenyx Pharmaceutical Inc (b) | 86023 | 3127796 |
| Viking Therapeutics Inc (b)(c) | 8272 | 219208 |
|  |  | 118848966 |
| Health Care Equipment & Supplies - 4.3% |  |  |
| Dexcom Inc (b) | 374506 | 32690629 |
| IDEXX Laboratories Inc (b) | 77296 | 41456937 |
| Inspire Medical Systems Inc (b) | 27397 | 3555309 |
| Insulet Corp (b) | 67160 | 21100329 |
| Masimo Corp (b) | 43168 | 7261721 |
| Penumbra Inc (b) | 35821 | 9192743 |
| ResMed Inc  | 33063 | 8530254 |
|  |  | 123787922 |
| Health Care Providers & Services - 3.0% |  |  |
| Cardinal Health Inc  | 116265 | 19532520 |
| Cencora Inc  | 175381 | 52587993 |
| Chemed Corp  | 1226 | 596976 |
| DaVita Inc (b) | 36626 | 5217374 |
| Molina Healthcare Inc (b) | 28179 | 8394524 |
|  |  | 86329387 |
| Health Care Technology - 1.4% |  |  |
| Doximity Inc Class A (b) | 125065 | 7671487 |
| Veeva Systems Inc Class A (b) | 112556 | 32413877 |
|  |  | 40085364 |
| Life Sciences Tools & Services - 0.8% |  |  |
| Medpace Holdings Inc (b) | 21874 | 6865374 |
| Repligen Corp (b) | 6271 | 779987 |
| Sotera Health Co (b) | 14135 | 157181 |
| Tempus AI Inc Class A (b) | 78834 | 5009112 |
| Waters Corp (b) | 29830 | 10411863 |
|  |  | 23223517 |
| Pharmaceuticals - 0.2% |  |  |
| Corcept Therapeutics Inc (b) | 90015 | 6607101 |
| TOTAL HEALTH CARE |  | 398882257 |
| Industrials - 20.1% |  |  |
| Aerospace & Defense - 6.5% |  |  |
| Axon Enterprise Inc (b) | 71450 | 59156313 |
| BWX Technologies Inc  | 15372 | 2214490 |
| HEICO Corp  | 40779 | 13375512 |
| HEICO Corp Class A  | 71665 | 18543319 |
| Howmet Aerospace Inc  | 384080 | 71488811 |
| Karman Holdings Inc  | 25384 | 1278592 |
| Leonardo DRS Inc  | 28477 | 1323611 |
| Loar Holdings Inc (b) | 36929 | 3182172 |
| Rocket Lab Corp  | 374947 | 13411854 |
| Spirit AeroSystems Holdings Inc Class A (b) | 12136 | 462988 |
| StandardAero Inc  | 12006 | 379990 |
|  |  | 184817652 |
| Building Products - 1.1% |  |  |
| AAON Inc  | 64360 | 4746550 |
| Armstrong World Industries Inc  | 12091 | 1964062 |
| AZEK Co Inc/The Class A (b) | 85733 | 4659589 |
| Carlisle Cos Inc  | 4822 | 1800535 |
| Lennox International Inc  | 30729 | 17615092 |
| Simpson Manufacturing Co Inc  | 3299 | 512367 |
|  |  | 31298195 |
| Commercial Services & Supplies - 0.9% |  |  |
| Rollins Inc  | 268825 | 15167107 |
| Tetra Tech Inc  | 47514 | 1708603 |
| Veralto Corp  | 90621 | 9148190 |
|  |  | 26023900 |
| Construction & Engineering - 2.4% |  |  |
| Comfort Systems USA Inc  | 33319 | 17865981 |
| EMCOR Group Inc  | 14636 | 7828650 |
| MasTec Inc (b) | 12537 | 2136681 |
| Quanta Services Inc  | 109279 | 41316205 |
| WillScot Holdings Corp  | 43381 | 1188639 |
|  |  | 70336156 |
| Electrical Equipment - 1.7% |  |  |
| Rockwell Automation Inc  | 8712 | 2893865 |
| Vertiv Holdings Co Class A  | 364400 | 46792604 |
|  |  | 49686469 |
| Ground Transportation - 0.3% |  |  |
| Avis Budget Group Inc (b)(c) | 5554 | 938904 |
| Lyft Inc Class A (b) | 61096 | 962873 |
| Old Dominion Freight Line Inc  | 10044 | 1630141 |
| U-Haul Holding Co (b)(c) | 2872 | 173928 |
| U-Haul Holding Co Class N  | 36821 | 2001958 |
| XPO Inc (b) | 22606 | 2854912 |
|  |  | 8562716 |
| Machinery - 0.1% |  |  |
| Allison Transmission Holdings Inc  | 13669 | 1298418 |
| RBC Bearings Inc (b) | 6021 | 2316881 |
|  |  | 3615299 |
| Passenger Airlines - 0.1% |  |  |
| Alaska Air Group Inc (b) | 20273 | 1003108 |
| American Airlines Group Inc (b)(c) | 39350 | 441507 |
| Southwest Airlines Co  | 51517 | 1671211 |
|  |  | 3115826 |
| Professional Services - 3.6% |  |  |
| Booz Allen Hamilton Holding Corp Class A  | 119631 | 12457176 |
| Broadridge Financial Solutions Inc  | 101405 | 24644457 |
| Dayforce Inc (b) | 13435 | 744165 |
| Equifax Inc  | 20580 | 5337835 |
| ExlService Holdings Inc (b) | 151557 | 6636681 |
| KBR Inc  | 9263 | 444068 |
| Paychex Inc  | 96726 | 14069764 |
| Paycom Software Inc  | 26861 | 6215635 |
| Paylocity Holding Corp (b) | 39592 | 7173674 |
| Verisk Analytics Inc  | 80456 | 25062045 |
|  |  | 102785500 |
| Trading Companies & Distributors - 3.4% |  |  |
| Core & Main Inc Class A (b) | 105537 | 6369158 |
| Fastenal Co  | 903039 | 37927638 |
| Ferguson Enterprises Inc  | 10914 | 2376524 |
| FTAI Aviation Ltd  | 97562 | 11223532 |
| SiteOne Landscape Supply Inc (b) | 13615 | 1646598 |
| WW Grainger Inc  | 36228 | 37685815 |
|  |  | 97229265 |
| TOTAL INDUSTRIALS |  | 577470978 |
| Information Technology - 17.9% |  |  |
| Communications Equipment - 0.0% |  |  |
| Lumentum Holdings Inc (b) | 4959 | 471403 |
| Ubiquiti Inc (c) | 4033 | 1660184 |
|  |  | 2131587 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| CDW Corp/DE  | 9101 | 1625347 |
| Jabil Inc  | 65928 | 14378897 |
|  |  | 16004244 |
| IT Services - 4.2% |  |  |
| Cloudflare Inc Class A (b) | 295577 | 57882845 |
| Gartner Inc (b) | 71761 | 29007232 |
| Globant SA (b) | 4023 | 365449 |
| GoDaddy Inc Class A (b) | 131655 | 23705799 |
| Kyndryl Holdings Inc (b) | 14364 | 602713 |
| MongoDB Inc Class A (b) | 7200 | 1511928 |
| Okta Inc Class A (b) | 62151 | 6213235 |
| Twilio Inc Class A (b) | 23128 | 2876198 |
|  |  | 122165399 |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Astera Labs Inc (b)(c) | 137157 | 12401736 |
| Enphase Energy Inc (b) | 121907 | 4833613 |
| Entegris Inc (c) | 23388 | 1886242 |
| Lattice Semiconductor Corp (b) | 110788 | 5427504 |
| MACOM Technology Solutions Holdings Inc (b) | 15038 | 2154795 |
| Monolithic Power Systems Inc  | 44333 | 32424270 |
| Onto Innovation Inc (b) | 10363 | 1045937 |
|  |  | 60174097 |
| Software - 9.8% |  |  |
| Appfolio Inc Class A (b) | 21056 | 4848776 |
| Bentley Systems Inc Class B  | 150764 | 8136733 |
| Confluent Inc Class A (b) | 265127 | 6609616 |
| Datadog Inc Class A (b) | 295482 | 39692097 |
| Docusign Inc (b) | 145357 | 11321857 |
| Dropbox Inc Class A (b) | 51330 | 1468038 |
| Dynatrace Inc (b) | 281236 | 15527040 |
| Elastic NV (b) | 86836 | 7322880 |
| Fair Isaac Corp (b) | 18763 | 34298013 |
| Gen Digital Inc  | 57154 | 1680328 |
| Gitlab Inc Class A (b) | 125882 | 5678537 |
| Guidewire Software Inc (b) | 80203 | 18883796 |
| HubSpot Inc (b) | 48703 | 27109551 |
| Manhattan Associates Inc (b) | 57416 | 11337938 |
| nCino Inc (b)(c) | 14347 | 401285 |
| Nutanix Inc Class A (b) | 60110 | 4594808 |
| Pegasystems Inc  | 27611 | 1494583 |
| Procore Technologies Inc (b)(c) | 109749 | 7509027 |
| PTC Inc (b) | 13195 | 2274026 |
| RingCentral Inc Class A (b) | 76682 | 2173935 |
| Rubrik Inc Class A (b) | 55512 | 4973320 |
| Samsara Inc Class A (b) | 256955 | 10221670 |
| SentinelOne Inc Class A (b) | 201421 | 3681976 |
| Teradata Corp (b) | 20754 | 463022 |
| Tyler Technologies Inc (b) | 34189 | 20268607 |
| Unity Software Inc (b)(c) | 17680 | 427855 |
| Zscaler Inc (b) | 93519 | 29359355 |
|  |  | 281758669 |
| Technology Hardware, Storage & Peripherals - 1.2% |  |  |
| NetApp Inc  | 76806 | 8183679 |
| Pure Storage Inc Class A (b) | 255016 | 14683822 |
| Super Micro Computer Inc (b)(c) | 225443 | 11048961 |
|  |  | 33916462 |
| TOTAL INFORMATION TECHNOLOGY |  | 516150458 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.0% |  |  |
| Eagle Materials Inc  | 1926 | 389263 |
| Metals & Mining - 0.1% |  |  |
| Carpenter Technology Corp  | 8146 | 2251392 |
| Steel Dynamics Inc  | 12908 | 1652353 |
|  |  | 3903745 |
| TOTAL MATERIALS |  | 4293008 |
| Real Estate - 1.3% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| CBRE Group Inc Class A (b) | 31285 | 4383654 |
| CoStar Group Inc (b) | 49563 | 3984865 |
| Jones Lang LaSalle Inc (b) | 12164 | 3111308 |
|  |  | 11479827 |
| Residential REITs - 0.1% |  |  |
| Sun Communities Inc  | 23171 | 2930900 |
| UDR Inc  | 17300 | 706359 |
|  |  | 3637259 |
| Retail REITs - 0.4% |  |  |
| Simon Property Group Inc  | 68869 | 11071380 |
| Specialized REITs - 0.4% |  |  |
| Lamar Advertising Co Class A  | 83919 | 10184410 |
| TOTAL REAL ESTATE |  | 36372876 |
| Utilities - 3.2% |  |  |
| Electric Utilities - 1.0% |  |  |
| NRG Energy Inc  | 189822 | 30481617 |
| Independent Power and Renewable Electricity Producers - 2.2% |  |  |
| Vistra Corp  | 324045 | 62803161 |
| TOTAL UTILITIES |  | 93284778 |
| TOTAL UNITED STATES |  | 2772731283 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,499,118,288) |  | <br> **2880106775** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (e)<br>(Cost $423,458)<br>| 4.25 | 426000 | **423394** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.32 | 3065685 | 3066298 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.32 | 24130909 | 24133322 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $27,199,620) |  |  | **27199620** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $2,526,741,366)<br>| <br>**2907729789** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(25504350)** |
| **NET ASSETS - 100.0%** | **2882225439** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 400 Midcap Index Contracts (United States) | 24 | Sep 2025 | 7501200 | 170270 | 170270 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

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

(b) Non-income producing

(c) Security or a portion of the security is on loan at period end.

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $423,394.

(f) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(g) Investment made with cash collateral received from securities on loan.

**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 Cash Central Fund | 4427315 | 295289800 | 296650817 | 229556 | - | - | 3066298 | 3065685 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 14176950 | 433352597 | 423396225 | 74354 | - | - | 24133322 | 24130909 | 0.1% |
| Total | 18604265 | 728642397 | 720047042 | 303910 | - | - | 27199620 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 177244581 | 177244581 | - | - |
| Consumer Discretionary | 632304042 | 632304042 | - | - |
| Consumer Staples | 52924437 | 52924437 | - | - |
| Energy | 82376807 | 82376807 | - | - |
| Financials | 304989507 | 304989507 | - | - |
| Health Care | 398882257 | 398882257 | - | - |
| Industrials | 578618042 | 578618042 | - | - |
| Information Technology | 516150458 | 516150458 | - | - |
| Materials | 6958990 | 6958990 | - | - |
| Real Estate | 36372876 | 36372876 | - | - |
| Utilities | 93284778 | 93284778 | - | - |
|  **U.S. Treasury Obligations** | 423394 | - | 423394 | - |
|  **Money Market Funds** | 27199620 | 27199620 | - | - |
| **Total Investments in Securities:** | 2907729789 | 2907306395 | 423394 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 170270 | 170270 | - | - |
| Total Assets | 170270 | 170270 | - | - |
| **Total Derivative Instruments:** | 170270 | 170270 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 170270 | 0 |
| **Total Equity Risk**  | 170270 | 0 |
| **Total Value of Derivatives** | 170270 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Mid Cap Growth Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $25,497,236) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,499,541,746) | $2880530169 |  |
| Fidelity Central Funds (cost $27,199,620) | 27199620 |  |
| Total Investment in Securities (cost $2,526,741,366) |  | $2907729789 |
| Segregated cash with brokers for derivative instruments |  | 899677 |
| Foreign currency held at value (cost $300) |  | 298 |
| Receivable for investments sold |  | 19141647 |
| Receivable for fund shares sold |  | 27263617 |
| Dividends receivable |  | 657852 |
| Distributions receivable from Fidelity Central Funds |  | 36142 |
| Other receivables |  | 2 |
| **Total assets** |  | 2955729024 |
| **Liabilities** |  |  |
| Payable to custodian bank | $154055 |  |
| Payable for investments purchased  | 22402849 |  |
| Payable for fund shares redeemed | 5168443 |  |
| Accrued management fee | 112920 |  |
| Notes payable to affiliates | 21513000 |  |
| Payable for daily variation margin on futures contracts | 16239 |  |
| Other payables and accrued expenses | 2757 |  |
| Collateral on securities loaned | 24133322 |  |
| **Total liabilities** |  | 73503585 |
| **Net Assets**  |  | $2882225439 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2479681011 |
| Total accumulated earnings (loss) |  | 402544428 |
| **Net Assets** |  | $2882225439 |
| **Net Asset Value**, offering price and redemption price per share ($2,882,225,439 ÷ 79,892,736 shares) |  | $36.08 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $10320506 |
| Interest  |  | 14731 |
| Income from Fidelity Central Funds (including $74,354 from security lending)  |  | 303910 |
| **Total income** |  | 10639147 |
| **Expenses** |  |  |
| Management fee | $849891 |  |
| Independent trustees' fees and expenses | 3873 |  |
| Interest | 4321 |  |
| Total expenses before reductions | 858085 |  |
| Expense reductions | (1483) |  |
| Total expenses after reductions |  | 856602 |
| **Net Investment income (loss)** |  | 9782545 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 53677227 |  |
| Redemptions in-kind | 63059414 |  |
| Futures contracts | 506324 |  |
| Total net realized gain (loss) |  | 117242965 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 239814514 |  |
| Assets and liabilities in foreign currencies | 1 |  |
| Futures contracts | 164028 |  |
| Total change in net unrealized appreciation (depreciation) |  | 239978543 |
| **Net gain (loss)** |  | 357221508 |
| **Net increase (decrease) in net assets resulting from operations** |  | $367004053 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9782545 | $6027043 |
| &nbsp;&nbsp;Net realized gain (loss) | 117242965<br>| 59775978<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 239978543 | 52331475<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 367004053<br>| 118134496<br>|
| Distributions to shareholders | (6611673)<br>| (5052417)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2026921411 | 649400298 |
| Reinvestment of distributions | 5324589<br>| 3453892<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (616687912) | (369176470) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1415558088<br>| 283677720<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1775950468<br>| 396759799<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1106274971 | 709515172<br>|
| &nbsp;&nbsp;End of period | $2882225439 | $1106274971 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 60140865 | 23879699 |
| Issued in reinvestment of distributions | 171202<br>| 133872<br>|
| &nbsp;&nbsp;Redeemed | (18967376) | (13714932) |
| &nbsp;&nbsp;Net increase (decrease) | 41344691 | 10298639 |

---

**Financial Highlights** 

**Fidelity® Mid Cap Growth Index Fund** <br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.70 | $25.12 | $20.56 | $31.08 | $21.71 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .19  | .18  | .17  | .13  |
| Net realized and unrealized gain (loss)  | 7.34  | 3.56  | 4.56  | (8.78)  | 9.34  |
| Total from investment operations  | 7.53  | 3.75  | 4.74  | (8.61)  | 9.47  |
| Distributions from net investment income  | (.15)  | (.17)  | (.18)  | (.12)  | (.10)  |
| Distributions from net realized gain  | -  | -  | -  | (1.79)  | -  |
| Total distributions  | (.15)  | (.17)  | (.18)  | (1.91)  | (.10)  |
| Net asset value, end of period  | $36.08 | $28.70 | $25.12 | $20.56 | $31.08 |
| **Total Return** C | 26.34% <br>| 15.01%  | 23.13%  | (29.57)%  | 43.70%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .05%  | .05%  | .05%  | .05%  | .05%  |
| Expenses net of fee waivers, if any  | .05% <br>| .05%  | .05%  | .05%  | .05%  |
| Expenses net of all reductions, if any  | .05%  | .05%  | .05%  | .05%  | .05%  |
| Net investment income (loss)  | .58%  | .72%  | .81%  | .62%  | .47%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2882225 | $1106275 | $709515 | $457328 | $653513 |
| Portfolio turnover rate F | 53% G<br>| 54% G | 46%  | 62%  | 54%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

G*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Mid Cap Value Index Fund**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Aptiv PLC  | 39335 | 2683434 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 32623 | 326556 |
| Liberty Global Ltd Class C (b) | 19684 | 202942 |
| TOTAL BELGIUM |  | 529498 |
| BERMUDA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| RenaissanceRe Holdings Ltd  | 8185 | 1988137 |
| BRAZIL - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| XP Inc Class A  | 63583 | 1284377 |
| CANADA - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc (United States)  | 20144 | 1335346 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| RB Global Inc (United States)  | 29861 | 3170940 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States)  | 23459 | 768985 |
| TOTAL CANADA |  | 5275271 |
| FINLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Amer Sports Inc (b) | 25820 | 1000783 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 6981 | 343326 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 17384 | 651378 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b)(c) | 21251 | 726572 |
| KAZAKHSTAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b) | 457 | 66744 |
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 10541 | 1161724 |
| UNITED KINGDOM - 0.5%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Entertainment PLC (b) | 5191 | 1483380 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TechnipFMC PLC  | 71210 | 2452472 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglogold Ashanti Plc  | 75973 | 3462090 |
| TOTAL UNITED KINGDOM |  | 7397942 |
| UNITED STATES - 97.8%  |  |  |
| Communication Services - 3.3% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| AST SpaceMobile Inc Class A (b) | 2301 | 107526 |
| Frontier Communications Parent Inc (b) | 40262 | 1465537 |
| GCI Liberty Inc Class A (b)(d) | 9740 | 0 |
| Iridium Communications Inc  | 15010 | 452852 |
|  |  | 2025915 |
| Entertainment - 1.5% |  |  |
| Electronic Arts Inc  | 44777 | 7150887 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 2377 | 225720 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 25060 | 2618770 |
| Liberty Media Corp-Liberty Live Class A (b) | 3445 | 273809 |
| Liberty Media Corp-Liberty Live Class C (b) | 7801 | 633129 |
| Madison Square Garden Sports Corp Class A (b) | 2766 | 577955 |
| Roku Inc Class A (b) | 19321 | 1698123 |
| Take-Two Interactive Software Inc (b) | 20374 | 4947826 |
| TKO Group Holdings Inc Class A  | 6745 | 1227253 |
| Warner Bros Discovery Inc (b) | 384880 | 4410725 |
|  |  | 23764197 |
| Interactive Media & Services - 0.3% |  |  |
| IAC Inc Class A (b)(c) | 12261 | 457826 |
| Match Group Inc  | 41900 | 1294291 |
| Pinterest Inc Class A (b) | 50940 | 1826708 |
| Trump Media & Technology Group Corp (b)(c) | 8284 | 149443 |
| ZoomInfo Technologies Inc (b) | 50838 | 514481 |
|  |  | 4242749 |
| Media - 1.4% |  |  |
| Charter Communications Inc Class A (b) | 15562 | 6361901 |
| DoubleVerify Holdings Inc (b) | 12468 | 186645 |
| Fox Corp Class A  | 37416 | 2096793 |
| Fox Corp Class B  | 22151 | 1143656 |
| Interpublic Group of Cos Inc/The  | 63621 | 1557442 |
| Liberty Broadband Corp Class A (b) | 1864 | 182336 |
| Liberty Broadband Corp Class C (b) | 15503 | 1525186 |
| New York Times Co/The Class A  | 27456 | 1536987 |
| News Corp Class A  | 72888 | 2166231 |
| News Corp Class B  | 11647 | 399609 |
| Nexstar Media Group Inc  | 4530 | 783464 |
| Omnicom Group Inc  | 33165 | 2385890 |
| Paramount Global Class A (c) | 11952 | 274298 |
| Paramount Global Class B (c) | 88750 | 1144875 |
| Sirius XM Holdings Inc (c) | 33102 | 760353 |
|  |  | 22505666 |
| TOTAL COMMUNICATION SERVICES |  | 52538527 |
| Consumer Discretionary - 7.8% |  |  |
| Automobile Components - 0.2% |  |  |
| BorgWarner Inc  | 37816 | 1266080 |
| Gentex Corp  | 39458 | 867681 |
| Lear Corp  | 9275 | 880940 |
| QuantumScape Corp Class A (b)(c) | 72454 | 486890 |
|  |  | 3501591 |
| Automobiles - 0.7% |  |  |
| Ford Motor Co  | 675462 | 7328764 |
| Harley-Davidson Inc  | 20590 | 485924 |
| Lucid Group Inc Class A (b)(c) | 94056 | 198458 |
| Rivian Automotive Inc Class A (b)(c) | 135533 | 1862223 |
| Thor Industries Inc  | 9145 | 812167 |
|  |  | 10687536 |
| Broadline Retail - 0.5% |  |  |
| Dillard's Inc Class A  | 513 | 214346 |
| eBay Inc  | 79117 | 5891052 |
| Etsy Inc (b) | 7660 | 384226 |
| Macy's Inc  | 47958 | 559190 |
| Ollie's Bargain Outlet Holdings Inc (b) | 10574 | 1393442 |
|  |  | 8442256 |
| Distributors - 0.4% |  |  |
| Genuine Parts Co  | 23806 | 2887906 |
| LKQ Corp  | 44559 | 1649129 |
| Pool Corp  | 5029 | 1465852 |
|  |  | 6002887 |
| Diversified Consumer Services - 0.3% |  |  |
| ADT Inc  | 60158 | 509538 |
| Bright Horizons Family Solutions Inc (b) | 8508 | 1051504 |
| Grand Canyon Education Inc (b) | 3395 | 641655 |
| H&R Block Inc  | 18855 | 1034951 |
| Service Corp International/US  | 23961 | 1950425 |
|  |  | 5188073 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| Aramark  | 45283 | 1895999 |
| Boyd Gaming Corp  | 9844 | 770096 |
| Caesars Entertainment Inc (b) | 35794 | 1016192 |
| Carnival Corp (b) | 128137 | 3603212 |
| Choice Hotels International Inc  | 3226 | 409315 |
| Churchill Downs Inc  | 1796 | 181396 |
| Darden Restaurants Inc  | 964 | 210123 |
| Domino's Pizza Inc  | 3794 | 1709576 |
| Hyatt Hotels Corp Class A (c) | 6912 | 965261 |
| MGM Resorts International (b) | 35311 | 1214345 |
| Norwegian Cruise Line Holdings Ltd (b) | 7252 | 147071 |
| Penn Entertainment Inc (b) | 26256 | 469195 |
| Travel + Leisure Co  | 7069 | 364831 |
| Vail Resorts Inc  | 1166 | 183214 |
| Wendy's Co/The  | 16304 | 186192 |
| Wyndham Hotels & Resorts Inc  | 1381 | 112151 |
| Wynn Resorts Ltd  | 14354 | 1344539 |
| Yum! Brands Inc  | 31705 | 4698047 |
|  |  | 19480755 |
| Household Durables - 2.0% |  |  |
| DR Horton Inc  | 47089 | 6070715 |
| Garmin Ltd  | 27977 | 5839360 |
| Lennar Corp Class A  | 37374 | 4133939 |
| Lennar Corp Class B  | 3625 | 381531 |
| Mohawk Industries Inc (b) | 8779 | 920390 |
| Newell Brands Inc  | 73358 | 396133 |
| NVR Inc (b) | 479 | 3537731 |
| PulteGroup Inc  | 34098 | 3595975 |
| SharkNinja Inc (b) | 10028 | 992672 |
| Toll Brothers Inc  | 16954 | 1934960 |
| TopBuild Corp (b) | 4668 | 1511218 |
| Whirlpool Corp (c) | 9282 | 941380 |
|  |  | 30256004 |
| Leisure Products - 0.2% |  |  |
| Brunswick Corp/DE  | 11663 | 644264 |
| Hasbro Inc  | 22840 | 1686049 |
| Mattel Inc (b) | 55273 | 1089984 |
| YETI Holdings Inc (b) | 14354 | 452438 |
|  |  | 3872735 |
| Specialty Retail - 1.8% |  |  |
| AutoNation Inc (b) | 4725 | 938621 |
| Bath & Body Works Inc  | 36647 | 1097944 |
| Best Buy Co Inc  | 33303 | 2235630 |
| CarMax Inc (b) | 26394 | 1773941 |
| Dick's Sporting Goods Inc  | 9328 | 1845172 |
| Five Below Inc (b) | 9275 | 1216695 |
| Floor & Decor Holdings Inc Class A (b) | 12602 | 957248 |
| GameStop Corp Class A (b)(c) | 70537 | 1720397 |
| Gap Inc/The  | 39654 | 864854 |
| Lithia Motors Inc Class A  | 3906 | 1319525 |
| Penske Automotive Group Inc  | 3175 | 545497 |
| RH (b) | 2216 | 418846 |
| Ross Stores Inc  | 44291 | 5650646 |
| Ulta Beauty Inc (b) | 5818 | 2721777 |
| Valvoline Inc (b) | 2690 | 101869 |
| Wayfair Inc Class A (b)(c) | 13341 | 682259 |
| Williams-Sonoma Inc  | 17325 | 2830385 |
|  |  | 26921306 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Columbia Sportswear Co (c) | 5167 | 315600 |
| Crocs Inc (b) | 9535 | 965705 |
| Lululemon Athletica Inc (b) | 7742 | 1839345 |
| PVH Corp  | 9362 | 642233 |
| Ralph Lauren Corp Class A  | 6369 | 1746889 |
| Skechers USA Inc Class A (b) | 22896 | 1444738 |
| Tapestry Inc  | 3282 | 288192 |
| Under Armour Inc Class A (b) | 26607 | 181726 |
| Under Armour Inc Class C (b) | 41311 | 268108 |
| VF Corp  | 23844 | 280167 |
|  |  | 7972703 |
| TOTAL CONSUMER DISCRETIONARY |  | 122325846 |
| Consumer Staples - 6.4% |  |  |
| Beverages - 0.5% |  |  |
| Boston Beer Co Inc/The Class A (b) | 1439 | 274576 |
| Brown-Forman Corp Class A (c) | 12322 | 338485 |
| Brown-Forman Corp Class B  | 20889 | 562123 |
| Coca-Cola Consolidated Inc  | 7660 | 855239 |
| Constellation Brands Inc Class A  | 22512 | 3662252 |
| Molson Coors Beverage Co Class B  | 28752 | 1382684 |
| Primo Brands Corp Class A  | 43782 | 1296823 |
|  |  | 8372182 |
| Consumer Staples Distribution & Retail - 2.1% |  |  |
| Albertsons Cos Inc Class A  | 71229 | 1532136 |
| BJ's Wholesale Club Holdings Inc (b) | 19185 | 2068719 |
| Casey's General Stores Inc  | 5418 | 2764643 |
| Dollar General Corp  | 37821 | 4325966 |
| Dollar Tree Inc (b) | 34955 | 3461943 |
| Kroger Co/The  | 104155 | 7471038 |
| Maplebear Inc (b) | 29702 | 1343718 |
| Performance Food Group Co (b) | 22904 | 2003413 |
| Sysco Corp  | 38584 | 2922352 |
| US Foods Holding Corp (b) | 39382 | 3032808 |
| Walgreens Boots Alliance Inc  | 124440 | 1428571 |
|  |  | 32355307 |
| Food Products - 2.6% |  |  |
| Archer-Daniels-Midland Co  | 82275 | 4342476 |
| Bunge Global SA  | 22883 | 1837047 |
| Conagra Brands Inc  | 83212 | 1703350 |
| Darling Ingredients Inc (b) | 16939 | 642666 |
| Flowers Foods Inc  | 33060 | 528299 |
| Freshpet Inc (b) | 5966 | 405449 |
| General Mills Inc  | 94458 | 4893870 |
| Hershey Co/The  | 22051 | 3659363 |
| Hormel Foods Corp  | 50201 | 1518580 |
| Ingredion Inc  | 10928 | 1482055 |
| JM Smucker Co  | 18266 | 1793721 |
| Kellanova  | 47531 | 3780140 |
| Kraft Heinz Co/The  | 147665 | 3812710 |
| Lamb Weston Holdings Inc  | 23514 | 1219201 |
| McCormick & Co Inc/MD  | 43666 | 3310756 |
| Pilgrim's Pride Corp  | 7018 | 315670 |
| Post Holdings Inc (b) | 8768 | 955975 |
| Seaboard Corp  | 47 | 134476 |
| Smithfield Foods Inc  | 4056 | 95438 |
| The Campbell's Company  | 34176 | 1047494 |
| Tyson Foods Inc Class A  | 47995 | 2684840 |
|  |  | 40163576 |
| Household Products - 0.4% |  |  |
| Church & Dwight Co Inc  | 42474 | 4082176 |
| Clorox Co/The  | 21143 | 2538640 |
| Reynolds Consumer Products Inc  | 9973 | 213622 |
|  |  | 6834438 |
| Personal Care Products - 0.8% |  |  |
| BellRing Brands Inc (b) | 21736 | 1259166 |
| Coty Inc Class A (b) | 62305 | 289718 |
| elf Beauty Inc (b) | 9430 | 1173469 |
| Estee Lauder Cos Inc/The Class A  | 40321 | 3257937 |
| Kenvue Inc  | 326505 | 6833750 |
|  |  | 12814040 |
| TOTAL CONSUMER STAPLES |  | 100539543 |
| Energy - 6.8% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Baker Hughes Co Class A  | 170066 | 6520330 |
| Halliburton Co  | 147207 | 3000079 |
| NOV Inc  | 64472 | 801387 |
| Weatherford International PLC  | 12264 | 617002 |
|  |  | 10938798 |
| Oil, Gas & Consumable Fuels - 6.1% |  |  |
| Antero Midstream Corp  | 57333 | 1086460 |
| Antero Resources Corp (b) | 49838 | 2007475 |
| APA Corp  | 61113 | 1117757 |
| Cheniere Energy Inc  | 20810 | 5067651 |
| Chord Energy Corp  | 10216 | 989420 |
| Civitas Resources Inc  | 15838 | 435861 |
| Coterra Energy Inc  | 129527 | 3287395 |
| Devon Energy Corp  | 106736 | 3395272 |
| Diamondback Energy Inc  | 32746 | 4499300 |
| DT Midstream Inc  | 17436 | 1916391 |
| EQT Corp  | 102383 | 5970977 |
| Expand Energy Corp  | 37801 | 4420449 |
| Hess Corp  | 48443 | 6711293 |
| HF Sinclair Corp  | 25116 | 1031765 |
| Kinder Morgan Inc  | 333850 | 9815190 |
| Marathon Petroleum Corp  | 53533 | 8892367 |
| Matador Resources Co  | 19978 | 953350 |
| Occidental Petroleum Corp  | 115798 | 4864674 |
| ONEOK Inc  | 107305 | 8759307 |
| Ovintiv Inc  | 44827 | 1705667 |
| Permian Resources Corp Class A  | 109191 | 1487181 |
| Phillips 66  | 65059 | 7761539 |
| Range Resources Corp  | 40659 | 1653602 |
| Valero Energy Corp  | 53668 | 7214053 |
| Viper Energy Inc Class A  | 22638 | 863187 |
|  |  | 95907583 |
| TOTAL ENERGY |  | 106846381 |
| Financials - 16.7% |  |  |
| Banks - 3.2% |  |  |
| Bank OZK  | 18203 | 856633 |
| BOK Financial Corp  | 3827 | 373630 |
| Citizens Financial Group Inc  | 74925 | 3352894 |
| Columbia Banking System Inc (c) | 35747 | 835765 |
| Comerica Inc  | 22499 | 1342065 |
| Commerce Bancshares Inc/MO  | 21067 | 1309735 |
| Cullen/Frost Bankers Inc  | 10172 | 1307509 |
| East West Bancorp Inc  | 23418 | 2364750 |
| Fifth Third Bancorp  | 114161 | 4695442 |
| First Citizens BancShares Inc/NC Class A  | 1690 | 3306434 |
| First Hawaiian Inc  | 21747 | 542805 |
| First Horizon Corp  | 86444 | 1832613 |
| FNB Corp/PA  | 61677 | 899251 |
| Huntington Bancshares Inc/OH  | 247707 | 4151569 |
| KeyCorp  | 164105 | 2858709 |
| M&T Bank Corp  | 27785 | 5390013 |
| Pinnacle Financial Partners Inc  | 12211 | 1348217 |
| Prosperity Bancshares Inc  | 15767 | 1107474 |
| Regions Financial Corp  | 153910 | 3619963 |
| SouthState Corp  | 17288 | 1591015 |
| Synovus Financial Corp  | 23892 | 1236411 |
| TFS Financial Corp  | 10049 | 130135 |
| Webster Financial Corp  | 28670 | 1565382 |
| Western Alliance Bancorp  | 14726 | 1148333 |
| Wintrust Financial Corp  | 11278 | 1398246 |
| Zions Bancorp NA  | 24963 | 1296578 |
|  |  | 49861571 |
| Capital Markets - 5.6% |  |  |
| Affiliated Managers Group Inc  | 4801 | 944693 |
| Ameriprise Financial Inc  | 1477 | 788319 |
| Bank of New York Mellon Corp/The  | 113779 | 10366405 |
| Carlyle Group Inc/The  | 45212 | 2323897 |
| Cboe Global Markets Inc  | 18000 | 4197780 |
| Coinbase Global Inc Class A (b) | 31988 | 11211474 |
| Evercore Inc Class A  | 6366 | 1718947 |
| FactSet Research Systems Inc  | 6097 | 2727066 |
| Franklin Resources Inc  | 53631 | 1279099 |
| Hamilton Lane Inc Class A  | 2433 | 345778 |
| Houlihan Lokey Inc Class A  | 5751 | 1034892 |
| Invesco Ltd  | 63483 | 1001127 |
| Janus Henderson Group PLC  | 21925 | 851567 |
| Jefferies Financial Group Inc  | 20286 | 1109441 |
| Lazard Inc  | 15372 | 737549 |
| MarketAxess Holdings Inc  | 6284 | 1403469 |
| Morningstar Inc  | 1295 | 406539 |
| MSCI Inc  | 6542 | 3773033 |
| Nasdaq Inc  | 70738 | 6325392 |
| Northern Trust Corp  | 33168 | 4205371 |
| Raymond James Financial Inc  | 31375 | 4811984 |
| Robinhood Markets Inc Class A (b) | 110114 | 10309974 |
| SEI Investments Co  | 17730 | 1593218 |
| State Street Corp  | 49446 | 5258088 |
| Stifel Financial Corp  | 17302 | 1795602 |
| T Rowe Price Group Inc  | 37628 | 3631102 |
| TPG Inc Class A  | 1538 | 80668 |
| Tradeweb Markets Inc Class A  | 18331 | 2683658 |
| Virtu Financial Inc Class A  | 13885 | 621909 |
|  |  | 87538041 |
| Consumer Finance - 0.7% |  |  |
| Ally Financial Inc  | 42510 | 1655765 |
| Credit Acceptance Corp (b)(c) | 1077 | 548655 |
| OneMain Holdings Inc  | 20698 | 1179786 |
| SLM Corp  | 31193 | 1022818 |
| SoFi Technologies Inc Class A (b)(c) | 158204 | 2880895 |
| Synchrony Financial  | 65348 | 4361326 |
|  |  | 11649245 |
| Financial Services - 1.7% |  |  |
| Affirm Holdings Inc Class A (b) | 18735 | 1295338 |
| Block Inc Class A (b) | 58986 | 4006919 |
| Corebridge Financial Inc  | 41503 | 1473357 |
| Euronet Worldwide Inc (b) | 6974 | 707024 |
| Fidelity National Information Services Inc  | 90492 | 7366954 |
| Global Payments Inc  | 41992 | 3361040 |
| Jack Henry & Associates Inc  | 12480 | 2248522 |
| MGIC Investment Corp  | 39869 | 1109953 |
| Mr Cooper Group Inc (b) | 10808 | 1612662 |
| Rocket Cos Inc Class A (c) | 40358 | 572276 |
| UWM Holdings Corp Class A  | 28044 | 116102 |
| Voya Financial Inc  | 16636 | 1181156 |
| Western Union Co/The  | 55382 | 466316 |
| WEX Inc (b) | 5388 | 791443 |
|  |  | 26309062 |
| Insurance - 5.1% |  |  |
| Allstate Corp/The  | 45252 | 9109680 |
| American Financial Group Inc/OH  | 11405 | 1439425 |
| Arch Capital Group Ltd  | 62512 | 5691718 |
| Assurant Inc  | 8742 | 1726458 |
| Assured Guaranty Ltd  | 8086 | 704291 |
| Axis Capital Holdings Ltd  | 12885 | 1337721 |
| Brighthouse Financial Inc (b) | 9703 | 521729 |
| Brown & Brown Inc  | 42332 | 4693349 |
| Cincinnati Financial Corp  | 26508 | 3947571 |
| CNA Financial Corp  | 3609 | 167926 |
| Everest Group Ltd  | 6214 | 2111828 |
| Fidelity National Financial Inc/US  | 44653 | 2503247 |
| First American Financial Corp  | 17199 | 1055847 |
| Globe Life Inc  | 14146 | 1758206 |
| Hanover Insurance Group Inc/The  | 6154 | 1045380 |
| Hartford Insurance Group Inc/The  | 48362 | 6135687 |
| Kemper Corp  | 10570 | 682187 |
| Lincoln National Corp  | 29181 | 1009663 |
| Loews Corp  | 29202 | 2676655 |
| Markel Group Inc (b) | 1702 | 3399507 |
| Old Republic International Corp  | 39330 | 1511845 |
| Primerica Inc  | 5659 | 1548699 |
| Principal Financial Group Inc  | 38292 | 3041534 |
| Prudential Financial Inc  | 61005 | 6554377 |
| Reinsurance Group of America Inc  | 11332 | 2247816 |
| RLI Corp  | 13477 | 973309 |
| Unum Group  | 29590 | 2389688 |
| W R Berkley Corp  | 51913 | 3814048 |
| White Mountains Insurance Group Ltd  | 437 | 784730 |
| Willis Towers Watson PLC  | 17057 | 5227971 |
|  |  | 79812092 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.4% |  |  |
| AGNC Investment Corp  | 163275 | 1500497 |
| Annaly Capital Management Inc  | 102646 | 1931798 |
| Rithm Capital Corp  | 89229 | 1007394 |
| Starwood Property Trust Inc  | 54551 | 1094839 |
|  |  | 5534528 |
| TOTAL FINANCIALS |  | 260704539 |
| Health Care - 7.7% |  |  |
| Biotechnology - 1.0% |  |  |
| Biogen Inc (b) | 25129 | 3155951 |
| BioMarin Pharmaceutical Inc (b) | 32716 | 1798399 |
| Exact Sciences Corp (b) | 30331 | 1611789 |
| Exelixis Inc (b) | 8734 | 384951 |
| Incyte Corp (b) | 20162 | 1373032 |
| Insmed Inc (b) | 2045 | 205809 |
| Ionis Pharmaceuticals Inc (b) | 2472 | 97669 |
| Moderna Inc (b) | 61565 | 1698578 |
| Neurocrine Biosciences Inc (b) | 2415 | 303541 |
| Revolution Medicines Inc (b) | 30347 | 1116466 |
| Roivant Sciences Ltd (b)(c) | 67188 | 757209 |
| Sarepta Therapeutics Inc (b) | 3018 | 51607 |
| United Therapeutics Corp (b) | 7620 | 2189607 |
| Viking Therapeutics Inc (b) | 17581 | 465897 |
|  |  | 15210505 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Align Technology Inc (b) | 11875 | 2248294 |
| Baxter International Inc  | 88953 | 2693497 |
| Cooper Cos Inc/The (b) | 34566 | 2459717 |
| DENTSPLY SIRONA Inc  | 36647 | 581954 |
| Envista Holdings Corp (b) | 30780 | 601441 |
| GE HealthCare Technologies Inc  | 78862 | 5841308 |
| Globus Medical Inc Class A (b) | 19655 | 1160038 |
| Hologic Inc (b) | 38648 | 2518304 |
| ResMed Inc  | 19191 | 4951278 |
| Solventum Corp (b) | 24020 | 1821677 |
| STERIS PLC  | 16967 | 4075813 |
| Teleflex Inc  | 4150 | 491194 |
| Zimmer Biomet Holdings Inc  | 34268 | 3125584 |
|  |  | 32570099 |
| Health Care Providers & Services - 2.0% |  |  |
| Acadia Healthcare Co Inc (b) | 15908 | 360952 |
| Amedisys Inc (b) | 5472 | 538390 |
| Cardinal Health Inc  | 20473 | 3439464 |
| Centene Corp (b) | 85277 | 4628836 |
| Chemed Corp  | 2252 | 1096566 |
| Encompass Health Corp  | 17098 | 2096728 |
| Henry Schein Inc (b) | 18884 | 1379476 |
| Humana Inc  | 20754 | 5073938 |
| Labcorp Holdings Inc  | 14374 | 3773319 |
| Molina Healthcare Inc (b) | 4164 | 1240456 |
| Quest Diagnostics Inc  | 19181 | 3445483 |
| Tenet Healthcare Corp (b) | 15745 | 2771120 |
| Universal Health Services Inc Class B  | 9467 | 1714947 |
|  |  | 31559675 |
| Health Care Technology - 0.0% |  |  |
| Certara Inc (b) | 21405 | 250438 |
| Veeva Systems Inc Class A (b) | 5172 | 1489432 |
|  |  | 1739870 |
| Life Sciences Tools & Services - 2.1% |  |  |
| Agilent Technologies Inc  | 49420 | 5832055 |
| Avantor Inc (b) | 115105 | 1549313 |
| Bio-Rad Laboratories Inc Class A (b) | 1254 | 302615 |
| Bio-Techne Corp  | 27800 | 1430310 |
| Bruker Corp  | 18478 | 761294 |
| Charles River Laboratories International Inc (b) | 8540 | 1295774 |
| Illumina Inc (b) | 27535 | 2627114 |
| IQVIA Holdings Inc (b) | 30362 | 4784748 |
| Mettler-Toledo International Inc (b) | 3603 | 4232516 |
| QIAGEN NV (United States)  | 37262 | 1790812 |
| Repligen Corp (b) | 8041 | 1000140 |
| Revvity Inc  | 21264 | 2056654 |
| Sotera Health Co (b)(c) | 25227 | 280524 |
| Waters Corp (b) | 4979 | 1737870 |
| West Pharmaceutical Services Inc  | 12393 | 2711588 |
|  |  | 32393327 |
| Pharmaceuticals - 0.5% |  |  |
| Elanco Animal Health Inc (b) | 84767 | 1210473 |
| Jazz Pharmaceuticals PLC (b) | 10189 | 1081257 |
| Organon & Co  | 44181 | 427671 |
| Perrigo Co PLC  | 23739 | 634306 |
| Royalty Pharma PLC Class A  | 66793 | 2406552 |
| Viatris Inc  | 207635 | 1854181 |
|  |  | 7614440 |
| TOTAL HEALTH CARE |  | 121087916 |
| Industrials - 17.0% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| ATI Inc (b) | 24003 | 2072419 |
| BWX Technologies Inc  | 12904 | 1858950 |
| Curtiss-Wright Corp  | 6433 | 3142842 |
| Hexcel Corp  | 13809 | 780070 |
| Huntington Ingalls Industries Inc  | 6711 | 1620438 |
| L3Harris Technologies Inc  | 32046 | 8038420 |
| Leonardo DRS Inc  | 7802 | 362637 |
| Loar Holdings Inc (b) | 697 | 60060 |
| Spirit AeroSystems Holdings Inc Class A (b) | 18818 | 717907 |
| StandardAero Inc  | 22043 | 697661 |
| Textron Inc  | 30824 | 2474859 |
| Woodward Inc  | 10168 | 2492075 |
|  |  | 24318338 |
| Air Freight & Logistics - 0.4% |  |  |
| CH Robinson Worldwide Inc  | 20122 | 1930706 |
| Expeditors International of Washington Inc  | 23517 | 2686817 |
| GXO Logistics Inc (b) | 19844 | 966403 |
|  |  | 5583926 |
| Building Products - 1.2% |  |  |
| A O Smith Corp  | 19323 | 1267009 |
| Advanced Drainage Systems Inc  | 11980 | 1376023 |
| Allegion plc  | 14475 | 2086137 |
| Armstrong World Industries Inc  | 4843 | 786697 |
| AZEK Co Inc/The Class A (b) | 8267 | 449311 |
| Builders FirstSource Inc (b) | 19087 | 2227262 |
| Carlisle Cos Inc  | 6409 | 2393122 |
| Fortune Brands Innovations Inc  | 20540 | 1057399 |
| Hayward Holdings Inc (b) | 33166 | 457691 |
| Masco Corp  | 35545 | 2287676 |
| Owens Corning  | 14422 | 1983313 |
| Simpson Manufacturing Co Inc  | 6358 | 987461 |
| Trex Co Inc (b) | 18179 | 988574 |
|  |  | 18347675 |
| Commercial Services & Supplies - 0.4% |  |  |
| Clean Harbors Inc (b) | 8715 | 2014734 |
| MSA Safety Inc  | 6358 | 1065155 |
| Tetra Tech Inc  | 37535 | 1349759 |
| Veralto Corp  | 24657 | 2489124 |
|  |  | 6918772 |
| Construction & Engineering - 0.8% |  |  |
| AECOM  | 22627 | 2553683 |
| API Group Corp (b) | 42098 | 2149103 |
| EMCOR Group Inc  | 4944 | 2644496 |
| Everus Construction Group Inc  | 8754 | 556141 |
| MasTec Inc (b) | 8370 | 1426499 |
| Quanta Services Inc  | 5673 | 2144848 |
| Valmont Industries Inc  | 3401 | 1110665 |
| WillScot Holdings Corp  | 23017 | 630666 |
|  |  | 13216101 |
| Electrical Equipment - 1.5% |  |  |
| Acuity Inc  | 5304 | 1582395 |
| AMETEK Inc  | 39526 | 7152626 |
| Generac Holdings Inc (b) | 10072 | 1442411 |
| Hubbell Inc  | 9191 | 3753696 |
| nVent Electric PLC  | 28142 | 2061402 |
| Regal Rexnord Corp  | 11367 | 1647760 |
| Rockwell Automation Inc  | 17879 | 5938867 |
| Sensata Technologies Holding PLC  | 25066 | 754737 |
|  |  | 24333894 |
| Ground Transportation - 1.0% |  |  |
| Avis Budget Group Inc (b)(c) | 1949 | 329478 |
| JB Hunt Transport Services Inc  | 13722 | 1970479 |
| Knight-Swift Transportation Holdings Inc  | 27289 | 1206992 |
| Landstar System Inc  | 5947 | 826752 |
| Lyft Inc Class A (b) | 57453 | 905459 |
| Old Dominion Freight Line Inc  | 30196 | 4900812 |
| Ryder System Inc  | 6823 | 1084857 |
| Saia Inc (b) | 4596 | 1259258 |
| Schneider National Inc Class B  | 9054 | 218654 |
| U-Haul Holding Co (b)(c) | 1132 | 68554 |
| U-Haul Holding Co Class N  | 10367 | 563654 |
| XPO Inc (b) | 15663 | 1978080 |
|  |  | 15313029 |
| Machinery - 4.9% |  |  |
| AGCO Corp  | 10794 | 1113509 |
| Allison Transmission Holdings Inc  | 12001 | 1139975 |
| CNH Industrial NV Class A  | 151169 | 1959150 |
| Crane Co  | 8467 | 1607799 |
| Cummins Inc  | 23593 | 7726708 |
| Donaldson Co Inc  | 20269 | 1405655 |
| Dover Corp  | 23272 | 4264129 |
| Esab Corp  | 9780 | 1178979 |
| Flowserve Corp  | 22458 | 1175676 |
| Fortive Corp  | 59820 | 3118417 |
| Gates Industrial Corp PLC (b) | 43691 | 1006203 |
| Graco Inc  | 28346 | 2436906 |
| IDEX Corp  | 13022 | 2286273 |
| Ingersoll Rand Inc  | 69334 | 5767202 |
| ITT Inc  | 13789 | 2162529 |
| Lincoln Electric Holdings Inc  | 9299 | 1927869 |
| Middleby Corp/The (b) | 8669 | 1248336 |
| Mueller Industries Inc  | 18546 | 1473851 |
| Nordson Corp  | 9279 | 1989139 |
| Oshkosh Corp  | 10978 | 1246442 |
| Otis Worldwide Corp  | 67754 | 6709001 |
| Pentair PLC  | 28049 | 2879510 |
| RBC Bearings Inc (b) | 4238 | 1630782 |
| Snap-on Inc  | 8765 | 2727493 |
| Stanley Black & Decker Inc  | 26635 | 1804521 |
| Timken Co/The  | 10855 | 787529 |
| Toro Co/The  | 17188 | 1214848 |
| Westinghouse Air Brake Technologies Corp  | 29028 | 6077012 |
| Xylem Inc/NY  | 41749 | 5400651 |
|  |  | 75466094 |
| Marine Transportation - 0.1% |  |  |
| Kirby Corp (b) | 9646 | 1093952 |
| Passenger Airlines - 0.9% |  |  |
| Alaska Air Group Inc (b) | 17574 | 869562 |
| American Airlines Group Inc (b)(c) | 105651 | 1185404 |
| Delta Air Lines Inc  | 112155 | 5515783 |
| Southwest Airlines Co  | 78852 | 2557959 |
| United Airlines Holdings Inc (b) | 55870 | 4448928 |
|  |  | 14577636 |
| Professional Services - 2.5% |  |  |
| Amentum Holdings Inc  | 27579 | 651140 |
| Broadridge Financial Solutions Inc  | 1788 | 434538 |
| CACI International Inc (b) | 3742 | 1783811 |
| Clarivate PLC (b)(c) | 63570 | 273351 |
| Concentrix Corp (c) | 7843 | 414542 |
| Dayforce Inc (b) | 23881 | 1322769 |
| Dun & Bradstreet Holdings Inc  | 53567 | 486924 |
| Equifax Inc  | 17601 | 4565171 |
| FTI Consulting Inc (b) | 5815 | 939123 |
| Genpact Ltd  | 27622 | 1215644 |
| Jacobs Solutions Inc  | 20947 | 2753483 |
| KBR Inc  | 20434 | 979606 |
| Leidos Holdings Inc  | 21905 | 3455733 |
| ManpowerGroup Inc  | 8223 | 332209 |
| Parsons Corp (b) | 9145 | 656337 |
| Paychex Inc  | 38027 | 5531407 |
| Paycom Software Inc  | 3992 | 923749 |
| Paylocity Holding Corp (b) | 652 | 118135 |
| Robert Half Inc  | 17318 | 710904 |
| Science Applications International Corp  | 8129 | 915407 |
| SS&C Technologies Holdings Inc  | 36302 | 3005806 |
| TransUnion  | 33495 | 2947560 |
| Verisk Analytics Inc  | 9546 | 2973579 |
|  |  | 37390928 |
| Trading Companies & Distributors - 1.8% |  |  |
| Air Lease Corp Class A  | 17818 | 1042175 |
| Applied Industrial Technologies Inc  | 6540 | 1520223 |
| Core & Main Inc Class A (b) | 13626 | 822329 |
| Fastenal Co  | 34594 | 1452948 |
| Ferguson Enterprises Inc  | 31285 | 6812309 |
| MSC Industrial Direct Co Inc Class A  | 7546 | 641561 |
| QXO Inc (b) | 102343 | 2204468 |
| SiteOne Landscape Supply Inc (b) | 5223 | 631669 |
| United Rentals Inc  | 11127 | 8383082 |
| Watsco Inc  | 5981 | 2641329 |
| Wesco International Inc  | 8234 | 1524937 |
| WW Grainger Inc  | 1065 | 1107856 |
|  |  | 28784886 |
| TOTAL INDUSTRIALS |  | 265345231 |
| Information Technology - 9.4% |  |  |
| Communications Equipment - 0.5% |  |  |
| Ciena Corp (b) | 24304 | 1976644 |
| F5 Inc (b) | 9860 | 2901995 |
| Juniper Networks Inc  | 56672 | 2262913 |
| Lumentum Holdings Inc (b) | 11042 | 1049652 |
|  |  | 8191204 |
| Electronic Equipment, Instruments & Components - 2.6% |  |  |
| Arrow Electronics Inc (b) | 9058 | 1154261 |
| Avnet Inc  | 15197 | 806657 |
| CDW Corp/DE  | 21060 | 3761105 |
| Cognex Corp  | 14890 | 472311 |
| Coherent Corp (b) | 26495 | 2363619 |
| Corning Inc  | 134540 | 7075459 |
| Crane NXT Co  | 8730 | 470547 |
| Flex Ltd (b) | 65735 | 3281491 |
| Ingram Micro Holding Corp (c) | 3950 | 82317 |
| IPG Photonics Corp (b) | 4590 | 315104 |
| Jabil Inc  | 6339 | 1382536 |
| Keysight Technologies Inc (b) | 29659 | 4859924 |
| Littelfuse Inc  | 4330 | 981741 |
| Ralliant Corp  | 19940 | 966891 |
| TD SYNNEX Corp  | 13588 | 1843892 |
| Teledyne Technologies Inc (b) | 8011 | 4104115 |
| Trimble Inc (b) | 41089 | 3121942 |
| Vontier Corp  | 25869 | 954566 |
| Zebra Technologies Corp Class A (b) | 8798 | 2712951 |
|  |  | 40711429 |
| IT Services - 1.6% |  |  |
| Akamai Technologies Inc (b) | 24707 | 1970630 |
| Amdocs Ltd  | 18855 | 1720330 |
| Cognizant Technology Solutions Corp Class A  | 84574 | 6599310 |
| DXC Technology Co (b) | 30674 | 469005 |
| EPAM Systems Inc (b) | 9424 | 1666352 |
| Globant SA (b) | 6773 | 615259 |
| Kyndryl Holdings Inc (b) | 37123 | 1557681 |
| MongoDB Inc Class A (b) | 12281 | 2578887 |
| Okta Inc Class A (b) | 17189 | 1718384 |
| Twilio Inc Class A (b) | 20145 | 2505232 |
| VeriSign Inc  | 13667 | 3947031 |
|  |  | 25348101 |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| Amkor Technology Inc  | 19893 | 417554 |
| Cirrus Logic Inc (b) | 9072 | 945801 |
| Entegris Inc  | 21637 | 1745024 |
| First Solar Inc (b) | 17443 | 2887514 |
| GlobalFoundries Inc (b) | 17653 | 674345 |
| Lattice Semiconductor Corp (b) | 3572 | 174992 |
| MACOM Technology Solutions Holdings Inc (b) | 8190 | 1173545 |
| Microchip Technology Inc  | 90756 | 6386501 |
| MKS Inc  | 11639 | 1156451 |
| ON Semiconductor Corp (b) | 72528 | 3801192 |
| Onto Innovation Inc (b) | 6550 | 661092 |
| Qorvo Inc (b) | 16100 | 1367051 |
| Skyworks Solutions Inc  | 26422 | 1968967 |
| Teradyne Inc  | 27700 | 2490784 |
| Universal Display Corp  | 7563 | 1168181 |
|  |  | 27018994 |
| Software - 1.8% |  |  |
| ANSYS Inc (b) | 15011 | 5272164 |
| Aurora Innovation Inc Class A (b) | 170089 | 891266 |
| BILL Holdings Inc (b) | 15920 | 736459 |
| Ccc Intelligent Solutions Holdings Inc Class A (b)(c) | 89136 | 838770 |
| Docusign Inc (b) | 8311 | 647344 |
| Dolby Laboratories Inc Class A  | 10307 | 765398 |
| Dropbox Inc Class A (b) | 24967 | 714056 |
| Fair Isaac Corp (b) | 715 | 1306991 |
| Gen Digital Inc  | 83689 | 2460457 |
| Informatica Inc Class A (b) | 18091 | 440516 |
| nCino Inc (b)(c) | 15889 | 444415 |
| Nutanix Inc Class A (b) | 32958 | 2519310 |
| Pegasystems Inc  | 9841 | 532693 |
| PTC Inc (b) | 18060 | 3112460 |
| Rubrik Inc Class A (b) | 6721 | 602134 |
| SailPoint Inc  | 10462 | 239161 |
| SentinelOne Inc Class A (b) | 14514 | 265316 |
| Teradata Corp (b) | 12327 | 275015 |
| Tyler Technologies Inc (b) | 1248 | 739864 |
| UiPath Inc Class A (b) | 75232 | 962970 |
| Unity Software Inc (b)(c) | 51394 | 1243735 |
| Zoom Communications Inc Class A (b) | 44974 | 3507073 |
|  |  | 28517567 |
| Technology Hardware, Storage & Peripherals - 1.2% |  |  |
| Hewlett Packard Enterprise Co  | 225530 | 4612089 |
| HP Inc  | 161875 | 3959463 |
| NetApp Inc  | 21079 | 2245967 |
| Pure Storage Inc Class A (b) | 7591 | 437089 |
| Sandisk Corp/DE  | 23374 | 1060011 |
| Super Micro Computer Inc (b) | 47811 | 2343217 |
| Western Digital Corp  | 59646 | 3816748 |
|  |  | 18474584 |
| TOTAL INFORMATION TECHNOLOGY |  | 148261879 |
| Materials - 6.4% |  |  |
| Chemicals - 2.8% |  |  |
| Albemarle Corp  | 20442 | 1281100 |
| Ashland Inc  | 8389 | 421799 |
| Axalta Coating Systems Ltd (b) | 37228 | 1105299 |
| Celanese Corp  | 19471 | 1077330 |
| CF Industries Holdings Inc  | 28415 | 2614180 |
| Corteva Inc  | 117283 | 8741102 |
| Dow Inc  | 122297 | 3238425 |
| DuPont de Nemours Inc  | 71897 | 4931415 |
| Eastman Chemical Co  | 19648 | 1466920 |
| Element Solutions Inc  | 38724 | 877099 |
| FMC Corp  | 21420 | 894285 |
| Huntsman Corp  | 30449 | 317279 |
| International Flavors & Fragrances Inc  | 44177 | 3249218 |
| LyondellBasell Industries NV Class A1  | 44235 | 2559437 |
| Mosaic Co/The  | 54245 | 1978858 |
| NewMarket Corp  | 997 | 688787 |
| Olin Corp  | 20242 | 406662 |
| PPG Industries Inc  | 38946 | 4430108 |
| RPM International Inc  | 21697 | 2383198 |
| Scotts Miracle-Gro Co/The  | 7550 | 497998 |
| Westlake Corp  | 5881 | 446544 |
|  |  | 43607043 |
| Construction Materials - 0.8% |  |  |
| Eagle Materials Inc  | 5324 | 1076034 |
| Martin Marietta Materials Inc  | 10289 | 5648249 |
| Vulcan Materials Co  | 22692 | 5918528 |
|  |  | 12642811 |
| Containers & Packaging - 1.7% |  |  |
| Amcor PLC  | 391117 | 3594365 |
| AptarGroup Inc  | 11208 | 1753267 |
| Avery Dennison Corp  | 13382 | 2348140 |
| Ball Corp  | 48701 | 2731639 |
| Crown Holdings Inc  | 19802 | 2039210 |
| Graphic Packaging Holding CO  | 51111 | 1076909 |
| International Paper Co  | 90178 | 4223036 |
| Packaging Corp of America  | 15156 | 2856148 |
| Sealed Air Corp  | 25116 | 779349 |
| Silgan Holdings Inc  | 15109 | 818606 |
| Smurfit WestRock PLC  | 89599 | 3866197 |
| Sonoco Products Co  | 17092 | 744527 |
|  |  | 26831393 |
| Metals & Mining - 1.1% |  |  |
| Alcoa Corp  | 44434 | 1311247 |
| Carpenter Technology Corp  | 6782 | 1874409 |
| Cleveland-Cliffs Inc (b) | 85240 | 647824 |
| MP Materials Corp (b)(c) | 20813 | 692449 |
| Nucor Corp  | 39487 | 5115146 |
| Reliance Inc  | 9039 | 2837342 |
| Royal Gold Inc  | 11261 | 2002656 |
| Steel Dynamics Inc  | 21802 | 2790874 |
|  |  | 17271947 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 10804 | 929036 |
| TOTAL MATERIALS |  | 101282230 |
| Real Estate - 9.4% |  |  |
| Diversified REITs - 0.1% |  |  |
| WP Carey Inc  | 37408 | 2333510 |
| Health Care REITs - 0.7% |  |  |
| Alexandria Real Estate Equities Inc  | 29861 | 2168804 |
| Healthcare Realty Trust Inc  | 28441 | 451074 |
| Healthpeak Properties Inc  | 120622 | 2112091 |
| Medical Properties Trust Inc (c) | 23029 | 99255 |
| Omega Healthcare Investors Inc  | 49672 | 1820479 |
| Ventas Inc  | 74821 | 4724947 |
|  |  | 11376650 |
| Hotel & Resort REITs - 0.1% |  |  |
| Host Hotels & Resorts Inc  | 118340 | 1817702 |
| Park Hotels & Resorts Inc  | 35488 | 363042 |
|  |  | 2180744 |
| Industrial REITs - 0.4% |  |  |
| Americold Realty Trust Inc  | 50406 | 838252 |
| EastGroup Properties Inc  | 9072 | 1516113 |
| First Industrial Realty Trust Inc  | 22396 | 1077919 |
| Lineage Inc  | 12647 | 550397 |
| Rexford Industrial Realty Inc  | 41359 | 1471140 |
| STAG Industrial Inc Class A  | 32727 | 1187336 |
|  |  | 6641157 |
| Office REITs - 0.3% |  |  |
| BXP Inc  | 27406 | 1849084 |
| Cousins Properties Inc  | 29448 | 884323 |
| Highwoods Properties Inc  | 18892 | 587352 |
| Kilroy Realty Corp  | 20695 | 710045 |
| Vornado Realty Trust  | 30437 | 1163911 |
|  |  | 5194715 |
| Real Estate Management & Development - 1.0% |  |  |
| CBRE Group Inc Class A (b) | 45382 | 6358926 |
| CoStar Group Inc (b) | 62910 | 5057964 |
| Howard Hughes Holdings Inc (b) | 5336 | 360180 |
| Jones Lang LaSalle Inc (b) | 5933 | 1517543 |
| Zillow Group Inc Class A (b) | 11981 | 820578 |
| Zillow Group Inc Class C (b) | 24695 | 1729885 |
|  |  | 15845076 |
| Residential REITs - 1.9% |  |  |
| American Homes 4 Rent Class A  | 59164 | 2134045 |
| AvalonBay Communities Inc  | 24512 | 4988193 |
| Camden Property Trust  | 18708 | 2108205 |
| Equity LifeStyle Properties Inc  | 32829 | 2024564 |
| Equity Residential  | 65376 | 4412226 |
| Essex Property Trust Inc  | 11011 | 3120517 |
| Invitation Homes Inc  | 105560 | 3462368 |
| Mid-America Apartment Communities Inc  | 20100 | 2975001 |
| Sun Communities Inc  | 17718 | 2241150 |
| UDR Inc  | 54347 | 2218988 |
|  |  | 29685257 |
| Retail REITs - 1.7% |  |  |
| Agree Realty Corp  | 18802 | 1373674 |
| Brixmor Property Group Inc  | 52991 | 1379886 |
| Federal Realty Investment Trust  | 14912 | 1416491 |
| Kimco Realty Corp  | 116056 | 2439497 |
| NNN REIT Inc  | 32492 | 1403005 |
| Realty Income Corp  | 153529 | 8844806 |
| Regency Centers Corp  | 31289 | 2228715 |
| Simon Property Group Inc  | 43299 | 6960747 |
|  |  | 26046821 |
| Specialized REITs - 3.2% |  |  |
| Crown Castle Inc  | 75149 | 7720057 |
| CubeSmart  | 39335 | 1671738 |
| Digital Realty Trust Inc  | 58004 | 10111837 |
| EPR Properties  | 12911 | 752195 |
| Extra Space Storage Inc  | 36274 | 5348239 |
| Gaming and Leisure Properties Inc  | 45430 | 2120672 |
| Iron Mountain Inc  | 50439 | 5173528 |
| Millrose Properties Inc Class A  | 20819 | 593550 |
| National Storage Affiliates Trust  | 12810 | 409791 |
| Rayonier Inc  | 26975 | 598306 |
| SBA Communications Corp Class A  | 18444 | 4331389 |
| VICI Properties Inc  | 180788 | 5893689 |
| Weyerhaeuser Co  | 125461 | 3223093 |
|  |  | 47948084 |
| TOTAL REAL ESTATE |  | 147252014 |
| Utilities - 6.9% |  |  |
| Electric Utilities - 3.2% |  |  |
| Alliant Energy Corp  | 44243 | 2675374 |
| Edison International  | 65519 | 3380780 |
| Entergy Corp  | 73925 | 6144646 |
| Evergy Inc  | 39540 | 2725492 |
| Eversource Energy  | 63090 | 4013786 |
| Exelon Corp  | 173499 | 7533328 |
| FirstEnergy Corp  | 94513 | 3805093 |
| IDACORP Inc (c) | 9332 | 1077379 |
| OGE Energy Corp  | 34583 | 1534794 |
| PG&E Corp  | 376715 | 5251407 |
| Pinnacle West Capital Corp  | 20561 | 1839593 |
| PPL Corp  | 126708 | 4294134 |
| Xcel Energy Inc  | 99040 | 6744624 |
|  |  | 51020430 |
| Gas Utilities - 0.5% |  |  |
| Atmos Energy Corp  | 27117 | 4179001 |
| MDU Resources Group Inc  | 35772 | 596319 |
| National Fuel Gas Co  | 15389 | 1303602 |
| UGI Corp  | 36966 | 1346302 |
|  |  | 7425224 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| AES Corp/The  | 122005 | 1283493 |
| Clearway Energy Inc Class A  | 8241 | 249372 |
| Clearway Energy Inc Class C (c) | 11989 | 383648 |
| Talen Energy Corp (b) | 7795 | 2266552 |
|  |  | 4183065 |
| Multi-Utilities - 2.5% |  |  |
| Ameren Corp  | 46280 | 4444731 |
| CenterPoint Energy Inc  | 111966 | 4113631 |
| CMS Energy Corp  | 51258 | 3551154 |
| Consolidated Edison Inc  | 62129 | 6234645 |
| DTE Energy Co  | 35574 | 4712132 |
| NiSource Inc  | 80916 | 3264151 |
| Public Service Enterprise Group Inc  | 85848 | 7226686 |
| WEC Energy Group Inc  | 54756 | 5705575 |
|  |  | 39252705 |
| Water Utilities - 0.4% |  |  |
| American Water Works Co Inc  | 33372 | 4642379 |
| Essential Utilities Inc  | 47388 | 1759990 |
|  |  | 6402369 |
| TOTAL UTILITIES |  | 108283793 |
| TOTAL UNITED STATES |  | 1534467899 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,349,119,485) |  | <br> **1557577085** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (f)<br>(Cost $194,830)<br>| 4.25 | 196000 | **194801** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** | &nbsp;&nbsp;**Money Market Funds - 1.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (g)(h)<br>(Cost $17,353,484)<br>| 4.32 | 17351749 | **17353484** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $1,366,667,799)<br>| <br>**1575125370** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(4174067)** |
| **NET ASSETS - 100.0%** | **1570951303** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME S&P 400 Midcap Index Contracts (United States) | 20 | Sep 2025 | 6251000 | 113526 | 113526 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% |

