# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-25-000792
**Filing Date:** 2025-9
**Character Count:** 911058
**Document Hash:** e667b866e05c95d265b574ad5751283e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-25-000792.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0000035315-25-000792

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 251329041

**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 Tax-Free Bond Fund (Series ID: S000017680)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000048850 | Fidelity Tax-Free Bond Fund | FTABX           |

### Fidelity Series Large Cap Value Index Fund (Series ID: S000042625)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000131781 | Fidelity Series Large Cap Value Index Fund | FIOOX           |

### Fidelity SAI Tax-Free Bond Fund (Series ID: S000062003)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000200825 | Fidelity SAI Tax-Free Bond Fund | FSAJX           |

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

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

### Fidelity SAI Sustainable Municipal Income Fund (Series ID: S000075891)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000235216 | Fidelity SAI Sustainable Municipal Income Fund | FASWX           |

### Fidelity Sustainable Intermediate Municipal Income Fund (Series ID: S000075893)

| Class ID   | Class Name                                                               | Ticker Symbol   |
|:---|:---|:---|
| C000235223 | Fidelity Sustainable Intermediate Municipal Income Fund                  | FSIKX           |
| C000235224 | Fidelity Advisor Sustainable Intermediate Municipal Income Fund: Class M | FASLX           |
| C000235225 | Fidelity Advisor Sustainable Intermediate Municipal Income Fund: Class C | FASNX           |
| C000235226 | Fidelity Advisor Sustainable Intermediate Municipal Income Fund: Class I | FASUX           |
| C000235227 | Fidelity Advisor Sustainable Intermediate Municipal Income Fund: Class Z | FASVX           |
| C000235228 | Fidelity Advisor Sustainable Intermediate Municipal Income Fund: Class A | FASJX           |

### Fidelity SAI Conservative Income Municipal Bond Fund (Series ID: S000082358)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000245667 | Fidelity SAI Conservative Income Municipal Bond Fund | FSMJX           |

?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, MA 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;January 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;July 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Tax-Free Bond Fund<br> **Fidelity® Tax-Free Bond Fund : FTABX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Tax-Free Bond Fund for the period February 1, 2025 to July 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Tax-Free Bond Fund  | $12  | 0.25% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3346128251<br>|
| Number of Holdings | 1315<br>|
| Portfolio Turnover | 24%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 33.1 |
| Transportation | 15.3 |
| Health Care | 14.5 |
| Special Tax | 11.8 |
| Electric Utilities | 8.6 |
| Education | 7.3 |
| Others(Individually Less Than 5%) | 7.5 |
| 98.1 | 98.1 |

---

---

| | |
|:---|:---|
| AAA | 5.5 |
| AA | 37.6 |
| A | 41.8 |
| BBB | 7.8 |
| BB | 1.3 |
| B | 0.4 |
| CCC,CC,C | 0.0 |
| Not Rated | 3.7 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img634_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 5.5&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;AA - 37.6&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 - 41.8&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 7.8&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;BB - 1.3&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;B - 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;&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 - 3.7&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;Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |
| 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)** |
| Illinois | 11.3 |
| New York | 9.7 |
| Texas | 9.3 |
| New Jersey | 6.7 |
| Pennsylvania | 5.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img634_20250731_1.jpg)<br>| ![](img111661_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> 1.9914432.101 90-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Sustainable Intermediate Municipal Income Fund<br> **Fidelity® Sustainable Intermediate Municipal Income Fund : FSIKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Intermediate Municipal Income Fund for the period February 1, 2025 to July 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Sustainable Intermediate Municipal Income Fund  | $18  | 0.37% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $18935707<br>|
| Number of Holdings | 237<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.8 |
| Health Care | 12.9 |
| Education | 12.3 |
| Housing | 8.9 |
| Electric Utilities | 7.5 |
| Water & Sewer | 6.6 |
| Special Tax | 5.3 |
| Others(Individually Less Than 5%) | 7.7 |
| 99.0 | 99.0 |

---

---

| | |
|:---|:---|
| AAA | 12.9 |
| AA | 47.1 |
| A | 28.1 |
| BBB | 9.5 |
| BB | 1.1 |
| Not Rated | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6532_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 12.9&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;AA - 47.1&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;A - 28.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 9.5&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;BB - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 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;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)** |
| Texas | 11.1 |
| California | 9.2 |
| Illinois | 6.4 |
| New York | 5.9 |
| Alabama | 5.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6532_20250731_1.jpg)<br>| ![](img111662_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> 1.9914464.101 6532-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Sustainable Intermediate Municipal Income Fund<br> **Fidelity Advisor® Sustainable Intermediate Municipal Income Fund Class Z : FASVX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Intermediate Municipal Income Fund for the period February 1, 2025 to July 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $15  | 0.31% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $18935707<br>|
| Number of Holdings | 237<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.8 |
| Health Care | 12.9 |
| Education | 12.3 |
| Housing | 8.9 |
| Electric Utilities | 7.5 |
| Water & Sewer | 6.6 |
| Special Tax | 5.3 |
| Others(Individually Less Than 5%) | 7.7 |
| 99.0 | 99.0 |

---

---

| | |
|:---|:---|
| AAA | 12.9 |
| AA | 47.1 |
| A | 28.1 |
| BBB | 9.5 |
| BB | 1.1 |
| Not Rated | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6532_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 12.9&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;AA - 47.1&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;A - 28.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 9.5&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;BB - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 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;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)** |
| Texas | 11.1 |
| California | 9.2 |
| Illinois | 6.4 |
| New York | 5.9 |
| Alabama | 5.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6532_20250731_1.jpg)<br>| ![](img111663_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> 1.9914469.101 6537-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Sustainable Intermediate Municipal Income Fund<br> **Fidelity Advisor® Sustainable Intermediate Municipal Income Fund Class M : FASLX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Intermediate Municipal Income Fund for the period February 1, 2025 to July 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $31  | 0.62% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $18935707<br>|
| Number of Holdings | 237<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.8 |
| Health Care | 12.9 |
| Education | 12.3 |
| Housing | 8.9 |
| Electric Utilities | 7.5 |
| Water & Sewer | 6.6 |
| Special Tax | 5.3 |
| Others(Individually Less Than 5%) | 7.7 |
| 99.0 | 99.0 |

---

---

| | |
|:---|:---|
| AAA | 12.9 |
| AA | 47.1 |
| A | 28.1 |
| BBB | 9.5 |
| BB | 1.1 |
| Not Rated | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6532_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 12.9&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;AA - 47.1&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;A - 28.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 9.5&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;BB - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 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;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)** |
| Texas | 11.1 |
| California | 9.2 |
| Illinois | 6.4 |
| New York | 5.9 |
| Alabama | 5.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6532_20250731_1.jpg)<br>| ![](img111664_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> 1.9914467.101 6535-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Sustainable Intermediate Municipal Income Fund<br> **Fidelity Advisor® Sustainable Intermediate Municipal Income Fund Class I : FASUX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Intermediate Municipal Income Fund for the period February 1, 2025 to July 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $18  | 0.37% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $18935707<br>|
| Number of Holdings | 237<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.8 |
| Health Care | 12.9 |
| Education | 12.3 |
| Housing | 8.9 |
| Electric Utilities | 7.5 |
| Water & Sewer | 6.6 |
| Special Tax | 5.3 |
| Others(Individually Less Than 5%) | 7.7 |
| 99.0 | 99.0 |

---

---

| | |
|:---|:---|
| AAA | 12.9 |
| AA | 47.1 |
| A | 28.1 |
| BBB | 9.5 |
| BB | 1.1 |
| Not Rated | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6532_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 12.9&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;AA - 47.1&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;A - 28.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 9.5&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;BB - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 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;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)** |
| Texas | 11.1 |
| California | 9.2 |
| Illinois | 6.4 |
| New York | 5.9 |
| Alabama | 5.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6532_20250731_1.jpg)<br>| ![](img111665_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> 1.9914468.101 6536-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Sustainable Intermediate Municipal Income Fund<br> **Fidelity Advisor® Sustainable Intermediate Municipal Income Fund Class C : FASNX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Intermediate Municipal Income Fund for the period February 1, 2025 to July 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $68  | 1.37% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $18935707<br>|
| Number of Holdings | 237<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.8 |
| Health Care | 12.9 |
| Education | 12.3 |
| Housing | 8.9 |
| Electric Utilities | 7.5 |
| Water & Sewer | 6.6 |
| Special Tax | 5.3 |
| Others(Individually Less Than 5%) | 7.7 |
| 99.0 | 99.0 |

---

---

| | |
|:---|:---|
| AAA | 12.9 |
| AA | 47.1 |
| A | 28.1 |
| BBB | 9.5 |
| BB | 1.1 |
| Not Rated | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6532_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 12.9&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;AA - 47.1&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;A - 28.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 9.5&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;BB - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 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;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)** |
| Texas | 11.1 |
| California | 9.2 |
| Illinois | 6.4 |
| New York | 5.9 |
| Alabama | 5.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6532_20250731_1.jpg)<br>| ![](img111666_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> 1.9914466.101 6534-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Sustainable Intermediate Municipal Income Fund<br> **Fidelity Advisor® Sustainable Intermediate Municipal Income Fund Class A : FASJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Sustainable Intermediate Municipal Income Fund for the period February 1, 2025 to July 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $31  | 0.62% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $18935707<br>|
| Number of Holdings | 237<br>|
| Portfolio Turnover | 25%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 37.8 |
| Health Care | 12.9 |
| Education | 12.3 |
| Housing | 8.9 |
| Electric Utilities | 7.5 |
| Water & Sewer | 6.6 |
| Special Tax | 5.3 |
| Others(Individually Less Than 5%) | 7.7 |
| 99.0 | 99.0 |

---

---

| | |
|:---|:---|
| AAA | 12.9 |
| AA | 47.1 |
| A | 28.1 |
| BBB | 9.5 |
| BB | 1.1 |
| Not Rated | 0.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6532_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 12.9&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;AA - 47.1&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;A - 28.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 9.5&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;BB - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 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;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)** |
| Texas | 11.1 |
| California | 9.2 |
| Illinois | 6.4 |
| New York | 5.9 |
| Alabama | 5.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6532_20250731_1.jpg)<br>| ![](img111667_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> 1.9914465.101 6533-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Series Large Cap Value Index Fund<br> **Fidelity® Series Large Cap Value Index Fund : FIOOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Large Cap Value Index Fund for the period February 1, 2025 to July 31, 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.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Large Cap Value Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $9536390421<br>|
| Number of Holdings | 879<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.7 |
| Industrials | 13.5 |
| Health Care | 11.2 |
| Information Technology | 10.1 |
| Consumer Staples | 7.9 |
| Consumer Discretionary | 7.8 |
| Communication Services | 7.6 |
| Energy | 6.1 |
| Utilities | 4.6 |
| Real Estate | 4.2 |
| Materials | 4.1 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2612_20250731_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 98.9 |
| Ireland | 0.6 |
| Canada | 0.2 |
| United Kingdom | 0.2 |
| Bailiwick Of Jersey | 0.1 |
| Bermuda | 0.0 |
| Mexico | 0.0 |
| Puerto Rico | 0.0 |
| Brazil | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2612_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.6&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;Canada - 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;Bailiwick Of Jersey - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 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;Mexico - 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;  |
| &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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Berkshire Hathaway Inc Class B | 3.2<br>|
| JPMorgan Chase & Co | 3.0<br>|
| Amazon.com Inc | 2.2<br>|
| Exxon Mobil Corp | 1.8<br>|
| Johnson & Johnson | 1.5<br>|
| Alphabet Inc Class A | 1.4<br>|
| Walmart Inc | 1.4<br>|
| Procter & Gamble Co/The | 1.3<br>|
| Alphabet Inc Class C | 1.2<br>|
| Meta Platforms Inc Class A | 1.1<br>|
|  | 18.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2612_20250731_1.jpg)<br>| ![](img111677_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> 1.9914436.101 2612-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® SAI Tax-Free Bond Fund<br> **Fidelity® SAI Tax-Free Bond Fund : FSAJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Tax-Free Bond Fund for the period February 1, 2025 to July 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Tax-Free Bond Fund  | $12  | 0.25% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4487926400<br>|
| Number of Holdings | 1696<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 33.5 |
| Health Care | 14.6 |
| Special Tax | 10.6 |
| Transportation | 9.7 |
| Electric Utilities | 8.2 |
| Education | 5.9 |
| Housing | 5.4 |
| Others(Individually Less Than 5%) | 6.0 |
| 93.9 | 93.9 |

---

---

| | |
|:---|:---|
| AAA | 6.7 |
| AA | 43.5 |
| A | 34.1 |
| BBB | 6.7 |
| BB | 0.6 |
| B | 0.2 |
| Not Rated | 2.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 6.1 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3090_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 6.7&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;AA - 43.5&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;A - 34.1&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 6.7&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;BB - 0.6&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;B - 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 - 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;Short-Term Investments and Net Other Assets (Liabilities) - 6.1 |
| 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 | 13.0 |
| New York | 11.0 |
| Illinois | 8.5 |
| New Jersey | 5.9 |
| Florida | 4.9 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3090_20250731_1.jpg)<br>| ![](img111679_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> 1.9914438.101 3090-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® SAI Sustainable Municipal Income Fund<br> **Fidelity® SAI Sustainable Municipal Income Fund : FASWX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Sustainable Municipal Income Fund for the period February 1, 2025 to July 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Sustainable Municipal Income Fund  | $18  | 0.36% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $52308248<br>|
| Number of Holdings | 378<br>|
| Portfolio Turnover | 11%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 40.4 |
| Health Care | 15.1 |
| Water & Sewer | 12.7 |
| Electric Utilities | 11.7 |
| Education | 9.2 |
| Special Tax | 6.7 |
| Others(Individually Less Than 5%) | 6.3 |
| 102.1 | 102.1 |

---

---

| | |
|:---|:---|
| AAA | 11.5 |
| AA | 56.0 |
| A | 29.3 |
| BBB | 4.7 |
| BB | 0.4 |
| Not Rated | 0.2 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6538_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 11.5&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;AA - 56.0&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;A - 29.3&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 - 4.7&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;BB - 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;&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (2.1)%  |
| 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)** |
| Illinois | 9.3 |
| Texas | 8.9 |
| Georgia | 8.3 |
| New York | 7.1 |
| Massachusetts | 6.1 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6538_20250731_1.jpg)<br>| ![](img111680_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> 1.9914470.101 6538-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® SAI Sustainable Conservative Income Municipal Bond Fund<br> **Fidelity® SAI Sustainable Conservative Income Municipal Bond Fund : FASYX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Sustainable Conservative Income Municipal Bond Fund for the period February 1, 2025 to July 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Sustainable Conservative Income Municipal Bond Fund  | $10  | 0.20% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $22128967<br>|
| Number of Holdings | 121<br>|
| Portfolio Turnover | 63%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 18.4 |
| Electric Utilities | 17.2 |
| Health Care | 14.5 |
| Housing | 12.0 |
| Resource Recovery | 10.5 |
| Industrial Development | 9.0 |
| Synthetics | 8.2 |
| Others(Individually Less Than 5%) | 8.7 |
| 98.5 | 98.5 |

---

---

| | |
|:---|:---|
| AAA | 8.3 |
| AA | 28.0 |
| A | 51.4 |
| BBB | 6.3 |
| Not Rated | 4.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6539_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 8.3&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;AA - 28.0&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;A - 51.4&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 6.3&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;Not Rated - 4.5&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) - 1.5 |
| 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 | 10.3 |
| Texas | 10.2 |
| Florida | 8.1 |
| Alabama | 6.9 |
| Georgia | 6.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6539_20250731_1.jpg)<br>| ![](img111681_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> 1.9914471.101 6539-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® SAI Conservative Income Municipal Bond Fund<br> **Fidelity® SAI Conservative Income Municipal Bond Fund : FSMJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Conservative Income Municipal Bond Fund for the period February 1, 2025 to July 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Conservative Income Municipal Bond Fund  | $10  | 0.20% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1649263917<br>|
| Number of Holdings | 543<br>|
| Portfolio Turnover | 65%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| Synthetics | 24.4 |
| General Obligations | 18.2 |
| Industrial Development | 10.3 |
| Resource Recovery | 9.7 |
| Electric Utilities | 8.5 |
| Transportation | 8.1 |
| Housing | 7.9 |
| Health Care | 7.2 |
| Others(Individually Less Than 5%) | 5.5 |
| 99.8 | 99.8 |

---

---

| | |
|:---|:---|
| AAA | 3.5 |
| AA | 32.5 |
| A | 38.9 |
| BBB | 14.6 |
| Not Rated | 10.3 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7554_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 3.5&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;AA - 32.5&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;A - 38.9&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 14.6&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;Not Rated - 10.3&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;Short-Term Investments and Net Other Assets (Liabilities) - 0.2 |
| 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 | 13.0 |
| California | 9.1 |
| Florida | 8.8 |
| New York | 8.8 |
| Pennsylvania | 6.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img7554_20250731_1.jpg)<br>| ![](img111683_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> 1.9914487.101 7554-TSRS-0925 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

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® Tax-Free Bond Fund**

**Semi-Annual Report**

**July 31, 2025**

![](img111942_1.jpg)

![](img111942_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SFB-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Tax-Free Bond Fund](#Sub_Sec_Fund_634_SFB-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements634_SFB-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SFB-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SFB-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SFB-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SFB-SANN)** |

---

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.