---

**Legend**

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

(b) Non-income producing

(c) Security or a portion of the security is on loan at period end.

(d) Level 3 security

(e) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $194,801.

(g) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

**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 Cash Central Fund | 1855884 | 147143001 | 148998885 | 95032 | - | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 9733032 | 142829304 | 135208852 | 97708 | - | - | 17353484 | 17351749 | 0.1% |
| Total | 11588916 | 289972305 | 284207737 | 192740 | - | - | 17353484 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 53719403 | 53719403 | - | - |
| Consumer Discretionary | 129172115 | 129172115 | - | - |
| Consumer Staples | 100539543 | 100539543 | - | - |
| Energy | 109298853 | 109298853 | - | - |
| Financials | 265205521 | 265205521 | - | - |
| Health Care | 121087916 | 121087916 | - | - |
| Industrials | 268516171 | 268516171 | - | - |
| Information Technology | 148988451 | 148988451 | - | - |
| Materials | 104744320 | 104744320 | - | - |
| Real Estate | 147252014 | 147252014 | - | - |
| Utilities | 109052778 | 109052778 | - | - |
|  **U.S. Treasury Obligations** | 194801 | - | 194801 | - |
|  **Money Market Funds** | 17353484 | 17353484 | - | - |
| **Total Investments in Securities:** | 1575125370 | 1574930569 | 194801 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 113526 | 113526 | - | - |
| Total Assets | 113526 | 113526 | - | - |
| **Total Derivative Instruments:** | 113526 | 113526 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 113526 | 0 |
| **Total Equity Risk**  | 113526 | 0 |
| **Total Value of Derivatives** | 113526 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Mid Cap Value Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $17,089,978) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,349,314,315) | $1557771886 |  |
| Fidelity Central Funds (cost $17,353,484) | 17353484 |  |
| Total Investment in Securities (cost $1,366,667,799) |  | $1575125370 |
| Segregated cash with brokers for derivative instruments |  | 282589 |
| Receivable for investments sold |  | 34917 |
| Receivable for fund shares sold |  | 109555420 |
| Dividends receivable |  | 1697830 |
| Distributions receivable from Fidelity Central Funds |  | 12550 |
| Other receivables |  | 14752 |
| **Total assets** |  | 1686723428 |
| **Liabilities** |  |  |
| Payable to custodian bank | $444778 |  |
| Payable for investments purchased  | 95796527 |  |
| Payable for fund shares redeemed | 2109973 |  |
| Accrued management fee | 59953 |  |
| Payable for daily variation margin on futures contracts | 7410 |  |
| Collateral on securities loaned | 17353484 |  |
| **Total liabilities** |  | 115772125 |
| **Net Assets**  |  | $1570951303 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1356910699 |
| Total accumulated earnings (loss) |  | 214040604 |
| **Net Assets** |  | $1570951303 |
| **Net Asset Value**, offering price and redemption price per share ($1,570,951,303 ÷ 56,124,403 shares) |  | $27.99 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $19370138 |
| Interest  |  | 10330 |
| Income from Fidelity Central Funds (including $97,708 from security lending)  |  | 192740 |
| **Total income** |  | 19573208 |
| **Expenses** |  |  |
| Management fee | $491729 |  |
| Independent trustees' fees and expenses | 2372 |  |
| Interest | 3530 |  |
| Total expenses before reductions | 497631 |  |
| Expense reductions | (602) |  |
| Total expenses after reductions |  | 497029 |
| **Net Investment income (loss)** |  | 19076179 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4845611 |  |
| Redemptions in-kind | 45474110 |  |
| Foreign currency transactions | (30) |  |
| Futures contracts | 314875 |  |
| Total net realized gain (loss) |  | 50634566 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 44099028 |  |
| Futures contracts | 113526 |  |
| Total change in net unrealized appreciation (depreciation) |  | 44212554 |
| **Net gain (loss)** |  | 94847120 |
| **Net increase (decrease) in net assets resulting from operations** |  | $113923299 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $19076179 | $16868326 |
| &nbsp;&nbsp;Net realized gain (loss) | 50634566<br>| 52510040<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 44212554 | 24212717<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 113923299<br>| 93591083<br>|
| Distributions to shareholders | (39898493)<br>| (16377481)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 970611332 | 311731686 |
| Reinvestment of distributions | 20715309<br>| 6481804<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (348646003) | (387519440) |
| **Net increase (decrease) in net assets resulting from share transactions** | 642680638<br>| (69305950)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 716705444<br>| 7907652<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 854245859 | 846338207<br>|
| &nbsp;&nbsp;End of period | $1570951303 | $854245859 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 35609737 | 12544889 |
| Issued in reinvestment of distributions | 789487<br>| 264647<br>|
| &nbsp;&nbsp;Redeemed | (12781936) | (15670880) |
| &nbsp;&nbsp;Net increase (decrease) | 23617288 | (2861344) |

---

**Financial Highlights** 

**Fidelity® Mid Cap Value Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.28 | $23.93 | $22.23 | $26.19 | $17.36 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .53  | .49  | .50  | .43  | .41  |
| Net realized and unrealized gain (loss)  | 2.39  | 2.34  | 1.82  | (2.90)  | 8.69  |
| Total from investment operations  | 2.92  | 2.83  | 2.32  | (2.47)  | 9.10  |
| Distributions from net investment income  | (.48)  | (.48)  | (.45)  | (.39)  | (.27)  |
| Distributions from net realized gain  | (.72)  | -  | (.17)  | (1.11)  | -  |
| Total distributions  | (1.21) C | (.48)  | (.62)  | (1.49) C | (.27)  |
| Net asset value, end of period  | $27.99 | $26.28 | $23.93 | $22.23 | $26.19 |
| **Total Return** D | 11.44% <br>| 11.96%  | 10.56%  | (10.08)%  | 52.83%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .05%  | .06%  | .05%  | .05%  | .05%  |
| Expenses net of fee waivers, if any  | .05% <br>| .06%  | .05%  | .05%  | .05%  |
| Expenses net of all reductions, if any  | .05%  | .06%  | .05%  | .05%  | .05%  |
| Net investment income (loss)  | 1.95%  | 1.98%  | 2.17%  | 1.70%  | 1.80%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1570951 | $854246 | $846338 | $797093 | $908686 |
| Portfolio turnover rate G | 32% H<br>| 38% H | 30%  | 41%  | 32%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Small Cap Growth Index Fund**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.1%** | &nbsp;&nbsp;**Common Stocks - 100.1%** | &nbsp;&nbsp;**Common Stocks - 100.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Benitec Biopharma Inc (b) | 9786 | 114496 |
| AUSTRIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Critical Metals Corp (b)(c) | 8110 | 29034 |
| BAHAMAS (NASSAU) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| OneSpaWorld Holdings Ltd  | 64151 | 1308039 |
| BAILIWICK OF GUERNSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Super Group SGHC Ltd  | 107721 | 1181699 |
| BELGIUM - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Titan America SA  | 16446 | 205246 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kestrel Group Ltd  | 914 | 24239 |
| BRAZIL - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| VTEX Class A (b) | 39063 | 257816 |
| Financials - 0.4% |  |  |
| Financial Services - 0.4% |  |  |
| Pagseguro Digital Ltd Class A  | 74358 | 716811 |
| StoneCo Ltd Class A (b) | 163398 | 2620904 |
|  |  | 3337715 |
| TOTAL BRAZIL |  | 3595531 |
| BRITISH VIRGIN ISLANDS - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Acuren Corp  | 26966 | 297705 |
| CANADA - 0.9%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 64752 | 375562 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kolibri Global Energy Inc (United States) (b) | 5041 | 34531 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kingsway Financial Services Inc (b) | 12263 | 166041 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Aurinia Pharmaceuticals Inc (b) | 79626 | 674432 |
| Bright Minds Biosciences Inc (United States) (b) | 3111 | 81228 |
| Fennec Pharmaceuticals Inc (United States) (b) | 4268 | 35424 |
| TuHURA Biosciences Inc (b) | 17377 | 38751 |
| Xenon Pharmaceuticals Inc (b) | 51062 | 1598241 |
|  |  | 2428076 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Brookfield Business Corp Class A (United States)  | 5665 | 176748 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| D-Wave Quantum Inc (b)(c) | 194846 | 2852545 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Novagold Resources Inc (United States) (b) | 156861 | 641562 |
| US Goldmining Inc (b) | 1109 | 9094 |
| Vox Royalty Corp (United States)  | 27184 | 85901 |
|  |  | 736557 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Real Brokerage Inc/The (b) | 71728 | 323493 |
| TOTAL CANADA |  | 7093553 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 50337 | 179200 |
| Software - 0.0% |  |  |
| Mercurity Fintech Holding Inc (b) | 1381 | 5317 |
| TOTAL CHINA |  | 184517 |
| GIBRALTAR - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Forafric Global PLC (b)(c) | 3229 | 25186 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Patria Investments Ltd Class A  | 40663 | 571722 |
| IRELAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 2421 | 14695 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (b) | 2175 | 102225 |
| TOTAL IRELAND |  | 116920 |
| ISLE OF MAN - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Lifezone Metals Ltd (b) | 18801 | 77460 |
| ISRAEL - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Nano-X Imaging Ltd (b)(c) | 10343 | 53473 |
| Pharmaceuticals - 0.0% |  |  |
| MediWound Ltd (b)(c) | 4844 | 93829 |
| TOTAL HEALTH CARE |  | 147302 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Sapiens International Corp NV  | 21056 | 615888 |
| TOTAL ISRAEL |  | 763190 |
| ITALY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Ermenegildo Zegna Holditalia Spa  | 41764 | 357082 |
| MALTA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Gambling.com Group Ltd (b) | 11168 | 132788 |
| MONACO - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Costamare Bulkers Holdings Ltd  | 392 | 3399 |
| NORWAY - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Seadrill Ltd (b)(c) | 15532 | 407715 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| FLEX LNG Ltd (United States)  | 3182 | 69940 |
| TOTAL NORWAY |  | 477655 |
| PUERTO RICO - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.1% |  |  |
| First BanCorp/Puerto Rico  | 59319 | 1235614 |
| Financial Services - 0.2% |  |  |
| EVERTEC Inc  | 43514 | 1568680 |
| TOTAL PUERTO RICO |  | 2804294 |
| SINGAPORE - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Grindr Inc Class A (b) | 22563 | 512180 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Kulicke & Soffa Industries Inc  | 20535 | 710511 |
| TOTAL SINGAPORE |  | 1222691 |
| SWEDEN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| SiriusPoint Ltd (b) | 7216 | 147134 |
| SWITZERLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| ADC Therapeutics SA (b) | 48958 | 131207 |
| THAILAND - 0.9%  |  |  |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Fabrinet (b) | 24393 | 7188129 |
| UNITED KINGDOM - 0.5%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Genius Sports Ltd Class A (b) | 149751 | 1557410 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Marex Group PLC  | 14776 | 583209 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Indivior PLC (United States) (b) | 69797 | 1028808 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| WNS Holdings Ltd (b) | 27225 | 1721709 |
| TOTAL UNITED KINGDOM |  | 4891136 |
| UNITED STATES - 96.5%  |  |  |
| Communication Services - 2.7% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Anterix Inc (b) | 8753 | 224514 |
| Bandwidth Inc Class A (b) | 4294 | 68275 |
| Cogent Communications Holdings Inc  | 30262 | 1458931 |
| Globalstar Inc (b) | 33917 | 798745 |
| IDT Corp Class B  | 8514 | 581676 |
| Lumen Technologies Inc (b) | 570270 | 2497784 |
|  |  | 5629925 |
| Entertainment - 0.7% |  |  |
| Atlanta Braves Holdings Inc Class A (b)(c) | 3928 | 193297 |
| Atlanta Braves Holdings Inc Class C (b) | 31878 | 1490934 |
| Cinemark Holdings Inc (c) | 71774 | 2166139 |
| CuriosityStream Inc Class A  | 19879 | 111919 |
| Golden Matrix Group Inc (b)(c) | 9951 | 16917 |
| IMAX Corp (b) | 29202 | 816488 |
| Madison Square Garden Entertainment Corp Class A (b) | 26825 | 1072195 |
| Playtika Holding Corp  | 8933 | 42253 |
| Reservoir Media Inc (b)(c) | 1141 | 8751 |
| Vivid Seats Inc Class A (b)(c) | 28952 | 48929 |
|  |  | 5967822 |
| Interactive Media & Services - 0.7% |  |  |
| Arena Group Holdings Inc/The (b) | 8731 | 54132 |
| Bumble Inc Class A (b) | 5537 | 36489 |
| Cargurus Inc Class A (b) | 55389 | 1853870 |
| EverQuote Inc Class A (b) | 18521 | 447838 |
| fuboTV Inc (b) | 225612 | 870862 |
| MediaAlpha Inc Class A (b) | 22535 | 246758 |
| QuinStreet Inc (b) | 36806 | 592577 |
| Rumble Inc Class A (b) | 12456 | 111855 |
| Travelzoo (b) | 4307 | 54828 |
| TripAdvisor Inc Class A  | 37857 | 494034 |
| Vimeo Inc Class A (b) | 44568 | 180055 |
| Yelp Inc Class A (b) | 41820 | 1433171 |
| ZipRecruiter Inc Class A (b) | 44294 | 221913 |
|  |  | 6598382 |
| Media - 0.6% |  |  |
| Altice USA Inc Class A (b) | 26584 | 56890 |
| Boston Omaha Corp (b) | 1043 | 14644 |
| Emerald Holding Inc  | 9435 | 45760 |
| Entravision Communications Corp Class A  | 7992 | 18541 |
| Gannett Co Inc (b) | 85775 | 307075 |
| Ibotta Inc Class A (b) | 8822 | 322885 |
| Integral Ad Science Holding Corp (b) | 7292 | 60597 |
| John Wiley & Sons Inc Class A  | 26215 | 1169975 |
| Magnite Inc (b) | 94681 | 2283706 |
| Stagwell Inc Class A (b) | 78065 | 351293 |
| TechTarget Inc  | 1777 | 13806 |
| Thryv Holdings Inc (b) | 25206 | 306505 |
|  |  | 4951677 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Gogo Inc (b)(c) | 46316 | 679918 |
| TOTAL COMMUNICATION SERVICES |  | 23827724 |
| Consumer Discretionary - 9.3% |  |  |
| Automobile Components - 1.0% |  |  |
| Dorman Products Inc (b) | 18596 | 2281171 |
| Fox Factory Holding Corp (b) | 7129 | 184926 |
| LCI Industries  | 1765 | 160950 |
| Luminar Technologies Inc Class A (b)(c) | 10821 | 31056 |
| Modine Manufacturing Co (b) | 35364 | 3483355 |
| Patrick Industries Inc  | 21879 | 2018775 |
| Solid Power Inc (b) | 8663 | 18972 |
| XPEL Inc (b)(d) | 16275 | 584273 |
|  |  | 8763478 |
| Automobiles - 0.0% |  |  |
| Livewire Group Inc (b) | 24843 | 114278 |
| Broadline Retail - 0.1% |  |  |
| Groupon Inc (b) | 16916 | 565840 |
| Savers Value Village Inc (b) | 14703 | 149971 |
|  |  | 715811 |
| Diversified Consumer Services - 1.7% |  |  |
| Adtalem Global Education Inc (b) | 24814 | 3157085 |
| American Public Education Inc (b) | 11124 | 338837 |
| Carriage Services Inc  | 9598 | 439013 |
| Coursera Inc (b) | 93540 | 819410 |
| European Wax Center Inc Class A (b) | 18550 | 104437 |
| Frontdoor Inc (b) | 50175 | 2957315 |
| KinderCare Learning Cos Inc (b) | 21314 | 215271 |
| Laureate Education Inc (b) | 30218 | 706497 |
| Lincoln Educational Services Corp (b) | 20048 | 462106 |
| Mister Car Wash Inc (b)(c) | 59870 | 359819 |
| Nerdy Inc Class A (b)(c) | 39176 | 63856 |
| Stride Inc (b) | 28837 | 4186844 |
| Udemy Inc (b) | 65688 | 461787 |
| Universal Technical Institute Inc (b) | 30329 | 1027850 |
| Zspace Inc (b)(c) | 1483 | 4834 |
|  |  | 15304961 |
| Hotels, Restaurants & Leisure - 3.1% |  |  |
| Accel Entertainment Inc Class A (b) | 36575 | 430488 |
| Bally's Corp  | 4961 | 47526 |
| BJ's Restaurants Inc (b) | 9266 | 413264 |
| Bloomin' Brands Inc  | 35521 | 305836 |
| Brinker International Inc (b) | 29899 | 5391687 |
| Cheesecake Factory Inc/The (c) | 31138 | 1951107 |
| Cracker Barrel Old Country Store Inc (c) | 4117 | 251466 |
| Dave & Buster's Entertainment Inc (b)(c) | 18386 | 553051 |
| Denny's Corp (b)(c) | 2811 | 11525 |
| Dine Brands Global Inc  | 1580 | 38441 |
| Empire Resorts Inc (b)(e) | 24 | 0 |
| Everi Holdings Inc (b) | 57051 | 812406 |
| First Watch Restaurant Group Inc (b) | 27611 | 442880 |
| Global Business Travel Group I Class A (b) | 56725 | 357368 |
| Hilton Grand Vacations Inc (b) | 41206 | 1711285 |
| Inspired Entertainment Inc (b) | 16936 | 138367 |
| Jack in the Box Inc (c) | 10662 | 186159 |
| Krispy Kreme Inc  | 6548 | 19055 |
| Kura Sushi USA Inc Class A (b)(c) | 4246 | 365496 |
| Life Time Group Holdings Inc (b) | 91516 | 2775680 |
| Lindblad Expeditions Holdings Inc (b) | 25445 | 296943 |
| Monarch Casino & Resort Inc  | 8722 | 753930 |
| Nathan's Famous Inc  | 1615 | 178587 |
| Papa John's International Inc (c) | 1896 | 92790 |
| PlayAGS Inc (b) | 25349 | 316609 |
| Potbelly Corp (b) | 15441 | 189152 |
| Pursuit Attractions and Hospitality Inc (b) | 883 | 25457 |
| Rci Hospitality Holdings Inc  | 3425 | 130561 |
| Red Rock Resorts Inc Class A  | 18202 | 947050 |
| Rush Street Interactive Inc Class A (b) | 60017 | 894253 |
| Sabre Corp (b) | 64335 | 203299 |
| Serve Robotics Inc (b) | 28199 | 322597 |
| Shake Shack Inc Class A (b) | 26231 | 3688079 |
| Six Flags Entertainment Corp (b) | 51554 | 1568788 |
| Sweetgreen Inc Class A (b) | 70013 | 1041793 |
| United Parks & Resorts Inc (b)(c) | 17438 | 822202 |
| Xponential Fitness Inc Class A (b) | 18580 | 139164 |
|  |  | 27814341 |
| Household Durables - 1.0% |  |  |
| Cavco Industries Inc (b) | 5140 | 2232970 |
| Champion Homes Inc (b) | 36401 | 2279067 |
| Dream Finders Homes Inc Class A (b)(c) | 4890 | 122886 |
| Green Brick Partners Inc (b) | 7306 | 459401 |
| Installed Building Products Inc  | 15801 | 2849236 |
| Lovesac Co/The (b) | 5735 | 104377 |
| Sonos Inc (b) | 72979 | 788903 |
|  |  | 8836840 |
| Leisure Products - 0.3% |  |  |
| Acushnet Holdings Corp  | 19060 | 1387950 |
| Latham Group Inc (b) | 26716 | 170448 |
| Marine Products Corp  | 3320 | 28253 |
| Peloton Interactive Inc Class A (b) | 87764 | 609082 |
| Sturm Ruger & Co Inc  | 3778 | 135630 |
|  |  | 2331363 |
| Specialty Retail - 1.6% |  |  |
| Abercrombie & Fitch Co Class A (b) | 31884 | 2641589 |
| Arhaus Inc Class A (b) | 34619 | 300147 |
| Arko Corp  | 6310 | 26691 |
| BARK Inc (b) | 49840 | 43834 |
| Boot Barn Holdings Inc (b) | 20753 | 3154456 |
| Buckle Inc/The  | 19951 | 904778 |
| Build-A-Bear Workshop Inc  | 8408 | 433516 |
| Camping World Holdings Inc Class A  | 40734 | 700217 |
| Envela Corp (b) | 4516 | 27638 |
| EVgo Inc Class A (b) | 13158 | 48027 |
| Genesco Inc (b) | 351 | 6911 |
| Group 1 Automotive Inc  | 3728 | 1628055 |
| MarineMax Inc (b) | 678 | 17045 |
| Petco Health & Wellness Co Inc Class A (b) | 4108 | 11626 |
| RealReal Inc/The (b)(c) | 16495 | 79011 |
| Revolve Group Inc Class A (b) | 27411 | 549591 |
| Sonic Automotive Inc Class A  | 3558 | 284391 |
| Stitch Fix Inc Class A (b) | 5089 | 18829 |
| ThredUp Inc Class A (b) | 61509 | 460702 |
| Tile Shop Holdings Inc (b) | 8385 | 53329 |
| Upbound Group Inc  | 12290 | 308479 |
| Urban Outfitters Inc (b) | 14951 | 1084546 |
| Victoria's Secret & Co (b) | 13471 | 249483 |
| Warby Parker Inc Class A (b) | 66444 | 1457117 |
|  |  | 14490008 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Figs Inc Class A (b) | 59810 | 337328 |
| Hanesbrands Inc (b) | 237636 | 1088373 |
| Kontoor Brands Inc  | 30013 | 1979959 |
| Steven Madden Ltd  | 4181 | 100260 |
| Wolverine World Wide Inc  | 54504 | 985432 |
|  |  | 4491352 |
| TOTAL CONSUMER DISCRETIONARY |  | 82862432 |
| Consumer Staples - 2.6% |  |  |
| Beverages - 0.2% |  |  |
| National Beverage Corp (b) | 16224 | 701526 |
| Vita Coco Co Inc/The (b) | 27177 | 981090 |
| Zevia PBC Class A (b) | 21332 | 68689 |
|  |  | 1751305 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Chefs' Warehouse Inc/The (b) | 24524 | 1564876 |
| Guardian Pharmacy Services Inc Class A (b) | 8630 | 183905 |
| Natural Grocers by Vitamin Cottage Inc  | 8633 | 338845 |
| PriceSmart Inc  | 17279 | 1814987 |
|  |  | 3902613 |
| Food Products - 1.3% |  |  |
| Beyond Meat Inc (b)(c) | 4141 | 14452 |
| BRC Inc Class A (b)(c) | 41887 | 54872 |
| Cal-Maine Foods Inc  | 30980 | 3086537 |
| Calavo Growers Inc  | 10380 | 276004 |
| J & J Snack Foods Corp  | 10500 | 1190805 |
| John B Sanfilippo & Son Inc  | 3101 | 196107 |
| Lancaster Colony Corp  | 13539 | 2339133 |
| Lifeway Foods Inc (b) | 3478 | 85733 |
| Mama's Creations Inc (b) | 23062 | 191415 |
| Simply Good Foods Co/The (b) | 40730 | 1286661 |
| Tootsie Roll Industries Inc Class A  | 11892 | 397787 |
| Vital Farms Inc (b)(c) | 23423 | 902254 |
| Westrock Coffee Co (b) | 24363 | 139600 |
| WK Kellogg Co (c) | 38865 | 619508 |
|  |  | 10780868 |
| Household Products - 0.3% |  |  |
| Energizer Holdings Inc  | 35156 | 708745 |
| Oil-Dri Corp of America  | 5318 | 313709 |
| WD-40 Co  | 9167 | 2090901 |
|  |  | 3113355 |
| Personal Care Products - 0.3% |  |  |
| Beauty Health Co/The Class A (b) | 65548 | 125197 |
| FitLife Brands Inc (b) | 2656 | 34581 |
| Herbalife Ltd (b) | 50598 | 436155 |
| Honest Co Inc/The (b) | 31604 | 160864 |
| Interparfums Inc  | 12400 | 1628244 |
| Lifevantage Corp  | 7161 | 93666 |
| Nature's Sunshine Products Inc (b) | 2553 | 37759 |
|  |  | 2516466 |
| Tobacco - 0.1% |  |  |
| Ispire Technology Inc (b)(c) | 12785 | 32729 |
| Turning Point Brands Inc  | 10264 | 777703 |
|  |  | 810432 |
| TOTAL CONSUMER STAPLES |  | 22875039 |
| Energy - 3.0% |  |  |
| Energy Equipment & Services - 1.5% |  |  |
| Archrock Inc  | 111208 | 2761295 |
| Aris Water Solutions Inc Class A  | 20883 | 493883 |
| Atlas Energy Solutions Inc (c) | 37661 | 503528 |
| Cactus Inc Class A  | 46365 | 2027078 |
| ChampionX Corp  | 110381 | 2741864 |
| DMC Global Inc (b) | 4225 | 34054 |
| Energy Services of America Corp  | 7992 | 79440 |
| Flowco Holdings Inc Class A  | 6999 | 124652 |
| Helix Energy Solutions Group Inc (b) | 22944 | 143171 |
| Kodiak Gas Services Inc  | 36493 | 1250615 |
| National Energy Services Reunited Corp (b) | 4369 | 26300 |
| Natural Gas Services Group Inc (b) | 1828 | 47181 |
| Oceaneering International Inc (b) | 56199 | 1164443 |
| Select Water Solutions Inc Class A  | 3193 | 27588 |
| Solaris Energy Infrastructure Inc Class A  | 24663 | 697716 |
| Tidewater Inc (b) | 32168 | 1483910 |
|  |  | 13606718 |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Calumet Inc  | 5381 | 84778 |
| Centrus Energy Corp Class A (b)(c) | 7751 | 1419828 |
| Comstock Resources Inc (b) | 34837 | 963940 |
| Core Natural Resources Inc  | 12384 | 863660 |
| CVR Energy Inc  | 20922 | 561756 |
| Delek US Holdings Inc  | 41133 | 871197 |
| Empire Petroleum Corp (b)(c) | 9253 | 48856 |
| Energy Fuels Inc/Canada (United States) (b) | 37583 | 216102 |
| Epsilon Energy Ltd  | 1109 | 8183 |
| Evolution Petroleum Corp  | 18579 | 87321 |
| Gulfport Energy Corp (b) | 10300 | 2072051 |
| Infinity Natural Resources Inc Class A  | 1793 | 32830 |
| Kinetik Holdings Inc Class A  | 21578 | 950511 |
| Lightbridge Corp (b) | 12674 | 169451 |
| Magnolia Oil & Gas Corp Class A  | 25222 | 566991 |
| NextDecade Corp (b) | 90458 | 805981 |
| NextNRG Inc (b) | 2923 | 8096 |
| OPAL Fuels Inc Class A (b) | 12490 | 30226 |
| Par Pacific Holdings Inc (b) | 10352 | 274639 |
| PrimeEnergy Resources Corp (b) | 60 | 8783 |
| REX American Resources Corp (b) | 2681 | 130592 |
| Riley Exploration Permian Inc  | 1633 | 42834 |
| Sable Offshore Corp (b)(c) | 46248 | 1016531 |
| Uranium Energy Corp (b)(c) | 287869 | 1957509 |
| VAALCO Energy Inc (c) | 8292 | 29934 |
| Verde Clean Fuels Inc Class A (b) | 2837 | 9759 |
| World Kinect Corp  | 4646 | 131714 |
|  |  | 13364053 |
| TOTAL ENERGY |  | 26970771 |
| Financials - 10.6% |  |  |
| Banks - 2.8% |  |  |
| Amerant Bancorp Inc Class A  | 10221 | 186329 |
| Arrow Financial Corp  | 596 | 15746 |
| Axos Financial Inc (b) | 4539 | 345146 |
| Banc of California Inc  | 6025 | 84651 |
| BancFirst Corp  | 12949 | 1600755 |
| Bancorp Inc/The (b) | 30634 | 1745219 |
| Bank First Corp  | 1009 | 118709 |
| Bank of Hawaii Corp  | 20526 | 1386121 |
| Bank7 Corp  | 191 | 7990 |
| Bankwell Financial Group Inc  | 760 | 27383 |
| Bridgewater Bancshares Inc (b) | 6679 | 106263 |
| California BanCorp (b) | 2296 | 36185 |
| Capital Bancorp Inc  | 1745 | 58597 |
| Carter Bankshares Inc (b) | 2722 | 47199 |
| Citizens Financial Services Inc  | 245 | 14386 |
| City Holding Co  | 6135 | 751047 |
| Coastal Financial Corp/WA Class A (b) | 8727 | 845384 |
| Columbia Financial Inc (b) | 1225 | 17775 |
| Community Financial System Inc  | 8044 | 457462 |
| Community West Bancshares  | 2050 | 39996 |
| Connectone Bancorp Inc  | 7940 | 183890 |
| Customers Bancorp Inc (b) | 1573 | 92398 |
| Dime Community Bancshares Inc  | 4864 | 131036 |
| Eagle Bancorp Inc  | 3997 | 77862 |
| Eagle Financial Services Inc  | 168 | 5144 |
| Esquire Financial Holdings Inc  | 4840 | 458154 |
| Finwise Bancorp (b) | 3693 | 55432 |
| First Business Financial Services Inc  | 315 | 15958 |
| First Community Corp/SC  | 1195 | 29134 |
| First Financial Bankshares Inc  | 90700 | 3263386 |
| First Financial Corp  | 964 | 52239 |
| First Interstate Bank of Calif  | 2545 | 68461 |
| First Merchants Corp  | 2073 | 79396 |
| First National Corp/VA  | 307 | 5977 |
| First Western Financial Inc (b) | 1977 | 44601 |
| Five Star Bancorp  | 6842 | 195271 |
| GBank Financial Holdings Inc (b) | 322 | 11402 |
| Glacier Bancorp Inc  | 15739 | 678036 |
| Greene County Bancorp Inc  | 2858 | 63505 |
| Guaranty Bancshares Inc/TX  | 576 | 24445 |
| Hanover Bancorp Inc  | 194 | 4440 |
| Hingham Institution For Savings The  | 89 | 22103 |
| Hope Bancorp Inc  | 3946 | 42341 |
| International Bancshares Corp  | 3905 | 259917 |
| Lakeland Financial Corp  | 9594 | 589551 |
| LINKBANCORP Inc  | 1848 | 13509 |
| Live Oak Bancshares Inc  | 10376 | 309205 |
| MainStreet Bancshares Inc  | 247 | 4667 |
| Meridian Corp  | 1101 | 14192 |
| Metrocity Bankshares Inc  | 7942 | 226982 |
| Metropolitan Bank Holding Corp (b) | 1531 | 107170 |
| Nbt Bancorp Inc  | 2196 | 91244 |
| Nicolet Bankshares Inc  | 2623 | 323888 |
| Northeast Bank  | 2998 | 266792 |
| Northfield Bancorp Inc  | 3097 | 35554 |
| Northrim BanCorp Inc  | 1910 | 178127 |
| Old National Bancorp/IN  | 25244 | 538707 |
| Old Point Financial Corp  | 1119 | 43921 |
| OP Bancorp  | 734 | 9535 |
| Orange County Bancorp Inc  | 1881 | 48605 |
| Origin Bancorp Inc  | 1205 | 43067 |
| Pathward Financial Inc  | 15896 | 1257692 |
| Patriot National Bancorp Inc (b) | 29716 | 45168 |
| PCB Bancorp  | 1003 | 21043 |
| Peapack-Gladstone Financial Corp  | 4482 | 126617 |
| Peoples Financial Services Corp  | 641 | 31646 |
| Princeton Bancorp Inc  | 439 | 13407 |
| Provident Financial Services Inc  | 14336 | 251310 |
| Richmond Mutual BanCorp Inc  | 541 | 7466 |
| ServisFirst Bancshares Inc  | 34671 | 2687349 |
| Shore Bancshares Inc  | 3345 | 52583 |
| SmartFinancial Inc  | 1699 | 57392 |
| Southern Missouri Bancorp Inc  | 550 | 30129 |
| Stock Yards Bancorp Inc  | 16754 | 1323231 |
| Texas Capital Bancshares Inc (b) | 4219 | 334989 |
| Triumph Financial Inc (b) | 6842 | 377063 |
| UMB Financial Corp  | 4215 | 443249 |
| Union Bankshares Inc/Morrisville VT  | 2313 | 61572 |
| Unity Bancorp Inc  | 2341 | 110214 |
| USCB Financial Holdings Inc  | 2514 | 41582 |
| Valley National Bancorp  | 80409 | 718052 |
| WesBanco Inc  | 3455 | 109282 |
| West BanCorp Inc  | 1542 | 30269 |
|  |  | 24732892 |
| Capital Markets - 2.8% |  |  |
| Acadian Asset Management Inc  | 18781 | 661842 |
| Artisan Partners Asset Management Inc Class A  | 23265 | 1031337 |
| Bakkt Holdings Inc Class A (b) | 736 | 10267 |
| BGC Group Inc Class A  | 241487 | 2470412 |
| Cohen & Steers Inc  | 17093 | 1287958 |
| Diamond Hill Investment Group Inc  | 293 | 42576 |
| Donnelley Financial Solutions Inc (b) | 12986 | 800587 |
| GCM Grosvenor Inc Class A  | 26766 | 309415 |
| Moelis & Co Class A  | 50128 | 3123977 |
| P10 Inc Class A  | 36797 | 376065 |
| Perella Weinberg Partners Class A  | 41228 | 800648 |
| Piper Sandler Cos  | 11830 | 3288030 |
| PJT Partners Inc Class A  | 15488 | 2555675 |
| Siebert Financial Corp (b) | 999 | 4416 |
| StepStone Group Inc Class A  | 42112 | 2337216 |
| StoneX Group Inc (b) | 30470 | 2777036 |
| Value Line Inc  | 505 | 19771 |
| Victory Capital Holdings Inc Class A  | 29937 | 1906089 |
| WisdomTree Inc  | 81386 | 936753 |
|  |  | 24740070 |
| Consumer Finance - 1.3% |  |  |
| Atlanticus Holdings Corp (b) | 225 | 12319 |
| Dave Inc Class A (b) | 6270 | 1682931 |
| Enova International Inc (b) | 16546 | 1845210 |
| FirstCash Holdings Inc  | 26733 | 3612698 |
| Lendingtree Inc (b) | 7110 | 263568 |
| NerdWallet Inc Class A (b) | 27984 | 306984 |
| OppFi Inc Class A  | 16400 | 229436 |
| Regional Management Corp  | 906 | 26464 |
| Upstart Holdings Inc (b)(c) | 56761 | 3671301 |
| Vroom Inc  | 90 | 2566 |
|  |  | 11653477 |
| Financial Services - 1.4% |  |  |
| AvidXchange Holdings Inc (b) | 115558 | 1131313 |
| Burford Capital Ltd  | 82451 | 1175751 |
| Cantaloupe Inc (b) | 35952 | 395112 |
| Cass Information Systems Inc  | 7224 | 313883 |
| Federal Agricultural Mortgage Corp Class C  | 5733 | 1113807 |
| Flywire Corp (b) | 71716 | 839077 |
| International Money Express Inc (b) | 19011 | 191821 |
| Marqeta Inc Class A (b) | 118970 | 693595 |
| NCR Atleos Corp (b) | 49541 | 1413405 |
| Payoneer Global Inc (b) | 188373 | 1290355 |
| Paysign Inc (b) | 23235 | 167292 |
| Priority Technology Holdings Inc (b)(c) | 16886 | 131373 |
| Remitly Global Inc (b) | 104412 | 1959813 |
| Sezzle Inc (b) | 9102 | 1631534 |
|  |  | 12448131 |
| Insurance - 2.3% |  |  |
| American Coastal Insurance Corp  | 8746 | 97256 |
| Amerisafe Inc  | 6722 | 293953 |
| Baldwin Insurance Group Inc/The Class A (b) | 47323 | 2025898 |
| Bowhead Specialty Holdings Inc (b) | 10688 | 401121 |
| Crawford & Co Class A  | 11066 | 117078 |
| F&G Annuities & Life Inc  | 901 | 28813 |
| Goosehead Insurance Inc Class A  | 12769 | 1347257 |
| HCI Group Inc  | 5798 | 882456 |
| Heritage Insurance Holdings Inc (b) | 11730 | 292546 |
| Hippo Holdings Inc (b) | 6523 | 182187 |
| Investors Title Co  | 183 | 38668 |
| Kingstone Cos Inc (b) | 7024 | 108240 |
| Lemonade Inc (b)(c) | 37628 | 1648483 |
| Oscar Health Inc Class A (b)(c) | 123859 | 2655537 |
| Palomar Hldgs Inc (b) | 17763 | 2739943 |
| Root Inc/OH Class A (b) | 7198 | 921128 |
| Selective Insurance Group Inc  | 36169 | 3134044 |
| Selectquote Inc (b) | 66612 | 158537 |
| Skyward Specialty Insurance Group Inc (b) | 24176 | 1397131 |
| Tiptree Inc Class A  | 4562 | 107572 |
| Trupanion Inc (b) | 25087 | 1388565 |
| Universal Insurance Holdings Inc  | 3944 | 109367 |
|  |  | 20075780 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.0% |  |  |
| ACRES Commercial Realty Corp (b) | 540 | 9687 |
| Angel Oak Mortgage REIT Inc  | 3542 | 33366 |
| Apollo Commercial Real Estate Finance Inc  | 46641 | 451485 |
| Two Harbors Investment Corp  | 36288 | 390822 |
|  |  | 885360 |
| TOTAL FINANCIALS |  | 94535710 |
| Health Care - 22.4% |  |  |
| Biotechnology - 10.0% |  |  |
| 89bio Inc (b) | 28873 | 283533 |
| Abeona Therapeutics Inc (b) | 27981 | 158932 |
| Absci Corp (b)(c) | 58311 | 149859 |
| ACADIA Pharmaceuticals Inc (b) | 84141 | 1814921 |
| Actuate Therapeutics Inc (b) | 3991 | 24385 |
| ADMA Biologics Inc (b) | 156738 | 2854199 |
| Akebia Therapeutics Inc (b) | 18731 | 68181 |
| Akero Therapeutics Inc (b) | 47080 | 2512189 |
| Aldeyra Therapeutics Inc (b) | 29840 | 114287 |
| Alector Inc (b) | 4444 | 6222 |
| Alkermes PLC (b) | 82239 | 2352858 |
| Altimmune Inc (b)(c) | 52311 | 202444 |
| Amicus Therapeutics Inc (b) | 188265 | 1078758 |
| AnaptysBio Inc (b) | 13180 | 292596 |
| Anavex Life Sciences Corp (b)(c) | 56508 | 521004 |
| Apogee Therapeutics Inc (b) | 21575 | 937002 |
| Arbutus Biopharma Corp (b)(c) | 96766 | 299007 |
| Arcellx Inc (b) | 24748 | 1629656 |
| Arcturus Therapeutics Holdings Inc (b)(c) | 6582 | 85632 |
| Arcus Biosciences Inc (b) | 34292 | 279137 |
| Arcutis Biotherapeutics Inc (b) | 72409 | 1015174 |
| Ardelyx Inc (b) | 159527 | 625346 |
| ArriVent Biopharma Inc (b) | 15570 | 338959 |
| Arrowhead Pharmaceuticals Inc (b) | 80995 | 1279721 |
| ARS Pharmaceuticals Inc (b)(c) | 37065 | 646784 |
| aTyr Pharma Inc (b) | 54833 | 278003 |
| Aura Biosciences Inc (b) | 8187 | 51251 |
| Avidity Biosciences Inc (b) | 70766 | 2009754 |
| Avita Medical Inc (b)(c) | 17949 | 94950 |
| Beam Therapeutics Inc (b) | 64097 | 1090290 |
| Bicara Therapeutics Inc  | 1362 | 12653 |
| BioCryst Pharmaceuticals Inc (b) | 141611 | 1268835 |
| Biohaven Ltd (b) | 61156 | 862911 |
| Blueprint Medicines Corp (b) | 43189 | 5535966 |
| Bridgebio Pharma Inc (b) | 105470 | 4554195 |
| Candel Therapeutics Inc (b)(c) | 24187 | 122386 |
| Capricor Therapeutics Inc (b)(c) | 26027 | 258448 |
| Cardiff Oncology Inc (b)(c) | 19722 | 62124 |
| CareDx Inc (b) | 36849 | 720029 |
| Cartesian Therapeutics Inc (b)(c) | 764 | 7938 |
| Cartesian Therapeutics Inc rights (b)(e) | 12935 | 3622 |
| Catalyst Pharmaceuticals Inc (b) | 77866 | 1689692 |
| Celcuity Inc (b) | 18414 | 245827 |
| CG oncology Inc (b) | 37773 | 982098 |
| Chinook Therapeutics Inc rights (b)(e) | 985 | 0 |
| Cogent Biosciences Inc (b) | 67597 | 485346 |
| Coherus Oncology Inc (b)(c) | 23166 | 16941 |
| Compass Therapeutics Inc (b) | 32992 | 85779 |
| Corvus Pharmaceuticals Inc (b) | 35402 | 141608 |
| Crinetics Pharmaceuticals Inc (b) | 60736 | 1746767 |
| Cytokinetics Inc (b) | 8751 | 289133 |
| Day One Biopharmaceuticals Inc (b) | 2462 | 16003 |
| Denali Therapeutics Inc (b) | 5205 | 72818 |
| DiaMedica Therapeutics Inc (b) | 17856 | 69638 |
| Dianthus Therapeutics Inc (b) | 1150 | 21425 |
| Disc Medicine Inc (b) | 16659 | 882261 |
| Dynavax Technologies Corp (b) | 71135 | 705659 |
| Dyne Therapeutics Inc (b) | 20291 | 193170 |
| Eledon Pharmaceuticals Inc (b) | 2473 | 6702 |
| Foghorn Therapeutics Inc (b) | 15274 | 71788 |
| Geron Corp (b) | 410381 | 578637 |
| Gossamer Bio Inc (b) | 128358 | 157880 |
| Greenwich Lifesciences Inc (b)(c) | 4133 | 37486 |
| Gyre Therapeutics Inc (b)(c) | 9197 | 67598 |
| Heron Therapeutics Inc (b)(c) | 11588 | 23987 |
| Humacyte Inc Class A (b)(c) | 19821 | 41426 |
| ImmunityBio Inc (b)(c) | 128217 | 338493 |
| Immunome Inc (b) | 49800 | 463140 |
| Immunovant Inc (b) | 46190 | 739040 |
| Inhibikase Therapeutics Inc (b) | 3519 | 6862 |
| Inmune Bio Inc (b)(c) | 11290 | 26080 |
| Ironwood Pharmaceuticals Inc Class A (b) | 99514 | 71371 |
| Janux Therapeutics Inc (b) | 8571 | 197990 |
| KalVista Pharmaceuticals Inc (b) | 25511 | 288402 |
| Krystal Biotech Inc (b) | 16699 | 2295445 |
| Kymera Therapeutics Inc (b)(c) | 31424 | 1371343 |
| Madrigal Pharmaceuticals Inc (b)(c) | 11384 | 3445254 |
| MannKind Corp (b) | 204695 | 765559 |
| MeiraGTx Holdings plc (b) | 20938 | 136516 |
| Metsera Inc (c) | 6731 | 191497 |
| MiMedx Group Inc (b) | 80038 | 489032 |
| Mineralys Therapeutics Inc (b) | 26450 | 357869 |
| Mirum Pharmaceuticals Inc (b) | 29394 | 1495861 |
| Monopar Therapeutics Inc (b) | 2749 | 98359 |
| Novavax Inc (b)(c) | 83330 | 524979 |
| Nuvalent Inc Class A (b) | 28929 | 2207283 |
| Nuvectis Pharma Inc (b) | 8706 | 65034 |
| OmniAb Operations Inc (b)(e) | 191 | 76 |
| OmniAb Operations Inc (b)(e) | 191 | 60 |
| Organogenesis Holdings Inc Class A (b)(c) | 46174 | 168997 |
| ORIC Pharmaceuticals Inc (b)(c) | 8607 | 87361 |
| Palvella Therapeutics Inc (b) | 4335 | 97711 |
| Praxis Precision Medicines Inc (b) | 970 | 40789 |
| Precigen Inc (b)(c) | 94789 | 134600 |
| Protagonist Therapeutics Inc (b) | 39358 | 2175317 |
| Protalix BioTherapeutics Inc (b) | 47182 | 69829 |
| PTC Therapeutics Inc (b) | 42687 | 2084833 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 229526 | 1161402 |
| Rezolute Inc (b) | 39062 | 174217 |
| Rhythm Pharmaceuticals Inc (b) | 36792 | 2324886 |
| Rigel Pharmaceuticals Inc (b) | 11913 | 223130 |
| Rocket Pharmaceuticals Inc (b) | 8668 | 21237 |
| Sana Biotechnology Inc (b)(c) | 10152 | 27715 |
| Savara Inc (b)(c) | 85505 | 194951 |
| Scholar Rock Holding Corp (b) | 50426 | 1786089 |
| SELLAS Life Sciences Group Inc (b) | 64513 | 141283 |
| Sionna Therapeutics Inc  | 8341 | 144716 |
| Soleno Therapeutics Inc (b) | 27165 | 2275884 |
| SpringWorks Therapeutics Inc (b) | 49188 | 2311344 |
| Spyre Therapeutics Inc (b)(c) | 22610 | 338472 |
| Stoke Therapeutics Inc (b) | 27711 | 314520 |
| Syndax Pharmaceuticals Inc (b) | 53748 | 503350 |
| Taysha Gene Therapies Inc (b) | 112049 | 258833 |
| Tectonic Therapeutic Inc (b) | 1275 | 25334 |
| Tevogen Bio Holdings Inc Class A (b)(c) | 10743 | 13429 |
| TG Therapeutics Inc (b) | 97946 | 3525077 |
| Travere Therapeutics Inc (b) | 55832 | 826314 |
| TriSalus Life Sciences Inc Class A (b) | 2512 | 13690 |
| Twist Bioscience Corp (b) | 39724 | 1461446 |
| UroGen Pharma Ltd (b)(c) | 20532 | 281288 |
| Vera Therapeutics Inc Class A (b) | 34792 | 819700 |
| Veracyte Inc (b) | 52989 | 1432293 |
| Verastem Inc (b)(c) | 17205 | 71401 |
| Vericel Corp (b) | 34072 | 1449764 |
| Viridian Therapeutics Inc (b) | 37208 | 520168 |
| XOMA Royalty Corp (b) | 4490 | 113148 |
| Y-mAbs Therapeutics Inc (b)(c) | 24924 | 112407 |
| Zymeworks Inc (b) | 33156 | 416108 |
|  |  | 88852388 |
| Health Care Equipment & Supplies - 4.5% |  |  |
| Accuray Inc Del (b) | 65019 | 89076 |
| Alphatec Holdings Inc (b) | 78439 | 870673 |
| AngioDynamics Inc (b) | 5800 | 57536 |
| Anteris Technologies Global Corp  | 14552 | 55152 |
| Artivion Inc (b) | 20953 | 651638 |
| AtriCure Inc (b) | 32713 | 1072005 |
| Axogen Inc (b) | 29679 | 322017 |
| Beta Bionics Inc (c) | 7752 | 112869 |
| Bioventus Inc (b) | 31177 | 206392 |
| Butterfly Network Inc Class A (b) | 129834 | 259668 |
| Ceribell Inc  | 16852 | 315638 |
| Cerus Corp (b) | 124729 | 175868 |
| ClearPoint Neuro Inc (b) | 17607 | 210228 |
| CVRx Inc (b)(c) | 10873 | 63933 |
| Delcath Systems Inc (b) | 20371 | 277046 |
| Electromed Inc (b) | 4676 | 102825 |
| Embecta Corp  | 4537 | 43964 |
| Glaukos Corp (b) | 37716 | 3895686 |
| Haemonetics Corp (b) | 33967 | 2534278 |
| ICU Medical Inc (b) | 12202 | 1612494 |
| Integer Holdings Corp (b) | 23237 | 2857454 |
| iRadimed Corp  | 5505 | 329144 |
| iRhythm Technologies Inc (b) | 21503 | 3310602 |
| Kestra Medical Technologies Ltd  | 7805 | 129407 |
| KORU Medical Systems Inc (b) | 28739 | 102886 |
| Lantheus Holdings Inc (b) | 45532 | 3727250 |
| LeMaitre Vascular Inc  | 14109 | 1171752 |
| LENSAR Inc (b) | 6365 | 83827 |
| Lucid Diagnostics Inc (b) | 20074 | 23084 |
| Merit Medical Systems Inc (b) | 36641 | 3425201 |
| Myomo Inc (b) | 22030 | 47585 |
| Neuronetics Inc (b) | 24441 | 85299 |
| NeuroPace Inc (b) | 16262 | 181159 |
| Novocure Ltd (b) | 68685 | 1222593 |
| OrthoPediatrics Corp (b) | 2744 | 58941 |
| Outset Medical Inc (b) | 4657 | 89461 |
| Pro-Dex Inc (b) | 1431 | 62449 |
| PROCEPT BioRobotics Corp (b) | 35519 | 2045894 |
| Pulmonx Corp (b) | 25834 | 66910 |
| Pulse Biosciences Inc (b)(c) | 11979 | 180763 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 278 | 1096 |
| QuidelOrtho Corp (b) | 19822 | 571270 |
| RxSight Inc (b) | 25163 | 327119 |
| Sanara Medtech Inc (b) | 2056 | 58370 |
| SANUWAVE Health Inc (b) | 4744 | 155888 |
| Semler Scientific Inc (b)(c) | 931 | 36066 |
| SI-BONE Inc (b)(c) | 25679 | 483279 |
| Sight Sciences Inc (b) | 27916 | 115293 |
| STAAR Surgical Co (b) | 28990 | 486452 |
| Stereotaxis Inc (b) | 36311 | 76979 |
| Surmodics Inc (b) | 9420 | 279868 |
| Tandem Diabetes Care Inc (b) | 45197 | 842472 |
| TransMedics Group Inc (b)(c) | 22476 | 3012009 |
| Treace Medical Concepts Inc (b) | 32236 | 189548 |
| UFP Technologies Inc (b) | 5087 | 1242042 |
|  |  | 40008398 |
| Health Care Providers & Services - 5.1% |  |  |
| Addus HomeCare Corp (b) | 5949 | 685265 |
| agilon health Inc (b) | 208655 | 479907 |
| AirSculpt Technologies Inc (b)(c) | 6391 | 30868 |
| Alignment Healthcare Inc (b) | 86286 | 1208004 |
| Ardent Health Inc  | 1103 | 15066 |
| Astrana Health Inc (b) | 27585 | 686315 |
| Aveanna Healthcare Holdings Inc (b) | 23665 | 123768 |
| BrightSpring Health Services Inc (b) | 57132 | 1347744 |
| Brookdale Senior Living Inc (b) | 137433 | 956534 |
| Clover Health Investments Corp Class A (b) | 272939 | 761500 |
| Community Health Systems Inc (b) | 55904 | 190074 |
| Concentra Group Holdings Parent Inc  | 74333 | 1529030 |
| CorVel Corp (b) | 19602 | 2014694 |
| Ensign Group Inc/The  | 37937 | 5852162 |
| GeneDx Holdings Corp Class A (b)(c) | 12693 | 1171691 |
| Guardant Health Inc (b) | 80578 | 4193279 |
| HealthEquity Inc (b) | 57614 | 6035643 |
| Hims & Hers Health Inc Class A (b)(c) | 128671 | 6414249 |
| Innovage Holding Corp (b) | 5286 | 19504 |
| Joint Corp/The (b)(c) | 10204 | 117754 |
| LifeStance Health Group Inc (b) | 49721 | 257058 |
| National Research Corp Class A  | 8557 | 143758 |
| NeoGenomics Inc (b) | 8293 | 60622 |
| Nutex Health Inc (b) | 2320 | 288817 |
| Oncology Institute Inc/The (b) | 39896 | 81787 |
| Option Care Health Inc (b) | 111154 | 3610282 |
| PACS Group Inc (b) | 27738 | 358375 |
| Pennant Group Inc/The (b) | 22910 | 683864 |
| Performant Healthcare Inc (b) | 35805 | 143220 |
| Privia Health Group Inc (b) | 77764 | 1788572 |
| Progyny Inc (b) | 46448 | 1021856 |
| RadNet Inc (b) | 36477 | 2075906 |
| SBC Medical Group Holdings Inc (b) | 256 | 1187 |
| Sonida Senior Living Inc (b) | 2340 | 58382 |
| Talkspace Inc Class A (b) | 83242 | 231413 |
| US Physical Therapy Inc  | 6194 | 484371 |
| Viemed Healthcare Inc (b) | 23577 | 162917 |
|  |  | 45285438 |
| Health Care Technology - 0.6% |  |  |
| Claritev Corp Class A (b) | 5211 | 235172 |
| Evolent Health Inc Class A (b) | 25828 | 290823 |
| HealthStream Inc  | 7007 | 193884 |
| LifeMD Inc (b) | 17490 | 238214 |
| OptimizeRx Corp (b) | 11679 | 157667 |
| Phreesia Inc (b) | 38224 | 1087855 |
| Schrodinger Inc/United States (b) | 38061 | 765787 |
| Simulations Plus Inc  | 11292 | 197045 |
| Teladoc Health Inc (b) | 22848 | 199006 |
| TruBridge Inc (b) | 6761 | 158343 |
| Waystar Holding Corp (b) | 52220 | 2134232 |
|  |  | 5658028 |
| Life Sciences Tools & Services - 0.3% |  |  |
| 10X Genomics Inc Class A (b) | 18629 | 215724 |
| Adaptive Biotechnologies Corp (b) | 101022 | 1176907 |
| Alpha Teknova Inc (b) | 6882 | 33791 |
| Atlantic International Corp (b) | 4094 | 8311 |
| BioLife Solutions Inc (b) | 25645 | 552393 |
| Codexis Inc (b) | 45156 | 110181 |
| CryoPort Inc (b) | 7320 | 54607 |
| Lifecore Biomedical Inc (b) | 13444 | 109165 |
| Mesa Laboratories Inc  | 3505 | 330241 |
| Niagen Bioscience Inc (b) | 35298 | 508644 |
| OmniAb Inc (b)(c) | 9626 | 16749 |
|  |  | 3116713 |
| Pharmaceuticals - 1.9% |  |  |
| Aardvark Therapeutics Inc  | 2151 | 29082 |
| Amneal Intermediate Inc Class A (b) | 88773 | 718174 |
| Amphastar Pharmaceuticals Inc (b) | 1762 | 40456 |
| Amylyx Pharmaceuticals Inc (b) | 36301 | 232689 |
| ANI Pharmaceuticals Inc (b) | 12294 | 802184 |
| Aquestive Therapeutics Inc (b)(c) | 19664 | 65088 |
| Arvinas Inc (b) | 4500 | 33120 |
| Avadel Pharmaceuticals PLC Class A (b) | 60405 | 534584 |
| Axsome Therapeutics Inc (b) | 27266 | 2846298 |
| Biote Corp Class A (b) | 5915 | 23778 |
| Collegium Pharmaceutical Inc (b) | 21675 | 640930 |
| CorMedix Inc (b)(c) | 43452 | 535329 |
| Edgewise Therapeutics Inc (b) | 49321 | 646598 |
| Enliven Therapeutics Inc (b) | 21793 | 437168 |
| Esperion Therapeutics Inc (b)(c) | 45601 | 44890 |
| Eton Pharmaceuticals Inc (b) | 17337 | 247052 |
| Evolus Inc (b) | 36091 | 332398 |
| Fulcrum Therapeutics Inc (b) | 2835 | 19504 |
| Harmony Biosciences Holdings Inc (b) | 29570 | 934412 |
| Harrow Inc (b) | 21340 | 651724 |
| Innoviva Inc (b) | 37365 | 750663 |
| Journey Medical Corp (b) | 8233 | 59113 |
| LENZ Therapeutics Inc (b) | 12031 | 352629 |
| Ligand Pharmaceuticals Inc (b) | 1487 | 169042 |
| Liquidia Corp (b) | 43416 | 540963 |
| Maze Therapeutics Inc (c) | 412 | 5054 |
| Mind Medicine MindMed Inc (b)(c) | 15908 | 103243 |
| Novartis AG rights (b)(e) | 7324 | 0 |
| Nuvation Bio Inc Class A (b) | 13343 | 26019 |
| Ocular Therapeutix Inc (b) | 95024 | 881823 |
| Omeros Corp (b)(c) | 33851 | 101553 |
| Pacira BioSciences Inc (b) | 2701 | 64554 |
| Phathom Pharmaceuticals Inc (b)(c) | 7661 | 73469 |
| Phibro Animal Health Corp Class A  | 13822 | 353014 |
| Prestige Consumer Healthcare Inc (b) | 6103 | 487325 |
| scPharmaceuticals Inc (b)(c) | 23164 | 88255 |
| SIGA Technologies Inc  | 22051 | 143773 |
| Supernus Pharmaceuticals Inc (b) | 3075 | 96924 |
| Tarsus Pharmaceuticals Inc (b) | 26210 | 1061767 |
| Theravance Biopharma Inc (b) | 20586 | 227064 |
| Trevi Therapeutics Inc (b) | 51297 | 280595 |
| Tvardi Therapeutics Inc (b) | 271 | 6321 |
| WaVe Life Sciences Ltd (b) | 67092 | 436098 |
| Xeris Biopharma Holdings Inc (b) | 101332 | 473220 |
| Zevra Therapeutics Inc (b) | 36698 | 323309 |
|  |  | 16921248 |
| TOTAL HEALTH CARE |  | 199842213 |
| Industrials - 20.2% |  |  |
| Aerospace & Defense - 2.5% |  |  |
| AAR Corp (b) | 6038 | 415354 |
| AeroVironment Inc (b) | 19069 | 5433713 |
| Archer Aviation Inc Class A (b)(c) | 367813 | 3990771 |
| Astronics Corp (b) | 18716 | 626612 |
| Byrna Technologies Inc (b)(c) | 12248 | 378218 |
| Cadre Holdings Inc  | 19258 | 613367 |
| Eve Holding Inc Class A (b)(c) | 34540 | 236944 |
| Intuitive Machines Inc Class A (b)(c) | 4246 | 46154 |
| Kratos Defense & Security Solutions Inc (b) | 111216 | 5165983 |
| Mercury Systems Inc (b) | 8107 | 436643 |
| Moog Inc Class A  | 18981 | 3434992 |
| Park Aerospace Corp  | 6498 | 95975 |
| Redwire Corp Class A (b)(c) | 22713 | 370222 |
| Satellogic Inc Class A (b) | 36705 | 132872 |
| Triumph Group Inc (b) | 19471 | 501378 |
| V2X Inc (b) | 922 | 44763 |
|  |  | 21923961 |
| Air Freight & Logistics - 0.0% |  |  |
| Forward Air Corp Class A (b) | 5698 | 139829 |
| Building Products - 1.4% |  |  |
| AZZ Inc  | 20084 | 1897536 |
| CSW Industrials Inc  | 10991 | 3152549 |
| Griffon Corp  | 26524 | 1919542 |
| Insteel Industries Inc  | 6926 | 257716 |
| Janus International Group Inc (b) | 34056 | 277216 |
| Tecnoglass Inc  | 16457 | 1273114 |
| UFP Industries Inc  | 2129 | 211537 |
| Zurn Elkay Water Solutions Corp  | 101439 | 3709624 |
|  |  | 12698834 |
| Commercial Services & Supplies - 1.9% |  |  |
| ACV Auctions Inc Class A (b) | 113014 | 1833087 |
| Brink's Co/The  | 29189 | 2606287 |
| Casella Waste Systems Inc Class A (b) | 42451 | 4897997 |
| CECO Environmental Corp (b) | 19739 | 558811 |
| CompX International Inc Class A  | 697 | 18519 |
| CoreCivic Inc (b) | 11275 | 237564 |
| Driven Brands Holdings Inc (b) | 40385 | 709161 |
| GEO Group Inc/The (b) | 92484 | 2214992 |
| Healthcare Services Group Inc (b) | 22285 | 334944 |
| HNI Corp  | 18093 | 889814 |
| Interface Inc  | 4611 | 96508 |
| Liquidity Services Inc (b) | 15731 | 371094 |
| Perma-Fix Environmental Services Inc (b)(c) | 1824 | 19188 |
| Pitney Bowes Inc  | 45573 | 497201 |
| Quad/Graphics Inc Class A  | 13753 | 77704 |
| VSE Corp  | 11839 | 1550672 |
|  |  | 16913543 |
| Construction & Engineering - 2.9% |  |  |
| Arcosa Inc  | 9209 | 798512 |
| Argan Inc  | 8969 | 1977485 |
| Bowman Consulting Group Ltd (b) | 9034 | 259728 |
| Centuri Holdings Inc (b)(c) | 11481 | 257634 |
| Concrete Pumping Holdings Inc  | 849 | 5221 |
| Construction Partners Inc Class A (b) | 31643 | 3363018 |
| Dycom Industries Inc (b) | 18926 | 4625325 |
| Granite Construction Inc  | 25500 | 2384505 |
| IES Holdings Inc (b) | 6111 | 1810262 |
| Limbach Holdings Inc (b) | 7172 | 1004797 |
| Matrix Service Co (b) | 4146 | 56012 |
| MYR Group Inc (b)(c) | 10431 | 1892705 |
| Orion Group Holdings Inc (b) | 4741 | 43001 |
| Primoris Services Corp  | 34112 | 2658689 |
| Sterling Infrastructure Inc (b) | 20126 | 4643672 |
|  |  | 25780566 |
| Electrical Equipment - 2.0% |  |  |
| Allient Inc  | 628 | 22802 |
| American Superconductor Corp (b) | 25824 | 947483 |
| Amprius Technologies Inc (b)(c) | 63011 | 265276 |
| Array Technologies Inc (b)(c) | 22242 | 131228 |
| Bloom Energy Corp Class A (b)(c) | 138101 | 3303376 |
| Complete Solaria Inc Class A (b) | 9487 | 17455 |
| EnerSys  | 1500 | 128655 |
| Enovix Corp Class B (b)(c) | 111390 | 1151773 |
| Eos Energy Enterprises Inc (b) | 150450 | 770304 |
| Fluence Energy Inc Class A (b)(c) | 41603 | 279156 |
| KULR Technology Group Inc (b) | 22301 | 159006 |
| LSI Industries Inc  | 13770 | 234228 |
| NANO Nuclear Energy Inc (b)(c) | 16999 | 586296 |
| NEXTracker Inc Class A (b) | 76600 | 4164742 |
| NuScale Power Corp Class A (b)(c) | 85490 | 3381984 |
| Powell Industries Inc (c) | 6459 | 1359297 |
| Power Solutions International Inc (b) | 4073 | 263442 |
| Preformed Line Products Co  | 123 | 19656 |
| Shoals Technologies Group Inc (b) | 18275 | 77669 |
| SKYX Platforms Corp (b) | 41368 | 43229 |
| Thermon Group Holdings Inc (b) | 2795 | 78484 |
| Vicor Corp (b) | 15797 | 716552 |
|  |  | 18102093 |
| Ground Transportation - 0.1% |  |  |
| Covenant Logistics Group Inc Class A  | 2371 | 57165 |
| Ftai Infrastructure Inc  | 66080 | 407714 |
| Hertz Global Holdings Inc (b) | 79858 | 545430 |
| RXO Inc (b) | 6500 | 102180 |
| Werner Enterprises Inc  | 6315 | 172778 |
|  |  | 1285267 |
| Machinery - 5.1% |  |  |
| Alamo Group Inc  | 2143 | 467988 |
| Albany International Corp Class A  | 6208 | 435367 |
| Atmus Filtration Technologies Inc  | 51043 | 1858986 |
| Blue Bird Corp (b) | 21803 | 941017 |
| Chart Industries Inc (b) | 30530 | 5026766 |
| Douglas Dynamics Inc  | 13286 | 391538 |
| Energy Recovery Inc (b) | 36024 | 460387 |
| Enerpac Tool Group Corp Class A  | 36679 | 1487700 |
| Enpro Inc  | 1835 | 351494 |
| ESCO Technologies Inc  | 17585 | 3374034 |
| Federal Signal Corp  | 40546 | 4314905 |
| Franklin Electric Co Inc  | 27010 | 2423877 |
| Gorman-Rupp Co/The  | 14190 | 521057 |
| Graham Corp (b) | 7038 | 348451 |
| JBT Marel Corp  | 16961 | 2039730 |
| Kadant Inc  | 7939 | 2520236 |
| Lindsay Corp  | 7371 | 1063267 |
| Mayville Engineering Co Inc (b) | 933 | 14891 |
| Microvast Holdings Inc (b) | 85769 | 311341 |
| Mueller Water Products Inc Class A1  | 105141 | 2527590 |
| Omega Flex Inc  | 2416 | 78230 |
| REV Group Inc  | 34759 | 1654181 |
| Richtech Robotics Inc Class B (b) | 46757 | 91176 |
| Shyft Group Inc/The  | 1571 | 19700 |
| SPX Technologies Inc (b) | 30806 | 5165551 |
| Standex International Corp  | 6536 | 1022753 |
| Trinity Industries Inc  | 25908 | 699775 |
| Watts Water Technologies Inc Class A  | 18542 | 4559293 |
| Worthington Enterprises Inc  | 6821 | 434088 |
|  |  | 44605369 |
| Passenger Airlines - 0.4% |  |  |
| Allegiant Travel Co (b) | 1735 | 95338 |
| Frontier Group Holdings Inc (b)(c) | 38674 | 140387 |
| Joby Aviation Inc Class A (b)(c) | 312108 | 3292739 |
| Spirit Aviation Holdings Inc  | 583 | 2909 |
| Sun Country Airlines Holdings Inc (b) | 19670 | 231123 |
|  |  | 3762496 |
| Professional Services - 2.8% |  |  |
| Barrett Business Services Inc  | 16851 | 702518 |
| BlackSky Technology Inc Class A (b) | 18925 | 389477 |
| Cbiz Inc (b) | 35324 | 2533084 |
| CRA International Inc  | 4474 | 838293 |
| CSG Systems International Inc  | 16788 | 1096424 |
| Exponent Inc  | 34383 | 2568754 |
| First Advantage Corp (b)(c) | 36524 | 606664 |
| Franklin Covey Co (b) | 6468 | 147600 |
| HireQuest Inc  | 394 | 3943 |
| Huron Consulting Group Inc (b) | 11531 | 1585974 |
| IBEX Holdings Ltd (b) | 6753 | 196512 |
| Innodata Inc (b)(c) | 20494 | 1049703 |
| Insperity Inc  | 24249 | 1457850 |
| Kforce Inc  | 10241 | 421212 |
| Korn Ferry  | 15987 | 1172327 |
| Legalzoom.com Inc (b) | 74951 | 667813 |
| Maximus Inc  | 38284 | 2687537 |
| Planet Labs PBC Class A (b) | 144817 | 883384 |
| Rcm Technologies Inc (b) | 3331 | 78512 |
| Resolute Holdings Management Inc (c) | 1108 | 35311 |
| Spire Global Inc Class A (b)(c) | 18557 | 220828 |
| TriNet Group Inc  | 20240 | 1480354 |
| Upwork Inc (b) | 84133 | 1130748 |
| Verra Mobility Corp Class A (b) | 107689 | 2734224 |
| Willdan Group Inc (b) | 6406 | 400439 |
|  |  | 25089485 |
| Trading Companies & Distributors - 1.1% |  |  |
| Alta Equipment Group Inc Class A  | 2381 | 15047 |
| Distribution Solutions Group Inc (b) | 6009 | 165067 |
| DXP Enterprises Inc/TX (b) | 8796 | 770969 |
| GATX Corp  | 1876 | 288079 |
| Global Industrial Co  | 9714 | 262375 |
| GMS Inc (b) | 11557 | 1256824 |
| Herc Holdings Inc  | 22027 | 2900736 |
| Karat Packaging Inc  | 4626 | 130268 |
| McGrath RentCorp  | 12608 | 1462024 |
| Rush Enterprises Inc Class A  | 23393 | 1204974 |
| Rush Enterprises Inc Class B  | 2830 | 148518 |
| Transcat Inc (b)(c) | 3135 | 269485 |
| Willis Lease Finance Corp  | 234 | 33410 |
| Xometry Inc Class A (b) | 29397 | 993325 |
|  |  | 9901101 |
| Transportation Infrastructure - 0.0% |  |  |
| Sky Harbour Group Corp Class A (b)(c) | 14378 | 140473 |
| TOTAL INDUSTRIALS |  | 180343017 |
| Information Technology - 20.1% |  |  |
| Communications Equipment - 0.8% |  |  |
| ADTRAN Holdings Inc (b) | 50281 | 451021 |
| Applied Optoelectronics Inc (b) | 28881 | 741953 |
| BK Technologies Corp (b) | 1838 | 86625 |
| Calix Inc (b) | 39710 | 2112175 |
| Clearfield Inc (b) | 3463 | 150329 |
| CommScope Holding Co Inc (b) | 88901 | 736100 |
| Extreme Networks Inc (b) | 89265 | 1602307 |
| Harmonic Inc (b) | 19109 | 180962 |
| Inseego Corp (b) | 1581 | 13027 |
| Viavi Solutions Inc (b) | 149725 | 1507731 |
|  |  | 7582230 |
| Electronic Equipment, Instruments & Components - 3.8% |  |  |
| 908 Devices Inc (b)(c) | 14178 | 101089 |
| Advanced Energy Industries Inc  | 25408 | 3366560 |
| Aeva Technologies Inc (b) | 20717 | 782895 |
| Arlo Technologies Inc (b) | 67251 | 1140577 |
| Badger Meter Inc  | 20035 | 4907574 |
| Belden Inc  | 26793 | 3102629 |
| Climb Global Solutions Inc  | 2623 | 280425 |
| CTS Corp  | 2877 | 122589 |
| Daktronics Inc (b) | 4886 | 73876 |
| Evolv Technologies Holdings Inc Class A (b) | 78173 | 487800 |
| FARO Technologies Inc (b) | 5924 | 260182 |
| Frequency Electronics Inc  | 4457 | 101218 |
| Insight Enterprises Inc (b) | 6396 | 883192 |
| Itron Inc (b) | 14899 | 1961155 |
| Knowles Corp (b) | 3968 | 69916 |
| M-Tron Industries Inc (b) | 1662 | 69804 |
| MicroVision Inc (b)(c) | 104853 | 119532 |
| Mirion Technologies Inc Class A (b) | 141577 | 3048153 |
| Napco Security Technologies Inc  | 23841 | 707839 |
| Neonode Inc (b) | 6244 | 159222 |
| nLight Inc (b) | 2116 | 41643 |
| Novanta Inc (b) | 24347 | 3139059 |
| OSI Systems Inc (b) | 10807 | 2430062 |
| Ouster Inc Class A (b) | 34359 | 833206 |
| PAR Technology Corp (b) | 15803 | 1096254 |
| Plexus Corp (b) | 16898 | 2286468 |
| Red Cat Holdings Inc (b) | 50625 | 368550 |
| Sanmina Corp (b) | 15832 | 1548845 |
| Vuzix Corp (b) | 40853 | 119291 |
|  |  | 33609605 |
| IT Services - 0.5% |  |  |
| Applied Digital Corp (b)(c) | 90813 | 914487 |
| Backblaze Inc Class A (b) | 36234 | 199287 |
| BigBear.ai Holdings Inc (b)(c) | 45763 | 310731 |
| BigCommerce Holdings Inc (b) | 44525 | 222625 |
| Couchbase Inc (b) | 29113 | 709775 |
| Crexendo Inc (b) | 9807 | 59528 |
| CSP Inc  | 4049 | 52394 |
| DigitalOcean Holdings Inc (b) | 43751 | 1249529 |
| Grid Dynamics Holdings Inc (b) | 36206 | 418179 |
| Hackett Group Inc/The  | 15667 | 398255 |
| Information Services Group Inc  | 8615 | 41352 |
| Rackspace Technology Inc (b) | 14331 | 18344 |
| TSS Inc/MD (b) | 12339 | 355733 |
| Tucows Inc Class A (b)(c) | 694 | 13679 |
| Unisys Corp (b) | 35973 | 162958 |
|  |  | 5126856 |
| Semiconductors & Semiconductor Equipment - 3.9% |  |  |
| Aehr Test Systems (b)(c) | 15458 | 199872 |
| Aeluma Inc (b) | 810 | 13260 |
| Ambarella Inc (b) | 27542 | 1819562 |
| Atomera Inc (b) | 19788 | 99732 |
| Axcelis Technologies Inc (b) | 1642 | 114431 |
| CEVA Inc (b) | 13930 | 306181 |
| Credo Technology Group Holding Ltd (b) | 98946 | 9161411 |
| FormFactor Inc (b) | 39387 | 1355307 |
| Impinj Inc (b) | 17559 | 1950278 |
| Kopin Corp (b) | 101044 | 154597 |
| MaxLinear Inc Class A (b) | 7142 | 101488 |
| Navitas Semiconductor Corp Class A (b)(c) | 15166 | 99337 |
| NVE Corp  | 3273 | 240926 |
| PDF Solutions Inc (b) | 21598 | 461765 |
| Power Integrations Inc  | 38189 | 2134765 |
| Rambus Inc (b) | 72855 | 4664178 |
| Rigetti Computing Inc Class A (b) | 191380 | 2269767 |
| Semtech Corp (b) | 58773 | 2653013 |
| Silicon Laboratories Inc (b) | 21762 | 3206848 |
| SiTime Corp (b) | 14254 | 3037242 |
| SkyWater Technology Inc (b)(c) | 17773 | 174886 |
| Synaptics Inc (b) | 2314 | 149993 |
| Ultra Clean Holdings Inc (b) | 2093 | 47239 |
|  |  | 34416078 |
| Software - 10.0% |  |  |
| A10 Networks Inc  | 42420 | 820827 |
| ACI Worldwide Inc (b) | 71162 | 3267047 |
| Adeia Inc  | 64447 | 911281 |
| Agilysys Inc (b) | 17432 | 1998404 |
| Airship AI Holdings Inc Class A (b)(c) | 10675 | 62876 |
| Alarm.com Holdings Inc (b) | 32221 | 1822742 |
| Alkami Technology Inc (b) | 46155 | 1391112 |
| Amplitude Inc Class A (b) | 58942 | 730881 |
| Appian Corp Class A (b) | 26671 | 796396 |
| Arteris Inc (b) | 1791 | 17068 |
| Asana Inc Class A (b) | 63138 | 852363 |
| AudioEye Inc (b)(c) | 5418 | 63120 |
| AvePoint Inc Class A (b) | 89933 | 1736606 |
| Bitdeer Technologies Group Class A (b) | 60708 | 696928 |
| Blackbaud Inc (b) | 20847 | 1338586 |
| BlackLine Inc (b)(c) | 35505 | 2010293 |
| Blend Labs Inc Class A (b) | 141980 | 468534 |
| Box Inc Class A (b) | 73627 | 2515835 |
| Braze Inc Class A (b) | 51639 | 1451056 |
| C3.ai Inc Class A (b)(c) | 81884 | 2011890 |
| Cerence Inc (b) | 9218 | 94116 |
| Clear Secure Inc Class A  | 56609 | 1571466 |
| Clearwater Analytics Holdings Inc Class A (b) | 166502 | 3651389 |
| Commvault Systems Inc (b) | 29866 | 5206541 |
| Core Scientific Inc (b)(c) | 154744 | 2641480 |
| CoreCard Corp (b) | 3798 | 110028 |
| CS Disco Inc (b) | 11569 | 50557 |
| Daily Journal Corp (b)(c) | 664 | 280374 |
| Digimarc Corp (b)(c) | 10593 | 139934 |
| Digital Turbine Inc (b) | 44828 | 264485 |
| Domo Inc Class B (b) | 20218 | 282445 |
| eGain Corp (b) | 8577 | 53606 |
| EverCommerce Inc (b)(c) | 10021 | 105221 |
| Expensify Inc Class A (b) | 21770 | 56384 |
| Five9 Inc (b) | 51700 | 1369016 |
| Freshworks Inc Class A (b) | 137295 | 2047068 |
| I3 Verticals Inc Class A (b)(c) | 1116 | 30668 |
| Intapp Inc (b) | 37516 | 1936576 |
| InterDigital Inc  | 17487 | 3921110 |
| Jamf Holding Corp (b) | 45659 | 434217 |
| Kaltura Inc (b) | 55275 | 111103 |
| Life360 Inc (b) | 10876 | 709659 |
| LiveRamp Holdings Inc (b) | 43747 | 1445401 |
| Meridianlink Inc (b) | 21591 | 350422 |
| Mitek Systems Inc (b) | 6137 | 60756 |
| NextNav Inc Class A (b) | 59546 | 905099 |
| Olo Inc Class A (b) | 45800 | 407620 |
| OneSpan Inc  | 3092 | 51605 |
| Ooma Inc (b) | 17227 | 222228 |
| Pagaya Technologies Ltd Class A (b) | 28418 | 605872 |
| PagerDuty Inc (b) | 57103 | 872534 |
| Porch Group Inc (b) | 43920 | 517817 |
| Progress Software Corp  | 28981 | 1850147 |
| PROS Holdings Inc (b) | 29609 | 463677 |
| Q2 Holdings Inc (b) | 41976 | 3928535 |
| Qualys Inc (b) | 24661 | 3523317 |
| Rapid7 Inc (b) | 43233 | 999979 |
| Red Violet Inc  | 7647 | 376232 |
| ReposiTrak Inc  | 7649 | 150303 |
| Rezolve AI PLC  | 61458 | 188983 |
| Rimini Street Inc (b) | 5681 | 21417 |
| SEMrush Holdings Inc Class A (b) | 31147 | 281880 |
| SoundHound AI Inc Class A (b)(c) | 247721 | 2658046 |
| SoundThinking Inc (b) | 6480 | 84596 |
| Sprinklr Inc Class A (b) | 74572 | 630879 |
| Sprout Social Inc Class A (b) | 34984 | 731515 |
| SPS Commerce Inc (b) | 25707 | 3498466 |
| Synchronoss Technologies Inc (b) | 7300 | 50005 |
| Tenable Holdings Inc (b) | 80571 | 2721688 |
| Terawulf Inc (b)(c) | 170153 | 745270 |
| Varonis Systems Inc (b) | 74495 | 3780621 |
| Vertex Inc Class A (b) | 44003 | 1554846 |
| Viant Technology Inc Class A (b) | 10628 | 140608 |
| Weave Communications Inc (b) | 39483 | 328499 |
| Workiva Inc Class A (b) | 33874 | 2318675 |
| Yext Inc (b) | 69912 | 594252 |
| Zeta Global Holdings Corp Class A (b) | 127284 | 1971629 |
|  |  | 89064707 |
| Technology Hardware, Storage & Peripherals - 1.1% |  |  |
| CompoSecure Inc Class A (b)(c) | 26595 | 374724 |
| CPI Card Group Inc (b) | 4001 | 94903 |
| Diebold Nixdorf Inc (b) | 16147 | 894544 |
| IonQ Inc (b)(c) | 160168 | 6882419 |
| Quantum Computing Inc (b)(c) | 77951 | 1494321 |
| Turtle Beach Corp (b) | 6866 | 94956 |
|  |  | 9835867 |
| TOTAL INFORMATION TECHNOLOGY |  | 179635343 |
| Materials - 3.0% |  |  |
| Chemicals - 1.7% |  |  |
| ASP Isotopes Inc (b)(c) | 38420 | 282771 |
| Balchem Corp  | 22150 | 3526280 |
| Cabot Corp  | 34290 | 2571750 |
| Chemours Co/The  | 101862 | 1166320 |
| Flotek Industries Inc (b) | 2645 | 39040 |
| Ginkgo Bioworks Holdings Inc Class A (b) | 1681 | 18911 |
| Hawkins Inc  | 13141 | 1867336 |
| Ingevity Corp (b) | 24657 | 1062470 |
| Innospec Inc  | 867 | 72906 |
| PureCycle Technologies Inc (b)(c) | 87821 | 1203148 |
| Sensient Technologies Corp  | 28501 | 2807919 |
| Solesence Inc (b) | 12739 | 55542 |
|  |  | 14674393 |
| Construction Materials - 0.4% |  |  |
| Knife River Corp (b) | 38537 | 3146162 |
| Smith-Midland Corp (b)(c) | 1849 | 62052 |
| United States Lime & Minerals Inc  | 7323 | 730835 |
|  |  | 3939049 |
| Containers & Packaging - 0.1% |  |  |
| Ardagh Metal Packaging SA  | 24119 | 103229 |
| Myers Industries Inc  | 3542 | 51324 |
| O-I Glass Inc (b) | 25472 | 375457 |
|  |  | 530010 |
| Metals & Mining - 0.8% |  |  |
| Alpha Metallurgical Resources Inc (b) | 2364 | 265903 |
| American Battery Technology Co (b) | 28931 | 46868 |
| Century Aluminum Co (b) | 35331 | 636665 |
| Coeur Mining Inc (b) | 216564 | 1918757 |
| Compass Minerals International Inc (b) | 17826 | 358124 |
| Constellium SE (b) | 35507 | 472243 |
| Contango ORE Inc (b)(c) | 5775 | 112497 |
| Dakota Gold Corp (b) | 58181 | 214688 |
| Hecla Mining Co  | 96081 | 575525 |
| Idaho Strategic Resources Inc (b) | 8498 | 111154 |
| Ivanhoe Electric Inc / US (b)(c) | 49564 | 449545 |
| Kaiser Aluminum Corp  | 5680 | 453832 |
| Materion Corp  | 2697 | 214061 |
| NioCorp Developments Ltd (b) | 35031 | 81622 |
| Perpetua Resources Corp (United States) (b) | 31126 | 377870 |
| Piedmont Lithium Inc (b)(c) | 13013 | 75736 |
| Ramaco Resources Inc Class A  | 24056 | 316096 |
| United States Antimony Corp (b) | 61916 | 134977 |
| US Gold Corp (b) | 7442 | 90792 |
|  |  | 6906955 |
| Paper & Forest Products - 0.0% |  |  |
| Sylvamo Corp  | 6258 | 313526 |
| TOTAL MATERIALS |  | 26363933 |
| Real Estate - 2.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Gladstone Commercial Corp  | 5756 | 82483 |
| Health Care REITs - 0.3% |  |  |
| American Healthcare REIT Inc  | 38111 | 1400198 |
| CareTrust REIT Inc  | 12600 | 385560 |
| National Health Investors Inc  | 7072 | 495889 |
| Strawberry Fields REIT Inc (c) | 4435 | 46744 |
| Universal Health Realty Income Trust  | 7549 | 301734 |
|  |  | 2630125 |
| Hotel & Resort REITs - 0.5% |  |  |
| DiamondRock Hospitality Co  | 81533 | 624543 |
| Ryman Hospitality Properties Inc  | 39709 | 3918088 |
| Sunstone Hotel Investors Inc  | 9302 | 80741 |
| Xenia Hotels & Resorts Inc  | 10271 | 129106 |
|  |  | 4752478 |
| Real Estate Management & Development - 0.4% |  |  |
| Compass Inc Class A (b) | 308256 | 1935848 |
| eXp World Holdings Inc (c) | 52991 | 482218 |
| Maui Land & Pineapple Co Inc (b) | 4373 | 79545 |
| St Joe Co/The  | 25757 | 1228609 |
|  |  | 3726220 |
| Residential REITs - 0.2% |  |  |
| Apartment Investment and Management Co Class A  | 51640 | 446686 |
| Clipper Realty Inc  | 677 | 2484 |
| NexPoint Residential Trust Inc  | 4794 | 159736 |
| UMH Properties Inc  | 52806 | 886613 |
|  |  | 1495519 |
| Retail REITs - 0.4% |  |  |
| Alexander's Inc  | 1454 | 327615 |
| CBL & Associates Properties Inc  | 9362 | 237701 |
| NETSTREIT Corp (c) | 13657 | 231213 |
| Phillips Edison & Co Inc  | 15374 | 538551 |
| Saul Centers Inc  | 7652 | 261239 |
| Tanger Inc  | 68084 | 2082010 |
|  |  | 3678329 |
| Specialized REITs - 0.2% |  |  |
| Outfront Media Inc  | 94192 | 1537213 |
| PotlatchDeltic Corp  | 2840 | 108971 |
|  |  | 1646184 |
| TOTAL REAL ESTATE |  | 18011338 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.3% |  |  |
| Genie Energy Ltd Class B  | 1430 | 38437 |
| MGE Energy Inc  | 13008 | 1150428 |
| Oklo Inc Class A (b) | 16250 | 909838 |
| Otter Tail Corp  | 1787 | 137760 |
|  |  | 2236463 |
| Gas Utilities - 0.1% |  |  |
| Chesapeake Utilities Corp  | 5218 | 627308 |
| RGC Resources Inc  | 315 | 7050 |
|  |  | 634358 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Hallador Energy Co (b) | 19536 | 309255 |
| Montauk Renewables Inc (b) | 9734 | 21609 |
|  |  | 330864 |
| Water Utilities - 0.2% |  |  |
| American States Water Co  | 17090 | 1310119 |
| Cadiz Inc (b) | 37190 | 111198 |
| Consolidated Water Co Ltd  | 3082 | 92522 |
| Global Water Resources Inc  | 7913 | 80633 |
| Middlesex Water Co  | 1849 | 100179 |
| York Water Co/The  | 1531 | 48380 |
|  |  | 1743031 |
| TOTAL UTILITIES |  | 4944716 |
| TOTAL UNITED STATES |  | 860212236 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $756,605,753) |  | <br> **893156288** |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (g)<br>(Cost $339,959)<br>| 4.25 | 342000 | **339908** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 9.7%** | &nbsp;&nbsp;**Money Market Funds - 9.7%** | &nbsp;&nbsp;**Money Market Funds - 9.7%** | &nbsp;&nbsp;**Money Market Funds - 9.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.32 | 18102915 | 18106536 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.32 | 68449982 | 68456827 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $86,563,363) |  |  | **86563363** |