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 (Semi-Annual Report)**

**Fidelity® Tax-Free Bond Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 98.1%** | &nbsp;&nbsp;**Municipal Securities - 98.1%** | &nbsp;&nbsp;**Municipal Securities - 98.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 3.2%  |  |  |
| Education - 0.5% |  |  |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.25% 10/1/2035  | 1010000 | 1066491 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2040  | 1400000 | 1436410 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2033  | 270000 | 262268 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2035  | 880000 | 831568 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2037  | 1180000 | 1077763 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2038  | 225000 | 202175 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2039  | 1605000 | 1414179 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2041  | 3845000 | 3254010 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2044  | 2265000 | 1854435 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2049  | 530000 | 417304 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5.5% 10/1/2049  | 790000 | 778273 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5.5% 10/1/2054  | 1115000 | 1087627 |
| University AL Gen Rev 5% 7/1/2031  | 2755000 | 2983258 |
|  |  | 16665761 |
| Electric Utilities - 0.0% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (b) | 1615000 | 1620303 |
| General Obligations - 2.6% |  |  |
| Black Belt Energy Gas District Series 2024A, 5.25% tender 5/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 4925000 | 5197129 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2029 (Morgan Stanley Guaranteed)  | 1260000 | 1281423 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2030 (Morgan Stanley Guaranteed)  | 955000 | 971716 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2031 (Morgan Stanley Guaranteed)  | 825000 | 832095 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% tender 12/1/2051 (Morgan Stanley Guaranteed) (b) | 20155000 | 20035890 |
| Southeast Energy Authority A Cooperative District 5% tender 5/1/2055 (Royal Bank of Canada Guaranteed) (b) | 8130000 | 8645200 |
| Southeast Energy Authority A Cooperative District 5.25% tender 3/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 15545000 | 16130308 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 23920000 | 25390337 |
| Southeast Energy Authority A Cooperative District Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 7095000 | 7158512 |
|  |  | 85642610 |
| Water & Sewer - 0.1% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2029  | 1555000 | 1676701 |
| TOTAL ALABAMA |  | 105605375 |
| Alaska - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2033  | 1000000 | 1126946 |
| Arizona - 3.3%  |  |  |
| Education - 0.3% |  |  |
| Arizona Brd Regents Ctfs Partn (University AZ Univ Revs Proj.) Series 2018B, 5% 6/1/2027  | 470000 | 489505 |
| Arizona Brd Regents Ctfs Partn (University AZ Univ Revs Proj.) Series 2018B, 5% 6/1/2030  | 1390000 | 1468292 |
| Arizona Indl Dev Auth Rev (Provident Group Emu Properties LLC Proj.) Series 2018, 5% (c) | 1030000 | 525300 |
| Arizona Indl Dev Auth Rev (Provident Group Emu Properties LLC Proj.) Series 2018, 5% (c) | 945000 | 481950 |
| Arizona St Univ Revs Series 2021 C, 5% 7/1/2032  | 1150000 | 1259549 |
| Arizona St Univ Revs Series 2021 C, 5% 7/1/2034  | 1180000 | 1276004 |
| Arizona St Univ Revs Series 2021 C, 5% 7/1/2035  | 945000 | 1012002 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2049  | 1060000 | 980455 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2054  | 3335000 | 3031256 |
| Student & Academic Services LLC (Northern AZ Univ Revs Proj.) Series 2024, 5% 6/1/2042 (Build America Mutual Assurance Co Insured)  | 1950000 | 1998392 |
|  |  | 12522705 |
| Electric Utilities - 1.4% |  |  |
| Salt River Proj AZ Agric & Pwr Series 2023B, 5.25% 1/1/2053  | 41490000 | 42972633 |
| General Obligations - 0.3% |  |  |
| Industrial Development Authority of the City of Phoenix Arizona/The (Guam Govt Proj.) Series 2014, 5.375% 2/1/2041  | 2445000 | 2139533 |
| Industrial Development Authority of the City of Phoenix Arizona/The Series 2014, 5.125% 2/1/2034 (Guam Govt Guaranteed)  | 1710000 | 1623640 |
| Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2024 A, 5% 7/1/2032 (Assured Guaranty Inc Insured)  | 1300000 | 1458527 |
| Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2024 A, 5% 7/1/2037 (Assured Guaranty Inc Insured)  | 1300000 | 1407202 |
| Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2024 A, 5% 7/1/2041 (Assured Guaranty Inc Insured)  | 1850000 | 1936098 |
| Pima Cnty AZ Unified Sch Dist No 1 Tucson Series 2024 A, 5% 7/1/2043 (Assured Guaranty Inc Insured)  | 1205000 | 1242569 |
| Scottsdale AZ Uni Sch Dist #48 5% 7/1/2031  | 755000 | 782788 |
|  |  | 10590357 |
| Health Care - 0.4% |  |  |
| Arizona Health Facs Auth Rev (Banner Health System Proj.) Series 2007B, S&P Muni 7 Day High Grade Rate Index + 0.81%, 2.87% tender 1/1/2037 (b)(d) | 935000 | 905281 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 4% 2/1/2038  | 1415000 | 1347318 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2037  | 385000 | 376344 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2038  | 420000 | 406506 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2039  | 380000 | 363249 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2040  | 410000 | 380795 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2046  | 1000000 | 871020 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 5% 9/1/2031  | 185000 | 197698 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 5% 9/1/2032  | 285000 | 303161 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 5% 9/1/2033  | 390000 | 412337 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 5% 9/1/2034  | 330000 | 347279 |
| Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 5% 7/1/2038  | 145000 | 140812 |
| Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 5% 7/1/2048  | 190000 | 162999 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2017 D, 3% 1/1/2048  | 4000000 | 2788940 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 E, 3% 1/1/2049  | 2375000 | 1630438 |
| Maricopa Cnty AZ Ida Sr Living (Christian Care Surprise Proj.) 5.75% 1/1/2036 (e) | 1735000 | 1595059 |
| Maricopa Cnty AZ Ida Sr Living (Christian Care Surprise Proj.) 6% 1/1/2048 (e) | 3290000 | 2702612 |
|  |  | 14931848 |
| Housing - 0.0% |  |  |
| Arizona Indl Dev Auth Rev (Lihtc Cert 2019-2 Proj.) Series 2 Class A, 3.625% 5/20/2033  | 1501537 | 1444593 |
| Special Tax - 0.2% |  |  |
| Phoenix Ariz Civic Impt Corp Distr Rev 5.5% 7/1/2038 (National Public Finance Guarantee Corporation Insured) (f) | 4720000 | 5469147 |
| Transportation - 0.7% |  |  |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) 5% 7/1/2045  | 6800000 | 6820937 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2030  | 1040000 | 1109896 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2032  | 335000 | 353746 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2036  | 560000 | 578111 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2037  | 490000 | 504452 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2038  | 785000 | 805159 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2030  | 2475000 | 2576250 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 A, 5% 7/1/2044  | 5300000 | 5339527 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series B, 5% 7/1/2034  | 1890000 | 1941744 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series B, 5% 7/1/2035  | 1890000 | 1936856 |
|  |  | 21966678 |
| TOTAL ARIZONA |  | 109897961 |
| Arkansas - 0.4%  |  |  |
| General Obligations - 0.4% |  |  |
| Gravette School District No 20 2.25% 2/1/2040  | 440000 | 309363 |
| Gravette School District No 20 2.375% 2/1/2042  | 465000 | 312344 |
| Jonesboro AR Sch Dist No 1 2% 2/1/2043  | 2435000 | 1478100 |
| Little Rock AR School Dist Series A, 3% 2/1/2045  | 6435000 | 4799740 |
| Magnolia Ark Sch Dist No 14 2.125% 2/1/2047  | 2850000 | 1603555 |
| Nettleton Ark Spl Sch Dist Craighead Cnty 2.125% 12/1/2040  | 285000 | 192781 |
| Nettleton Ark Spl Sch Dist Craighead Cnty 2.125% 6/1/2041  | 845000 | 540044 |
| Osceola Ark Sch Dist No 001 2.2% 11/1/2044  | 1455000 | 864662 |
| Valley View Sch Dist No 58 Ark 2% 2/1/2038  | 935000 | 681053 |
|  |  | 10781642 |
| Health Care - 0.0% |  |  |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2035  | 405000 | 411561 |
| Water & Sewer - 0.0% |  |  |
| Central Ark Wtr Rev Series 2020B, 2.125% 10/1/2039  | 1185000 | 835506 |
| Central Ark Wtr Rev Series 2020B, 2.125% 10/1/2041  | 1235000 | 817194 |
|  |  | 1652700 |
| TOTAL ARKANSAS |  | 12845903 |
| California - 4.9%  |  |  |
| Education - 0.9% |  |  |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) Series 2018, 5% 5/15/2035  | 2020000 | 2068423 |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) Series 2018, 5% 5/15/2038  | 2830000 | 2866436 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2026  | 945000 | 957224 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2027  | 945000 | 957417 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2028  | 945000 | 957168 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2032  | 1180000 | 1190531 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2033  | 1415000 | 1425722 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2040  | 945000 | 943706 |
| University CA Revs 3% 5/15/2051  | 4325000 | 3013866 |
| University CA Revs 5% 5/15/2036  | 1520000 | 1553830 |
| University CA Revs Series 2025 BZ, 5% 5/15/2032  | 15000000 | 17043423 |
|  |  | 32977746 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2032 (Escrowed to Maturity)  | 4895000 | 5549429 |
| General Obligations - 3.3% |  |  |
| California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (b) | 5140000 | 5436438 |
| California Community Choice Financing Authority Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 7675000 | 7899249 |
| California Community Choice Financing Authority Series 2025D, 5% tender 10/1/2055 (Global Atlantic Fin Co Guaranteed) (b) | 19225000 | 20024660 |
| California St Pub Wks Brd Lse 5% 8/1/2032  | 2190000 | 2443923 |
| Central Valley Energy Authority Series 2025, 5% tender 12/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 19065000 | 20354865 |
| Los Angeles CA Uni Sch Dist Cp (Los Angeles Unified School District/CA Proj.) 5% 10/1/2032  | 3330000 | 3747935 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2029  | 1800000 | 1901328 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2033  | 1425000 | 1487613 |
| Poway CA Unified Sch Dist 0% 8/1/2032 (g) | 1225000 | 976797 |
| Poway CA Unified Sch Dist 0% 8/1/2033 (g) | 4105000 | 3130265 |
| Poway CA Unified Sch Dist 0% 8/1/2037 (g) | 7555000 | 4655401 |
| Poway CA Unified Sch Dist 0% 8/1/2038 (g) | 8400000 | 4860916 |
| Poway CA Unified Sch Dist 0% 8/1/2039 (g) | 6815000 | 3718628 |
| Poway CA Unified Sch Dist 0% 8/1/2041 (g) | 4625000 | 2227177 |
| Poway CA Unified Sch Dist 0% 8/1/2051 (g) | 1355000 | 355159 |
| San Diego CA Comm Coll Dist 0% 8/1/2035 (g) | 2830000 | 1965817 |
| San Diego CA Uni Sch Dist 0% 7/1/2034 (g) | 1225000 | 895967 |
| San Diego CA Uni Sch Dist 0% 7/1/2037 (g) | 4820000 | 3022674 |
| San Diego CA Uni Sch Dist 0% 7/1/2047 (f) | 2455000 | 1819445 |
| San Joaquin Valley Clean Energy Authority 5.5% tender 1/1/2056 (Goldman Sachs Group Inc/The Guaranteed) (b) | 5330000 | 5862819 |
| San Marcos Unified School District 0% 8/1/2047 (g) | 1920000 | 643948 |
| State of California Gen. Oblig. 5% 3/1/2037  | 6015000 | 6692647 |
| State of California Gen. Oblig. 5.25% 12/1/2033  | 35000 | 35053 |
| State of California Gen. Oblig. 5.5% 4/1/2030  | 5000 | 5008 |
|  |  | 104163732 |
| Health Care - 0.0% |  |  |
| California Statewide Community Development Authority Rev (Beverly Hospital Proj.) Series 2015, 5% (c)(h) | 87424 | 0 |
| Housing - 0.2% |  |  |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 2292057 | 2138546 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2023-1 CA Proj.) Series 1 Class A, 4.375% 9/20/2036  | 5659211 | 5632243 |
|  |  | 7770789 |
| Other - 0.0% |  |  |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (b) | 1000000 | 920526 |
| Special Tax - 0.1% |  |  |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2027  | 990000 | 991504 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2030  | 1295000 | 1296671 |
| Sacramento CA Fin Auth 0% 12/1/2026 (National Public Finance Guarantee Corporation Insured) (g) | 1510000 | 1443462 |
|  |  | 3731637 |
| Tobacco Bonds - 0.2% |  |  |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (g) | 44735000 | 4280674 |
| Tobacco Securitization South CA Tobacco Settlement Rev 5% 6/1/2027  | 945000 | 969224 |
| Tobacco Securitization South CA Tobacco Settlement Rev 5% 6/1/2028  | 1425000 | 1477032 |
| Tobacco Securitization South CA Tobacco Settlement Rev 5% 6/1/2029  | 945000 | 988816 |
|  |  | 7715746 |
| Transportation - 0.0% |  |  |
| Alameda Corridor CA Tran Auth Rev Series 2024A, 0% 10/1/2052 (Assured Guaranty Inc Insured) (g) | 485000 | 119359 |
| Alameda Corridor CA Tran Auth Rev Series 2024A, 0% 10/1/2053 (Assured Guaranty Inc Insured) (g) | 1665000 | 389153 |
|  |  | 508512 |
| TOTAL CALIFORNIA |  | 163338117 |
| Colorado - 1.1%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Arkansas River Pwr Auth Colo Pwr Rev 5% 10/1/2038  | 1370000 | 1378099 |
| Arkansas River Pwr Auth Colo Pwr Rev 5% 10/1/2043  | 5485000 | 5358089 |
|  |  | 6736188 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Colorado Health Facilities Authority 5% 9/1/2025 (Escrowed to Maturity)  | 245000 | 245441 |
| General Obligations - 0.7% |  |  |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2036  | 2540000 | 2954186 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2041  | 2465000 | 2731103 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2042  | 1465000 | 1607185 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2044  | 1565000 | 1694605 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2047  | 1920000 | 2052750 |
| Denver CO Cty & Cnty Sch Dis 1 5.5% 12/1/2049  | 8355000 | 8808040 |
| Ebert Met Dist CO 4% 12/1/2048  | 655000 | 553980 |
|  |  | 20401849 |
| Health Care - 0.2% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 3% 11/15/2051  | 2600000 | 1745698 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 3.25% 8/1/2049  | 2970000 | 2144918 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 4% 8/1/2049  | 4390000 | 3624533 |
|  |  | 7515149 |
| Housing - 0.0% |  |  |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 H, 4.25% 11/1/2049  | 420000 | 425322 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2021 E, 3% 11/1/2051  | 850000 | 841060 |
|  |  | 1266382 |
| Special Tax - 0.0% |  |  |
| Independence Metropolitan District No 3 Series 2024 A, 5.375% 12/1/2054  | 781000 | 734654 |
| TOTAL COLORADO |  | 36899663 |
| Connecticut - 2.5%  |  |  |
| Education - 0.6% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2052  | 1680000 | 1335873 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 5% 7/1/2037  | 945000 | 979749 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 5% 7/1/2038  | 1415000 | 1456571 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 5% 7/1/2039  | 1465000 | 1499920 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 4% 7/1/2039  | 1165000 | 951509 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 4% 7/1/2049  | 1395000 | 994461 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2032  | 520000 | 520689 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2033  | 470000 | 466148 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2034  | 235000 | 230682 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2034  | 990000 | 1012516 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2035  | 1135000 | 1157702 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2036  | 380000 | 386676 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2037  | 1470000 | 1492353 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2042  | 3570000 | 3585789 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2031  | 1415000 | 1450859 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2035  | 1210000 | 1219775 |
|  |  | 18741272 |
| General Obligations - 0.6% |  |  |
| Connecticut St Gen. Oblig. 3% 6/1/2040  | 1000000 | 806357 |
| Connecticut St Gen. Oblig. Series 2018 F, 5% 9/15/2027  | 945000 | 994565 |
| Connecticut St Gen. Oblig. Series 2020 A, 4% 1/15/2034  | 6615000 | 6782688 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2035  | 1000000 | 915884 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2037  | 1370000 | 1191991 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2039  | 960000 | 793251 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2040  | 1230000 | 985328 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2041  | 3000000 | 3171260 |
| Connecticut St Series 2024 G, 3% 11/15/2042  | 695000 | 539614 |
| Connecticut St Series 2024 G, 3% 11/15/2043  | 435000 | 331347 |
| New Haven CT Gen. Oblig. 5% 8/15/2025 (Assured Guaranty Inc Insured)  | 540000 | 540441 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2029 (Assured Guaranty Inc Insured)  | 3885000 | 4215379 |
|  |  | 21268105 |
| Health Care - 0.5% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2034 (e)(h) | 1325000 | 861250 |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2049 (e)(h) | 1925000 | 1251250 |
| Connecticut St Health & Edl Facs Auth Revenue (Griffin Hospital, CT Proj.) 5% 7/1/2050 (e) | 1100000 | 965760 |
| Connecticut St Health & Edl Facs Auth Revenue (Griffin Hospital, CT Proj.) Series G1, 5% 7/1/2044 (e) | 1295000 | 1182550 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2039  | 2830000 | 2617299 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2045  | 3985000 | 3425430 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2037  | 3305000 | 3189986 |
| Connecticut State Health & Educational Facilities Authority (Stamford Hospital, CT Proj.) 4% 7/1/2046  | 4215000 | 3567112 |
|  |  | 17060637 |
| Housing - 0.0% |  |  |
| Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2019 B 1, 4% 5/15/2049  | 665000 | 673271 |
| Special Tax - 0.8% |  |  |
| Connecticut St Gen. Oblig. 3% 1/15/2040  | 2625000 | 2102833 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2037  | 7360000 | 8099423 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2043  | 6420000 | 6677221 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2044  | 2970000 | 3076450 |
| Harbor Point Infrastructure Impt Dist Conn Spl Oblig Rev Series 2017, 5% 4/1/2030 (e) | 1595000 | 1616184 |
| Harbor Point Infrastructure Impt Dist Conn Spl Oblig Rev Series 2017, 5% 4/1/2039 (e) | 2950000 | 2955255 |
|  |  | 24527366 |
| TOTAL CONNECTICUT |  | 82270651 |
| District Of Columbia - 0.7%  |  |  |
| General Obligations - 0.3% |  |  |
| District Columbia Gen. Oblig. Series 2017 A, 5% 6/1/2033  | 2170000 | 2236953 |
| District Columbia Gen. Oblig. Series 2024A, 5% 8/1/2042  | 4565000 | 4744529 |
| District Columbia Gen. Oblig. Series 2024A, 5% 8/1/2043  | 3665000 | 3784471 |
|  |  | 10765953 |
| Transportation - 0.4% |  |  |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2033  | 1180000 | 1237515 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2034  | 1890000 | 1973142 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2036  | 1890000 | 1954594 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Inc Insured)  | 4210000 | 2883510 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2049  | 4975000 | 4122025 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2022 A, 3% 10/1/2053 (Assured Guaranty Inc Insured)  | 2400000 | 1586576 |
|  |  | 13757362 |
| TOTAL DISTRICT OF COLUMBIA |  | 24523315 |
| District Of Columbia,Maryland,Virginia - 0.6%  |  |  |
| Special Tax - 0.6% |  |  |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2033  | 4290000 | 4395680 |
| Washington Metropolitan Area Transit Authority 5% 7/15/2038  | 7100000 | 7372197 |
| Washington Metropolitan Area Transit Authority Series 2024 A, 5% 7/15/2056  | 7090000 | 7113254 |
|  |  | 18881131 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 18881131 |
| Florida - 3.4%  |  |  |
| Education - 0.5% |  |  |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2029  | 1650000 | 1745782 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2043  | 1600000 | 1635015 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2049  | 2205000 | 2211170 |
| Florida Dev Fin Corp Student Hsg Rev (The Henry Stud Hsg Proj.) Series 2024A 1, 5.25% 6/1/2054 (e) | 2000000 | 1836161 |
| Florida Dev Fin Corp Student Hsg Rev (The Henry Stud Hsg Proj.) Series 2024A 1, 5.25% 6/1/2059 (e) | 1900000 | 1721476 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2027  | 615000 | 634978 |
| Florida Higher Edl Facs Fing Auth Rev (St Leo University Proj.) Series 2019, 5% 3/1/2049  | 4530000 | 3174155 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 5% 10/15/2049  | 1340000 | 1322523 |
|  |  | 14281260 |
| Electric Utilities - 0.6% |  |  |
| Florida St Mun Pwr Agy Rev 5% 10/1/2028  | 380000 | 406349 |
| Florida St Mun Pwr Agy Rev 5% 10/1/2030  | 930000 | 953296 |
| Florida St Mun Pwr Agy Rev 5% 10/1/2031  | 1015000 | 1039482 |
| Florida St Mun Pwr Agy Rev Series 2015B, 5% 10/1/2029  | 1180000 | 1183670 |
| Gainesville FL Utils Sys Rev Series A, 5% 10/1/2035  | 4720000 | 4865491 |
| Orlando Fla Utils Commn Util Sys Rev Series 2024A, 5% 10/1/2038  | 1500000 | 1626897 |
| Orlando Fla Utils Commn Util Sys Rev Series 2024B, 5% 10/1/2037  | 9000000 | 9864889 |
|  |  | 19940074 |
| General Obligations - 0.6% |  |  |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series A, 5% 7/1/2028  | 1505000 | 1533031 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series A, 5% 7/1/2032  | 965000 | 981216 |
| Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2016A, 5% 5/1/2032  | 9440000 | 9566355 |
| Miami-Dade Cnty Fla Gen. Oblig. Series 2020, 2.25% 7/1/2038  | 1000000 | 745212 |
| South Fla Wtr Mgmt Dist Ctfs Partn 5% 10/1/2027  | 470000 | 477161 |
| South Fla Wtr Mgmt Dist Ctfs Partn 5% 10/1/2030  | 1890000 | 1915150 |
| South Fla Wtr Mgmt Dist Ctfs Partn 5% 10/1/2032  | 3125000 | 3162023 |
| Volusia Cnty FL Sch Brd Ctfs (Volusia Cnty FL School Dist Proj.) Series 2016A, 5% 8/1/2031 (Build America Mutual Assurance Co Insured)  | 2090000 | 2110558 |
|  |  | 20490706 |
| Health Care - 0.7% |  |  |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2032  | 2220000 | 2449965 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 4% 7/1/2045  | 3645000 | 3108782 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2049 (Assured Guaranty Inc Insured)  | 1380000 | 1377344 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2054 (Assured Guaranty Inc Insured)  | 1655000 | 1631806 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, Fl Proj.) Series 2024 B 1, 5% tender 10/1/2054 (Assured Guaranty Inc Insured) (b) | 530000 | 567333 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, Fl Proj.) Series 2024 B 2, 5% tender 10/1/2054 (Assured Guaranty Inc Insured) (b) | 670000 | 724331 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 4% 8/15/2045  | 2255000 | 1883862 |
| Jacksonville Fla Health Care Facs Rev (Baptist Medical Center, FL Proj.) 5% 8/15/2034  | 2595000 | 2653561 |
| Miami Beach FL Hlth Facs Auth Hosp Rev (MT Sinai Hospital Proj.) Series 2014, 5% 11/15/2039  | 1445000 | 1444950 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Baptist Health Sys of So FL Proj.) Series 2019, 4% 8/15/2049  | 3205000 | 2607876 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2029  | 1395000 | 1450995 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2035  | 665000 | 679502 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2042  | 1605000 | 1592629 |
| Tallahassee FL Health Facs Rev (Tallahassee Mem Hlthcare FL Proj.) Series 2016A, 5% 12/1/2029  | 1345000 | 1350943 |
| Tallahassee FL Health Facs Rev (Tallahassee Mem Hlthcare FL Proj.) Series 2016A, 5% 12/1/2036  | 1040000 | 1040813 |
|  |  | 24564692 |
| Housing - 0.0% |  |  |
| Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 C, 5% tender 12/1/2026 (b) | 1305000 | 1313126 |
| Florida Hsg Fin Corp Rev (FL Homeownership Mortgage Proj.) Series 2019 1, 4% 7/1/2050  | 1520000 | 1529943 |
|  |  | 2843069 |
| Other - 0.0% |  |  |
| Pinellas Cnty Fla Indl Dev Auth Indl Dev Rev (Patel Foundation For Global Understanding Proj.) Series 2019, 5% 7/1/2029  | 220000 | 224029 |
| Pinellas Cnty Fla Indl Dev Auth Indl Dev Rev (Patel Foundation For Global Understanding Proj.) Series 2019, 5% 7/1/2039  | 400000 | 383524 |
|  |  | 607553 |
| Transportation - 1.0% |  |  |
| Florida St Dept Transn Tpk Rev Series 2021C, 3% 7/1/2046  | 1000000 | 743472 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2040 (Assured Guaranty Inc Insured)  | 1250000 | 1302281 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2035  | 1510000 | 1509654 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2031  | 2020000 | 2203729 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev 5% 7/1/2030  | 2360000 | 2363357 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev 5% 7/1/2040  | 3115000 | 3115726 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2014A, 5% 7/1/2027  | 945000 | 946518 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2014A, 5% 7/1/2028  | 2100000 | 2103332 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2014A, 5% 7/1/2029  | 955000 | 956445 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2034 (Assured Guaranty Inc Insured)  | 4015000 | 4130905 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2035 (Assured Guaranty Inc Insured)  | 3890000 | 3971201 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2037 (Assured Guaranty Inc Insured)  | 4320000 | 4253822 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2038 (Assured Guaranty Inc Insured)  | 2700000 | 2656915 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2039 (Assured Guaranty Inc Insured)  | 2175000 | 2121548 |
|  |  | 32378905 |
| TOTAL FLORIDA |  | 115106259 |
| Georgia - 3.9%  |  |  |
| Education - 0.0% |  |  |
| Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 4% 6/15/2049  | 1115000 | 963917 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2036  | 1060000 | 1120985 |
|  |  | 2084902 |
| Electric Utilities - 1.1% |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2013 FIRST, 3.375% tender 11/1/2053 (b) | 1625000 | 1626505 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2012, 3.3% tender 12/1/2049 (b) | 3105000 | 3103856 |
| Burke Cnty GA Dev Auth Pcr (Georgia Transmission Corp Proj.) Series 2012, 2.75% 1/1/2052 (b) | 2900000 | 1713251 |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2013A, 3.6% tender 1/1/2040 (b) | 5370000 | 5433784 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2049  | 5760000 | 4884567 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2030  | 390000 | 416048 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2032  | 885000 | 935730 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2034  | 1815000 | 1902341 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2035  | 875000 | 913229 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2036  | 1075000 | 1116732 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2037  | 1055000 | 1088144 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2038  | 1085000 | 1114168 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2044  | 2825000 | 2802136 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2035  | 1090000 | 1197613 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2040  | 1375000 | 1425358 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2041 (Build America Mutual Assurance Co Insured)  | 565000 | 598468 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2049  | 675000 | 689643 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b) | 5805000 | 5814079 |
|  |  | 36775652 |
| General Obligations - 1.9% |  |  |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (b) | 13390000 | 14244413 |
| Main Street Natural Gas Inc Series 2023D, 5% tender 5/1/2054 (Citigroup Inc Guaranteed) (b) | 19695000 | 20786011 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 3/1/2029 (Royal Bank of Canada Guaranteed)  | 2675000 | 2832205 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 3/1/2030 (Royal Bank of Canada Guaranteed)  | 2940000 | 3132771 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2029 (Royal Bank of Canada Guaranteed)  | 2240000 | 2386105 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2030 (Royal Bank of Canada Guaranteed)  | 2350000 | 2512226 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (b) | 6450000 | 6837887 |
| Main Street Natural Gas Inc Series 2024B, 5% 3/1/2031 (Royal Bank of Canada Guaranteed)  | 1830000 | 1960036 |
| Main Street Natural Gas Inc Series 2024B, 5% 9/1/2030 (Royal Bank of Canada Guaranteed)  | 1000000 | 1069032 |
| Main Street Natural Gas Inc Series 2024B, 5% 9/1/2031 (Royal Bank of Canada Guaranteed)  | 850000 | 911570 |
| Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (b) | 3980000 | 4220690 |
|  |  | 60892946 |
| Health Care - 0.6% |  |  |
| Coweta Cnty GA Dev Auth Rev (Piedmont Hosp Og Proj.) Series 2019A, 5% 7/1/2044  | 6080000 | 6055757 |
| DeKalb GA Priv Hsp Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 B, 5% 7/1/2035  | 1285000 | 1353716 |
| Fulton Cnty GA Dev Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 C, 5% 7/1/2038  | 1160000 | 1200888 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 3% 2/15/2047  | 9015000 | 6331713 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) 4% 7/1/2035  | 4620000 | 4513947 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) 4% 7/1/2043  | 2470000 | 2161770 |
|  |  | 21617791 |
| Housing - 0.0% |  |  |
| Georgia Hsg & Fin Auth Rev Series 2019B, 3.25% 12/1/2049  | 1750000 | 1315529 |
| Special Tax - 0.2% |  |  |
| Metro Atlanta Rapid Tran Sales 5.25% 7/1/2050  | 5225000 | 5455897 |
| Transportation - 0.1% |  |  |
| Atlanta GA Arpt Rev Series 2023B 1, 5% 7/1/2037  | 1450000 | 1576803 |
| Atlanta GA Arpt Rev Series 2023B 1, 5% 7/1/2039  | 1000000 | 1068376 |
| Atlanta GA Arpt Rev Series 2023B 1, 5% 7/1/2040  | 1125000 | 1191847 |
|  |  | 3837026 |
| TOTAL GEORGIA |  | 131979743 |
| Hawaii - 0.1%  |  |  |
| Transportation - 0.1% |  |  |
| Hawaii St Hbr Sys Rev Series 2020 C, 4% 7/1/2037  | 1040000 | 1026931 |
| Hawaii St Hbr Sys Rev Series 2020 C, 4% 7/1/2038  | 1180000 | 1138435 |
|  |  | 2165366 |
| Water & Sewer - 0.0% |  |  |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2025A, 5% 7/1/2036  | 1910000 | 2134888 |
| TOTAL HAWAII |  | 4300254 |
| Idaho - 0.0%  |  |  |
| Housing - 0.0% |  |  |
| Idaho Hsg & Fin Assn (ID Single Family Hsg 7/1/19 Proj.) Series 2019 A, 4% 1/1/2050  | 895000 | 901973 |
| Transportation - 0.0% |  |  |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2017A, 5% 7/15/2026  | 470000 | 481409 |
| TOTAL IDAHO |  | 1383382 |
| Illinois - 11.3%  |  |  |
| Education - 0.4% |  |  |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2031  | 2230000 | 2275830 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 4% 10/1/2031  | 1395000 | 1399075 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 5% 10/1/2033  | 1415000 | 1429049 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 4% 9/1/2037  | 380000 | 327087 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 4% 9/1/2039  | 945000 | 786259 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2030  | 180000 | 182578 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2038  | 850000 | 796718 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series A, 5% 8/1/2047  | 405000 | 379396 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series C, 5% 8/1/2049  | 465000 | 428857 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2031  | 190000 | 201804 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2032  | 275000 | 289982 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2033  | 470000 | 493080 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2035  | 285000 | 294185 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2036  | 285000 | 292654 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2037  | 330000 | 336838 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2038  | 355000 | 360305 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2039  | 610000 | 615671 |