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---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 109.8%**<br> (Cost $843,509,075)<br>| <br>**980059559** |
| **NET OTHER ASSETS (LIABILITIES) - (9.8)%**  | **(87831436)** |
| **NET ASSETS - 100.0%** | **892228123** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME Russell 2000 Index Contracts (United States) | 25 | Sep 2025 | 2739625 | 23136 | 23136 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

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

(b) Non-income producing

(c) Security or a portion of the security is on loan at period end.

(d) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $584,273 or 0.1% of net assets.

(e) Level 3 security

(f) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $141,131.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(i) Investment made with cash collateral received from securities on loan.

**Affiliated Central Funds**

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 Cash Central Fund | 3708509 | 178665525 | 164267498 | 160559 | - | - | 18106536 | 18102915 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 43017692 | 318206474 | 292767339 | 902047 | - | - | 68456827 | 68449982 | 0.2% |
| Total | 46726201 | 496871999 | 457034837 | 1062606 | - | - | 86563363 |  |  |

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Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 24730508 | 24730508 | - | - |
| Consumer Discretionary | 87266662 | 87266662 | - | - |
| Consumer Staples | 23275787 | 23275787 | - | - |
| Energy | 27482957 | 27482957 | - | - |
| Financials | 102170064 | 102170064 | - | - |
| Health Care | 203706797 | 203701943 | 1096 | 3758 |
| Industrials | 182644803 | 182644803 | - | - |
| Information Technology | 191186933 | 191186933 | - | - |
| Materials | 27412230 | 27412230 | - | - |
| Real Estate | 18334831 | 18334831 | - | - |
| Utilities | 4944716 | 4944716 | - | - |
|  **U.S. Treasury Obligations** | 339908 | - | 339908 | - |
|  **Money Market Funds** | 86563363 | 86563363 | - | - |
| **Total Investments in Securities:** | 980059559 | 979714797 | 341004 | 3758 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 23136 | 23136 | - | - |
| Total Assets | 23136 | 23136 | - | - |
| **Total Derivative Instruments:** | 23136 | 23136 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 23136 | 0 |
| **Total Equity Risk**  | 23136 | 0 |
| **Total Value of Derivatives** | 23136 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Small Cap Growth Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $68,282,181) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $756,945,712) | $893496196 |  |
| Fidelity Central Funds (cost $86,563,363) | 86563363 |  |
| Total Investment in Securities (cost $843,509,075) |  | $980059559 |
| Foreign currency held at value (cost $378) |  | 371 |
| Receivable for investments sold |  | 1746729 |
| Receivable for fund shares sold |  | 976370 |
| Dividends receivable |  | 212441 |
| Distributions receivable from Fidelity Central Funds |  | 68173 |
| Receivable for daily variation margin on futures contracts |  | 11590 |
| Other receivables |  | 2831 |
| **Total assets** |  | 983078064 |
| **Liabilities** |  |  |
| Payable to custodian bank | $445948 |  |
| Payable for investments purchased  | 2219415 |  |
| Payable for fund shares redeemed | 1432282 |  |
| Accrued management fee | 36308 |  |
| Notes payable to affiliates | 18254000 |  |
| Other payables and accrued expenses | 5160 |  |
| Collateral on securities loaned | 68456828 |  |
| **Total liabilities** |  | 90849941 |
| **Net Assets**  |  | $892228123 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $829412282 |
| Total accumulated earnings (loss) |  | 62815841 |
| **Net Assets** |  | $892228123 |
| **Net Asset Value**, offering price and redemption price per share ($892,228,123 ÷ 32,351,443 shares) |  | $27.58 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $4829170 |
| Interest  |  | 15322 |
| Income from Fidelity Central Funds (including $902,047 from security lending)  |  | 1062606 |
| **Total income** |  | 5907098 |
| **Expenses** |  |  |
| Management fee | $395295 |  |
| Independent trustees' fees and expenses | 1954 |  |
| Interest | 5172 |  |
| Total expenses before reductions | 402421 |  |
| Expense reductions | (10377) |  |
| Total expenses after reductions |  | 392044 |
| **Net Investment income (loss)** |  | 5515054 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (7802824) |  |
| Futures contracts | 592995 |  |
| Total net realized gain (loss) |  | (7209829) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 65749061 |  |
| Assets and liabilities in foreign currencies | 1 |  |
| Futures contracts | (29521) |  |
| Total change in net unrealized appreciation (depreciation) |  | 65719541 |
| **Net gain (loss)** |  | 58509712 |
| **Net increase (decrease) in net assets resulting from operations** |  | $64024766 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5515054 | $4385652 |
| &nbsp;&nbsp;Net realized gain (loss) | (7209829)<br>| 15324286<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 65719541 | 31613062<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 64024766<br>| 51323000<br>|
| Distributions to shareholders | (9619315)<br>| (4416179)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 437577387 | 352653267 |
| Reinvestment of distributions | 8395178<br>| 3894236<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (262877104) | (269202210) |
| **Net increase (decrease) in net assets resulting from share transactions** | 183095461<br>| 87345293<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 237500912<br>| 134252114<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 654727211 | 520475097<br>|
| &nbsp;&nbsp;End of period | $892228123 | $654727211 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 16106991 | 14713757 |
| Issued in reinvestment of distributions | 316747<br>| 165518<br>|
| &nbsp;&nbsp;Redeemed | (9798711) | (11308549) |
| &nbsp;&nbsp;Net increase (decrease) | 6625027 | 3570726 |

---

**Financial Highlights** 

**Fidelity® Small Cap Growth Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.45 | $23.49 | $19.93 | $30.90 | $20.66 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .19  | .23  | .17  | .14  |
| Net realized and unrealized gain (loss)  | 2.29  | 1.97  | 3.50  | (10.17)  | 10.38  |
| Total from investment operations  | 2.48  | 2.16  | 3.73  | (10.00)  | 10.52  |
| Distributions from net investment income  | (.35)  | (.20)  | (.17)  | (.16)  | (.11)  |
| Distributions from net realized gain  | -  | -  | -  | (.81)  | (.18)  |
| Total distributions  | (.35)  | (.20)  | (.17)  | (.97)  | (.28) C |
| Net asset value, end of period  | $27.58 | $25.45 | $23.49 | $19.93 | $30.90 |
| **Total Return** D | 9.80% <br>| 9.26%  | 18.78%  | (33.33)%  | 51.31%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .05%  | .05%  | .05%  | .05%  | .05%  |
| Expenses net of fee waivers, if any  | .05% <br>| .05%  | .05%  | .05%  | .05%  |
| Expenses net of all reductions, if any  | .05%  | .05%  | .05%  | .05%  | .05%  |
| Net investment income (loss)  | .70%  | .78%  | 1.05%  | .64%  | .49%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $892228 | $654727 | $520475 | $274753 | $336925 |
| Portfolio turnover rate G | 36% <br>| 48% H | 42%  | 51%  | 62%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total distributions per share do not sum due to rounding.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Small Cap Value Index Fund**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** | &nbsp;&nbsp;**Common Stocks - 99.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| MAC Copper Ltd Class A (b) | 77707 | 939478 |
| AUSTRIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Critical Metals Corp (b) | 22363 | 80060 |
| BERMUDA - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 56780 | 468435 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Bank of Nt Butterfield & Son Ltd/The (United States)  | 47706 | 2112422 |
| Insurance - 0.1% |  |  |
| Hamilton Insurance Group Ltd Class B (b) | 49103 | 1061607 |
| Kestrel Group Ltd  | 464 | 12305 |
|  |  | 1073912 |
| TOTAL FINANCIALS |  | 3186334 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Himalaya Shipping Ltd (United States)  | 31359 | 180941 |
| TOTAL BERMUDA |  | 3835710 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Pagseguro Digital Ltd Class A  | 74244 | 715712 |
| BRITISH VIRGIN ISLANDS - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| Acuren Corp  | 69455 | 766783 |
| CAMEROON - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Golar LNG Ltd  | 109039 | 4491316 |
| CANADA - 1.0%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Encore Energy Corp (United States) (b)(c) | 201090 | 575117 |
| Kolibri Global Energy Inc (United States) (b) | 30249 | 207206 |
| Teekay Tankers Ltd Class A  | 26336 | 1098738 |
|  |  | 1881061 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Fennec Pharmaceuticals Inc (United States) (b) | 18465 | 153260 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Brookfield Business Corp Class A (United States)  | 16226 | 506251 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Hut 8 Corp (United States) (b)(c) | 102917 | 1914256 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Novagold Resources Inc (United States) (b) | 19001 | 77714 |
| Ssr Mining Inc (United States) (b) | 222195 | 2830764 |
|  |  | 2908478 |
| Utilities - 0.5% |  |  |
| Gas Utilities - 0.5% |  |  |
| Brookfield Infrastructure Corp (United States)  | 131664 | 5477223 |
| TOTAL CANADA |  | 12840529 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 129623 | 461458 |
| Software - 0.0% |  |  |
| Mercurity Fintech Holding Inc (b) | 32743 | 126060 |
| TOTAL CHINA |  | 587518 |
| COSTA RICA - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Logistic Properties Of The Americas (b) | 3596 | 24561 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 60547 | 635138 |
| GHANA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Kosmos Energy Ltd (b) | 517442 | 890000 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| GigaCloud Technology Inc Class A (b) | 28968 | 572987 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Triller Group Inc (b) | 113730 | 105826 |
| TOTAL HONG KONG |  | 678813 |
| IRELAND - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Ardmore Shipping Corp (c) | 38610 | 370656 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 38588 | 234229 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Cimpress PLC (b) | 12833 | 603151 |
| TOTAL IRELAND |  | 1208036 |
| ISRAEL - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Nexxen International Ltd (b) | 41190 | 428788 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Nano-X Imaging Ltd (b)(c) | 53808 | 278187 |
| Pharmaceuticals - 0.0% |  |  |
| MediWound Ltd (b) | 638 | 12358 |
| TOTAL HEALTH CARE |  | 290545 |
| TOTAL ISRAEL |  | 719333 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (b) | 19771 | 179521 |
| MEXICO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Borr Drilling Ltd (c) | 244549 | 447525 |
| MONACO - 0.2%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Scorpio Tankers Inc (c) | 47761 | 1868888 |
| Industrials - 0.1% |  |  |
| Marine Transportation - 0.1% |  |  |
| Costamare Bulkers Holdings Ltd  | 8159 | 70738 |
| Costamare Inc  | 48444 | 441325 |
| Safe Bulkers Inc  | 62746 | 226513 |
|  |  | 738576 |
| TOTAL MONACO |  | 2607464 |
| NORWAY - 0.3%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Seadrill Ltd (b)(c) | 43682 | 1146652 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| FLEX LNG Ltd (United States)  | 28520 | 626870 |
| SFL Corp Ltd (c) | 133991 | 1116145 |
|  |  | 1743015 |
| TOTAL ENERGY |  | 2889667 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.0% |  |  |
| T1 Energy Inc (b)(c) | 119263 | 146693 |
| Marine Transportation - 0.1% |  |  |
| Golden Ocean Group Ltd  | 112872 | 826224 |
| TOTAL INDUSTRIALS |  | 972917 |
| TOTAL NORWAY |  | 3862584 |
| PANAMA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Banco Latinoamericano de Comercio Exterior SA Class E  | 31855 | 1283757 |
| PUERTO RICO - 0.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liberty Latin America Ltd Class A (b) | 33221 | 202648 |
| Liberty Latin America Ltd Class C (b) | 134903 | 839097 |
|  |  | 1041745 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| First BanCorp/Puerto Rico  | 81052 | 1688313 |
| Ofg Bancorp  | 49411 | 2114791 |
|  |  | 3803104 |
| TOTAL PUERTO RICO |  | 4844849 |
| SINGAPORE - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Kulicke & Soffa Industries Inc  | 23965 | 829189 |
| SOUTH AFRICA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Caledonia Mining Corp PLC  | 18241 | 352416 |
| SWEDEN - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| SiriusPoint Ltd (b) | 100087 | 2040774 |
| SWITZERLAND - 0.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Garrett Motion Inc  | 138329 | 1453838 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| CRISPR Therapeutics AG (b)(c) | 90391 | 4396618 |
| TOTAL SWITZERLAND |  | 5850456 |
| THAILAND - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b) | 17864 | 430880 |
| UNITED KINGDOM - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.0% |  |  |
| Marex Group PLC  | 10624 | 419329 |
| Insurance - 0.2% |  |  |
| Fidelis Insurance Holdings Ltd  | 65275 | 1082260 |
| TOTAL FINANCIALS |  | 1501589 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Indivior PLC (United States) (b) | 19821 | 292161 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 29910 | 364304 |
| TOTAL UNITED KINGDOM |  | 2158054 |
| UNITED STATES - 95.6%  |  |  |
| Communication Services - 2.4% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Atn International Inc  | 11332 | 184144 |
| Bandwidth Inc Class A (b) | 22457 | 357066 |
| IDT Corp Class B  | 4031 | 275398 |
| Lumen Technologies Inc (b) | 120502 | 527799 |
| Shenandoah Telecommunications Co  | 55580 | 759223 |
|  |  | 2103630 |
| Entertainment - 0.4% |  |  |
| AMC Entertainment Holdings Inc Class A (b)(c) | 474650 | 1471415 |
| CuriosityStream Inc Class A  | 2894 | 16293 |
| Eventbrite Inc Class A (b) | 81462 | 214245 |
| Gaia Inc Class A (b) | 18553 | 81448 |
| Lionsgate Studios Corp  | 209343 | 1216283 |
| Marcus Corp/The  | 25555 | 430857 |
| Playstudios Inc Class A (b) | 100765 | 132002 |
| Playtika Holding Corp  | 49374 | 233539 |
| Reservoir Media Inc (b) | 19327 | 148238 |
| Sphere Entertainment Co Class A (b)(c) | 30175 | 1261315 |
| Starz Entertainment Corp  | 13824 | 222152 |
| Vivid Seats Inc Class A (b) | 25370 | 42875 |
|  |  | 5470662 |
| Interactive Media & Services - 0.5% |  |  |
| Angi Inc Class A (b) | 47290 | 721645 |
| Bumble Inc Class A (b) | 70393 | 463890 |
| Cars.com Inc (b) | 63499 | 752463 |
| Getty Images Holdings Inc Class A (b) | 120516 | 200057 |
| Nextdoor Holdings Inc Class A (b) | 231076 | 383586 |
| Rumble Inc Class A (b) | 65881 | 591611 |
| Shutterstock Inc  | 26800 | 508128 |
| Teads Holding Co (b) | 38461 | 95383 |
| TripAdvisor Inc Class A  | 65806 | 858768 |
| TrueCar Inc (b) | 85775 | 162973 |
| Vimeo Inc Class A (b) | 99223 | 400861 |
| Ziff Davis Inc (b) | 46405 | 1404680 |
|  |  | 6544045 |
| Media - 1.0% |  |  |
| Advantage Solutions Inc Class A (b)(c) | 102989 | 135945 |
| Altice USA Inc Class A (b) | 241841 | 517540 |
| AMC Networks Inc Class A (b) | 33978 | 213042 |
| Boston Omaha Corp (b) | 21592 | 303152 |
| Cable One Inc (c) | 5681 | 771537 |
| EchoStar Corp Class A (b) | 148069 | 4101512 |
| Entravision Communications Corp Class A  | 56753 | 131667 |
| EW Scripps Co/The Class A (b) | 69800 | 205212 |
| Gannett Co Inc (b) | 14957 | 53546 |
| Gray Media Inc  | 98447 | 445965 |
| iHeartMedia Inc Class A (b) | 129455 | 227841 |
| Integral Ad Science Holding Corp (b) | 71522 | 594348 |
| John Wiley & Sons Inc Class A  | 2734 | 122018 |
| National CineMedia Inc  | 70516 | 341650 |
| Newsmax Inc Class B  | 8335 | 126109 |
| PubMatic Inc Class A (b) | 45580 | 567015 |
| Scholastic Corp  | 23976 | 503016 |
| Sinclair Inc Class A  | 42342 | 585166 |
| TechTarget Inc  | 26110 | 202875 |
| TEGNA Inc  | 175599 | 2943039 |
| WideOpenWest Inc (b) | 52868 | 214644 |
|  |  | 13306839 |
| Wireless Telecommunication Services - 0.3% |  |  |
| Spok Holdings Inc  | 23179 | 409805 |
| Telephone and Data Systems Inc  | 107050 | 3808839 |
|  |  | 4218644 |
| TOTAL COMMUNICATION SERVICES |  | 31643820 |
| Consumer Discretionary - 10.2% |  |  |
| Automobile Components - 1.4% |  |  |
| Adient PLC (b) | 91782 | 1786078 |
| American Axle & Manufacturing Holdings Inc (b) | 125175 | 510714 |
| Cooper-Standard Holdings Inc (b) | 18356 | 394654 |
| Dana Inc  | 144463 | 2477540 |
| Fox Factory Holding Corp (b) | 34164 | 886214 |
| Gentherm Inc (b) | 33264 | 941039 |
| Goodyear Tire & Rubber Co/The (b) | 285208 | 2957608 |
| Holley Inc Class A (b) | 64369 | 128738 |
| LCI Industries  | 24161 | 2203242 |
| Luminar Technologies Inc Class A (b)(c) | 26653 | 76494 |
| Motorcar Parts of America Inc (b) | 19877 | 222622 |
| Phinia Inc  | 43014 | 1913693 |
| Solid Power Inc (b)(c) | 144402 | 316240 |
| Standard Motor Products Inc  | 23162 | 711537 |
| Strattec Security Corp (b) | 4202 | 261406 |
| Visteon Corp (b) | 30021 | 2800959 |
|  |  | 18588778 |
| Automobiles - 0.1% |  |  |
| Faraday Future Intelligent Electric Inc Class A (b) | 97852 | 164391 |
| Winnebago Industries Inc  | 30054 | 871566 |
|  |  | 1035957 |
| Broadline Retail - 0.1% |  |  |
| Kohl's Corp  | 120591 | 1022612 |
| Savers Value Village Inc (b) | 2025 | 20655 |
|  |  | 1043267 |
| Distributors - 0.0% |  |  |
| A-Mark Precious Metals Inc  | 20905 | 463673 |
| Weyco Group Inc  | 6667 | 221077 |
|  |  | 684750 |
| Diversified Consumer Services - 0.8% |  |  |
| American Public Education Inc (b) | 952 | 28998 |
| European Wax Center Inc Class A (b) | 2667 | 15015 |
| Graham Holdings Co Class B  | 3494 | 3305918 |
| Laureate Education Inc (b) | 91284 | 2134220 |
| Matthews International Corp Class A  | 32695 | 781737 |
| Mister Car Wash Inc (b)(c) | 11102 | 66723 |
| Perdoceo Education Corp  | 67066 | 2192388 |
| Strategic Education Inc  | 26350 | 2243176 |
|  |  | 10768175 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Biglari Holdings Inc Class B (b) | 726 | 212144 |
| BJ's Restaurants Inc (b) | 8370 | 373302 |
| Bloomin' Brands Inc  | 35084 | 302073 |
| Cracker Barrel Old Country Store Inc (c) | 17639 | 1077390 |
| Denny's Corp (b)(c) | 50508 | 207083 |
| Dine Brands Global Inc  | 14414 | 350693 |
| El Pollo Loco Holdings Inc (b) | 28906 | 318255 |
| Empire Resorts Inc (b)(d) | 41 | 0 |
| Global Business Travel Group I Class A (b) | 10680 | 67284 |
| Golden Entertainment Inc  | 21337 | 627948 |
| International Game Technology PLC  | 122714 | 1940108 |
| Jack in the Box Inc  | 3499 | 61093 |
| Krispy Kreme Inc  | 75129 | 218625 |
| Marriott Vacations Worldwide Corp  | 34999 | 2530779 |
| Nathan's Famous Inc  | 137 | 15149 |
| Papa John's International Inc (c) | 32686 | 1599653 |
| PlayAGS Inc (b) | 826 | 10317 |
| Portillo's Inc Class A (b)(c) | 61694 | 719969 |
| Potbelly Corp (b) | 2783 | 34092 |
| Pursuit Attractions and Hospitality Inc (b) | 21674 | 624861 |
| Rci Hospitality Holdings Inc  | 3354 | 127854 |
| Red Rock Resorts Inc Class A  | 23632 | 1229573 |
| Sabre Corp (b) | 291242 | 920325 |
| Serve Robotics Inc (b) | 5642 | 64544 |
| Six Flags Entertainment Corp (b) | 20933 | 636991 |
| Target Hospitality Corp (b) | 35262 | 251065 |
| United Parks & Resorts Inc (b)(c) | 1430 | 67425 |
|  |  | 14588595 |
| Household Durables - 2.5% |  |  |
| Bassett Furniture Industries Inc  | 8959 | 136177 |
| Beazer Homes USA Inc (b) | 31482 | 704252 |
| Century Communities Inc  | 29461 | 1659244 |
| Cricut Inc Class A  | 50387 | 341120 |
| Dream Finders Homes Inc Class A (b) | 25171 | 632547 |
| Ethan Allen Interiors Inc  | 25559 | 711818 |
| Flexsteel Industries Inc  | 4045 | 145741 |
| Green Brick Partners Inc (b) | 22699 | 1427313 |
| Hamilton Beach Brands Holding Co Class A  | 7889 | 141134 |
| Helen of Troy Ltd (b) | 25045 | 710777 |
| Hovnanian Enterprises Inc Class A (b) | 5312 | 555370 |
| KB Home  | 76627 | 4058932 |
| La-Z-Boy Inc  | 45133 | 1677594 |
| Legacy Housing Corp (b) | 9168 | 207747 |
| Leggett & Platt Inc  | 144875 | 1292285 |
| LGI Homes Inc (b) | 22742 | 1171668 |
| Lovesac Co/The (b) | 5450 | 99190 |
| M/I Homes Inc (b) | 28898 | 3240044 |
| Meritage Homes Corp  | 77828 | 5212141 |
| Sonos Inc (b) | 10283 | 111159 |
| Taylor Morrison Home Corp (b) | 107510 | 6603265 |
| Traeger Inc (b) | 32140 | 54959 |
| Tri Pointe Homes Inc (b) | 97473 | 3114262 |
|  |  | 34008739 |
| Leisure Products - 0.6% |  |  |
| American Outdoor Brands Inc (b) | 13221 | 138159 |
| Clarus Corp  | 32172 | 111637 |
| Escalade Inc  | 11482 | 160518 |
| Funko Inc Class A (b) | 37644 | 179185 |
| JAKKS Pacific Inc  | 9804 | 203727 |
| Johnson Outdoors Inc Class A  | 5873 | 177776 |
| Latham Group Inc (b) | 5494 | 35052 |
| Malibu Boats Inc Class A (b) | 20521 | 643128 |
| Marine Products Corp  | 5405 | 45997 |
| MasterCraft Boat Holdings Inc (b) | 17569 | 326432 |
| Outdoor Holding Co (b) | 92559 | 118476 |
| Peloton Interactive Inc Class A (b) | 260394 | 1807134 |
| Polaris Inc  | 58575 | 2381074 |
| Smith & Wesson Brands Inc  | 48240 | 418723 |
| Sturm Ruger & Co Inc  | 11410 | 409619 |
| Topgolf Callaway Brands Corp (b)(c) | 143893 | 1158339 |
|  |  | 8314976 |
| Specialty Retail - 3.0% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 23666 | 116437 |
| Academy Sports & Outdoors Inc  | 72464 | 3247112 |
| Advance Auto Parts Inc  | 65553 | 3047559 |
| America's Car-Mart Inc/TX (b) | 8090 | 453364 |
| American Eagle Outfitters Inc  | 178299 | 1715236 |
| Arko Corp  | 73159 | 309463 |
| Asbury Automotive Group Inc (b) | 21422 | 5110004 |
| BARK Inc (b) | 35352 | 31091 |
| Barnes & Noble Education Inc (b) | 16190 | 190556 |
| Beyond Inc (b) | 60190 | 414107 |
| Buckle Inc/The  | 2301 | 104350 |
| Caleres Inc  | 36449 | 445407 |
| Citi Trends Inc (b) | 5118 | 170890 |
| Designer Brands Inc Class A (c) | 37841 | 90061 |
| EVgo Inc Class A (b) | 119054 | 434547 |
| Foot Locker Inc (b) | 93385 | 2287933 |
| Genesco Inc (b) | 10344 | 203673 |
| Group 1 Automotive Inc  | 7722 | 3372275 |
| Haverty Furniture Cos Inc  | 15232 | 309971 |
| J Jill Inc  | 8131 | 119038 |
| Lands' End Inc (b)(c) | 13049 | 139755 |
| MarineMax Inc (b) | 19543 | 491311 |
| Monro Inc  | 33308 | 496622 |
| National Vision Holdings Inc (b) | 84987 | 1955551 |
| ODP Corp/The (b) | 30267 | 548741 |
| OneWater Marine Inc Class A (b)(c) | 12115 | 162220 |
| Petco Health & Wellness Co Inc Class A (b) | 78971 | 223488 |
| RealReal Inc/The (b) | 76953 | 368605 |
| Sally Beauty Holdings Inc (b) | 111903 | 1036222 |
| Shoe Carnival Inc  | 20110 | 376258 |
| Signet Jewelers Ltd  | 45646 | 3631139 |
| Sleep Number Corp (b)(c) | 22734 | 153568 |
| Sonic Automotive Inc Class A  | 10293 | 822719 |
| Stitch Fix Inc Class A (b) | 107368 | 397262 |
| Tile Shop Holdings Inc (b) | 16977 | 107974 |
| Torrid Holdings Inc (b) | 25642 | 75643 |
| Upbound Group Inc  | 37867 | 950462 |
| Urban Outfitters Inc (b) | 44918 | 3258352 |
| Victoria's Secret & Co (b) | 52934 | 980338 |
| Winmark Corp  | 3221 | 1216282 |
| Zumiez Inc (b) | 17208 | 228178 |
|  |  | 39793764 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Capri Holdings Ltd (b) | 126717 | 2242891 |
| Carter's Inc  | 39172 | 1180252 |
| G-III Apparel Group Ltd (b) | 42552 | 953165 |
| Kontoor Brands Inc  | 11442 | 754829 |
| Lakeland Industries Inc  | 9748 | 132670 |
| Movado Group Inc  | 17050 | 260013 |
| Oxford Industries Inc  | 15548 | 625807 |
| Rocky Brands Inc  | 7696 | 170774 |
| Steven Madden Ltd  | 69202 | 1659464 |
| Superior Group of Cos Inc  | 12465 | 128389 |
|  |  | 8108254 |
| TOTAL CONSUMER DISCRETIONARY |  | 136935255 |
| Consumer Staples - 1.8% |  |  |
| Beverages - 0.0% |  |  |
| MGP Ingredients Inc  | 15517 | 465044 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Andersons Inc/The  | 35756 | 1314033 |
| Grocery Outlet Holding Corp (b) | 103600 | 1286712 |
| HF Foods Group Inc (b) | 45270 | 143958 |
| Ingles Markets Inc Class A  | 15956 | 1011291 |
| SpartanNash Co  | 37006 | 980289 |
| United Natural Foods Inc (b) | 65226 | 1520418 |
| Village Super Market Inc Class A  | 9827 | 378340 |
| Weis Markets Inc  | 18093 | 1311562 |
|  |  | 7946603 |
| Food Products - 0.6% |  |  |
| Alico Inc  | 5495 | 179577 |
| B&G Foods Inc  | 87633 | 370688 |
| Beyond Meat Inc (b) | 73544 | 256669 |
| Calavo Growers Inc  | 1802 | 47915 |
| Dole PLC  | 72695 | 1017003 |
| Fresh Del Monte Produce Inc  | 36496 | 1183201 |
| Hain Celestial Group Inc (b) | 103322 | 157049 |
| John B Sanfilippo & Son Inc  | 3555 | 224818 |
| Limoneira Co  | 18411 | 288132 |
| Mission Produce Inc (b) | 52546 | 615839 |
| Seneca Foods Corp Class A (b) | 4935 | 500557 |
| Simply Good Foods Co/The (b) | 36736 | 1160490 |
| TreeHouse Foods Inc (b) | 54996 | 1068022 |
| Utz Brands Inc Class A  | 79673 | 999896 |
| WK Kellogg Co  | 5632 | 89774 |
|  |  | 8159630 |
| Household Products - 0.3% |  |  |
| Central Garden & Pet Co (b)(c) | 20592 | 724426 |
| Central Garden & Pet Co Class A (b) | 44944 | 1406298 |
| Energizer Holdings Inc  | 15897 | 320484 |
| Oil-Dri Corp of America  | 2294 | 135323 |
| Spectrum Brands Holdings Inc  | 28159 | 1492427 |
|  |  | 4078958 |
| Personal Care Products - 0.2% |  |  |
| Beauty Health Co/The Class A (b) | 18098 | 34567 |
| Edgewell Personal Care Co  | 51010 | 1194144 |
| Herbalife Ltd (b) | 28858 | 248756 |
| Honest Co Inc/The (b) | 50218 | 255610 |
| Medifast Inc (b)(c) | 11940 | 167757 |
| Nature's Sunshine Products Inc (b) | 11755 | 173856 |
| Nu Skin Enterprises Inc Class A  | 53553 | 427888 |
| Olaplex Holdings Inc (b) | 149969 | 209957 |
| USANA Health Sciences Inc (b) | 12122 | 370085 |
| Waldencast plc Class A (b)(c) | 46087 | 112913 |
|  |  | 3195533 |
| Tobacco - 0.1% |  |  |
| Turning Point Brands Inc  | 1985 | 150403 |
| Universal Corp/VA  | 26572 | 1547554 |
|  |  | 1697957 |
| TOTAL CONSUMER STAPLES |  | 25543725 |
| Energy - 5.7% |  |  |
| Energy Equipment & Services - 1.8% |  |  |
| Atlas Energy Solutions Inc  | 24546 | 328180 |
| Bristow Group Inc (b) | 30753 | 1013926 |
| ChampionX Corp  | 31054 | 771381 |
| Core Laboratories Inc  | 51314 | 591137 |
| DMC Global Inc (b) | 13959 | 112510 |
| Expro Group Holdings NV (b) | 112761 | 968617 |
| Flowco Holdings Inc Class A  | 8989 | 160094 |
| Forum Energy Technologies Inc (b) | 11771 | 229181 |
| Helix Energy Solutions Group Inc (b) | 118912 | 742011 |
| Helmerich & Payne Inc  | 106241 | 1610614 |
| Innovex International Inc (b) | 42353 | 661554 |
| Liberty Energy Inc Class A  | 172710 | 1982711 |
| Mammoth Energy Services Inc (b) | 27695 | 77546 |
| Nabors Industries Ltd (b)(c) | 15290 | 428426 |
| National Energy Services Reunited Corp (b) | 59462 | 357961 |
| Natural Gas Services Group Inc (b) | 7862 | 202918 |
| Noble Corp PLC (c) | 138617 | 3680282 |
| Oceaneering International Inc (b) | 11305 | 234240 |
| Oil States International Inc (b) | 62519 | 335102 |
| Patterson-UTI Energy Inc  | 385556 | 2286347 |
| ProFrac Holding Corp Class A (b)(c) | 13304 | 103239 |
| ProPetro Holding Corp (b) | 86169 | 514429 |
| Ranger Energy Services Inc Class A  | 18601 | 222096 |
| RPC Inc  | 99578 | 471004 |
| SEACOR Marine Holdings Inc (b) | 21709 | 110716 |
| Select Water Solutions Inc Class A  | 96700 | 835488 |
| TETRA Technologies Inc (b) | 138343 | 464832 |
| Tidewater Inc (b) | 3001 | 138436 |
| Transocean Ltd (b)(c) | 812958 | 2105561 |
| Valaris Ltd (b)(c) | 69676 | 2934056 |
|  |  | 24674595 |
| Oil, Gas & Consumable Fuels - 3.9% |  |  |
| Berry Corp  | 85727 | 237464 |
| California Resources Corp  | 71283 | 3255495 |
| Calumet Inc  | 66404 | 1046195 |
| Centrus Energy Corp Class A (b)(c) | 3620 | 663112 |
| Chord Energy Corp warrants 9/1/2025 (b) | 405 | 262 |
| Clean Energy Fuels Corp (b) | 191967 | 374336 |
| CNX Resources Corp (b) | 155342 | 5231919 |
| Comstock Resources Inc (b)(c) | 24446 | 676421 |
| Core Natural Resources Inc  | 37789 | 2635405 |
| Crescent Energy Co Class A  | 194977 | 1676802 |
| DHT Holdings Inc  | 139859 | 1511876 |
| Diversified Energy Co PLC (United States) (e) | 59899 | 878718 |
| Dorian LPG Ltd  | 40591 | 989609 |
| Empire Petroleum Corp (b) | 1887 | 9963 |
| Energy Fuels Inc/Canada (United States) (b)(c) | 166767 | 958910 |
| Epsilon Energy Ltd  | 19207 | 141748 |
| Evolution Petroleum Corp  | 6329 | 29746 |
| Excelerate Energy Inc Class A  | 24920 | 730654 |
| FutureFuel Corp  | 29354 | 113894 |
| Gevo Inc (b) | 251942 | 332563 |
| Granite Ridge Resources Inc  | 59856 | 381283 |
| Green Plains Inc (b) | 69871 | 421322 |
| HighPeak Energy Inc Class A (c) | 19651 | 192580 |
| Infinity Natural Resources Inc Class A  | 13140 | 240593 |
| International Seaways Inc  | 44169 | 1611285 |
| Kinetik Holdings Inc Class A  | 13580 | 598199 |
| Magnolia Oil & Gas Corp Class A  | 162489 | 3652753 |
| Murphy Oil Corp  | 148140 | 3333150 |
| NACCO Industries Inc Class A  | 4307 | 190843 |
| Navigator Holdings Ltd  | 35241 | 498660 |
| New Fortress Energy Inc Class A  | 184645 | 613021 |
| NextNRG Inc (b) | 14495 | 40151 |
| Nordic American Tankers Ltd  | 228009 | 599664 |
| Northern Oil & Gas Inc  | 101099 | 2866157 |
| OPAL Fuels Inc Class A (b) | 3759 | 9096 |
| Par Pacific Holdings Inc (b) | 41535 | 1101924 |
| PBF Energy Inc Class A  | 91534 | 1983542 |
| Peabody Energy Corp  | 133887 | 1796764 |
| Prairie Operating Co (b) | 23907 | 71601 |
| PrimeEnergy Resources Corp (b)(c) | 450 | 65871 |
| REX American Resources Corp (b) | 11712 | 570492 |
| Riley Exploration Permian Inc  | 11808 | 309724 |
| SandRidge Energy Inc  | 39788 | 430506 |
| Sitio Royalties Corp Class A  | 85683 | 1574854 |
| SM Energy Co  | 124693 | 3081164 |
| Summit Midstream Corp Class A  | 10321 | 253174 |
| Talos Energy Inc (b) | 130540 | 1106979 |
| VAALCO Energy Inc (c) | 103286 | 372862 |
| Vital Energy Inc (b)(c) | 32176 | 517712 |
| Vitesse Energy Inc (c) | 32636 | 720929 |
| W&T Offshore Inc  | 107495 | 177367 |
| World Kinect Corp  | 52515 | 1488800 |
|  |  | 52368114 |
| TOTAL ENERGY |  | 77042709 |
| Financials - 26.8% |  |  |
| Banks - 18.4% |  |  |
| 1st Source Corp  | 20725 | 1286401 |
| ACNB Corp  | 11194 | 479551 |
| Amalgamated Financial Corp  | 25545 | 797004 |
| Amerant Bancorp Inc Class A  | 23833 | 434476 |
| Ameris Bancorp  | 71983 | 4657300 |
| Ames National Corp  | 10056 | 179097 |
| Arrow Financial Corp  | 17474 | 461663 |
| Associated Banc-Corp  | 181699 | 4431639 |
| Atlantic Union Bankshares Corp  | 155987 | 4879273 |
| Axos Financial Inc (b) | 49409 | 3757060 |
| Banc of California Inc (c) | 141782 | 1992037 |
| BancFirst Corp  | 1802 | 222763 |
| Bank First Corp  | 8303 | 976848 |
| Bank of Hawaii Corp  | 10052 | 678812 |
| Bank of Marin Bancorp  | 16174 | 369414 |
| Bank7 Corp  | 4321 | 180747 |
| BankFinancial Corp  | 12336 | 142728 |
| BankUnited Inc  | 82603 | 2939841 |
| Bankwell Financial Group Inc  | 6359 | 229115 |
| Banner Corp  | 37152 | 2383301 |
| Bar Harbor Bankshares  | 16793 | 503118 |
| BayCom Corp  | 11197 | 310269 |
| BCB Bancorp Inc  | 18709 | 157530 |
| Berkshire Hills Bancorp Inc  | 50738 | 1270480 |
| Blue Foundry Bancorp (b) | 19101 | 182797 |
| Blue Ridge Bankshares Inc (b) | 67037 | 240663 |
| Bridgewater Bancshares Inc (b) | 11507 | 183076 |
| Brookline Bancorp Inc  | 96613 | 1019267 |
| Burke & Herbert Financial Services Corp  | 14829 | 885736 |
| Business First Bancshares Inc  | 31050 | 765383 |
| BV Financial Inc (b) | 8868 | 135060 |
| Byline Bancorp Inc  | 29314 | 783563 |
| C&F Financial Corp  | 3349 | 206734 |
| Cadence Bank  | 191675 | 6129767 |
| California BanCorp (b) | 20134 | 317312 |
| Camden National Corp  | 18255 | 740788 |
| Capital Bancorp Inc  | 9756 | 327606 |
| Capital City Bank Group Inc  | 15129 | 595326 |
| Capitol Federal Financial Inc  | 135574 | 827001 |
| Carter Bankshares Inc (b) | 20063 | 347892 |
| Cathay General Bancorp  | 73676 | 3354468 |
| CB Financial Services Inc  | 5077 | 144695 |
| Central Pacific Financial Corp  | 29166 | 817523 |
| CF Bankshares Inc Class A  | 3926 | 94106 |
| Chain Bridge Bancorp Inc Class A  | 2409 | 62080 |
| Chemung Financial Corp  | 4593 | 222623 |
| ChoiceOne Financial Services Inc  | 15599 | 447691 |
| Citizens & Northern Corp  | 17004 | 322056 |
| Citizens Community Bancorp Inc/WI  | 10190 | 140622 |
| Citizens Financial Services Inc  | 4596 | 269877 |
| City Holding Co  | 5655 | 692285 |
| Civista Bancshares Inc  | 16620 | 385584 |
| CNB Financial Corp/PA  | 22666 | 518145 |
| Colony Bankcorp Inc  | 18513 | 304909 |
| Columbia Financial Inc (b) | 26874 | 389942 |
| Community Financial System Inc  | 44877 | 2552155 |
| Community Trust Bancorp Inc  | 17376 | 919538 |
| Community West Bancshares  | 14675 | 286309 |
| Connectone Bancorp Inc  | 39171 | 907200 |
| Customers Bancorp Inc (b) | 29642 | 1741171 |
| CVB Financial Corp  | 144824 | 2866067 |
| Dime Community Bancshares Inc  | 35643 | 960222 |
| Eagle Bancorp Inc  | 26392 | 514116 |
| Eagle Bancorp Montana Inc  | 7969 | 132843 |
| Eagle Financial Services Inc  | 4705 | 144067 |
| Eastern Bankshares Inc  | 214645 | 3277629 |
| ECB Bancorp Inc/MD (b) | 8087 | 124863 |
| Enterprise Bancorp Inc/MA  | 10487 | 415705 |
| Enterprise Financial Services Corp (c) | 39941 | 2200749 |
| Equity Bancshares Inc Class A  | 16980 | 692784 |
| ESSA Bancorp Inc  | 9477 | 183854 |
| Farmers & Merchants Bancorp Inc/Archbold OH  | 14129 | 357181 |
| Farmers National Banc Corp  | 40897 | 563970 |
| FB Bancorp Inc  | 18489 | 208001 |
| FB Financial Corp  | 38239 | 1732227 |
| Fidelity D&D Bancorp Inc  | 5374 | 247204 |
| Financial Institutions Inc  | 21475 | 551478 |
| Finward Bancorp  | 3568 | 98548 |
| Finwise Bancorp (b) | 3711 | 55702 |
| First Bancorp Inc/The  | 12251 | 311298 |
| First Bancorp/Southern Pines NC  | 43905 | 1935771 |
| First Bank/Hamilton NJ  | 23378 | 361658 |
| First Busey Corp  | 93739 | 2145217 |
| First Business Financial Services Inc  | 8129 | 411815 |
| First Capital Inc  | 3584 | 147983 |
| First Commonwealth Financial Corp  | 110914 | 1800134 |
| First Community Bankshares Inc  | 17187 | 673215 |
| First Community Corp/SC  | 5993 | 146109 |
| First Financial Bancorp  | 104445 | 2533836 |
| First Financial Corp  | 10868 | 588937 |
| First Foundation Inc (b) | 68624 | 349982 |
| First Interstate BancSystem Inc Class A  | 97227 | 2802082 |
| First Interstate Bank of Calif  | 4378 | 117768 |
| First Merchants Corp  | 60501 | 2317188 |
| First Mid Bancshares Inc  | 22581 | 846562 |
| First National Corp/VA  | 7838 | 152606 |
| First Savings Financial Group Inc  | 5959 | 149213 |
| First United Corp  | 6531 | 202526 |
| First Western Financial Inc (b) | 5750 | 129720 |
| Firstsun Capital Bancorp (b) | 13653 | 474442 |
| Five Star Bancorp  | 5935 | 169385 |
| Flagstar Financial Inc  | 331439 | 3513253 |
| Flushing Financial Corp  | 35848 | 425874 |
| Franklin Financial Services Corp  | 4525 | 156678 |
| FS Bancorp Inc  | 7318 | 288183 |
| Fulton Financial Corp  | 199883 | 3605889 |
| FVCBankcorp Inc (b) | 17176 | 202677 |
| GBank Financial Holdings Inc (b) | 9205 | 325949 |
| German American Bancorp Inc  | 39483 | 1520490 |
| Glacier Bancorp Inc  | 99389 | 4281678 |
| Great Southern Bancorp Inc  | 9365 | 550475 |
| Greene County Bancorp Inc  | 3160 | 70215 |
| Guaranty Bancshares Inc/TX  | 8849 | 375552 |
| Hancock Whitney Corp  | 94111 | 5401971 |
| Hanmi Financial Corp  | 32919 | 812441 |
| Hanover Bancorp Inc  | 4715 | 107926 |
| Harborone Northeast Bancorp Inc  | 41786 | 488060 |
| Hawthorn Bancshares Inc  | 6392 | 186263 |
| HBT Financial Inc  | 13988 | 352637 |
| Heritage Commerce Corp  | 66855 | 663870 |
| Heritage Financial Corp Wash  | 37258 | 888231 |
| Hilltop Holdings Inc  | 50069 | 1519594 |
| Hingham Institution For Savings The (c) | 1516 | 376499 |
| Home Bancorp Inc  | 7482 | 387418 |
| Home BancShares Inc/AR  | 205429 | 5846509 |
| HomeStreet Inc (b) | 19505 | 254930 |
| HomeTrust Bancshares Inc  | 17211 | 643864 |
| Hope Bancorp Inc  | 122992 | 1319704 |
| Horizon Bancorp Inc/IN  | 47580 | 731780 |
| Independent Bank Corp  | 46714 | 2937610 |
| Independent Bank Corp/MI  | 22086 | 715807 |
| International Bancshares Corp  | 53155 | 3537997 |
| Investar Holding Corp  | 9842 | 190147 |
| John Marshall Bancorp Inc  | 13532 | 250748 |
| Kearny Financial Corp/MD  | 62934 | 406554 |
| Lakeland Financial Corp  | 12610 | 774885 |
| Landmark Bancorp Inc/Manhattan KS  | 5026 | 132887 |
| LCNB Corp  | 15411 | 223922 |
| LINKBANCORP Inc  | 21681 | 158488 |
| Live Oak Bancshares Inc  | 21823 | 650325 |
| MainStreet Bancshares Inc  | 7166 | 135437 |
| Mercantile Bank Corp  | 17391 | 807116 |
| Meridian Corp  | 8223 | 105994 |
| Metrocity Bankshares Inc  | 8592 | 245559 |
| Metropolitan Bank Holding Corp (b) | 8018 | 561260 |
| Mid Penn Bancorp Inc  | 21827 | 615521 |
| Middlefield Banc Corp  | 8160 | 245698 |
| Midland States Bancorp Inc  | 23512 | 407228 |
| MidWestOne Financial Group Inc  | 22182 | 638176 |
| MVB Financial Corp  | 12634 | 284644 |
| National Bank Holdings Corp Class A  | 41508 | 1561116 |
| National Bankshares Inc VA  | 7374 | 200573 |
| NB Bancorp Inc (b) | 37524 | 670179 |
| Nbt Bancorp Inc  | 52410 | 2177636 |
| Nicolet Bankshares Inc  | 10416 | 1286168 |
| Northeast Bank  | 3132 | 278717 |
| Northeast Community Bancorp Inc  | 13475 | 313226 |
| Northfield Bancorp Inc  | 36329 | 417057 |
| Northpointe Bancshares Inc  | 11202 | 153579 |
| Northrim BanCorp Inc  | 2830 | 263926 |
| Northwest Bancshares Inc  | 141508 | 1808472 |
| Norwood Financial Corp  | 9669 | 249267 |
| Oak Valley Bancorp  | 7530 | 205117 |
| OceanFirst Financial Corp  | 62642 | 1103126 |
| Ohio Valley Banc Corp  | 4218 | 135946 |
| Old National Bancorp/IN  | 308904 | 6592012 |
| Old Point Financial Corp  | 2461 | 96594 |
| Old Second Bancorp Inc  | 46625 | 827128 |
| OP Bancorp  | 12127 | 157530 |
| Orange County Bancorp Inc  | 7536 | 194730 |
| Origin Bancorp Inc  | 30357 | 1084959 |
| Orrstown Financial Services Inc  | 20365 | 648218 |
| Pacific Premier Bancorp Inc  | 105871 | 2232819 |
| Park National Corp  | 16180 | 2706267 |
| Parke Bancorp Inc  | 10895 | 221931 |
| PCB Bancorp  | 10499 | 220269 |
| Peapack-Gladstone Financial Corp  | 9914 | 280071 |
| Penns Woods Bancorp Inc  | 7928 | 240694 |
| Peoples Bancorp Inc/OH  | 38625 | 1179608 |
| Peoples Bancorp of North Carolina Inc  | 4743 | 136836 |
| Peoples Financial Services Corp  | 9344 | 461313 |
| Pioneer Bancorp Inc/NY (b) | 11861 | 142688 |
| Plumas Bancorp  | 5868 | 260891 |
| Ponce Financial Group Inc (b) | 20490 | 283582 |
| Preferred Bank/Los Angeles CA  | 13650 | 1181339 |
| Primis Financial Corp  | 23263 | 252404 |
| Princeton Bancorp Inc  | 5346 | 163267 |
| Provident Bancorp Inc (b) | 17097 | 213542 |
| Provident Financial Services Inc  | 118611 | 2079251 |
| QCR Holdings Inc  | 17804 | 1208892 |
| RBB Bancorp  | 18740 | 322515 |
| Red River Bancshares Inc  | 5100 | 299370 |
| Renasant Corp  | 102833 | 3694790 |
| Republic Bancorp Inc/KY Class A  | 9104 | 665593 |
| Rhinebeck Bancorp Inc (b) | 4405 | 51671 |
| Richmond Mutual BanCorp Inc  | 9320 | 128616 |
| Riverview Bancorp Inc  | 21495 | 118223 |
| S&T Bancorp Inc  | 42033 | 1589688 |
| SB Financial Group Inc  | 6548 | 125067 |
| Seacoast Banking Corp of Florida  | 92790 | 2562860 |
| Shore Bancshares Inc  | 28340 | 445505 |
| Sierra Bancorp  | 13803 | 409811 |
| Simmons First National Corp Class A  | 137561 | 2608157 |
| SmartFinancial Inc  | 12778 | 431641 |
| Sound Financial Bancorp Inc  | 2250 | 103500 |
| South Plains Financial Inc  | 13724 | 494613 |
| Southern First Bancshares Inc (b) | 8359 | 317893 |
| Southern Missouri Bancorp Inc  | 9511 | 521013 |
| Southern States Bancshares Inc  | 9079 | 330203 |
| Southside Bancshares Inc  | 32022 | 942407 |
| SR Bancorp Inc  | 7869 | 106232 |
| Stellar Bancorp Inc  | 51107 | 1429974 |
| Stock Yards Bancorp Inc  | 1548 | 122261 |
| Texas Capital Bancshares Inc (b) | 42635 | 3385219 |
| Third Coast Bancshares Inc (b) | 13897 | 454015 |
| Timberland Bancorp Inc/WA  | 8286 | 258523 |
| Tompkins Financial Corp  | 14731 | 924076 |
| Towne Bank/Portsmouth VA  | 77065 | 2634082 |
| TriCo Bancshares  | 33530 | 1357630 |
| Triumph Financial Inc (b) | 13318 | 733955 |
| TrustCo Bank Corp NY  | 20616 | 688987 |
| Trustmark Corp  | 61690 | 2249217 |
| UMB Financial Corp  | 72384 | 7611902 |
| Union Bankshares Inc/Morrisville VT  | 373 | 9929 |
| United Bankshares Inc/WV  | 154890 | 5642643 |
| United Community Banks Inc/GA  | 131754 | 3924952 |
| United Security Bancshares/Fresno CA  | 15645 | 135329 |
| Unity Bancorp Inc  | 4100 | 193028 |
| Univest Financial Corp  | 31421 | 943887 |
| USCB Financial Holdings Inc  | 7460 | 123388 |
| Valley National Bancorp  | 401415 | 3584636 |
| Veritex Holdings Inc  | 57851 | 1509911 |
| Virginia National Bankshares Corp  | 5471 | 202427 |
| WaFd Inc  | 88183 | 2581998 |
| Washington Trust Bancorp Inc  | 21405 | 605333 |
| WesBanco Inc  | 98062 | 3101701 |
| West BanCorp Inc  | 14521 | 285047 |
| Westamerica BanCorp  | 27978 | 1355254 |
| Western New England Bancorp Inc  | 19551 | 180456 |
| WSFS Financial Corp  | 63171 | 3474405 |
|  |  | 245265160 |
| Capital Markets - 0.5% |  |  |
| AlTi Global Inc Class A (b)(c) | 46311 | 192191 |
| Artisan Partners Asset Management Inc Class A  | 31203 | 1383229 |
| Bakkt Holdings Inc Class A (b) | 4443 | 61980 |
| Cohen & Steers Inc  | 2727 | 205479 |
| Diamond Hill Investment Group Inc  | 2515 | 365455 |
| DigitalBridge Group Inc Class A  | 186957 | 1935005 |
| Donnelley Financial Solutions Inc (b) | 8014 | 494063 |
| Forge Global Holdings Inc Class A (b)(c) | 11163 | 212544 |
| GCM Grosvenor Inc Class A  | 3265 | 37742 |
| MarketWise Inc Class A  | 2553 | 50524 |
| Open Lending Corp (b) | 111737 | 216770 |
| Siebert Financial Corp (b) | 13447 | 59436 |
| Silvercrest Asset Management Group Inc Class A  | 8958 | 142074 |
| Value Line Inc  | 140 | 5480 |
| Virtus Invt Partners Inc  | 7180 | 1302452 |
| Westwood Holdings Group Inc  | 8286 | 129262 |
|  |  | 6793686 |
| Consumer Finance - 0.9% |  |  |
| Atlanticus Holdings Corp (b) | 5309 | 290668 |
| Bread Financial Holdings Inc  | 50957 | 2910664 |
| Consumer Portfolio Services Inc (b) | 9673 | 95086 |
| Encore Capital Group Inc (b)(c) | 25118 | 972318 |
| Green Dot Corp Class A (b) | 58680 | 632570 |
| LendingClub Corp (b) | 123732 | 1488496 |
| Lendingtree Inc (b) | 776 | 28766 |
| Medallion Financial Corp  | 18678 | 178001 |
| Navient Corp  | 76340 | 1076394 |
| Nelnet Inc Class A  | 15048 | 1822614 |
| Oportun Financial Corp (b) | 36158 | 258891 |
| PRA Group Inc (b) | 42928 | 633188 |
| PROG Holdings Inc  | 43998 | 1291341 |
| Regional Management Corp  | 8756 | 255763 |
| Vroom Inc  | 1060 | 30221 |
| World Acceptance Corp (b) | 3662 | 604669 |
|  |  | 12569650 |
| Financial Services - 3.1% |  |  |
| Acacia Research Corp (b) | 36545 | 130831 |
| Alerus Financial Corp  | 24608 | 532517 |
| Better Home & Finance Holding Co Class A (b) | 5411 | 67042 |
| Burford Capital Ltd  | 76245 | 1087254 |
| Cannae Holdings Inc  | 62619 | 1305606 |
| Cass Information Systems Inc  | 1635 | 71041 |
| Compass Diversified Holdings  | 77033 | 483767 |
| Enact Holdings Inc  | 31638 | 1175352 |
| Essent Group Ltd  | 108560 | 6592849 |
| Federal Agricultural Mortgage Corp Class C  | 826 | 160475 |
| Finance of America Cos Inc Class A (b) | 4761 | 111027 |
| Flywire Corp (b) | 12591 | 147315 |
| HA Sustainable Infrastructure Capital Inc  | 134110 | 3602195 |
| Jackson Financial Inc  | 78299 | 6952169 |
| loanDepot Inc Class A (b) | 89525 | 113697 |
| Marqeta Inc Class A (b) | 227841 | 1328313 |
| Merchants Bancorp/IN  | 28386 | 938725 |
| NewtekOne Inc  | 28109 | 317070 |
| NMI Holdings Inc (b) | 85237 | 3596149 |
| Onity Group Inc (b) | 7023 | 268068 |
| Paysafe Ltd (b) | 35363 | 446281 |
| PennyMac Financial Services Inc  | 31927 | 3181206 |
| Radian Group Inc  | 154530 | 5566171 |
| Repay Holdings Corp Class A (b) | 85510 | 412158 |
| Security National Financial Corp Class A  | 15560 | 153266 |
| Sezzle Inc (b) | 1413 | 253280 |
| SWK Holdings Corp  | 3314 | 48848 |
| Velocity Financial Inc (b) | 11586 | 214804 |
| Walker & Dunlop Inc  | 36178 | 2549825 |
| Waterstone Financial Inc  | 17675 | 244092 |
|  |  | 42051393 |
| Insurance - 2.1% |  |  |
| Ambac Financial Group Inc (b) | 51279 | 364081 |
| American Coastal Insurance Corp  | 12647 | 140635 |
| Amerisafe Inc  | 10037 | 438918 |
| Citizens Inc/TX Class A (b) | 49292 | 172029 |
| CNO Financial Group Inc  | 108033 | 4167913 |
| Donegal Group Inc Class A  | 17988 | 360210 |
| eHealth Inc (b) | 31817 | 138404 |
| Employers Holdings Inc  | 26329 | 1242202 |
| Enstar Group Ltd (b) | 12953 | 4356871 |
| F&G Annuities & Life Inc  | 21968 | 702537 |
| Genworth Financial Inc Class A (b) | 448331 | 3488015 |
| GoHealth Inc Class A (b) | 5119 | 28410 |
| Goosehead Insurance Inc Class A  | 5314 | 560680 |
| Greenlight Capital Re Ltd Class A (b) | 28297 | 406628 |
| Heritage Insurance Holdings Inc (b) | 5231 | 130461 |
| Hippo Holdings Inc (b) | 9004 | 251482 |
| Horace Mann Educators Corp  | 44568 | 1915087 |
| Investors Title Co  | 1264 | 267083 |
| James River Group Holdings Ltd  | 40337 | 236375 |
| Kingstone Cos Inc (b) | 686 | 10571 |
| MBIA Inc (b)(c) | 49752 | 215924 |
| Mercury General Corp  | 29446 | 1982894 |
| NI Holdings Inc (b) | 7183 | 91511 |
| ProAssurance Corp (b) | 55323 | 1263024 |
| Safety Insurance Group Inc  | 16215 | 1287309 |
| Selective Insurance Group Inc  | 7892 | 683842 |
| Selectquote Inc (b) | 42717 | 101666 |
| Stewart Information Services Corp  | 30440 | 1981644 |
| Tiptree Inc Class A  | 18245 | 430217 |
| United Fire Group Inc  | 22807 | 654561 |
| Universal Insurance Holdings Inc  | 21444 | 594642 |
|  |  | 28665826 |
| Mortgage Real Estate Investment Trusts (REITs) - 1.8% |  |  |
| ACRES Commercial Realty Corp (b) | 5929 | 106365 |
| AG Mortgage Investment Trust Inc  | 30315 | 228878 |
| Angel Oak Mortgage REIT Inc  | 8874 | 83592 |
| Apollo Commercial Real Estate Finance Inc  | 78631 | 761148 |
| Arbor Realty Trust Inc (c) | 210824 | 2255817 |
| Ares Commercial Real Estate Corp  | 60193 | 287121 |
| ARMOUR Residential REIT Inc (c) | 91380 | 1536098 |
| Blackstone Mortgage Trust Inc Class A  | 178126 | 3428926 |
| Brightspire Capital Inc Class A  | 144709 | 730780 |
| Chimera Investment Corp  | 87497 | 1213583 |
| Claros Mortgage Trust Inc  | 102996 | 293539 |
| Dynex Capital Inc  | 116404 | 1422457 |
| Ellington Financial Inc  | 100588 | 1306638 |
| Franklin BSP Realty Trust Inc  | 92466 | 988462 |
| Invesco Mortgage Capital Inc  | 74715 | 585766 |
| Kkr Real Estate Finance Trust Inc  | 63416 | 556158 |
| Ladder Capital Corp Class A  | 125203 | 1345932 |
| Lument Finance Trust Inc  | 53915 | 119151 |
| MFA Financial Inc  | 115639 | 1093945 |
| New York Mortgage Trust Inc  | 93500 | 626450 |
| Nexpoint Real Estate Finance Inc  | 8959 | 123545 |
| Orchid Island Capital Inc  | 120054 | 841579 |
| Pennymac Mortgage Investment Trust  | 96875 | 1245813 |
| Ready Capital Corp  | 183401 | 801462 |
| Redwood Trust Inc  | 146226 | 864196 |
| Rithm Property Trust Inc  | 46051 | 124338 |
| Seven Hills Realty Trust  | 16939 | 204454 |
| Sunrise Realty Trust Inc  | 11318 | 119971 |
| TPG RE Finance Trust Inc  | 78067 | 602677 |
| Two Harbors Investment Corp  | 57519 | 619480 |
|  |  | 24518321 |
| TOTAL FINANCIALS |  | 359864036 |
| Health Care - 8.1% |  |  |
| Biotechnology - 3.6% |  |  |
| 4D Molecular Therapeutics Inc (b) | 44035 | 163370 |
| 89bio Inc (b) | 89632 | 880186 |
| Abeona Therapeutics Inc (b) | 2639 | 14990 |
| Absci Corp (b)(c) | 24086 | 61901 |
| Agios Pharmaceuticals Inc (b) | 61712 | 2052541 |
| Akebia Therapeutics Inc (b) | 242000 | 880880 |
| Aldeyra Therapeutics Inc (b) | 11301 | 43283 |
| Alector Inc (b) | 80482 | 112675 |
| Alkermes PLC (b) | 44202 | 1264619 |
| Allogene Therapeutics Inc (b)(c) | 166422 | 188057 |
| Anika Therapeutics Inc (b) | 13485 | 142671 |
| Annexon Inc (b) | 105321 | 252770 |
| Arbutus Biopharma Corp (b)(c) | 9978 | 30832 |
| Arcturus Therapeutics Holdings Inc (b) | 17085 | 222276 |
| Arcus Biosciences Inc (b) | 19848 | 161563 |
| Astria Therapeutics Inc (b) | 46602 | 249787 |
| aTyr Pharma Inc (b) | 6317 | 32027 |
| Aura Biosciences Inc (b)(c) | 27755 | 173746 |
| Avidity Biosciences Inc (b) | 10214 | 290078 |
| Bicara Therapeutics Inc  | 35286 | 327807 |
| Candel Therapeutics Inc (b) | 3971 | 20093 |
| Cardiff Oncology Inc (b)(c) | 35882 | 113028 |
| Cargo Therapeutics Inc (b)(c) | 38818 | 159930 |
| Cartesian Therapeutics Inc (b) | 8849 | 91941 |
| Cartesian Therapeutics Inc rights (b)(d) | 65209 | 18259 |
| Celcuity Inc (b) | 1949 | 26019 |
| Celldex Therapeutics Inc (b) | 71610 | 1457264 |
| Chinook Therapeutics Inc rights (b)(d) | 488 | 0 |
| Cidara Therapeutics Inc (b) | 18329 | 892806 |
| Cogent Biosciences Inc (b) | 6993 | 50210 |
| Coherus Oncology Inc (b)(c) | 78717 | 57566 |
| Compass Therapeutics Inc (b) | 46555 | 121043 |
| Cullinan Therapeutics Inc (b) | 55647 | 419022 |
| Cytokinetics Inc (b) | 113226 | 3740987 |
| Day One Biopharmaceuticals Inc (b) | 74926 | 487019 |
| Denali Therapeutics Inc (b) | 136229 | 1905844 |
| Design Therapeutics Inc (b)(c) | 33316 | 112275 |
| Dianthus Therapeutics Inc (b) | 19574 | 364664 |
| Dyne Therapeutics Inc (b) | 69732 | 663849 |
| Editas Medicine Inc (b) | 94902 | 208784 |
| Eledon Pharmaceuticals Inc (b) | 59622 | 161576 |
| Emergent BioSolutions Inc (b) | 58774 | 374978 |
| Enanta Pharmaceuticals Inc (b) | 21597 | 163273 |
| Entrada Therapeutics Inc (b) | 30445 | 204590 |
| Erasca Inc (b) | 190463 | 241888 |
| Fate Therapeutics Inc (b) | 124203 | 139107 |
| Foghorn Therapeutics Inc (b) | 10874 | 51108 |
| GRAIL Inc (b) | 33283 | 1711412 |
| Heron Therapeutics Inc (b)(c) | 148717 | 307844 |
| Humacyte Inc Class A (b) | 104926 | 219295 |
| Ideaya Biosciences Inc (b) | 91549 | 1924360 |
| ImmunityBio Inc (b)(c) | 44094 | 116408 |
| Inhibikase Therapeutics Inc (b) | 59901 | 116807 |
| Inhibrx Biosciences Inc (b)(c) | 10051 | 143428 |
| Inozyme Pharma Inc (b) | 61112 | 244448 |
| Intellia Therapeutics Inc (b)(c) | 112818 | 1058233 |
| Iovance Biotherapeutics Inc (b) | 280886 | 483124 |
| Ironwood Pharmaceuticals Inc Class A (b) | 14504 | 10401 |
| iTeos Therapeutics Inc (b) | 32572 | 324743 |
| Jade Biosciences Inc  | 35445 | 354096 |
| Janux Therapeutics Inc (b) | 29218 | 674936 |
| Keros Therapeutics Inc (b) | 36975 | 493616 |
| Kodiak Sciences Inc (b) | 34469 | 128569 |
| Korro Bio Inc (b) | 7253 | 90590 |
| Kura Oncology Inc (b) | 86506 | 499140 |
| Larimar Therapeutics Inc (b) | 46695 | 134949 |
| Lexeo Therapeutics Inc (b)(c) | 26160 | 105163 |
| MeiraGTx Holdings plc (b) | 11699 | 76277 |
| Metsera Inc (c) | 8539 | 242935 |
| Monte Rosa Therapeutics Inc (b)(c) | 51042 | 230199 |
| Myriad Genetics Inc (b) | 99599 | 528871 |
| Neurogene Inc (b)(c) | 10759 | 160847 |
| Nkarta Inc (b) | 58383 | 96916 |
| Novavax Inc (b)(c) | 29466 | 185636 |
| Nurix Therapeutics Inc (b) | 82407 | 938616 |
| Olema Pharmaceuticals Inc (b) | 65225 | 277859 |
| OmniAb Operations Inc (b)(d) | 3625 | 1450 |
| OmniAb Operations Inc (b)(d) | 3625 | 1159 |
| ORIC Pharmaceuticals Inc (b)(c) | 35187 | 357148 |
| Oruka Therapeutics Inc  | 29789 | 333935 |
| Palvella Therapeutics Inc (b) | 478 | 10773 |
| Perspective Therapeutics Inc (b) | 65357 | 224828 |
| Praxis Precision Medicines Inc (b) | 17893 | 752401 |
| Precigen Inc (b)(c) | 11377 | 16155 |
| Prime Medicine Inc (b) | 63858 | 157729 |
| Protara Therapeutics Inc (b) | 35056 | 106220 |
| PTC Therapeutics Inc (b) | 15842 | 773723 |
| Puma Biotechnology Inc (b) | 46639 | 159972 |
| REGENXBIO Inc (b) | 51067 | 419260 |
| Relay Therapeutics Inc (b) | 143753 | 497385 |
| Replimune Group Inc (b) | 71880 | 667765 |
| Rezolute Inc (b) | 10082 | 44966 |
| Rocket Pharmaceuticals Inc (b) | 78602 | 192575 |
| Sage Therapeutics Inc (b) | 61790 | 563525 |
| Sana Biotechnology Inc (b) | 130007 | 354919 |
| Scholar Rock Holding Corp (b) | 7141 | 252934 |
| Solid Biosciences Inc (b) | 72239 | 351804 |
| Spyre Therapeutics Inc (b)(c) | 17917 | 268217 |
| Syndax Pharmaceuticals Inc (b) | 6265 | 58672 |
| Tango Therapeutics Inc (b) | 83886 | 429496 |
| Tectonic Therapeutic Inc (b) | 9934 | 197389 |
| Tevogen Bio Holdings Inc Class A (b)(c) | 10743 | 13429 |
| Tonix Pharmaceuticals Holding Corp (b) | 8273 | 297663 |
| Tourmaline Bio Inc (b) | 20818 | 332880 |
| Travere Therapeutics Inc (b) | 5852 | 86610 |
| TriSalus Life Sciences Inc Class A (b) | 12921 | 70419 |
| Tyra Biosciences Inc (b) | 26291 | 251605 |
| Upstream Bio Inc  | 38228 | 419743 |
| UroGen Pharma Ltd (b)(c) | 7071 | 96873 |
| Vanda Pharmaceuticals Inc (b) | 60065 | 283507 |
| Vaxcyte Inc (b) | 137395 | 4466711 |
| Verastem Inc (b) | 21630 | 89765 |
| Verve Therapeutics Inc (b) | 74643 | 838241 |
| Vir Biotechnology Inc (b) | 97254 | 490160 |
| Viridian Therapeutics Inc (b) | 15762 | 220353 |
| Voyager Therapeutics Inc (b) | 50256 | 156296 |
| Xencor Inc (b) | 76823 | 603829 |
| XOMA Royalty Corp (b) | 2874 | 72425 |
| Zenas Biopharma Inc (c) | 17869 | 173151 |
|  |  | 47830960 |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Accuray Inc Del (b) | 4092 | 5606 |
| AngioDynamics Inc (b) | 33023 | 327588 |
| Artivion Inc (b) | 7560 | 235116 |
| Avanos Medical Inc (b) | 48504 | 593689 |
| Beta Bionics Inc (c) | 1804 | 26266 |
| CONMED Corp  | 34129 | 1777438 |
| Embecta Corp  | 56949 | 551836 |
| Enovis Corp (b) | 62171 | 1949683 |
| ICU Medical Inc (b) | 6578 | 869283 |
| Inogen Inc (b) | 26011 | 182857 |
| Integra LifeSciences Holdings Corp (b) | 73297 | 899354 |
| Kestra Medical Technologies Ltd  | 1722 | 28551 |
| LivaNova PLC (b) | 59466 | 2677160 |
| Lucid Diagnostics Inc (b) | 42623 | 49016 |
| Merit Medical Systems Inc (b) | 4409 | 412153 |
| Neogen Corp (b) | 238979 | 1142320 |
| Omnicell Inc (b) | 50909 | 1496725 |
| OraSure Technologies Inc (b) | 80895 | 242685 |
| Orthofix Medical Inc (b) | 41875 | 466906 |
| OrthoPediatrics Corp (b) | 14089 | 302632 |
| Outset Medical Inc (b) | 11864 | 227907 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 1203 | 4746 |
| QuidelOrtho Corp (b) | 41984 | 1209979 |
| Semler Scientific Inc (b) | 7630 | 295586 |
| STAAR Surgical Co (b) | 7875 | 132143 |
| Stereotaxis Inc (b) | 4228 | 8963 |
| Tactile Systems Technology Inc (b) | 25610 | 259685 |
| Utah Medical Products Inc  | 3326 | 189316 |
| Varex Imaging Corp (b) | 44067 | 382061 |
| Zimvie Inc (b) | 29555 | 276339 |
|  |  | 17223589 |
| Health Care Providers & Services - 1.4% |  |  |
| AdaptHealth Corp (b) | 101049 | 952892 |
| Addus HomeCare Corp (b) | 10252 | 1180928 |
| AirSculpt Technologies Inc (b) | 3664 | 17696 |
| AMN Healthcare Services Inc (b) | 41882 | 865701 |
| Ardent Health Inc  | 23731 | 324165 |
| Aveanna Healthcare Holdings Inc (b) | 11983 | 62671 |
| Brookdale Senior Living Inc (b) | 27650 | 192444 |
| Castle Biosciences Inc (b) | 31109 | 635246 |
| Community Health Systems Inc (b) | 51108 | 173767 |
| Concentra Group Holdings Parent Inc  | 7128 | 146623 |
| Cross Country Healthcare Inc (b) | 33761 | 440581 |
| DocGo Inc Class A (b) | 100233 | 157366 |
| Enhabit Inc (b) | 53674 | 517417 |
| Fulgent Genetics Inc (b) | 23025 | 457737 |
| Innovage Holding Corp (b) | 14218 | 52464 |
| LifeStance Health Group Inc (b) | 64429 | 333098 |
| National HealthCare Corp  | 13899 | 1487332 |
| NeoGenomics Inc (b) | 127751 | 933860 |
| OPKO Health Inc (b) | 394849 | 521201 |
| Owens & Minor Inc (b) | 82366 | 749531 |
| PACS Group Inc (b) | 3505 | 45285 |
| Pediatrix Medical Group Inc (b) | 92930 | 1333546 |
| Performant Healthcare Inc (b) | 19233 | 76932 |
| Premier Inc Class A  | 100157 | 2196443 |
| RadNet Inc (b) | 13421 | 763789 |
| SBC Medical Group Holdings Inc (b) | 6192 | 28731 |
| Select Medical Holdings Corp  | 122309 | 1856651 |
| Sonida Senior Living Inc (b) | 1972 | 49201 |
| Surgery Partners Inc (b) | 84378 | 1875723 |
| US Physical Therapy Inc  | 6476 | 506423 |
|  |  | 18935444 |
| Health Care Technology - 0.2% |  |  |
| Definitive Healthcare Corp Class A (b) | 38577 | 150450 |
| Evolent Health Inc Class A (b) | 86619 | 975330 |
| Health Catalyst Inc (b) | 73796 | 278211 |
| HealthStream Inc  | 15326 | 424070 |
| LifeMD Inc (b) | 11932 | 162514 |
| Teladoc Health Inc (b) | 154843 | 1348683 |
| Waystar Holding Corp (b) | 15082 | 616401 |
|  |  | 3955659 |
| Life Sciences Tools & Services - 0.5% |  |  |
| 10X Genomics Inc Class A (b) | 85345 | 988295 |
| Atlantic International Corp (b) | 5243 | 10643 |
| Azenta Inc (b) | 44607 | 1373003 |
| Codexis Inc (b) | 16020 | 39089 |
| CryoPort Inc (b) | 41487 | 309493 |
| Cytek Biosciences Inc (b) | 128695 | 437563 |
| Fortrea Holdings Inc (b) | 99674 | 492390 |
| Lifecore Biomedical Inc (b)(c) | 7940 | 64473 |
| Maravai LifeSciences Holdings Inc Class A (b) | 133795 | 322446 |
| MaxCyte Inc (United States) (b) | 111329 | 242697 |
| OmniAb Inc (b)(c) | 94228 | 163957 |
| Pacific Biosciences of California Inc (b)(c) | 302056 | 374549 |
| Personalis Inc (b) | 54693 | 358786 |
| Quanterix Corp (b) | 40320 | 268128 |
| Quantum-Si Inc Class A (b)(c) | 154132 | 302099 |
| Standard BioTools Inc (b)(c) | 328159 | 393791 |
|  |  | 6141402 |
| Pharmaceuticals - 1.1% |  |  |
| Aardvark Therapeutics Inc  | 2747 | 37139 |
| Aclaris Therapeutics Inc (b) | 98955 | 140516 |
| Alumis Inc (b)(c) | 52169 | 156507 |
| Amneal Intermediate Inc Class A (b) | 20055 | 162245 |
| Amphastar Pharmaceuticals Inc (b) | 37799 | 867865 |
| Amylyx Pharmaceuticals Inc (b) | 17059 | 109348 |
| Aquestive Therapeutics Inc (b)(c) | 61419 | 203297 |
| Arvinas Inc (b) | 64719 | 476332 |
| Atea Pharmaceuticals Inc (b) | 82516 | 297058 |
| BioAge Labs Inc  | 26068 | 107661 |
| Biote Corp Class A (b) | 22571 | 90735 |
| Esperion Therapeutics Inc (b)(c) | 143991 | 141745 |
| EyePoint Pharmaceuticals Inc (b) | 67755 | 637575 |
| Fulcrum Therapeutics Inc (b) | 53868 | 370612 |
| Innoviva Inc (b)(c) | 7710 | 154894 |
| Ligand Pharmaceuticals Inc (b) | 18390 | 2090575 |
| Maze Therapeutics Inc (c) | 9115 | 111841 |
| MBX Biosciences Inc (b)(c) | 18743 | 213858 |
| Mind Medicine MindMed Inc (b) | 56828 | 368814 |
| Novartis AG rights (b)(d) | 31059 | 0 |
| Nuvation Bio Inc Class A (b) | 251514 | 490452 |
| Omeros Corp (b)(c) | 6815 | 20445 |
| Pacira BioSciences Inc (b) | 45889 | 1096747 |
| Phathom Pharmaceuticals Inc (b)(c) | 33749 | 323653 |
| Prestige Consumer Healthcare Inc (b) | 44092 | 3520746 |
| Rapport Therapeutics Inc (b) | 19282 | 219236 |
| Septerna Inc (c) | 23476 | 248141 |
| SIGA Technologies Inc  | 9382 | 61171 |
| Supernus Pharmaceuticals Inc (b) | 53892 | 1698676 |
| Terns Pharmaceuticals Inc (b) | 79096 | 295028 |
| Theravance Biopharma Inc (b) | 8047 | 88758 |
| Third Harmonic Bio Inc (b) | 27419 | 148885 |
| Tvardi Therapeutics Inc (b) | 3281 | 76546 |
| WaVe Life Sciences Ltd (b) | 14101 | 91657 |
|  |  | 15118758 |
| TOTAL HEALTH CARE |  | 109205812 |
| Industrials - 13.1% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| AAR Corp (b) | 29207 | 2009150 |
| AerSale Corp (b) | 35255 | 211883 |
| Astronics Corp (b) | 2816 | 94280 |
| Ducommun Inc (b) | 15003 | 1239698 |
| Intuitive Machines Inc Class A (b)(c) | 112544 | 1223353 |
| Mercury Systems Inc (b) | 43727 | 2355136 |
| National Presto Industries Inc  | 5696 | 557980 |
| Park Aerospace Corp  | 10141 | 149783 |
| Satellogic Inc Class A (b) | 15823 | 57278 |
| Triumph Group Inc (b) | 49079 | 1263784 |
| V2X Inc (b) | 17314 | 840595 |
|  |  | 10002920 |
| Air Freight & Logistics - 0.2% |  |  |
| Forward Air Corp Class A (b) | 15187 | 372689 |
| Hub Group Inc Class A  | 65246 | 2181174 |
| Radiant Logistics Inc (b) | 35402 | 215244 |
|  |  | 2769107 |
| Building Products - 1.3% |  |  |
| American Woodmark Corp (b) | 16083 | 858350 |
| Apogee Enterprises Inc  | 23262 | 944437 |
| Gibraltar Industries Inc (b) | 32583 | 1922397 |
| Insteel Industries Inc  | 9209 | 342667 |
| Janus International Group Inc (b) | 93447 | 760659 |
| JELD-WEN Holding Inc (b) | 92907 | 364195 |
| Masterbrand Inc (b) | 138830 | 1517412 |
| Quanex Building Products Corp  | 51912 | 981137 |
| Resideo Technologies Inc (b) | 161815 | 3569639 |
| UFP Industries Inc  | 62562 | 6216160 |
|  |  | 17477053 |
| Commercial Services & Supplies - 1.8% |  |  |
| ABM Industries Inc  | 67477 | 3185590 |
| ACCO Brands Corp  | 96897 | 346891 |
| Acme United Corp  | 3532 | 146401 |
| BrightView Holdings Inc (b) | 65149 | 1084731 |
| CompX International Inc Class A  | 790 | 20990 |
| CoreCivic Inc (b) | 99262 | 2091450 |
| Deluxe Corp  | 48867 | 777474 |
| Ennis Inc  | 27630 | 501208 |
| Enviri Corp (b) | 82146 | 713027 |
| Healthcare Services Group Inc (b) | 43344 | 651460 |
| HNI Corp  | 21401 | 1052501 |
| Interface Inc  | 55478 | 1161155 |
| MillerKnoll Inc  | 74160 | 1440187 |
| Mobile Infrastructure Corp Class A (b) | 15667 | 70972 |
| Montrose Environmental Group Inc (b) | 35434 | 775650 |
| NL Industries Inc  | 10583 | 67731 |
| OPENLANE Inc (b) | 115585 | 2826054 |
| Perma-Fix Environmental Services Inc (b) | 15860 | 166847 |
| Pitney Bowes Inc  | 126429 | 1379340 |
| Quad/Graphics Inc Class A  | 9409 | 53161 |
| Steelcase Inc Class A  | 92217 | 961823 |
| UniFirst Corp/MA  | 16451 | 3096408 |
| Vestis Corp  | 125756 | 720582 |
| Virco Mfg. Corp  | 11826 | 94371 |
| VSE Corp (c) | 3019 | 395429 |
|  |  | 23781433 |
| Construction & Engineering - 1.4% |  |  |
| Ameresco Inc Class A (b) | 35200 | 534688 |
| Arcosa Inc  | 38054 | 3299662 |
| Bowman Consulting Group Ltd (b) | 780 | 22425 |
| Concrete Pumping Holdings Inc  | 23312 | 143369 |
| Fluor Corp (b) | 182832 | 9373797 |
| Granite Construction Inc  | 6515 | 609218 |
| Great Lakes Dredge & Dock Corp (b) | 72226 | 880435 |
| Matrix Service Co (b) | 22152 | 299274 |
| NWPX Infrastructure Inc (b) | 10538 | 432163 |
| Orion Group Holdings Inc (b) | 33460 | 303482 |
| Primoris Services Corp  | 3711 | 289235 |
| Southland Holdings Inc (b) | 11409 | 47690 |
| Tutor Perini Corp (b) | 48521 | 2269812 |
|  |  | 18505250 |
| Electrical Equipment - 1.1% |  |  |
| Allient Inc  | 14659 | 532268 |
| Array Technologies Inc (b) | 130027 | 767159 |
| Atkore Inc  | 37682 | 2658465 |
| Complete Solaria Inc Class A (b) | 50735 | 93352 |
| EnerSys  | 40546 | 3477631 |
| Fluence Energy Inc Class A (b) | 16272 | 109185 |
| Hyliion Holdings Corp Class A (b) | 142484 | 188079 |
| LSI Industries Inc  | 6750 | 114818 |
| NANO Nuclear Energy Inc (b)(c) | 1761 | 60737 |
| Net Power Inc Class A (b)(c) | 37430 | 92452 |
| NEXTracker Inc Class A (b) | 31034 | 1687319 |
| Plug Power Inc (b)(c) | 1000042 | 1490063 |
| Power Solutions International Inc (b) | 568 | 36738 |
| Preformed Line Products Co  | 2456 | 392493 |
| Shoals Technologies Group Inc (b) | 154628 | 657169 |
| Sunrun Inc (b) | 229019 | 1873375 |
| Thermon Group Holdings Inc (b) | 31863 | 894713 |
|  |  | 15126016 |
| Ground Transportation - 0.6% |  |  |
| ArcBest Corp  | 25212 | 1941576 |
| Covenant Logistics Group Inc Class A  | 13713 | 330620 |
| Heartland Express Inc  | 55391 | 478578 |
| Marten Transport Ltd  | 63864 | 829593 |
| PAMT CORP (b) | 6630 | 85328 |
| Proficient Auto Logistics Inc (b) | 25908 | 188092 |
| RXO Inc (b) | 166879 | 2623339 |
| Universal Logistics Holdings Inc  | 7442 | 188878 |
| Werner Enterprises Inc  | 55427 | 1516483 |
|  |  | 8182487 |
| Machinery - 2.6% |  |  |
| 3D Systems Corp (b) | 147160 | 226626 |
| AirJoule Technologies Corp Class A (b) | 23920 | 110750 |
| Alamo Group Inc  | 7825 | 1708824 |
| Albany International Corp Class A  | 23017 | 1614182 |
| Astec Industries Inc  | 24980 | 1041416 |
| Atmus Filtration Technologies Inc  | 8476 | 308696 |
| Columbus McKinnon Corp/NY  | 31281 | 477661 |
| Douglas Dynamics Inc  | 3573 | 105296 |
| Eastern Co/The  | 6472 | 147691 |
| Enpro Inc  | 20116 | 3853221 |
| Gencor Industries Inc (b) | 11421 | 159894 |
| Greenbrier Cos Inc/The  | 33676 | 1550780 |
| Helios Technologies Inc  | 36272 | 1210397 |
| Hillenbrand Inc  | 77442 | 1554261 |
| Hillman Solutions Corp Class A (b) | 216476 | 1545639 |
| Hyster-Yale Inc Class A  | 13057 | 519407 |
| JBT Marel Corp  | 29532 | 3551519 |
| Kennametal Inc  | 84894 | 1949166 |
| L B Foster Co Class A (b) | 11039 | 241423 |
| Manitowoc Co Inc/The (b) | 37586 | 451784 |
| Mayville Engineering Co Inc (b) | 14242 | 227302 |
| Microvast Holdings Inc (b) | 78890 | 286371 |
| Miller Industries Inc/TN  | 12170 | 541078 |
| Palladyne AI Corp Class A (b) | 27925 | 241831 |
| Park-Ohio Holdings Corp  | 10768 | 192316 |
| Proto Labs Inc (b) | 25927 | 1038117 |
| Shyft Group Inc/The  | 33115 | 415262 |
| Standex International Corp  | 2390 | 373987 |
| Tennant CO  | 20633 | 1598645 |
| Terex Corp  | 71238 | 3326102 |
| Titan International Inc (b) | 53095 | 545286 |
| Trinity Industries Inc  | 47710 | 1288647 |
| Wabash National Corp  | 45442 | 483048 |
| Worthington Enterprises Inc  | 23369 | 1487203 |
|  |  | 34373828 |
| Marine Transportation - 0.3% |  |  |
| Genco Shipping & Trading Ltd  | 43752 | 571839 |
| Matson Inc  | 35434 | 3945576 |
| Pangaea Logistics Solutions Ltd  | 32958 | 154902 |
|  |  | 4672317 |
| Passenger Airlines - 0.6% |  |  |
| Allegiant Travel Co (b) | 12964 | 712372 |
| Blade Air Mobility Inc (b) | 70442 | 283881 |
| Frontier Group Holdings Inc (b) | 29868 | 108421 |
| JetBlue Airways Corp (b)(c) | 351286 | 1485940 |
| SkyWest Inc (b) | 44191 | 4550347 |
| Spirit Aviation Holdings Inc  | 16621 | 82938 |
| Sun Country Airlines Holdings Inc (b) | 24017 | 282200 |
|  |  | 7506099 |
| Professional Services - 0.9% |  |  |
| Alight Inc Class A  | 470965 | 2665662 |
| Asure Software Inc (b) | 26697 | 260563 |
| Conduent Inc (b) | 163991 | 432936 |
| CSG Systems International Inc  | 3144 | 205335 |
| First Advantage Corp (b)(c) | 27325 | 453868 |
| Forrester Research Inc (b) | 12511 | 123859 |
| Franklin Covey Co (b) | 1658 | 37835 |
| Heidrick & Struggles International Inc  | 22283 | 1019670 |
| HireQuest Inc  | 5883 | 58889 |
| ICF International Inc  | 20141 | 1706144 |
| Kelly Services Inc Class A  | 33597 | 393421 |
| Kforce Inc  | 3401 | 139883 |
| Korn Ferry  | 30676 | 2249471 |
| Mistras Group Inc (b) | 17672 | 141553 |
| NV5 Global Inc (b) | 63437 | 1464760 |
| Resolute Holdings Management Inc (c) | 2813 | 89650 |
| Resources Connection Inc  | 37200 | 199764 |
| Skillsoft Corp Class A (b) | 4775 | 76257 |
| TrueBlue Inc (b) | 31202 | 202189 |
| TTEC Holdings Inc (b) | 22061 | 106113 |
| Willdan Group Inc (b) | 4809 | 300611 |
|  |  | 12328433 |
| Trading Companies & Distributors - 1.6% |  |  |
| Alta Equipment Group Inc Class A  | 18008 | 113811 |
| BlueLinx Holdings Inc (b) | 8512 | 633123 |
| Boise Cascade Co  | 41733 | 3623259 |
| Custom Truck One Source Inc Class A (b)(c) | 65384 | 322997 |
| Distribution Solutions Group Inc (b) | 727 | 19971 |
| DNOW Inc (b) | 117662 | 1744927 |
| EVI Industries Inc  | 5619 | 122663 |
| GATX Corp  | 36106 | 5544438 |
| GMS Inc (b) | 23449 | 2550079 |
| Hudson Technologies Inc (b) | 42220 | 342826 |
| McGrath RentCorp  | 6462 | 749334 |
| Mrc Global Inc (b) | 92872 | 1273275 |
| NPK International Inc (b) | 87834 | 747467 |
| Rush Enterprises Inc Class A  | 27515 | 1417298 |
| Rush Enterprises Inc Class B  | 8621 | 452430 |
| Titan Machinery Inc (b) | 22524 | 446200 |
| Transcat Inc (b) | 4989 | 428854 |
| Willis Lease Finance Corp  | 3498 | 499444 |
|  |  | 21032396 |
| TOTAL INDUSTRIALS |  | 175757339 |
| Information Technology - 7.2% |  |  |
| Communications Equipment - 0.7% |  |  |
| Applied Optoelectronics Inc (b)(c) | 12031 | 309076 |
| Aviat Networks Inc (b) | 12773 | 307191 |
| Clearfield Inc (b) | 7229 | 313811 |
| CommScope Holding Co Inc (b) | 89226 | 738791 |
| Digi International Inc (b) | 39637 | 1381746 |
| Harmonic Inc (b) | 92091 | 872102 |
| Inseego Corp (b) | 11024 | 90838 |
| Netgear Inc (b) | 30158 | 876693 |
| NetScout Systems Inc (b) | 75884 | 1882682 |
| Ribbon Communications Inc (b) | 100718 | 403879 |
| Viasat Inc (b) | 123789 | 1807319 |
|  |  | 8984128 |
| Electronic Equipment, Instruments & Components - 2.4% |  |  |
| 908 Devices Inc (b)(c) | 7239 | 51614 |
| Bel Fuse Inc Class A  | 1467 | 131809 |
| Bel Fuse Inc Class B  | 11579 | 1131153 |
| Benchmark Electronics Inc  | 39090 | 1517865 |
| CTS Corp  | 27623 | 1177016 |
| Daktronics Inc (b) | 37014 | 559652 |
| ePlus Inc (b) | 28809 | 2077129 |
| FARO Technologies Inc (b) | 11058 | 485667 |
| Insight Enterprises Inc (b) | 19980 | 2758938 |
| Itron Inc (b) | 25530 | 3360514 |
| Kimball Electronics Inc (b) | 26462 | 508864 |
| Knowles Corp (b) | 87692 | 1545133 |
| Methode Electronics Inc  | 37296 | 354685 |
| MicroVision Inc (b)(c) | 99996 | 113995 |
| Neonode Inc (b) | 1383 | 35267 |
| nLight Inc (b) | 49105 | 966386 |
| PAR Technology Corp (b) | 18208 | 1263089 |
| PC Connection Inc  | 12114 | 796859 |
| Plexus Corp (b) | 2018 | 273056 |
| Powerfleet Inc NJ (b)(c) | 135693 | 584837 |
| Richardson Electronics Ltd/United States  | 13748 | 132668 |
| Rogers Corp (b) | 20376 | 1395348 |
| Sanmina Corp (b) | 31489 | 3080569 |
| ScanSource Inc (b) | 23747 | 992862 |
| TTM Technologies Inc (b) | 109861 | 4484527 |
| Vishay Intertechnology Inc  | 132597 | 2105640 |
| Vishay Precision Group Inc (b) | 13165 | 369937 |
| Vuzix Corp (b) | 4223 | 12331 |
|  |  | 32267410 |
| IT Services - 0.5% |  |  |
| Applied Digital Corp (b)(c) | 46506 | 468315 |
| ASGN Inc (b) | 46802 | 2336825 |
| BigBear.ai Holdings Inc (b)(c) | 242027 | 1643363 |
| CSP Inc  | 1182 | 15295 |
| Fastly Inc Class A (b) | 149446 | 1055089 |
| Grid Dynamics Holdings Inc (b) | 13866 | 160152 |
| Hackett Group Inc/The  | 2094 | 53229 |
| Information Services Group Inc  | 25538 | 122582 |
| Rackspace Technology Inc (b) | 63309 | 81036 |
| Tucows Inc Class A (b) | 6131 | 120842 |
| Unisys Corp (b) | 14645 | 66342 |
|  |  | 6123070 |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| ACM Research Inc Class A (b) | 55200 | 1429680 |
| Aehr Test Systems (b) | 6290 | 81330 |
| Aeluma Inc (b) | 9171 | 150129 |
| Alpha & Omega Semiconductor Ltd (b) | 26939 | 691255 |
| Axcelis Technologies Inc (b) | 32625 | 2273636 |
| CEVA Inc (b) | 3002 | 65984 |
| Cohu Inc (b) | 49825 | 958633 |
| Diodes Inc (b) | 50115 | 2650583 |
| FormFactor Inc (b) | 21466 | 738645 |
| Ichor Holdings Ltd (b) | 37087 | 728389 |
| MaxLinear Inc Class A (b) | 77578 | 1102383 |
| Navitas Semiconductor Corp Class A (b)(c) | 121960 | 798838 |
| Penguin Solutions Inc (b) | 58043 | 1149832 |
| Photronics Inc (b) | 67155 | 1264529 |
| Synaptics Inc (b) | 38831 | 2517025 |
| Ultra Clean Holdings Inc (b) | 45397 | 1024610 |
| Veeco Instruments Inc (b) | 62446 | 1268903 |
| Wolfspeed Inc (b) | 171132 | 68247 |
|  |  | 18962631 |
| Software - 2.1% |  |  |
| 8x8 Inc (b) | 142777 | 279843 |
| A10 Networks Inc  | 12003 | 232258 |
| Adeia Inc  | 14435 | 204111 |
| Airship AI Holdings Inc Class A (b) | 4819 | 28383 |
| Arteris Inc (b) | 27460 | 261694 |
| Bit Digital Inc (b)(c) | 198589 | 434910 |
| Blackbaud Inc (b) | 8097 | 519908 |
| Box Inc Class A (b) | 33823 | 1155732 |
| Cerence Inc (b)(c) | 32745 | 334326 |
| Cipher Mining Inc (b)(c) | 289710 | 1384814 |
| Cleanspark Inc (b) | 303187 | 3344153 |
| Consensus Cloud Solutions Inc (b) | 21001 | 484283 |
| Core Scientific Inc (b)(c) | 50596 | 863674 |
| CS Disco Inc (b) | 7413 | 32395 |
| Daily Journal Corp (b)(c) | 319 | 134698 |
| Digital Turbine Inc (b) | 38827 | 229079 |
| Domo Inc Class B (b) | 4909 | 68579 |
| E2open Parent Holdings Inc Class A (b) | 199358 | 643926 |
| eGain Corp (b) | 6672 | 41700 |
| Expensify Inc Class A (b) | 30267 | 78392 |
| I3 Verticals Inc Class A (b)(c) | 23537 | 646797 |
| MARA Holdings Inc (b)(c) | 378959 | 5942077 |
| Mitek Systems Inc (b) | 38701 | 383140 |
| N-able Inc/US (b) | 78803 | 638304 |
| NCR Voyix Corp (b) | 151683 | 1779242 |
| Olo Inc Class A (b) | 51930 | 462177 |
| ON24 Inc (b) | 40046 | 217450 |
| OneSpan Inc  | 34807 | 580929 |
| Porch Group Inc (b) | 16994 | 200359 |
| Rimini Street Inc (b) | 44448 | 167569 |
| Riot Platforms Inc (b)(c) | 360943 | 4078656 |
| Silvaco Group Inc (b)(c) | 8501 | 40125 |
| Telos Corp (b) | 58697 | 186069 |
| Terawulf Inc (b)(c) | 16390 | 71788 |
| Verint Systems Inc (b) | 68068 | 1338898 |
| Xperi Inc (b) | 48629 | 384655 |
|  |  | 27875093 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| CompoSecure Inc Class A (b)(c) | 5023 | 70774 |
| Corsair Gaming Inc (b) | 50936 | 480326 |
| Diebold Nixdorf Inc (b) | 1632 | 90413 |
| Eastman Kodak Co (b)(c) | 68977 | 389720 |
| Immersion Corp  | 32897 | 259228 |
| Turtle Beach Corp (b) | 5276 | 72967 |
| Xerox Holdings Corp  | 130541 | 687951 |
|  |  | 2051379 |
| TOTAL INFORMATION TECHNOLOGY |  | 96263711 |
| Materials - 4.2% |  |  |
| Chemicals - 1.7% |  |  |
| AdvanSix Inc  | 28684 | 681245 |
| American Vanguard Corp (b) | 29873 | 117102 |
| Arq Inc (b) | 34495 | 185238 |
| Aspen Aerogels Inc (b) | 72469 | 429016 |
| Avient Corp  | 100431 | 3244926 |
| Cabot Corp  | 3909 | 293175 |
| Core Molding Technologies Inc (b) | 9084 | 150704 |
| Danimer Scientific Inc warrants 7/15/2025 (b) | 26058 | 14 |
| Ecovyst Inc (b) | 117386 | 966087 |
| Flotek Industries Inc (b) | 11167 | 164825 |
| Ginkgo Bioworks Holdings Inc Class A (b) | 39796 | 447705 |
| HB Fuller Co  | 59753 | 3594143 |
| Innospec Inc  | 26055 | 2190965 |
| Intrepid Potash Inc (b) | 11661 | 416648 |
| Koppers Holdings Inc  | 20930 | 672900 |
| Kronos Worldwide Inc  | 24373 | 151113 |
| LSB Industries Inc (b) | 58352 | 455146 |
| Mativ Holdings Inc  | 59306 | 404467 |
| Minerals Technologies Inc  | 34813 | 1917152 |
| Perimeter Solutions Inc  | 152073 | 2116856 |
| Quaker Chemical Corp  | 15300 | 1712682 |
| Rayonier Advanced Materials Inc (b) | 68575 | 264014 |
| Stepan Co  | 23626 | 1289507 |
| Trinseo PLC  | 37042 | 115571 |
| Tronox Holdings PLC  | 131749 | 667967 |
| Valhi Inc  | 2732 | 44148 |
|  |  | 22693316 |
| Containers & Packaging - 0.5% |  |  |
| Ardagh Metal Packaging SA  | 116184 | 497268 |
| Greif Inc Class A  | 27938 | 1815691 |
| Greif Inc Class B  | 4900 | 338149 |
| Myers Industries Inc  | 35149 | 509309 |
| O-I Glass Inc (b) | 126316 | 1861898 |
| Ranpak Holdings Corp Class A (b) | 50251 | 179395 |
| TriMas Corp  | 36329 | 1039373 |
|  |  | 6241083 |
| Metals & Mining - 1.9% |  |  |
| Alpha Metallurgical Resources Inc (b) | 8989 | 1011083 |
| American Battery Technology Co (b) | 42272 | 68481 |
| Ascent Industries Co (b) | 8232 | 103806 |
| Coeur Mining Inc (b) | 349748 | 3098767 |
| Commercial Metals Co  | 123695 | 6049922 |
| Compass Minerals International Inc (b) | 8894 | 178680 |
| Constellium SE (b) | 98023 | 1303706 |
| Ferroglobe PLC  | 130600 | 479302 |
| Friedman Industries Inc  | 7284 | 120623 |
| Hecla Mining Co  | 500465 | 2997785 |
| Ivanhoe Electric Inc / US (b) | 13722 | 124459 |
| Kaiser Aluminum Corp  | 8392 | 670521 |
| Materion Corp  | 18197 | 1444296 |
| Metallus Inc (b) | 40029 | 616847 |
| Olympic Steel Inc  | 10771 | 351027 |
| Piedmont Lithium Inc (b)(c) | 1597 | 9294 |
| Radius Recycling Inc Class A  | 30160 | 895450 |
| Ryerson Holding Corp  | 29661 | 639788 |
| SunCoke Energy Inc  | 93598 | 804007 |
| Tredegar Corp (b) | 27578 | 242686 |
| Warrior Met Coal Inc  | 56962 | 2610568 |
| Worthington Steel Inc  | 35961 | 1072717 |
|  |  | 24893815 |
| Paper & Forest Products - 0.1% |  |  |
| Clearwater Paper Corp (b) | 17148 | 467112 |
| Magnera Corp (b) | 36144 | 436619 |
| Sylvamo Corp  | 27518 | 1378652 |
|  |  | 2282383 |
| TOTAL MATERIALS |  | 56110597 |
| Real Estate - 10.4% |  |  |
| Diversified REITs - 1.3% |  |  |
| Alexander & Baldwin Inc  | 81442 | 1452111 |
| Alpine Income Property Trust Inc  | 15098 | 222091 |
| American Assets Trust Inc  | 58442 | 1154230 |
| Armada Hoffler Properties Inc Class A  | 91665 | 629739 |
| Broadstone Net Lease Inc Class A  | 211671 | 3397320 |
| CTO Realty Growth Inc  | 34496 | 595401 |
| Essential Properties Realty Trust Inc  | 217859 | 6951881 |
| Gladstone Commercial Corp  | 42564 | 609942 |
| Global Net Lease Inc  | 221430 | 1671797 |
| Modiv Industrial Inc Class C  | 11245 | 158329 |
| NexPoint Diversified Real Estate Trust  | 39719 | 166422 |
| One Liberty Properties Inc  | 21349 | 509387 |
|  |  | 17518650 |
| Health Care REITs - 1.7% |  |  |
| American Healthcare REIT Inc  | 112343 | 4127482 |
| CareTrust REIT Inc  | 186768 | 5715101 |
| Community Healthcare Trust Inc  | 31223 | 519238 |
| Diversified Healthcare Trust  | 240051 | 859383 |
| Global Medical REIT Inc  | 74703 | 517692 |
| LTC Properties Inc  | 50752 | 1756527 |
| National Health Investors Inc  | 39622 | 2778295 |
| Sabra Health Care REIT Inc  | 261434 | 4820843 |
| Sila Realty Trust Inc  | 62081 | 1469457 |
| Strawberry Fields REIT Inc  | 1041 | 10971 |
| Universal Health Realty Income Trust  | 2780 | 111117 |
|  |  | 22686106 |
| Hotel & Resort REITs - 0.8% |  |  |
| Apple Hospitality REIT Inc  | 248117 | 2895525 |
| Braemar Hotels & Resorts Inc  | 65956 | 161591 |
| Chatham Lodging Trust  | 51779 | 360900 |
| DiamondRock Hospitality Co  | 97545 | 747195 |
| Pebblebrook Hotel Trust  | 128267 | 1281387 |
| RLJ Lodging Trust  | 165459 | 1204542 |
| Service Properties Trust  | 170173 | 406713 |
| Summit Hotel Properties Inc  | 121012 | 615951 |
| Sunstone Hotel Investors Inc  | 196970 | 1709700 |
| Xenia Hotels & Resorts Inc  | 95236 | 1197117 |
|  |  | 10580621 |
| Industrial REITs - 0.7% |  |  |
| Industrial Logistics Properties Trust  | 57769 | 262848 |
| LXP Industrial Trust  | 323257 | 2670103 |
| Plymouth Industrial REIT Inc  | 46829 | 752074 |
| Terreno Realty Corp  | 112198 | 6290942 |
|  |  | 9975967 |
| Office REITs - 1.5% |  |  |
| Brandywine Realty Trust  | 193081 | 828317 |
| City Office Reit Inc  | 44546 | 237876 |
| COPT Defense Properties  | 125329 | 3456574 |
| Douglas Emmett Inc  | 177954 | 2676428 |
| Easterly Government Properties Inc  | 45182 | 1003040 |
| Empire State Realty Trust Inc Class A  | 151312 | 1224114 |
| Franklin Street Properties Corp  | 82417 | 135164 |
| Hudson Pacific Properties Inc (b) | 349392 | 957334 |
| JBG SMITH Properties (c) | 81233 | 1405331 |
| NET Lease Office Properties (b) | 16001 | 520833 |
| Paramount Group Inc (b) | 203828 | 1243351 |
| Peakstone Realty Trust  | 41024 | 541927 |
| Piedmont Realty Trust Inc Class A1  | 137112 | 999546 |
| Postal Realty Trust Inc Class A  | 26124 | 384807 |
| SL Green Realty Corp  | 78663 | 4869240 |
|  |  | 20483882 |
| Real Estate Management & Development - 0.7% |  |  |
| American Realty Investors Inc (b) | 1486 | 20982 |
| Anywhere Real Estate Inc (b) | 114719 | 415283 |
| Cushman & Wakefield PLC (b) | 252584 | 2796106 |
| Douglas Elliman Inc (b) | 79780 | 185090 |
| Forestar Group Inc (b) | 21281 | 425620 |
| FRP Holdings Inc (b) | 12343 | 331903 |
| Kennedy-Wilson Holdings Inc  | 132824 | 903203 |
| Marcus & Millichap Inc  | 26303 | 807765 |
| Maui Land & Pineapple Co Inc (b) | 597 | 10859 |
| Newmark Group Inc Class A  | 148993 | 1810265 |
| RE/MAX Holdings Inc Class A (b) | 19702 | 161162 |
| RMR Group Inc/The Class A  | 18843 | 308083 |
| Seaport Entertainment Group Inc  | 7980 | 148827 |
| Stratus Properties Inc (b) | 7299 | 137805 |
| Tejon Ranch Co (b) | 22702 | 385026 |
| Transcontinental Realty Investors Inc (b) | 2029 | 86456 |
|  |  | 8934435 |
| Residential REITs - 0.7% |  |  |
| Apartment Investment and Management Co Class A  | 59192 | 512011 |
| BRT Apartments Corp  | 12608 | 197189 |
| Centerspace  | 18686 | 1124710 |
| Clipper Realty Inc  | 15420 | 56591 |
| Elme Communities  | 97607 | 1551951 |
| Independence Realty Trust Inc  | 254879 | 4508810 |
| NexPoint Residential Trust Inc  | 17232 | 574170 |
| Veris Residential Inc  | 86531 | 1288447 |
|  |  | 9813879 |
| Retail REITs - 2.2% |  |  |
| Acadia Realty Trust  | 145278 | 2697812 |
| CBL & Associates Properties Inc  | 5227 | 132714 |
| Curbline Properties Corp  | 106643 | 2434660 |
| FrontView REIT Inc  | 19989 | 239868 |
| Getty Realty Corp  | 58359 | 1613043 |
| InvenTrust Properties Corp  | 85842 | 2352071 |
| Kite Realty Group Trust  | 242704 | 5497246 |
| Macerich Co/The  | 277907 | 4496535 |
| NETSTREIT Corp (c) | 69296 | 1173181 |
| Phillips Edison & Co Inc  | 113952 | 3991739 |
| Saul Centers Inc  | 1735 | 59232 |
| SITE Centers Corp  | 56649 | 640700 |
| Tanger Inc  | 12098 | 369957 |
| Urban Edge Properties  | 140353 | 2618987 |
| Whitestone REIT  | 50619 | 631725 |
|  |  | 28949470 |
| Specialized REITs - 0.8% |  |  |
| Farmland Partners Inc  | 45938 | 528746 |
| Four Corners Property Trust Inc  | 110722 | 2979529 |
| Gladstone Land Corp  | 39128 | 397932 |
| PotlatchDeltic Corp  | 81587 | 3130493 |
| Safehold Inc  | 62609 | 974196 |
| Smartstop Self Storage REIT Inc  | 30844 | 1117478 |
| Uniti Group Inc (b) | 259940 | 1122941 |
|  |  | 10251315 |
| TOTAL REAL ESTATE |  | 139194325 |
| Utilities - 5.7% |  |  |
| Electric Utilities - 2.1% |  |  |
| ALLETE Inc  | 63693 | 4080811 |
| Genie Energy Ltd Class B  | 20839 | 560152 |
| Hawaiian Electric Industries Inc (b) | 190238 | 2022230 |
| MGE Energy Inc  | 19207 | 1698667 |
| Oklo Inc Class A (b) | 85873 | 4808029 |
| Otter Tail Corp  | 39218 | 3023316 |
| Portland General Electric Co  | 120908 | 4912492 |
| TXNM Energy Inc  | 100962 | 5686180 |
|  |  | 26791877 |
| Gas Utilities - 1.7% |  |  |
| Chesapeake Utilities Corp  | 16573 | 1992406 |
| New Jersey Resources Corp  | 110501 | 4952655 |
| Northwest Natural Holding Co  | 44433 | 1764879 |
| ONE Gas Inc  | 65458 | 4703812 |
| RGC Resources Inc  | 8773 | 196340 |
| Southwest Gas Holdings Inc  | 70778 | 5265175 |
| Spire Inc  | 63085 | 4604574 |
|  |  | 23479841 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| Hallador Energy Co (b) | 2122 | 33590 |
| Montauk Renewables Inc (b) | 58648 | 130199 |
| Ormat Technologies Inc  | 66617 | 5579840 |
|  |  | 5743629 |
| Multi-Utilities - 0.9% |  |  |
| Avista Corp  | 88305 | 3351175 |
| Black Hills Corp  | 79396 | 4454116 |
| Northwestern Energy Group Inc  | 67654 | 3470650 |
| Unitil Corp  | 17525 | 913928 |
|  |  | 12189869 |
| Water Utilities - 0.6% |  |  |
| American States Water Co  | 14717 | 1128205 |
| California Water Service Group  | 65628 | 2984762 |
| Consolidated Water Co Ltd  | 11495 | 345080 |
| Global Water Resources Inc  | 979 | 9976 |
| H2O America  | 35018 | 1819885 |
| Middlesex Water Co  | 16699 | 904752 |
| Pure Cycle Corp (b) | 21042 | 225570 |
| York Water Co/The  | 13401 | 423472 |
|  |  | 7841702 |
| TOTAL UTILITIES |  | 76046918 |
| TOTAL UNITED STATES |  | 1283608247 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,333,491,790) |  | <br> **1336908703** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (g)<br>(Cost $275,347)<br>| 4.25 | 277000 | **275305** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** | &nbsp;&nbsp;**Money Market Funds - 4.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.32 | 11471697 | 11473990 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.32 | 43289701 | 43294030 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $54,768,020) |  |  | **54768020** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.6%**<br> (Cost $1,388,535,157)<br>| <br>**1391952028** |
| **NET OTHER ASSETS (LIABILITIES) - (3.6)%**  | **(48729523)** |
| **NET ASSETS - 100.0%** | **1343222505** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME Russell 2000 Index Contracts (United States) | 60 | Sep 2025 | 6575100 | 78361 | 78361 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% |