| University of Illinois Series 2018A, 5% 4/1/2029  | 3720000 | 3948968 |
|  |  | 14838336 |
| Electric Utilities - 0.1% |  |  |
| Illinois Mun Elec Agy Pwr Supp Series 2015A, 5% 2/1/2031  | 1785000 | 1786907 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Grundy & Will Cntys Ill Cmnty Unit Sch Dist No 001 5% 2/1/2029 (Pre-refunded to 2/1/2027 at 100)  | 135000 | 139758 |
| Illinois Fin Auth Rev Series 2016 C, 4% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 20000 | 20423 |
| Illinois Finance Authority Rev 4% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 2455000 | 2506904 |
| Illinois Finance Authority Rev 5% 2/15/2036 (Pre-refunded to 2/15/2027 at 100)  | 400000 | 414452 |
|  |  | 3081537 |
| General Obligations - 5.0% |  |  |
| Chicago IL Brd Ed 5% 12/1/2026  | 500000 | 507684 |
| Chicago IL Brd Ed 6.5% 12/1/2046  | 400000 | 403151 |
| Chicago IL Brd Ed 7% 12/1/2046 (e) | 1400000 | 1438511 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2029  | 4195000 | 4292011 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2031  | 850000 | 861922 |
| Chicago IL Brd Ed Series 2019 A, 5% 12/1/2030  | 3820000 | 3911174 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2026  | 1985000 | 2015245 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2029  | 2920000 | 3043608 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2032  | 1700000 | 1721253 |
| Chicago IL Brd Ed Series D, 5% 12/1/2031  | 1845000 | 1863078 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2029  | 3645000 | 3805344 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2030  | 7320000 | 7695023 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2032  | 4405000 | 4606218 |
| Chicago IL Gen. Oblig. Series 2025A, 6% 1/1/2050  | 3365000 | 3438205 |
| Chicago IL Gen. Oblig. Series 2025C, 6% 1/1/2043  | 2000000 | 2092752 |
| Chicago IL Gen. Oblig. Series 2025E, 6% 1/1/2042  | 1750000 | 1844336 |
| Chicago IL Gen. Oblig. Series 2025E, 6% 1/1/2044  | 2580000 | 2685457 |
| Chicago IL Gen. Oblig. Series 2025E, 6% 1/1/2045  | 1500000 | 1555294 |
| Chicago IL Gen. Oblig. Series 2025F, 5.5% 1/1/2040  | 800000 | 828573 |
| Chicago IL Gen. Oblig. Series 2025F, 5.5% 1/1/2041  | 1400000 | 1436130 |
| Chicago IL Gen. Oblig. Series 2025F, 6% 1/1/2043  | 1565000 | 1637578 |
| Chicago IL Gen. Oblig. Series 2025F, 6% 1/1/2050  | 4500000 | 4606779 |
| Cook County IL Community Consolidate School District No 034 Glenview 2% 12/1/2037  | 2010000 | 1449931 |
| Cook County IL Community Consolidate School District No 034 Glenview Series 2021 A, 3% 12/1/2036  | 715000 | 622440 |
| Grundy & Will Cntys Ill Cmnty Unit Sch Dist No 001 5% 2/1/2029  | 500000 | 515519 |
| Illinois St Gen. Oblig. 5% 2/1/2028  | 3300000 | 3396686 |
| Illinois St Gen. Oblig. 5% 3/1/2029  | 3495000 | 3724056 |
| Illinois St Gen. Oblig. 5% 3/1/2032  | 1550000 | 1687580 |
| Illinois St Gen. Oblig. 5.5% 1/1/2031  | 1835000 | 2036808 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2028  | 3305000 | 3495491 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2032  | 1755000 | 1910776 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2036  | 7365000 | 7756701 |
| Illinois St Gen. Oblig. Series 2022A, 5.25% 3/1/2037  | 1605000 | 1700411 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 B, 4% 12/1/2034  | 3355000 | 3290385 |
| Illinois St Gen. Oblig. Series JUNE 2016, 5% 6/1/2026  | 575000 | 585490 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2032  | 100000 | 107600 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2035  | 710000 | 747820 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2036  | 565000 | 590979 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2037  | 710000 | 737763 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2046  | 2830000 | 2753031 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2036  | 1450000 | 1526709 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2038  | 6750000 | 7089775 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2040  | 3005000 | 3105611 |
| Illinois St Gen. Oblig. Series MAY 2023 C, 5% 5/1/2029  | 3945000 | 4217719 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2028  | 3305000 | 3497204 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2035  | 3045000 | 3279050 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2039  | 2250000 | 2326037 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2045  | 2050000 | 2067524 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2047  | 1505000 | 1508467 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 4% 10/1/2032  | 5055000 | 5072852 |
| Illinois St Gen. Oblig. Series OCTOBER 2024, 5% 2/1/2033  | 4805000 | 5236988 |
| Illinois St Gen. Oblig. Series OCTOBER 2024, 5% 2/1/2038  | 15580000 | 16355985 |
| Kane Cook & DuPage Cntys IL Sch Dist Series 2024, 5% 1/1/2031  | 650000 | 716595 |
| Kane Cook & DuPage Cntys IL Sch Dist Series 2024, 5% 1/1/2035  | 700000 | 767473 |
| Kane McHenry Cook & DuPage Cntys IL Sch Dist Series 2015, 5% 1/1/2028  | 2625000 | 2629271 |
| Kane McHenry Cook & DuPage Cntys IL Sch Dist Series 2017, 5% 1/1/2029  | 970000 | 1011169 |
| Kendall Kane & Will Cnty IL Uni Sch Dist No 308 5% 2/1/2033  | 10270000 | 10344461 |
| Lake Cnty IL Cmty College Sch Dist No 073 2.25% 1/1/2040  | 1245000 | 866922 |
| Schaumburg IL Gen. Oblig. Series 2023, 4% 12/1/2030  | 2940000 | 3090177 |
|  |  | 168108782 |
| Health Care - 1.0% |  |  |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2029  | 3260000 | 3361049 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2031  | 1965000 | 2017521 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2029  | 970000 | 982266 |
| Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) 5% 7/15/2030  | 1405000 | 1471444 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 4.125% 5/15/2047  | 10465000 | 9078008 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2031  | 3305000 | 3312191 |
| Illinois Fin Auth Rev (University of Chicago Hosps,Il Proj.) 5% 8/15/2030  | 2830000 | 2913077 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 4% 2/15/2036  | 590000 | 572596 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 4% 2/15/2041  | 25000 | 22594 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2036  | 1940000 | 1968038 |
| Illinois Finance Authority Rev (Carle Foundation Hospital,Il Proj.) Series 2021A, 3% 8/15/2048  | 930000 | 657255 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 3.25% 8/15/2049  | 1340000 | 980403 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) 3% 5/15/2050 (Build America Mutual Assurance Co Insured)  | 3390000 | 2324293 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 A, 3% 5/15/2050  | 7190000 | 4728732 |
|  |  | 34389467 |
| Housing - 0.3% |  |  |
| Illinois Housing Dev Auth (IL Homeowner Mortgage Proj.) Series C, 2.9% 8/1/2031  | 490000 | 470217 |
| Illinois Housing Dev Auth Series 2019 D, 2.7% 10/1/2034 (IL Hsg Revenue Bonds 3/1/2016 Guaranteed)  | 485000 | 422418 |
| Illinois Housing Development Authority (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2021 B, 3% 4/1/2051  | 4345000 | 4295591 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2019, 2.9% 7/1/2035  | 4341895 | 3794205 |
|  |  | 8982431 |
| Special Tax - 3.3% |  |  |
| Illinois St Sales Tax Rev 3% 6/15/2033 (Build America Mutual Assurance Co Insured)  | 2720000 | 2501009 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2031  | 4535000 | 4981590 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2032  | 3805000 | 4203048 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2034  | 5495000 | 6090118 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2031 (National Public Finance Guarantee Corporation Insured) (g) | 775000 | 612063 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2036 (National Public Finance Guarantee Corporation Insured) (g) | 12285000 | 7414326 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2051 (g) | 5570000 | 1286066 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2029 (National Public Finance Guarantee Corporation Insured) (g) | 5735000 | 5040220 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2035 (National Public Finance Guarantee Corporation Insured) (g) | 7835000 | 5157119 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (National Public Finance Guarantee Corporation Insured) (g) | 1970000 | 1224549 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2043 (Assured Guaranty Inc Insured) (g) | 30875000 | 12242308 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2044 (Assured Guaranty Inc Insured) (g) | 7170000 | 2677688 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2045 (Assured Guaranty Inc Insured) (g) | 11465000 | 4040996 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2047 (Assured Guaranty Inc Insured) (g) | 10015000 | 3130598 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 4% 12/15/2042  | 5405000 | 4728630 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 6/15/2050  | 18840000 | 18282539 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2028  | 1890000 | 1967097 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2032  | 850000 | 874924 |
| Sales Tax Securitization Corp Series 2023C, 5% 1/1/2032  | 4695000 | 5191267 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2038  | 3055000 | 3267249 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2040  | 1400000 | 1454237 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2041  | 11000000 | 11377975 |
| Sales Tax Securitization Corp Series 2024A, 5% 1/1/2042  | 1305000 | 1337193 |
|  |  | 109082809 |
| Transportation - 1.0% |  |  |
| Chicago IL Midway Arpt Rev Series B, 4% 1/1/2035  | 770000 | 765924 |
| Chicago IL Midway Arpt Rev Series B, 5% 1/1/2036  | 4250000 | 4260864 |
| Chicago IL Midway Arpt Rev Series B, 5% 1/1/2037  | 5005000 | 5014936 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2032  | 4485000 | 4515820 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2033  | 1230000 | 1237493 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2034  | 1430000 | 1456719 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2035  | 2400000 | 2440347 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2036  | 1560000 | 1583222 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037  | 6045000 | 6121767 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2038  | 2125000 | 2145246 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2048  | 1055000 | 1045493 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2053  | 1060000 | 1048962 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 12/1/2031  | 890000 | 896049 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 A, 5% 1/1/2044  | 1060000 | 1060275 |
|  |  | 33593117 |
| Water & Sewer - 0.1% |  |  |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) Series 2020, 5% 7/1/2036  | 4150000 | 4425348 |
| TOTAL ILLINOIS |  | 378288734 |
| Indiana - 1.1%  |  |  |
| Education - 0.2% |  |  |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2019, 4% 4/1/2046  | 2115000 | 1805974 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2019, 5% 4/1/2040  | 2115000 | 2139424 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 4% 4/1/2037  | 1565000 | 1523114 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2029  | 970000 | 1029794 |
|  |  | 6498306 |
| Electric Utilities - 0.2% |  |  |
| Indiana Mun Pwr Agy Pwr Supply Series 2017A, 5% 1/1/2032  | 3775000 | 3934975 |
| Indiana Mun Pwr Agy Pwr Supply Series 2017A, 5% 1/1/2034  | 1890000 | 1954558 |
|  |  | 5889533 |
| General Obligations - 0.2% |  |  |
| Fort Wayne Community Schools Food Service Center Building Corp 3% 1/15/2040  | 500000 | 408560 |
| Seymour Ind Elem Sch Bldg Corp Series 2022, 4% 1/15/2042  | 750000 | 692051 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5.25% 7/15/2040 (Build America Mutual Assurance Co Insured)  | 1600000 | 1710426 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5.25% 7/15/2043 (Build America Mutual Assurance Co Insured)  | 3000000 | 3127550 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024B, 5.25% 7/15/2037 (Build America Mutual Assurance Co Insured)  | 1550000 | 1712980 |
|  |  | 7651567 |
| Health Care - 0.4% |  |  |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 4.25% 3/1/2049  | 570000 | 465059 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5.25% 3/1/2054  | 2625000 | 2612787 |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) Series 2016 A, 4% 11/1/2051  | 3745000 | 3105474 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 5% 11/1/2028  | 425000 | 454742 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 5% 11/1/2029  | 1320000 | 1433809 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 5% 11/1/2030  | 295000 | 323558 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2031  | 1735000 | 1771614 |
| Indiana St Hsg & Cmnty Dev Auth Multifamily Hsg Rev (Glasswater Creek Whitestown Proj Proj.) Series 2020, 5.375% 10/1/2040 (e) | 1660000 | 1358066 |
|  |  | 11525109 |
| Housing - 0.0% |  |  |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 7/1/2050  | 640000 | 633067 |
| Special Tax - 0.1% |  |  |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis Marion Cnty Bldg Auth Proj.) Series 2019 A, 5% 2/1/2049  | 3090000 | 3090057 |
| Water & Sewer - 0.0% |  |  |
| Lafayette Ind Sew Wks Rev 2% 7/1/2036  | 585000 | 443668 |
| TOTAL INDIANA |  | 35731307 |
| Iowa - 0.2%  |  |  |
| General Obligations - 0.1% |  |  |
| Polk Co IA Gen. Oblig. 3% 6/1/2040  | 790000 | 638799 |
| Woodbury Cnty Iowa Law Enforcement Ctr Auth Facs Rev 4% 6/1/2041  | 3400000 | 3108146 |
|  |  | 3746945 |
| Health Care - 0.1% |  |  |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018B, 5% 2/15/2048  | 2360000 | 2310427 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 4% 6/1/2049  | 2645000 | 2179446 |
| TOTAL IOWA |  | 8236818 |
| Kentucky - 1.7%  |  |  |
| Education - 0.0% |  |  |
| Boyle Cnty KY Edl Facs Rev (Centre College Proj.) Series 2017, 5% 6/1/2037  | 1585000 | 1600563 |
| General Obligations - 0.8% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (b) | 4875000 | 5114254 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2029  | 1760000 | 1870331 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2030  | 1180000 | 1247634 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2031  | 505000 | 532695 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2032  | 265000 | 278437 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2033  | 595000 | 622681 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2034  | 680000 | 708655 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2035  | 400000 | 413908 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2036  | 340000 | 350432 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 4% 11/1/2038  | 600000 | 571374 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2029  | 3625000 | 3873687 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2030  | 2030000 | 2164281 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2036  | 2385000 | 2596546 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2041  | 3205000 | 3331494 |
|  |  | 23676409 |
| Health Care - 0.8% |  |  |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2028  | 45000 | 46774 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2032  | 60000 | 61637 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2040  | 1135000 | 1115091 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) Series 2019, 3% 2/1/2040 (Assured Guaranty Inc Insured)  | 1665000 | 1391883 |
| City of Hazard KY (Appalachian Regl Healthcre Inc Proj.) Series 2021, 3% 7/1/2046  | 2450000 | 1732599 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2049  | 2360000 | 2279598 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2033  | 945000 | 987124 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2044  | 945000 | 924820 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Baptist Healthcare System Obligated Group Proj.) 5% 8/15/2032  | 2530000 | 2601574 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Baptist Healthcare System Obligated Group Proj.) 5% 8/15/2033  | 1250000 | 1281002 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Baptist Healthcare System Obligated Group Proj.) 5% 8/15/2035  | 1415000 | 1440045 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2026  | 50000 | 50032 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2027  | 50000 | 50052 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2028  | 55000 | 55055 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2029  | 60000 | 60058 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2030  | 60000 | 60053 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% 10/1/2033  | 4155000 | 4202830 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% 10/1/2037  | 2715000 | 2786382 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 1635000 | 1752606 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2020A, 3% 10/1/2043  | 5800000 | 4220545 |
|  |  | 27099760 |
| Transportation - 0.1% |  |  |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2033  | 1225000 | 1231954 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2019, 5% 1/1/2044  | 2120000 | 2124674 |
|  |  | 3356628 |
| TOTAL KENTUCKY |  | 55733360 |
| Louisiana - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Louisiana Pub Facs Auth Rev (Tulane Univ, LA Proj.) Series 2016 A, 5% 12/15/2029  | 1135000 | 1168819 |
| Housing - 0.0% |  |  |
| Louisiana Hsg Corp Single Family Mtg Rev (LA Home Ownership Proj.) 5.75% 12/1/2053  | 975000 | 1058500 |
| TOTAL LOUISIANA |  | 2227319 |
| Maine - 1.1%  |  |  |
| Education - 0.3% |  |  |
| Maine Health & Higher Edl Facsauth Rev (Northeastern University Proj.) Series 2024B, 5.25% 10/1/2054  | 6305000 | 6367443 |
| University ME Sys Rev Series 2022, 5.5% 3/1/2062  | 3800000 | 3885322 |
|  |  | 10252765 |
| General Obligations - 0.1% |  |  |
| Brunswick ME 2.375% 11/1/2037  | 130000 | 101445 |
| Brunswick ME 2.5% 11/1/2039  | 335000 | 251387 |
| Lewiston ME Gen. Oblig. 1.25% 2/15/2031  | 2455000 | 2089393 |
| Lewiston ME Gen. Oblig. 1.25% 2/15/2032  | 2595000 | 2131377 |
|  |  | 4573602 |
| Health Care - 0.6% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2030  | 1120000 | 1183324 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2031  | 1040000 | 1093161 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2034  | 1890000 | 1958433 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2035  | 2590000 | 2670237 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2036  | 3070000 | 3151338 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2037  | 2830000 | 2894182 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2038  | 2150000 | 2189003 |
| Maine Health & Higher Edl Facs Auth Rev (Northern Light Health Proj.) Series 2016A, 4% 7/1/2041  | 1120000 | 878268 |
|  |  | 16017946 |
| Transportation - 0.1% |  |  |
| Maine Turnpike Auth Rev Bonds Series 2018, 5% 7/1/2033  | 660000 | 692518 |
| Maine Turnpike Auth Rev Bonds Series 2018, 5% 7/1/2034  | 945000 | 986391 |
| Maine Turnpike Auth Rev Bonds Series 2018, 5% 7/1/2035  | 1040000 | 1080921 |
| Maine Turnpike Auth Rev Bonds Series 2018, 5% 7/1/2036  | 1890000 | 1956950 |
|  |  | 4716780 |
| TOTAL MAINE |  | 35561093 |
| Maryland - 1.0%  |  |  |
| Education - 0.0% |  |  |
| Westminster MD Edl Facs Rev (Mcdaniel College Proj.) 5% 11/1/2031  | 1865000 | 1891632 |
| General Obligations - 0.4% |  |  |
| Anne Arundel Cnty MD Gen. Oblig. Series 2021, 3% 10/1/2036  | 2595000 | 2334634 |
| Anne Arundel Cnty MD Gen. Oblig. Series 2021, 3% 10/1/2037  | 1000000 | 878183 |
| Baltimore Cnty MD Gen. Oblig. Series 2021, 3% 3/1/2037  | 825000 | 734994 |
| City of Baltimore MD Gen. Oblig. Series 2022A, 5% 10/15/2037  | 735000 | 789780 |
| Frederick Cnty MD Gen. Oblig. Series 2021 A, 1.5% 10/1/2033  | 4460000 | 3597191 |
| Prince Georges County MD Gen. Oblig. Series 2021 A, 2% 7/1/2035  | 7055000 | 5699690 |
|  |  | 14034472 |
| Health Care - 0.1% |  |  |
| Maryland Health & Higher Educational Facilities Authority (Greater Baltimore Med Ctr, MD Proj.) Series 2021 A, 3% 7/1/2051  | 4320000 | 2866580 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 4% 7/1/2042  | 735000 | 643798 |
|  |  | 3510378 |
| Housing - 0.1% |  |  |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 3.5% 3/1/2050  | 1210000 | 1210319 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 B, 4% 9/1/2049  | 1275000 | 1278587 |
|  |  | 2488906 |
| Special Tax - 0.2% |  |  |
| State of Maryland Built to Learn Revenue Series 2021, 4% 6/1/2046  | 850000 | 743297 |
| State of Maryland Built to Learn Revenue Series 2022 A, 4% 6/1/2037  | 2240000 | 2224570 |
| State of Maryland Built to Learn Revenue Series 2022 A, 4% 6/1/2038  | 2455000 | 2406929 |
|  |  | 5374796 |
| Transportation - 0.2% |  |  |
| Maryland St Transn Auth Transn Series 2024 A, 5% 7/1/2031  | 4620000 | 5165906 |
| TOTAL MARYLAND |  | 32466090 |
| Massachusetts - 1.3%  |  |  |
| Education - 0.8% |  |  |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) 4% 10/1/2050  | 9975000 | 6986324 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) 5% 10/1/2045  | 7515000 | 6524900 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) 4% 7/1/2045  | 9790000 | 7956076 |
| Massachusetts St Dev Fin Agy Rev (Lesley College Proj.) 5% 7/1/2039  | 960000 | 948075 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2030  | 1100000 | 1113728 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2033  | 1280000 | 1288395 |
|  |  | 24817498 |
| General Obligations - 0.3% |  |  |
| Massachusetts St Gen. Oblig. 5.25% 10/1/2047  | 10000000 | 10375120 |
| Health Care - 0.2% |  |  |
| Massachusetts Development Finance Agency (University of Mass Hlth Cr Inc Proj.) 4% 7/1/2044  | 9440000 | 7935858 |
| TOTAL MASSACHUSETTS |  | 43128476 |
| Michigan - 3.1%  |  |  |
| Electric Utilities - 0.4% |  |  |
| Lansing Mich Brd Wtr & Lt Util Sys Rev Series 2024 A, 5% 7/1/2032  | 3155000 | 3546014 |
| Lansing Mich Brd Wtr & Lt Util Sys Rev Series 2024 A, 5% 7/1/2036  | 6000000 | 6631456 |
| Lansing Mich Brd Wtr & Lt Util Sys Rev Series 2024 A, 5% 7/1/2037  | 1675000 | 1835595 |
| Lansing Mich Brd Wtr & Lt Util Sys Rev Series 2024 A, 5% 7/1/2038  | 1250000 | 1354472 |
| Lansing Mich Brd Wtr & Lt Util Sys Rev Series 2024 A, 5% 7/1/2039  | 675000 | 721241 |
|  |  | 14088778 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev Series 2016, 5% 5/15/2028 (Pre-refunded to 5/15/2026 at 100)  | 10000 | 10179 |
| General Obligations - 0.1% |  |  |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2046  | 1840000 | 1792214 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 3% 10/15/2045  | 1475000 | 1109554 |
| Portage MI Pub Schs 5% 11/1/2033  | 945000 | 957781 |
| Portage MI Pub Schs 5% 11/1/2036  | 1180000 | 1192451 |
| Portage MI Pub Schs 5% 11/1/2037  | 945000 | 953990 |
|  |  | 6005990 |
| Health Care - 0.2% |  |  |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 3% 7/1/2051  | 1860000 | 1222643 |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev (Bronson Methodist Hsp, MI Proj.) Series 2016, 5% 5/15/2028  | 1365000 | 1387059 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2019A, 5% 11/15/2048  | 1555000 | 1501247 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series MI 2019 A, 3% 12/1/2049  | 2645000 | 1771218 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2032  | 290000 | 300525 |
|  |  | 6182692 |
| Housing - 0.1% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.45% 10/1/2046  | 3400000 | 2155986 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.55% 10/1/2051  | 1295000 | 780768 |
| Michigan Hsg Dev Rental Hsg (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2019 A 1, 3.35% 10/1/2049  | 1750000 | 1302814 |
|  |  | 4239568 |
| Special Tax - 0.3% |  |  |
| County of Jackson MI Series 2019, 4% 5/1/2032 (Build America Mutual Assurance Co Insured)  | 2050000 | 2109072 |
| County of Jackson MI Series 2019, 4% 5/1/2033 (Build America Mutual Assurance Co Insured)  | 2110000 | 2158010 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2032  | 1200000 | 1320207 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2033  | 1000000 | 1101485 |
| Detroit MI Downtown Dev Auth Tax Series 2024, 5% 7/1/2034  | 1500000 | 1653716 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2043  | 1740000 | 1741379 |
|  |  | 10083869 |
| Tobacco Bonds - 0.1% |  |  |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 4% 6/1/2049  | 2070000 | 1676779 |
| Transportation - 1.0% |  |  |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2028  | 565000 | 590954 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2037  | 255000 | 257471 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5% 12/1/2036  | 1100000 | 1209467 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5% 12/1/2037  | 1000000 | 1087028 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5% 12/1/2038  | 1000000 | 1075757 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5% 12/1/2039  | 2010000 | 2141194 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5% 12/1/2040  | 1200000 | 1267111 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5% 12/1/2041  | 1200000 | 1254156 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 C, 5% 12/1/2036  | 1140000 | 1253447 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 C, 5% 12/1/2037  | 1825000 | 1983826 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 C, 5% 12/1/2038  | 2500000 | 2689394 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 C, 5% 12/1/2039  | 2210000 | 2354248 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 C, 5% 12/1/2040  | 1500000 | 1583889 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 C, 5% 12/1/2041  | 2000000 | 2090260 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2033  | 330000 | 340372 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2037  | 470000 | 476320 |
| Wayne Cnty Mich Arpt Auth Rev Series C, 5% 12/1/2028  | 1040000 | 1091376 |
| Wayne Cnty Mich Arpt Auth Rev Series D, 5% 12/1/2029  | 1510000 | 1515956 |
| Wayne Cnty Mich Arpt Auth Rev Series D, 5% 12/1/2030  | 1225000 | 1229529 |
| Wayne Cnty Mich Arpt Auth Rev Series D, 5% 12/1/2031  | 2170000 | 2176877 |
| Wayne Cnty Mich Arpt Auth Rev Series G, 5% 12/1/2031  | 1415000 | 1419484 |
| Wayne Cnty Mich Arpt Auth Rev Series G, 5% 12/1/2032  | 1415000 | 1418842 |
| Wayne Cnty Mich Arpt Auth Rev Series G, 5% 12/1/2033  | 1890000 | 1894240 |
| Wayne Cnty Mich Arpt Auth Rev Series JRA, 5% 12/1/2029  | 520000 | 542764 |
| Wayne Cnty Mich Arpt Auth Rev Series JRA, 5% 12/1/2030  | 660000 | 686860 |
|  |  | 33630822 |
| Water & Sewer - 0.9% |  |  |
| Great Lakes Sewer Auth Mich Series 2018 A, 5% 7/1/2048  | 6135000 | 6137040 |
| Great Lakes Sewer Auth Mich Series 2025 B, 5% 7/1/2035  | 10340000 | 11429342 |
| Great Lakes Sewer Auth Mich Series 2025A, 5% 7/1/2038  | 1740000 | 1877948 |
| Michigan Fin Auth Rev (MI St Clean Wtr Revolving Fnd Proj.) Series 2024A, 5% 10/1/2039  | 1750000 | 1893512 |
| Michigan Fin Auth Rev (MI St Clean Wtr Revolving Fnd Proj.) Series 2024A, 5% 10/1/2040  | 4550000 | 4876748 |
| Michigan Fin Auth Rev (MI St Clean Wtr Revolving Fnd Proj.) Series 2024A, 5% 10/1/2041  | 2735000 | 2901888 |
|  |  | 29116478 |
| TOTAL MICHIGAN |  | 105035155 |
| Minnesota - 0.8%  |  |  |
| Education - 0.1% |  |  |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2029  | 945000 | 982138 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2032  | 675000 | 691675 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2033  | 825000 | 841594 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2045  | 975000 | 896142 |
|  |  | 3411549 |
| General Obligations - 0.6% |  |  |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020B, 4% 8/1/2041  | 1270000 | 1176206 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020D, 4% 8/1/2038  | 2265000 | 2195167 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020D, 4% 8/1/2040  | 2455000 | 2277468 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020D, 4% 8/1/2041  | 1610000 | 1491096 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020D, 4% 8/1/2043  | 1820000 | 1645623 |
| Mounds View MN Indpt Sch Dist No 621 Series 2018 A, 3.45% 2/1/2037 (Minnesota St Guaranteed)  | 1235000 | 1163426 |
| Mounds View MN Indpt Sch Dist No 621 Series 2018 A, 3.55% 2/1/2038 (Minnesota St Guaranteed)  | 1290000 | 1200139 |
| Sauk Rapids Minn Isd No 47 Series 2020A, 2% 2/1/2033 (Minnesota St Guaranteed)  | 2545000 | 2199785 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2038 (Minnesota St Guaranteed) (g) | 2705000 | 1563956 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2039 (Minnesota St Guaranteed) (g) | 1555000 | 845203 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2040 (Minnesota St Guaranteed) (g) | 1000000 | 506802 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.6% 2/1/2037 (Minnesota St Guaranteed)  | 900000 | 870068 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.65% 2/1/2038 (Minnesota St Guaranteed)  | 945000 | 899732 |
|  |  | 18034671 |
| Health Care - 0.1% |  |  |
| Maple Grove MN Health Care Sys Rev (North Memorial Med Center, MN Proj.) Series 2015, 5% 9/1/2027  | 1215000 | 1216469 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2019, 4% 5/1/2049  | 3265000 | 2782383 |
|  |  | 3998852 |
| Housing - 0.0% |  |  |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 F, 5.75% 7/1/2053  | 610000 | 651177 |
| TOTAL MINNESOTA |  | 26096249 |
| Mississippi - 0.0%  |  |  |
| Housing - 0.0% |  |  |
| Mississippi Home Corp Single Family Mtg Rev (Sf Mortgage 7/15/2009 Proj.) Series 2021 B, 5% 6/1/2028  | 705000 | 748374 |
| Missouri - 0.6%  |  |  |
| General Obligations - 0.0% |  |  |
| Jefferson City MO Sch Dist Series 2025, 5.5% 3/1/2044  | 1300000 | 1360340 |
| Health Care - 0.4% |  |  |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2027  | 30000 | 31046 |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2029  | 1390000 | 1431400 |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 4% 7/1/2033  | 2205000 | 2261858 |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 4% 7/1/2046  | 1510000 | 1308303 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 3.125% 2/1/2027  | 380000 | 380050 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 3.25% 2/1/2028  | 380000 | 380063 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 5% 2/1/2034  | 2940000 | 2941202 |
| St Louis Cnty MO Indl Dev Auth Sr Living Facs Rev (Friendship Village of West County Proj.) Series 2018A, 5.125% 9/1/2048  | 2510000 | 2298713 |
|  |  | 11032635 |
| Housing - 0.0% |  |  |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2019B, 4% 5/1/2050  | 300000 | 302386 |
| Transportation - 0.1% |  |  |
| St Louis MO Arpt Rev Series 2019 A, 5% 7/1/2044  | 1320000 | 1323304 |
| St Louis MO Arpt Rev Series 2019 A, 5% 7/1/2049  | 1085000 | 1058155 |
|  |  | 2381459 |
| Water & Sewer - 0.1% |  |  |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2026  | 225000 | 227331 |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2028  | 470000 | 497929 |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2033  | 450000 | 469521 |
| Kansas City MO Santn Swr Sys Rev Series 2019A, 3% 1/1/2040  | 1170000 | 952615 |
| Kansas City MO Santn Swr Sys Rev Series 2019A, 3% 1/1/2044  | 1505000 | 1127823 |
| Kansas City MO Wtr Rev 4% 12/1/2039  | 1190000 | 1168605 |
|  |  | 4443824 |
| TOTAL MISSOURI |  | 19520644 |
| Montana - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Montana Fac Fin Auth Health Facs Rev (Bozeman Health Proj.) Series 2021 A, 3% 6/1/2050  | 2665000 | 1781681 |
| Housing - 0.0% |  |  |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2019B, 4% 6/1/2050  | 185000 | 187117 |
| TOTAL MONTANA |  | 1968798 |
| Nebraska - 0.4%  |  |  |
| Education - 0.0% |  |  |
| Douglas Cnty Neb Edl Facs Rev (Creighton University Proj.) Series 2017, 4% 7/1/2033  | 730000 | 737745 |
| Douglas Cnty Neb Edl Facs Rev (Creighton University Proj.) Series 2021 A, 3% 7/1/2051  | 1190000 | 775954 |
|  |  | 1513699 |
| Electric Utilities - 0.3% |  |  |
| Lincoln NE Series 2018, 5% 9/1/2031  | 1890000 | 1945492 |
| Lincoln NE Series 2018, 5% 9/1/2032  | 3525000 | 3616843 |
| Lincoln NE Series 2018, 5% 9/1/2033  | 2115000 | 2165620 |
| Nebraska Pub Pwr Dist Rev Series 2016 A, 5% 1/1/2032  | 1575000 | 1587082 |