---

**Legend**

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

(b) Non-income producing

(c) Security or a portion of the security is on loan at period end.

(d) Level 3 security

(e) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $878,718 or 0.1% of net assets.

(f) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $275,305.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(i) Investment made with cash collateral received from securities on loan.

**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 Cash Central Fund | 4792321 | 185589210 | 178907541 | 114613 | - | - | 11473990 | 11471697 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 39995498 | 286859713 | 283561181 | 956455 | - | - | 43294030 | 43289701 | 0.1% |
| Total | 44787819 | 472448923 | 462468722 | 1071068 | - | - | 54768020 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 33293874 | 33293874 | - | - |
| Consumer Discretionary | 138962080 | 138962080 | - | - |
| Consumer Staples | 25543725 | 25543725 | - | - |
| Energy | 90781137 | 90781137 | - | - |
| Financials | 372501132 | 372501132 | - | - |
| Health Care | 114572625 | 114547011 | 4746 | 20868 |
| Industrials | 179890262 | 179890262 | - | - |
| Information Technology | 99594674 | 99594674 | - | - |
| Materials | 61026167 | 61026167 | - | - |
| Real Estate | 139218886 | 139218886 | - | - |
| Utilities | 81524141 | 81524141 | - | - |
|  **U.S. Treasury Obligations** | 275305 | - | 275305 | - |
|  **Money Market Funds** | 54768020 | 54768020 | - | - |
| **Total Investments in Securities:** | 1391952028 | 1391651109 | 280051 | 20868 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 78361 | 78361 | - | - |
| Total Assets | 78361 | 78361 | - | - |
| **Total Derivative Instruments:** | 78361 | 78361 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of June 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 78361 | 0 |
| **Total Equity Risk**  | 78361 | 0 |
| **Total Value of Derivatives** | 78361 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Fidelity® Small Cap Value Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $42,166,204) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,333,767,137) | $1337184008 |  |
| Fidelity Central Funds (cost $54,768,020) | 54768020 |  |
| Total Investment in Securities (cost $1,388,535,157) |  | $1391952028 |
| Segregated cash with brokers for derivative instruments |  | 22254 |
| Receivable for investments sold |  | 2448427 |
| Receivable for fund shares sold |  | 1653384 |
| Dividends receivable |  | 2292854 |
| Distributions receivable from Fidelity Central Funds |  | 108563 |
| Receivable for daily variation margin on futures contracts |  | 2137 |
| Other receivables |  | 4 |
| **Total assets** |  | 1398479651 |
| **Liabilities** |  |  |
| Payable to custodian bank | $941581 |  |
| Payable for investments purchased  | 8794466 |  |
| Payable for fund shares redeemed | 2168480 |  |
| Accrued management fee | 54174 |  |
| Other payables and accrued expenses | 4415 |  |
| Collateral on securities loaned | 43294030 |  |
| **Total liabilities** |  | 55257146 |
| **Net Assets**  |  | $1343222505 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1353492986 |
| Total accumulated earnings (loss) |  | (10270481) |
| **Net Assets** |  | $1343222505 |
| **Net Asset Value**, offering price and redemption price per share ($1,343,222,505 ÷ 54,151,158 shares) |  | $24.81 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $24892986 |
| Interest  |  | 15209 |
| Income from Fidelity Central Funds (including $956,455 from security lending)  |  | 1071068 |
| **Total income** |  | 25979263 |
| **Expenses** |  |  |
| Management fee | $651232 |  |
| Independent trustees' fees and expenses | 3267 |  |
| Interest | 3242 |  |
| Total expenses before reductions | 657741 |  |
| Expense reductions | (3527) |  |
| Total expenses after reductions |  | 654214 |
| **Net Investment income (loss)** |  | 25325049 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3023840 |  |
| Redemptions in-kind | 61707726 |  |
| Futures contracts | 148177 |  |
| Total net realized gain (loss) |  | 64879743 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (31028247) |  |
| Futures contracts | 14922 |  |
| Total change in net unrealized appreciation (depreciation) |  | (31013325) |
| **Net gain (loss)** |  | 33866418 |
| **Net increase (decrease) in net assets resulting from operations** |  | $59191467 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $25325049 | $21199767 |
| &nbsp;&nbsp;Net realized gain (loss) | 64879743<br>| 35604809<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (31013325) | 45533065<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 59191467<br>| 102337641<br>|
| Distributions to shareholders | (21949758)<br>| (20400767)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 725369292 | 585215613 |
| Reinvestment of distributions | 19395610<br>| 16744037<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (590897412) | (431989211) |
| **Net increase (decrease) in net assets resulting from share transactions** | 153867490<br>| 169970439<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 191109199<br>| 251907313<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1152113306 | 900205993<br>|
| &nbsp;&nbsp;End of period | $1343222505 | $1152113306 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 28960560 | 25464870 |
| Issued in reinvestment of distributions | 771909<br>| 720127<br>|
| &nbsp;&nbsp;Redeemed | (23842642) | (18850764) |
| &nbsp;&nbsp;Net increase (decrease) | 5889827 | 7334233 |

---

**Financial Highlights** 

**Fidelity® Small Cap Value Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.87 | $22.00 | $21.46 | $28.18 | $16.52 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .49  | .50  | .52  | .44  | .37  |
| Net realized and unrealized gain (loss)  | .88  | 1.87  | .81  | (4.69)  | 11.59  |
| Total from investment operations  | 1.37  | 2.37  | 1.33  | (4.25)  | 11.96  |
| Distributions from net investment income  | (.43)  | (.50)  | (.42)  | (.44) C | (.30)  |
| Distributions from net realized gain  | -  | -  | (.38)  | (2.03) C | -  |
| Total distributions  | (.43)  | (.50)  | (.79) D | (2.47)  | (.30)  |
| Net asset value, end of period  | $24.81 | $23.87 | $22.00 | $21.46 | $28.18 |
| **Total Return** E | 5.74% <br>| 10.83%  | 6.14%  | (16.30)%  | 73.10%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .05%  | .05%  | .05%  | .05%  | .05%  |
| Expenses net of fee waivers, if any  | .05% <br>| .05%  | .05%  | .05%  | .05%  |
| Expenses net of all reductions, if any  | .05%  | .05%  | .05%  | .05%  | .05%  |
| Net investment income (loss)  | 1.95%  | 2.18%  | 2.37%  | 1.77%  | 1.56%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1343223 | $1152113 | $900206 | $808483 | $736509 |
| Portfolio turnover rate H | 31% I<br>| 37% I | 33%  | 38%  | 60%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total distributions per share do not sum due to rounding.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

I*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended June 30, 2025

**1. Organization.**

Fidelity Mid Cap Growth Index Fund, Fidelity Mid Cap Value Index Fund, Fidelity Small Cap Growth Index Fund and Fidelity Small Cap Value Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each 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, each 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 each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each Fund categorizes the inputs to valuation techniques used to value its investments 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 each Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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. U.S. government and government agency obligations 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of June 30, 2025 is included at the end of each Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to the short-term gain distributions from the underlying funds, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Mid Cap Growth Index Fund** | 2552985758 | 449540428 | (94796397) | 354744031 |
| **Fidelity Mid Cap Value Index Fund** | 1387920488 | 256055724 | (68850842) | 187204882 |
| **Fidelity Small Cap Growth Index Fund** | 857486496 | 193311611 | (70738548) | 122573063 |
| **Fidelity Small Cap Value Index Fund** | 1418771775 | 167197238 | (194016985) | (26819747) |

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The tax-based components of distributable earnings as of period end were as follows for each Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Mid Cap Growth Index Fund** | 9919235 | 37881164 | - | 354744029 |
| **Fidelity Mid Cap Value Index Fund** | 15437388 | 11398332 | - | 187204882 |
| **Fidelity Small Cap Growth Index Fund** | 1089709 | - | (60846924) | 122573056 |
| **Fidelity Small Cap Value Index Fund** | 16549268 | - | - | (26819747) |

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Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

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| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Small Cap Growth Index Fund** | (42216374) | (18630550) | (60846924) |

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The tax character of distributions paid was as follows:

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| | | | |
|:---|:---|:---|:---|
| <br> **June 30, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity Mid Cap Growth Index Fund** | 6611673 | - | 6611673 |
| **Fidelity Mid Cap Value Index Fund** | 17720064 | 22178429 | 39898493 |
| **Fidelity Small Cap Growth Index Fund** | 9619315 | - | 9619315 |
| **Fidelity Small Cap Value Index Fund** | 21949758 | - | 21949758 |

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| | | |
|:---|:---|:---|
| **June 30, 2024** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Mid Cap Growth Index Fund** | 5052417 | 5052417 |
| **Fidelity Mid Cap Value Index Fund** | 16377481 | 16377481 |
| **Fidelity Small Cap Growth Index Fund** | 4416179 | 4416179 |
| **Fidelity Small Cap Value Index Fund** | 20400767 | 20400767 |

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**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

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Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Mid Cap Growth Index Fund** | 2435232933 | 908490986 |
| **Fidelity Mid Cap Value Index Fund** | 991968292 | 322870014 |
| **Fidelity Small Cap Growth Index Fund** | 482338114 | 288718934 |
| **Fidelity Small Cap Value Index Fund** | 715051151 | 398395694 |

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**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Mid Cap Growth Index Fund** | 2808200 | 63059414 | 100645886 |
| **Fidelity Mid Cap Value Index Fund** | 2657269 | 45474110 | 73747707 |
| **Fidelity Small Cap Value Index Fund** | 4989359 | 61707726 | 121037494 |

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**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Mid Cap Growth Index Fund** | 1781348 | 26543179 | 51124694 |
| **Fidelity Mid Cap Value Index Fund** | 1606118 | 28625666 | 42208795 |
| **Fidelity Small Cap Growth Index Fund** | 715990 | 13238375 | 18221957 |
| **Fidelity Small Cap Value Index Fund** | 2260128 | 33642050 | 53949254 |

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**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which each Fund pays a monthly management fee. The management fee is based on the annual rates of each Fund's average net assets as noted in the table below. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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| | |
|:---|:---|
|  | **% of Average Net Assets** |
| **Fidelity Mid Cap Growth Index Fund** | .05% |
| **Fidelity Mid Cap Value Index Fund** | .05% |
| **Fidelity Small Cap Growth Index Fund** | .05% |
| **Fidelity Small Cap Value Index Fund** | .05% |

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**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, Fidelity Mid Cap Value Index Fund and Fidelity Small Cap Value Index Fund had no interfund loans outstanding. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Mid Cap Growth Index Fund** | Borrower | 11281333 | 4.60% | 4321 |
| **Fidelity Mid Cap Value Index Fund** | Borrower | 3068571 | 5.58% | 3331 |
| **Fidelity Small Cap Growth Index Fund** | Borrower | 18262500 | 5.10% | 5172 |
| **Fidelity Small Cap Value Index Fund** | Borrower | 5097000 | 4.58% | 3242 |

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**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Mid Cap Growth Index Fund** | - | 745 | (100) |
| **Fidelity Mid Cap Value Index Fund** | - | - | - |
| **Fidelity Small Cap Growth Index Fund** | 123260 | 573976 | (29048) |
| **Fidelity Small Cap Value Index Fund** | 236928 | 882512 | (131293) |

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**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**8. Security Lending.**

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Mid Cap Growth Index Fund** | 7726 | 181 | 48448 |
| **Fidelity Mid Cap Value Index Fund** | 10277 | 312 | 381196 |
| **Fidelity Small Cap Growth Index Fund** | 94152 | 15802 | 2420946 |
| **Fidelity Small Cap Value Index Fund** | 100369 | 12289 | 59332 |

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At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Mid Cap Growth Index Fund** | 1745636 |
| **Fidelity Small Cap Value Index Fund** | 13152 |

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**9. Bank Borrowings.**

Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity Mid Cap Value Index Fund** | 614000 | 5.83% | 199 |

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**10. Expense Reductions.**

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

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| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Mid Cap Growth Index Fund** | 1483 |
| **Fidelity Mid Cap Value Index Fund** | 602 |
| **Fidelity Small Cap Growth Index Fund**  | 10377 |
| **Fidelity Small Cap Value Index Fund** | 3527 |

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**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Mid Cap Growth Index Fund and Fidelity Mid Cap Value Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Fidelity Mid Cap Growth Index Fund and Fidelity Mid Cap Value Index Fund (the "Funds"), each a fund of Fidelity Salem Street Trust, including the schedules of investments, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Small Cap Growth Index Fund and Fidelity Small Cap Value Index Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity Small Cap Growth Index Fund and Fidelity Small Cap Value Index Fund (two of the funds constituting Fidelity Salem Street Trust, hereafter collectively referred to as the "Funds") as of June 30, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2025 and each of the financial highlights for each of the five years in the period ended June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

August 12, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended June 30, 2025, or, if subsequently determined to be different, the net capital gain of such year.

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| | |
|:---|:---|
| **Fidelity Mid Cap Growth Index Fund** | $37881165 |
| **Fidelity Mid Cap Value Index Fund** | $11419833 |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| **Fidelity Mid Cap Growth Index Fund** |  |
| August 2024 | 100% |
| December 2024 | 87% |
| **Fidelity Mid Cap Value Index Fund** |  |
| August 2024 | 67% |
| December 2024 | 74% |
| **Fidelity Small Cap Growth Index Fund** |  |
| August 2024 | 31% |
| December 2024 | 39% |
| **Fidelity Small Cap Value Index Fund** |  |
| August 2024 | 85% |
| December 2024 | 60% |

---

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

---

| | |
|:---|:---|
| **Fidelity Mid Cap Growth Index Fund** |  |
| August 2024 | 99.86% |
| December 2024 | 94.57% |
| **Fidelity Mid Cap Value Index Fund** |  |
| August 2024 | 70.17% |
| December 2024 | 81.88% |
| **Fidelity Small Cap Growth Index Fund** |  |
| August 2024 | 33.71% |
| December 2024 | 46.29% |
| **Fidelity Small Cap Value Index Fund** |  |
| August 2024 | 94.70% |
| December 2024 | 70.23% |

---

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

---

| | |
|:---|:---|
| **Fidelity Mid Cap Growth Index Fund** |  |
| August 2024 | 0.15% |
| December 2024 | 5.44% |
| **Fidelity Mid Cap Value Index Fund** |  |
| August 2024 | 13.53% |
| December 2024 | 18.12% |
| **Fidelity Small Cap Growth Index Fund** |  |
| August 2024 | 0.30% |
| December 2024 | 3.93% |
| **Fidelity Small Cap Value Index Fund** |  |
| August 2024 | 5.29% |
| December 2024 | 28.39% |

---

The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:

---

| | |
|:---|:---|
|  | **August, 2024** |
| **Fidelity Mid Cap Value Index Fund** | 100% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Mid Cap Growth Index Fund** | $220428 |
| **Fidelity Mid Cap Value Index Fund** | $102529 |
| **Fidelity Small Cap Growth Index Fund** | $251148 |
| **Fidelity Small Cap Value Index Fund** | $159788 |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img110330_4.jpg)<br>

1.9896342.105 C06-ANN-0825

**Fidelity® Defined Maturity Funds**

**Fidelity® Municipal Income 2025 Fund**

**Annual Report**

**June 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img110334_1.jpg)

![](img110334_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_DMI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Municipal Income 2025 Fund](#Sub_Sec_Fund_2948_DMI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2948_DMI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_DMI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_DMI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_DMI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_DMI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_DMI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_DMI-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Municipal Income 2025 Fund**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 51.6%** | &nbsp;&nbsp;**Municipal Securities - 51.6%** | &nbsp;&nbsp;**Municipal Securities - 51.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Arizona - 5.3%  |  |  |
| Education - 2.0% |  |  |
| Arizona Brd Regents AZ St Univ Sys Rev (Arizona St Univ Revs Proj.) Series 2015B, 5% 7/1/2025  | 405000 | 405000 |
| Transportation - 2.4% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2025  | 250000 | 250000 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2025 (b) | 250000 | 250000 |
|  |  | 500000 |
| Water & Sewer - 0.9% |  |  |
| Phoenix Arizona Civic Imp Wtr Series 2016 A, 5% 7/1/2025  | 185000 | 185000 |
| TOTAL ARIZONA |  | 1090000 |
| California - 2.0%  |  |  |
| Health Care - 1.3% |  |  |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2025  | 270000 | 270000 |
| Transportation - 0.7% |  |  |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series B, 5% 7/1/2025 (b) | 150000 | 150000 |
| TOTAL CALIFORNIA |  | 420000 |
| Connecticut - 6.4%  |  |  |
| Education - 4.8% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2025  | 50000 | 50000 |
| Connecticut State Health & Educational Facilities Authority (Quinnipiac University, CT Proj.) Series M, 5% 7/1/2025  | 40000 | 40000 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2025  | 400000 | 400000 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) 5% 7/1/2025  | 200000 | 200000 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2025  | 280000 | 280000 |
|  |  | 970000 |
| Health Care - 0.9% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2025  | 175000 | 175000 |
| Special Tax - 0.7% |  |  |
| Connecticut St Spl Tax Oblig 5% 7/1/2025  | 150000 | 150000 |
| TOTAL CONNECTICUT |  | 1295000 |
| District Of Columbia,Maryland,Virginia - 2.2%  |  |  |
| Special Tax - 2.2% |  |  |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2025  | 250000 | 250000 |
| Washington DC Met Area Tran Auth Rev Series A 1, 5% 7/1/2025  | 200000 | 200000 |
|  |  | 450000 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 450000 |
| Florida - 1.5%  |  |  |
| General Obligations - 0.2% |  |  |
| Seminole Cnty FL Sch Brd Ctfs (Seminole Cnty FL Sch Dist Proj.) 5% 7/1/2025  | 40000 | 40000 |
| Health Care - 0.5% |  |  |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) Series 2016 B, 5% 7/1/2025  | 100000 | 100000 |
| Transportation - 0.8% |  |  |
| Florida St Dept Transn Tpk Rev Series 2022 A, 5% 7/1/2025  | 165000 | 165000 |
| TOTAL FLORIDA |  | 305000 |
| Georgia - 0.2%  |  |  |
| Transportation - 0.2% |  |  |
| Atlanta GA Arpt Rev 5% 7/1/2025 (b) | 50000 | 50000 |
| Hawaii - 0.9%  |  |  |
| General Obligations - 0.9% |  |  |
| Honolulu HI City & Cnty Gen. Oblig. Series 2022B, 5% 7/1/2025  | 180000 | 180000 |
| Illinois - 1.0%  |  |  |
| General Obligations - 1.0% |  |  |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2025  | 200000 | 200000 |
| Indiana - 1.7%  |  |  |
| Health Care - 0.2% |  |  |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2019 B, 2.25% tender 12/1/2058 (c) | 55000 | 55000 |
| Housing - 1.5% |  |  |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 7/1/2025  | 300000 | 300000 |
| TOTAL INDIANA |  | 355000 |
| Kentucky - 0.5%  |  |  |
| Special Tax - 0.5% |  |  |
| Kentucky St Tpk Auth Economic (Kentucky St Proj.) Series 2016 A, 5% 7/1/2025  | 110000 | 110000 |
| Maine - 2.7%  |  |  |
| Education - 2.7% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 A, 4% 7/1/2025  | 465000 | 465000 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 4% 7/1/2025  | 100000 | 100000 |
|  |  | 565000 |
| TOTAL MAINE |  | 565000 |
| Maryland - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Maryland St Hlth & HI Ed Facs (Lifebridge Health Proj.) Series 2017, 5% 7/1/2025  | 150000 | 150000 |
| Massachusetts - 5.3%  |  |  |
| Education - 2.6% |  |  |
| Massachusetts Development Finance Agency (Merrimack College, MA Proj.) 5% 7/1/2025  | 125000 | 125000 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2025 (Escrowed to Maturity)  | 170000 | 170000 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue K Proj.) Series 2017 A, 5% 7/1/2025 (b) | 250000 | 250000 |
|  |  | 545000 |
| Health Care - 0.7% |  |  |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) 5% 7/1/2025  | 40000 | 40000 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2025  | 50000 | 50000 |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) 5% 7/1/2025  | 50000 | 50000 |
|  |  | 140000 |
| Special Tax - 0.5% |  |  |
| Mass Bay Tran Auth Sls Tax 5% 7/1/2025  | 100000 | 100000 |
| Transportation - 1.5% |  |  |
| Massachusetts St Port Auth Rev Series 2019 C, 5% 7/1/2025 (b) | 300000 | 300000 |
| TOTAL MASSACHUSETTS |  | 1085000 |
| Michigan - 2.7%  |  |  |
| Health Care - 2.7% |  |  |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 5% 7/1/2025  | 300000 | 300000 |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) Series A, 5% 7/1/2025  | 150000 | 150000 |
| Saginaw MI Hosp Fin Auth Hosp (Covenant Medical Center Inc Proj.) Series 2020 J, 5% 7/1/2025  | 100000 | 100000 |
|  |  | 550000 |
| TOTAL MICHIGAN |  | 550000 |
| Missouri - 4.4%  |  |  |
| Transportation - 4.4% |  |  |
| St Louis MO Arpt Rev Series 2017 A, 5% 7/1/2025 (Assured Guaranty Municipal Corp Insured)  | 370000 | 370000 |
| St Louis MO Arpt Rev Series 2017 B, 5% 7/1/2025 (Assured Guaranty Municipal Corp Insured) (b) | 250000 | 250000 |
| St Louis MO Arpt Rev Series 2019C, 5% 7/1/2025  | 290000 | 290000 |
|  |  | 910000 |
| TOTAL MISSOURI |  | 910000 |
| New Hampshire - 1.0%  |  |  |
| Health Care - 1.0% |  |  |
| New Hampshire Health and Education Facilities Authority Act (Mass General Brigham Inc Proj.) 5% 7/1/2025  | 200000 | 200000 |
| New Jersey - 2.8%  |  |  |
| Education - 0.8% |  |  |
| New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) Series 2017 A, 5% 7/1/2025  | 105000 | 105000 |
| New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2025  | 15000 | 15000 |
| New Jersey Educational Facilities Authority (William Paterson College, NJ Proj.) Series 2016 E, 5% 7/1/2025  | 50000 | 50000 |
|  |  | 170000 |
| Health Care - 2.0% |  |  |
| New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 5% 7/1/2025  | 400000 | 400000 |
| TOTAL NEW JERSEY |  | 570000 |
| New York - 0.6%  |  |  |
| Education - 0.5% |  |  |
| Onondaga NY Civic Dev Corp (Le Moyne College Proj.) Series 2015, 5% 7/1/2025  | 100000 | 100000 |
| Health Care - 0.1% |  |  |
| Dutchess Cnty NY Loc Dev Corp Rev (Nuvance Health Proj.) Series 2016 A, 5% 7/1/2025  | 30000 | 30000 |
| TOTAL NEW YORK |  | 130000 |
| Ohio - 1.0%  |  |  |
| Education - 1.0% |  |  |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2025  | 200000 | 200000 |
| Oregon - 2.0%  |  |  |
| Transportation - 2.0% |  |  |
| Port of Portland Arpt Rev Series TWENTY FOUR B, 5% 7/1/2025 (b) | 420000 | 420000 |
| Pennsylvania - 2.3%  |  |  |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Doylestown PA Hosp Auth Hosp 5% 7/1/2025 (Escrowed to Maturity)  | 20000 | 20000 |
| Health Care - 0.9% |  |  |
| Butler Cnty PA Hosp Auth Rev (Butler Memorial Hospital,Pa Proj.) Series 2015A, 5% 7/1/2025  | 30000 | 30000 |
| Doylestown PA Hosp Auth Hosp (Univ of Penn Health Systems Proj.) 5% 7/1/2025  | 105000 | 105000 |
| Monroe Cnty PA Hosp Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2016, 5% 7/1/2025  | 50000 | 50000 |
|  |  | 185000 |
| Transportation - 1.3% |  |  |
| Philadelphia PA Airport Rev 5% 7/1/2025 (b) | 210000 | 210000 |
| Philadelphia PA Airport Rev 5% 7/1/2025  | 50000 | 50000 |
|  |  | 260000 |
| TOTAL PENNSYLVANIA |  | 465000 |
| Puerto Rico - 0.2%  |  |  |
| General Obligations - 0.2% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.375% 7/1/2025  | 49931 | 49931 |
| Texas - 1.0%  |  |  |
| Transportation - 1.0% |  |  |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2025 (b) | 200000 | 200000 |
| Utah - 0.1%  |  |  |
| Transportation - 0.1% |  |  |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2025 (b) | 30000 | 30000 |
| Washington - 3.1%  |  |  |
| General Obligations - 2.4% |  |  |
| State of Washington Gen. Oblig. Series R 2016B, 5% 7/1/2025  | 485000 | 485000 |
| Special Tax - 0.7% |  |  |
| Washington St Convention Ctr Pub Facs Dist 5% 7/1/2025  | 155000 | 155000 |
| TOTAL WASHINGTON |  | 640000 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $10,619,949) |  | <br> **10619931** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 45.8%** | &nbsp;&nbsp;**Money Market Funds - 45.8%** | &nbsp;&nbsp;**Money Market Funds - 45.8%** | &nbsp;&nbsp;**Money Market Funds - 45.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (d)(e)<br>(Cost $9,452,685)<br>| 2.90 | 9450794 | **9452685** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 97.4%**<br> (Cost $20,072,634)<br>| <br>**20072616** |
| **NET OTHER ASSETS (LIABILITIES) - 2.6%**  | **528601** |
| **NET ASSETS - 100.0%** | **20601217** |

---

**Legend**

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

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

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

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

(e) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | 289026 | 14631819 | 5468160 | 46415 | - | - | 9452685 | 9450794 | 0.3% |
| Total | 289026 | 14631819 | 5468160 | 46415 | - | - | 9452685 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 2955000 | - | 2955000 | - |
| Escrowed/Pre-Refunded | 20000 | - | 20000 | - |
| General Obligations | 954931 | - | 954931 | - |
| Health Care | 2255000 | - | 2255000 | - |
| Housing | 300000 | - | 300000 | - |
| Special Tax | 965000 | - | 965000 | - |
| Transportation | 2985000 | - | 2985000 | - |
| Water & Sewer | 185000 | - | 185000 | - |
|  **Money Market Funds** | 9452685 | 9452685 | - | - |
| **Total Investments in Securities:** | 20072616 | 9452685 | 10619931 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,619,949) | $10619931 |  |
| Fidelity Central Funds (cost $9,452,685) | 9452685 |  |
| Total Investment in Securities (cost $20,072,634) |  | $20072616 |
| Cash |  | 261275 |
| Interest receivable |  | 261490 |
| Distributions receivable from Fidelity Central Funds |  | 18686 |
| Other receivables |  | 8 |
| **Total assets** |  | 20614075 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $727 |  |
| Distributions payable | 4546 |  |
| Accrued management fee | 5171 |  |
| Transfer agent fee payable | 1725 |  |
| Distribution and service plan fees payable | 689 |  |
| **Total liabilities** |  | 12858 |
| **Net Assets**  |  | $20601217 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $20820979 |
| Total accumulated earnings (loss) |  | (219762) |
| **Net Assets** |  | $20601217 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($3,311,720 ÷ 329,543 shares)(a) |  | $10.05 |
| Maximum offering price per share (100/97.25 of $10.05) |  | $10.33 |
| **Municipal Income 2025 :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($12,990,137 ÷ 1,292,559 shares) |  | $10.05 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($4,299,360 ÷ 427,770 shares) |  | $10.05 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** | <br> **Year ended June 30, 2025** |
| **Investment Income** |  |  |
| Interest  |  | $487669 |
| Income from Fidelity Central Funds  |  | 46415 |
| **Total income** |  | 534084 |
| **Expenses** |  |  |
| Management fee | $67212 |  |
| Transfer agent fees | 22403 |  |
| Distribution and service plan fees | 8426 |  |
| Independent trustees' fees and expenses | 58 |  |
| Total expenses before reductions | 98099 |  |
| Expense reductions | (21) |  |
| Total expenses after reductions |  | 98078 |
| **Net Investment income (loss)** |  | 436006 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (33449) |  |
| Total net realized gain (loss) |  | (33449) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 329923 |
| **Net gain (loss)** |  | 296474 |
| **Net increase (decrease) in net assets resulting from operations** |  | $732480 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $436006 | $462497 |
| &nbsp;&nbsp;Net realized gain (loss) | (33449)<br>| (31492)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 329923 | 330097<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 732480<br>| 761102<br>|
| Distributions to shareholders | (434140)<br>| (462511)<br>|
| Share transactions - net increase (decrease) | (3424558)<br>| (1596350)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (3126218)<br>| (1297759)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 23727435 | 25025194<br>|
| &nbsp;&nbsp;End of period | $20601217 | $23727435 |

---

**Financial Highlights** 

**Fidelity Advisor® Municipal Income 2025 Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.92 | $9.80 | $9.91 | $10.59 | $10.35 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .173  | .166  | .150  | .135  | .146  |
| Net realized and unrealized gain (loss)  | .130  | .120  | (.110)  | (.680)  | .241  |
| Total from investment operations  | .303  | .286  | .040  | (.545)  | .387  |
| Distributions from net investment income  | (.173)  | (.166)  | (.150)  | (.135)  | (.147)  |
| Total distributions  | (.173)  | (.166)  | (.150)  | (.135)  | (.147)  |
| Net asset value, end of period  | $10.05 | $9.92 | $9.80 | $9.91 | $10.59 |
| **Total Return** C,D | 3.07% <br>| 2.94%  | .41%  | (5.18)%  | 3.75%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .65%  | .65%  | .65%  | .65%  | .65%  |
| Expenses net of fee waivers, if any  | .65% <br>| .65%  | .65%  | .65%  | .65%  |
| Expenses net of all reductions, if any  | .65%  | .65%  | .65%  | .65%  | .65%  |
| Net investment income (loss)  | 1.73%  | 1.68%  | 1.52%  | 1.31%  | 1.39%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3312 | $3421 | $3367 | $3309 | $3550 |
| Portfolio turnover rate G | 0% <br>| 6%  | 6%  | 7%  | 6%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Total returns do not include the effect of the sales charges.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Municipal Income 2025 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.92 | $9.80 | $9.91 | $10.59 | $10.35 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .198  | .190  | .174  | .161  | .173  |
| Net realized and unrealized gain (loss)  | .130  | .120  | (.110)  | (.680)  | .240  |
| Total from investment operations  | .328  | .310  | .064  | (.519)  | .413  |
| Distributions from net investment income  | (.198)  | (.190)  | (.174)  | (.161)  | (.173)  |
| Total distributions  | (.198)  | (.190)  | (.174)  | (.161)  | (.173)  |
| Net asset value, end of period  | $10.05 | $9.92 | $9.80 | $9.91 | $10.59 |
| **Total Return** C | 3.33% <br>| 3.20%  | .66%  | (4.95)%  | 4.01%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .40%  | .40%  | .40%  | .40%  | .40%  |
| Expenses net of fee waivers, if any  | .40% <br>| .40%  | .40%  | .40%  | .40%  |
| Expenses net of all reductions, if any  | .40%  | .40%  | .40%  | .40%  | .40%  |
| Net investment income (loss)  | 1.98%  | 1.93%  | 1.77%  | 1.56%  | 1.64%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $12990 | $15954 | $16925 | $15820 | $17136 |
| Portfolio turnover rate F | 0% <br>| 6%  | 6%  | 7%  | 6%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Municipal Income 2025 Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended June 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.92 | $9.80 | $9.91 | $10.59 | $10.36 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .198  | .190  | .175  | .161  | .173  |
| Net realized and unrealized gain (loss)  | .130  | .120  | (.111)  | (.680)  | .230  |
| Total from investment operations  | .328  | .310  | .064  | (.519)  | .403  |
| Distributions from net investment income  | (.198)  | (.190)  | (.174)  | (.161)  | (.173)  |
| Total distributions  | (.198)  | (.190)  | (.174)  | (.161)  | (.173)  |
| Net asset value, end of period  | $10.05 | $9.92 | $9.80 | $9.91 | $10.59 |
| **Total Return** C | 3.33% <br>| 3.20%  | .66%  | (4.95)%  | 3.91%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .40%  | .40%  | .40%  | .40%  | .40%  |
| Expenses net of fee waivers, if any  | .40% <br>| .40%  | .40%  | .40%  | .40%  |
| Expenses net of all reductions, if any  | .40%  | .40%  | .40%  | .40%  | .40%  |
| Net investment income (loss)  | 1.98%  | 1.93%  | 1.77%  | 1.56%  | 1.64%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4299 | $4352 | $4733 | $5284 | $5827 |
| Portfolio turnover rate F | 0% <br>| 6%  | 6%  | 7%  | 6%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

E*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Notes to Financial Statements**

For the period ended June 30, 2025

**1. Organization.**

Fidelity Municipal Income 2025 Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Municipal Income 2025 and Class I shares, each of which has equal rights as to assets and voting privileges. Class A and Class I are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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 open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to capital loss carryforwards.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $- |
| **Gross unrealized depreciation**  | <u>(18)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(18)</u> |
| **Tax Cost**  | <u>$20072634</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$1901</u> |
| **Capital loss carryforward**  | <u>$(221646)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(18)</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(76203) |
| Long-term | <u>(145443)</u> |
| **Total capital loss carryforward** | <u>$(221646)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Tax-exempt Income** | 434,140 | 462,511 |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Municipal Income 2025 Fund** | - | 14092059 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .30% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. The Fund's Class A pays Fidelity Distributors Company (FDC), an affiliate of the investment adviser, a Service Fee based on an annual percentage of Class A's average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Fidelity Municipal Income 2025 Fund** |  |  |  |
| **Class A**  | .25% | <u>8426</u> | <u>7056</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 2.75% for selling Class A shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive a contingent deferred sales charge levied on Class A redemptions. The deferred sales charges are .75% or .50% for certain purchases of Class A shares. For the period, there were no sales charge amounts retained by FDC.

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives asset-based fees of class-level average net assets for each class of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Class-Level Average Net Assets** |
| **Class A** | 3370 | .10 |
| **Municipal Income 2025** | 14650 | .10 |
| **Class I** | <u>4383</u> | .10 |
|  | <u>22403</u> |  |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Municipal Income 2025 Fund** | - | 3065311 | (19301) |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $21.

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **June 30, 2025** | **Year ended**<br> **June 30, 2024** |
| **Fidelity Municipal Income 2025 Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $58180 | $56895 |
| Municipal Income 2025 | 289352 | 318052 |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>86608</u> | <u>87564</u> |
| Total  | <u>$434140</u> | <u>$462511</u> |

---

**9. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **June 30, 2025**  | **Year ended**<br> **June 30, 2024** | **Year ended** <br> **June 30, 2025**  | **Year ended**<br> **June 30, 2024** |
| **Fidelity Municipal Income 2025 Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | - | 8930 | $- | $87693 |
| Reinvestment of distributions | 5801 | 5768 | 58062 | 56795 |
| Shares redeemed | <u>(21135)</u> | <u>(13456)</u> | <u>(211438)</u> | <u>(131235)</u> |
| Net increase (decrease) | <u>(15334)</u> | <u>1242</u> | <u>$(153376)</u> | <u>$13253</u> |
| **Municipal Income 2025** |  |  |  |  |
| Shares sold | - | 139265 | $- | $1370484 |
| Reinvestment of distributions | 21333 | 21705 | 213522 | 213747 |
| Shares redeemed | <u>(337184)</u> | <u>(279813)</u> | <u>(3374792)</u> | <u>(2758178)</u> |
| Net increase (decrease) | <u>(315851)</u> | <u>(118843)</u> | <u>$(3161270)</u> | <u>$(1173947)</u> |
| **Class I** |  |  |  |  |
| Shares sold | - | 6191 | $- | $61159 |
| Reinvestment of distributions | 8126 | 8372 | 81346 | 82428 |
| Shares redeemed | <u>(19057)</u> | <u>(58818)</u> | <u>(191258)</u> | <u>(579243)</u> |
| Net increase (decrease) | <u>(10931)</u> | <u>(44255)</u> | <u>$(109912)</u> | <u>$(435656)</u> |

---

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %** |
| Fidelity Municipal Income 2025 Fund | 56% |

---

In January 2017, Fidelity Municipal Income 2025 Fund's Board of Trustees approved a Plan of Liquidation and Dissolution whereby the Fund distributed all of its net assets to its shareholders on July 9, 2025.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Municipal Income 2025 Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Municipal Income 2025 Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of June 30, 2025, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 13, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

During fiscal year ended 2025, 100% of the fund's income dividends were free from federal income tax, and 24.74% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img110334_4.jpg)<br>

1.926259.114 DMI-ANN-0825

**Fidelity® SAI Enhanced Municipal Income Fund**

**Annual Report**

**June 30, 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.

![](img110561_1.jpg)

![](img110561_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SEB-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Enhanced Municipal Income Fund](#Sub_Sec_Fund_9002_SEB-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements9002_SEB-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SEB-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SEB-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SEB-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SEB-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SEB-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SEB-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® SAI Enhanced Municipal Income Fund**