| Nebraska Pub Pwr Dist Rev Series 2016 A, 5% 1/1/2034  | 945000 | 951620 |
|  |  | 10266657 |
| Housing - 0.1% |  |  |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2020 A, 3.5% 9/1/2050  | 715000 | 715462 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2021 C, 2.1% 9/1/2036  | 1500000 | 1150566 |
|  |  | 1866028 |
| TOTAL NEBRASKA |  | 13646384 |
| Nevada - 0.9%  |  |  |
| General Obligations - 0.5% |  |  |
| Clark Cnty NV School Dist Series 2020 B, 3% 6/15/2039  | 2630000 | 2141086 |
| Clark Cnty NV School Dist Series 2024 B, 3% 6/15/2041  | 10110000 | 8008253 |
| Clark Cnty NV School Dist Series 2024 B, 3% 6/15/2044  | 4870000 | 3639666 |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2041  | 4620000 | 3738632 |
| Washoe Cnty Nev Sch Dist Series 2021, 2.125% 6/1/2043  | 1000000 | 621108 |
|  |  | 18148745 |
| Health Care - 0.3% |  |  |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2037  | 2555000 | 2542960 |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2042  | 6295000 | 6068030 |
|  |  | 8610990 |
| Housing - 0.0% |  |  |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) Series 2019B, 4% 10/1/2049  | 390000 | 392792 |
| Nevada Hsg Div Single Family Mtg Rev Series 2019 A, 3.4% 10/1/2049  | 1210000 | 933410 |
|  |  | 1326202 |
| Special Tax - 0.1% |  |  |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2051  | 2830000 | 2622752 |
| TOTAL NEVADA |  | 30708689 |
| New Hampshire - 1.1%  |  |  |
| General Obligations - 0.0% |  |  |
| Portsmouth NH Gen. Oblig. 1.625% 4/1/2034  | 1260000 | 1008959 |
| Health Care - 0.8% |  |  |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 3% 8/15/2051 (Assured Guaranty Inc Insured)  | 2590000 | 1732686 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2031  | 1225000 | 1270983 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2032  | 235000 | 242845 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2034  | 2830000 | 2900688 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2035  | 2595000 | 2648758 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2036  | 1890000 | 1921969 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2037  | 2265000 | 2293291 |
| New Hampshire Health and Education Facilities Authority Act (Mass General Brigham Inc Proj.) 5% 7/1/2041  | 1985000 | 1992178 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 4% 10/1/2038  | 1100000 | 1013459 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2028  | 2830000 | 2885372 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2032  | 4870000 | 4919548 |
|  |  | 23821777 |
| Housing - 0.3% |  |  |
| National Fin Auth NH Hosp Rev (Lihtc 2020-1 Us Proj.) Series 1 Class A, 4.125% 1/20/2034  | 4489319 | 4442430 |
| National Fin Auth NH Hosp Rev (Lihtc 2023-2 Us Proj.) Series 2 Class A, 3.875% 1/20/2038  | 6601162 | 6001460 |
|  |  | 10443890 |
| Water & Sewer - 0.0% |  |  |
| Manchester NH Swr Rev Series 2021, 4% 6/1/2046  | 625000 | 540032 |
| TOTAL NEW HAMPSHIRE |  | 35814658 |
| New Jersey - 6.7%  |  |  |
| Education - 0.1% |  |  |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2049 (Build America Mutual Assurance Co Insured)  | 2215000 | 2225743 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2027 (Assured Guaranty Inc Insured)  | 40000 | 41471 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2028 (Assured Guaranty Inc Insured)  | 55000 | 56829 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2029 (Assured Guaranty Inc Insured)  | 40000 | 41297 |
| New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2029  | 2480000 | 2512989 |
|  |  | 4878329 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| New Jersey Health Care Series 2016 A, 5% 7/1/2028 (Pre-refunded to 7/1/2026 at 100)  | 35000 | 35668 |
| General Obligations - 4.6% |  |  |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2036  | 755000 | 731924 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2034  | 755000 | 760016 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2036  | 1040000 | 1009090 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2039  | 945000 | 873676 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2041  | 945000 | 848151 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2046  | 1415000 | 1211362 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2050  | 1890000 | 1574832 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2036  | 4895000 | 5067246 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2031  | 1040000 | 1139184 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2033  | 190000 | 204130 |
| New Jersey St Gen. Oblig. 2% 6/1/2034  | 5340000 | 4409751 |
| New Jersey St Gen. Oblig. 2% 6/1/2036  | 1140000 | 873430 |
| New Jersey St Gen. Oblig. 4% 6/1/2031  | 16505000 | 17495835 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2029 (Assured Guaranty Inc Insured) (g) | 1275000 | 1123945 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (Financial Guaranty Ins CO Insured) (g) | 5300000 | 4278452 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2033 (Assured Guaranty Inc Insured) (g) | 1650000 | 1217195 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2036 (Ambac Assurance Corp Insured) (g) | 10000000 | 6177968 |
| New Jersey Trans Trust Fund Auth 4% 12/15/2039  | 945000 | 871172 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2038  | 2660000 | 2510388 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2045  | 6365000 | 5506624 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2050  | 895000 | 754576 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2032  | 3360000 | 3678276 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2032  | 1055000 | 1170226 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 4000000 | 4432748 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 945000 | 1023802 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2034  | 5370000 | 5761252 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2037  | 2830000 | 2952073 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2042  | 15870000 | 16246660 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2050  | 5290000 | 5378480 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2055  | 11150000 | 11294730 |
| New Jersey Trans Trust Fund Auth Series 2008 A, 0% 12/15/2038 (Build America Mutual Assurance Co Insured) (g) | 3575000 | 1964521 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 4.25% 12/15/2038  | 2345000 | 2262067 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2032  | 3025000 | 3181038 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2034  | 545000 | 564734 |
| New Jersey Trans Trust Fund Auth Series 2020 AA, 5% 6/15/2050  | 2480000 | 2471984 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2038  | 510000 | 481315 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2041  | 4625000 | 4184183 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2042  | 3105000 | 2778799 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2029  | 7555000 | 8205989 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2035  | 590000 | 633488 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2036  | 6915000 | 7358464 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2037  | 3195000 | 3366270 |
| New Jersey Trans Trust Fund Auth Series 2023A, 5.25% 6/15/2042  | 1000000 | 1038887 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2032  | 1135000 | 1253719 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2033  | 2090000 | 2303854 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2033  | 1065000 | 1173974 |
|  |  | 153800480 |
| Health Care - 0.1% |  |  |
| New Jersey Econom Dev Auth Rev (Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% (e) | 750000 | 573888 |
| New Jersey Economic Dev Auth Rev (White Horse HMT Urban Renewal LLC Proj.) 5% (c)(e) | 840501 | 580245 |
| New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 4% 7/1/2048  | 1700000 | 1370242 |
| New Jersey Health Care (Univ of Penn Health Systems Proj.) 5% 7/1/2030  | 945000 | 962279 |
|  |  | 3486654 |
| Tobacco Bonds - 0.1% |  |  |
| Tobacco Settlement Fin Corp NJ Series 2018B, 5% 6/1/2046  | 2295000 | 2211935 |
| Transportation - 1.8% |  |  |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2029  | 3350000 | 3414607 |
| New Jersey Turnpike Authority 4.25% 1/1/2043  | 6000000 | 5678449 |
| New Jersey Turnpike Authority 5% 1/1/2032  | 2980000 | 3322459 |
| New Jersey Turnpike Authority 5% 1/1/2046  | 8000000 | 8115393 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2042  | 3145000 | 3266856 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2043  | 3305000 | 3411065 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2044  | 4405000 | 4520519 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2045  | 3930000 | 4017110 |
| New Jersey Turnpike Authority Series 2025 C, 5% 1/1/2034 (i) | 680000 | 758833 |
| New Jersey Turnpike Authority Series 2025 C, 5% 1/1/2035 (i) | 695000 | 773166 |
| New Jersey Turnpike Authority Series 2025A, 5.25% 1/1/2050  | 11380000 | 11766929 |
| Port Auth NY & NJ Series 243, 5% 12/1/2038  | 5500000 | 5901176 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2022 A, 4.5% 11/1/2042  | 1500000 | 1427698 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2022 A, 4.625% 11/1/2047  | 2500000 | 2327814 |
|  |  | 58702074 |
| TOTAL NEW JERSEY |  | 223115140 |
| New Mexico - 0.4%  |  |  |
| General Obligations - 0.4% |  |  |
| New Mexico Mun Energy Acquisition Auth Gas Supply Rev 5% tender 6/1/2054 (Royal Bank of Canada Guaranteed) (b) | 12180000 | 12925996 |
| Health Care - 0.0% |  |  |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2034  | 200000 | 202435 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2039  | 160000 | 154143 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2044  | 170000 | 155800 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2049  | 335000 | 293694 |
|  |  | 806072 |
| Housing - 0.0% |  |  |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2019 D, 3.75% 1/1/2050  | 660000 | 663284 |
| TOTAL NEW MEXICO |  | 14395352 |
| New York - 9.7%  |  |  |
| Education - 0.5% |  |  |
| Hempstead Town NY Local Dev Corp Rev (Hofstra Univ, NY Proj.) Series 2021 A, 3% 7/1/2051  | 2285000 | 1500159 |
| New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) 5% 7/1/2032  | 2360000 | 2399742 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2033  | 660000 | 714729 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2034  | 1370000 | 1462628 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2038  | 1785000 | 1828930 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2042  | 1180000 | 1174140 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2047  | 2000000 | 1642901 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2037  | 570000 | 586797 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2042  | 1605000 | 1596870 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2050  | 4150000 | 3954270 |
|  |  | 16861166 |
| Electric Utilities - 0.4% |  |  |
| Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2033  | 470000 | 485159 |
| Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2035  | 1890000 | 1937901 |
| Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2036  | 1070000 | 1093675 |
| Long Island Pwr Auth NY Elec Series 2024B, 3% tender 9/1/2049 (b) | 9720000 | 9380466 |
|  |  | 12897201 |
| General Obligations - 1.3% |  |  |
| City of New York NY Gen. Oblig. 5% 8/1/2031  | 6010000 | 6569961 |
| City of New York NY Gen. Oblig. 5% 8/1/2032  | 1000000 | 1116616 |
| City of New York NY Gen. Oblig. Series FISCAL 2024 C, 5.25% 3/1/2053  | 5205000 | 5301803 |
| City of New York NY Gen. Oblig. Series FISCAL 2024 D, 5.25% 4/1/2054  | 6225000 | 6336397 |
| City of New York NY Gen. Oblig. Series FISCAL 2025G SUB G 1, 5.25% 2/1/2048  | 5555000 | 5690754 |
| City of New York NY Gen. Oblig. Series FISCAL2024A, 5% 8/1/2040  | 2470000 | 2575381 |
| City of New York NY Gen. Oblig. Series FISCAL2024A, 5% 8/1/2041  | 2365000 | 2446975 |
| New York Energy Finance Development Corp Series 2025, 5% tender 7/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 8405000 | 8759885 |
| New York NY City Edl Constr Fd (City of New York NY Proj.) Series 2021 B, 5% 4/1/2046  | 4505000 | 4538883 |
|  |  | 43336655 |
| Health Care - 0.1% |  |  |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 4% 12/1/2032 (Assured Guaranty Inc Insured)  | 945000 | 957195 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 5% 12/1/2025 (Assured Guaranty Inc Insured)  | 595000 | 595933 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 5% 12/1/2030 (Assured Guaranty Inc Insured)  | 1415000 | 1510810 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 5.125% 11/1/2041 (e) | 600000 | 501776 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 5.375% 11/1/2054 (e) | 1020000 | 780387 |
|  |  | 4346101 |
| Housing - 1.0% |  |  |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2023E 2, 3.8% tender 11/1/2063 (b) | 780000 | 788987 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 A2, 3.625% tender 11/1/2063 (b) | 6650000 | 6706467 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 B 2, 3.7% tender 5/1/2064 (b) | 11205000 | 11327902 |
| New York St Hsg Fin Agy Series 2023 C2, 3.8% tender 11/1/2062 (b) | 13520000 | 13524686 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 J, 3.05% 11/1/2049  | 1235000 | 850534 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 F 1, 2.4% 11/1/2046  | 1725000 | 1083499 |
|  |  | 34282075 |
| Industrial Development - 0.5% |  |  |
| MTA Hudson Rail Yards Trust Series 2016 A, 5% 11/15/2056  | 16100000 | 15989356 |
| Special Tax - 4.7% |  |  |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2033  | 3395000 | 3487000 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2038  | 7400000 | 7928685 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5.25% 11/1/2048  | 14985000 | 15492215 |
| 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  | 4720000 | 4962278 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024F SUB F 1, 5% 2/1/2041  | 4370000 | 4561695 |
| New York NY City Transitional Fin Auth Rev Series 2018 1, 5% 11/1/2029  | 2450000 | 2579781 |
| New York NY City Transitional Fin Auth Rev Series B 1, 5% 8/1/2034  | 1890000 | 1970072 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2024A SUB A 1, 5% 5/1/2042  | 5130000 | 5277786 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2041  | 16795000 | 17464540 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2018 C, 5% 3/15/2038  | 7820000 | 8005203 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 5% 3/15/2030  | 4065000 | 4501031 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 5% 3/15/2031  | 5965000 | 6682585 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 5% 3/15/2036  | 3680000 | 4122361 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 5% 3/15/2038  | 3910000 | 4269464 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 3% 3/15/2050  | 5030000 | 3451622 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 3% 2/15/2049  | 5070000 | 3540732 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2030  | 3720000 | 4110470 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2031  | 7440000 | 8298005 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2032  | 9295000 | 10444429 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2033  | 2425000 | 2736922 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2034  | 2170000 | 2453467 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020E, 4% 3/15/2044  | 19615000 | 17381330 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020E, 4% 3/15/2045  | 8600000 | 7551718 |
| NY Convention Ctr Dev Corp Rev Series 2015, 5% 11/15/2029  | 4720000 | 4744354 |
|  |  | 156017745 |
| Transportation - 1.2% |  |  |
| Metropolitan Transn Auth NY Rv 4% 11/15/2046  | 31520000 | 26733912 |
| Metropolitan Transn Auth NY Rv 4% 11/15/2047  | 2205000 | 1850829 |
| Metropolitan Transn Auth NY Rv Series 2017 C 2, 0% 11/15/2029 (g) | 2150000 | 1874335 |
| Metropolitan Transn Auth NY Rv Series 2017 C 2, 0% 11/15/2033 (g) | 5285000 | 3835198 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2030  | 4720000 | 4992557 |
|  |  | 39286831 |
| Water & Sewer - 0.0% |  |  |
| New York NY Cty Muni Wtr Fin Auth 5.5% 6/15/2039  | 2515000 | 2837838 |
| TOTAL NEW YORK |  | 325854968 |
| North Carolina - 1.0%  |  |  |
| General Obligations - 0.1% |  |  |
| Alamance Cnty NC Gen. Oblig. Series 2021, 2% 5/1/2034  | 1130000 | 945392 |
| Charlotte NC Ctfs Partn (Charlotte NC Proj.) Series 2019A, 5% 6/1/2046  | 2245000 | 2260001 |
|  |  | 3205393 |
| Health Care - 0.3% |  |  |
| North Carolina Med Care Commn Health Care Facs Rev (Lutheran Retirement Ministries of Alamance County NC Proj.) 4% 3/1/2036  | 850000 | 800154 |
| North Carolina Med Care Commn Health Care Facs Rev (Lutheran Retirement Ministries of Alamance County NC Proj.) Series 2021 A, 4% 3/1/2051  | 1790000 | 1356918 |
| North Carolina Med Care Commn Health Care Facs Rev (Unc Rex Healthcare Proj.) Series 2020 A, 3% 7/1/2045  | 2325000 | 1803881 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 5% 12/1/2029  | 1310000 | 1395255 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 5% 12/1/2030  | 1360000 | 1443720 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 5% 12/1/2032  | 1035000 | 1087810 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 5% 12/1/2033  | 755000 | 789754 |
|  |  | 8677492 |
| Housing - 0.0% |  |  |
| NC Hsg Fin Agy Homeownership Rev (NC Homeownership Proj.) Series 45, 2.2% 7/1/2040  | 1300000 | 900143 |
| Transportation - 0.6% |  |  |
| Charlotte NC Arpt Rev Series A, 5% 7/1/2035  | 1890000 | 1936856 |
| North Carolina St Grant Antic Rev Series 2021, 2% 3/1/2036  | 3505000 | 2755453 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 4% 1/1/2055  | 3045000 | 2445451 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 5% 1/1/2043  | 4250000 | 4255911 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 5% 1/1/2044  | 5295000 | 5270967 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 5% 1/1/2049  | 1890000 | 1838744 |
|  |  | 18503382 |
| Water & Sewer - 0.0% |  |  |
| Union Cnty NC Enterprise Sys Rev Series 2021, 3% 6/1/2043  | 2000000 | 1532178 |
| TOTAL NORTH CAROLINA |  | 32818588 |
| North Dakota - 0.1%  |  |  |
| Education - 0.1% |  |  |
| University North Dakota Ctfs Partn (University ND Univ Revs Proj.) Series 2021 A, 3% 6/1/2061 (Assured Guaranty Inc Insured)  | 3620000 | 2284211 |
| General Obligations - 0.0% |  |  |
| Fargo ND Gen. Oblig. Series 2020 B, 2.125% 5/1/2042  | 2725000 | 1745118 |
| Grand Forks N Gen. Oblig. Series 2020 A, 2.125% 12/1/2043  | 425000 | 260152 |
|  |  | 2005270 |
| TOTAL NORTH DAKOTA |  | 4289481 |
| Ohio - 1.8%  |  |  |
| Education - 0.2% |  |  |
| Ohio St Higher Ed Fac Comm (Ohio Wesleyan University Proj.) Series 2019, 4% 10/1/2044  | 1675000 | 1426545 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5% 5/1/2032  | 1260000 | 1367325 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5% 5/1/2038  | 1015000 | 1053292 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5% 5/1/2041  | 1630000 | 1649955 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5.25% 5/1/2049  | 1615000 | 1577288 |
| Univ Akron Ohio Gen Rcpt 5% 1/1/2030  | 1700000 | 1842419 |
|  |  | 8916824 |
| Electric Utilities - 0.2% |  |  |
| American Mun Pwr Solar 5% 2/15/2039  | 945000 | 967725 |
| American Mun Pwr Solar Series 2019 A, 5% 2/15/2038  | 1415000 | 1456405 |
| American Mun Pwr Solar Series 2019 A, 5% 2/15/2044  | 2975000 | 3000348 |
|  |  | 5424478 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Columbus OH City Sch Dist 5% 12/1/2032 (Pre-refunded to 6/1/2026 at 100)  | 150000 | 152847 |
| General Obligations - 0.2% |  |  |
| Berkshire Local School District Series 2021, 3% 10/1/2046  | 2485000 | 1809699 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2043  | 1000000 | 1027749 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2045  | 1000000 | 1018764 |
| Columbus OH City Sch Dist 5% 12/1/2032  | 795000 | 806716 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2043  | 1000000 | 1042879 |
| Dublin OH City Sch Dist Series 2024, 5% 12/1/2048  | 2365000 | 2423726 |
|  |  | 8129533 |
| Health Care - 0.6% |  |  |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) 5.25% 11/15/2046  | 3965000 | 4003983 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2026  | 70000 | 70019 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2027  | 75000 | 75029 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2028  | 80000 | 80024 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5.25% 6/15/2043  | 4720000 | 4014933 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2027  | 80000 | 80425 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2021 A, 4% 1/15/2046  | 3900000 | 3256802 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2031  | 130000 | 136264 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) 5% 2/15/2029  | 1195000 | 1205420 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2019, 5% 2/15/2029  | 1425000 | 1470550 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2028  | 1075000 | 1121933 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2029  | 1140000 | 1199939 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2030  | 1205000 | 1276412 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2031  | 1280000 | 1358887 |
|  |  | 19350620 |
| Housing - 0.1% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050  | 220000 | 222945 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 B, 6% 3/1/2055  | 1555000 | 1698517 |
|  |  | 1921462 |
| Special Tax - 0.1% |  |  |
| Cleveland Ohio Income Tax Rev Series 2018 A, 5% 10/1/2035  | 1890000 | 1968059 |
| Cleveland Ohio Income Tax Rev Series 2018 A, 5% 10/1/2037  | 1180000 | 1218377 |
| Cleveland Ohio Income Tax Rev Series 2018 A, 5% 10/1/2038  | 1415000 | 1455220 |
|  |  | 4641656 |
| Tobacco Bonds - 0.3% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 3% 6/1/2048  | 2570000 | 1717273 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 4% 6/1/2048  | 850000 | 686239 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2027  | 2125000 | 2175672 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2029  | 3870000 | 4036774 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2034  | 1140000 | 1174426 |
|  |  | 9790384 |
| Transportation - 0.1% |  |  |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2042 (g) | 5475000 | 2390601 |
| TOTAL OHIO |  | 60718405 |
| Oklahoma - 0.5%  |  |  |
| Education - 0.0% |  |  |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2044  | 1590000 | 1472505 |
| General Obligations - 0.1% |  |  |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2033  | 1750000 | 1958646 |
| Housing - 0.0% |  |  |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) 6% 3/1/2054  | 290000 | 317704 |
| Special Tax - 0.0% |  |  |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2032  | 1040000 | 1043395 |
| Transportation - 0.4% |  |  |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2042 (i) | 2000000 | 2085557 |
| Oklahoma St Tpk Auth Tpk Rev 5.25% 1/1/2046  | 9000000 | 9369900 |
|  |  | 11455457 |
| TOTAL OKLAHOMA |  | 16247707 |
| Oregon - 1.0%  |  |  |
| General Obligations - 0.6% |  |  |
| City of Lake Oswego OR Gen. Oblig. 2.8% 6/1/2039  | 2075000 | 1702238 |
| Clackamas Cnty Ore Gen. Oblig. 1.625% 6/1/2036  | 1050000 | 759395 |
| Oregon St Gen. Oblig. Series 2023D, 5% 6/1/2042  | 1410000 | 1464109 |
| Polk Marion & Benton Cntys OR Sch Dist No 13j 0% 12/15/2038 (Oregon St Guaranteed) (g) | 1995000 | 1079222 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2039 (Oregon St Guaranteed) (g) | 1725000 | 908618 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2040 (Oregon St Guaranteed) (g) | 6550000 | 3233833 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2042 (Oregon St Guaranteed) (g) | 1005000 | 432977 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2045 (Oregon St Guaranteed) (g) | 1210000 | 430629 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2046 (Oregon St Guaranteed) (g) | 3000000 | 1001877 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2047 (Oregon St Guaranteed) (g) | 2500000 | 784814 |
| Washington Multnomah & Yamhill Cnty Sch Dist 1J 5% 6/15/2033 (Oregon St Guaranteed)  | 1020000 | 1054585 |
| Washington Multnomah & Yamhill Cnty Sch Dist 1J 5% 6/15/2036 (Oregon St Guaranteed)  | 2830000 | 2898990 |
| Washington Multnomah & Yamhill Cnty Sch Dist 1J 5% 6/15/2038 (Oregon St Guaranteed)  | 2830000 | 2877420 |
|  |  | 18628707 |
| Health Care - 0.2% |  |  |
| Oregon Hlth Sciences Univ Rev Series 2021 A, 3% 7/1/2051  | 5290000 | 3545859 |
| Salem OR Hosp Fac Auth Rev (Salem Health Proj.) Series 2019 A, 3% 5/15/2049  | 3960000 | 2651568 |
|  |  | 6197427 |
| Housing - 0.1% |  |  |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 2.65% 7/1/2039  | 685000 | 522509 |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 4% 7/1/2050  | 2285000 | 2298712 |
|  |  | 2821221 |
| Special Tax - 0.1% |  |  |
| Oregon St Dept Admin Lottery 5.25% 4/1/2044  | 4690000 | 4967217 |
| TOTAL OREGON |  | 32614572 |
| Pennsylvania - 5.2%  |  |  |
| Education - 0.1% |  |  |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 3.5% (c) | 1160000 | 556800 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4% (c) | 2135000 | 1024800 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4.25% (c) | 2375000 | 1140000 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2016, 5% 5/1/2029  | 945000 | 953745 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2016, 5% 5/1/2031  | 945000 | 951701 |
|  |  | 4627046 |
| Electric Utilities - 0.2% |  |  |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5.25% 8/1/2054 (Assured Guaranty Inc Insured)  | 3530000 | 3569733 |
| Philadelphia PA Gas Wks Rev Series SIXTEENTH A, 4% 8/1/2045 (Assured Guaranty Inc Insured)  | 2185000 | 1924919 |
|  |  | 5494652 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| State Pub Sch Bldg Auth PA Sch Rev Series 2016 A, 5% 12/1/2029 (Pre-refunded to 12/1/2026 at 100)  | 720000 | 743471 |
| General Obligations - 1.0% |  |  |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2035  | 710000 | 731029 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2037  | 755000 | 773388 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2038  | 710000 | 724836 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2043  | 1890000 | 1907766 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2033  | 1510000 | 1605671 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2036  | 1400000 | 1467337 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2037  | 1810000 | 1888611 |
| Philadelphia PA Sch Dist 4% 9/1/2035  | 2175000 | 2154517 |
| Philadelphia PA Sch Dist 4% 9/1/2036  | 1890000 | 1861085 |
| Philadelphia PA Sch Dist 5% 9/1/2029  | 3280000 | 3346454 |
| Philadelphia PA Sch Dist 5% 9/1/2031  | 1100000 | 1176282 |
| Philadelphia PA Sch Dist 5% 9/1/2033  | 6485000 | 6851145 |
| Philadelphia PA Sch Dist 5% 9/1/2033 (Assured Guaranty Inc Insured)  | 1945000 | 2063941 |
| Philadelphia PA Sch Dist 5% 9/1/2034  | 1370000 | 1421154 |
| Philadelphia PA Sch Dist 5% 9/1/2035  | 945000 | 975643 |
| Philadelphia PA Sch Dist Series B, 5% 9/1/2043  | 1315000 | 1320905 |
| State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2015A, 5% 6/1/2026  | 695000 | 696124 |
| State Pub Sch Bldg Auth PA Sch Rev (Harrisburg PA Sch Dist Proj.) Series 2016 A, 5% 12/1/2029  | 4595000 | 4686624 |
|  |  | 35652512 |
| Health Care - 1.9% |  |  |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 4% 7/15/2036  | 2360000 | 2276023 |
| Bucks Cnty PA Ida Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021, 3% 8/15/2053 (Assured Guaranty Inc Insured)  | 5745000 | 3807536 |
| Dauphin Cnty PA Gen Auth Hlth Sys Rev (UPMC Proj.) Series 2016 A, 5% 6/1/2029  | 1255000 | 1274006 |
| Lancaster Cnty PA Hosp Aut Rev (Penn State Hlth System Proj.) Series 2021, 5% 11/1/2051  | 580000 | 558084 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 4% 7/1/2037  | 1890000 | 1794585 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2028  | 40000 | 39432 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2029  | 40000 | 39182 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2030  | 4105000 | 3980861 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2032  | 130000 | 122734 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2036  | 4395000 | 3913868 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2040  | 2405000 | 1988218 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2044  | 4875000 | 4192826 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2018A, 4% 8/15/2048  | 6835000 | 5607047 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 1, 5.25% 7/1/2049  | 925000 | 881378 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 5% 7/1/2038  | 1040000 | 1059348 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) 5.25% 11/1/2043  | 5000000 | 5131422 |
| Pocono Mtns PA Indl Pk Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2015A, 5% 8/15/2040  | 1695000 | 1684700 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 4% 6/1/2044  | 1405000 | 1216363 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 4% 6/1/2049  | 3345000 | 2729897 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 5% 6/1/2049  | 3915000 | 3804592 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2023A, 5% 6/1/2029  | 9600000 | 10354131 |
| Union Cnty PA Hosp Auth Hosp Rev (Wellspan Health Group Proj.) 5% 8/1/2033  | 945000 | 968148 |
| Union Cnty PA Hosp Auth Hosp Rev (Wellspan Health Group Proj.) 5% 8/1/2038  | 3025000 | 3068461 |
|  |  | 60492842 |
| Housing - 0.1% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2043  | 1495000 | 1491759 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2023 142A, 4.5% 10/1/2038  | 2075000 | 2064507 |
|  |  | 3556266 |
| Special Tax - 0.0% |  |  |
| Pittsburgh & Alleg Cnty Parking 5% 12/15/2035  | 1060000 | 1081150 |
| Pittsburgh & Alleg Cnty Parking 5% 12/15/2037  | 470000 | 476518 |
|  |  | 1557668 |
| Transportation - 1.4% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 B, 5% 1/1/2051  | 5350000 | 5329854 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 B, 5% 1/1/2056  | 11795000 | 11571349 |
| Pennsylvania Turnpike Commission 5.25% 12/1/2055  | 8425000 | 8610182 |
| Pennsylvania Turnpike Commission Series 2021 A, 4% 12/1/2050  | 16995000 | 13963665 |
| Pennsylvania Turnpike Commission Series 2024 A, 5% 12/1/2040  | 2650000 | 2773020 |
| Philadelphia PA Airport Rev 5% 7/1/2028  | 470000 | 489345 |
| Philadelphia PA Airport Rev 5% 7/1/2029  | 470000 | 488928 |
| Philadelphia PA Airport Rev 5% 7/1/2030  | 520000 | 539791 |
| Philadelphia PA Airport Rev 5% 7/1/2031  | 565000 | 584105 |
| Philadelphia PA Airport Rev 5% 7/1/2032  | 520000 | 535494 |
| Philadelphia PA Airport Rev 5% 7/1/2033  | 565000 | 580295 |
|  |  | 45466028 |
| Water & Sewer - 0.5% |  |  |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2026  | 945000 | 964782 |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2038  | 945000 | 970358 |
| Philadelphia PA Wtr & Wastewtr Series 2023B, 5% 9/1/2039 (Assured Guaranty Inc Insured)  | 4275000 | 4511297 |
| Philadelphia PA Wtr & Wastewtr Series 2023B, 5% 9/1/2040 (Assured Guaranty Inc Insured)  | 4750000 | 4979985 |
| Philadelphia PA Wtr & Wastewtr Series 2023B, 5.5% 9/1/2053 (Assured Guaranty Inc Insured)  | 2720000 | 2816526 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 B, 5% 9/1/2032 (Assured Guaranty Inc Insured)  | 1890000 | 2122485 |
|  |  | 16365433 |
| TOTAL PENNSYLVANIA |  | 173955918 |
| Puerto Rico - 0.8%  |  |  |
| General Obligations - 0.6% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (g) | 10912493 | 7562205 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2033  | 8345792 | 8138117 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2035  | 3005000 | 2865833 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2027  | 1085763 | 1119090 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 1260915 | 1334893 |
|  |  | 21020138 |
| Water & Sewer - 0.2% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 4% 7/1/2042 (e) | 2165000 | 1867740 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2033 (e) | 1030000 | 1074683 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (e) | 3130000 | 3211436 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 4% 7/1/2042 (e) | 1445000 | 1246598 |