**Schedule of Investments June 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 2.0%** | &nbsp;&nbsp;**Fixed-Income Funds - 2.0%** | &nbsp;&nbsp;**Fixed-Income Funds - 2.0%** |
|  | Shares | Value ($)<br>|
| iShares National Muni Bond ETF  | 13974 | 1460004 |
| Vanguard Tax-Exempt Bond Index Fund ETF  | 42800 | 2098484 |
| <br> **TOTAL FIXED-INCOME FUNDS**<br> (Cost $3,525,405) |  | **3558488** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 89.8%** | &nbsp;&nbsp;**Municipal Securities - 89.8%** | &nbsp;&nbsp;**Municipal Securities - 89.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 3.4%  |  |  |
| Education - 0.0% |  |  |
| Auburn Univ Ala Gen Fee Rev Series 2025 B, 5% 6/1/2042  | 25000 | 26478 |
| General Obligations - 3.0% |  |  |
| Alabama St Corrections Instn Fin Auth Rev (Alabama St Proj.) Series 2022 A, 5% 7/1/2037  | 325000 | 348013 |
| Alabama St Gen. Oblig. Series 2018 A, 5% 11/1/2035  | 160000 | 168278 |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Series 2021 A, 4% tender 6/1/2051 (Royal Bank of Canada Guaranteed) (b) | 770000 | 779193 |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Series 2023B, 5.25% tender 12/1/2053 (Royal Bank of Canada Guaranteed) (b) | 200000 | 214339 |
| Black Belt Energy Gas Dist Alagas Prepay Rev 4% tender 10/1/2049 (Morgan Stanley Guaranteed) (b) | 40000 | 40102 |
| Black Belt Energy Gas District 5.5% tender 11/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (b) | 30000 | 31525 |
| Black Belt Energy Gas District Series 2021 B, 4% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (b) | 150000 | 150378 |
| Black Belt Energy Gas District Series 2021 C 1, 4% 12/1/2026 (Goldman Sachs Group Inc/The Guaranteed)  | 25000 | 25145 |
| Black Belt Energy Gas District Series 2021 C 1, 4% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (b) | 205000 | 205517 |
| Black Belt Energy Gas District Series 2022 B 1, 4% tender 4/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (b) | 500000 | 501726 |
| Black Belt Energy Gas District Series 2023 A, 5.25% tender 1/1/2054 (b) | 100000 | 106382 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 75000 | 79106 |
| Black Belt Energy Gas District Series 2024 B, 5% tender 10/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (b) | 90000 | 94752 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2023 A 1, 5.5% tender 11/1/2053 (Morgan Stanley Guaranteed) (b) | 55000 | 59360 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2023B 1, 5.75% tender 4/1/2054 (Morgan Stanley Guaranteed) (b) | 95000 | 103743 |
| Hoover AL Gen. Oblig. Series 2023, 5% 3/1/2040  | 130000 | 138976 |
| Southeast Energy Auth Commodity Supply Rev Ala Series 2021 A, 4% tender 11/1/2051 (Goldman Sachs Group Inc/The Guaranteed) (b) | 60000 | 60182 |
| Southeast Energy Auth Coop Dist Ala Commodity Supply Rev Series 2023 B, 5% tender 1/1/2054 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (b) | 100000 | 105336 |
| Southeast Energy Authority A Cooperative District 5% tender 5/1/2055 (Royal Bank of Canada Guaranteed) (b) | 70000 | 73918 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 500000 | 526925 |
| Southeast Energy Authority A Cooperative District Series 2025 F, 5.25% tender 11/1/2055 (BP PLC Guaranteed) (b) | 1500000 | 1612464 |
|  |  | 5425360 |
| Health Care - 0.0% |  |  |
| Huntsville AL Hlth Care Auth (Huntsville Hospital AL Proj.) Series 2020 B1, 5% 6/1/2037  | 50000 | 52070 |
| Other - 0.3% |  |  |
| Mobile Ala Gen. Oblig. Series 2025A, 5% 2/15/2042  | 250000 | 263168 |
| Mobile Ala Gen. Oblig. Series 2025A, 5% 2/15/2043  | 200000 | 209270 |
|  |  | 472438 |
| Special Tax - 0.1% |  |  |
| Alabama St Pub Sch & Coll Auth Series 2020 A, 4% 11/1/2036  | 30000 | 30080 |
| Alabama St Pub Sch & Coll Auth Series 2020 A, 5% 11/1/2039  | 150000 | 156812 |
|  |  | 186892 |
| TOTAL ALABAMA |  | 6163238 |
| Alaska - 0.1%  |  |  |
| Housing - 0.0% |  |  |
| Alaska Hsg Fin Corp Mtg Rev Series 2022 B 2, 5% 12/1/2033  | 25000 | 27065 |
| Alaska St Hsg Fin Corp 5% 12/1/2039  | 35000 | 36714 |
|  |  | 63779 |
| Other - 0.1% |  |  |
| North Slope Boro Alaska Gen. Oblig. Series 2024 A, 5% 6/30/2036  | 85000 | 92069 |
| TOTAL ALASKA |  | 155848 |
| Arizona - 1.3%  |  |  |
| Education - 0.1% |  |  |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2020A, 4% 11/1/2045  | 100000 | 84469 |
| University AZ Univ Revs (University AZ Univ Revs Proj.) Series 2021 A, 5% 6/1/2039  | 30000 | 31543 |
| University AZ Univ Revs (University AZ Univ Revs Proj.) Series 2021 A, 5% 6/1/2043  | 45000 | 46380 |
| University AZ Univ Revs Series 2021 A, 5% 6/1/2038  | 40000 | 42324 |
| University AZ Univ Revs Series 2021 A, 5% 6/1/2040  | 75000 | 78449 |
|  |  | 283165 |
| Electric Utilities - 0.2% |  |  |
| Salt River Proj AZ Agric & Pwr Series 2019 A, 4% 1/1/2039  | 25000 | 24725 |
| Salt River Proj AZ Agric & Pwr Series 2019 A, 5% 1/1/2036  | 45000 | 47932 |
| Salt River Proj AZ Agric & Pwr Series 2023B, 5% 1/1/2048  | 200000 | 205118 |
|  |  | 277775 |
| General Obligations - 0.1% |  |  |
| Maricopa County Special Health Care District Gen. Oblig. Series C, 4% 7/1/2038  | 20000 | 19279 |
| Maricopa County Special Health Care District Gen. Oblig. Series C, 5% 7/1/2033  | 20000 | 20895 |
| Phoenix Uhsd #210 5% 7/1/2037  | 185000 | 201431 |
|  |  | 241605 |
| Health Care - 0.5% |  |  |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2037  | 50000 | 53123 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2038  | 95000 | 98502 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2040  | 65000 | 67724 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2041  | 210000 | 216523 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) 5% 1/1/2033  | 35000 | 35783 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 E, 3% 1/1/2049  | 200000 | 138018 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5.25% 8/1/2049  | 170000 | 171875 |
|  |  | 781548 |
| Industrial Development - 0.1% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2007, 4.1% tender 12/1/2037 (b)(c) | 100000 | 100533 |
| Chandler AZ Indl Deve Auth Idr Series 2019, 4% tender 6/1/2049 (b)(c) | 120000 | 119716 |
|  |  | 220249 |
| Other - 0.0% |  |  |
| Maricopa Cnty Ariz Un High Sch Dist No 216 Series 2024 A, 5% 7/1/2040  | 40000 | 42440 |
| Maricopa Cnty Ariz Un High Sch Dist No 216 Series 2024 A, 5% 7/1/2041  | 40000 | 42118 |
|  |  | 84558 |
| Special Tax - 0.1% |  |  |
| AZ Dept of Trans Series 2016 A, 5% 7/1/2031  | 30000 | 30545 |
| Glendale Ariz Sr Excise Tax Rev Series 2024, 5% 7/1/2038  | 100000 | 109024 |
| Phoenix AZ Civic Impt Corp Series 2020 A, 5% 7/1/2035  | 45000 | 48206 |
|  |  | 187775 |
| Transportation - 0.1% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 5% 7/1/2033 (c) | 20000 | 20810 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2023, 5% 7/1/2026 (c) | 105000 | 106794 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2023, 5% 7/1/2027 (c) | 25000 | 25857 |
|  |  | 153461 |
| Water & Sewer - 0.1% |  |  |
| Mesa AZ Util Sys Rev Series 2016, 3% 7/1/2038  | 100000 | 83433 |
| Phoenix Arizona Civic Imp Wtr Series 2020 B, 5% 7/1/2036  | 45000 | 47916 |
| Phoenix Arizona Civic Imp Wtr Series 2020A, 5% 7/1/2040  | 35000 | 36318 |
|  |  | 167667 |
| TOTAL ARIZONA |  | 2397803 |
| California - 5.5%  |  |  |
| Education - 0.4% |  |  |
| California Infrastructure & Economic Development Bank Series 2025, 5% 5/15/2045  | 45000 | 47107 |
| California Mun Fn Auth Rev (Emory University GA Proj.) Series 2019 A, 5% 10/1/2044  | 165000 | 169168 |
| California St Univ Rev Series 2020C, 3% 11/1/2039  | 50000 | 42403 |
| California St Univ Rev Series 2024 A, 5.5% 11/1/2055  | 350000 | 377792 |
| University CA Revs Series 2024 BS, 5% 5/15/2042  | 50000 | 53112 |
|  |  | 689582 |
| Electric Utilities - 1.0% |  |  |
| Los Angeles CA Wtr & Pwr Rev 5% 7/1/2035  | 30000 | 31749 |
| Los Angeles CA Wtr & Pwr Rev 5% 7/1/2038  | 85000 | 88959 |
| Los Angeles CA Wtr & Pwr Rev Series 2019 B, 5% 7/1/2032  | 330000 | 343971 |
| Los Angeles CA Wtr & Pwr Rev Series 2019 B, 5% 7/1/2033  | 245000 | 254349 |
| Los Angeles CA Wtr & Pwr Rev Series 2020 B, 5% 7/1/2039  | 135000 | 139299 |
| Los Angeles CA Wtr & Pwr Rev Series 2022 A, 5% 7/1/2041  | 70000 | 72152 |
| Los Angeles CA Wtr & Pwr Rev Series 2023 B, 5% 7/1/2037  | 250000 | 265316 |
| Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2038  | 140000 | 147793 |
| Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2039  | 55000 | 57714 |
| Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2043  | 50000 | 51623 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 B, 5% 7/1/2037  | 30000 | 32044 |
| Riverside CA Elec Rev 5% 10/1/2043  | 65000 | 66960 |
| Riverside CA Elec Rev Series 2019 A, 5% 10/1/2036  | 130000 | 137531 |
| Riverside CA Elec Rev Series 2024 A, 5% 10/1/2044  | 45000 | 47765 |
| Southern CA Pub Pwr Auth Series 2019 1, 5% 7/1/2029  | 25000 | 26603 |
|  |  | 1763828 |
| General Obligations - 2.0% |  |  |
| California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 150000 | 154964 |
| California Community Choice Financing Authority 5% tender 12/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (b) | 180000 | 188012 |
| California Community Choice Financing Authority 5% tender 7/1/2053 (b) | 50000 | 52185 |
| California Community Choice Financing Authority Series 2021B 1, 4% tender 2/1/2052 (Morgan Stanley Guaranteed) (b) | 195000 | 193814 |
| California Community Choice Financing Authority Series 2024G, 5% tender 11/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 150000 | 154776 |
| California Community Choice Financing Authority Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 100000 | 103208 |
| California Enterprise Development Authority (Riverside Cnty CA Proj.) Series 2024A, 5.25% 11/1/2054  | 150000 | 158380 |
| California St Pub Wks Brd Lse 5% 8/1/2035  | 40000 | 43550 |
| California St Pub Wks Brd Lse Series 2018C, 5% 11/1/2030  | 85000 | 90396 |
| California St Pub Wks Brd Lse Series 2018C, 5% 11/1/2031  | 30000 | 31876 |
| Central Valley Energy Authority Series 2025, 5% tender 12/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 110000 | 117248 |
| City of Oakland CA Gen. Oblig. Series 2023 D, 5.25% 7/15/2048  | 50000 | 52843 |
| Inglewood CA Uni Sch Dist 5.5% 8/1/2044  | 150000 | 162705 |
| Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5% 11/15/2035 (Merrill Lynch & Co Inc Guaranteed)  | 170000 | 181301 |
| Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5.5% 11/15/2032 (Merrill Lynch & Co Inc Guaranteed)  | 45000 | 49485 |
| Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5.5% 11/15/2037 (Merrill Lynch & Co Inc Guaranteed)  | 40000 | 44198 |
| Los Angeles CA Mun Imp Crp Lse (Los Angeles CA Proj.) Series 2016 B, 5% 11/1/2029  | 45000 | 46133 |
| Los Angeles CA Mun Imp Crp Lse (Los Angeles CA Proj.) Series 2016 B, 5% 11/1/2032  | 160000 | 163630 |
| Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) Series 2019 E1, 5% 12/1/2039  | 45000 | 46708 |
| Los Angeles Cnty CA Pub Wks (Los Angeles Cnty Calif Proj.) Series 2021F, 5% 12/1/2038  | 80000 | 85275 |
| Los Angeles Unified School District/CA Series 2020 C, 4% 7/1/2036  | 65000 | 65584 |
| Los Angeles Unified School District/CA Series 2021 RYRR, 4% 7/1/2036  | 40000 | 40685 |
| Los Angeles Unified School District/CA Series 2023 QRR, 5% 7/1/2043  | 40000 | 42261 |
| Los Angeles Unified School District/CA Series 2024 QRR, 5% 7/1/2043  | 75000 | 79647 |
| Los Angeles Unified School District/CA Series 2024 QRR, 5% 7/1/2045  | 160000 | 168285 |
| Mount San Antonio CA Cmnty College Dist Gen. Oblig. Series 2019 A, 5% 8/1/2044  | 145000 | 149411 |
| Peralta Calif Cmnty College Dist Gen. Oblig. 5.25% 8/1/2042  | 180000 | 192911 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series 2019 B 1, 4% 8/1/2036  | 25000 | 25214 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series 2020 C 1, 4% 8/1/2034  | 25000 | 25455 |
| San Francisco CA City & Cnty Ctfs Partn (San Francisco CA City & Cnty Proj.) Series 2019 A, 4% 4/1/2036  | 45000 | 45059 |
| San Francisco CA City & Cnty Gen. Oblig. Series 2021 D1, 4% 6/15/2036  | 50000 | 50243 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2018 A, 4% 4/1/2038  | 100000 | 99826 |
| State of California Gen. Oblig. 3.5% 9/1/2031  | 150000 | 150008 |
| State of California Gen. Oblig. 4% 10/1/2036  | 40000 | 40428 |
| State of California Gen. Oblig. 5% 11/1/2034  | 20000 | 21130 |
| State of California Gen. Oblig. 5% 4/1/2033  | 50000 | 53362 |
| Vista CA Uni Sch Dist Series 2022B, 5.25% 8/1/2048 (Build America Mutual Assurance Co Insured)  | 200000 | 207748 |
|  |  | 3577944 |
| Health Care - 0.3% |  |  |
| California Health Facilities Financing Authority (Cedars-Sinai Medical Center,Ca Proj.) Series B, 4% 8/15/2035  | 60000 | 60155 |
| California Health Facilities Financing Authority (Cedars-Sinai Medical Center,Ca Proj.) Series B, 5% 8/15/2031  | 115000 | 117275 |
| California Health Facilities Financing Authority (CommonSpirit Health Proj.) Series 2024A, 5% 12/1/2043  | 50000 | 51426 |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2019 B, 5% tender 10/1/2039 (b) | 120000 | 123879 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 5% 11/15/2036  | 100000 | 102661 |
| Univ CA Regts Med Ctr Pooled Rev Series 2022 P, 5% 5/15/2037  | 60000 | 64938 |
|  |  | 520334 |
| Other - 0.1% |  |  |
| Citrus Calif Cmnty College Dist Gen. Oblig. 5% 8/1/2046  | 60000 | 63487 |
| Fremont Calif Uni Sch Dist Alameda Cnty Series A, 4% 8/1/2045  | 140000 | 130991 |
| Los Angeles CA Dept Arpts Rev Series 2025E, 5% 5/15/2044  | 30000 | 31568 |
|  |  | 226046 |
| Special Tax - 0.2% |  |  |
| Anaheim Calif Redev Agy Successor Agy Tax Allocation 5% 2/1/2029  | 25000 | 26402 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2020 A, 4% 6/1/2036  | 35000 | 35309 |
| San Francisco CA BART Dist Tax Series 2019 A, 4% 7/1/2035  | 90000 | 90181 |
| San Francisco Calif City & Cnty Cmnty Facs Dist No 2014-1 Spl Tax 5% 9/1/2047  | 50000 | 51695 |
| San Francisco Calif City & Cnty Redev Agy Successor Agy Cmnty Facs Dist Spl Tax Series 2023, 5.25% 8/1/2042 (Assured Guaranty Ltd Insured), (Federal Agricultural Mortgage Corp Insured)  | 200000 | 213382 |
|  |  | 416969 |
| Tobacco Bonds - 0.0% |  |  |
| California Tobacco Securitization (Los Angeles Cnty Tobc Settlement Proj.) 5% 6/1/2032  | 85000 | 88518 |
| Transportation - 1.1% |  |  |
| Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 5% 7/1/2036 (c) | 35000 | 36964 |
| Los Angeles CA Dept Arpts Rev Series 2018 B, 5% 5/15/2029 (c) | 165000 | 172115 |
| Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2027 (c) | 45000 | 46478 |
| Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2034 (c) | 175000 | 181250 |
| Los Angeles CA Dept Arpts Rev Series 2021B, 5% 5/15/2045  | 30000 | 30872 |
| Los Angeles CA Dept Arpts Rev Series 2022A, 5% 5/15/2034 (c) | 130000 | 138185 |
| Los Angeles CA Dept Arpts Rev Series A, 5% 5/15/2047 (c) | 120000 | 117795 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2023 A, 5% 7/1/2048  | 95000 | 97812 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2025 B, 5.25% 7/1/2050 (c)(d) | 500000 | 510838 |
| San Francisco CA City & County Airports Commission International Airport Revenue (Sfo Fuel CO LLC Proj.) Series 2019 A, 5% 1/1/2027 (c) | 65000 | 66654 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023 C, 5.5% 5/1/2039 (c) | 105000 | 113232 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023 C, 5.5% 5/1/2041 (c) | 40000 | 42442 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5% 5/1/2032 (c) | 155000 | 167983 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2042 (c) | 60000 | 61724 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019E, 5% 5/1/2037 (c) | 65000 | 66551 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019H, 5% 5/1/2027 (c) | 25000 | 25848 |
|  |  | 1876743 |
| Water & Sewer - 0.4% |  |  |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 4% 10/1/2037  | 80000 | 81757 |
| City of Los Angeles CA Wastewater System Revenue Series 2017 B, 5% 6/1/2039  | 50000 | 50943 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2020A, 5% 7/1/2040  | 40000 | 41201 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 5% 7/1/2037  | 115000 | 121493 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 C, 5% 7/1/2037  | 75000 | 79517 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 C, 5% 7/1/2043  | 25000 | 25755 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2024 A, 5% 7/1/2038  | 85000 | 90229 |
| Sacramento Cnty CA Santn Dist Series 2020 A, 5% 12/1/2041  | 40000 | 42186 |
| San Francisco CA Pub Util Comm Wstwtr Rev Series 2024C, 5% 10/1/2042  | 100000 | 106996 |
| San Francisco CA Pub Util Comm Wstwtr Rev Series 2024C, 5% 10/1/2044  | 50000 | 52798 |
|  |  | 692875 |
| TOTAL CALIFORNIA |  | 9852839 |
| Colorado - 3.2%  |  |  |
| Education - 0.0% |  |  |
| University Colo Enterprise Sys 3.25% 6/1/2037  | 135000 | 122762 |
| Electric Utilities - 0.2% |  |  |
| Colorado Springs Colo Utils Series 2021 B, 4% 11/15/2039  | 30000 | 29201 |
| Colorado Springs Colo Utils Series 2023 B, 5% 11/15/2041  | 90000 | 95323 |
| Colorado Springs Colo Utils Series 2023A, 5.25% 11/15/2048  | 55000 | 57214 |
| Fort Collins Colo Elec Util Enterprise Rev Series 2018A, 5% 12/1/2036  | 25000 | 25804 |
| Fort Collins Colo Elec Util Enterprise Rev Series 2018A, 5% 12/1/2039  | 20000 | 20449 |
| Fort Collins Colo Elec Util Enterprise Rev Series 2018A, 5% 12/1/2040  | 50000 | 50909 |
|  |  | 278900 |
| General Obligations - 1.0% |  |  |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2021A, 4% 12/15/2038  | 200000 | 194367 |
| Denver CO City & Cnty Gen. Oblig. Series 2024A, 5% 8/1/2039  | 195000 | 212718 |
| Denver CO Cty & Cnty Sch Dis 1 Series 2021, 5% 12/1/2038  | 35000 | 37025 |
| Douglas Cnty CO Sch Dist Series 2019, 5% 12/15/2038  | 45000 | 46311 |
| El Paso Cnty Colo Sch Dist No 2 Harrison Series 2021, 5% 12/1/2039  | 50000 | 53024 |
| El Paso Cnty Colo Sch Dist No 2 Harrison Series 2021, 5% 12/1/2041  | 230000 | 240508 |
| Larimer Weld & Boulder Cntys CO Sch Dist #R2j Thompson Series 2019, 5% 12/15/2033  | 65000 | 68608 |
| Larimer Weld & Boulder Cntys CO Sch Dist #R2j Thompson Series 2019, 5% 12/15/2038  | 35000 | 36088 |
| Weld Cnty CO Sch Dist No 6 Greely Series 2020, 5% 12/1/2038  | 175000 | 183233 |
| Weld Cnty CO Sch Dist No 6 Greely Series 2020, 5% 12/1/2040  | 200000 | 207947 |
| Weld County School District No RE-4 5% 12/1/2041  | 265000 | 278896 |
| Weld County School District No RE-4 5.25% 12/1/2047  | 170000 | 177300 |
|  |  | 1736025 |
| Health Care - 0.7% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 5% 11/15/2037  | 150000 | 158969 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 5% 11/15/2038  | 85000 | 89305 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 5% 11/15/2040  | 80000 | 82972 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) 5% 11/1/2041  | 250000 | 255194 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2034  | 20000 | 20869 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2035  | 350000 | 363253 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2044  | 100000 | 98486 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2022 A, 5% 5/15/2052  | 25000 | 25097 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022C, 5% tender 5/15/2062 (b) | 75000 | 79230 |
| Colorado Health Facilities Authority (Intermountain Health Care Inc Proj.) Series 2024A, 5% 5/15/2037  | 70000 | 74926 |
| Colorado Health Facilities Authority (Intermountain Health Care Inc Proj.) Series 2024A, 5% 5/15/2044  | 50000 | 51131 |
|  |  | 1299432 |
| Housing - 0.1% |  |  |
| Colorado Hsg & Fin Auth (CO Single Family Mortgage Proj.) Series 2025 I, 3.9% 11/1/2027 (c)(d) | 130000 | 130383 |
| Colorado Hsg Fin Auth Series 2018C, 4.25% 11/1/2048  | 130000 | 130905 |
|  |  | 261288 |
| Other - 0.0% |  |  |
| Larimer Weld & Boulder Cntys CO Sch Dist #R2j Thompson Series 2019, 5% 12/15/2031  | 55000 | 58523 |
| Transportation - 0.3% |  |  |
| Denver CO City & Cnty Arpt 5.25% 11/15/2047  | 75000 | 77965 |
| Denver CO City & Cnty Arpt 5.75% 11/15/2039 (c) | 110000 | 119334 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2041 (c) | 115000 | 116528 |
| Denver CO City & Cnty Arpt Series 2022A, 5.5% 11/15/2038 (c) | 70000 | 75127 |
| Denver CO City & Cnty Arpt Series 2022B, 5% 11/15/2047  | 55000 | 56151 |
| Denver CO City & Cnty Arpt Series 2023B, 5% 11/15/2028 (c) | 25000 | 26354 |
|  |  | 471459 |
| Water & Sewer - 0.9% |  |  |
| Denver CO City & Cnty Brd Wtr Series 2022 A, 5% 12/15/2047  | 1500000 | 1542111 |
| Denver CO City & Cnty Brd Wtr Series 2024A, 5% 9/15/2037  | 40000 | 44392 |
|  |  | 1586503 |
| TOTAL COLORADO |  | 5814892 |
| Connecticut - 0.9%  |  |  |
| Education - 0.9% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2010A 3, 2.95% tender 7/1/2049 (b) | 1550000 | 1546651 |
| General Obligations - 0.0% |  |  |
| Connecticut St Gen. Oblig. Series 2018 C, 5% 6/15/2033  | 50000 | 52507 |
| University Connecticut (Connecticut St Proj.) Series 2020A, 5% 2/15/2038  | 45000 | 47236 |
|  |  | 99743 |
| Special Tax - 0.0% |  |  |
| Connecticut St Spl Tax Oblig Series 2021D, 5% 11/1/2041  | 35000 | 36486 |
| TOTAL CONNECTICUT |  | 1682880 |
| Delaware - 0.2%  |  |  |
| Housing - 0.2% |  |  |
| Delaware State Hsg Auth Rev Series 2024 C, 4.45% 7/1/2044  | 325000 | 314335 |
| District Of Columbia - 2.5%  |  |  |
| Education - 0.1% |  |  |
| District Columbia Rev Series 2017 A, 5% 7/1/2042  | 30000 | 30044 |
| District Columbia Univ Rev Series 2017, 5% 4/1/2034  | 130000 | 132516 |
|  |  | 162560 |
| General Obligations - 0.6% |  |  |
| District Columbia Gen. Oblig. Series 2016 A, 5% 6/1/2033  | 40000 | 40539 |
| District Columbia Gen. Oblig. Series 2017 A, 5% 6/1/2034  | 305000 | 313752 |
| District Columbia Gen. Oblig. Series 2017D, 5% 6/1/2029  | 90000 | 93477 |
| District Columbia Gen. Oblig. Series 2021 D, 5% 2/1/2038  | 135000 | 142762 |
| District Columbia Gen. Oblig. Series 2023A, 5% 1/1/2038  | 125000 | 134771 |
| District Columbia Gen. Oblig. Series 2023A, 5% 1/1/2045  | 80000 | 82223 |
| District Columbia Gen. Oblig. Series 2023A, 5.25% 1/1/2048  | 35000 | 36287 |
| District Columbia Gen. Oblig. Series 2024A, 5% 8/1/2037  | 60000 | 66016 |
| District Columbia Gen. Oblig. Series 2024A, 5% 8/1/2038  | 90000 | 97890 |
| District Columbia Gen. Oblig. Series D, 5% 6/1/2032  | 45000 | 46046 |
| District Columbia Gen. Oblig. Series E, 5% 6/1/2027  | 75000 | 77386 |
| District Columbia Gen. Oblig. Series E, 5% 6/1/2031  | 30000 | 30722 |
|  |  | 1161871 |
| Health Care - 0.2% |  |  |
| District Columbia Hosp Rev (Childrens National Med Ctr, DC Proj.) Series 2015, 5% 7/15/2034  | 45000 | 45241 |
| District Columbia Hosp Rev Series 2015, 5% 7/15/2035  | 225000 | 226005 |
|  |  | 271246 |
| Special Tax - 1.1% |  |  |
| District Columbia Income Tax Rev Series 2019 C, 5% 10/1/2032  | 60000 | 64543 |
| District Columbia Income Tax Rev Series 2019A, 5% 3/1/2036  | 65000 | 68457 |
| District Columbia Income Tax Rev Series 2020 C, 5% 5/1/2035  | 40000 | 42786 |
| District Columbia Income Tax Rev Series 2020 C, 5% 5/1/2036  | 45000 | 47773 |
| District Columbia Income Tax Rev Series 2022A, 5% 7/1/2038  | 90000 | 96312 |
| District Columbia Income Tax Rev Series 2022A, 5% 7/1/2040  | 220000 | 231684 |
| District Columbia Income Tax Rev Series 2022A, 5% 7/1/2041  | 135000 | 140955 |
| District Columbia Income Tax Rev Series 2023 A, 5% 5/1/2038  | 80000 | 86320 |
| District Columbia Income Tax Rev Series 2023 A, 5% 5/1/2041  | 355000 | 373202 |
| District Columbia Income Tax Rev Series 2023 A, 5% 5/1/2043  | 50000 | 51959 |
| District Columbia Income Tax Rev Series 2025 A, 5% 6/1/2050  | 100000 | 102013 |
| Washington DC Met Area Tran Auth Rev Series A 1, 5% 7/1/2030  | 40000 | 41505 |
| Washington DC Met Area Tran Auth Rev Series A 1, 5% 7/1/2031  | 245000 | 253503 |
| Washington DC Met Area Tran Auth Rev Series A 2, 5% 7/1/2032  | 75000 | 77297 |
| Washington Metropolitan Area Transit Authority 5% 7/15/2034  | 60000 | 64480 |
| Washington Metropolitan Area Transit Authority 5% 7/15/2042  | 265000 | 275183 |
|  |  | 2017972 |
| Transportation - 0.5% |  |  |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2027 (c) | 45000 | 46718 |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2029 (c) | 85000 | 90562 |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2036 (c) | 30000 | 30907 |
| Metropolitan Wash DC Arpts Ath Series 2020 A, 5% 10/1/2030 (c) | 20000 | 21453 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2046 (c) | 25000 | 25005 |
| Metropolitan Wash DC Arpts Ath Series 2022 A, 5% 10/1/2028 (c) | 25000 | 26321 |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5.25% 10/1/2048 (c) | 200000 | 202822 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2038 (c) | 180000 | 186582 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5.25% 10/1/2046 (c) | 175000 | 178452 |
|  |  | 808822 |
| Water & Sewer - 0.0% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev Series 2022B, 5% 10/1/2039  | 35000 | 36973 |
| TOTAL DISTRICT OF COLUMBIA |  | 4459444 |
| District Of Columbia,Maryland,Virginia - 0.2%  |  |  |
| Special Tax - 0.2% |  |  |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2031  | 50000 | 51735 |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2032  | 40000 | 41225 |
| Washington DC Met Area Tran Auth Rev Series 2018, 5% 7/1/2032  | 65000 | 66991 |
| Washington DC Met Area Tran Auth Rev Series 2018, 5% 7/1/2035  | 95000 | 96795 |
| Washington Metropolitan Area Transit Authority 5% 7/15/2037  | 105000 | 110750 |
|  |  | 367496 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 367496 |
| Florida - 6.0%  |  |  |
| Education - 0.1% |  |  |
| Florida Higher Edl Facs Fing Auth Rev (Nova Southeastern University Proj.) Series 2016, 5% 4/1/2033  | 25000 | 25166 |
| Florida St Brd Governors Fla St Univ Athletics Assn Rev Series 2024A, 5% 10/1/2042  | 65000 | 67870 |
| Usf Fing Corp Fla Ctfs Partn Series 2012A, 3.75% 7/1/2035  | 120000 | 119995 |
|  |  | 213031 |
| Electric Utilities - 0.2% |  |  |
| Jacksonville FL Elec Auth Sys Rev Series 2024 A, 5% 10/1/2037  | 250000 | 274061 |
| Orange Cnty FL Wtr & Wastewtr Series 2020, 5% 10/1/2037  | 30000 | 32090 |
| Orlando Fla Utils Commn Util Sys Rev Series 2018 A, 5% 10/1/2037  | 100000 | 102774 |
|  |  | 408925 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2026 (Escrowed to Maturity) (c) | 55000 | 56350 |
| General Obligations - 1.2% |  |  |
| Broward County FL School District Series 2019, 5% 7/1/2038  | 70000 | 72169 |
| Broward County FL School District Series 2019, 5% 7/1/2039  | 40000 | 41056 |
| Broward County FL School District Series 2019, 5% 7/1/2040  | 20000 | 20459 |
| Florida St Brd Ed Pub Ed (Florida St Proj.) Gen. Oblig. Series 2016 B, 4% 6/1/2033  | 31000 | 31156 |
| Florida St Dept Mgmt Svcs Ctfs Partn (Florida St Proj.) Series 2021 A, 4% 11/1/2034  | 110000 | 112257 |
| Florida St Dept Transn Fing Corp Rev (Florida St Proj.) Series 2020, 3% 7/1/2033  | 225000 | 212723 |
| Florida St Gen. Oblig. Series 2017A, 4% 7/1/2032  | 50000 | 50895 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) Series 2019 A, 5% 10/1/2033  | 250000 | 266725 |
| Miami-Dade Cnty FL Spl Oblig (Miami-Dade Cnty Fla Proj.) Series 2022A, 5% 4/1/2052  | 100000 | 100392 |
| Miami-Dade Cnty FL Spl Oblig Series 2023 A, 5% 4/1/2048  | 315000 | 319346 |
| Miami-Dade Cnty Fla Gen. Oblig. Series 2013 A, 4% 7/1/2033  | 105000 | 105031 |
| Miami-Dade Cnty Fla Gen. Oblig. Series 2015B, 4% 7/1/2033  | 100000 | 100018 |
| Miami-Dade Cnty Fla Gen. Oblig. Series 2018A, 5% 7/1/2041  | 75000 | 76710 |
| Miami-Dade Cnty Fla Seaport Rev (Miami-Dade Cnty Fla Proj.) Series SUB 2021 B2, 4% 10/1/2040  | 75000 | 72593 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2022B, 5.25% 8/1/2040  | 70000 | 74556 |
| Pasco Cnty FL Sch Brd Cert of Part (Pasco Cnty FL Sch Dist Proj.) Series 2022 A, 5% 8/1/2042 (Assured Guaranty Municipal Corp Insured)  | 45000 | 46209 |
| St Johns Cnty FL Sch Brd Ctfs Partn (St Johns Cnty FL Sch Dist Proj.) Series 2024 A, 5% 7/1/2043 (Assured Guaranty Ltd Insured)  | 25000 | 25775 |
| St Johns Cnty FL Sch Brd Ctfs Partn (St Johns Cnty FL Sch Dist Proj.) Series 2024 A, 5% 7/1/2044 (Assured Guaranty Ltd Insured)  | 400000 | 410822 |
|  |  | 2138892 |
| Health Care - 0.9% |  |  |
| Alachua Cnty FL Hlth Fac Rev (Shands Teaching Hosp & Clinics Inc Proj.) Series A, 4% 12/1/2044  | 140000 | 121844 |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2022 A, 5% 4/1/2042  | 25000 | 25363 |
| Brevard Cnty FL Health Fac 5% 4/1/2029  | 200000 | 213796 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 5% 7/1/2040  | 50000 | 51052 |
| Florida Development Finance Corp (Lakeland FL Hosp Sys Rev Proj.) Series 2021, 4% 11/15/2037  | 120000 | 116865 |
| Florida Development Finance Corp (Tampa General Hospital, FL Proj.) Series 2024 A, 5% 8/1/2042  | 35000 | 35431 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) Series 2024C, 4.125% 11/15/2051  | 20000 | 17510 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) Series 2024C, 5.25% 11/15/2049  | 65000 | 67611 |
| Lakeland FL Hosp Sys Rev (Lakeland FL Hosp Sys Rev Proj.) Series 2024, 5% 11/15/2041  | 115000 | 118497 |
| Lakeland FL Hosp Sys Rev Series 2016, 5% 11/15/2029  | 45000 | 45980 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) Series 2019 A 1, 4% 4/1/2037  | 125000 | 119775 |
| Miami-Dade Cty FL Hlth Hsp Rev (Nicklaus Childrens Hospital,Fl Proj.) Series 2021 A, 4% 8/1/2051  | 215000 | 183609 |
| North Broward Cnty Hospital FL Series 2017B, 5% 1/1/2042  | 40000 | 40019 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2042  | 105000 | 107209 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2016A, 5% 10/1/2033  | 30000 | 30355 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2025A, 5.25% 10/1/2056  | 225000 | 228584 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2030  | 50000 | 51823 |
|  |  | 1575323 |
| Lease Revenue - 0.0% |  |  |
| Marion Cnty FL Sch Brd Ctfs Partn Series 2024, 5% 6/1/2038 (Assured Guaranty Ltd Insured)  | 40000 | 42784 |
| Other - 0.1% |  |  |
| Miami-Dade Cnty FL Edl Fac Rev Series 2024 A, 5.25% 4/1/2047  | 35000 | 35642 |
| Miami-Dade Cnty FL Spl Oblig Series 2024A, 5% 4/1/2039  | 40000 | 42377 |
| Miami-Dade Cnty FL Spl Oblig Series 2024A, 5% 4/1/2046  | 95000 | 97398 |
| Orange Cnty FL Health Facs Auth Rev Series 2024, 5% 8/1/2047  | 65000 | 63247 |
|  |  | 238664 |
| Special Tax - 0.5% |  |  |
| Clay Cnty Fla Sales Surtax Rev 5% 10/1/2037  | 45000 | 46917 |
| County of Broward FL Tourist Development Tax Revenue Series 2021, 4% 9/1/2035  | 30000 | 30476 |
| County of Broward FL Tourist Development Tax Revenue Series 2021, 4% 9/1/2038  | 100000 | 99047 |
| County of Broward FL Tourist Development Tax Revenue Series 2021, 4% 9/1/2039  | 135000 | 131498 |
| County of Pasco FL Series 2023 A, 5.5% 9/1/2037 (Assured Guaranty Municipal Corp Insured)  | 50000 | 54697 |
| Lee Cnty-Tallahassee City Flablueprint Intergovernmental Agy Sales Tax Rev Series 2024, 5% 10/1/2038  | 20000 | 21395 |
| Miami FL Spl Oblig Series 2023A, 5% 3/1/2043  | 150000 | 155822 |
| Miami-Dade Cnty FL Spl Oblig Series 2023 A, 5% 4/1/2042  | 25000 | 25901 |
| Miami-Dade Cnty FL Tran Sys Sales Surtax Rev Series 2017, 4% 7/1/2032  | 70000 | 70361 |
| Miami-Dade Cnty FL Tran Sys Sales Surtax Rev Series 2018, 4% 7/1/2048  | 60000 | 52156 |
| Polk Cnty FL Sch Dist Sales Tax Rev Series 2019, 5% 10/1/2032  | 145000 | 155455 |
| Polk Cnty FL Sch Dist Sales Tax Rev Series 2019, 5% 10/1/2033  | 20000 | 21330 |
|  |  | 865055 |
| Transportation - 1.2% |  |  |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2027 (c) | 55000 | 57075 |
| Florida St Dept Transn Fed Hwy Reimbursement Rev Series 2021 A, 5% 7/1/2026  | 50000 | 51126 |
| Florida St Dept Transn Tpk Rev Series 2024 C, 5% 7/1/2042  | 45000 | 47350 |
| Greater Orlando Aviation Auth Series 2016, 5% 10/1/2027 (c) | 25000 | 25954 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2026 (c) | 30000 | 30685 |
| Greater Orlando Aviation Auth Series 2022 A, 5% 10/1/2046 (c) | 30000 | 29825 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2037 (c) | 40000 | 42040 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5.25% 10/1/2040 (c) | 220000 | 233080 |
| Lee Cnty FL Airport 5% 10/1/2037 (c) | 405000 | 416024 |
| Lee Cnty FL Airport 5% 10/1/2039 (c) | 100000 | 101356 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2036  | 380000 | 379501 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2040 (c) | 60000 | 60036 |
| Miami-Dade Cnty Fla Aviat Rev Series 2019A, 5% 10/1/2049 (c) | 125000 | 122801 |
| Miami-Dade Cnty Fla Aviat Rev Series A, 5% 10/1/2027  | 45000 | 46136 |
| Miami-Dade Cnty Fla Seaport Rev 5% 10/1/2027 (c) | 195000 | 201849 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2016 A, 4% 7/1/2031  | 35000 | 35211 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2019 B, 5% 7/1/2037  | 50000 | 52064 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2019 B, 5% 7/1/2038  | 55000 | 56962 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2038 (Assured Guaranty Municipal Corp Insured)  | 65000 | 64509 |
|  |  | 2053584 |
| Water & Sewer - 1.8% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2024A, 5% 10/1/2042  | 30000 | 31286 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2021, 4% 10/1/2038  | 35000 | 34570 |
| Orange Cnty FL Wtr & Wastewtr Series 2025, 4% 10/1/2040  | 1500000 | 1473295 |
| Tampa Fla Wtr & Wastewtr Sys Series 2022A, 5.25% 10/1/2057  | 1500000 | 1550065 |
| Tampa Fla Wtr & Wastewtr Sys Series 2024 B, 5% 10/1/2041  | 100000 | 106293 |
|  |  | 3195509 |
| TOTAL FLORIDA |  | 10788117 |
| Georgia - 2.0%  |  |  |
| Education - 0.0% |  |  |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2020 B, 4% 9/1/2037  | 80000 | 79794 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2034  | 20000 | 21590 |
|  |  | 101384 |
| Electric Utilities - 0.3% |  |  |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2032  | 20000 | 21155 |
| Georgia Mun Elec Auth Pwr Rev Series 2021 A, 5% 1/1/2034  | 20000 | 21791 |
| Main Street Natural Gas Inc Series 2019 A, 5% 5/15/2043 (Macquarie Group Ltd Guaranteed)  | 450000 | 450566 |
|  |  | 493512 |
| General Obligations - 1.1% |  |  |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b) | 1000000 | 1005258 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (b) | 25000 | 25235 |
| Main Street Natural Gas Inc 5% tender 12/1/2053 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (b) | 110000 | 115901 |
| Main Street Natural Gas Inc 5% tender 12/1/2054 (Royal Bank of Canada Guaranteed) (b) | 250000 | 264199 |
| Main Street Natural Gas Inc Series 2019 C, 4% tender 3/1/2050 (Citigroup Inc Guaranteed) (b) | 315000 | 315772 |
| Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (b) | 160000 | 166091 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (b) | 50000 | 52836 |
| Main Street Natural Gas Inc Series 2024E, 5% tender 5/1/2055 (Citigroup Inc Guaranteed) (b) | 40000 | 42097 |
|  |  | 1987389 |
| Health Care - 0.3% |  |  |
| Cobb Cnty GA Kennestone Hosp Series 2023A, 5% 4/1/2042  | 20000 | 20473 |
| Columbus GA Med Ctr Hosp Auth (Piedmont Hosp Og Proj.) 5% tender 7/1/2054 (b) | 40000 | 40368 |
| Fulton Cnty GA Dev Auth Rev (Piedmont Hosp Og Proj.) Series 2019 A, 4% 7/1/2038  | 20000 | 19324 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 4% 2/15/2045  | 390000 | 342166 |
| Lagrange-Troup Cnty GA Hosp Rev 4% 4/1/2042  | 80000 | 71603 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2042  | 30000 | 30680 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2043  | 25000 | 25425 |
|  |  | 550039 |
| Special Tax - 0.1% |  |  |
| Metro Atlanta Rapid Tran Sales 5% 7/1/2046  | 100000 | 104432 |
| Transportation - 0.1% |  |  |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5.25% 7/1/2042 (c) | 30000 | 30978 |
| Atlanta GA Arpt Rev Series 2021 B, 5% 7/1/2037  | 45000 | 48180 |
| Atlanta GA Arpt Rev Series 2021 C, 5% 7/1/2036 (c) | 50000 | 52147 |
| Atlanta GA Arpt Rev Series 2024 A 1, 5% 7/1/2043  | 45000 | 47282 |
|  |  | 178587 |
| Water & Sewer - 0.1% |  |  |
| Dekalb Cnty GA Wtr & Swr Rev 5% 10/1/2038  | 40000 | 43082 |
| Dekalb Cnty GA Wtr & Swr Rev 5% 10/1/2052  | 100000 | 102105 |
| Fulton Cnty GA Wtr & Sew Rev Series 2020 A, 3% 1/1/2036  | 25000 | 22892 |
|  |  | 168079 |
| TOTAL GEORGIA |  | 3583422 |
| Hawaii - 1.3%  |  |  |
| General Obligations - 0.3% |  |  |
| Hawaii St Gen. Oblig. 5% 1/1/2033  | 35000 | 37184 |
| Honolulu HI City & Cnty Gen. Oblig. 5% 9/1/2032  | 45000 | 46774 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2018 A, 5% 9/1/2032  | 35000 | 37019 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2019C, 5% 8/1/2042  | 75000 | 76851 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020 C, 4% 7/1/2039  | 25000 | 24429 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2020 C, 5% 7/1/2035  | 40000 | 43098 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2024A, 5.25% 7/1/2046  | 220000 | 233697 |
| Honolulu HI City & Cnty Gen. Oblig. Series A, 4% 10/1/2034  | 60000 | 60014 |
| Honolulu HI City & Cnty Gen. Oblig. Series C, 4% 10/1/2031  | 55000 | 55505 |
|  |  | 614571 |
| Health Care - 0.2% |  |  |
| Hawaii Dpt Bg & Fin Spl Pur Rev Series 2015A, 5% 7/1/2026  | 200000 | 200000 |
| Hawaii Dpt Bg & Fin Spl Pur Rev Series 2023C, 5% 7/1/2039  | 140000 | 147694 |
|  |  | 347694 |
| Special Tax - 0.1% |  |  |
| Hawaii St Hwy Rev Series 2021, 5% 1/1/2037  | 20000 | 21453 |
| Hawaii St Hwy Rev Series 2021, 5% 1/1/2039  | 105000 | 110896 |
| Hawaii St Hwy Rev Series 2021, 5% 1/1/2040  | 75000 | 78812 |
|  |  | 211161 |
| Transportation - 0.5% |  |  |
| Hawaii St Arpts Sys Rev 5% 7/1/2049  | 70000 | 72298 |
| Hawaii St Arpts Sys Rev 5.5% 7/1/2054 (c) | 100000 | 104304 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2028 (c) | 20000 | 20989 |
| Hawaii St Arpts Sys Rev Series 2022 A, 5% 7/1/2038 (c) | 100000 | 103359 |
| Hawaii St Hbr Sys Rev Series 2020 A, 4% 7/1/2033 (c) | 50000 | 49807 |
| Hawaii St Hbr Sys Rev Series 2020 A, 4% 7/1/2036 (c) | 300000 | 292609 |
| Hawaii St Hbr Sys Rev Series 2020 C, 4% 7/1/2039  | 150000 | 145956 |
|  |  | 789322 |
| Water & Sewer - 0.2% |  |  |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2018 A, 4% 7/1/2038  | 255000 | 252288 |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2019 B, 5% 7/1/2036  | 50000 | 52694 |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2019 B, 5% 7/1/2040  | 30000 | 30944 |
|  |  | 335926 |
| TOTAL HAWAII |  | 2298674 |
| Idaho - 0.4%  |  |  |
| Health Care - 0.1% |  |  |
| Idaho Health Facs Auth Rev 5% 3/1/2036  | 225000 | 246764 |
| Special Tax - 0.2% |  |  |
| Idaho Hsg & Fin Assn Sales Tax Rev Series 2023A, 5% 8/15/2042  | 120000 | 126329 |
| Idaho Hsg & Fin Assn Sales Tax Rev Series 2024A, 5% 8/15/2042  | 75000 | 79298 |
| Idaho Hsg & Fin Assn Sales Tax Rev Series 2024A, 5% 8/15/2043  | 135000 | 141811 |
|  |  | 347438 |
| Transportation - 0.1% |  |  |
| Idaho Hsg & Fin Assn Sales Tax Rev Series 2022 A, 5% 8/15/2037  | 80000 | 86793 |
| Idaho Hsg & Fin Assn Sales Tax Rev Series 2022 A, 5% 8/15/2041  | 60000 | 63275 |
|  |  | 150068 |
| TOTAL IDAHO |  | 744270 |
| Illinois - 7.1%  |  |  |
| Education - 0.3% |  |  |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 4% 10/1/2031  | 25000 | 25067 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 5% 10/1/2033  | 20000 | 20212 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) 5.25% 5/15/2054  | 135000 | 137001 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2024 A, 5.25% 4/1/2044  | 65000 | 67617 |
| University of Illinois (University of Illinois Proj.) Series 2024A, 5% 4/1/2037  | 135000 | 146461 |
| University of Illinois (University of Illinois Proj.) Series 2024A, 5% 4/1/2039  | 150000 | 159563 |
| University of Illinois Series 2021 A, 5% 4/1/2027  | 45000 | 46648 |
|  |  | 602569 |
| Electric Utilities - 0.0% |  |  |
| Northern Ill Mun Pwr Agy Pwr Proj Rev Series 2016 A, 5% 12/1/2029  | 75000 | 76688 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2036 (Pre-refunded to 2/15/2027 at 100)  | 10000 | 10353 |
| General Obligations - 1.6% |  |  |
| Chicago IL Gen. Oblig. 5.25% 1/1/2045  | 150000 | 145881 |
| Chicago IL Gen. Oblig. Series 2017, 6% 1/1/2038  | 120000 | 122084 |
| Chicago IL Gen. Oblig. Series 2019A, 5% 1/1/2039  | 50000 | 50069 |
| Chicago IL Met Water Recl Dist Gen. Oblig. Series A, 5% 12/1/2031  | 110000 | 112494 |
| Cook Kane Lake & McHenry Counties IL Cmnty College Dist Gen. Oblig. Series 2017B, 5% 12/1/2026  | 75000 | 77277 |
| Cook Kane Lake & McHenry Counties IL Cmnty College Dist Gen. Oblig. Series 2020, 4% 12/15/2031  | 150000 | 153433 |
| Illinois Fin Auth Rev (Cook Ill High Sch Dist No 207maine Twp Proj.) Series 2019, 4% 12/1/2037  | 20000 | 19795 |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 40000 | 41128 |
| Illinois St Gen. Oblig. 5% 3/1/2027  | 65000 | 66925 |
| Illinois St Gen. Oblig. Series 2016, 4% 1/1/2037 (Assured Guaranty Ltd Insured)  | 100000 | 94371 |
| Illinois St Gen. Oblig. Series 2017 A, 5% 12/1/2026  | 100000 | 102529 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 45000 | 46102 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2032  | 25000 | 25982 |
| Illinois St Gen. Oblig. Series 2018A, 5% 5/1/2034  | 40000 | 41189 |
| Illinois St Gen. Oblig. Series 2018A, 5% 5/1/2035  | 30000 | 30776 |
| Illinois St Gen. Oblig. Series 2018B, 5% 10/1/2032  | 20000 | 20785 |
| Illinois St Gen. Oblig. Series 2019 A, 5% 11/1/2027  | 40000 | 41608 |
| Illinois St Gen. Oblig. Series 2019 B, 5% 11/1/2031  | 85000 | 89903 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2027  | 120000 | 123554 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2031  | 145000 | 156164 |
| Illinois St Gen. Oblig. Series 2022A, 5.25% 3/1/2038  | 230000 | 242452 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 A, 5% 12/1/2026  | 70000 | 71868 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 B, 4% 12/1/2039  | 65000 | 59117 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2027  | 120000 | 123554 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2034  | 50000 | 53004 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2038  | 295000 | 310989 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.5% 5/1/2047  | 25000 | 25518 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2036  | 310000 | 326623 |
| Illinois St Gen. Oblig. Series NOVEMBER 2016, 5% 11/1/2030  | 45000 | 45863 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2027  | 50000 | 51950 |
|  |  | 2872987 |
| Health Care - 1.2% |  |  |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2032  | 450000 | 461023 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 4% 12/1/2031  | 65000 | 65121 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 4% 12/1/2040  | 175000 | 159314 |
| Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) Series 2017A, 4% 7/15/2037  | 30000 | 29552 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2018A, 5% 5/15/2032  | 250000 | 260418 |
| Illinois Fin Auth Rev (University of Chicago Hosps,Il Proj.) Series B, 5% 8/15/2035  | 170000 | 173057 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2033  | 45000 | 46014 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2036  | 50000 | 50806 |
| Illinois Finance Authority Rev (Carle Foundation Hospital,Il Proj.) Series 2021A, 5% 8/15/2035  | 95000 | 101217 |
| Illinois Finance Authority Rev (Carle Foundation Hospital,Il Proj.) Series 2021A, 5% 8/15/2036  | 255000 | 269603 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 4% 8/15/2041  | 40000 | 36213 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 5% 8/15/2027  | 50000 | 52180 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2022A, 5% 8/15/2051  | 350000 | 349972 |
| Illinois Finance Authority Rev (University of Chicago Hosps,Il Proj.) 5% 8/15/2047  | 110000 | 108682 |
|  |  | 2163172 |
| Housing - 0.1% |  |  |
| Illinois Housing Dev Auth Series 2019 D, 2.7% 10/1/2034 (IL Hsg Revenue Bonds 3/1/2016 Guaranteed)  | 55000 | 48124 |
| Illinois Housing Development Authority Series 2023 A, 4.5% 10/1/2038  | 50000 | 50136 |
| Illinois Housing Development Authority Series 2023 K, 5.25% 10/1/2043  | 60000 | 61736 |
|  |  | 159996 |
| Other - 0.2% |  |  |
| Illinois St Gen. Oblig. Series OCTOBER 2024 B, 5% 10/1/2036  | 105000 | 111221 |
| Illinois St Gen. Oblig. Series OCTOBER 2024C, 4% 10/1/2040  | 155000 | 138947 |
| Southwestern IL Dev Auth Rev Series 2023 A, 5.5% 12/1/2035  | 95000 | 105205 |
|  |  | 355373 |
| Special Tax - 1.2% |  |  |
| Chicago IL Board of Education Series 2023, 5.25% 4/1/2033  | 60000 | 65710 |
| Chicago IL Board of Education Series 2023, 5.25% 4/1/2034  | 145000 | 157686 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2020 A, 5% 12/1/2045  | 200000 | 200773 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2043  | 195000 | 199176 |
| Cook Cnty Ill Sales Tax Rev Series 2022 A, 5.25% 11/15/2045  | 150000 | 154646 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2042  | 100000 | 102370 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2043  | 65000 | 66317 |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2044  | 45000 | 45746 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024 C, 5% 6/15/2040  | 45000 | 46835 |
| Illinois St Sales Tax Rev Series MARCH 2025 C, 5% 6/15/2043  | 40000 | 40817 |
| Illinois St Sales Tax Rev Series SEPTEMBER 2016 A, 4% 6/15/2030  | 85000 | 85211 |
| Illinois St Sales Tax Rev Series SEPTEMBER 2016 C, 4% 6/15/2031  | 390000 | 390716 |
| Sales Tax Securitization Corp 5% 1/1/2044  | 170000 | 171637 |
| Sales Tax Securitization Corp Series 2018C, 5.25% 1/1/2043  | 55000 | 55870 |
| Sales Tax Securitization Corp Series 2018C, 5.5% 1/1/2036  | 100000 | 105252 |
| Sales Tax Securitization Corp Series 2024A, 5% 1/1/2038  | 95000 | 101959 |
| Sales Tax Securitization Corp Series 2024A, 5% 1/1/2044  | 80000 | 81364 |
|  |  | 2072085 |
| Transportation - 1.5% |  |  |
| Chicago IL Midway Arpt Rev Series 2023 C, 5% 1/1/2038 (c) | 35000 | 36271 |
| Chicago IL Midway Arpt Rev Series B, 5% 1/1/2036  | 40000 | 40139 |
| Chicago IL O'Hare Intl Arpt Rev 4% 1/1/2036  | 60000 | 60024 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2053  | 235000 | 233742 |
| Chicago IL O'Hare Intl Arpt Rev Series 2020A, 4% 1/1/2038  | 105000 | 102458 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022A, 5% 1/1/2042 (c) | 30000 | 30090 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022A, 5.25% 1/1/2053 (c) | 150000 | 149856 |
| Chicago IL O'Hare Intl Arpt Rev Series 2023, 5.25% 1/1/2039 (Build America Mutual Assurance Co Insured)  | 400000 | 429922 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5.25% 1/1/2048 (c) | 300000 | 304847 |
| Chicago IL O'Hare Intl Arpt Rev Series D, 5.25% 1/1/2037  | 80000 | 81354 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 12/1/2032  | 100000 | 100719 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2017 A, 5% 1/1/2033  | 155000 | 161480 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2017 A, 5% 1/1/2035  | 50000 | 51825 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 A, 4% 1/1/2044  | 25000 | 22242 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 A, 5% 1/1/2041  | 75000 | 76546 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2039  | 50000 | 52001 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2041  | 50000 | 51288 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2045  | 100000 | 100869 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2021 A, 5% 1/1/2041  | 45000 | 46623 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2021 A, 5% 1/1/2046  | 590000 | 596386 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2023 A, 5% 1/1/2042  | 30000 | 31304 |
|  |  | 2759986 |
| Water & Sewer - 1.0% |  |  |
| Chicago IL Wastewater Transmission Rev Series 2023 B, 5% 1/1/2039 (Assured Guaranty Ltd Insured)  | 40000 | 41977 |
| Chicago IL Wastewater Transmission Rev Series 2024A, 5% 1/1/2044  | 50000 | 51025 |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2039 (Build America Mutual Assurance Co Insured)  | 150000 | 159904 |
| Chicago IL Wtr Rev 5% 11/1/2037  | 215000 | 228804 |
| Chicago IL Wtr Rev 5% 11/1/2039  | 250000 | 262190 |
| Chicago IL Wtr Rev Series 2000, 5% 11/1/2029  | 90000 | 91848 |
| Chicago IL Wtr Rev Series 2000, 5% 11/1/2030  | 205000 | 208918 |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2017, 5% 7/1/2033  | 70000 | 71709 |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2019, 5% 7/1/2037  | 225000 | 234864 |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2019, 5% 7/1/2039  | 355000 | 366561 |
|  |  | 1717800 |
| TOTAL ILLINOIS |  | 12791009 |
| Indiana - 1.6%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Indiana Mun Pwr Agy Pwr Supply Series 2016 C, 5% 1/1/2029  | 40000 | 40690 |
| General Obligations - 0.6% |  |  |
| Brownsburg IN 99 Sch Bldg Corp (Brownsburg Ind Bldg Corp Proj.) Series 2024B, 5% 7/15/2042  | 285000 | 295816 |
| Southwest Allen Ind Multi Sch Bldg Corp Series 2020, 3% 7/15/2035  | 30000 | 27449 |
| Southwest Allen Ind Multi Sch Bldg Corp Series 2020, 5% 7/15/2031  | 45000 | 47585 |
| Southwest Allen Ind Multi Sch Bldg Corp Series 2020, 5% 7/15/2032  | 25000 | 26356 |
| Southwest Allen Ind Multi Sch Bldg Corp Series 2020, 5% 7/15/2033  | 70000 | 73535 |
| Southwest Allen Ind Multi Sch Bldg Corp Series 2020, 5% 7/15/2034  | 30000 | 31407 |
| Tri-Creek 2002 High Sch Bldg Corp Ind (Tri-Creek Sch Corp Ind Proj.) Series 2023, 5.25% 7/15/2038  | 305000 | 330332 |
|  |  | 832480 |
| Health Care - 0.0% |  |  |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) Series 2017 B, 5% 11/1/2028  | 35000 | 36520 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2036  | 50000 | 50592 |
|  |  | 87112 |
| Lease Revenue - 0.4% |  |  |
| Allen County Building Corp Series 2024, 5% 7/15/2041  | 110000 | 115864 |
| Avon Ind Cmnty Sch Bldg Corp Series 2023, 5.25% 7/15/2038  | 350000 | 380823 |
| Brownsburg IN 99 Sch Bldg Corp Series 2023, 5.25% 7/15/2038  | 40000 | 42724 |
| Brownsburg IN 99 Sch Bldg Corp Series 2023, 5.25% 7/15/2039  | 30000 | 31843 |
| Fishers Town Hall Bldg Corp Ind Lease Rent Rev Series 2023 A, 5.625% 7/15/2053  | 65000 | 70250 |
| IPS Multi Sch Bldg Corp IN Series 2023, 5% 7/15/2038  | 85000 | 89285 |
|  |  | 730789 |
| Other - 0.0% |  |  |
| Indianapolis Local Public Improvement Bond Bank Series 2023I 1, 5% 1/1/2048  | 40000 | 40564 |
| Special Tax - 0.2% |  |  |
| Indianapolis Ind Loc Pub Impt Bd Bank Series 2017 C, 5% 1/1/2036  | 125000 | 129348 |
| Indianapolis Ind Loc Pub Impt Bd Bank Series 2019A, 5% 2/1/2036  | 195000 | 203714 |
| Indianapolis Ind Loc Pub Impt Bd Bank Series 2021A, 5% 6/1/2032  | 50000 | 54644 |
|  |  | 387706 |
| Transportation - 0.1% |  |  |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5% 1/1/2053  | 100000 | 100241 |
| Water & Sewer - 0.3% |  |  |
| Indiana Finance Authority Series 2021 1, 5% 10/1/2037  | 25000 | 26577 |
| Indiana Finance Authority Series 2022 A, 5% 10/1/2037  | 50000 | 53823 |
| Indiana Finance Authority Series 2023A, 5% 10/1/2038  | 95000 | 102562 |
| Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) Series 2019 A, 5% 2/1/2039  | 130000 | 134400 |
| Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) Series 2019E, 5% 2/1/2036  | 120000 | 125691 |
| Indiana St Fin Auth Rev Series 2024 A, 5% 2/1/2040  | 60000 | 64789 |
| Indiana St Fin Auth Rev Series 2024 A, 5% 2/1/2041  | 35000 | 37384 |
| Indianapolis Ind Wtr Sys Rev (Citizens Energy Group Water Proj.) 5% 10/1/2032  | 35000 | 36893 |
|  |  | 582119 |
| TOTAL INDIANA |  | 2801701 |
| Iowa - 0.4%  |  |  |
| General Obligations - 0.0% |  |  |
| Pefa Inc Iowa Gas Proj Rev Series 2019, 5% tender 9/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 70000 | 70854 |
| Health Care - 0.0% |  |  |
| State of Iowa Board of Regents Series S U I 2022C, 5% 9/1/2036  | 30000 | 32193 |
| State of Iowa Board of Regents Series S U I 2022C, 5% 9/1/2038  | 35000 | 37006 |
|  |  | 69199 |
| Lease Revenue - 0.1% |  |  |
| Iowa Fin Auth Rev Series 2021 A, 5% 8/1/2037  | 70000 | 75193 |
| Iowa Fin Auth Rev Series 2021 A, 5% 8/1/2040  | 80000 | 84375 |
|  |  | 159568 |
| Water & Sewer - 0.3% |  |  |
| Iowa Fin Auth Rev (Iowa State Revolving Fund Program Proj.) Series 2023 C, 5% 8/1/2037  | 70000 | 76667 |
| Iowa Fin Auth Rev Series 2020 A, 5% 8/1/2035  | 50000 | 53801 |
| Iowa Fin Auth Rev Series 2023 C, 5.25% 8/1/2053  | 75000 | 77605 |
| Iowa Fin Auth Rev Series 2025A, 5% 8/1/2038  | 125000 | 137524 |
|  |  | 345597 |
| TOTAL IOWA |  | 645218 |
| Kansas - 0.3%  |  |  |
| General Obligations - 0.0% |  |  |
| Johnson Cnty Kans Usd #512 Series 2023 A, 5% 10/1/2038  | 70000 | 76455 |
| Health Care - 0.2% |  |  |
| University Kansas Hosp Auth Hlth Fac Rev (University of Kansas Hospital Authority Proj.) Series 2019 B, 4% 3/1/2035  | 100000 | 99650 |
| University Kansas Hosp Auth Hlth Fac Rev (University of Kansas Hospital Authority Proj.) Series 2019 B, 4% 3/1/2036  | 20000 | 19719 |
| University Kansas Hosp Auth Hlth Fac Rev (University of Kansas Hospital Authority Proj.) Series 2019 B, 5% 3/1/2032  | 25000 | 26710 |
| University Kansas Hosp Auth Hlth Fac Rev (University of Kansas Hospital Authority Proj.) Series 2019 B, 5% 3/1/2034  | 235000 | 248485 |
|  |  | 394564 |
| Special Tax - 0.1% |  |  |
| Kansas St Dept Transn Hwy Rev Series 2024A, 5% 9/1/2039  | 90000 | 97824 |
| Kansas St Dept Transn Hwy Rev Series 2024A, 5% 9/1/2041  | 35000 | 37437 |
|  |  | 135261 |
| TOTAL KANSAS |  | 606280 |
| Kentucky - 1.0%  |  |  |
| General Obligations - 0.6% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (b) | 65000 | 68220 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2019C 1, 4% tender 2/1/2050 (Morgan Stanley Guaranteed) (b) | 200000 | 201021 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% tender 12/1/2050 (BP PLC Guaranteed) (b) | 275000 | 276126 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2022 A 1, 4% tender 8/1/2052 (Morgan Stanley Guaranteed) (b) | 25000 | 24893 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5.25% tender 6/1/2055 (Morgan Stanley Guaranteed) (b) | 115000 | 121573 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 11/1/2038 (Assured Guaranty Ltd Insured)  | 145000 | 151506 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2030  | 20000 | 21082 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5.5% 11/1/2042  | 50000 | 53763 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5.5% 11/1/2043  | 150000 | 160298 |
|  |  | 1078482 |
| Health Care - 0.3% |  |  |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2017 A, 4% 6/1/2037 (Assured Guaranty Ltd Insured)  | 60000 | 57454 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% 10/1/2031  | 175000 | 177846 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023 A, 5% 10/1/2028  | 35000 | 37142 |
| Warren Cnty KY Hosp Rev Series 2024, 5.25% 4/1/2054  | 185000 | 187466 |
|  |  | 459908 |
| Lease Revenue - 0.0% |  |  |
| Kentucky St Pty & Bldgs Commn Series A, 5.25% 6/1/2038  | 55000 | 59287 |
| Other - 0.0% |  |  |
| Kentucky Bond Development Corp Series 2025A, 5% tender 8/15/2055 (b) | 20000 | 22010 |
| Water & Sewer - 0.1% |  |  |
| Louisville & Jefferson KY Swr Sys Rev Series 2023 C, 5% 5/15/2051  | 160000 | 163191 |
| TOTAL KENTUCKY |  | 1782878 |
| Louisiana - 0.9%  |  |  |
| Education - 0.1% |  |  |
| Louisiana Pub Facs Rev (Tulane Univ, LA Proj.) 5% 10/15/2036  | 50000 | 53881 |
| Louisiana Pub Facs Rev (Tulane Univ, LA Proj.) Series 2016 A, 4% 12/15/2031  | 40000 | 40340 |
| Louisiana Pub Facs Rev (Tulane Univ, LA Proj.) Series 2020 A, 5% 4/1/2036  | 75000 | 79089 |
|  |  | 173310 |
| General Obligations - 0.2% |  |  |
| Louisiana St Gen. Oblig. Series 2019 A, 5% 3/1/2037  | 25000 | 25975 |
| Louisiana St Gen. Oblig. Series 2020 A, 5% 3/1/2038  | 20000 | 21011 |
| Louisiana St Gen. Oblig. Series 2021 A, 5% 3/1/2037  | 30000 | 32106 |
| Louisiana St Gen. Oblig. Series 2022 A, 5% 4/1/2037  | 60000 | 65029 |
| New Orleans LA Gen. Oblig. Series 2021 A, 5% 12/1/2036  | 40000 | 42264 |
| New Orleans LA Gen. Oblig. Series 2021 A, 5% 12/1/2037  | 100000 | 104791 |
|  |  | 291176 |
| Health Care - 0.0% |  |  |
| Louisiana Pub Facs Rev (Ochsner Clinic Foundation Proj.) Series 2020 A, 3% 5/15/2047  | 85000 | 60698 |
| Tangipahoa Parish LA Hosp Svc (North Oaks Med Center Proj.) Series 2021, 4% 2/1/2041  | 20000 | 17968 |
|  |  | 78666 |
| Other - 0.1% |  |  |
| Louisiana Pub Facs Rev Series 2024 A, 5% 4/15/2038  | 60000 | 64648 |
| Louisiana St Gas & Fuel Tax Rv Series 2025A, 5% 5/1/2040  | 45000 | 48185 |
|  |  | 112833 |
| Special Tax - 0.2% |  |  |
| Jefferson LA Sales Tax Dist Series 2019 B, 5% 12/1/2031 (Assured Guaranty Ltd Insured)  | 250000 | 269270 |
| Louisiana Stadium & Exposition District Series 2023A, 5% 7/1/2043  | 120000 | 122672 |
|  |  | 391942 |
| Transportation - 0.3% |  |  |
| Louisiana St Grnt Antic Rev Series 2019A, 5% 9/1/2031  | 30000 | 31733 |
| New Orleans LA Aviation Board 5.25% 1/1/2041 (c) | 35000 | 36428 |
| New Orleans LA Aviation Board 5.25% 1/1/2042 (c) | 60000 | 61970 |
| New Orleans LA Aviation Board 5.25% 1/1/2045 (c) | 360000 | 368389 |
|  |  | 498520 |
| Water & Sewer - 0.0% |  |  |
| Jefferson Parish LA Cons Wtr Series 2022, 4% 2/1/2027 (Build America Mutual Assurance Co Insured)  | 50000 | 50896 |
| TOTAL LOUISIANA |  | 1597343 |
| Maine - 0.1%  |  |  |
| Education - 0.0% |  |  |
| Maine Health & Higher Edl Facsauth Rev (Northeastern University Proj.) Series 2024B, 5% 10/1/2036  | 25000 | 27411 |
| General Obligations - 0.1% |  |  |
| Maine Govt Facs Auth Lease Rnt Rev Series 2020 A, 3% 10/1/2039  | 65000 | 54601 |
| Health Care - 0.0% |  |  |
| Maine Health & Higher Edl Facsauth Rev Series 2024 A, 5.25% 7/1/2049  | 40000 | 41144 |
| Special Tax - 0.0% |  |  |
| Maine Municipal Bond Bank Series 2024A, 5% 11/1/2039  | 30000 | 32375 |
| TOTAL MAINE |  | 155531 |
| Maryland - 0.4%  |  |  |
| General Obligations - 0.1% |  |  |
| Baltimore Cnty MD Gen. Oblig. Series 2020, 4% 3/1/2037  | 60000 | 60347 |
| Prince Georges County MD Gen. Oblig. Series 2016 A, 4% 7/1/2029  | 50000 | 50438 |
|  |  | 110785 |
| Health Care - 0.1% |  |  |
| Maryland Health & Higher Educational Facilities Authority Series 2025, 5% 7/1/2038  | 200000 | 212396 |
| Special Tax - 0.0% |  |  |
| Maryland St Stad Auth Rev (MD Stadium Auth Baltimore City Sch Proj.) Series 2018 A, 5% 5/1/2034  | 25000 | 26112 |
| Transportation - 0.0% |  |  |
| Maryland St Transn Auth Transn 4% 7/1/2038  | 50000 | 49617 |
| Water & Sewer - 0.2% |  |  |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2020 A, 4% 7/1/2045  | 170000 | 152006 |
| Baltimore MD Proj Rev Series 2019 A, 4% 7/1/2044  | 130000 | 118298 |
|  |  | 270304 |
| TOTAL MARYLAND |  | 669214 |
| Maryland,Virginia - 0.2%  |  |  |
| Special Tax - 0.2% |  |  |
| Washington Metropolitan Area Transit Authority 5% 7/15/2036  | 130000 | 138009 |
| Washington Metropolitan Area Transit Authority 5% 7/15/2039  | 190000 | 197236 |
|  |  | 335245 |
| TOTAL MARYLAND,VIRGINIA |  | 335245 |
| Massachusetts - 2.5%  |  |  |
| Education - 0.5% |  |  |
| Massachusetts Development Finance Agency (Boston University Mass Proj.) Series 2023 FF, 5% 10/1/2048  | 80000 | 81746 |
| Massachusetts St Dev Fin Agy Rev (President and Fellows of Harvard College Proj.) 5% 7/15/2033  | 375000 | 380350 |
| University Mass Bldg Auth Proj Series 2017 1, 5.25% 11/1/2042  | 360000 | 366915 |
|  |  | 829011 |
| General Obligations - 0.6% |  |  |
| Massachusetts St (Massachusetts St Proj.) Gen. Oblig. Series 2022B, 4% 2/1/2040  | 80000 | 77801 |
| Massachusetts St Gen. Oblig. 5% 11/1/2042  | 45000 | 46896 |
| Massachusetts St Gen. Oblig. Series 2018 D, 3.625% 5/1/2043  | 125000 | 109307 |
| Massachusetts St Gen. Oblig. Series 2018 D, 4% 5/1/2036  | 50000 | 50146 |
| Massachusetts St Gen. Oblig. Series 2023A, 5% 5/1/2048  | 600000 | 615154 |
| Massachusetts St Gen. Oblig. Series 2024B, 5% 5/1/2038  | 40000 | 43798 |
| Massachusetts St Gen. Oblig. Series 2024B, 5% 5/1/2039  | 135000 | 146572 |
|  |  | 1089674 |
| Health Care - 0.6% |  |  |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2018 J 2, 5% 7/1/2033  | 30000 | 31138 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2018 J 2, 5% 7/1/2034  | 25000 | 25832 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2032  | 210000 | 221676 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2034  | 75000 | 78268 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2020A 2, 5% 7/1/2037  | 45000 | 47303 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024D, 5% 7/1/2043  | 120000 | 123674 |
| Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) 4% 7/1/2041  | 295000 | 268531 |
| Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) Series 2017 S, 4% 7/1/2035  | 100000 | 100063 |
| Massachusetts St Dev Fin Agy Rv (Childrens Hospital, MA Proj.) Series 2024 T, 5.25% 3/1/2054  | 125000 | 128958 |
|  |  | 1025443 |
| Housing - 0.0% |  |  |
| Massachusetts Housing Finance Agency (Housing Bond Resolution 12/10/02 Proj.) Series 2020 D 1, 2.65% 12/1/2055  | 200000 | 121158 |
| Special Tax - 0.3% |  |  |
| Mass Bay Tran Auth Assemnt 5% 7/1/2037  | 145000 | 157960 |
| Mass Bay Tran Auth Sls Tax Series 2024 A, 5% 7/1/2041  | 30000 | 32054 |
| Mass Bay Tran Auth Sls Tax Series 2024 A, 5.25% 7/1/2052  | 125000 | 130900 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2037  | 35000 | 37011 |
| Massachusetts St Transn Fd Rev Series 2021 A, 5% 6/1/2041  | 55000 | 57273 |
| Massachusetts St Transn Fd Rev Series 2022B, 5% 6/1/2052  | 160000 | 162484 |
|  |  | 577682 |
| Transportation - 0.2% |  |  |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2039 (c) | 55000 | 55799 |
| Massachusetts St Port Auth Rev Series 2019 C, 5% 7/1/2035 (c) | 200000 | 206677 |
| Massachusetts St Port Auth Rev Series 2021 D, 5% 7/1/2046  | 65000 | 66198 |
|  |  | 328674 |
| Water & Sewer - 0.3% |  |  |
| Massachusetts Clean Water Trust/The 5% 2/1/2039  | 30000 | 32094 |
| Massachusetts Clean Water Trust/The 5% 2/1/2043  | 190000 | 198056 |
| Massachusetts Clean Water Trust/The Series 23A, 5% 2/1/2040  | 50000 | 52612 |
| Massachusetts Clean Water Trust/The Series 25B, 5% 2/1/2042  | 150000 | 158663 |
| Massachusetts St Wtr Res Auth Series 2016C, 4% 8/1/2036  | 105000 | 104778 |
|  |  | 546203 |
| TOTAL MASSACHUSETTS |  | 4517845 |
| Michigan - 2.4%  |  |  |
| Education - 0.3% |  |  |
| Michigan St Univ Revs Series 2023A, 5% 8/15/2037  | 20000 | 21613 |
| Michigan St Univ Revs Series 2023A, 5% 8/15/2041  | 75000 | 78555 |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2044  | 85000 | 88019 |
| Michigan St Univ Revs Series 2024A, 5% 8/15/2049  | 235000 | 239400 |
| Michigan St Univ Revs Series 2025A, 5.25% 2/15/2050  | 40000 | 41562 |
|  |  | 469149 |
| General Obligations - 0.4% |  |  |
| City of Lansing MI Gen. Oblig. Series 2023B, 5% 6/1/2042 (Assured Guaranty Municipal Corp Insured)  | 100000 | 103718 |
| Howell MI Pub Schs 5% 5/1/2043 (State of Michigan Guaranteed)  | 200000 | 207136 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2015 I, 5% 4/15/2033  | 220000 | 220872 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2022 I, 5% 10/15/2047  | 95000 | 96569 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2022 I, 5.25% 10/15/2057  | 65000 | 66615 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2023 II, 4% 10/15/2043  | 20000 | 18450 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2023 II, 5% 10/15/2037  | 50000 | 54335 |
|  |  | 767695 |
| Health Care - 0.5% |  |  |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2037  | 30000 | 31852 |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2038  | 30000 | 31581 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 5% 2/15/2032  | 65000 | 68981 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 5% 2/15/2036  | 190000 | 197592 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 5% 2/15/2037  | 155000 | 160411 |
| Michigan Fin Auth Rev (Trinity Health Proj.) 5% 12/1/2037  | 45000 | 45871 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2013MI 2, 4% 12/1/2036  | 105000 | 102593 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2013MI 5, 4% 12/1/2040  | 135000 | 125572 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series MI 2019 A, 5% 12/1/2041  | 65000 | 66141 |
|  |  | 830594 |
| Housing - 0.4% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 6.25% 12/1/2055  | 150000 | 165759 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2024A, 4.65% 12/1/2049  | 450000 | 431421 |
| Michigan Hsg Dev Rental Hsg (Michigan St Hsg Dev Auth Mfrev Proj.) Series 2018 A, 4.15% 10/1/2053  | 50000 | 43596 |
| Michigan Hsg Dev Rental Hsg (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2020 A 1, 2.7% 10/1/2045  | 150000 | 104578 |
| Michigan Hsg Dev Rental Hsg Series 2019 A 1, 3.5% 10/1/2054  | 190000 | 144455 |
|  |  | 889809 |
| Other - 0.2% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev Series 2023 A, 4.5% 10/1/2038  | 90000 | 90190 |
| Michigan St Hosp Fin Auth Rev Series SUB 2025 B1, 5% tender 8/15/2055 (b) | 250000 | 270139 |
|  |  | 360329 |
| Special Tax - 0.3% |  |  |
| Detroit Mich Regl Convention Fac Auth Convention Fac Tax Rev Series 2024C, 5% 10/1/2039  | 25000 | 26077 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Gen. Oblig. 4% 11/1/2045  | 150000 | 134985 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 4% 11/1/2048  | 150000 | 129045 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2031  | 30000 | 31615 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2033  | 95000 | 99406 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2038  | 20000 | 20452 |
| Michigan St Trunk Line Fd 5% 11/15/2034  | 45000 | 48678 |
|  |  | 490258 |
| Water & Sewer - 0.3% |  |  |
| Great Lakes Sewer Auth Mich Series 2022A, 5.25% 7/1/2042  | 40000 | 42309 |
| Great Lakes Sewer Auth Mich Series 2022A, 5.25% 7/1/2052  | 300000 | 310405 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2022 A, 5.25% 7/1/2042  | 75000 | 79330 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series D, 5% 7/1/2030  | 65000 | 66099 |
|  |  | 498143 |
| TOTAL MICHIGAN |  | 4305977 |
| Minnesota - 0.5%  |  |  |
| General Obligations - 0.1% |  |  |
| Minnesota St Gen. Oblig. Series 2023B, 5% 8/1/2038  | 100000 | 109193 |
| South Washington Cnty MN Ind Sch Dist No 833 Series 2024A, 5% 2/1/2037 (Minnesota St Guaranteed)  | 175000 | 187694 |
|  |  | 296887 |
| Health Care - 0.4% |  |  |
| Deluth MN Clinic (Essentia Health Proj.) 5% 2/15/2043  | 200000 | 200040 |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2023B, 5% tender 11/15/2053 (b) | 80000 | 85755 |
| Minnesota Agric & Ec Dev Brd (Healthpartners Oblig Group Pj Proj.) Series 2024, 5% 1/1/2042  | 65000 | 66073 |
| Minnesota Agric & Ec Dev Brd (Healthpartners Oblig Group Pj Proj.) Series 2024, 5.25% 1/1/2047  | 190000 | 192999 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2024, 5% 5/1/2041  | 80000 | 82533 |
|  |  | 627400 |
| Other - 0.0% |  |  |
| Minnesota St Hsg Fin Agy 6.25% 7/1/2055  | 30000 | 33447 |
| TOTAL MINNESOTA |  | 957734 |
| Mississippi - 0.6%  |  |  |
| General Obligations - 0.0% |  |  |
| Mississippi St Gen. Oblig. Series 2019 B, 4% 10/1/2036  | 35000 | 34684 |
| Mississippi St Gen. Oblig. Series 2021C, 5% 10/1/2035  | 30000 | 31403 |
|  |  | 66087 |
| Health Care - 0.2% |  |  |
| Mississippi Hosp Eq & Facs Aut (Ochsner Clinic Foundation Proj.) Series 2025 C, 5.5% 5/15/2055  | 400000 | 415404 |
| Housing - 0.4% |  |  |
| Mississippi Home Corp Single Family Mtg Rev (Sf Mortgage 7/15/2009 Proj.) 4.8% 12/1/2045  | 125000 | 123581 |
| Mississippi Home Corp Single Family Mtg Rev 4.95% 6/1/2053  | 355000 | 354568 |
|  |  | 478149 |
| Other - 0.0% |  |  |
| Mississippi Dev Bank Spl Obl 5% 1/1/2028  | 40000 | 42129 |
| Special Tax - 0.0% |  |  |
| Mississippi Gaming Tax Rev Series 2019 A, 5% 10/15/2028  | 35000 | 37046 |
| TOTAL MISSISSIPPI |  | 1038815 |
| Missouri - 1.2%  |  |  |
| General Obligations - 0.1% |  |  |
| Clay Cnty MO Pub Sch Dist N 53 Series 2023, 5% 3/1/2040  | 30000 | 31415 |
| Hazelwood MO Sch Dist 4% 3/1/2041  | 75000 | 71790 |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2039  | 30000 | 31500 |
| St Louis Cnty MO Spl Oblig Series 2022A, 5% 12/1/2036  | 95000 | 99757 |
|  |  | 234462 |
| Health Care - 0.4% |  |  |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 2.25% 7/1/2036  | 70000 | 55752 |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 4% 7/1/2034  | 40000 | 40696 |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 4% 7/1/2035  | 110000 | 111210 |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 4% 7/1/2040  | 100000 | 95061 |
| Missouri Hlth & Edl Facs Rev (Childrens Mercy Hospital Fndtn Proj.) Series 2017A, 4% 5/15/2048  | 110000 | 95246 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 5% 6/1/2031  | 70000 | 73808 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2014F, 4% 11/15/2045  | 60000 | 52240 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2014F, 4.25% 11/15/2048  | 65000 | 57860 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2017 C, 4% 11/15/2047  | 60000 | 51187 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2020, 3% 6/1/2050  | 60000 | 42094 |
|  |  | 675154 |
| Housing - 0.1% |  |  |
| Missouri St Hsg Dev Commn Single Family Mtg Rev (MO Hsg First Place Loan Prog 5/1/15 Proj.) 4.95% 11/1/2050  | 100000 | 99976 |
| Missouri St Hsg Dev Commn Single Family Mtg Rev Series 2024C, 4.7% 11/1/2054  | 90000 | 85702 |
|  |  | 185678 |
| Lease Revenue - 0.2% |  |  |
| St Louis Cmnty College Dist Stlouis Cnty MO Ctfs Partn Series 2024, 5% 4/1/2036  | 200000 | 220425 |
| St Louis Cmnty College Dist Stlouis Cnty MO Ctfs Partn Series 2024, 5% 4/1/2038  | 105000 | 113413 |
|  |  | 333838 |
| Other - 0.3% |  |  |
| Springfield MO Pub Utils Brd Ctfs Partn Series 2025, 5% 11/1/2038  | 500000 | 545241 |
| Special Tax - 0.0% |  |  |
| Kansas City MO Spl Oblig Series 2022C, 5% 9/1/2036  | 25000 | 27065 |
| St Louis Cnty MO Spl Oblig (St Louis Cnty MO Pkwy Sch Dist Proj.) Series 2020A, 3% 12/1/2031  | 60000 | 58233 |
|  |  | 85298 |
| Transportation - 0.1% |  |  |
| St Louis MO Arpt Rev Series 2024A, 5% 7/1/2041 (Assured Guaranty Municipal Corp Insured)  | 45000 | 47217 |
| St Louis MO Arpt Rev Series 2024A, 5.25% 7/1/2049 (Assured Guaranty Ltd Insured)  | 100000 | 103724 |
|  |  | 150941 |
| TOTAL MISSOURI |  | 2210612 |
| Montana - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Montana Facility Fin Auth Rev (Benefis Health System Proj.) Series 2016, 5% 2/15/2031  | 20000 | 20447 |
| Montana Facility Finance Authority (Logan Health Proj.) Series 2018 B, 4.125% 7/1/2038  | 50000 | 48109 |
|  |  | 68556 |
| TOTAL MONTANA |  | 68556 |
| Nebraska - 0.6%  |  |  |
| Education - 0.0% |  |  |
| University NE Facs Corp Rev Series 2018, 5% 7/15/2029  | 40000 | 42526 |
| Electric Utilities - 0.2% |  |  |
| Lincoln NE Series 2018, 5% 9/1/2031  | 45000 | 46353 |
| Omaha Public Power District Series 2019 A, 3% 2/1/2034  | 20000 | 18778 |
| Omaha Public Power District Series 2024 A, 5% 2/1/2040  | 90000 | 95958 |
| Omaha Public Power District Series 2024 B, 5% 2/1/2038  | 55000 | 59498 |
| Omaha Public Power District Series 2024C, 5% 2/1/2054  | 65000 | 66141 |
|  |  | 286728 |
| General Obligations - 0.2% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev Series 2025A SUB A 1, 5% tender 8/1/2055 (Royal Bank of Canada Guaranteed) (b) | 400000 | 423379 |
| Housing - 0.1% |  |  |
| Nebraska Invt Fin Auth Sfh Rev Series 2023 G, 4.95% 9/1/2038  | 150000 | 154037 |
| Nebraska Invt Fin Auth Sfh Rev Series 2023E, 4.65% 9/1/2043  | 25000 | 24381 |
|  |  | 178418 |
| Other - 0.1% |  |  |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5.25% 12/15/2049 (Assured Guaranty Municipal Corp Insured) (c) | 150000 | 152602 |
| TOTAL NEBRASKA |  | 1083653 |
| Nevada - 1.3%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016C, 4.125% tender 3/1/2036 (b)(c) | 35000 | 35071 |
| General Obligations - 0.7% |  |  |
| Clark Cnty NV Gen. Oblig. Series 2018, 4% 12/1/2037  | 30000 | 29397 |
| Clark Cnty NV Gen. Oblig. Series 2019, 4% 6/1/2036  | 130000 | 130503 |
| Clark Cnty NV School Dist Series 2015 C, 4% 6/15/2033  | 165000 | 165172 |
| Clark Cnty NV School Dist Series 2018A, 4% 6/15/2035  | 45000 | 45173 |
| Clark Cnty NV School Dist Series 2018A, 4% 6/15/2036  | 100000 | 99932 |
| Clark Cnty NV School Dist Series 2018A, 5% 6/15/2032  | 50000 | 52465 |
| Clark Cnty NV School Dist Series 2021 B, 3% 6/15/2036  | 270000 | 236066 |
| Clark Cnty NV School Dist Series 2024A, 5% 6/15/2039  | 55000 | 58580 |
| Clark Cnty NV Wtr Reclamation Dist Gen. Oblig. Series 2023, 5% 7/1/2040  | 80000 | 84992 |
| Clark Cnty NV Wtr Reclamation Dist Gen. Oblig. Series 2023, 5% 7/1/2043  | 200000 | 207822 |
| Nevada St Gen. Oblig. Series 2024A, 5% 5/1/2036  | 70000 | 78817 |
| Washoe Cnty Nev Sch Dist Series 2017 C, 3.125% 10/1/2040 (Assured Guaranty Municipal Corp Insured)  | 50000 | 41354 |
|  |  | 1230273 |
| Other - 0.0% |  |  |
| Washoe Cnty Nev Sch Dist Series 2024A, 4% 6/1/2043  | 75000 | 70438 |
| Special Tax - 0.3% |  |  |
| Clark Cnty Nev Sales & Excise Tax Rev Series 2023, 5% 7/1/2037  | 85000 | 92611 |
| Clark Cnty NV Hwy Impt Rev Series 2017, 5% 7/1/2031  | 65000 | 67330 |
| Clark Cnty NV Hwy Impt Rev Series 2017, 5% 7/1/2034  | 50000 | 51547 |
| Clark Cnty NV Hwy Impt Rev Series 2023, 4% 7/1/2042  | 100000 | 91625 |
| Clark Cnty NV Hwy Impt Rev Series 2023, 5% 7/1/2041  | 110000 | 115901 |
| Las Vegas Convention & Visitors Authority Series 2022B, 5% 7/1/2037  | 25000 | 26881 |
| Las Vegas Convention & Visitors Authority Series 2023 A, 5% 7/1/2049  | 80000 | 81494 |
|  |  | 527389 |
| Transportation - 0.1% |  |  |
| Clark Cnty NV Arpt Rev Series 2019B, 5% 7/1/2031  | 50000 | 53638 |
| Clark Cnty NV Arpt Rev Series 2021 B, 5% 7/1/2026 (c) | 45000 | 45791 |
|  |  | 99429 |
| Water & Sewer - 0.2% |  |  |
| Las Vegas Valley NV Gen. Oblig. Series 2022A, 4% 6/1/2044  | 100000 | 92033 |
| Las Vegas Valley NV Gen. Oblig. Series 2023 A, 5% 6/1/2043  | 140000 | 145295 |
| Truckee Meadows NV Wtr Au Rev Series 2016, 5% 7/1/2037  | 100000 | 101226 |
|  |  | 338554 |
| TOTAL NEVADA |  | 2301154 |
| New Hampshire - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) 5.25% 8/1/2055  | 400000 | 406552 |
| New Jersey - 0.5%  |  |  |
| Education - 0.0% |  |  |
| New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2035 (Assured Guaranty Municipal Corp Insured)  | 30000 | 30228 |
| General Obligations - 0.0% |  |  |
| New Jersey Trans Trust Fund Auth 5% 6/15/2038  | 30000 | 31624 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2038  | 45000 | 47296 |
|  |  | 78920 |
| Housing - 0.4% |  |  |
| New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2025 M, 5.1% 10/1/2050 (d) | 500000 | 502543 |
| Other - 0.1% |  |  |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev Series 2023 SUB E2, 3.3% 11/1/2026  | 100000 | 100219 |
| Transportation - 0.0% |  |  |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 4.1% 6/15/2031  | 50000 | 50307 |
| Port Auth NY & NJ Series 243, 5% 12/1/2038  | 75000 | 81289 |
|  |  | 131596 |
| TOTAL NEW JERSEY |  | 843506 |
| New Jersey,New York - 0.2%  |  |  |
| Transportation - 0.2% |  |  |
| Port Auth NY & NJ 5% 9/15/2030 (c) | 150000 | 155602 |
| Port Auth NY & NJ Series 231, 5% 8/1/2026 (c) | 130000 | 132451 |
| Port Auth NY & NJ Series 231, 5% 8/1/2038 (c) | 40000 | 41140 |
| Port Auth NY & NJ Series 242, 5% 12/1/2040 (c) | 85000 | 86856 |
| Port Auth NY & NJ Series 246, 5% 9/1/2041 (c) | 20000 | 20500 |
|  |  | 436549 |
| TOTAL NEW JERSEY,NEW YORK |  | 436549 |
| New Jersey,Pennsylvania - 0.2%  |  |  |
| Transportation - 0.2% |  |  |
| Delaware Riv Port Auth PA & NJ 5% 1/1/2038  | 25000 | 25935 |
| Delaware Riv Port Auth PA & NJ 5% 1/1/2039  | 235000 | 243054 |
|  |  | 268989 |
| TOTAL NEW JERSEY,PENNSYLVANIA |  | 268989 |
| New Mexico - 0.5%  |  |  |
| Health Care - 0.1% |  |  |
| New Mexico St Hosp Equip Ln Council Hosp Rev (Presbyterian Hlthcare Serv Sys Proj.) Series 2017 A, 4% 8/1/2035  | 90000 | 89007 |
| New Mexico St Hosp Equip Ln Council Hosp Rev (Presbyterian Hlthcare Serv Sys Proj.) Series 2019 A, 5% 8/1/2044  | 100000 | 99076 |
|  |  | 188083 |
| Housing - 0.3% |  |  |
| New Mexico Mtg Fin Auth (NM Sf Mortgage 2005 General Indenture Sf Mbs Open Proj.) Series 2025A, 4.55% 9/1/2045  | 500000 | 480354 |
| New Mexico Mtg Fin Auth Series 2022D, 5.25% 3/1/2053  | 30000 | 31509 |
| New Mexico Mtg Fin Auth Series 2024C, 6% 3/1/2055  | 80000 | 87491 |
|  |  | 599354 |
| Special Tax - 0.1% |  |  |
| Albuquerque NM Gross Rcpts Tax Rev Series 2022B, 5% 7/1/2036  | 70000 | 76409 |
| Albuquerque NM Gross Rcpts Tax Rev Series 2022B, 5% 7/1/2039  | 25000 | 26706 |
|  |  | 103115 |
| TOTAL NEW MEXICO |  | 890552 |
| New York - 8.8%  |  |  |
| Education - 0.4% |  |  |
| NY St Dorm Auth Revs Non St Supported Debt (State University of New York Proj.) Series 2025 B, 4% 7/1/2037  | 250000 | 247771 |
| NY St Dorm Auth Revs Non St Supported Debt (State University of New York Proj.) Series 2025 B, 5% 7/1/2027  | 500000 | 522652 |
|  |  | 770423 |
| Electric Utilities - 0.0% |  |  |
| Utility Debt Securitization Authority Series 2023 TE 1, 5% 12/15/2039  | 50000 | 54731 |
| General Obligations - 0.7% |  |  |
| City of New York NY Gen. Oblig. 5.25% 4/1/2047  | 395000 | 411030 |
| City of New York NY Gen. Oblig. Series 1, 5% 8/1/2033  | 25000 | 25882 |
| City of New York NY Gen. Oblig. Series 2017, 5% 12/1/2037  | 100000 | 101634 |
| City of New York NY Gen. Oblig. Series 2018 F 1, 5% 4/1/2035  | 20000 | 20693 |
| City of New York NY Gen. Oblig. Series 2021 C, 5% 8/1/2034  | 125000 | 134340 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 SUB B 1, 5% 10/1/2033  | 125000 | 132935 |
| City of New York NY Gen. Oblig. Series FISCAL 2022D SUB D 1, 5.25% 5/1/2039  | 45000 | 48284 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 1, 5% 9/1/2037  | 90000 | 96425 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 1, 5% 9/1/2042  | 50000 | 51907 |
| City of New York NY Gen. Oblig. Series FISCAL 2023B SUB B 1, 5.25% 10/1/2043  | 30000 | 31429 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 SUB C1, 5% 9/1/2037  | 30000 | 32812 |
| City of New York NY Gen. Oblig. Series FISCAL2024A, 5% 8/1/2039  | 80000 | 84994 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2019 S 2A, 5% 7/15/2036  | 50000 | 51652 |
|  |  | 1224017 |
| Health Care - 0.3% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt Series 2022 A, 5% 5/1/2038  | 90000 | 95026 |
| Westchester County Local Development Corp (Westchester Cnty NY Healthcare Proj.) Series 2023, 5% 11/1/2047 (Assured Guaranty Municipal Corp Insured)  | 350000 | 356356 |
| Westchester County Local Development Corp Series 2023, 5.75% 11/1/2049  | 100000 | 106883 |
|  |  | 558265 |
| Housing - 0.4% |  |  |
| New York City Housing Development Corp Series 2017 G 1, 3.7% 11/1/2047  | 55000 | 45357 |
| New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2020 L 1, 2.5% 11/1/2045  | 125000 | 82910 |
| New York St Hsg Fin Agy (New York St Hsg Fin Agy Rev Proj.) Series 2016 C, 3.25% 11/1/2041  | 180000 | 145595 |
| New York St Hsg Fin Agy Series 2019 P, 3% 11/1/2044  | 65000 | 49754 |
| New York St Hsg Fin Agy Series 2020 E, 2.2% 11/1/2040  | 100000 | 70572 |
| New York St Hsg Fin Agy Series 2024 A, 3.45% tender 11/1/2063 (b) | 50000 | 50046 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2020 I 1, 2.55% 11/1/2045  | 235000 | 157628 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 G 1, 2.15% 11/1/2036  | 130000 | 103639 |
| State of New York Mortgage Agency (NY Mortgage Proj.) Series 220, 2.4% 10/1/2034  | 30000 | 25551 |
|  |  | 731052 |
| Other - 0.4% |  |  |
| Build NYC Resource Corp Series 2025, 4% 9/1/2041  | 150000 | 137346 |
| New York City Housing Development Corp Series 2024 A1, 4.55% 11/1/2044  | 400000 | 383764 |
| New York City Trust Cultural Resources Rev Series 2019, 5% 12/1/2037  | 60000 | 62871 |
| New York City Trust Cultural Resources Rev Series 2019, 5% 12/1/2039  | 50000 | 51786 |
| New York St Dorm Auth Revs Non St Supported Debt 5% 7/1/2038  | 85000 | 90236 |
|  |  | 726003 |
| Special Tax - 5.2% |  |  |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 5/1/2042  | 40000 | 41933 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5.25% 5/1/2045  | 195000 | 205283 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024F SUB F 1, 5% 2/1/2040  | 70000 | 74415 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024F SUB F 1, 5% 2/1/2044  | 135000 | 139636 |
| New York City Transitional Finance Authority Series FISCAL 2024G SUB G 1, 5% 5/1/2045  | 30000 | 30927 |
| New York City Transitional Finance Authority Series FISCAL 2024G SUB G 1, 5% 5/1/2046  | 95000 | 97631 |
| New York City Transitional Finance Authority Series FISCAL 2024G SUB G 1, 5.25% 5/1/2048  | 50000 | 52046 |
| New York City Transitional Finance Authority Series FISCAL 2025ASUB A1, 5% 11/1/2037  | 2000000 | 2187878 |
| New York City Transitional Finance Authority Series FISCAL 2025C SUB C 1, 5% 5/1/2042  | 50000 | 52416 |
| New York NY City Transitional Fin Auth Rev (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024A SUB A 1, 5% 5/1/2045  | 500000 | 512689 |
| New York NY City Transitional Fin Auth Rev 4% 11/1/2037  | 95000 | 92871 |
| New York NY City Transitional Fin Auth Rev 5% 5/1/2033  | 40000 | 41269 |
| New York NY City Transitional Fin Auth Rev 5% 8/1/2043  | 25000 | 25814 |
| New York NY City Transitional Fin Auth Rev 5% 8/1/2045  | 70000 | 71614 |
| New York NY City Transitional Fin Auth Rev Series 2019 A 1, 5% 8/1/2033  | 50000 | 52328 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 E 1, 4% 2/1/2038  | 25000 | 24390 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 E 1, 4% 2/1/2039  | 30000 | 28667 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023F SUB F 1, 5.25% 2/1/2047  | 90000 | 93219 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2036  | 1500000 | 1649860 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2044  | 130000 | 134639 |
| New York St Dorm Auth Sales Tax Rev St Supported 5% 3/15/2048  | 75000 | 76311 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2018A, 5.25% 3/15/2039  | 35000 | 36145 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 4% 2/15/2039  | 60000 | 58350 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2046  | 75000 | 76258 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2023 A, 5% 3/15/2038  | 25000 | 26813 |
| New York St Dorm Auth St Pers Income Tax Rev Series 2021 E, 4% 3/15/2043  | 35000 | 32096 |
| New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2015 A, 5% 3/15/2037  | 125000 | 125357 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 E, 4% 3/15/2038  | 30000 | 29460 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2023A, 5% 3/15/2042  | 100000 | 104574 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2021 A 1, 4% 3/15/2038  | 35000 | 34744 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2042  | 40000 | 41589 |
| New York Twy Auth Pers Income Tax Rev Series 2022A, 5% 3/15/2048  | 1000000 | 1015930 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) 5% 3/15/2043  | 50000 | 52046 |
| NY Mta Dedicated Tax Fund Series 2024 B 1, 5% 11/15/2044  | 255000 | 265780 |
| NY Mta Dedicated Tax Fund Series B 1, 5% 11/15/2047  | 100000 | 100682 |
| NY Payroll Mobility Tax Series 2021 B 1, 5% 5/15/2037  | 70000 | 74850 |
| NY Payroll Mobility Tax Series 2021 SUB C 3, 3% 5/15/2051  | 400000 | 279168 |
| NY Payroll Mobility Tax Series 2022A, 5% 5/15/2047  | 245000 | 249221 |
| NY Payroll Mobility Tax Series 2024 B B 1, 5.25% 5/15/2054  | 500000 | 516482 |
| NY Payroll Mobility Tax Series 2024A, 5% 5/15/2044  | 50000 | 51769 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2022 A, 5% 5/15/2038  | 35000 | 37617 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2022 A, 5% 5/15/2044  | 40000 | 41159 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2022 A, 5% 5/15/2047  | 50000 | 50883 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2023A, 5% 5/15/2043  | 30000 | 31200 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2023A, 5% 5/15/2048  | 45000 | 45969 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2024ASUB A 1, 5% 5/15/2044  | 55000 | 57103 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2024ASUB A 1, 5% 5/15/2054  | 90000 | 91617 |
|  |  | 9212698 |
| Transportation - 1.3% |  |  |
| Metropolitan Transn Auth NY Rv Series 2016B, 5% 11/15/2035  | 65000 | 65914 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 4% 11/15/2036  | 30000 | 29462 |
| Metropolitan Transn Auth NY Rv Series 2019 C, 5% 11/15/2039  | 45000 | 46152 |
| Metropolitan Transn Auth NY Rv Series 2021 A 1, 4% 11/15/2046  | 70000 | 59666 |
| Metropolitan Transn Auth NY Rv Series 2021 A 2, 4% 11/15/2041  | 25000 | 22688 |
| Metropolitan Transn Auth NY Rv Series 2024A, 5% 11/15/2039  | 50000 | 52409 |
| New York St Twy Auth Gen Rev Series 2019 B, 4% 1/1/2038  | 95000 | 93560 |
| New York St Twy Auth Gen Rev Series O, 4% 1/1/2043  | 100000 | 91526 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 4% 12/1/2042 (c) | 510000 | 439745 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2032 (c) | 100000 | 105255 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5% 6/30/2049 (Assured Guaranty Municipal Corp Insured) (c) | 500000 | 492140 |
| Triborough Brdg & Tunl NY Revs 5% 11/15/2037  | 140000 | 152117 |
| Triborough Brdg & Tunl NY Revs Series 2023B 1, 5% 11/15/2048  | 205000 | 208747 |
| Triborough Brdg & Tunl NY Revs Series 2024 A SUB A 1, 5% 11/15/2042  | 95000 | 100055 |
| Triborough Brdg & Tunl NY Revs Series 2024 A SUB A 2, 5% 11/15/2043  | 220000 | 230171 |
| Triborough Brdg & Tunl NY Revs Series 2024 A SUB A 2, 5% 11/15/2044  | 40000 | 41604 |
|  |  | 2231211 |
| Water & Sewer - 0.1% |  |  |
| New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2024A, 5% 6/15/2046  | 70000 | 73013 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2021 DD, 3% 6/15/2038  | 40000 | 34532 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2021 SUB AA 2, 3% 6/15/2040  | 125000 | 101450 |
|  |  | 208995 |
| TOTAL NEW YORK |  | 15717395 |
| North Carolina - 0.2%  |  |  |
| General Obligations - 0.0% |  |  |
| North Carolina St Gen. Oblig. Series 2018 A, 3.25% 6/1/2036  | 25000 | 23601 |
| Health Care - 0.0% |  |  |
| North Carolina Med Care Commn Health Care Facs Rev (Novant Health Inc Proj.) Series 2019A, 4% 11/1/2052  | 85000 | 70804 |
| Transportation - 0.2% |  |  |
| Charlotte NC Arpt Rev Series 2023A, 5% 7/1/2053  | 200000 | 204281 |
| TOTAL NORTH CAROLINA |  | 298686 |
| North Dakota - 0.1%  |  |  |
| Education - 0.0% |  |  |
| University North Dakota Ctfs Partn (University ND Univ Revs Proj.) Series 2021 A, 4% 6/1/2046 (Assured Guaranty Ltd Insured)  | 25000 | 22557 |
| Other - 0.1% |  |  |
| North Dakota Pub Fin Auth Series 2024A, 5% 10/1/2036  | 65000 | 72840 |
| TOTAL NORTH DAKOTA |  | 95397 |
| Ohio - 2.0%  |  |  |
| Education - 0.1% |  |  |
| Ohio St Higher Ed Fac Comm Series A, 5% 2/1/2041  | 20000 | 20543 |
| Ohio St Univ Gen Rcpts Series 2021 A, 5% 12/1/2036  | 40000 | 43278 |
| University Cincinnati OH Gen Series 2024A, 5% 6/1/2049  | 200000 | 203954 |
|  |  | 267775 |
| Electric Utilities - 0.1% |  |  |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2005C, 3.7% 4/1/2028 (c) | 100000 | 99345 |
| General Obligations - 0.6% |  |  |
| City of Columbus OH Gen. Oblig. Series 2021 A, 5% 4/1/2036  | 40000 | 42989 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5.25% 12/1/2052  | 250000 | 259914 |
| Cleveland-Cuyahoga County Port Authority (Cuyahoga Cnty OH Proj.) Series 2013, 4% 7/1/2040  | 90000 | 83764 |
| Cuyahoga OH Cmnty College Dist Gen. Oblig. Series 2018, 3.5% 12/1/2040  | 30000 | 25921 |
| Lancaster Port Auth OH Gas Rev Series 2024 A, 5% tender 2/1/2055 (Royal Bank of Canada Guaranteed) (b) | 40000 | 42293 |
| Ohio St Adult Correctional Cap Facs (State of Ohio Proj.) Series A, 5% 10/1/2037  | 75000 | 77090 |
| Ohio St Parks & Rec Cap Facs (State of Ohio Proj.) Series 2018 A, 5% 12/1/2038  | 25000 | 25789 |
| State of Ohio 5% 3/1/2040  | 115000 | 122986 |
| State of Ohio Gen. Oblig. 5% 3/1/2037  | 50000 | 54900 |
| State of Ohio Gen. Oblig. 5% 3/1/2039  | 45000 | 48568 |
| State of Ohio Gen. Oblig. Series 2020 C, 5% 3/1/2036  | 40000 | 43205 |
| State of Ohio Gen. Oblig. Series 2020 C, 5% 3/1/2038  | 70000 | 74585 |
| State of Ohio Gen. Oblig. Series 2020 C, 5% 3/1/2040  | 75000 | 79046 |
| State of Ohio Gen. Oblig. Series 2023A, 5% 9/1/2037  | 100000 | 109960 |
| State of Ohio Series 2018A, 5% 4/1/2031  | 35000 | 36913 |
| State of Ohio Series 2018A, 5% 4/1/2032  | 30000 | 31599 |
|  |  | 1159522 |
| Health Care - 0.2% |  |  |
| Hamilton Cnty OH Hosp Facs Rev (TriHealth Inc Proj.) Series 2017A, 5% 8/15/2042  | 265000 | 265329 |
| Montgomery Cnty OH Hosp Rev (Miami Valley Hospital, OH Proj.) Series 2019A, 4% 11/15/2042  | 25000 | 21813 |
|  |  | 287142 |
| Housing - 0.4% |  |  |
| Ohio Housing Finance Agency (OH Residential Mortgage Proj.) 4.55% 9/1/2045  | 500000 | 486624 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) 4.9% 9/1/2048  | 115000 | 115422 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2022 B, 4.55% 9/1/2047  | 65000 | 61837 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2017 D, 4% 3/1/2048  | 35000 | 35037 |
|  |  | 698920 |
| Other - 0.1% |  |  |
| Toledo Lucas County Public Library Gen. Oblig. 5% 12/1/2050  | 125000 | 127328 |
| Special Tax - 0.1% |  |  |
| Akron OH Income Tax Rev 4% 12/1/2026  | 60000 | 60937 |
| Cuyahoga Cnty Sales Tax Series 2022A, 4% 1/1/2037  | 60000 | 60695 |
| State of Ohio Gen. Oblig. Series Y, 5% 5/1/2038  | 35000 | 38283 |
|  |  | 159915 |
| Water & Sewer - 0.4% |  |  |
| Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2035  | 55000 | 49909 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2020 A, 5% 12/1/2037  | 40000 | 42332 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2021 A, 5% 12/1/2040  | 120000 | 125620 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2021 A, 5% 12/1/2046  | 20000 | 20551 |
| Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Series 2024A, 5% 12/1/2039  | 90000 | 97648 |
| Ohio Water Development Authority (Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Proj.) Series 2021 A, 5% 12/1/2036  | 85000 | 91689 |
| Ohio Water Development Authority (Ohio St Wtr Dev Ath Wtr Poll Ctl Rev Proj.) Series 2021 A, 5% 12/1/2037  | 55000 | 58769 |
| Ohio Water Development Authority 5% 12/1/2042  | 200000 | 209989 |
|  |  | 696507 |
| TOTAL OHIO |  | 3496454 |
| Oklahoma - 0.6%  |  |  |
| Education - 0.1% |  |  |
| Oklahoma Development Finance Authority Series 2016 D, 3% 6/1/2041  | 325000 | 259185 |
| Electric Utilities - 0.0% |  |  |
| Grand River Dam Auth Okla Rev Series 2023, 5% 6/1/2038  | 70000 | 74796 |
| General Obligations - 0.3% |  |  |
| Canadian County Educational Facilities Authority (Mustang Public Schools Proj.) 5% 9/1/2028  | 45000 | 45816 |
| Oklahoma Cap Imp Auth St Hwy Cap Impt Rev (Oklahoma St Proj.) Series 2025A, 5.25% 7/1/2050  | 300000 | 314518 |
|  |  | 360334 |
| Lease Revenue - 0.1% |  |  |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev 5% 9/1/2036  | 50000 | 53488 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev 5% 9/1/2041  | 140000 | 144065 |
|  |  | 197553 |
| Pooled Loans - 0.0% |  |  |
| Oklahoma St Wtr Res Bd St Loan Series 2024B, 5.25% 10/1/2044  | 60000 | 62454 |
| Transportation - 0.1% |  |  |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2042  | 25000 | 26366 |
| Oklahoma St Tpk Auth Tpk Rev Series 2017C, 5% 1/1/2036  | 35000 | 35759 |
| Oklahoma St Tpk Auth Tpk Rev Series 2018A, 5% 1/1/2036  | 30000 | 30651 |
|  |  | 92776 |
| Water & Sewer - 0.0% |  |  |
| Oklahoma St Wtr Res Brd Rev Fd Series 2024, 5% 4/1/2045  | 65000 | 67566 |
| TOTAL OKLAHOMA |  | 1114664 |
| Oregon - 2.1%  |  |  |
| General Obligations - 1.2% |  |  |
| Benton & Lynch Cnty or SD 509j Series 2018A, 5% 6/15/2038 (e) | 145000 | 149046 |
| Oregon St Gen. Oblig. Series 2017 H, 5% 8/1/2042  | 1500000 | 1529694 |
| Oregon St Gen. Oblig. Series 2019 G, 5% 8/1/2039  | 55000 | 57054 |
| Oregon St Gen. Oblig. Series 2023 A, 5% 5/1/2040  | 60000 | 64208 |
| Salem Keizer School Dist Series 2018, 5% 6/15/2029  | 25000 | 26437 |
| Salem Keizer School Dist Series 2018, 5% 6/15/2032 (Oregon St Guaranteed)  | 20000 | 20963 |
| Washington Clark County SD23 Series 2019 A, 5% 6/15/2038  | 35000 | 36490 |
| Washington Multnomah & Yamhill Cnty Sch Dist 1J 5% 6/15/2035 (Oregon St Guaranteed)  | 90000 | 92721 |
| Washington Multnomah & Yamhill Cnty Sch Dist 1J 5% 6/15/2038 (Oregon St Guaranteed)  | 50000 | 51244 |
|  |  | 2027857 |
| Health Care - 0.1% |  |  |
| Oregon Hlth Sciences Univ Rev Series 2016 B, 5% 7/1/2038  | 225000 | 227075 |
| Special Tax - 0.5% |  |  |
| Oregon St Dept Admin Lottery 5% 4/1/2043  | 115000 | 119983 |
| Oregon St Dept Admin Lottery Series 2022 A, 5% 4/1/2039  | 135000 | 144393 |
| Oregon St Dept Admin Lottery Series 2022 A, 5% 4/1/2040  | 70000 | 74312 |
| Oregon St Dept Trans Hwy User Tax Rev Series 2019A, 5% 11/15/2038  | 55000 | 57148 |
| Oregon St Dept Trans Hwy User Tax Rev Series 2019A, 5% 11/15/2042  | 355000 | 362536 |
| Oregon St Dept Trans Hwy User Tax Rev Series 2020 A, 5% 11/15/2035  | 140000 | 150896 |
|  |  | 909268 |
| Transportation - 0.1% |  |  |
| Port of Portland Arpt Rev Series TWENTY EIGHT, 5% 7/1/2033 (c) | 50000 | 53604 |
| Port of Portland Arpt Rev Series TWENTY FIVE B, 5% 7/1/2039 (c) | 95000 | 96174 |
| Tri County Met Dist Series 2018 A, 5% 10/1/2029  | 80000 | 83939 |
|  |  | 233717 |
| Water & Sewer - 0.2% |  |  |
| Portland OR Swr Sys Rev Series 2018 A, 4.5% 5/1/2036  | 190000 | 191415 |
| Portland OR Swr Sys Rev Series 2025A, 5% 10/1/2042  | 200000 | 211607 |
|  |  | 403022 |
| TOTAL OREGON |  | 3800939 |
| Pennsylvania - 4.3%  |  |  |
| Education - 0.6% |  |  |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2024 1A, 5% 6/1/2031 (c) | 500000 | 524607 |
| Pennsylvania St Univ Series 2023, 5% 9/1/2043  | 75000 | 78301 |
| Pennsylvania St Univ Series 2025A, 5.5% 9/1/2055  | 500000 | 534498 |
|  |  | 1137406 |
| Electric Utilities - 0.1% |  |  |
| Philadelphia PA Gas Wks Rev Series 15TH, 5% 8/1/2034  | 100000 | 102417 |
| General Obligations - 0.9% |  |  |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 4% 6/1/2039 (Assured Guaranty Municipal Corp Insured)  | 140000 | 130789 |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 5% 6/1/2032  | 240000 | 249124 |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 5% 6/1/2033  | 85000 | 87933 |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 5% 6/1/2034  | 40000 | 41233 |
| Pennsylvania St Gen. Oblig. Series 2016, 4% 2/1/2031  | 25000 | 25107 |
| Pennsylvania St Gen. Oblig. Series 2016, 4% 2/1/2032  | 250000 | 250969 |
| Pennsylvania St Gen. Oblig. Series 2016, 4% 2/1/2033  | 80000 | 80258 |
| Pennsylvania St Gen. Oblig. Series 2016, 4% 9/15/2031  | 50000 | 50411 |
| Pennsylvania St Gen. Oblig. Series FIRST 2023, 4% 9/1/2042  | 110000 | 101864 |
| Philadelphia PA Gen. Oblig. Series 2025 A, 5.25% 8/1/2045  | 260000 | 274664 |
| Philadelphia PA Sch Dist 4% 9/1/2037  | 125000 | 121817 |
| Philadelphia PA Sch Dist 5% 9/1/2031  | 30000 | 32063 |
| Philadelphia PA Sch Dist 5% 9/1/2037  | 50000 | 51460 |
| Philadelphia PA Sch Dist Series F, 5% 9/1/2027  | 55000 | 56140 |
|  |  | 1553832 |
| Health Care - 0.5% |  |  |
| Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 5% 4/1/2034  | 100000 | 102981 |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 4% 7/15/2036  | 50000 | 48626 |
| Bucks Cnty PA Ida Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2019, 4% 8/15/2044  | 100000 | 86470 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2017 A 2, 5% 2/15/2032  | 65000 | 66405 |
| Monroeville PA Fin Auth UPMC Rev (UPMC Proj.) Series 2022B, 5% 2/15/2038  | 230000 | 239850 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev Series 2024A 1, 5% 8/15/2027  | 40000 | 41491 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 5.25% 7/1/2046  | 90000 | 90740 |
| Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp of Phil, PA Proj.) Series 2024A, 5.25% 7/1/2049  | 105000 | 109246 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 A, 5% 9/1/2032  | 45000 | 45906 |
|  |  | 831715 |
| Housing - 0.5% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 2016 121, 3.1% 10/1/2036  | 70000 | 62196 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage 1982 Adopted April 1, 1982 Sf&Mf Mbs Open Go Proj.) Series 2024 145A, 4.75% 10/1/2049  | 100000 | 97148 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage 1982 Adopted April 1, 1982 Sf&Mf Mbs Open Go Proj.) Series 2025 148A, 4.625% 10/1/2045  | 200000 | 193720 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 2.125% 10/1/2035  | 25000 | 19932 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2024 144A, 4.6% 10/1/2049  | 205000 | 194911 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev Series 2024 146A, 4.75% 4/1/2053  | 130000 | 125792 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev Series 2025 149A, 5.2% 10/1/2050 (d) | 250000 | 249675 |
|  |  | 943374 |
| Special Tax - 0.1% |  |  |
| Pennsylvania St Tpk Comm Oil Franchise Tax Rev Series 2021 A, 5% 12/1/2046  | 30000 | 30354 |
| Southeastern PA Transn Auth Rev 5.25% 6/1/2040  | 50000 | 53372 |
| Southeastern PA Transn Auth Rev 5.25% 6/1/2043  | 65000 | 68310 |
| Southeastern PA Transn Auth Rev 5.25% 6/1/2047  | 95000 | 98467 |
|  |  | 250503 |
| Transportation - 1.3% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 B, 5% 1/1/2056  | 200000 | 200189 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5.25% 1/1/2040 (Assured Guaranty Municipal Corp Insured) (c) | 70000 | 73321 |
| Pennslyvania Dev Fing Auth Rev Series 2015, 5% 12/31/2029 (c) | 205000 | 206845 |
| Pennsylvania Turnpike Commission 4.125% 12/1/2050  | 125000 | 115273 |
| Pennsylvania Turnpike Commission 5% 12/1/2043  | 125000 | 130416 |
| Pennsylvania Turnpike Commission 5% 12/1/2043  | 100000 | 104333 |
| Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2031  | 135000 | 140948 |
| Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2031  | 45000 | 46982 |
| Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2034  | 60000 | 62080 |
| Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2036  | 120000 | 123283 |
| Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2037  | 50000 | 51218 |
| Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2038  | 300000 | 313123 |
| Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2039  | 100000 | 103630 |
| Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2039  | 75000 | 77863 |
| Pennsylvania Turnpike Commission Series 2020 B, 5% 12/1/2034  | 30000 | 32309 |
| Pennsylvania Turnpike Commission Series 2020 B, 5% 12/1/2036  | 85000 | 90277 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2046  | 50000 | 50936 |
| Pennsylvania Turnpike Commission Series 2023 A, 5% 12/1/2037  | 40000 | 43461 |
| Pennsylvania Turnpike Commission Series 2023 A, 5.25% 12/1/2053  | 30000 | 31140 |
| Pennsylvania Turnpike Commission Series 2024C, 5% 12/1/2041  | 25000 | 26495 |
| Pennsylvania Turnpike Commission Series 2024C, 5% 12/1/2047  | 115000 | 118033 |
| Pennsylvania Turnpike Commission Series B 1, 5% 6/1/2032  | 45000 | 46458 |
| Pennsylvania Turnpike Commission Series B 2, 5% 6/1/2034 (Assured Guaranty Ltd Insured)  | 45000 | 46326 |
|  |  | 2234939 |
| Water & Sewer - 0.3% |  |  |
| Philadelphia PA Wtr & Wastewtr Series 2018 A, 5% 10/1/2053  | 400000 | 401552 |
| Philadelphia PA Wtr & Wastewtr Series 2020A, 5% 11/1/2050  | 200000 | 199183 |
|  |  | 600735 |
| TOTAL PENNSYLVANIA |  | 7654921 |
| Rhode Island - 0.4%  |  |  |
| Education - 0.0% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2039  | 20000 | 20976 |
| General Obligations - 0.2% |  |  |
| Providence RI Pub Bldgs Auth Rev (Providence RI Proj.) 5.25% 9/15/2040  | 45000 | 48299 |
| Rhode Island & Providence Plantations Gen. Oblig. Series 2018 A, 4% 4/1/2034  | 45000 | 45472 |
| Rhode Island & Providence Plantations Gen. Oblig. Series 2019C, 3% 1/15/2039  | 30000 | 25272 |
| Rhode Island & Providence Plantations Gen. Oblig. Series 2019C, 4% 1/15/2035  | 40000 | 40461 |
| Rhode Island Health and Educational Building Corp (East Providence RI Proj.) 5% 5/15/2046  | 200000 | 203173 |
| Rhode Island St Gen. Oblig. Series 2022A, 5% 8/1/2040  | 60000 | 63401 |
|  |  | 426078 |
| Housing - 0.2% |  |  |
| Rhode Is Hsg & Mtg Fin Cor Series 84 A, 4.4% 10/1/2044  | 130000 | 124722 |
| Rhode Island Hsg & Mtg Fin Cp 4.95% 10/1/2053  | 100000 | 99849 |
| Rhode Island Hsg & Mtg Fin Cp 5% 10/1/2042  | 60000 | 61180 |
|  |  | 285751 |
| TOTAL RHODE ISLAND |  | 732805 |
| South Carolina - 0.8%  |  |  |
| Education - 0.0% |  |  |
| Univ SC Higher Ed Rev (Univ SC Higher Ed Rev Proj.) Series 2021 A, 5% 5/1/2046  | 30000 | 30576 |
| Electric Utilities - 0.0% |  |  |
| South Carolina St Svc Auth Rev 5.5% 12/1/2040  | 50000 | 53953 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2044  | 20000 | 20344 |
|  |  | 74297 |
| General Obligations - 0.1% |  |  |
| Richland Cnty SC Sch Dist #2 Series 2023A, 5% 3/1/2035  | 100000 | 110140 |
| Richland Cnty SC Sch Dist #2 Series 2023A, 5% 3/1/2038  | 60000 | 64658 |
|  |  | 174798 |
| Health Care - 0.4% |  |  |
| Lexington Cnty SC Health Svcs (Lexington Medical Center, SC Proj.) Series 2016, 5% 11/1/2035  | 40000 | 40258 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5% 11/1/2037  | 175000 | 187369 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.25% 11/1/2041  | 285000 | 298772 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2045  | 40000 | 42172 |
|  |  | 568571 |
| Housing - 0.0% |  |  |
| South Carolina Hsg Fin Dev Aut Series 2023A, 5.75% 1/1/2054  | 20000 | 21565 |
| Lease Revenue - 0.2% |  |  |
| Lancaster Cnty SC Pub Facs Corp Installment Rev Series 2023, 5% 6/1/2041  | 200000 | 206826 |
| Lancaster Cnty SC Pub Facs Corp Installment Rev Series 2023, 5% 6/1/2042  | 110000 | 113202 |
|  |  | 320028 |
| Special Tax - 0.1% |  |  |
| Charlston Cnty SC Gen. Oblig. Series 2021 A, 2% 11/1/2038  | 250000 | 185498 |
| Transportation - 0.0% |  |  |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2035 (c) | 20000 | 20465 |
| TOTAL SOUTH CAROLINA |  | 1395798 |
| South Dakota - 0.3%  |  |  |
| Health Care - 0.2% |  |  |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) Series 2024A, 5% 7/1/2043  | 50000 | 51754 |
| South Dakota St Hlth & Edl Fac Series 2024A, 5.25% 7/1/2054  | 295000 | 301814 |
|  |  | 353568 |
| Housing - 0.1% |  |  |
| South Dakota Hsg Dev Aut Series 2024C, 4.5% 11/1/2044  | 150000 | 143400 |
| TOTAL SOUTH DAKOTA |  | 496968 |
| Tennessee - 1.9%  |  |  |
| Education - 0.0% |  |  |
| Tennessee St Sch Bd Auth 5% 11/1/2040  | 70000 | 73768 |
| General Obligations - 0.5% |  |  |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2021 C, 3% 1/1/2035  | 25000 | 23282 |
| Tennergy Corp Tenn Gas Revenue 5% tender 10/1/2054 (b) | 80000 | 84133 |
| Tennergy Corp Tenn Gas Revenue Series 2021 A, 4% tender 12/1/2051 (Morgan Stanley Guaranteed) (b) | 70000 | 70394 |
| Tennessee Energy Acquisition Corp Commodity Proj Rev Series 2021 A, 5% tender 5/1/2052 (b) | 300000 | 316047 |
| Tennessee Engy Acq Crp Gas Rev 5% 2/1/2027 (Goldman Sachs Group Inc/The Guaranteed)  | 40000 | 40631 |
| Tennessee Engy Acq Crp Gas Rev 5% tender 5/1/2053 (b) | 130000 | 134042 |
| Tennessee St Sch Bd Auth 5% 11/1/2038  | 60000 | 63883 |
| Tennessee St Sch Bd Auth 5% 11/1/2041  | 25000 | 26173 |
| Tennessee St Sch Bd Auth 5% 11/1/2042  | 45000 | 46820 |
|  |  | 805405 |
| Health Care - 0.2% |  |  |
| Chattanooga Health Educational & Housing Facility Board Series 2024, 5% 12/1/2038  | 55000 | 57485 |
| Chattanooga Health Educational & Housing Facility Board Series 2024, 5% 12/1/2039  | 70000 | 72284 |
| Chattanooga Health Educational & Housing Facility Board Series 2024, 5.25% 12/1/2042  | 75000 | 77441 |
| Jackson TN Hosp Rev (West Tennessee Healthcare Proj.) Series 2015, 5% 4/1/2036  | 100000 | 100009 |
| Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Vanderbilt Hospital, TN Proj.) Series 2016 A, 5% 7/1/2031  | 35000 | 35439 |
| Shelby Cnty TN Hlth Edl & Hsg Facs (Methodist Le Bonheur Health Proj.) 5% 5/1/2030  | 85000 | 87151 |
|  |  | 429809 |
| Housing - 0.1% |  |  |
| Tennessee Hsg Dev Agy Residential Fin Prog Rev 6% 1/1/2056  | 150000 | 164512 |
| Other - 0.8% |  |  |
| Hamilton Cntytenn Gen. Oblig. Series 2024 A, 5% 8/1/2039  | 160000 | 174937 |
| Memphis TN Gen. Oblig. 5% 4/1/2044  | 85000 | 87626 |
| Memphis TN Gen. Oblig. Series 2024A, 5% 4/1/2039  | 140000 | 149253 |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2024C, 5% 1/1/2042  | 200000 | 212449 |
| Rutherford Cnty TN Gen. Oblig. Series 2023, 5% 4/1/2038  | 205000 | 222399 |
| Shelby Cnty TN Gen. Oblig. 5% 4/1/2038  | 80000 | 86316 |
| Shelby Cnty TN Gen. Oblig. 5% 4/1/2039  | 75000 | 80039 |
| Shelby Cnty TN Gen. Oblig. 5% 4/1/2040  | 55000 | 58233 |
| Shelby Cnty TN Gen. Oblig. Series 2025A, 5% 4/1/2039  | 60000 | 65133 |
| Shelby Cnty TN Gen. Oblig. Series 2025A, 5% 4/1/2043  | 150000 | 157433 |
|  |  | 1293818 |
| Special Tax - 0.1% |  |  |
| Metropolitan Govt Nashville & Davidson Cnty Tenn Sports Auth Rev Series 2023A, 5% 7/1/2040 (Assured Guaranty Ltd Insured)  | 95000 | 100117 |
| Metropolitan Govt Nashville & Davidson Cnty Tenn Sports Auth Rev Series 2023A, 5% 7/1/2041 (Assured Guaranty Ltd Insured)  | 55000 | 57462 |
| Metropolitan Govt Nashville & Davidson Cnty Tenn Sports Auth Rev Series 2023A, 5.25% 7/1/2048 (Assured Guaranty Ltd Insured)  | 100000 | 103710 |
|  |  | 261289 |
| Transportation - 0.2% |  |  |
| Metro Nashville Arpt Auth Rev 5% 7/1/2026 (c) | 30000 | 30557 |
| Metro Nashville Arpt Auth Rev 5.5% 7/1/2041 (c) | 100000 | 105438 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2033 (c) | 100000 | 104967 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2054 (c) | 205000 | 200422 |
|  |  | 441384 |
| TOTAL TENNESSEE |  | 3469985 |
| Texas - 10.2%  |  |  |
| Education - 0.6% |  |  |
| Board of Regents of the University of Texas System Series 2024A, 5% 8/15/2037  | 40000 | 44020 |
| Clifton Higher Education Finance Corp Series 2019, 4% 8/15/2037  | 30000 | 29471 |
| Texas A&M Univ Perm Univ Fund Series 2025A, 5% 7/1/2052  | 110000 | 113109 |
| Texas A&M Univ Revs Series 2024A, 5% 5/15/2038  | 180000 | 196641 |
| Texas A&M Univ Revs Series 2024A, 5% 5/15/2042  | 350000 | 369786 |
| Texas St Univ Sys Fing Rev Series 2017 A, 5% 3/15/2033  | 35000 | 35933 |
| Texas Tech Univ Revs Series 2023A, 5% 2/15/2040  | 190000 | 201171 |
| University Houston TX Univ Rev Series 2022A, 5% 2/15/2040  | 50000 | 52191 |
|  |  | 1042322 |
| Electric Utilities - 1.0% |  |  |
| Austin TX Elec Util Sys Rev Series 2024, 5% 11/15/2038  | 125000 | 135404 |
| City of Georgetown TX Series 2022, 5% 8/15/2037 (Assured Guaranty Municipal Corp Insured)  | 70000 | 74561 |
| City of Georgetown TX Series 2022, 5% 8/15/2039 (Assured Guaranty Municipal Corp Insured)  | 75000 | 78774 |
| City of Georgetown TX Series 2024, 5% 8/15/2043  | 165000 | 171062 |
| Corpus Christi TX Util Sys Rev Series 2022B, 5% 7/15/2047  | 25000 | 25470 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2037  | 30000 | 30518 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2022, 5% 5/15/2037  | 145000 | 153685 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2022, 5% 5/15/2042  | 145000 | 148228 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2044 (Assured Guaranty Ltd Insured)  | 80000 | 82388 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024A, 5% 5/15/2042 (Assured Guaranty Municipal Corp Insured)  | 85000 | 88478 |
| Lower Colorado River Authority Series 2019 A, 5% 5/15/2044  | 50000 | 50568 |
| Lower Colorado River Authority Series 2020 A, 5% 5/15/2045  | 30000 | 30237 |
| Lower Colorado River Authority Series 2022, 5% 5/15/2039 (Assured Guaranty Ltd Insured)  | 120000 | 125240 |
| Lower Colorado River Authority Series 2023A, 5.25% 5/15/2048  | 50000 | 51450 |
| Lower Colorado River Authority Series 2024, 5% 5/15/2036  | 40000 | 43441 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2036  | 40000 | 43126 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2038  | 120000 | 126915 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2040  | 75000 | 79556 |
| San Antonio TX Elec & Gas Rev 5.25% 2/1/2044  | 35000 | 36901 |
| San Antonio TX Elec & Gas Rev 5.25% 2/1/2049  | 100000 | 103814 |
| San Antonio TX Elec & Gas Rev Series 2021 A, 5% 2/1/2037  | 130000 | 137656 |
| San Antonio TX Elec & Gas Rev Series 2021 A, 5% 2/1/2038  | 35000 | 36743 |
|  |  | 1854215 |
| General Obligations - 5.4% |  |  |
| Aldine TX Indpt Sch Dist Series 2024, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 55000 | 59509 |
| Aldine TX Indpt Sch Dist Series 2024, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 95000 | 101957 |
| Aldine TX Indpt Sch Dist Series 2024, 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 60000 | 63808 |
| Aldine TX Indpt Sch Dist Series 2024, 5% 2/15/2042  | 40000 | 41866 |
| Aldine TX Indpt Sch Dist Series 2024, 5% 2/15/2043  | 40000 | 41686 |
| Arlington TX Ind Sch Dist Series 2022, 5% 2/15/2037  | 60000 | 64004 |
| Austin Tex Gen. Oblig. Series 2020, 5% 9/1/2040  | 55000 | 57264 |
| Austin Tex Gen. Oblig. Series 2023, 5% 9/1/2039  | 125000 | 133853 |
| Austin TX Indpt Sch Dist 5% 8/1/2037 (Permanent Sch Fund of Texas Guaranteed)  | 40000 | 43816 |
| Austin TX Indpt Sch Dist 5% 8/1/2042  | 75000 | 78260 |
| Barbers Hill TX Indpt Sch Dist Series 2022, 5% 2/15/2037  | 125000 | 134753 |
| Barbers Hill TX Indpt Sch Dist Series 2022, 5% 2/15/2042  | 105000 | 109468 |
| Bexar Cnty TX Hosp Dist Gen. Oblig. Series 2020, 3% 2/15/2034  | 50000 | 46580 |
| Bexar Cnty TX Hosp Dist Gen. Oblig. Series 2020, 3% 2/15/2036  | 20000 | 17830 |
| Bexar Cnty TX Hosp Dist Gen. Oblig. Series 2020, 4% 2/15/2037  | 90000 | 89286 |
| Bexar Cnty TX Hosp Dist Gen. Oblig. Series 2022, 5% 2/15/2037  | 60000 | 63844 |
| Birdville TX Indpt Sch Dist Series 2023A, 5% 2/15/2048 (Permanent Sch Fund of Texas Guaranteed)  | 80000 | 81897 |
| Cedar Hill TX Indpt Sch Dist Series 2024, 5% 2/15/2044 (Permanent Sch Fund of Texas Guaranteed)  | 120000 | 124517 |
| Collin Cnty TX Cmnty Coll Dist Gen. Oblig. Series 2018, 4% 8/15/2032  | 130000 | 131664 |
| Collin Cnty TX Cmnty Coll Dist Gen. Oblig. Series 2018, 5% 8/15/2026  | 75000 | 76900 |
| Collin Cnty TX Cmnty Coll Dist Gen. Oblig. Series 2020A, 4% 8/15/2034  | 90000 | 91479 |
| Conroe TX Isd Series 2024, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 260000 | 282507 |
| County of Collin TX Gen. Oblig. 4% 2/15/2035  | 25000 | 25279 |
| County of Collin TX Gen. Oblig. 5% 2/15/2038  | 35000 | 38036 |
| Cypress-Fairbanks TX Isd Series 2022A, 5% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 70000 | 72856 |
| Cypress-Fairbanks TX Isd Series 2023, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 90000 | 97507 |
| Cypress-Fairbanks TX Isd Series 2023, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 130000 | 139594 |
| Cypress-Fairbanks TX Isd Series 2024B, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 200000 | 213894 |
| Cypress-Fairbanks TX Isd Series 2024B, 5% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 40000 | 41924 |
| Dallas TX Gen. Oblig. Series 2019 B, 5% 2/15/2027  | 50000 | 51801 |
| Dallas TX Gen. Oblig. Series 2023A, 5% 2/15/2035  | 85000 | 93222 |
| Dallas TX ISD 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 35000 | 38324 |
| Dallas TX ISD 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 40000 | 43171 |
| Dallas TX ISD 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 30000 | 31751 |
| Dallas TX ISD 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 110000 | 117641 |
| Dallas TX ISD Series 2024, 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 30000 | 31736 |
| Del Valle Tex Indpt Sch Dist Series 2022, 4% 6/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 35000 | 35234 |
| Denton Independent School District Series 2025A, 5% 8/15/2044 (Permanent Sch Fund of Texas Guaranteed)  | 500000 | 519138 |
| Eagle Mtn & Saginaw TX Isd Series 2021, 3% 8/15/2039  | 55000 | 45707 |
| Ector Cnty TX Gen. Oblig. Series 2024, 5% 2/15/2043  | 120000 | 123515 |
| El Paso Cnty TX Hosp Dist Gen. Oblig. Series 2025, 5.5% 2/15/2050 (Assured Guaranty Municipal Corp Insured) (d) | 250000 | 260138 |
| El Paso Independent School District Series 2019, 4% 8/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 125000 | 126239 |
| El Paso Tex Gen. Oblig. Series 2016, 4% 8/15/2029  | 75000 | 75626 |
| El Paso Tex Gen. Oblig. Series 2016, 4% 8/15/2031  | 45000 | 45293 |
| Forney TX Indpt Sch Dis Series 2022B, 5% 8/15/2038  | 35000 | 36919 |
| Forney TX Indpt Sch Dis Series 2022B, 5% 8/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 80000 | 83893 |
| Forney TX Indpt Sch Dis Series 2022B, 5% 8/15/2040  | 30000 | 31324 |
| Fort Worth TX Gen. Oblig. Series 2023, 5% 3/1/2038  | 60000 | 63963 |
| Fort Worth TX Gen. Oblig. Series 2023, 5% 3/1/2039  | 345000 | 364453 |
| Fredericksburg Tex Indpt Sch Dist Series 2022, 5% 2/15/2047 (Permanent Sch Fund of Texas Guaranteed)  | 235000 | 239788 |
| Frisco Tex Indpt Sch Dis Series 2023, 5% 2/15/2043  | 55000 | 57093 |
| Frisco Tex Indpt Sch Dis Series 2024, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 110000 | 119354 |
| Harris Cnty TX Flood Ctl Dist Gen. Oblig. Series 2020A, 3% 10/1/2038  | 135000 | 113171 |
| Harris Cnty TX Gen. Oblig. Series 2024, 5% 9/15/2040  | 60000 | 63929 |
| Harris Cnty TX Series 2016 A, 5% 8/15/2033  | 25000 | 25454 |
| Hays TX Cons Indpt Schl Dist Series 2022, 4% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 25000 | 24712 |
| Houston TX Gen. Oblig. 5% 3/1/2032  | 25000 | 25652 |
| Houston TX Gen. Oblig. 5% 3/1/2039  | 225000 | 240035 |
| Houston TX Gen. Oblig. 5% 3/1/2040  | 45000 | 47456 |
| Houston TX Gen. Oblig. Series 2019 A, 5% 3/1/2028  | 25000 | 26433 |
| Houston TX Gen. Oblig. Series 2023, 5% 3/1/2037  | 100000 | 107994 |
| Houston TX Gen. Oblig. Series 2023, 5.25% 3/1/2039  | 25000 | 26914 |
| Houston TX Gen. Oblig. Series 2023, 5.25% 3/1/2040  | 25000 | 26637 |
| Houston TX Gen. Oblig. Series 2023, 5.25% 3/1/2043  | 75000 | 78425 |
| Houston TX Indpt Sch Dist Series 2018, 5% 7/15/2029  | 30000 | 31819 |
| Hurst Euless Bedford TX Ind Sch Dist Series 2024, 5% 8/15/2044 (Permanent Sch Fund of Texas Guaranteed)  | 120000 | 124680 |
| Irving TX Indpt Sch Dist Series 2023, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 65000 | 71328 |
| Irving TX Indpt Sch Dist Series 2023, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 85000 | 91739 |
| Irving TX Indpt Sch Dist Series 2023, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 40000 | 42783 |
| Judson TX Indpt Sch Dist Series 2016, 4% 2/1/2033  | 50000 | 50095 |
| Katy TX Ind Sch Dist Series 2023, 5% 2/15/2043 (Permanent Sch Fund of Texas Guaranteed)  | 25000 | 25902 |
| Lake Travis TX Indpt Sch Dist Series 2023, 5% 2/15/2037  | 50000 | 53474 |
| Lamar TX Isd Series 2023 A, 5% 2/15/2040  | 45000 | 47664 |
| Lamar TX Isd Series 2023, 5% 2/15/2036 (Assured Guaranty Municipal Corp Insured)  | 95000 | 103545 |
| Lamar TX Isd Series 2023, 5% 2/15/2037  | 40000 | 43225 |
| Lamar TX Isd Series 2023, 5% 2/15/2038  | 30000 | 32136 |
| Lamar TX Isd Series 2023, 5% 2/15/2041 (Assured Guaranty Municipal Corp Insured)  | 25000 | 26139 |
| Liberty Hill TX Indpt Sch Dist Series 2021, 3% 2/1/2040  | 35000 | 28376 |
| Liberty Hill TX Indpt Sch Dist Series 2022, 3% 2/1/2051  | 120000 | 81854 |
| Magnolia Tex Indpt Sch Dist Series 2023, 5% 8/15/2038  | 35000 | 37237 |
| Magnolia Tex Indpt Sch Dist Series 2023, 5% 8/15/2040  | 40000 | 41891 |
| Magnolia Tex Indpt Sch Dist Series 2023, 5% 8/15/2041  | 100000 | 103776 |
| New Caney TX Indpt Sch Dist New Series 2023, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 155000 | 166632 |
| Northwest Tex Indpt Sch Dist Series 2023, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 70000 | 75418 |
| Northwest Tex Indpt Sch Dist Series 2024, 5% 2/15/2049  | 105000 | 107198 |
| Pecos Barstow Toyah Ind Sch Dist Series 2023, 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 75000 | 78199 |
| Pecos Barstow Toyah Ind Sch Dist Series 2023, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 30000 | 31089 |
| Pflugerville Tex Indpt Sch Dist 5% 2/15/2037  | 225000 | 240363 |
| Pflugerville Tex Indpt Sch Dist 5% 2/15/2039  | 35000 | 36682 |
| Plano Independent School District 5% 2/15/2036  | 35000 | 37973 |
| Plano Independent School District 5% 2/15/2037  | 55000 | 59225 |
| Port Houston Auth TX Harris Gen. Oblig. Series 2020 A 2, 4% 10/1/2037  | 30000 | 29867 |
| Princeton TX Indpt Sch Dist Series 2023, 5.25% 2/15/2048  | 25000 | 25958 |
| Prosper Tex Indpt Sch Dist Series 2024, 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 40000 | 42449 |
| Royse City TX Indpt Sch Dist Series 2023, 5% 2/15/2048 (Permanent Sch Fund of Texas Guaranteed)  | 45000 | 46009 |
| Sabine-Neches Tex Nav Dist Gen. Oblig. Series 2022, 5.25% 2/15/2041  | 45000 | 46888 |
| San Antonio TX Gen. Oblig. Series 2019, 3% 8/1/2035  | 90000 | 81892 |
| San Antonio TX Gen. Oblig. Series 2024, 5% 2/1/2039  | 35000 | 37837 |
| San Antonio TX Indpt Sch Dist Series 2018, 5% 8/15/2043 (Permanent Sch Fund of Texas Guaranteed)  | 160000 | 160233 |
| San Antonio TX Indpt Sch Dist Series 2022, 5% 8/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 75000 | 81021 |
| Spring Branch Tex Indp Sch Dst Series 2022, 5% 2/1/2037  | 60000 | 64459 |
| Tarrant Cnty Tex College Dist Gen. Oblig. Series 2022, 5% 8/15/2036  | 270000 | 292011 |
| Tarrant Cnty Tex College Dist Gen. Oblig. Series 2022, 5% 8/15/2037  | 30000 | 32199 |
| Tarrant Cnty Tex College Dist Gen. Oblig. Series 2022, 5% 8/15/2038  | 40000 | 42560 |
| Tarrant Cnty Tex College Dist Gen. Oblig. Series 2022, 5% 8/15/2039  | 105000 | 110978 |
| Texas State Gen. Oblig. Series 2016 A, 5% 4/1/2028  | 35000 | 35537 |
| Tomball TX Indpt Sch Dist 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 100000 | 108617 |
| Tomball TX Indpt Sch Dist 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 130000 | 139950 |
| Travis Cnty TX Gen. Oblig. Series 2024, 5% 3/1/2037  | 145000 | 159147 |
| Waller TX Indpt Sch Dist Series 2023A, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 50000 | 53622 |
| Williamson Cnty Tex Gen. Oblig. Series 2020, 5% 2/15/2032  | 75000 | 79923 |
| Wylie Tex Indpt Sch Dist Collin Cnty Series 2024, 5% 8/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 45000 | 48884 |
|  |  | 9598456 |
| Health Care - 0.8% |  |  |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2028  | 45000 | 46798 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% 11/15/2051  | 100000 | 100031 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2044  | 505000 | 518092 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 5% 10/1/2037  | 155000 | 164734 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 5% 10/1/2038  | 55000 | 57846 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 5% 10/1/2040  | 275000 | 285033 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Christus Health Proj.) Series 2018 B, 5% 7/1/2034  | 75000 | 77836 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Christus Health Proj.) Series 2018 B, 5% 7/1/2038  | 100000 | 101883 |
|  |  | 1352253 |
| Housing - 0.0% |  |  |
| Texas St Dept Hsg & Cmnty Sfr Series 2023A, 5.75% 3/1/2054  | 20000 | 21584 |
| Other - 1.0% |  |  |
| Aldine TX Indpt Sch Dist 5% 2/15/2039  | 105000 | 112689 |
| Board of Regents of the University of Texas System Series 2024A, 5% 8/15/2044  | 100000 | 104083 |
| Cedar Hill TX Indpt Sch Dist Series 2024, 5% 2/15/2042  | 35000 | 36684 |
| Collin Cnty Tex Cmnty College Gen. Oblig. 5% 8/15/2037  | 50000 | 54115 |
| Collin Cnty Tex Cmnty College Gen. Oblig. 5% 8/15/2039  | 120000 | 127837 |
| County of Smith TX Gen. Oblig. Series 2023, 5% 8/15/2039  | 145000 | 152158 |
| Longview Tex Indpt Sch Dist Series 2024, 5% 2/15/2038  | 40000 | 43567 |
| Midland Cnty Tex Gen. Oblig. Series 2024, 5% 2/15/2037  | 245000 | 264584 |
| Midland Cnty Tex Gen. Oblig. Series 2024, 5% 2/15/2042  | 30000 | 31089 |
| Northwest Tex Indpt Sch Dist Series 2024 A, 5% 2/15/2043  | 150000 | 155119 |
| Northwest Tex Indpt Sch Dist Series 2024 A, 5% 2/15/2044  | 90000 | 92705 |
| Pflugerville Tex Gen. Oblig. Series 2023, 5% 8/1/2048  | 30000 | 30345 |
| Plano Independent School District Series 2025, 5% 2/15/2039  | 150000 | 160871 |
| San Antonio TX Gen. Oblig. Series 2024, 5% 2/1/2037  | 30000 | 33043 |
| Tarrant Regional Water District 5% 9/1/2036  | 285000 | 317445 |
| Williamson Cnty Tex Gen. Oblig. Series 2022, 4% 2/15/2041  | 45000 | 43035 |
| Williamson Cnty Tex Gen. Oblig. Series 2024, 5% 2/15/2038  | 85000 | 92242 |
|  |  | 1851611 |
| Special Tax - 0.1% |  |  |
| Dallas TX Rapid Transit Sales Tax Rev Series 2020 A, 5% 12/1/2045  | 30000 | 30478 |
| Texas Pub Fin Auth Lease Rev Series 2019, 4% 2/1/2035  | 30000 | 30132 |
| Texas Transn Commn Gen. Oblig. Series 2024, 5% 4/1/2040  | 50000 | 53231 |
|  |  | 113841 |
| Transportation - 0.2% |  |  |
| Central TX Regl Mobility Auth Rev 5% 1/1/2038  | 50000 | 52347 |
| Central TX Regl Mobility Auth Rev Series 2020 E, 4% 1/1/2050  | 50000 | 42736 |
| Central TX Regl Mobility Auth Rev Series 2021 D, 4% 1/1/2037  | 35000 | 34671 |
| Dallas Fort Worth International Airport Series 2021 A, 4% 11/1/2038  | 40000 | 39014 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2024 A, 5% 8/15/2036  | 40000 | 44060 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2024 A, 5.25% 8/15/2049  | 50000 | 52252 |
| Harris Cnty TX (Harris County Toll Road Auth Proj.) Series 2016 A, 5% 8/15/2029  | 65000 | 66449 |
| Port of Houston Auth Series 2023, 5% 10/1/2038  | 30000 | 32142 |
| Texas Private Activity Bd Surface Transn Corp Rev Series 2019 A, 4% 12/31/2039  | 80000 | 74549 |
|  |  | 438220 |
| Water & Sewer - 1.1% |  |  |
| Austin TX Wtr & Wastewtr Sys 5% 11/15/2036  | 60000 | 63922 |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2036  | 120000 | 130399 |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2039  | 40000 | 42216 |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2040  | 25000 | 26223 |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2042  | 30000 | 31014 |
| Austin TX Wtr & Wastewtr Sys Series 2024, 5% 11/15/2037  | 135000 | 147734 |
| City of El Paso TX Water & Sewer Revenue Series 2022, 5% 3/1/2037  | 125000 | 132641 |
| Dallas TX Wtrwks & Swr Sys Rev 5% 10/1/2038  | 110000 | 119178 |
| Houston TX Util Sys Rev Series 2018 D, 5% 11/15/2032  | 40000 | 42323 |
| North Harris Cnty Regl Wtr TX Series 2016, 5% 12/15/2033  | 35000 | 35719 |
| San Antonio TX Wtr Rev Series 2018A, 5% 5/15/2034  | 35000 | 36526 |
| San Antonio TX Wtr Rev Series 2022B, 5% 5/15/2037  | 115000 | 124285 |
| San Antonio TX Wtr Rev Series 2024B, 5% 5/15/2038  | 300000 | 328430 |
| Texas Wtr Dev Brd 3% 10/15/2040  | 100000 | 82713 |
| Texas Wtr Dev Brd 4% 10/15/2033  | 30000 | 30675 |
| Texas Wtr Dev Brd 5% 8/1/2040  | 40000 | 43330 |
| Texas Wtr Dev Brd 5% 8/1/2046  | 100000 | 103068 |
| Texas Wtr Dev Brd Series 2018A, 4% 10/15/2033  | 30000 | 30233 |
| Texas Wtr Dev Brd Series 2018A, 4% 10/15/2036  | 40000 | 39618 |
| Texas Wtr Dev Brd Series 2019, 5% 8/1/2036  | 75000 | 79050 |
| Texas Wtr Dev Brd Series 2022, 5% 8/1/2041  | 55000 | 57794 |
| Texas Wtr Dev Brd Series A, 5% 10/15/2031  | 150000 | 156325 |
| Trinity River Auth TX Regl Wastewtr Sys Rev Series 2017, 5% 8/1/2032  | 25000 | 25867 |
| Trinity River Auth TX Regl Wastewtr Sys Rev Series 2018, 5% 8/1/2032  | 80000 | 84283 |
|  |  | 1993566 |
| TOTAL TEXAS |  | 18266068 |
| Utah - 1.3%  |  |  |
| Education - 0.4% |  |  |
| University UT Univ Revs 5% 8/1/2039  | 185000 | 196386 |
| University UT Univ Revs 5% 8/1/2041  | 255000 | 267382 |
| University UT Univ Revs Series 2022B, 5% 8/1/2037  | 30000 | 32263 |
| University UT Univ Revs Series 2022B, 5% 8/1/2038  | 75000 | 79999 |
| University UT Univ Revs Series 2022B, 5% 8/1/2039  | 80000 | 84721 |
| University UT Univ Revs Series 2024 A 1, 5% 8/1/2043  | 120000 | 126062 |
|  |  | 786813 |
| Electric Utilities - 0.2% |  |  |
| Intermountain Pwr Agy UT Pwr Series 2022A, 5% 7/1/2038  | 25000 | 26029 |
| Intermountain Pwr Agy UT Pwr Series 2022A, 5% 7/1/2039  | 105000 | 109032 |
| Intermountain Pwr Agy UT Pwr Series 2023 A, 5% 7/1/2042  | 245000 | 250579 |
| Intermountain Pwr Agy UT Pwr Series 2024A, 5% 7/1/2042  | 50000 | 51307 |
|  |  | 436947 |
| General Obligations - 0.0% |  |  |
| Alpine Sch UT Series 2017, 5% 3/15/2028  | 30000 | 30981 |
| Health Care - 0.4% |  |  |
| Utah Cnty Utah Hosp Rev (IHC Health Services Inc Proj.) Series 2016B, 4% 5/15/2047  | 75000 | 65686 |
| Utah Cnty Utah Hosp Rev (IHC Health Services Inc Proj.) Series 2018 A, 5% 5/15/2041  | 150000 | 150187 |
| Utah Cnty Utah Hosp Rev (IHC Health Services Inc Proj.) Series 2020 A, 5% 5/15/2043  | 55000 | 55923 |
| Utah Cnty Utah Hosp Rev (IHC Health Services Inc Proj.) Series 2020 A, 5% 5/15/2050  | 400000 | 400202 |
|  |  | 671998 |
| Special Tax - 0.1% |  |  |
| Utah Telecommunication Open Infrastructure Agy Sales Tax & Telecommunications Rev 5.25% 6/1/2037  | 65000 | 70664 |
| Utah Tran Auth Sales Tax Rev 4% 12/15/2029  | 35000 | 35271 |
| Utah Tran Auth Sales Tax Rev Series 2018 2, 3.75% 12/15/2041  | 20000 | 17706 |
|  |  | 123641 |
| Transportation - 0.2% |  |  |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2027 (c) | 45000 | 46454 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2026 (c) | 150000 | 152637 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2040 (c) | 100000 | 104258 |
|  |  | 303349 |
| Water & Sewer - 0.0% |  |  |
| Central Utah Wtr Conservancy Dist Wtr Rev Series 2020 D, 5% 10/1/2035  | 10000 | 10725 |
| TOTAL UTAH |  | 2364454 |
| Vermont - 0.2%  |  |  |
| Other - 0.2% |  |  |
| Burlington VT Series 2023 A, 5% 11/1/2041  | 300000 | 317970 |
| Virginia - 0.5%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Richmond VA Pub Util Rev Series 2020 A, 3% 1/15/2041  | 80000 | 64861 |
| Richmond VA Pub Util Rev Series 2020 A, 3% 1/15/2045  | 60000 | 45328 |
|  |  | 110189 |
| General Obligations - 0.2% |  |  |
| Chesterfield Cnty VA Economic Dev Auth Rev (Chesterfield Cnty VA Proj.) Series 2020F, 2% 4/1/2041  | 145000 | 95894 |
| Fairfax Cnty VA Gen. Oblig. Series 2020A, 5% 10/1/2035  | 75000 | 80505 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2022A, 5% 2/1/2037  | 115000 | 123777 |
| Virginia St Pub Bldg Auth Pub Series 2018A, 3% 8/1/2033  | 20000 | 19015 |
|  |  | 319191 |
| Health Care - 0.1% |  |  |
| Lynchburg Economic Development Authority (Centra Health Proj.) Series 2017 A, 4% 1/1/2047  | 50000 | 42747 |
| Virginia Small Business Fing Auth Healthcare Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2020, 4% 11/1/2038  | 100000 | 96124 |
| Virginia Small Business Fing Auth Healthcare Facs Rev Series 2025 A 1, 5.25% 6/15/2050  | 75000 | 75940 |
|  |  | 214811 |
| Other - 0.0% |  |  |
| Virginia Comwlth Transn Brd Tr Series 2023, 5% 5/15/2038  | 40000 | 43301 |
| Transportation - 0.1% |  |  |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 7/1/2041 (c) | 45000 | 40036 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 7/1/2031 (c) | 120000 | 119926 |
|  |  | 159962 |
| TOTAL VIRGINIA |  | 847454 |
| Washington - 4.2%  |  |  |
| Electric Utilities - 0.7% |  |  |
| Energy Norwthwest WA Elec Rev (Bonneville Power Administration Proj.) Series 2020 A, 5% 7/1/2036  | 175000 | 186011 |
| Energy Norwthwest WA Elec Rev (Bonneville Power Administration Proj.) Series 2020 A, 5% 7/1/2037  | 125000 | 132140 |
| Energy Norwthwest WA Elec Rev 5% 7/1/2039 (Bonneville Power Administration Guaranteed)  | 40000 | 42722 |
| Energy Norwthwest WA Elec Rev Series 2019 A, 5% 7/1/2036 (Bonneville Power Administration Guaranteed)  | 65000 | 68156 |
| Energy Norwthwest WA Elec Rev Series 2019 A, 5% 7/1/2037 (Bonneville Power Administration Guaranteed)  | 60000 | 62746 |
| Energy Norwthwest WA Elec Rev Series 2020 A, 5% 7/1/2038  | 220000 | 230933 |
| Grant Cnty WA Pub Util Dist 2 Hydro Elec Rev Series 2023 A, 5% 1/1/2038  | 175000 | 188218 |
| Seattle WA Mun Lt & Pwr Rev Series 2019 A, 5% 4/1/2038  | 50000 | 52162 |
| Seattle WA Mun Lt & Pwr Rev Series 2021 A, 4% 7/1/2036  | 35000 | 35497 |
| Seattle WA Mun Lt & Pwr Rev Series 2022, 5% 7/1/2042  | 45000 | 46844 |
| Seattle WA Mun Lt & Pwr Rev Series 2023A, 5% 3/1/2038  | 80000 | 86017 |
| Seattle Wash Drain & Wstwtr Rv Series 2017, 4% 7/1/2036  | 30000 | 30072 |
| Tacoma WA Elec Sys Rev Series 2024A, 5% 1/1/2054  | 50000 | 50491 |
| Tacoma WA Elec Sys Rev Series 2024B, 5% 1/1/2037  | 100000 | 109521 |
|  |  | 1321530 |
| General Obligations - 2.1% |  |  |
| Clark Cnty WA Sch Dist 114 Evergreen Series 2018, 4% 12/1/2033  | 20000 | 20303 |
| Clark Cnty WA Sch Dist 114 Evergreen Series 2018, 4% 12/1/2034  | 20000 | 20205 |
| Clark Cnty Wash Sch Dist 37 Vancouver Series 2018, 5% 12/1/2035 (State of Washington Guaranteed)  | 80000 | 83458 |
| King & Snohomish Cnty WA Sch Dist No 417 Series 2022, 5% 12/1/2037 (State of Washington Guaranteed)  | 60000 | 64533 |
| King & Snohomish Cnty WA Sch Dist No 417 Series 2022, 5% 12/1/2038 (State of Washington Guaranteed)  | 235000 | 250784 |
| King Cnty WA Pub Hosp Dist 1 Gen. Oblig. Series 2018, 5% 12/1/2037  | 50000 | 51336 |
| King Cnty WA Sch Dist No 401 Highline Series 2023, 5% 12/1/2038 (State of Washington Guaranteed)  | 260000 | 279422 |
| King Cnty WA Sch Dist No 401 Highline Series 2023, 5% 12/1/2039 (State of Washington Guaranteed)  | 140000 | 149423 |
| King County WA Gen. Oblig. Series 2024, 5% 12/1/2044  | 30000 | 31320 |
| Pierce Cnty WA Sch Dist No 3 Puyallup Series 2017, 5% 12/1/2032  | 35000 | 36121 |
| Pierce Cnty WA SD 403 Bethel Series 2019, 5% 12/1/2035 (State of Washington Guaranteed)  | 65000 | 68435 |
| Snohomish Cnty WA Sch Dist 15 Edmonds Series 2024, 5% 12/1/2038 (State of Washington Guaranteed)  | 195000 | 211434 |
| State of Washington Gen. Oblig. 5% 2/1/2040  | 30000 | 31901 |
| State of Washington Gen. Oblig. 5% 2/1/2046  | 35000 | 35971 |
| State of Washington Gen. Oblig. 5% 6/1/2044  | 80000 | 82920 |
| State of Washington Gen. Oblig. Series 2016C, 5% 2/1/2037  | 40000 | 40287 |
| State of Washington Gen. Oblig. Series 2019 D, 5% 6/1/2039  | 35000 | 36064 |
| State of Washington Gen. Oblig. Series 2020A, 5% 8/1/2040  | 110000 | 113443 |
| State of Washington Gen. Oblig. Series 2020B, 5% 6/1/2039  | 60000 | 62114 |
| State of Washington Gen. Oblig. Series 2020B, 5% 6/1/2040  | 25000 | 25753 |
| State of Washington Gen. Oblig. Series 2020C, 5% 2/1/2038  | 85000 | 89062 |
| State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2040  | 40000 | 41566 |
| State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2041  | 30000 | 31000 |
| State of Washington Gen. Oblig. Series 2021 C, 5% 2/1/2037  | 75000 | 80199 |
| State of Washington Gen. Oblig. Series 2021 C, 5% 2/1/2042  | 225000 | 232861 |
| State of Washington Gen. Oblig. Series 2021 F, 5% 6/1/2037  | 60000 | 64252 |
| State of Washington Gen. Oblig. Series 2021 F, 5% 6/1/2045  | 430000 | 439997 |
| State of Washington Gen. Oblig. Series 2021E, 5% 6/1/2036  | 60000 | 64662 |
| State of Washington Gen. Oblig. Series 2021E, 5% 6/1/2042  | 45000 | 46637 |
| State of Washington Gen. Oblig. Series 2021E, 5% 6/1/2043  | 80000 | 82483 |
| State of Washington Gen. Oblig. Series 2022 A, 5% 8/1/2044  | 40000 | 41100 |
| State of Washington Gen. Oblig. Series 2022C, 5% 2/1/2045  | 30000 | 30764 |
| State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2040  | 30000 | 31761 |
| State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2042  | 40000 | 41712 |
| State of Washington Gen. Oblig. Series 2024 C, 5% 2/1/2039  | 30000 | 32497 |
| State of Washington Gen. Oblig. Series 2024 C, 5% 2/1/2040  | 55000 | 58954 |
| State of Washington Gen. Oblig. Series 2024 D, 5% 6/1/2039  | 85000 | 91860 |
| State of Washington Gen. Oblig. Series 2024 D, 5% 6/1/2042  | 170000 | 179434 |
| State of Washington Gen. Oblig. Series R 2017B, 5% 8/1/2034  | 35000 | 35610 |
| State of Washington Gen. Oblig. Series R 2021A, 5% 6/1/2037  | 35000 | 36891 |
| State of Washington Gen. Oblig. Series R 2023 A, 5% 8/1/2038  | 55000 | 59492 |
|  |  | 3508021 |
| Health Care - 0.4% |  |  |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2037  | 135000 | 138506 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2044  | 25000 | 24893 |
| Washington St Health Care Facs Auth Rev (Fred Hutchinson Cancer Research Center Proj.) 5% 9/1/2040  | 175000 | 177846 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2026  | 415000 | 425610 |
| Washington St Health Care Facs Auth Rev (Seattle Children's Hospital Proj.) Series B, 5% 10/1/2038  | 20000 | 20728 |
|  |  | 787583 |
| Lease Revenue - 0.0% |  |  |
| Fyi Properties Wash Lease Rev Series 2019, 5% 6/1/2038  | 65000 | 66713 |
| Other - 0.4% |  |  |
| Everett Housing Authority/WA Series 2022, 4% 7/1/2037  | 195000 | 181555 |
| Franklin Cnty Wash Sch Dist No 001 Pasco Series 2023, 5% 12/1/2037  | 100000 | 108496 |
| Franklin Cnty Wash Sch Dist No 001 Pasco Series 2023, 5% 12/1/2038  | 190000 | 204343 |
| Grant Cnty Wash Gen. Oblig. Series 2022, 5.25% 12/1/2047  | 65000 | 66931 |
| King County WA Gen. Oblig. Series 2024, 5% 12/1/2043  | 65000 | 68212 |
| Whatcom Cnty Wash Sch Dist No 501 Bellingham 5% 12/1/2039  | 75000 | 79814 |
|  |  | 709351 |
| Special Tax - 0.0% |  |  |
| Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2021 S 1, 5% 11/1/2043  | 35000 | 36310 |
| Fyi Properties Wash Lease Rev (State of Washington Proj.) Series 2019, 5% 6/1/2033  | 35000 | 36594 |
|  |  | 72904 |
| Transportation - 0.6% |  |  |
| Port Seattle WA Rev 5% 2/1/2029  | 25000 | 25262 |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2034 (c) | 25000 | 25385 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2036 (c) | 45000 | 46102 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2026 (c) | 810000 | 826313 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2038 (c) | 145000 | 149381 |
| Port Seattle WA Rev Series D, 5% 5/1/2027 (c) | 20000 | 20625 |
|  |  | 1093068 |
| Water & Sewer - 0.0% |  |  |
| King Cnty WA Swr Rev 5% 1/1/2040  | 30000 | 32161 |
| TOTAL WASHINGTON |  | 7591331 |
| West Virginia - 0.5%  |  |  |
| General Obligations - 0.2% |  |  |
| Berkeley Cnty WV Brd Ed Series 2023, 4% 6/1/2036  | 50000 | 50469 |
| West Virginia St Gen. Oblig. Series 2018 B, 5% 12/1/2036  | 210000 | 217458 |
| West Virginia St Gen. Oblig. Series 2018 B, 5% 6/1/2033  | 30000 | 31486 |
| West Virginia St Gen. Oblig. Series 2018 B, 5% 6/1/2037  | 25000 | 25823 |
|  |  | 325236 |
| Health Care - 0.1% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2023 A, 5% 6/1/2040  | 45000 | 46683 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2023 A, 5% 6/1/2041  | 20000 | 20554 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2023 A, 5% 6/1/2043  | 125000 | 127162 |
|  |  | 194399 |
| Transportation - 0.2% |  |  |
| West VA Commr of Hwys Spl Oblig Series 2018A, 5% 9/1/2033  | 45000 | 46443 |
| West Virginia Parkways Authority Series 2021, 3% 6/1/2041  | 25000 | 20123 |
| West Virginia Parkways Authority Series 2021, 5% 6/1/2036  | 50000 | 53834 |
| West Virginia Parkways Authority Series 2021, 5% 6/1/2038  | 30000 | 31754 |
| West Virginia Parkways Authority Series 2021, 5% 6/1/2039  | 205000 | 215504 |
| West Virginia Parkways Authority Series 2021, 5% 6/1/2040  | 65000 | 67875 |
|  |  | 435533 |
| TOTAL WEST VIRGINIA |  | 955168 |
| Wisconsin - 1.6%  |  |  |
| General Obligations - 0.5% |  |  |
| Racine WI Uni Sch Dist 5% 4/1/2038 (Assured Guaranty Ltd Insured)  | 65000 | 68809 |
| Racine WI Uni Sch Dist 5% 4/1/2039 (Assured Guaranty Ltd Insured)  | 80000 | 84211 |
| Racine WI Uni Sch Dist 5% 4/1/2040 (Assured Guaranty Ltd Insured)  | 65000 | 68012 |
| Racine WI Uni Sch Dist 5% 4/1/2041  | 100000 | 104471 |
| Racine WI Uni Sch Dist 5% 4/1/2041 (Assured Guaranty Ltd Insured)  | 40000 | 41600 |
| Wisconsin St Gen. Oblig. 5% 5/1/2039  | 355000 | 378679 |
| Wisconsin St Gen. Oblig. 5% 5/1/2039  | 45000 | 48002 |
| Wisconsin St Gen. Oblig. Series 2019 B, 4% 5/1/2032  | 30000 | 30391 |
| Wisconsin St Gen. Oblig. Series 2023B, 5% 5/1/2038  | 40000 | 43031 |
| Wisconsin St Gen. Oblig. Series 2024C, 5% 5/1/2040  | 30000 | 32211 |
|  |  | 899417 |
| Health Care - 0.6% |  |  |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2024A, 5% 4/1/2049  | 290000 | 292243 |
| Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Inc Proj.) Series 2018 A, 4% 8/15/2036  | 105000 | 102179 |
| Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Inc Proj.) Series 2018 A, 5% 8/15/2034  | 85000 | 88296 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2019 A, 5% 11/15/2027  | 50000 | 52419 |
| Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) Series 2017 A, 5% 4/1/2027  | 60000 | 62021 |
| Wisconsin Health & Educational Facilities Authority Series 2017, 4% 8/15/2036  | 50000 | 49047 |
| Wisconsin Health & Educational Facilities Authority Series 2018 A, 4% 8/15/2035  | 100000 | 97956 |
| Wisconsin Health & Educational Facilities Authority Series 2018, 4.125% 4/1/2046  | 185000 | 162041 |
| Wisconsin Health & Educational Facilities Authority Series 2018, 5% 4/1/2037  | 100000 | 103083 |
| Wisconsin St Health & Edl Facs Auth Rev Series 2024, 5% 8/15/2039  | 105000 | 111218 |
|  |  | 1120503 |
| Housing - 0.4% |  |  |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (WI Home Ownership 1988 Adopted May 20, 1988 Sf Wl Open Go Proj.) Series 2024 C, 4.5% 9/1/2044  | 200000 | 189342 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (WI Home Ownership Proj.) Series 2024 C, 4.75% 3/1/2051  | 500000 | 484040 |
|  |  | 673382 |
| Other - 0.0% |  |  |
| Racine WI Uni Sch Dist 5% 4/1/2039  | 95000 | 100229 |
| Special Tax - 0.1% |  |  |
| Wisconsin St Transn Rev Series 2021 A, 5% 7/1/2035  | 110000 | 118460 |
| Water & Sewer - 0.0% |  |  |
| State of Wisconsin Series 2020 A, 5% 6/1/2038  | 40000 | 41771 |
| TOTAL WISCONSIN |  | 2953762 |
| Wyoming - 0.1%  |  |  |
| Education - 0.0% |  |  |
| University WY Univ Revs (University WY Univ Revs Proj.) Series 2021 C, 4% 6/1/2040 (Assured Guaranty Ltd Insured)  | 25000 | 24245 |
| Housing - 0.1% |  |  |
| Wyoming Community Development Authority (WY Single Family 1994 Adopted December 1, 1994 Sf Wl Open Proj.) 4.4% 12/1/2043  | 90000 | 88381 |
| TOTAL WYOMING |  | 112626 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $160,629,055) |  | <br> **161021016** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.9%** | &nbsp;&nbsp;**Money Market Funds - 7.9%** | &nbsp;&nbsp;**Money Market Funds - 7.9%** | &nbsp;&nbsp;**Money Market Funds - 7.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (f)(g)<br>(Cost $14,116,704)<br>| 2.90 | 14113881 | **14116704** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $178,271,164)<br>| <br>**178696208** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **555700** |
| **NET ASSETS - 100.0%** | **179251908** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**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) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

(g) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, 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 | - | 33569638 | 19452934 | 51241 | - | - | 14116704 | 14113881 | 0.5% |
| Total | - | 33569638 | 19452934 | 51241 | - | - | 14116704 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of June 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Fixed-Income Funds** | 3558488 | 3558488 | - | - |
|  **Municipal Securities** |  |  |  |  |
| Education | 9755863 | - | 9755863 | - |
| Electric Utilities | 7790584 | - | 7790584 | - |
| Escrowed/Pre-Refunded | 66703 | - | 66703 | - |
| General Obligations | 48995343 | - | 48995343 | - |
| Health Care | 21056293 | - | 21056293 | - |
| Housing | 7526428 | - | 7526428 | - |
| Industrial Development | 220249 | - | 220249 | - |
| Lease Revenue | 1910560 | - | 1910560 | - |
| Other | 8249934 | - | 8249934 | - |
| Pooled Loans | 62454 | - | 62454 | - |
| Special Tax | 21351207 | - | 21351207 | - |
| Tobacco Bonds | 88518 | - | 88518 | - |
| Transportation | 19195493 | - | 19195493 | - |
| Water & Sewer | 14751387 | - | 14751387 | - |
|  **Money Market Funds** | 14116704 | 14116704 | - | - |
| **Total Investments in Securities:** | 178696208 | 17675192 | 161021016 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $164,154,460) | $164579504 |  |
| Fidelity Central Funds (cost $14,116,704) | 14116704 |  |
| Total Investment in Securities (cost $178,271,164) |  | $178696208 |
| Cash |  | 100000 |
| Receivable for fund shares sold |  | 3107393 |
| Interest receivable |  | 2016394 |
| Distributions receivable from Fidelity Central Funds |  | 33165 |
| Prepaid expenses |  | 21028 |
| Receivable from investment adviser for expense reductions |  | 43471 |
| Other receivables |  | 36 |
| **Total assets** |  | 184017695 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $3176910 |  |
| Delayed delivery | 1147208 |  |
| Payable for fund shares redeemed | 97522 |  |
| Distributions payable | 255950 |  |
| Accrued management fee | 20237 |  |
| Other payables and accrued expenses | 67960 |  |
| **Total liabilities** |  | 4765787 |
| **Net Assets**  |  | $179251908 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $178815869 |
| Total accumulated earnings (loss) |  | 436039 |
| **Net Assets** |  | $179251908 |
| **Net Asset Value**, offering price and redemption price per share ($179,251,908 ÷ 18,152,706 shares) |  | $9.87 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **For the period March 18, 2025 (commencement of operations) through June 30, 2025**  | <br> **For the period March 18, 2025 (commencement of operations) through June 30, 2025**  | <br> **For the period March 18, 2025 (commencement of operations) through June 30, 2025**  |
| **Investment Income** |  |  |
| Dividends  |  | $14481 |
| Interest  |  | 567134 |
| Income from Fidelity Central Funds  |  | 51241 |
| **Total income** |  | 632856 |
| **Expenses** |  |  |
| Management fee | $32483 |  |
| Custodian fees and expenses | 2319 |  |
| Independent trustees' fees and expenses | 16 |  |
| Registration fees | 38107 |  |
| Audit fees | 42492 |  |
| Legal | 1 |  |
| Miscellaneous | 1 |  |
| Total expenses before reductions | 115419 |  |
| Expense reductions | (90766) |  |
| Total expenses after reductions |  | 24653 |
| **Net Investment income (loss)** |  | 608203 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6651) |  |
| Futures contracts | 8571 |  |
| Total net realized gain (loss) |  | 1920 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 425044 |
| **Net gain (loss)** |  | 426964 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1035167 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **For the period March 18, 2025 (commencement of operations) through June 30, 2025**  |
| **Increase (Decrease) in Net Assets** |  |
| Operations |  |
| &nbsp;&nbsp;Net investment income (loss) | $608203 |
| &nbsp;&nbsp;Net realized gain (loss) | 1920<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 425044 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1035167<br>|
| Distributions to shareholders | (599129)<br>|
| Share transactions |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 179310222 |
| Reinvestment of distributions | 337846<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (832198) |
| **Net increase (decrease) in net assets resulting from share transactions** | 178815870<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 179251908<br>|
| **Net Assets** |  |
| &nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;End of period | $179251908 |
| **Other Information** |  |
| Shares |  |
| &nbsp;&nbsp;Sold | 18202945 |
| Issued in reinvestment of distributions | 34248<br>|
| &nbsp;&nbsp;Redeemed | (84487) |
| &nbsp;&nbsp;Net increase (decrease) | 18152706 |

---

**Financial Highlights** 

**Fidelity® SAI Enhanced Municipal Income Fund** <br>

---

| | |
|:---|:---|
| **Years ended June 30,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .103  |
| Net realized and unrealized gain (loss)  | (.131) D |
| Total from investment operations  | (.028)  |
| Distributions from net investment income  | (.102)  |
| Total distributions  | (.102)  |
| Net asset value, end of period  | $9.87 |
| **Total Return** E,F | (.27)% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .52% I,J |
| Expenses net of fee waivers, if any  | .15% I<br>|
| Expenses net of all reductions, if any  | .15% I |
| Net investment income (loss)  | 3.70% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $179252 |
| Portfolio turnover rate K | 21% L<br>|

---

A*For the period March 18, 2025 (commencement of operations) through June 30, 2025.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

D*The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.*

E*Total returns for periods of less than one year are not annualized.*

F*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

H*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

I*Annualized.*

J*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

L*Amount not annualized.*

**Notes to Financial Statements**

For the period ended June 30, 2025

**1. Organization.**

Fidelity SAI Enhanced Municipal Income Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments 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 the Fund's 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.

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central 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. The aggregate value of investments by input level as of June 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of June 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, market discount and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $788801 |
| **Gross unrealized depreciation**  | <u>(363738)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$425063</u> |
| **Tax Cost**  | <u>$178271145</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$1196</u> |
| **Undistributed ordinary income**  | <u>$4637</u> |
| **Undistributed long-term capital gain**  | <u>$5143</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$425063</u> |

---

The tax character of distributions paid was as follows:

---

| | |
|:---|:---|
|  | **June 30, 2025 A** |
| **Tax-exempt Income** | $599129 |

---

*A For the period March 18, 2025 (commencement of operations) through June 30, 2025.*

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

Interest Rate Risk Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the bond market and fluctuations in interest rates.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI Enhanced Municipal Income Fund** | 177519931 | 13288885 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Enhanced Municipal Income Fund** | 20 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Enhanced Municipal Income Fund** | 1 |

---

**8. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .15% of average net assets. This reimbursement will remain in place through October 31, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $90,724.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $42.

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Strategic Advisers Municipal Bond Fund** |
| Fidelity SAI Enhanced Municipal Income Fund | 17% |

---

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity SAI Enhanced Municipal Income Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity SAI Enhanced Municipal Income Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of June 30, 2025, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from March 18, 2025 (commencement of operations) through June 30, 2025, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, and the results of its operations, the changes in its net assets and the financial highlights for the period from March 18, 2025 (commencement of operations) through June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

August 12, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended June 30, 2025, $5,143, or, if subsequently determined to be different, the net capital gain of such year.

During fiscal year ended 2025, 100% of the fund's income dividends was free from federal income tax, and 10.68% of the fund's income dividends was subject to the federal alternative minimum tax.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees** 

**Fidelity SAI Enhanced Municipal Income Fund**

At its January 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements with affiliates of FMR (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**Nature, Extent, and Quality of Services Provided.** The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund. The Board also considered the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors. The Board also considered that the fund is offered exclusively to Fidelity's managed account programs and other Fidelity proprietary investment solutions, and is not offered to the general public.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment Performance</u>. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board considered FMR's research-driven systematic investment approach, which is used for existing Fidelity funds. The Board also considered the fact that it oversees funds managed by FMR that have similar investment objectives and policies as the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided to the fund under the Advisory Contracts should benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's proposed management fee and total expenses, the Board noted that FMR may agree to waive fees or reimburse expenses from time to time.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. The information provided to the Board indicated that the fund's proposed management fee rate ranked below the competitive median fee rate of funds with similar Morningstar classifications, regardless of whether their management fee structures are comparable. Further, the information provided to the Board indicated that the projected total gross and net (after reflecting the agreement by FMR referred to in the next paragraph) expense ratios of the fund ranked below the competitive medians of the similar sales load structure group.

<u>Other Contractual Arrangements</u>. The Board also noted that FMR has agreed to contractually limit the fund's total operating expenses, with certain limited exceptions, to 15 basis points through October 31, 2026.

Based on its review, the Board concluded that the fund's management fee and projected total net expenses were fair and reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The fund is a new fund and therefore no revenue, cost, or profitability data was available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders.

**Economies of Scale.** The Board will consider economies of scale when there is operating experience to permit assessment thereof. It noted that, notwithstanding the entrepreneurial risk associated with a new fund, the management fee for the fund was at a level normally associated, by comparison with competitors, with very high fund net assets, and Fidelity asserted to the Board that the level of the fee anticipated economies of scale at lower asset levels even before, if ever, economies of scale are achieved. The Board also noted that the fund and its shareholders would have access to the very considerable number and variety of services available through Fidelity and its affiliates.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, ultimately concluded that the advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be approved through September 2026.

![](img110561_4.jpg)<br>

1.9918392.100 SEB-ANN-0825

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Salem Street Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; August 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

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

<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Salem Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Salem Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: August 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>