|  |  | 7400457 |
| TOTAL PUERTO RICO |  | 28420595 |
| Rhode Island - 0.8%  |  |  |
| Education - 0.3% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2035  | 1210000 | 1320640 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2042  | 3300000 | 3336594 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2043  | 1180000 | 1185045 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2048  | 5135000 | 4975487 |
|  |  | 10817766 |
| General Obligations - 0.1% |  |  |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2032 (Build America Mutual Assurance Co Insured)  | 750000 | 839264 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2033 (Build America Mutual Assurance Co Insured)  | 775000 | 869394 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2039 (Build America Mutual Assurance Co Insured)  | 1250000 | 1322773 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5.25% 5/15/2042 (Build America Mutual Assurance Co Insured)  | 1175000 | 1225394 |
|  |  | 4256825 |
| Health Care - 0.2% |  |  |
| Rhode Island Health & Edl Bldg Corp Rev (Care New England Health System Proj.) 5% 9/1/2031  | 4605000 | 4616001 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5% 5/15/2034  | 1695000 | 1829194 |
|  |  | 6445195 |
| Housing - 0.2% |  |  |
| Rhode Island Housing & Mortgage Finance Corp (RI Homeownership Proj.) Series 72 A, 3.5% 10/1/2050  | 670000 | 670386 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) 3% 4/1/2049  | 3150000 | 3124792 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 70, 4% 10/1/2049  | 430000 | 432631 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 73A, 2.3% 10/1/2040  | 2000000 | 1417887 |
|  |  | 5645696 |
| TOTAL RHODE ISLAND |  | 27165482 |
| South Carolina - 2.5%  |  |  |
| Electric Utilities - 1.5% |  |  |
| South Carolina St Svc Auth Rev 5% 12/1/2044  | 3750000 | 3773569 |
| South Carolina St Svc Auth Rev 5% 12/1/2045  | 2250000 | 2255566 |
| South Carolina St Svc Auth Rev 5% 12/1/2046  | 2475000 | 2470269 |
| South Carolina St Svc Auth Rev 5% 12/1/2050  | 2240000 | 2238818 |
| South Carolina St Svc Auth Rev 5% 12/1/2055  | 5625000 | 5518317 |
| South Carolina St Svc Auth Rev Series 2016 C, 5% 12/1/2025  | 565000 | 569084 |
| South Carolina St Svc Auth Rev Series 2016 C, 5% 12/1/2026  | 945000 | 973681 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2038  | 2800000 | 2970687 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.25% 12/1/2049  | 1710000 | 1736185 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.5% 12/1/2054  | 2360000 | 2425337 |
| South Carolina St Svc Auth Rev Series 2024B, 4.125% 12/1/2044  | 585000 | 521478 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2033  | 1850000 | 2051587 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2039  | 2640000 | 2775780 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2046  | 875000 | 873328 |
| South Carolina St Svc Auth Rev Series 2024B, 5.25% 12/1/2054  | 6445000 | 6481331 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2035  | 3425000 | 3433277 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2036  | 5140000 | 5149204 |
|  |  | 46217498 |
| General Obligations - 0.0% |  |  |
| Beaufort Cnty SC Sch Dist Series 2021 A, 2% 3/1/2034  | 1080000 | 908163 |
| Health Care - 0.5% |  |  |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2046  | 8000000 | 8305738 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (St Joseph Candler Health Proj.) 5% 7/1/2032  | 4080000 | 4282361 |
| Spartanburg Cnty SC Regl Health Svcs Hosp Rev 4% 4/15/2048  | 6530000 | 5435436 |
|  |  | 18023535 |
| Housing - 0.1% |  |  |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2019 A, 4% 1/1/2050  | 755000 | 762320 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 1/1/2029  | 285000 | 305189 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 1/1/2030  | 470000 | 509000 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 1/1/2031  | 520000 | 566264 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 7/1/2029  | 470000 | 507459 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 7/1/2030  | 520000 | 566170 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 7/1/2031  | 535000 | 584218 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2023 B, 6% 1/1/2054  | 925000 | 1013256 |
|  |  | 4813876 |
| Transportation - 0.4% |  |  |
| Charleston Cnty SC Arpt Dist Series 2019, 5% 7/1/2043  | 1510000 | 1517744 |
| Charleston Cnty SC Arpt Dist Series 2019, 5% 7/1/2048  | 11330000 | 11226684 |
|  |  | 12744428 |
| TOTAL SOUTH CAROLINA |  | 82707500 |
| South Dakota - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2030  | 805000 | 836702 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2035  | 685000 | 699966 |
| South Dakota St Hlth & Edl Fac (Regional Health Inc Proj.) Series 2020 A, 3% 9/1/2045  | 2245000 | 1656695 |
|  |  | 3193363 |
| TOTAL SOUTH DAKOTA |  | 3193363 |
| Tennessee - 1.2%  |  |  |
| Education - 0.2% |  |  |
| Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Lipscomb University Proj.) Series 2019 A, 5.25% 10/1/2058  | 7340000 | 7035230 |
| Electric Utilities - 0.8% |  |  |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5% 5/15/2029  | 1000000 | 1089370 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5% 5/15/2031  | 6285000 | 7026578 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5% 5/15/2032  | 2000000 | 2248480 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5% 5/15/2041  | 2000000 | 2105829 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5% 5/15/2043  | 1660000 | 1721489 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5% 5/15/2044  | 1665000 | 1717602 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 B, 5% 5/15/2029  | 2690000 | 2930407 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 B, 5% 5/15/2030  | 4160000 | 4601004 |
|  |  | 23440759 |
| General Obligations - 0.0% |  |  |
| Germantown Tenn Gen. Oblig. Series 2021, 3% 12/1/2046  | 1120000 | 807838 |
| Greene Cnty Tenn 2% 6/1/2038  | 535000 | 387908 |
|  |  | 1195746 |
| Health Care - 0.2% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 4% 8/1/2044  | 1700000 | 1465251 |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 2, 5% 8/1/2037  | 810000 | 826269 |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 2, 5% 8/1/2044  | 1125000 | 1100976 |
| Shelby Cnty TN Hlth Edl & Hsg Facs (Methodist Le Bonheur Health Proj.) 5% 5/1/2027  | 1160000 | 1199873 |
| Shelby Cnty TN Hlth Edl & Hsg Facs (Methodist Le Bonheur Health Proj.) 5% 5/1/2029  | 1170000 | 1203225 |
|  |  | 5795594 |
| Housing - 0.0% |  |  |
| Tennessee Housing Development Agency Series 2019 3, 2.6% 7/1/2039  | 270000 | 204251 |
| Tennessee Housing Development Agency Series 2019 3, 2.8% 7/1/2044  | 325000 | 231928 |
| Tennessee Housing Development Agency Series 2019 4, 2.9% 7/1/2039  | 660000 | 525636 |
| Tennessee Hsg Dev Agy Series 2015A, 3.5% 7/1/2045  | 450000 | 449637 |
|  |  | 1411452 |
| Water & Sewer - 0.0% |  |  |
| Crossville Tenn Wtr & Swr Rev Series 2020 C, 2.1% 6/1/2041  | 1335000 | 889934 |
| TOTAL TENNESSEE |  | 39768715 |
| Texas - 9.3%  |  |  |
| Education - 0.3% |  |  |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) 5% 4/1/2029  | 1985000 | 2006364 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2032  | 710000 | 731558 |
| Texas A&M Univ Perm Univ Fund 5% 7/1/2038  | 4245000 | 4501544 |
| Texas St Univ Sys Fing Rev 4% 3/15/2034  | 2125000 | 2135435 |
| Texas St Univ Sys Fing Rev 4% 3/15/2035  | 1890000 | 1890393 |
| University TX Perm Univ Fd Series 2016 B, 5% 7/1/2029  | 885000 | 903019 |
| University TX Perm Univ Fd Series 2023A, 5% 7/1/2040  | 1880000 | 1982553 |
|  |  | 14150866 |
| Electric Utilities - 1.0% |  |  |
| Bryan Tex Rural Elec Sys Rev Series 2018, 4% 7/1/2043  | 985000 | 863203 |
| Corpus Christi TX Util Sys Rev Series 2020A, 3% 7/15/2050  | 8800000 | 5868709 |
| Garland Tex Elec Util Sys Rev 4% 3/1/2046  | 1700000 | 1469606 |
| Garland Tex Elec Util Sys Rev 4% 3/1/2051  | 2125000 | 1770654 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2033  | 4260000 | 4427623 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2035  | 2005000 | 2065568 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2032 (Assured Guaranty Inc Insured)  | 1930000 | 2155946 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2033 (Assured Guaranty Inc Insured)  | 1380000 | 1547072 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2034 (Assured Guaranty Inc Insured)  | 1150000 | 1275401 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2035 (Assured Guaranty Inc Insured)  | 1240000 | 1360349 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2036 (Assured Guaranty Inc Insured)  | 1400000 | 1519048 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2037 (Assured Guaranty Inc Insured)  | 1000000 | 1073315 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2038 (Assured Guaranty Inc Insured)  | 1035000 | 1098412 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2039 (Assured Guaranty Inc Insured)  | 1200000 | 1260689 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2040 (Assured Guaranty Inc Insured)  | 1400000 | 1460097 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2032  | 1180000 | 1218234 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2034  | 1415000 | 1451499 |
|  |  | 31885425 |
| General Obligations - 3.0% |  |  |
| Aldine TX Indpt Sch Dist Series 2024, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1020000 | 1102044 |
| Alvin Tex Indpt Sch Dist Series 2024, 5% 2/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1116568 |
| Alvin Tex Indpt Sch Dist Series 2024, 5% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 1120302 |
| Bexar Cnty TX Gen. Oblig. Series 2016, 3% 6/15/2041  | 2090000 | 1679761 |
| Bryan TX (Bryan Tex Proj.) Gen. Oblig. 2.125% 8/15/2034  | 740000 | 618919 |
| Caddo Mills TX Indpt Sch Dist 3% 8/15/2043 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 752975 |
| City of Coppell TX Gen. Oblig. Series 2020, 1.375% 2/1/2035  | 1470000 | 1082183 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2041  | 645000 | 423059 |
| City of Waco TX Gen. Oblig. 2.125% 2/1/2035  | 1230000 | 1014495 |
| City of Waco TX Gen. Oblig. 2.25% 2/1/2036  | 1610000 | 1305003 |
| Clear Creek Independent School District Series 2021, 3% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1750000 | 1453524 |
| Comal Tex Indpt Sch Dist 3% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 3950000 | 3327979 |
| Comal Tex Indpt Sch Dist Series 2020, 1.625% 2/1/2032 (Permanent Sch Fund of Texas Guaranteed)  | 1945000 | 1668157 |
| Conroe TX Isd Series 2024, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 2785000 | 3053223 |
| Conroe TX Isd Series 2024, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 4950000 | 5378141 |
| Conroe TX Isd Series 2024, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 2195000 | 2362923 |
| Corpus Christi TX Isd Series 2017 A, 3% 8/15/2044 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 743759 |
| County of Collin TX Gen. Oblig. Series 2022, 4% 2/15/2039  | 1275000 | 1240416 |
| Dalhart Tex Gen. Oblig. Series 2020, 3.125% 2/15/2045  | 510000 | 374796 |
| Dallas TX ISD 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 3855000 | 4245623 |
| Deer Pk Tex Gen. Oblig. Series 2021, 4% 3/15/2041  | 400000 | 367181 |
| Del Mar TX College Dist Gen. Oblig. Series 2020 A, 3% 8/15/2045  | 2620000 | 1911023 |
| Dimmitt TX Indpt Sch Dist 3% 2/15/2045 (Permanent Sch Fund of Texas Guaranteed)  | 1780000 | 1299375 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2032  | 500000 | 557019 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2034  | 545000 | 608871 |
| Everman TX Indpt Sch Dist Series 2020, 3% 2/15/2045 (Permanent Sch Fund of Texas Guaranteed)  | 5280000 | 3846651 |
| Fort Bend Grand Parkway Toll Road Authority (Fort Bend County TX Proj.) Series 2021, 3% 3/1/2046  | 1600000 | 1190202 |
| Fort Worth Tex Indpt Sch Dist Series 2019 A, 2.375% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 610000 | 552635 |
| Frenship TX Indpt Sch Dist Series 2021 A, 3% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 803388 |
| Georgetown TX Gen. Oblig. Series 2021A, 2.5% 8/15/2041  | 1490000 | 1069599 |
| Greenville Tex Gen. Oblig. 2% 2/15/2033  | 1055000 | 900749 |
| Harris County Municipal Utility District No 82 Gen. Oblig. Series 2019, 3% 4/1/2042 (Build America Mutual Assurance Co Insured)  | 225000 | 168800 |
| Harris County Municipal Utility District No 82 Gen. Oblig. Series 2019, 3% 4/1/2043  | 225000 | 164973 |
| Houston TX Gen. Oblig. 5.25% 3/1/2049  | 3710000 | 3751582 |
| Hutto TX Indpt Sch Dist Series 2021C, 3% 8/1/2040 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 809923 |
| Inverness Forest Impt Dist Tex Gen. Oblig. Series 2022, 3% 3/1/2042 (Assured Guaranty Inc Insured)  | 420000 | 314651 |
| Kaufman Cnty Mun Util Dist 6 Gen. Oblig. Series 2021, 2.25% 9/1/2046 (Assured Guaranty Inc Insured)  | 2720000 | 1758307 |
| Lamar TX Isd Series 2021, 3% 2/15/2056 (Permanent Sch Fund of Texas Guaranteed)  | 2000000 | 1311987 |
| Lubbock Cooper Tex Indpt Sch Dist Series 2021, 3% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 1120000 | 812549 |
| Mansfield TX Gen. Oblig. 2.125% 2/15/2034  | 1355000 | 1169255 |
| Mansfield TX Gen. Oblig. 2.375% 2/15/2036  | 850000 | 712098 |
| Montgomery Cnty Tex Mun Util Dist No 127 Gen. Oblig. Series 2020, 2.375% 9/1/2046 (Assured Guaranty Inc Insured)  | 450000 | 265725 |
| Northwest Tex Indpt Sch Dist Series 2023, 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 4000000 | 4160700 |
| Northwest Tex Indpt Sch Dist Series 2023, 5% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 5500000 | 5681827 |
| Peaster Tex Indpt Sch Dist Series 2021, 3% 8/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1060000 | 840834 |
| Plano TX Gen. Oblig. 3.37% 9/1/2037  | 900000 | 823332 |
| Prosper Tex Gen. Oblig. 2.5% 2/15/2040  | 2280000 | 1672055 |
| Prosper Tex Indpt Sch Dist 3% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1585000 | 1384447 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2047 (Permanent Sch Fund of Texas Guaranteed)  | 5415000 | 5502331 |
| Prosper Tex Indpt Sch Dist Series 2024, 5% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 4220000 | 4410114 |
| Prosper Tex Indpt Sch Dist Series 2024, 5% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 2770000 | 2871716 |
| Round Rock TX Indpt Sch Dist Series 2016, 3% 8/1/2041 (Permanent Sch Fund of Texas Guaranteed)  | 785000 | 625987 |
| Sienna Plantation Levee Impt Dist Tex Fort Bend Cnty Gen. Oblig. 3.25% 9/1/2043 (Assured Guaranty Inc Insured)  | 1000000 | 790602 |
| Sinton Tex Indpt Sch Dist Series 2021, 2% 8/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 2555000 | 1473801 |
| Southwest Tex Indpt Sch Dist Series 2019, 3% 2/1/2044 (Permanent Sch Fund of Texas Guaranteed)  | 3000000 | 2208979 |
| Throckmorton Tex Collegiate Indpt Sch Dist Series 2021, 3% 8/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 770000 | 557678 |
| Viridian Mun Mgmt Dist Tex Gen. Oblig. Series 2019, 3% 12/1/2042 (Build America Mutual Assurance Co Insured)  | 3180000 | 2341355 |
| Viridian Mun Mgmt Dist Tex Gen. Oblig. Series 2019, 3% 12/1/2042 (Build America Mutual Assurance Co Insured)  | 2405000 | 1770742 |
| Wharton TX Indpt Sch Dist 2.125% 2/15/2045 (Permanent Sch Fund of Texas Guaranteed)  | 1410000 | 846731 |
| Wichita Falls TX Indpt Sch Dis Series 2021, 1.625% 2/1/2032 (Permanent Sch Fund of Texas Guaranteed)  | 2475000 | 2153711 |
| Willis Tex Indpt Sch Dist 2% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 663985 |
|  |  | 99191320 |
| Health Care - 0.2% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Med Facs Rev (Baylor College of Medicine Proj.) Series 2024A, 5% 5/15/2029  | 2785000 | 2967327 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2033  | 995000 | 1002364 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2034  | 1575000 | 1583370 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2028  | 1415000 | 1474711 |
|  |  | 7027772 |
| Housing - 0.5% |  |  |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev (TX Residential Mortgage Proj.) Series 2023B, 6% 1/1/2054  | 3985000 | 4367976 |
| Texas St Dept Hsg & Cmnty Affairs Multifamily Hsg Rev Series 2019, 2.95% 7/1/2036  | 3357389 | 2882499 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) 3.5% 3/1/2051  | 1825000 | 1826004 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) Series 2019 A, 4% 3/1/2050  | 1800000 | 1820398 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) Series 2021 A, 1.85% 9/1/2036  | 1485000 | 1105249 |
| Texas St Dept Hsg & Cmnty Sfr Series 2023 C, 6% 3/1/2054  | 2770000 | 3037437 |
|  |  | 15039563 |
| Special Tax - 0.4% |  |  |
| Dallas TX Rapid Transit Sales Tax Rev 3% 12/1/2047  | 1850000 | 1291043 |
| Dallas TX Rapid Transit Sales Tax Rev Series 2020 A, 5% 12/1/2045  | 1355000 | 1360260 |
| Texas Transn Commn St Hwy Fund Rev Series 2024, 5% 10/1/2033  | 8820000 | 9944797 |
|  |  | 12596100 |
| Transportation - 3.6% |  |  |
| Central TX Regl Mobility Auth Rev Series 2020 A, 5% 1/1/2049  | 3720000 | 3693800 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2045  | 1650000 | 1656607 |
| City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2029  | 1795000 | 1895767 |
| City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2030  | 2360000 | 2484616 |
| City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2031  | 2125000 | 2227847 |
| City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2032  | 1890000 | 1974319 |
| Dallas Fort Worth International Airport 5% 11/1/2038  | 2750000 | 2928972 |
| Dallas Fort Worth International Airport Series 2020 B, 4% 11/1/2034  | 3220000 | 3261773 |
| Dallas Fort Worth International Airport Series 2020 B, 4% 11/1/2035  | 2860000 | 2856546 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2042 (Assured Guaranty Inc Insured)  | 1500000 | 1546656 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2043 (Assured Guaranty Inc Insured)  | 1375000 | 1408137 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2044 (Assured Guaranty Inc Insured)  | 2500000 | 2545882 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5.25% 3/1/2050 (Assured Guaranty Inc Insured)  | 3585000 | 3689782 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2036  | 4720000 | 4847840 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2037  | 9440000 | 9649973 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2043  | 5195000 | 5208088 |
| Grand Parkway Transportation Corp Series 2020 C, 4% 10/1/2049  | 2740000 | 2325774 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2018 A, 5% 8/15/2033  | 1890000 | 1968725 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2024 A, 5.25% 8/15/2049  | 3570000 | 3699251 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2024 A, 5.25% 8/15/2054  | 5200000 | 5365038 |
| North TX Twy Auth Rev 0% 1/1/2029 (Assured Guaranty Inc Insured) (g) | 14265000 | 12845977 |
| North TX Twy Auth Rev 0% 1/1/2035 (Assured Guaranty Inc Insured) (g) | 11270000 | 7813528 |
| North TX Twy Auth Rev 3% 1/1/2046  | 4000000 | 2833855 |
| North TX Twy Auth Rev 3% 1/1/2051  | 10685000 | 7082864 |
| North TX Twy Auth Rev 5% 1/1/2030  | 250000 | 252064 |
| North TX Twy Auth Rev 5% 1/1/2031  | 350000 | 352632 |
| North TX Twy Auth Rev 5% 1/1/2033  | 1415000 | 1444029 |
| North TX Twy Auth Rev 5% 1/1/2034  | 945000 | 966275 |
| North TX Twy Auth Rev 5% 1/1/2035  | 1225000 | 1250282 |
| North TX Twy Auth Rev 5% 1/1/2037  | 970000 | 986278 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2035  | 655000 | 723088 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2036  | 1420000 | 1552553 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2045  | 1070000 | 1087001 |
| North TX Twy Auth Rev Series 2024A, 5.25% 1/1/2042  | 1025000 | 1074332 |
| North TX Twy Auth Rev Series 2024B, 5% 1/1/2035  | 3055000 | 3351607 |
| North TX Twy Auth Rev Series 2024B, 5% 1/1/2036  | 1480000 | 1608113 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2036  | 1920000 | 1832351 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2037  | 3775000 | 3546478 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2038  | 2125000 | 1961575 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2037  | 2830000 | 2679385 |
|  |  | 120479660 |
| Water & Sewer - 0.3% |  |  |
| City of El Paso TX Water & Sewer Revenue Series 2023, 5.25% 3/1/2049  | 5215000 | 5313828 |
| Gulf Coast Wtr Auth Tex Contract Rev Series 2021, 3% 8/15/2041  | 405000 | 313438 |
| Houston TX Util Sys Rev 4% 11/15/2043  | 3145000 | 2812197 |
| Texas Wtr Dev Brd Series 2019 A, 3% 10/15/2034  | 1175000 | 1075081 |
| Texas Wtr Dev Brd Series 2021, 2.5% 10/15/2039  | 2000000 | 1526536 |
|  |  | 11041080 |
| TOTAL TEXAS |  | 311411786 |
| Utah - 1.3%  |  |  |
| General Obligations - 0.1% |  |  |
| Perspective II VDA NY - JNL/S&P Intrinsic Value Fund Series 2021A, 1.375% 6/15/2033  | 3875000 | 3032976 |
| Weber Sch Dist Utah 2.375% 6/15/2036  | 730000 | 598622 |
|  |  | 3631598 |
| Housing - 0.0% |  |  |
| Utah Hsg Corp Series 2021E(G2), 2% 4/21/2051  | 541913 | 423306 |
| Special Tax - 0.2% |  |  |
| Mida Mountain Village Public Infrastructure District Series 2024 2, 6% 6/15/2054 (e) | 2410000 | 2399194 |
| Point Phase 1 Public Infrastructure District No 1 Series 2025A1, 6.125% 3/1/2055  | 4061000 | 4076815 |
|  |  | 6476009 |
| Transportation - 1.0% |  |  |
| Salt Lake City UT Arpt Rev 5% 7/1/2046  | 5225000 | 5268913 |
| Salt Lake City UT Arpt Rev 5% 7/1/2051  | 21060000 | 20949720 |
| Salt Lake City UT Arpt Rev Series 2017B, 5% 7/1/2034  | 1550000 | 1586648 |
| Salt Lake City UT Arpt Rev Series 2017B, 5% 7/1/2035  | 1415000 | 1443501 |
| Salt Lake City UT Arpt Rev Series 2017B, 5% 7/1/2036  | 1415000 | 1437226 |
| Salt Lake City UT Arpt Rev Series 2017B, 5% 7/1/2037  | 945000 | 956589 |
|  |  | 31642597 |
| TOTAL UTAH |  | 42173510 |
| Vermont - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Vermont Edl & Hlth Bldgs Fin Agy (Champlain College Proj.) 5% 10/15/2041  | 2265000 | 1911741 |
| Vermont Edl & Hlth Bldgs Fin Agy (Champlain College Proj.) 5% 10/15/2046  | 2645000 | 2108186 |
|  |  | 4019927 |
| TOTAL VERMONT |  | 4019927 |
| Virginia - 1.4%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Halifax Cnty VA Indl Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) 3.8% tender 12/1/2041 (b) | 2570000 | 2608685 |
| General Obligations - 1.1% |  |  |
| City of Chesapeake VA Gen. Oblig. Series 2020 A, 5% 8/1/2034  | 1120000 | 1212354 |
| City of Chesapeake VA Gen. Oblig. Series 2020 A, 5% 8/1/2035  | 1230000 | 1320347 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 4% 2/1/2035  | 16100000 | 16402202 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2023 A, 5% 2/1/2037  | 2750000 | 2984462 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2023 B, 5% 2/1/2034  | 6750000 | 7523598 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2032  | 450000 | 470161 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2033  | 1890000 | 1967618 |
| Virginia St Pub Sch Auth Spl Oblig Stafford Cnty (County of Stafford VA Proj.) Series 2023, 5% 8/1/2038  | 2810000 | 3033933 |
|  |  | 34914675 |
| Health Care - 0.2% |  |  |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2023 A, 5% tender 7/1/2053 (b) | 1280000 | 1385513 |
| Lynchburg Economic Development Authority (Centra Health Proj.) Series 2021, 3% 1/1/2051  | 2010000 | 1298454 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 3% 6/15/2029  | 350000 | 347719 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 4% 6/15/2037  | 325000 | 304322 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2028  | 945000 | 960931 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2033  | 210000 | 212195 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2036  | 945000 | 951287 |
| Winchester Economic Development Authority (Valley Health Proj.) 5% 1/1/2044  | 2360000 | 2309305 |
|  |  | 7769726 |
| TOTAL VIRGINIA |  | 45293086 |
| Washington - 3.5%  |  |  |
| Education - 0.7% |  |  |
| University Wash Univ Revs Series 2024A, 5% 4/1/2035  | 3750000 | 4169079 |
| University Wash Univ Revs Series 2024A, 5% 4/1/2036  | 2255000 | 2478173 |
| University Wash Univ Revs Series 2024A, 5% 4/1/2037  | 3750000 | 4069497 |
| University Wash Univ Revs Series 2024A, 5% 4/1/2038  | 750000 | 804948 |
| University Wash Univ Revs Series 2024A, 5% 4/1/2039  | 700000 | 744252 |
| Washington St Higher Ed Facs (Gonzaga University Proj.) Series 2019 A, 3% 4/1/2049  | 3265000 | 2218206 |
| Washington St Higher Ed Facs (Whitman College Proj.) Series 2024, 4% 1/1/2043  | 4390000 | 3931220 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2016 A, 5% 10/1/2034  | 1510000 | 1513199 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2016 A, 5% 10/1/2035  | 945000 | 945425 |
|  |  | 20873999 |
| Electric Utilities - 0.1% |  |  |
| Chelan Cnty WA Pub Col River 0% 6/1/2028 (National Public Finance Guarantee Corporation Insured) (g) | 1395000 | 1282243 |
| Tacoma WA Elec Sys Rev Series 2017, 5% 1/1/2037  | 945000 | 961329 |
| Tacoma WA Elec Sys Rev Series 2017, 5% 1/1/2038  | 945000 | 957155 |
|  |  | 3200727 |
| General Obligations - 0.4% |  |  |
| King County WA Gen. Oblig. 2% 1/1/2037  | 535000 | 417440 |
| Pierce Cnty WA Gen. Oblig. 2.35% 7/1/2033  | 3795000 | 3428600 |
| State of Washington Gen. Oblig. Series 2017D, 5% 2/1/2033  | 1985000 | 2040692 |
| State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2035  | 1000000 | 1067762 |
| State of Washington Gen. Oblig. Series 2024 D, 5% 6/1/2042  | 1985000 | 2066174 |
| State of Washington Gen. Oblig. Series R 2017A, 5% 8/1/2028  | 890000 | 910427 |
| State of Washington Gen. Oblig. Series R 2017A, 5% 8/1/2030  | 890000 | 909274 |
| State of Washington Gen. Oblig. Series R 2021A, 5% 6/1/2035  | 4000000 | 4267715 |
|  |  | 15108084 |
| Health Care - 1.7% |  |  |
| WA St Hsg Fin Commission (Humangood National Obligated Grp Proj.) 5% 7/1/2033 (e) | 325000 | 326410 |
| WA St Hsg Fin Commission (Humangood National Obligated Grp Proj.) 5% 7/1/2038 (e) | 100000 | 97111 |
| WA St Hsg Fin Commission (Humangood National Obligated Grp Proj.) 5% 7/1/2048 (e) | 300000 | 257366 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2029  | 2125000 | 2174719 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2030  | 945000 | 963874 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2034  | 1790000 | 1858846 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2037  | 945000 | 963980 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2035  | 2695000 | 2780694 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2039  | 1055000 | 1061278 |
| Washington St Health Care Facs Auth Rev (Fred Hutchinson Cancer Research Center Proj.) 5% 9/1/2055  | 9515000 | 9335416 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) Series 2017B, 4% 8/15/2041  | 3590000 | 3195286 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, Wa Proj.) Series 2025 B, 5% tender 8/15/2055 (b) | 10000000 | 10698076 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2029  | 380000 | 391490 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2031  | 810000 | 829379 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2034  | 2495000 | 2531543 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2035  | 2220000 | 2245991 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2036  | 2125000 | 2144074 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2042  | 8705000 | 8429433 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2030  | 1135000 | 1182338 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2031  | 1415000 | 1462332 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2032  | 975000 | 1002810 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2033  | 2360000 | 2424186 |
|  |  | 56356632 |
| Housing - 0.1% |  |  |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 4.625% 1/1/2041  | 3480000 | 3430516 |
| Special Tax - 0.4% |  |  |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 3% 7/1/2043  | 550000 | 407129 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 4% 7/1/2031  | 11755000 | 11963118 |
|  |  | 12370247 |
| Water & Sewer - 0.1% |  |  |
| King Cnty WA Swr Rev Series 2016A, 4% 7/1/2040  | 4455000 | 4182705 |
| TOTAL WASHINGTON |  | 115522910 |
| West Virginia - 0.1%  |  |  |
| Electric Utilities - 0.0% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2015A, 3.375% tender 3/1/2040 (b) | 980000 | 984892 |
| Health Care - 0.1% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2033  | 1735000 | 1773350 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2043  | 1105000 | 1052476 |
|  |  | 2825826 |
| TOTAL WEST VIRGINIA |  | 3810718 |
| Wisconsin - 1.8%  |  |  |
| Education - 0.0% |  |  |
| Public Fin Auth WI Revenue (Roseman Univ of Hlth Sciences Proj.) Series 2020, 5% 4/1/2050 (e) | 985000 | 866246 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Public Fin Auth WI Revenue Series 2020, 5% 4/1/2050 (Pre-refunded to 4/1/2030 at 100) (e) | 100000 | 109261 |
| General Obligations - 0.7% |  |  |
| Howard Suamico WI Scd 2% 3/1/2038  | 1165000 | 840059 |
| Kohler Wis Sch Dist 2% 3/1/2038  | 620000 | 442339 |
| Mauston Wis Sch Dist 1.8% 3/1/2037 (Assured Guaranty Inc Insured)  | 2840000 | 1987830 |
| New Richmond Wis Sch Dist 4% 4/1/2042  | 6955000 | 6340573 |
| New Richmond Wis Sch Dist 4% 4/1/2043  | 1565000 | 1401153 |
| New Richmond Wis Sch Dist 5% 4/1/2036  | 1705000 | 1823672 |
| New Richmond Wis Sch Dist 5% 4/1/2037  | 2200000 | 2328159 |
| New Richmond Wis Sch Dist 5% 4/1/2038  | 2200000 | 2307582 |
| Oshkosh WI Gen. Oblig. Series 2021 A, 2% 6/1/2035  | 240000 | 187038 |
| Westosha Cent High Sch Dist Wis 1.75% 3/1/2034  | 1850000 | 1472177 |
| Westosha Cent High Sch Dist Wis 2% 3/1/2041  | 1575000 | 998566 |
| Wisconsin Rapids School District Series 2021, 2% 4/1/2036  | 1110000 | 842320 |
| Wisconsin St Gen. Oblig. Series 2025 1, 5% 5/1/2033  | 1390000 | 1570344 |
|  |  | 22541812 |
| Health Care - 0.7% |  |  |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 3% 6/1/2045  | 3000000 | 2136095 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 4% 6/1/2045  | 1430000 | 1236606 |
| Public Fin Auth WI Hosp Rev (WakeMed Proj.) 5% 10/1/2044  | 1270000 | 1253044 |
| Public Fin Auth WI Revenue (Bayhealth Medical Center Inc Proj.) Series 2021 A, 3% 7/1/2050  | 4070000 | 2826155 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2043 (e) | 620000 | 582012 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2048 (e) | 705000 | 635032 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5% 5/15/2028 (e) | 550000 | 556712 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5.25% 5/15/2037 (e) | 230000 | 230143 |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 4% 1/1/2045  | 1415000 | 1225458 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2013 B 2, 4% 11/15/2043  | 2480000 | 2179586 |
| Wisconsin Health & Educational Facilities Authority (Medical College of WI Inc Proj.) Series 2016, 4% 12/1/2046  | 2785000 | 2293073 |
| Wisconsin Health & Educational Facilities Authority (St Camillus Health System Proj.) Series 2019A, 5% 11/1/2039  | 3025000 | 2865711 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 1960000 | 2102340 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) Series 2018C 4, 5% tender 8/15/2054 (b) | 1355000 | 1453403 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2038  | 1385000 | 1143866 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2039  | 720000 | 580016 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 5.5% 2/15/2054  | 1375000 | 1435358 |
|  |  | 24734610 |
| Industrial Development - 0.4% |  |  |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 A, 4.5% 6/1/2056 (e) | 12205000 | 8909650 |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 B, 6.5% 6/1/2056 (e) | 3990000 | 3152100 |
|  |  | 12061750 |
| TOTAL WISCONSIN |  | 60313679 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $3,438,498,597) |  | <br> **3280882250** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Tax-Free Cash Central Fund (j)(k)<br>(Cost $40,464,061)<br>| 2.91 | 40451166 | **40467346** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.3%**<br> (Cost $3,478,962,658)<br>| <br>**3321349596** |
| **NET OTHER ASSETS (LIABILITIES) - 0.7%**  | **24778655** |
| **NET ASSETS - 100.0%** | **3346128251** |

---

**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) Non-income producing - Security is in default.

(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $47,442,124 or 1.4% of net assets.

(f) 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.

(g) 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.

(h) Level 3 security

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

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

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

**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 Tax-Free Cash Central Fund | 124028483 | 389678275 | 473239413 | 1476567 | 115 | (114) | 40467346 | 40451166 | 2.4% |
| Total | 124028483 | 389678275 | 473239413 | 1476567 | 115 | (114) | 40467346 |  |  |

---

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 July 31, 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 | 260070928 | - | 260070928 | - |
| Electric Utilities | 272231042 | - | 272231042 | - |
| Escrowed/Pre-Refunded | 9927833 | - | 9927833 | - |
| General Obligations | 1105262001 | - | 1105262001 | - |
| Health Care | 479848711 | - | 477736211 | 2112500 |
| Housing | 124369816 | - | 124369816 | - |
| Industrial Development | 28051106 | - | 28051106 | - |
| Other | 1528079 | - | 1528079 | - |
| Special Tax | 388724152 | - | 388724152 | - |
| Tobacco Bonds | 23574290 | - | 23574290 | - |
| Transportation | 498611028 | - | 498611028 | - |
| Water & Sewer | 88683264 | - | 88683264 | - |
|  **Money Market Funds** | 40467346 | 40467346 | - | - |
| **Total Investments in Securities:** | 3321349596 | 40467346 | 3278769750 | 2112500 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,438,498,597) | $3280882250 |  |
| Fidelity Central Funds (cost $40,464,061) | 40467346 |  |
| Total Investment in Securities (cost $3,478,962,658) |  | $3321349596 |
| Cash |  | 101592 |
| Receivable for fund shares sold |  | 2044967 |
| Interest receivable |  | 34409179 |
| Distributions receivable from Fidelity Central Funds |  | 104471 |
| Prepaid expenses |  | 425 |
| Receivable from investment adviser for expense reductions |  | 503826 |
| Other receivables |  | 115 |
| **Total assets** |  | 3358514171 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $3667293 |  |
| Payable for fund shares redeemed | 3318027 |  |
| Distributions payable | 4166330 |  |
| Accrued management fee | 1188070 |  |
| Other payables and accrued expenses | 46200 |  |
| **Total liabilities** |  | 12385920 |
| **Net Assets**  |  | $3346128251 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3567757531 |
| Total accumulated earnings (loss) |  | (221629280) |
| **Net Assets** |  | $3346128251 |
| **Net Asset Value**, offering price and redemption price per share ($3,346,128,251 ÷ 313,464,151 shares) |  | $10.67 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $57977232 |
| Income from Fidelity Central Funds  |  | 1476567 |
| **Total income** |  | 59453799 |
| **Expenses** |  |  |
| Management fee | $7210692 |  |
| Custodian fees and expenses | 15030 |  |
| Independent trustees' fees and expenses | 4042 |  |
| Registration fees | 73894 |  |
| Audit fees | 32623 |  |
| Legal | 4918 |  |
| Miscellaneous | 6617 |  |
| Total expenses before reductions | 7347816 |  |
| Expense reductions | (3167798) |  |
| Total expenses after reductions |  | 4180018 |
| **Net Investment income (loss)** |  | 55273781 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (8777139) |  |
| Affiliated issuers | 115 |  |
| Total net realized gain (loss) |  | (8777024) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (80262559) |  |
| Fidelity Central Funds  | (114) |  |
| Total change in net unrealized appreciation (depreciation) |  | (80262673) |
| **Net gain (loss)** |  | (89039697) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(33765916) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $55273781 | $105051552 |
| &nbsp;&nbsp;Net realized gain (loss) | (8777024)<br>| (8239473)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (80262673) | (18233956)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (33765916)<br>| 78578123<br>|
| Distributions to shareholders | (53655566)<br>| (103190786)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 459763981 | 882427871 |
| Reinvestment of distributions | 29741712<br>| 58949130<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (495253843) | (679218920) |
| **Net increase (decrease) in net assets resulting from share transactions** | (5748150)<br>| 262158081<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (93169632)<br>| 237545418<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3439297883 | 3201752465<br>|
| &nbsp;&nbsp;End of period | $3346128251 | $3439297883 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 42879905 | 80283647 |
| Issued in reinvestment of distributions | 2761746<br>| 5368817<br>|
| &nbsp;&nbsp;Redeemed | (46159945) | (61849719) |
| &nbsp;&nbsp;Net increase (decrease) | (518294) | 23802745 |

---

**Financial Highlights** 

**Fidelity® Tax-Free Bond Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.95 | $11.03 | $10.96 | $11.79 | $12.25 | $12.13 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .177  | .340  | .329  | .304  | .291  | .312  |
| Net realized and unrealized gain (loss)  | (.285)  | (.086)  | .064  | (.828)  | (.427)  | .152  |
| Total from investment operations  | (.108)  | .254  | .393  | (.524)  | (.136)  | .464  |
| Distributions from net investment income  | (.172)  | (.333)  | (.323)  | (.304)  | (.291)  | (.312)  |
| Distributions from net realized gain  | -  | (.001)  | -  | (.002)  | (.033)  | (.032)  |
| Total distributions  | (.172)  | (.334)  | (.323)  | (.306)  | (.324)  | (.344)  |
| Net asset value, end of period  | $10.67 | $10.95 | $11.03 | $10.96 | $11.79 | $12.25 |
| **Total Return** C,D | (.99)% <br>| 2.34%  | 3.71%  | (4.38)%  | (1.16)%  | 3.94%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .44% G | .44%  | .46%  | .46%  | .46%  | .46%  |
| Expenses net of fee waivers, if any  | .25% G<br>| .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25% G | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 3.31% G | 3.09%  | 3.06%  | 2.78%  | 2.39%  | 2.62%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3346128 | $3439298 | $3201752 | $2877376 | $4518267 | $4474910 |
| Portfolio turnover rate H | 24% G<br>| 15%  | 7%  | 11% I | 8%  | 19%  |

---

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

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*Annualized.*

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** **(Unaudited)**

For the period ended July 31, 2025

**1. Organization.**

Fidelity Tax-Free Bond Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and 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.**

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 July 31, 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. 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** | $21828367 |
| **Gross unrealized depreciation** | <u>(173745804)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(151917437)</u> |
| **Tax cost** | <u>$3473267033</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 prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(35599552) |
| Long-term | <u>(25210322)</u> |
| **Total capital loss carryforward** | <u>$(60809874)</u> |

---

**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.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**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. 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 Tax-Free Bond Fund** | 434535810 | 387838130 |

---

**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.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Tax-Free Bond Fund** | .43 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Tax-Free Bond Fund** | .43 |

---

**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 Tax-Free Bond Fund** | 10680167 | 20472065 | (1770431) |

---

**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 Tax-Free Bond Fund** | 1639 |

---

**7. Expense Reductions.**

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .25% of average net assets. This reimbursement will remain in place through May 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 $3,167,562.

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 $236.

**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.

**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.

![](img111942_4.jpg)<br>

1.762414.124 SFB-SANN-0925

**Fidelity® Series Large Cap Value Index Fund**

**Semi-Annual Report**

**July 31, 2025**

![](img111944_1.jpg)

![](img111944_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_XS6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Large Cap Value Index Fund](#Sub_Sec_Fund_2612_XS6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2612_XS6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_XS6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_XS6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_XS6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_XS6-SANN)** |

---

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.

The 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 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 (Semi-Annual Report)**

**Fidelity® Series Large Cap Value Index Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Aptiv PLC  | 77338 | 5308480 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 56119 | 562312 |
| Liberty Global Ltd Class C (b) | 47012 | 480933 |
| TOTAL BELGIUM |  | 1043245 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| RenaissanceRe Holdings Ltd  | 16407 | 3999042 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 123908 | 1999875 |
| CANADA - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Restaurant Brands International Inc (United States) (c) | 40719 | 2763191 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 85625 | 5280494 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| RB Global Inc (United States)  | 59355 | 6425772 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States) (c) | 45325 | 1660255 |
| TOTAL CANADA |  | 16129712 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (b) | 50051 | 1878915 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 12493 | 625774 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 34498 | 1385095 |
| IRELAND - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Accenture PLC Class A  | 213272 | 56964951 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b)(c) | 41312 | 1297610 |
| KAZAKHSTAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 873 | 162217 |
| MEXICO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Southern Copper Corp  | 27412 | 2581114 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 20643 | 2365275 |
| UNITED KINGDOM - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Flutter Entertainment PLC (b) | 10456 | 3160430 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| TechnipFMC PLC  | 141872 | 5159885 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Anglogold Ashanti Plc  | 151006 | 6984028 |
| TOTAL UNITED KINGDOM |  | 15304343 |
| UNITED STATES - 98.7%  |  |  |
| Communication Services - 7.6% |  |  |
| Diversified Telecommunication Services - 1.4% |  |  |
| AST SpaceMobile Inc Class A (b)(c) | 4435 | 235809 |
| AT&T Inc  | 2389973 | 65509160 |
| Frontier Communications Parent Inc (b) | 81248 | 2985052 |
| GCI Liberty Inc/DEL Class A (b)(d) | 30220 | 0 |
| GCI LLC Class A  | 866 | 28612 |
| GCI LLC Class C  | 5891 | 195876 |
| Iridium Communications Inc  | 29369 | 718366 |
| Verizon Communications Inc  | 1439090 | 61535488 |
|  |  | 131208363 |
| Entertainment - 1.3% |  |  |
| Electronic Arts Inc  | 88917 | 13558953 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 5292 | 476915 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 49418 | 4959096 |
| Liberty Media Corp-Liberty Live Class A (b) | 6598 | 539716 |
| Liberty Media Corp-Liberty Live Class C (b)(c) | 15382 | 1295626 |
| Madison Square Garden Sports Corp Class A (b) | 5399 | 1091138 |
| Roku Inc Class A (b) | 38632 | 3637589 |
| Take-Two Interactive Software Inc (b) | 40346 | 8986265 |
| TKO Group Holdings Inc Class A  | 13228 | 2222436 |
| Walt Disney Co/The  | 617112 | 73504211 |
| Warner Bros Discovery Inc (b) | 760731 | 10018827 |
|  |  | 120290772 |
| Interactive Media & Services - 3.7% |  |  |
| Alphabet Inc Class A  | 703928 | 135083783 |
| Alphabet Inc Class C  | 571738 | 110265391 |
| IAC Inc Class A (b) | 22518 | 884957 |
| Match Group Inc  | 84706 | 2902875 |
| Meta Platforms Inc Class A  | 132684 | 102623113 |
| Pinterest Inc Class A (b) | 102171 | 3943801 |
| Trump Media & Technology Group Corp (b) | 16012 | 281651 |
| ZoomInfo Technologies Inc (b) | 99092 | 1073166 |
|  |  | 357058737 |
| Media - 0.8% |  |  |
| Charter Communications Inc Class A (b) | 30926 | 8330227 |
| Comcast Corp Class A  | 1262041 | 41937623 |
| DoubleVerify Holdings Inc (b) | 23572 | 361123 |
| Fox Corp Class A  | 74499 | 4154065 |
| Fox Corp Class B  | 44146 | 2257626 |
| Interpublic Group of Cos Inc/The  | 127482 | 3136057 |
| Liberty Broadband Corp Class A (b) | 4330 | 264693 |
| Liberty Broadband Corp Class C (b) | 29641 | 1817586 |
| New York Times Co/The Class A  | 55655 | 2887938 |
| News Corp Class A  | 130580 | 3828606 |
| News Corp Class B (c) | 37155 | 1241720 |
| Nexstar Media Group Inc  | 8884 | 1662285 |
| Omnicom Group Inc (c) | 66126 | 4764378 |
| Paramount Global Class A (c) | 10762 | 205447 |
| Paramount Global Class B (c) | 193671 | 2434444 |
| Sirius XM Holdings Inc (c) | 63663 | 1344563 |
|  |  | 80628381 |
| Wireless Telecommunication Services - 0.4% |  |  |
| T-Mobile US Inc  | 154810 | 36908252 |
| TOTAL COMMUNICATION SERVICES |  | 726094505 |
| Consumer Discretionary - 7.7% |  |  |
| Automobile Components - 0.1% |  |  |
| BorgWarner Inc  | 76509 | 2815531 |
| Gentex Corp  | 75617 | 1997801 |
| Lear Corp  | 17830 | 1681191 |
| QuantumScape Corp Class A (b)(c) | 138248 | 1188933 |
|  |  | 7683456 |
| Automobiles - 0.4% |  |  |
| Ford Motor Co  | 1331841 | 14743480 |
| General Motors Co  | 329624 | 17582144 |
| Harley-Davidson Inc  | 37432 | 910721 |
| Lucid Group Inc Class A (b)(c) | 416815 | 1025365 |
| Rivian Automotive Inc Class A (b)(c) | 267114 | 3437757 |
| Thor Industries Inc (c) | 17066 | 1552835 |
|  |  | 39252302 |
| Broadline Retail - 2.4% |  |  |
| Amazon.com Inc (b) | 898739 | 210403787 |
| Dillard's Inc Class A (c) | 990 | 462261 |
| eBay Inc  | 157068 | 14410989 |
| Etsy Inc (b) | 14777 | 861056 |
| Macy's Inc  | 92970 | 1174211 |
| Ollie's Bargain Outlet Holdings Inc (b) | 21211 | 2898059 |
|  |  | 230210363 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 47384 | 6106850 |
| LKQ Corp  | 87049 | 2565334 |
| Pool Corp  | 10102 | 3112830 |
|  |  | 11785014 |
| Diversified Consumer Services - 0.1% |  |  |
| ADT Inc  | 136794 | 1142230 |
| Bright Horizons Family Solutions Inc (b) | 16588 | 1876103 |
| Grand Canyon Education Inc (b) | 6704 | 1130495 |
| H&R Block Inc  | 36963 | 2008569 |
| Service Corp International/US  | 47963 | 3660057 |
|  |  | 9817454 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Aramark  | 90697 | 3860064 |
| Booking Holdings Inc  | 680 | 3742761 |
| Boyd Gaming Corp  | 19491 | 1654786 |
| Caesars Entertainment Inc (b) | 69197 | 1846176 |
| Carnival Corp (b) | 254764 | 7584324 |
| Choice Hotels International Inc (c) | 6317 | 806744 |
| Churchill Downs Inc  | 3436 | 367789 |
| Darden Restaurants Inc  | 1973 | 397895 |
| Domino's Pizza Inc  | 7623 | 3531050 |
| Hyatt Hotels Corp Class A (c) | 13488 | 1901403 |
| Marriott International Inc/MD Class A1  | 18112 | 4778489 |
| McDonald's Corp  | 229761 | 68944383 |
| MGM Resorts International (b) | 71177 | 2594402 |
| Norwegian Cruise Line Holdings Ltd (b) | 14519 | 371106 |
| Penn Entertainment Inc (b) | 50075 | 904355 |
| Starbucks Corp  | 336308 | 29985221 |
| Travel + Leisure Co  | 14181 | 840224 |
| Vail Resorts Inc  | 2207 | 331624 |
| Wendy's Co/The  | 31098 | 306315 |
| Wyndham Hotels & Resorts Inc  | 2623 | 225578 |
| Wynn Resorts Ltd  | 28866 | 3147260 |
| Yum! Brands Inc  | 63050 | 9088658 |
|  |  | 147210607 |
| Household Durables - 0.7% |  |  |
| DR Horton Inc  | 93679 | 13381108 |
| Garmin Ltd  | 55564 | 12155181 |
| Lennar Corp Class A  | 78115 | 8762941 |
| Lennar Corp Class B (c) | 3271 | 350585 |
| Mohawk Industries Inc (b) | 17197 | 1969228 |
| Newell Brands Inc  | 140027 | 785551 |
| NVR Inc (b) | 959 | 7239961 |
| PulteGroup Inc  | 68403 | 7724067 |
| SharkNinja Inc (b) | 19568 | 2271845 |
| Toll Brothers Inc  | 33957 | 4019151 |
| TopBuild Corp (b) | 9339 | 3459446 |
| Whirlpool Corp (c) | 17991 | 1493973 |
|  |  | 63613037 |
| Leisure Products - 0.1% |  |  |
| Brunswick Corp/DE  | 21954 | 1279699 |
| Hasbro Inc  | 45564 | 3424590 |
| Mattel Inc (b) | 107678 | 1831603 |
| YETI Holdings Inc (b) | 27664 | 1016375 |
|  |  | 7552267 |
| Specialty Retail - 1.8% |  |  |
| AutoNation Inc (b) | 9214 | 1774985 |
| AutoZone Inc (b) | 4803 | 18099529 |
| Bath & Body Works Inc  | 71396 | 2067628 |
| Best Buy Co Inc  | 66259 | 4310811 |
| CarMax Inc (b) | 52755 | 2986461 |
| Dick's Sporting Goods Inc  | 18593 | 3932605 |
| Five Below Inc (b) | 18055 | 2464869 |
| Floor & Decor Holdings Inc Class A (b) | 24341 | 1865494 |
| GameStop Corp Class A (b)(c) | 141629 | 3179571 |
| Gap Inc/The  | 77271 | 1503694 |
| Home Depot Inc/The  | 80737 | 29671655 |
| Lithia Motors Inc Class A  | 7616 | 2193408 |
| Lowe's Cos Inc  | 191137 | 42732499 |
| O'Reilly Automotive Inc (b) | 23149 | 2276010 |
| Penske Automotive Group Inc  | 6208 | 1039281 |
| Restoration Hardware Inc (b) | 4261 | 876147 |
| Ross Stores Inc  | 87955 | 12009376 |
| TJX Cos Inc/The  | 190562 | 23730686 |
| Ulta Beauty Inc (b) | 11555 | 5950941 |
| Valvoline Inc (b) | 4811 | 169587 |
| Wayfair Inc Class A (b)(c) | 25788 | 1692724 |
| Williams-Sonoma Inc  | 34405 | 6435455 |
|  |  | 170963416 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Columbia Sportswear Co  | 8736 | 494195 |
| Crocs Inc (b) | 18240 | 1819075 |
| Lululemon Athletica Inc (b) | 15414 | 3090969 |
| NIKE Inc Class B  | 394533 | 29467670 |
| PVH Corp  | 17519 | 1286245 |
| Ralph Lauren Corp Class A  | 12466 | 3724218 |
| Skechers USA Inc Class A (b) | 45307 | 2865668 |
| Tapestry Inc  | 5732 | 619228 |
| Under Armour Inc Class A (b) | 63377 | 420823 |
| Under Armour Inc Class C (b) | 62346 | 392780 |
| VF Corp (c) | 117942 | 1382280 |
|  |  | 45563151 |
| TOTAL CONSUMER DISCRETIONARY |  | 733651067 |
| Consumer Staples - 7.9% |  |  |
| Beverages - 1.4% |  |  |
| Boston Beer Co Inc/The Class A (b) | 2737 | 566778 |
| Brown-Forman Corp Class A (c) | 14644 | 419404 |
| Brown-Forman Corp Class B (c) | 49507 | 1428277 |
| Coca-Cola Co/The  | 677262 | 45979317 |
| Coca-Cola Consolidated Inc  | 15003 | 1676585 |
| Constellation Brands Inc Class A  | 44666 | 7461009 |
| Keurig Dr Pepper Inc  | 441733 | 14422582 |
| Molson Coors Beverage Co Class B  | 58166 | 2833848 |
| PepsiCo Inc  | 403024 | 55585070 |
| Primo Brands Corp Class A  | 86090 | 2376945 |
|  |  | 132749815 |
| Consumer Staples Distribution & Retail - 2.2% |  |  |
| Albertsons Cos Inc Class A  | 138920 | 2670042 |
| BJ's Wholesale Club Holdings Inc (b) | 38247 | 4050357 |
| Casey's General Stores Inc  | 10731 | 5581515 |
| Dollar General Corp  | 74917 | 7858793 |
| Dollar Tree Inc (b) | 69278 | 7866517 |
| Kroger Co/The  | 206588 | 14481819 |
| Maplebear Inc (b) | 59793 | 2868270 |
| Performance Food Group Co (b) | 45771 | 4595408 |
| Sysco Corp  | 76880 | 6119648 |
| Target Corp  | 154973 | 15574787 |
| US Foods Holding Corp (b) | 78176 | 6514406 |
| Walgreens Boots Alliance Inc  | 247761 | 2883938 |
| Walmart Inc  | 1334274 | 130732167 |
|  |  | 211797667 |
| Food Products - 1.1% |  |  |
| Archer-Daniels-Midland Co  | 162983 | 8830419 |
| Bunge Global SA  | 45710 | 3645830 |
| Conagra Brands Inc  | 164652 | 3006546 |
| Darling Ingredients Inc (b) | 46610 | 1509232 |
| Flowers Foods Inc  | 62616 | 992464 |
| Freshpet Inc (b) | 11564 | 790052 |
| General Mills Inc  | 186530 | 9136239 |
| Hershey Co/The  | 43661 | 8126622 |
| Hormel Foods Corp  | 100287 | 2817062 |
| Ingredion Inc  | 22117 | 2909270 |
| JM Smucker Co  | 35607 | 3822055 |
| Kellanova  | 94380 | 7534355 |
| Kraft Heinz Co/The  | 290867 | 7987208 |
| Lamb Weston Holdings Inc  | 47289 | 2698783 |
| McCormick & Co Inc/MD  | 86286 | 6094380 |
| Mondelez International Inc  | 441140 | 28537347 |
| Pilgrim's Pride Corp  | 13845 | 656115 |
| Post Holdings Inc (b)(c) | 16899 | 1788083 |
| Seaboard Corp  | 87 | 275545 |
| Smithfield Foods Inc  | 8502 | 205068 |
| The Campbell's Company  | 65034 | 2075885 |
| Tyson Foods Inc Class A  | 95603 | 5000037 |
|  |  | 108438597 |
| Household Products - 1.6% |  |  |
| Church & Dwight Co Inc  | 84096 | 7885682 |
| Clorox Co/The  | 42078 | 5283314 |
| Colgate-Palmolive Co  | 144464 | 12113306 |
| Kimberly-Clark Corp  | 72590 | 9046166 |
| Procter & Gamble Co/The  | 800041 | 120382169 |
| Reynolds Consumer Products Inc  | 18333 | 412309 |
|  |  | 155122946 |
| Personal Care Products - 0.3% |  |  |
| BellRing Brands Inc (b) | 42560 | 2322925 |
| Coty Inc Class A (b) | 115714 | 561213 |
| elf Beauty Inc (b) | 18365 | 2225654 |
| Estee Lauder Cos Inc/The Class A  | 79806 | 7449092 |
| Kenvue Inc  | 648282 | 13899166 |
|  |  | 26458050 |
| Tobacco - 1.3% |  |  |
| Altria Group Inc  | 574803 | 35603298 |
| Philip Morris International Inc  | 530935 | 87099887 |
|  |  | 122703185 |
| TOTAL CONSUMER STAPLES |  | 757270260 |
| Energy - 6.0% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Baker Hughes Co Class A  | 338200 | 15235910 |
| Halliburton Co  | 293128 | 6566067 |
| NOV Inc  | 125302 | 1576299 |
| Schlumberger NV  | 471352 | 15931698 |
| Weatherford International PLC  | 23896 | 1351318 |
|  |  | 40661292 |
| Oil, Gas & Consumable Fuels - 5.6% |  |  |
| Antero Midstream Corp  | 112204 | 2058943 |
| Antero Resources Corp (b) | 99940 | 3490904 |
| APA Corp  | 118927 | 2294102 |
| Cheniere Energy Inc  | 41360 | 9755997 |
| Chevron Corp  | 654358 | 99226848 |
| Chord Energy Corp  | 19812 | 2185858 |
| Civitas Resources Inc  | 30993 | 940947 |
| ConocoPhillips  | 431447 | 41134158 |
| Coterra Energy Inc  | 257154 | 6271986 |
| Devon Energy Corp  | 212527 | 7060147 |
| Diamondback Energy Inc  | 65120 | 9680739 |
| DT Midstream Inc  | 34955 | 3590927 |
| EOG Resources Inc  | 188198 | 22587524 |
| EQT Corp  | 203194 | 10921678 |
| Expand Energy Corp  | 74898 | 7847812 |
| Exxon Mobil Corp  | 1476466 | 164832665 |
| HF Sinclair Corp  | 48248 | 2120017 |
| Kinder Morgan Inc  | 662424 | 18587617 |
| Marathon Petroleum Corp  | 106248 | 18082347 |
| Matador Resources Co  | 39158 | 1953201 |
| Occidental Petroleum Corp  | 229834 | 10098906 |
| ONEOK Inc  | 213057 | 17494110 |
| Ovintiv Inc  | 89285 | 3676756 |
| Permian Resources Corp Class A  | 220295 | 3119377 |
| Phillips 66  | 129075 | 15951089 |
| Range Resources Corp  | 81728 | 3001052 |
| Valero Energy Corp  | 106432 | 14614178 |
| Viper Energy Inc Class A (c) | 44082 | 1660128 |
| Williams Cos Inc/The  | 392954 | 23557592 |
|  |  | 527797605 |
| TOTAL ENERGY |  | 568458897 |
| Financials - 22.6% |  |  |
| Banks - 7.3% |  |  |
| Bank of America Corp  | 2151294 | 101691667 |
| Bank OZK  | 35770 | 1763461 |
| BOK Financial Corp  | 7488 | 760257 |
| Citigroup Inc  | 518709 | 48603033 |
| Citizens Financial Group Inc  | 148875 | 7104315 |
| Columbia Banking System Inc  | 70024 | 1666571 |
| Comerica Inc  | 45148 | 3050650 |
| Commerce Bancshares Inc/MO  | 41331 | 2529457 |
| Cullen/Frost Bankers Inc  | 19931 | 2539409 |
| East West Bancorp Inc  | 46338 | 4645385 |
| Fifth Third Bancorp  | 228106 | 9482366 |
| First Citizens BancShares Inc/NC Class A  | 3375 | 6732315 |
| First Hawaiian Inc  | 41998 | 1018452 |
| First Horizon Corp (c) | 172832 | 3769466 |
| FNB Corp/PA  | 118915 | 1821778 |
| Huntington Bancshares Inc/OH  | 494266 | 8120790 |
| JPMorgan Chase & Co  | 946434 | 280371608 |
| KeyCorp  | 322858 | 5785615 |
| M&T Bank Corp  | 55595 | 10490777 |
| Pinnacle Financial Partners Inc  | 23820 | 2093540 |
| PNC Financial Services Group Inc/The  | 134721 | 25633365 |
| Prosperity Bancshares Inc  | 30677 | 2043702 |
| Regions Financial Corp  | 306989 | 7776031 |
| SouthState Corp  | 34603 | 3258565 |
| Synovus Financial Corp  | 46470 | 2195243 |
| TFS Financial Corp  | 17399 | 228100 |
| Truist Financial Corp  | 447322 | 19552445 |
| US Bancorp  | 532505 | 23941425 |
| Webster Financial Corp  | 57698 | 3326290 |
| Wells Fargo & Co  | 1110516 | 89540905 |
| Western Alliance Bancorp  | 29779 | 2309659 |
| Wintrust Financial Corp  | 22861 | 2925751 |
| Zions Bancorp NA  | 50332 | 2698802 |
|  |  | 689471195 |
| Capital Markets - 6.2% |  |  |
| Affiliated Managers Group Inc  | 9367 | 1965852 |
| Ameriprise Financial Inc  | 2949 | 1528142 |
| Bank of New York Mellon Corp/The  | 226168 | 22944744 |
| Blackrock Inc  | 51987 | 57498142 |
| Carlyle Group Inc/The  | 89521 | 5430344 |
| Cboe Global Markets Inc  | 35729 | 8612118 |
| Charles Schwab Corp/The  | 530664 | 51861793 |
| CME Group Inc Class A  | 122466 | 34079838 |
| Coinbase Global Inc Class A (b) | 63447 | 23967739 |
| Evercore Inc Class A  | 12658 | 3811830 |
| FactSet Research Systems Inc  | 12137 | 4889997 |
| Franklin Resources Inc  | 103049 | 2473176 |
| Goldman Sachs Group Inc/The  | 98205 | 71060156 |
| Hamilton Lane Inc Class A  | 4645 | 707434 |
| Houlihan Lokey Inc Class A  | 11226 | 2140349 |
| Interactive Brokers Group Inc Class A  | 136776 | 8967035 |
| Intercontinental Exchange Inc  | 194310 | 35914317 |
| Invesco Ltd  | 126402 | 2655706 |
| Janus Henderson Group PLC  | 42070 | 1821631 |
| Jefferies Financial Group Inc  | 38788 | 2236516 |
| KKR & Co Inc Class A  | 173661 | 25455229 |
| Lazard Inc  | 29716 | 1544638 |
| MarketAxess Holdings Inc  | 12227 | 2512649 |
| Morgan Stanley  | 392559 | 55923955 |
| Morningstar Inc  | 2524 | 697785 |
| MSCI Inc  | 13040 | 7320134 |
| Nasdaq Inc  | 140631 | 13531515 |
| Northern Trust Corp  | 66006 | 8580780 |
| Raymond James Financial Inc  | 62425 | 10433090 |
| Robinhood Markets Inc Class A (b) | 218491 | 22515498 |
| S&P Global Inc  | 104616 | 57653878 |
| SEI Investments Co  | 35934 | 3166504 |
| State Street Corp  | 98339 | 10989383 |
| Stifel Financial Corp  | 34322 | 3916827 |
| T Rowe Price Group Inc  | 74885 | 7597083 |
| TPG Inc Class A  | 2640 | 150665 |
| Tradeweb Markets Inc Class A  | 36469 | 5052780 |
| Virtu Financial Inc Class A  | 27030 | 1193104 |
|  |  | 582802356 |
| Consumer Finance - 1.1% |  |  |
| Ally Financial Inc  | 84094 | 3182958 |
| American Express Co  | 125789 | 37649906 |
| Capital One Financial Corp  | 214270 | 46068050 |
| Credit Acceptance Corp (b)(c) | 2062 | 1010957 |
| OneMain Holdings Inc  | 39928 | 2307439 |
| SLM Corp  | 60464 | 1922755 |
| SoFi Technologies Inc Class A (b) | 312746 | 7061805 |
| Synchrony Financial  | 130196 | 9070755 |
|  |  | 108274625 |
| Financial Services - 4.2% |  |  |
| Affirm Holdings Inc Class A (b) | 36459 | 2499629 |
| Apollo Global Management Inc  | 42750 | 6212430 |
| Berkshire Hathaway Inc Class B (b) | 628482 | 296568086 |
| Block Inc Class A (b) | 117037 | 9042279 |
| Corebridge Financial Inc  | 83175 | 2957703 |
| Euronet Worldwide Inc (b) | 13589 | 1320579 |
| Fidelity National Information Services Inc  | 179617 | 14263386 |
| Fiserv Inc (b) | 136160 | 18918070 |
| Global Payments Inc  | 83461 | 6672707 |
| Jack Henry & Associates Inc  | 24890 | 4226695 |
| MGIC Investment Corp  | 78178 | 2024810 |
| Mr Cooper Group Inc (b) | 21653 | 3371805 |
| PayPal Holdings Inc (b) | 332004 | 22828595 |
| Rocket Cos Inc Class A (c) | 77505 | 1144749 |
| UWM Holdings Corp Class A  | 46302 | 186134 |
| Voya Financial Inc  | 33579 | 2350530 |
| Western Union Co/The  | 110958 | 893212 |
| WEX Inc (b) | 10451 | 1773326 |
|  |  | 397254725 |
| Insurance - 3.7% |  |  |
| AFLAC Inc  | 165968 | 16490580 |
| Allstate Corp/The  | 89955 | 18283354 |
| American Financial Group Inc/OH  | 22937 | 2864831 |
| American International Group Inc  | 198864 | 15437812 |
| Aon PLC  | 5373 | 1911230 |
| Arch Capital Group Ltd  | 124567 | 10720236 |
| Arthur J Gallagher & Co  | 81134 | 23305742 |
| Assurant Inc  | 17502 | 3278125 |
| Assured Guaranty Ltd  | 15622 | 1321309 |
| Axis Capital Holdings Ltd  | 25444 | 2387665 |
| Brighthouse Financial Inc (b) | 19186 | 918050 |
| Brown & Brown Inc  | 83892 | 7665212 |
| Chubb Ltd  | 126686 | 33703543 |
| Cincinnati Financial Corp  | 52692 | 7772597 |
| CNA Financial Corp  | 7160 | 317402 |
| Everest Group Ltd  | 12389 | 4160226 |
| Fidelity National Financial Inc/US  | 88851 | 5013862 |
| First American Financial Corp  | 32970 | 1979849 |
| Globe Life Inc  | 28471 | 3999321 |
| Hanover Insurance Group Inc/The  | 12020 | 2062993 |
| Hartford Insurance Group Inc/The  | 96725 | 12031623 |
| Kemper Corp  | 20494 | 1262225 |
| Lincoln National Corp  | 57142 | 2177682 |
| Loews Corp  | 58353 | 5283281 |
| Markel Group Inc (b) | 3390 | 6808103 |
| Marsh & McLennan Cos Inc  | 148099 | 29501321 |
| MetLife Inc  | 191847 | 14570780 |
| Old Republic International Corp  | 76660 | 2772792 |
| Primerica Inc  | 11419 | 3033229 |
| Principal Financial Group Inc  | 75789 | 5898658 |
| Progressive Corp/The  | 189574 | 45884491 |
| Prudential Financial Inc  | 121028 | 12536080 |
| Reinsurance Group of America Inc  | 22612 | 4351679 |
| RLI Corp  | 25967 | 1713562 |
| The Travelers Companies, Inc.  | 77001 | 20038740 |
| Unum Group  | 59355 | 4262283 |
| W R Berkley Corp  | 103612 | 7129542 |
| White Mountains Insurance Group Ltd  | 838 | 1498176 |
| Willis Towers Watson PLC  | 33771 | 10665220 |
|  |  | 355013406 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |  |  |
| AGNC Investment Corp (c) | 327478 | 3088118 |
| Annaly Capital Management Inc  | 205047 | 4168606 |
| Rithm Capital Corp  | 177562 | 2136070 |
| Starwood Property Trust Inc  | 114723 | 2232509 |
|  |  | 11625303 |
| TOTAL FINANCIALS |  | 2144441610 |
| Health Care - 11.2% |  |  |
| Biotechnology - 1.0% |  |  |
| Amgen Inc  | 48028 | 14173063 |
| Biogen Inc (b) | 49747 | 6367616 |
| BioMarin Pharmaceutical Inc (b) | 65384 | 3782464 |
| Exact Sciences Corp (b) | 61042 | 2865922 |
| Exelixis Inc (b) | 17343 | 628163 |
| Gilead Sciences Inc  | 309981 | 34807767 |
| Incyte Corp (b) | 40556 | 3037239 |
| Insmed Inc (b) | 3766 | 404016 |
| Ionis Pharmaceuticals Inc (b) | 3648 | 156791 |
| Moderna Inc (b) | 121896 | 3603246 |
| Neurocrine Biosciences Inc (b) | 4681 | 600245 |
| Regeneron Pharmaceuticals Inc  | 35540 | 19385648 |
| Revolution Medicines Inc (b) | 58131 | 2166542 |
| Roivant Sciences Ltd (b) | 127140 | 1444310 |
| Sarepta Therapeutics Inc (b)(c) | 5168 | 84859 |
| United Therapeutics Corp (b) | 15235 | 4185055 |
| Viking Therapeutics Inc (b)(c) | 33656 | 1096176 |
|  |  | 98789122 |
| Health Care Equipment & Supplies - 3.0% |  |  |
| Abbott Laboratories  | 589974 | 74448819 |
| Align Technology Inc (b) | 23446 | 3024768 |
| Baxter International Inc  | 173130 | 3767309 |
| Becton Dickinson & Co  | 97493 | 17378127 |
| Boston Scientific Corp (b) | 416153 | 43662773 |
| Cooper Cos Inc/The (b) | 68100 | 4813989 |
| DENTSPLY SIRONA Inc  | 66746 | 955135 |
| Edwards Lifesciences Corp (b) | 196148 | 15556498 |
| Envista Holdings Corp (b) | 56254 | 1062638 |
| GE HealthCare Technologies Inc  | 156184 | 11139043 |
| Globus Medical Inc Class A (b) | 37591 | 1978414 |
| Hologic Inc (b) | 76262 | 5095827 |
| Medtronic PLC  | 436876 | 39423690 |
| ResMed Inc  | 37998 | 10333176 |
| Solventum Corp (b) | 47832 | 3413292 |
| STERIS PLC  | 33497 | 7586736 |
| Stryker Corp  | 87092 | 34203641 |
| Teleflex Inc  | 14965 | 1788318 |
| Zimmer Biomet Holdings Inc  | 67553 | 6191232 |
|  |  | 285823425 |
| Health Care Providers & Services - 2.3% |  |  |
| Acadia Healthcare Co Inc (b) | 30432 | 662505 |
| Amedisys Inc (b)(c) | 10827 | 1067542 |
| Cardinal Health Inc  | 40903 | 6348964 |
| Centene Corp (b) | 170231 | 4437922 |
| Chemed Corp  | 4388 | 1809172 |
| Cigna Group/The  | 83952 | 22447086 |
| CVS Health Corp  | 426916 | 26511484 |
| Elevance Health Inc  | 77102 | 21826034 |
| Encompass Health Corp  | 34261 | 3772479 |
| HCA Healthcare Inc  | 47015 | 16642840 |
| Henry Schein Inc (b) | 36745 | 2485799 |
| Humana Inc  | 41166 | 10286148 |
| Labcorp Holdings Inc  | 28527 | 7419302 |
| McKesson Corp  | 3242 | 2248457 |
| Molina Healthcare Inc (b) | 8106 | 1279694 |
| Quest Diagnostics Inc  | 38009 | 6363087 |
| Tenet Healthcare Corp (b) | 31298 | 5047741 |
| UnitedHealth Group Inc  | 310138 | 77398039 |
| Universal Health Services Inc Class B  | 19035 | 3168376 |
|  |  | 221222671 |
| Health Care Technology - 0.0% |  |  |
| Certara Inc (b)(c) | 40711 | 400596 |
| Veeva Systems Inc Class A (b) | 10421 | 2961648 |
|  |  | 3362244 |
| Life Sciences Tools & Services - 1.8% |  |  |
| Agilent Technologies Inc  | 96948 | 11130600 |
| Avantor Inc (b) | 228367 | 3069252 |
| Bio-Rad Laboratories Inc Class A (b) | 6501 | 1572917 |
| Bio-Techne Corp  | 54204 | 2966585 |
| Bruker Corp  | 34627 | 1330716 |
| Charles River Laboratories International Inc (b) | 16893 | 2865729 |
| Danaher Corp  | 217250 | 42833010 |
| Illumina Inc (b) | 53937 | 5539869 |
| IQVIA Holdings Inc (b) | 59679 | 11091939 |
| Mettler-Toledo International Inc (b) | 7088 | 8744324 |
| QIAGEN NV (c) | 73337 | 3618448 |
| Repligen Corp (b) | 15467 | 1810722 |
| Revvity Inc  | 41316 | 3631676 |
| Sotera Health Co (b) | 46690 | 536467 |
| Thermo Fisher Scientific Inc  | 128614 | 60150196 |
| Waters Corp (b) | 9840 | 2841398 |
| West Pharmaceutical Services Inc  | 24388 | 5835073 |
|  |  | 169568921 |
| Pharmaceuticals - 3.1% |  |  |
| Bristol-Myers Squibb Co  | 560836 | 24289807 |
| Elanco Animal Health Inc (b) | 171681 | 2348596 |
| Jazz Pharmaceuticals PLC (b) | 19892 | 2280220 |
| Johnson & Johnson  | 819968 | 135081529 |
| Merck & Co Inc  | 858609 | 67074536 |
| Organon & Co  | 87236 | 846189 |
| Perrigo Co PLC  | 45772 | 1220739 |
| Pfizer Inc  | 1935342 | 45074115 |
| Royalty Pharma PLC Class A  | 133351 | 4907317 |
| Viatris Inc  | 408210 | 3567755 |
| Zoetis Inc Class A  | 30908 | 4506077 |
|  |  | 291196880 |
| TOTAL HEALTH CARE |  | 1069963263 |
| Industrials - 13.4% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| ATI Inc (b) | 47903 | 3685657 |
| Boeing Co (b) | 212034 | 47037623 |
| BWX Technologies Inc  | 25830 | 3924352 |
| Curtiss-Wright Corp  | 12819 | 6284130 |
| General Dynamics Corp  | 86109 | 26832425 |
| Hexcel Corp (c) | 26825 | 1607086 |
| Huntington Ingalls Industries Inc  | 13445 | 3749273 |
| L3Harris Technologies Inc  | 63636 | 17488446 |
| Leonardo DRS Inc  | 15344 | 638310 |
| Loar Holdings Inc (b) | 1358 | 100369 |
| Lockheed Martin Corp  | 51360 | 21621533 |
| Northrop Grumman Corp  | 46225 | 26653797 |
| RTX Corp  | 455871 | 71831593 |
| Spirit AeroSystems Holdings Inc Class A (b) | 34929 | 1376203 |
| StandardAero Inc  | 43283 | 1235730 |
| Textron Inc  | 61569 | 4788221 |
| TransDigm Group Inc  | 15554 | 25017987 |
| Woodward Inc  | 20235 | 5202014 |
|  |  | 269074749 |
| Air Freight & Logistics - 0.5% |  |  |
| CH Robinson Worldwide Inc  | 40362 | 4654546 |
| Expeditors International of Washington Inc  | 46821 | 5442473 |
| FedEx Corp  | 74293 | 16603743 |
| GXO Logistics Inc (b) | 38501 | 1913884 |
| United Parcel Service Inc Class B  | 250147 | 21552666 |
|  |  | 50167312 |
| Building Products - 0.8% |  |  |
| A O Smith Corp  | 38775 | 2744882 |
| Advanced Drainage Systems Inc  | 23690 | 2718428 |
| Allegion plc  | 29435 | 4883855 |
| Armstrong World Industries Inc  | 10197 | 1918769 |
| Builders FirstSource Inc (b) | 38184 | 4854332 |
| Carlisle Cos Inc  | 12932 | 4587110 |
| Carrier Global Corp  | 274750 | 18853345 |
| Fortune Brands Innovations Inc  | 40561 | 2212197 |
| Hayward Holdings Inc (b) | 66570 | 1023846 |
| Johnson Controls International plc  | 225042 | 23629410 |
| Masco Corp  | 72407 | 4933089 |
| Owens Corning  | 29137 | 4062572 |
| Simpson Manufacturing Co Inc  | 12892 | 2313212 |
| Trex Co Inc (b) | 35778 | 2298379 |
|  |  | 81033426 |
| Commercial Services & Supplies - 0.3% |  |  |
| Clean Harbors Inc (b) | 17393 | 4101443 |
| Copart Inc (b) | 20350 | 922466 |
| MSA Safety Inc (c) | 12404 | 2206299 |
| Republic Services Inc  | 68980 | 15910237 |
| Tetra Tech Inc  | 72924 | 2679228 |
| Veralto Corp  | 49253 | 5163192 |
|  |  | 30982865 |
| Construction & Engineering - 0.3% |  |  |
| AECOM  | 45245 | 5100921 |
| API Group Corp (b) | 126308 | 4555930 |
| EMCOR Group Inc  | 9925 | 6227839 |
| Everus Construction Group Inc  | 17036 | 1265093 |
| MasTec Inc (b) | 16461 | 3114586 |
| Quanta Services Inc  | 11391 | 4626227 |
| Valmont Industries Inc  | 6654 | 2421723 |
| WillScot Holdings Corp  | 44564 | 1307953 |
|  |  | 28620272 |
| Electrical Equipment - 1.4% |  |  |
| Acuity Inc  | 10651 | 3316189 |
| AMETEK Inc  | 78473 | 14505734 |
| Eaton Corp PLC  | 133540 | 51375509 |
| Emerson Electric Co  | 192061 | 27946796 |
| Generac Holdings Inc (b) | 20101 | 3913464 |
| Hubbell Inc  | 18253 | 7985322 |
| nVent Electric PLC  | 55813 | 4376855 |
| Regal Rexnord Corp  | 22758 | 3479243 |
| Rockwell Automation Inc  | 35469 | 12474802 |
| Sensata Technologies Holding PLC  | 48629 | 1495828 |
|  |  | 130869742 |
| Ground Transportation - 1.2% |  |  |
| Avis Budget Group Inc (b) | 3729 | 634825 |
| CSX Corp  | 639830 | 22739558 |
| JB Hunt Transport Services Inc  | 27416 | 3949275 |
| Knight-Swift Transportation Holdings Inc  | 52786 | 2243405 |
| Landstar System Inc  | 11625 | 1550426 |
| Lyft Inc Class A (b) | 112169 | 1577096 |
| Norfolk Southern Corp  | 76979 | 21400162 |
| Old Dominion Freight Line Inc  | 60089 | 8968283 |
| Ryder System Inc  | 13483 | 2396064 |
| Saia Inc (b) | 9247 | 2794813 |
| Schneider National Inc Class B  | 17355 | 424330 |
| U-Haul Holding Co (b)(c) | 1577 | 91245 |
| U-Haul Holding Co Class N  | 21028 | 1093456 |
| Union Pacific Corp  | 187677 | 41658664 |
| XPO Inc (b) | 31238 | 3757619 |
|  |  | 115279221 |
| Industrial Conglomerates - 0.8% |  |  |
| 3M Co  | 154258 | 23018379 |
| Honeywell International Inc  | 219408 | 48785369 |
|  |  | 71803748 |
| Machinery - 3.5% |  |  |
| AGCO Corp  | 20801 | 2453894 |
| Allison Transmission Holdings Inc  | 23699 | 2134569 |
| Caterpillar Inc  | 138368 | 60607951 |
| CNH Industrial NV Class A  | 301786 | 3911147 |
| Crane Co  | 16980 | 3324175 |
| Cummins Inc  | 46946 | 17258289 |
| Deere & Co  | 83271 | 43664814 |
| Donaldson Co Inc  | 39965 | 2876281 |
| Dover Corp  | 46393 | 8403628 |
| Esab Corp  | 19085 | 2560634 |
| Flowserve Corp  | 43684 | 2448051 |
| Fortive Corp  | 116140 | 5566590 |
| Gates Industrial Corp PLC (b) | 84998 | 2107950 |
| Graco Inc  | 56830 | 4772583 |
| IDEX Corp  | 25931 | 4239978 |
| Illinois Tool Works Inc  | 67237 | 17210655 |
| Ingersoll Rand Inc  | 137868 | 11667769 |
| ITT Inc  | 27620 | 4694295 |
| Lincoln Electric Holdings Inc  | 18605 | 4530318 |
| Middleby Corp/The (b) | 16907 | 2454896 |
| Mueller Industries Inc  | 37442 | 3196424 |
| Nordson Corp  | 18512 | 3965456 |
| Oshkosh Corp  | 21447 | 2713689 |
| Otis Worldwide Corp  | 134766 | 11548099 |
| PACCAR Inc  | 175728 | 17354897 |
| Parker-Hannifin Corp  | 43880 | 32115772 |
| Pentair PLC  | 55808 | 5703578 |
| RBC Bearings Inc (b) | 8530 | 3304010 |
| Snap-on Inc  | 17483 | 5615365 |
| Stanley Black & Decker Inc  | 53222 | 3600468 |
| Timken Co/The  | 20975 | 1595988 |
| Toro Co/The  | 33448 | 2483514 |
| Westinghouse Air Brake Technologies Corp  | 57867 | 11113357 |
| Xylem Inc/NY  | 83041 | 12009389 |
|  |  | 323208473 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (b) | 19006 | 1811461 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b) | 33970 | 1799051 |
| American Airlines Group Inc (b) | 204956 | 2354944 |
| Delta Air Lines Inc  | 222662 | 11847846 |
| Southwest Airlines Co (c) | 156509 | 4840823 |
| United Airlines Holdings Inc (b) | 111086 | 9810005 |
|  |  | 30652669 |
| Professional Services - 0.8% |  |  |
| Amentum Holdings Inc  | 53471 | 1335171 |
| Automatic Data Processing Inc  | 10241 | 3169590 |
| Broadridge Financial Solutions Inc  | 3562 | 881631 |
| CACI International Inc (b) | 7481 | 3445524 |
| Clarivate PLC (b)(c) | 118688 | 456949 |
| Concentrix Corp (c) | 15218 | 790879 |
| Dayforce Inc (b) | 48057 | 2771447 |
| Dun & Bradstreet Holdings Inc  | 103267 | 939730 |
| Equifax Inc  | 34944 | 8394597 |
| FTI Consulting Inc (b) | 11205 | 1863952 |
| Genpact Ltd  | 53932 | 2375705 |
| Jacobs Solutions Inc  | 41490 | 5886186 |
| KBR Inc  | 39810 | 1860719 |
| Leidos Holdings Inc  | 43530 | 6949565 |
| ManpowerGroup Inc  | 15412 | 635745 |
| Parsons Corp (b)(c) | 17676 | 1311559 |
| Paychex Inc (c) | 75653 | 10918998 |
| Paycom Software Inc  | 7797 | 1805317 |
| Paylocity Holding Corp (b) | 1239 | 229066 |
| Robert Half Inc  | 33126 | 1222681 |
| Science Applications International Corp  | 15748 | 1755587 |
| SS&C Technologies Holdings Inc  | 72404 | 6189094 |
| TransUnion  | 66755 | 6354408 |
| Verisk Analytics Inc  | 19151 | 5337575 |
|  |  | 76881675 |
| Trading Companies & Distributors - 0.6% |  |  |
| Air Lease Corp Class A (c) | 34928 | 1935011 |
| Applied Industrial Technologies Inc  | 13121 | 3562352 |
| Core & Main Inc Class A (b) | 26702 | 1699315 |
| Fastenal Co  | 70837 | 3267711 |
| Ferguson Enterprises Inc  | 62172 | 13884873 |
| MSC Industrial Direct Co Inc Class A  | 14740 | 1276778 |
| QXO Inc (b) | 204180 | 4095851 |
| SiteOne Landscape Supply Inc (b) | 10045 | 1384502 |
| United Rentals Inc  | 22121 | 19531516 |
| Watsco Inc  | 11886 | 5359160 |
| Wesco International Inc  | 16506 | 3416082 |
| WW Grainger Inc  | 2171 | 2256841 |
|  |  | 61669992 |
| TOTAL INDUSTRIALS |  | 1272055605 |
| Information Technology - 9.5% |  |  |
| Communications Equipment - 1.3% |  |  |
| Ciena Corp (b) | 48316 | 4485657 |
| Cisco Systems Inc  | 1356086 | 92322336 |
| F5 Inc (b) | 19638 | 6154942 |
| Lumentum Holdings Inc (b) | 21303 | 2345034 |
| Motorola Solutions Inc  | 32879 | 14433223 |
|  |  | 119741192 |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Arrow Electronics Inc (b) | 17303 | 2007148 |
| Avnet Inc  | 28801 | 1524725 |
| CDW Corp/DE  | 41762 | 7282458 |
| Cognex Corp  | 56253 | 2293435 |
| Coherent Corp (b) | 52408 | 5639101 |
| Corning Inc  | 266384 | 16846124 |
| Crane NXT Co (c) | 16416 | 974125 |
| Flex Ltd (b) | 130260 | 6496066 |
| Ingram Micro Holding Corp (c) | 6812 | 134333 |
| IPG Photonics Corp (b)(c) | 8368 | 626680 |
| Jabil Inc  | 12285 | 2741643 |
| Keysight Technologies Inc (b) | 58858 | 9647415 |
| Littelfuse Inc  | 8231 | 2118083 |
| Ralliant Corp  | 37945 | 1734845 |
| TD SYNNEX Corp  | 27019 | 3901273 |
| Teledyne Technologies Inc (b) | 15876 | 8747994 |
| Trimble Inc (b) | 81478 | 6835189 |
| Vontier Corp  | 49566 | 2055502 |
| Zebra Technologies Corp Class A (b) | 17407 | 5901321 |
|  |  | 87507460 |
| IT Services - 1.4% |  |  |
| Akamai Technologies Inc (b) | 49326 | 3764067 |
| Amdocs Ltd  | 38127 | 3254521 |
| Cognizant Technology Solutions Corp Class A  | 168181 | 12068669 |
| DXC Technology Co (b) | 60260 | 820138 |
| EPAM Systems Inc (b) | 18938 | 2986712 |
| Globant SA (b)(c) | 13068 | 1101110 |
| IBM Corporation  | 317033 | 80256904 |
| Kyndryl Holdings Inc (b) | 74999 | 2832712 |
| MongoDB Inc Class A (b) | 24319 | 5785247 |
| Okta Inc Class A (b)(c) | 34425 | 3366765 |
| Twilio Inc Class A (b) | 40041 | 5165289 |
| VeriSign Inc  | 28708 | 7718720 |
|  |  | 129120854 |
| Semiconductors & Semiconductor Equipment - 3.5% |  |  |
| Advanced Micro Devices Inc (b) | 227838 | 40170118 |
| Amkor Technology Inc  | 38396 | 866214 |
| Analog Devices Inc  | 169171 | 38000882 |
| Applied Materials Inc  | 198340 | 35713100 |
| Cirrus Logic Inc (b) | 17773 | 1789919 |
| Entegris Inc  | 43261 | 3394258 |
| First Solar Inc (b) | 34614 | 6048104 |
| GlobalFoundries Inc (b) | 34490 | 1289581 |
| Intel Corp  | 1489755 | 29497149 |
| Lattice Semiconductor Corp (b) | 6835 | 340588 |
| MACOM Technology Solutions Holdings Inc (b)(c) | 15953 | 2187794 |
| Marvell Technology Inc  | 274169 | 22034963 |
| Microchip Technology Inc  | 180085 | 12171945 |
| Micron Technology Inc  | 380887 | 41570007 |
| MKS Inc  | 22516 | 2143073 |
| ON Semiconductor Corp (b) | 143971 | 8114206 |
| Onto Innovation Inc (b) | 12679 | 1201335 |
| Qorvo Inc (b) | 31242 | 2611831 |
| QUALCOMM Inc  | 289085 | 42426115 |
| Skyworks Solutions Inc  | 52726 | 3613840 |
| Teradyne Inc  | 55005 | 5909187 |
| Texas Instruments Inc  | 183066 | 33145930 |
| Universal Display Corp  | 14735 | 2127734 |
|  |  | 336367873 |
| Software - 1.9% |  |  |
| Aurora Innovation Inc Class A (b)(c) | 330344 | 1919299 |
| BILL Holdings Inc (b) | 30966 | 1326893 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 173850 | 1681130 |
| Docusign Inc (b) | 16489 | 1247228 |
| Dolby Laboratories Inc Class A  | 20264 | 1526690 |
| Dropbox Inc Class A (b) | 49954 | 1357250 |
| Fair Isaac Corp (b) | 1400 | 2011408 |
| Gen Digital Inc  | 167396 | 4936508 |
| Informatica Inc Class A (b) | 35216 | 869835 |
| MicroStrategy Inc Class A (b) | 80419 | 32317179 |
| nCino Inc (b)(c) | 30781 | 859559 |
| Nutanix Inc Class A (b) | 65727 | 4940699 |
| Pegasystems Inc  | 19478 | 1143553 |
| PTC Inc (b) | 36055 | 7744975 |
| Roper Technologies Inc  | 36610 | 20150144 |
| Rubrik Inc Class A (b) | 13111 | 1244889 |
| SailPoint Inc  | 20206 | 451402 |
| Salesforce Inc  | 282558 | 72993209 |
| SentinelOne Inc Class A (b) | 27182 | 498518 |
| Synopsys Inc (b) | 16747 | 10608722 |
| Teradata Corp (b) | 24650 | 515925 |
| Tyler Technologies Inc (b) | 2465 | 1440940 |
| UiPath Inc Class A (b) | 146015 | 1715676 |
| Unity Software Inc (b) | 102876 | 3431943 |
| Zoom Communications Inc Class A (b) | 89677 | 6640582 |
|  |  | 183574156 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Dell Technologies Inc Class C  | 93614 | 12421642 |
| Hewlett Packard Enterprise Co  | 447470 | 9258154 |
| HP Inc  | 322070 | 7987336 |
| NetApp Inc  | 42108 | 4384706 |
| Pure Storage Inc Class A (b) | 14828 | 882562 |
| Sandisk Corp/DE  | 45224 | 1941014 |
| Super Micro Computer Inc (b)(c) | 94822 | 5591653 |
| Western Digital Corp  | 118084 | 9292030 |
|  |  | 51759097 |
| TOTAL INFORMATION TECHNOLOGY |  | 908070632 |
| Materials - 4.0% |  |  |
| Chemicals - 2.1% |  |  |
| Air Products and Chemicals Inc  | 75745 | 21805471 |
| Albemarle Corp (c) | 40772 | 2766380 |
| Ashland Inc  | 15729 | 810987 |
| Axalta Coating Systems Ltd (b) | 73152 | 2071665 |
| Celanese Corp  | 37415 | 1954185 |
| CF Industries Holdings Inc  | 56577 | 5252043 |
| Corteva Inc  | 233163 | 16818047 |
| Dow Inc  | 242018 | 5636599 |
| DuPont de Nemours Inc  | 143081 | 10287524 |
| Eastman Chemical Co  | 39765 | 2887337 |
| Ecolab Inc  | 64194 | 16803421 |
| Element Solutions Inc  | 75590 | 1783924 |
| FMC Corp  | 41624 | 1625001 |
| Huntsman Corp  | 55092 | 534392 |
| International Flavors & Fragrances Inc  | 87644 | 6225353 |
| Linde PLC  | 159973 | 73629174 |
| LyondellBasell Industries NV Class A1  | 87614 | 5075479 |
| Mosaic Co/The  | 108420 | 3904204 |
| NewMarket Corp  | 1984 | 1363008 |
| Olin Corp  | 38597 | 731027 |
| PPG Industries Inc  | 77718 | 8199249 |
| RPM International Inc  | 43436 | 5099821 |
| Scotts Miracle-Gro Co/The  | 14658 | 918470 |
| Sherwin-Williams Co/The  | 7319 | 2421711 |
| Westlake Corp  | 11215 | 889350 |
|  |  | 199493822 |
| Construction Materials - 0.5% |  |  |
| CRH PLC  | 231283 | 22075962 |
| Eagle Materials Inc  | 10379 | 2327906 |
| James Hardie Industries PLC ADR (b) | 17773 | 461032 |
| Martin Marietta Materials Inc  | 20490 | 11779291 |
| Vulcan Materials Co  | 45124 | 12394209 |
|  |  | 49038400 |
| Containers & Packaging - 0.6% |  |  |
| Amcor PLC  | 776758 | 7262687 |
| AptarGroup Inc  | 22535 | 3541150 |
| Avery Dennison Corp  | 26647 | 4470567 |
| Ball Corp  | 96451 | 5522784 |
| Crown Holdings Inc  | 39751 | 3949659 |
| Graphic Packaging Holding CO (c) | 99866 | 2233004 |
| International Paper Co  | 178946 | 8363937 |
| Packaging Corp of America  | 30140 | 5839625 |
| Sealed Air Corp  | 48871 | 1430454 |
| Silgan Holdings Inc  | 29620 | 1378219 |
| Smurfit WestRock PLC  | 177893 | 7894891 |
| Sonoco Products Co  | 33010 | 1487761 |
|  |  | 53374738 |
| Metals & Mining - 0.8% |  |  |
| Alcoa Corp  | 86661 | 2597230 |
| Carpenter Technology Corp  | 13617 | 3395944 |
| Cleveland-Cliffs Inc (b) | 163200 | 1716863 |
| Freeport-McMoRan Inc  | 487879 | 19632251 |
| MP Materials Corp (b)(c) | 43367 | 2667071 |
| Newmont Corp  | 379504 | 23567198 |
| Nucor Corp  | 78434 | 11221552 |
| Reliance Inc  | 18028 | 5230464 |
| Royal Gold Inc  | 22655 | 3430420 |
| Steel Dynamics Inc  | 43435 | 5540569 |
|  |  | 78999562 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp  | 21138 | 1911087 |
| TOTAL MATERIALS |  | 382817609 |
| Real Estate - 4.2% |  |  |
| Diversified REITs - 0.0% |  |  |
| WP Carey Inc  | 74179 | 4759325 |
| Health Care REITs - 0.6% |  |  |
| Alexandria Real Estate Equities Inc  | 58731 | 4488810 |
| Healthcare Realty Trust Inc  | 110088 | 1690952 |
| Healthpeak Properties Inc  | 237970 | 4031212 |
| Medical Properties Trust Inc (c) | 166807 | 687245 |
| Omega Healthcare Investors Inc  | 98758 | 3841686 |
| Ventas Inc  | 148561 | 9980328 |
| Welltower Inc  | 223103 | 36827612 |
|  |  | 61547845 |
| Hotel & Resort REITs - 0.0% |  |  |
| Host Hotels & Resorts Inc  | 235776 | 3706399 |
| Park Hotels & Resorts Inc  | 65647 | 699797 |
|  |  | 4406196 |
| Industrial REITs - 0.5% |  |  |
| Americold Realty Trust Inc  | 95609 | 1537393 |
| EastGroup Properties Inc  | 18054 | 2947135 |
| First Industrial Realty Trust Inc  | 42917 | 2090916 |
| Lineage Inc (c) | 23691 | 1022267 |
| Prologis Inc  | 316076 | 33750595 |
| Rexford Industrial Realty Inc  | 82007 | 2995716 |
| STAG Industrial Inc Class A  | 62598 | 2148989 |
|  |  | 46493011 |
| Office REITs - 0.1% |  |  |
| BXP Inc  | 54526 | 3567636 |
| Cousins Properties Inc  | 55949 | 1516218 |
| Highwoods Properties Inc  | 35551 | 1031334 |
| Kilroy Realty Corp  | 39327 | 1449593 |
| Vornado Realty Trust  | 59123 | 2271506 |
|  |  | 9836287 |
| Real Estate Management & Development - 0.4% |  |  |
| CBRE Group Inc Class A (b) | 90343 | 14070019 |
| CoStar Group Inc (b) | 124798 | 11879522 |
| Howard Hughes Holdings Inc (b) | 10345 | 711011 |
| Jones Lang LaSalle Inc (b) | 11864 | 3207551 |
| Zillow Group Inc Class A (b) | 17913 | 1374823 |
| Zillow Group Inc Class C (b) | 53997 | 4295461 |
|  |  | 35538387 |
| Residential REITs - 0.6% |  |  |
| American Homes 4 Rent Class A  | 117280 | 4068443 |
| AvalonBay Communities Inc  | 48452 | 9025639 |
| Camden Property Trust  | 36893 | 4028716 |
| Equity LifeStyle Properties Inc  | 65189 | 3906124 |
| Equity Residential  | 129155 | 8162596 |
| Essex Property Trust Inc  | 21727 | 5652931 |
| Invitation Homes Inc  | 208489 | 6390188 |
| Mid-America Apartment Communities Inc  | 39665 | 5649486 |
| Sun Communities Inc  | 35070 | 4349732 |
| UDR Inc  | 107114 | 4208509 |
|  |  | 55442364 |
| Retail REITs - 0.5% |  |  |
| Agree Realty Corp (c) | 36318 | 2604001 |
| Brixmor Property Group Inc  | 105624 | 2759955 |
| Federal Realty Investment Trust  | 28529 | 2629233 |
| Kimco Realty Corp  | 228391 | 4848741 |
| NNN REIT Inc  | 62728 | 2588157 |
| Realty Income Corp  | 303292 | 17023780 |
| Regency Centers Corp  | 61901 | 4419731 |
| Simon Property Group Inc  | 85949 | 14077587 |
|  |  | 50951185 |
| Specialized REITs - 1.5% |  |  |
| Crown Castle Inc  | 147932 | 15546174 |
| CubeSmart  | 78197 | 3042645 |
| Digital Realty Trust Inc  | 114944 | 20280719 |
| EPR Properties  | 25011 | 1376605 |
| Equinix Inc  | 33303 | 26148517 |
| Extra Space Storage Inc  | 71833 | 9651482 |
| Gaming and Leisure Properties Inc  | 90594 | 4129275 |
| Iron Mountain Inc  | 100107 | 9746418 |
| Millrose Properties Inc Class A  | 40170 | 1204698 |
| National Storage Affiliates Trust  | 23603 | 695344 |
| Public Storage Operating Co  | 46676 | 12693071 |
| Rayonier Inc  | 51931 | 1210512 |
| SBA Communications Corp Class A  | 36645 | 8234864 |
| VICI Properties Inc  | 359051 | 11705063 |
| Weyerhaeuser Co  | 247397 | 6197295 |
|  |  | 131862682 |
| TOTAL REAL ESTATE |  | 400837282 |
| Utilities - 4.6% |  |  |
| Electric Utilities - 3.0% |  |  |
| Alliant Energy Corp  | 87607 | 5695331 |
| American Electric Power Co Inc  | 182190 | 20612977 |
| Constellation Energy Corp  | 106760 | 37135398 |
| Duke Energy Corp  | 264785 | 32208447 |
| Edison International  | 130130 | 6782376 |
| Entergy Corp  | 146864 | 13280912 |
| Evergy Inc  | 78542 | 5560774 |
| Eversource Energy  | 125504 | 8295814 |
| Exelon Corp  | 344198 | 15468258 |
| FirstEnergy Corp  | 187217 | 7996038 |
| IDACORP Inc  | 18085 | 2266592 |
| NextEra Energy Inc  | 702809 | 49941608 |
| OGE Energy Corp  | 69487 | 3156100 |
| PG&E Corp  | 747943 | 10486161 |
| Pinnacle West Capital Corp  | 41011 | 3716417 |
| PPL Corp  | 252194 | 9000804 |
| Southern Co/The  | 374993 | 35429339 |
| Xcel Energy Inc  | 196680 | 14444179 |
|  |  | 281477525 |
| Gas Utilities - 0.2% |  |  |
| Atmos Energy Corp  | 54261 | 8460375 |
| MDU Resources Group Inc  | 68007 | 1173121 |
| National Fuel Gas Co  | 30076 | 2610296 |
| UGI Corp  | 72102 | 2608650 |
|  |  | 14852442 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 245307 | 3225787 |
| Clearway Energy Inc Class A  | 11490 | 353662 |
| Clearway Energy Inc Class C  | 27329 | 891745 |
| Talen Energy Corp (b) | 15472 | 5841764 |
|  |  | 10312958 |
| Multi-Utilities - 1.2% |  |  |
| Ameren Corp  | 91978 | 9301735 |
| CenterPoint Energy Inc  | 221890 | 8613770 |
| CMS Energy Corp  | 101603 | 7498301 |
| Consolidated Edison Inc  | 122883 | 12718391 |
| Dominion Energy Inc  | 290895 | 17002813 |
| DTE Energy Co  | 70648 | 9778390 |
| NiSource Inc  | 159987 | 6791447 |
| Public Service Enterprise Group Inc  | 170223 | 15284323 |
| Sempra  | 222698 | 18189973 |
| WEC Energy Group Inc  | 108662 | 11852851 |
|  |  | 117031994 |
| Water Utilities - 0.1% |  |  |
| American Water Works Co Inc  | 66408 | 9313058 |
| Essential Utilities Inc  | 95023 | 3496846 |
|  |  | 12809904 |
| TOTAL UTILITIES |  | 436484823 |
| TOTAL UNITED STATES |  | 9400145553 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,880,066,128) |  | <br> **9511191201** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 $2,726,604)<br>| 4.25 | 2733000 | **2726477** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (g) | 4.33 | 15494466 | 15497565 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 70019549 | 70026551 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $85,523,740) |  |  | **85524116** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $6,968,316,472)<br>| <br>**9599441794** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(63051373)** |
| **NET ASSETS - 100.0%** | **9536390421** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 E-Mini S&P 500 Index Contracts (United States) | 37 | Sep 2025 | 11792363 | 599259 | 599259 |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 42 | Sep 2025 | 13293420 | 484275 | 484275 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **1083534** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**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 $1,763,780.

(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 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 | 31323853 | 309457526 | 325283813 | 686335 | - | (1) | 15497565 | 15494466 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 78070827 | 370435347 | 378479623 | 74086 | - | - | 70026551 | 70019549 | 0.3% |
| Total | 109394680 | 679892873 | 703763436 | 760421 | - | (1) | 85524116 |  |  |

---

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 July 31, 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 | 728522845 | 728522845 | - | - |
| Consumer Discretionary | 747387857 | 747387857 | - | - |
| Consumer Staples | 757270260 | 757270260 | - | - |
| Energy | 573618782 | 573618782 | - | - |
| Financials | 2158248513 | 2158248513 | - | - |
| Health Care | 1069963263 | 1069963263 | - | - |
| Industrials | 1278481377 | 1278481377 | - | - |
| Information Technology | 966333193 | 966333193 | - | - |
| Materials | 392382751 | 392382751 | - | - |
| Real Estate | 400837282 | 400837282 | - | - |
| Utilities | 438145078 | 438145078 | - | - |
|  **U.S. Treasury Obligations** | 2726477 | - | 2726477 | - |
|  **Money Market Funds** | 85524116 | 85524116 | - | - |
| **Total Investments in Securities:** | 9599441794 | 9596715317 | 2726477 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1083534 | 1083534 | - | - |
| Total Assets | 1083534 | 1083534 | - | - |
| **Total Derivative Instruments:** | 1083534 | 1083534 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 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)  | 1083534 | 0 |
| **Total Equity Risk**  | 1083534 | 0 |
| **Total Value of Derivatives** | 1083534 | 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).

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $67,598,571) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,882,792,732) | $9513917678 |  |
| Fidelity Central Funds (cost $85,523,740) | 85524116 |  |
| Total Investment in Securities (cost $6,968,316,472) |  | $9599441794 |
| Cash |  | 128 |
| Receivable for fund shares sold |  | 149028803 |
| Dividends receivable |  | 8136621 |
| Distributions receivable from Fidelity Central Funds |  | 107380 |
| Other receivables |  | 40984 |
| **Total assets** |  | 9756755710 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $150120865 |  |
| Payable for fund shares redeemed | 430 |  |
| Payable for daily variation margin on futures contracts | 185560 |  |
| Other payables and accrued expenses | 42689 |  |
| Collateral on securities loaned | 70015745 |  |
| **Total liabilities** |  | 220365289 |
| **Net Assets**  |  | $9536390421 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6712569702 |
| Total accumulated earnings (loss) |  | 2823820719 |
| **Net Assets** |  | $9536390421 |
| **Net Asset Value**, offering price and redemption price per share ($9,536,390,421 ÷ 549,543,043 shares) |  | $17.35 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $88572411 |
| Interest  |  | 65913 |
| Income from Fidelity Central Funds (including $74,086 from security lending)  |  | 760421 |
| **Total income** |  | 89398745 |
| **Expenses** |  |  |
| Custodian fees and expenses | $50399 |  |
| Independent trustees' fees and expenses | 10033 |  |
| Total expenses before reductions | 60432 |  |
| Expense reductions | (1275) |  |
| Total expenses after reductions |  | 59157 |
| **Net Investment income (loss)** |  | 89339588 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 174294925 |  |
| Foreign currency transactions | (88) |  |
| Futures contracts | (2005231) |  |
| Total net realized gain (loss) |  | 172289606 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (80372087) |  |
| Fidelity Central Funds  | (1) |  |
| Futures contracts | (65418) |  |
| Total change in net unrealized appreciation (depreciation) |  | (80437506) |
| **Net gain (loss)** |  | 91852100 |
| **Net increase (decrease) in net assets resulting from operations** |  | $181191688 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $89339588 | $160654163 |
| &nbsp;&nbsp;Net realized gain (loss) | 172289606<br>| 106589385<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (80437506) | 1084357508<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 181191688<br>| 1351601056<br>|
| Distributions to shareholders | (17817055)<br>| (250104412)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1308806664 | 2474418693 |
| Reinvestment of distributions | 17817055<br>| 250104412<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (394487615) | (1757877162) |
| **Net increase (decrease) in net assets resulting from share transactions** | 932136104<br>| 966645943<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1095510737<br>| 2068142587<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8440879684 | 6372737097<br>|
| &nbsp;&nbsp;End of period | $9536390421 | $8440879684 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 77542566 | 152604823 |
| Issued in reinvestment of distributions | 1067529<br>| 14817660<br>|
| &nbsp;&nbsp;Redeemed | (23633235) | (105451030) |
| &nbsp;&nbsp;Net increase (decrease) | 54976860 | 61971453 |

---

**Financial Highlights** 

**Fidelity® Series Large Cap Value Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.07 | $14.73 | $14.51 | $15.20 | $13.09 | $12.91 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .35  | .34  | .32  | .30  | .29  |
| Net realized and unrealized gain (loss)  | .15  | 2.53  | .52  | (.40)  | 2.76  | .23  |
| Total from investment operations  | .32  | 2.88  | .86  | (.08)  | 3.06  | .52  |
| Distributions from net investment income  | (.02)  | (.34)  | (.33)  | (.33)  | (.30)  | (.29)  |
| Distributions from net realized gain  | (.02)  | (.20)  | (.31)  | (.28)  | (.65)  | (.05)  |
| Total distributions  | (.04)  | (.54)  | (.64)  | (.61)  | (.95)  | (.34)  |
| Net asset value, end of period  | $17.35 | $17.07 | $14.73 | $14.51 | $15.20 | $13.09 |
| **Total Return** C,D | 1.85% <br>| 19.59%  | 6.12%  | (.40)%  | 23.41%  | 4.14%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions G | -% H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% H<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -% H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.06% H | 2.13%  | 2.37%  | 2.21%  | 1.93%  | 2.49%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9536390 | $8440880 | $6372737 | $5656533 | $5959784 | $5344271 |
| Portfolio turnover rate I | 27% H<br>| 26%  | 19%  | 24%  | 27%  | 21%  |

---

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

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 represents less than .005%.*

H*Annualized.*

I*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** **(Unaudited)**

For the period ended July 31, 2025

**1. Organization.**

Fidelity Series Large Cap Value 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 only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. 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:

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 July 31, 2025 is included at the end of the 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 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 and 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 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. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines 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.

**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. 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. Foreign taxes are provided for based on the 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.

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 Certain Deemed Distributions from the underlying funds, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC) 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** | $3045637924 |
| **Gross unrealized depreciation** | <u>(504652016)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2540985908</u> |
| **Tax cost** | <u>$7059539420</u> |

---

**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):

---

| | |
|:---|:---|
| 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>|

---

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.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Large Cap Value Index Fund** | 2217718002 | 1189770860 |

---

**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 does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

**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 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:

---

| | | | |
|:---|:---|:---|:---|
|  | **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 Series Large Cap Value Index Fund** | 35984 | 550 | - |

---

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.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Large Cap Value Index Fund** | 667486 |

---

**9. 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 by $1,275.

**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, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**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.

**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.

![](img111944_4.jpg)<br>

1.967966.111 XS6-SANN-0925

**Fidelity® SAI Tax-Free Bond Fund**

**Semi-Annual Report**

**July 31, 2025**

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

![](img111946_1.jpg)

![](img111946_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_STF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Tax-Free Bond Fund](#Sub_Sec_Fund_3090_STF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3090_STF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_STF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_STF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_STF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_STF-SANN)** |

---

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 (Semi-Annual Report)**

**Fidelity® SAI Tax-Free Bond Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 93.9%** | &nbsp;&nbsp;**Municipal Securities - 93.9%** | &nbsp;&nbsp;**Municipal Securities - 93.9%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 2.3%  |  |  |
| Education - 0.3% |  |  |
| Alabama St University Rev Series 2025, 5.75% 9/1/2050 (Assured Guaranty Inc Insured)  | 2250000 | 2366912 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.25% 10/1/2036  | 1000000 | 1045004 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2043  | 1090000 | 1097792 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2036  | 960000 | 890552 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2038  | 1595000 | 1433194 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2041  | 1260000 | 1066333 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2044  | 1125000 | 921077 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2049  | 1355000 | 1066882 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5.5% 10/1/2044  | 900000 | 903079 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5.5% 10/1/2049  | 645000 | 635425 |
|  |  | 11426250 |
| Electric Utilities - 0.1% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (b) | 1510000 | 1514958 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2007 A, 3.375% tender 6/1/2034 (b) | 2380000 | 2404916 |
|  |  | 3919874 |
| General Obligations - 1.6% |  |  |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (b) | 17410000 | 18264009 |
| Black Belt Energy Gas District Series 2024A, 5.25% tender 5/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 4315000 | 4553424 |
| Lower Ala Gas Dist Gas Proj Rev 4% tender 12/1/2050 (Goldman Sachs Group Inc/The Guaranteed) (b) | 7960000 | 7975062 |
| Southeast Energy Authority A Cooperative District 5.25% tender 3/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 13945000 | 14470064 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 19385000 | 20576576 |
| Southeast Energy Authority A Cooperative District Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 6205000 | 6260545 |
|  |  | 72099680 |
| Health Care - 0.3% |  |  |
| Huntsville AL Hlth Care Auth (Huntsville Hospital Al Proj.) Series 2023 A, 5% tender 6/1/2053 (b) | 6710000 | 7255265 |
| Infirmary Hlth Sys Spl Care 5% 2/1/2026  | 3585000 | 3613097 |
| Infirmary Hlth Sys Spl Care Series 2021 A, 3% 2/1/2046  | 4230000 | 2969983 |
|  |  | 13838345 |
| TOTAL ALABAMA |  | 101284149 |
| Alaska - 0.2%  |  |  |
| General Obligations - 0.0% |  |  |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2034  | 1500000 | 1694414 |
| Housing - 0.2% |  |  |
| Alaska Hsg Fin Corp Mtg Rev Series 2022 B 1, 2.05% 6/1/2033  | 1000000 | 832939 |
| Alaska Hsg Fin Corp Mtg Rev Series 2022A, 3% 6/1/2051  | 445000 | 438999 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 4% 6/1/2030  | 1030000 | 1074387 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 5% 12/1/2027  | 935000 | 984975 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 5% 6/1/2027  | 700000 | 728922 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 5% 6/1/2028  | 1230000 | 1309063 |
|  |  | 5369285 |
| TOTAL ALASKA |  | 7063699 |
| Arizona - 1.6%  |  |  |
| Education - 0.1% |  |  |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2059  | 1000000 | 894931 |
| Student & Academic Services LLC (Northern AZ Univ Revs Proj.) Series 2024, 5% 6/1/2040 (Build America Mutual Assurance Co Insured)  | 685000 | 711651 |
| Student & Academic Services LLC (Northern AZ Univ Revs Proj.) Series 2024, 5% 6/1/2041 (Build America Mutual Assurance Co Insured)  | 930000 | 959502 |
| University AZ Univ Revs Series 2025A, 5% 6/1/2031  | 1000000 | 1116224 |
|  |  | 3682308 |
| Electric Utilities - 0.2% |  |  |
| Salt River Proj AZ Agric & Pwr Series 2023B, 5.25% 1/1/2053  | 5460000 | 5655112 |
| Salt River Proj AZ Agric & Pwr Series 2025 A, 5% 1/1/2042  | 5030000 | 5280733 |
|  |  | 10935845 |
| General Obligations - 0.6% |  |  |
| Industrial Development Authority of the City of Phoenix Arizona/The (Guam Govt Proj.) Series 2014, 5.375% 2/1/2041  | 2245000 | 1964520 |
| Industrial Development Authority of the City of Phoenix Arizona/The Series 2014, 5.125% 2/1/2034 (Guam Govt Guaranteed)  | 1625000 | 1542933 |
| Maricopa Cnty Ariz Elem Sch Dist No 2 Riverside Series 2024B, 5% 7/1/2038  | 1600000 | 1720216 |
| Maricopa Cnty Ariz Un High Sch Dist No 216 5% 7/1/2041  | 1350000 | 1418240 |
| Maricopa County Special Health Care District Gen. Oblig. 5% 7/1/2036  | 2150000 | 2211769 |
| Paradise Valley AZ Uni Sch Dist No 69 Series 2025 A, 5% 7/1/2037  | 1800000 | 1982626 |
| Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2038 (Build America Mutual Assurance Co Insured)  | 1715000 | 1843923 |
| Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2039 (Build America Mutual Assurance Co Insured)  | 1300000 | 1384202 |
| Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2040 (Build America Mutual Assurance Co Insured)  | 950000 | 1001430 |
| Pinal Cnty AZ Uni Sch Dist No 20 Maricopa 5% 7/1/2043 (Build America Mutual Assurance Co Insured)  | 600000 | 615863 |
| Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2037 (Citigroup Inc Guaranteed)  | 5415000 | 5624738 |
|  |  | 21310460 |
| Health Care - 0.3% |  |  |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2021 A, 3% 9/1/2051  | 2805000 | 1884529 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2017 D, 3% 1/1/2048  | 3090000 | 2154456 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 E, 3% 1/1/2049  | 1935000 | 1328378 |
| Maricopa Cnty AZ Ida Sr Living (Christian Care Surprise Proj.) 5.75% 1/1/2036 (c) | 910000 | 836602 |
| Maricopa Cnty AZ Ida Sr Living (Christian Care Surprise Proj.) 6% 1/1/2048 (c) | 1250000 | 1026828 |
| Tempe AZ Indl Dev Auth Rev (Friendship Village of Tempe,Az Proj.) Series 2021A, 4% 12/1/2046  | 2020000 | 1620460 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2031  | 750000 | 828752 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2032  | 750000 | 832486 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2033  | 675000 | 749670 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2034  | 675000 | 749237 |
|  |  | 12011398 |
| Housing - 0.0% |  |  |
| Arizona Indl Dev Auth Rev (Lihtc Cert 2019-2 Proj.) Series 2 Class A, 3.625% 5/20/2033  | 1436153 | 1381689 |
| Industrial Development - 0.2% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2005, 3.8% tender 12/1/2035 (b) | 8905000 | 8963742 |
| Special Tax - 0.0% |  |  |
| Bullhead City Ariz Excise Taxes Rev 2.7% 7/1/2051  | 2500000 | 1529407 |
| Transportation - 0.2% |  |  |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) 5% 7/1/2045  | 2400000 | 2407390 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 4% 7/1/2045  | 5000000 | 4329406 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2032  | 810000 | 855325 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2039  | 470000 | 480121 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 A, 5% 7/1/2044  | 1590000 | 1601858 |
|  |  | 9674100 |
| Water & Sewer - 0.0% |  |  |
| Goodyear Ariz Wtr & Swr Rev Series 2025, 5% 7/1/2037  | 1565000 | 1722186 |
| TOTAL ARIZONA |  | 71211135 |
| Arkansas - 0.4%  |  |  |
| General Obligations - 0.3% |  |  |
| Jonesboro AR Sch Dist No 1 2% 2/1/2041  | 1215000 | 785758 |
| Jonesboro AR Sch Dist No 1 2% 2/1/2042  | 2390000 | 1499011 |
| Little Rock AR School Dist Series A, 3% 2/1/2050  | 5675000 | 3938939 |
| Nashville Ark Sch Dist No 1 2% 4/1/2036  | 720000 | 559008 |
| South Conway Cnty Sch Dist No17 Ark Conway Cnty 2% 6/1/2040  | 3660000 | 2435113 |
| South Conway Cnty Sch Dist No17 Ark Conway Cnty 2% 6/1/2045  | 3200000 | 1809589 |
| Van Buren Ark Sch Dist No 042 2% 2/1/2035  | 725000 | 585872 |
| Van Buren Ark Sch Dist No 042 2% 2/1/2040  | 1060000 | 709767 |
| Warren Ark Sch Dist No 001 Series A, 2% 2/1/2038  | 630000 | 458529 |
|  |  | 12781586 |
| Health Care - 0.0% |  |  |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2036  | 335000 | 339302 |
| Water & Sewer - 0.1% |  |  |
| Central Ark Wtr Rev Series 2020 C, 2.125% 10/1/2040  | 4375000 | 2995875 |
| Central Ark Wtr Rev Series 2020B, 2.125% 10/1/2040  | 1210000 | 828574 |
|  |  | 3824449 |
| TOTAL ARKANSAS |  | 16945337 |
| California - 3.6%  |  |  |
| Education - 0.1% |  |  |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) 5% 5/15/2034  | 2465000 | 2535354 |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) 5% 5/15/2039  | 1100000 | 1110252 |
| University CA Revs Series 2023 BM, 5% 5/15/2036  | 670000 | 737509 |
|  |  | 4383115 |
| Electric Utilities - 0.8% |  |  |
| Los Angeles CA Wtr & Pwr Rev 5% 7/1/2032  | 760000 | 843769 |
| Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2032  | 845000 | 938138 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2033  | 1900000 | 2115631 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2034  | 1250000 | 1389592 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2032  | 7175000 | 7965844 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 B, 5% 7/1/2034  | 2615000 | 2907027 |
| Middle Fork Project Finance Authority 5% 4/1/2026  | 1900000 | 1920009 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5% 7/1/2035 (Build America Mutual Assurance Co Insured)  | 650000 | 723739 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5% 7/1/2036 (Build America Mutual Assurance Co Insured)  | 750000 | 821997 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5% 7/1/2037 (Build America Mutual Assurance Co Insured)  | 915000 | 992046 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5% 7/1/2038 (Build America Mutual Assurance Co Insured)  | 1175000 | 1258424 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5% 7/1/2039 (Build America Mutual Assurance Co Insured)  | 2000000 | 2117967 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5% 7/1/2040 (Build America Mutual Assurance Co Insured)  | 1600000 | 1678717 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5.25% 7/1/2041 (Build America Mutual Assurance Co Insured)  | 2000000 | 2127137 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5.25% 7/1/2042 (Build America Mutual Assurance Co Insured)  | 1320000 | 1390495 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5.25% 7/1/2043 (Build America Mutual Assurance Co Insured)  | 1700000 | 1778381 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5.25% 7/1/2044 (Build America Mutual Assurance Co Insured)  | 1200000 | 1250073 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2025 1, 5.25% 7/1/2045 (Build America Mutual Assurance Co Insured)  | 1730000 | 1795347 |
|  |  | 34014333 |
| General Obligations - 2.2% |  |  |
| California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (b) | 5595000 | 5823274 |
| California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (b) | 4230000 | 4473955 |
| California Community Choice Financing Authority Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 6870000 | 7070728 |
| California Community Choice Financing Authority Series 2025B, 5% tender 3/1/2056 (Pacific Life Insurance Co Guaranteed) (b) | 6170000 | 6547310 |
| California Community Choice Financing Authority Series 2025D, 5% tender 10/1/2055 (Global Atlantic Fin Co Guaranteed) (b) | 24315000 | 25326378 |
| Central Valley Energy Authority Series 2025, 5% tender 12/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 19065000 | 20354865 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2031  | 785000 | 833950 |
| Poway CA Unified Sch Dist 0% 8/1/2038 (d) | 4065000 | 2352336 |
| Poway CA Unified Sch Dist 0% 8/1/2051 (d) | 1090000 | 285700 |
| San Joaquin Valley Clean Energy Authority 5.5% tender 1/1/2056 (Goldman Sachs Group Inc/The Guaranteed) (b) | 4800000 | 5279837 |
| State of California Gen. Oblig. 5% 10/1/2039  | 490000 | 523909 |
| State of California Gen. Oblig. 5% 9/1/2034  | 17085000 | 19518755 |
|  |  | 98390997 |
| Health Care - 0.1% |  |  |
| California Mun Fin Auth Rev (Northbay Healthcare Group Proj.) 5.25% 11/1/2036  | 480000 | 481168 |
| California Statewide Community Development Authority Rev (Beverly Hospital Proj.) Series 2015, 5% (e)(f) | 30497 | 0 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2029  | 455000 | 464812 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2030  | 910000 | 927659 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017A, 5% 7/1/2035  | 750000 | 754828 |
|  |  | 2628467 |
| Housing - 0.2% |  |  |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 4281865 | 3995085 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2023-1 CA Proj.) Series 1 Class A, 4.375% 9/20/2036  | 5031499 | 5007523 |
|  |  | 9002608 |
| Tobacco Bonds - 0.1% |  |  |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (d) | 41760000 | 3995998 |
| Transportation - 0.1% |  |  |
| Alameda Corridor CA Tran Auth Rev Series 2024A, 0% 10/1/2053 (Assured Guaranty Inc Insured) (d) | 1715000 | 400839 |
| Bay Area Toll Auth CA Bridge Rev 2% tender 4/1/2056 (b) | 1635000 | 1583108 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2033 (Assured Guaranty Inc Insured)  | 420000 | 470073 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2034 (Assured Guaranty Inc Insured)  | 375000 | 416172 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2035 (Assured Guaranty Inc Insured)  | 280000 | 307534 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2036 (Assured Guaranty Inc Insured)  | 280000 | 305219 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2037 (Assured Guaranty Inc Insured)  | 470000 | 508253 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2038 (Assured Guaranty Inc Insured)  | 280000 | 300076 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2039 (Assured Guaranty Inc Insured)  | 530000 | 563871 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2033 (Assured Guaranty Inc Insured)  | 470000 | 526034 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2034 (Assured Guaranty Inc Insured)  | 375000 | 416172 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2035 (Assured Guaranty Inc Insured)  | 280000 | 307534 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2036 (Assured Guaranty Inc Insured)  | 750000 | 817551 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2037 (Assured Guaranty Inc Insured)  | 655000 | 708309 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2039 (Assured Guaranty Inc Insured)  | 470000 | 500037 |
|  |  | 8130782 |
| TOTAL CALIFORNIA |  | 160546300 |
| Colorado - 1.8%  |  |  |
| Education - 0.1% |  |  |
| CO St Board Governors Univ Enterprise Sys Rev Series 2024A, 5% 3/1/2031  | 1000000 | 1105077 |
| CO St Board Governors Univ Enterprise Sys Rev Series 2024A, 5% 3/1/2040  | 1000000 | 1040052 |
| CO St Board Governors Univ Enterprise Sys Rev Series 2024A, 5% 3/1/2042  | 1000000 | 1022204 |
| University Colo Enterprise Sys Series 2021 C 3B, 2% tender 6/1/2051 (b) | 700000 | 689257 |
| University Colo Enterprise Sys Series 2021C 3A, 2% tender 6/1/2051 (b) | 830000 | 827660 |
|  |  | 4684250 |
| General Obligations - 0.8% |  |  |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2033  | 2000000 | 2344636 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2034  | 2200000 | 2592090 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2035  | 2400000 | 2829725 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2038  | 3940000 | 4480898 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2040  | 1060000 | 1186434 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2045  | 1445000 | 1557320 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2046  | 3500000 | 3754990 |
| Colorado St Bldg Excellent Schs Today Ctfs Partn (Colorado St Proj.) 5% 3/15/2037  | 1870000 | 1927600 |
| Denver CO City & Cnty Gen. Oblig. Series 2020 A, 2% 8/1/2036  | 3240000 | 2579872 |
| Denver CO Cty & Cnty Sch Dis 1 5.5% 12/1/2049  | 7450000 | 7853967 |
| Leyden Rock Met Dist Colo 3% 12/1/2041 (Assured Guaranty Inc Insured)  | 645000 | 495422 |
| Westminster Colo Pub Schs 5% 12/1/2049  | 1900000 | 1932154 |
|  |  | 33535108 |
| Health Care - 0.7% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2018A, 4% 11/15/2048  | 900000 | 758148 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2019 A, 5% 11/15/2039  | 1170000 | 1204091 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2025A, 5% tender 11/15/2060 (b) | 5745000 | 6263092 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2044  | 13820000 | 11911625 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 3.25% 8/1/2049  | 3080000 | 2224360 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 4% 8/1/2049  | 3420000 | 2823668 |
| Colorado Health Facilities Authority (Commonspirit Health Proj.) Series 2019 B 2, 5% tender 8/1/2049 (b) | 705000 | 710676 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2019B, 4% 1/1/2040  | 1560000 | 1446629 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022C, 5% tender 5/15/2062 (b) | 2425000 | 2570230 |
| Colorado Health Facilities Authority (Sanford Health, SD Proj.) 5% 11/1/2026  | 1400000 | 1438235 |
|  |  | 31350754 |
| Housing - 0.1% |  |  |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 F, 4.25% 11/1/2049  | 145000 | 146665 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 H, 4.25% 11/1/2049  | 85000 | 86077 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2021 E, 3% 11/1/2051  | 785000 | 776743 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2022F, 5.25% 11/1/2052  | 1305000 | 1357024 |
|  |  | 2366509 |
| Special Tax - 0.0% |  |  |
| Independence Metropolitan District No 3 Series 2024 A, 5.375% 12/1/2054  | 661000 | 621775 |
| Vauxmont Metropolitan District 5% 12/1/2050 (Assured Guaranty Inc Insured)  | 1404000 | 1331648 |
| Vauxmont Metropolitan District 5% 12/15/2026 (Assured Guaranty Inc Insured)  | 126000 | 129661 |
|  |  | 2083084 |
| Water & Sewer - 0.1% |  |  |
| Denver CO City & Cnty Brd Wtr Series 2016 A, 3% 9/15/2040  | 6475000 | 5278976 |
| TOTAL COLORADO |  | 79298681 |
| Connecticut - 1.7%  |  |  |
| Education - 0.5% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2039  | 1040000 | 962896 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2040  | 1075000 | 976600 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2052  | 5490000 | 4365442 |
| Connecticut St Health & Edl Facs Auth Revenue (Greenwich Academy Proj.) Series G, 4% 3/1/2046  | 865000 | 764595 |
| Connecticut St Health & Edl Facs Auth Revenue (Greenwich Academy Proj.) Series G, 4% 3/1/2051  | 1390000 | 1182287 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 4% 7/1/2045  | 2680000 | 2310137 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 5% 7/1/2040  | 985000 | 1003767 |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2032  | 515000 | 557010 |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2033  | 350000 | 375721 |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2034  | 540000 | 578321 |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2035  | 815000 | 866621 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2017 B2, 3.2% tender 7/1/2037 (b) | 3140000 | 3132519 |
| Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) Series R, 4% 7/1/2036  | 935000 | 936748 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2042  | 3120000 | 3133799 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) 5% 7/1/2043  | 330000 | 306205 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2032  | 985000 | 1005519 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2033  | 765000 | 777253 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2035  | 1030000 | 1038321 |
|  |  | 24273761 |
| General Obligations - 0.4% |  |  |
| Connecticut St Gen. Oblig. Series 2015 B, 5% 6/15/2032  | 250000 | 250000 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2026  | 615000 | 625881 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2037  | 1245000 | 1083233 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2039  | 785000 | 648648 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2040  | 950000 | 761025 |
| Connecticut St Gen. Oblig. Series 2025 B, 5% 12/1/2032  | 3255000 | 3668972 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2031  | 1150000 | 1281291 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2040  | 1350000 | 1441038 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2042  | 2710000 | 2835530 |
| Connecticut St Gen. Oblig. Series A, 5% 4/15/2033  | 230000 | 237001 |
| Connecticut St Gen. Oblig. Series B, 5% 5/15/2026  | 510000 | 520118 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut St Univ Sys Proj.) Series Q 1, 5% 11/1/2026 (Connecticut St Guaranteed)  | 470000 | 483833 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2031 (Assured Guaranty Inc Insured)  | 1660000 | 1839099 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2033 (Assured Guaranty Inc Insured)  | 1630000 | 1816351 |
| University Connecticut (Connecticut St Proj.) Series 2019 A, 5% 11/1/2025  | 465000 | 467735 |
|  |  | 17959755 |
| Health Care - 0.3% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2027 (c)(e) | 555000 | 360750 |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2034 (c)(e) | 685000 | 445250 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut Childrens Med Ctr Proj.) Series E, 5.25% 7/15/2048  | 3700000 | 3746183 |
| Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 4% 7/1/2049  | 1635000 | 1369599 |
| Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 5% 7/1/2026  | 5455000 | 5529752 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2032  | 1485000 | 1601531 |
|  |  | 13053065 |
| Housing - 0.1% |  |  |
| Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2020 A 1, 2.3% 11/15/2035  | 2670000 | 2121150 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) 3% 11/15/2049  | 825000 | 815459 |
|  |  | 2936609 |
| Special Tax - 0.4% |  |  |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2037  | 3075000 | 3383930 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2038  | 4160000 | 4524237 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2042  | 5340000 | 5583145 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2043  | 2615000 | 2719771 |
|  |  | 16211083 |
| TOTAL CONNECTICUT |  | 74434273 |
| District Of Columbia - 0.7%  |  |  |
| Education - 0.0% |  |  |
| District Columbia Rev (Catholic Univ of Amer WA DC Proj.) Series 2018, 5% 10/1/2025  | 465000 | 466418 |
| District Columbia Rev (Catholic Univ of Amer WA DC Proj.) Series 2018, 5% 10/1/2026  | 775000 | 791333 |
| District Columbia Rev (Catholic Univ of Amer WA DC Proj.) Series 2018, 5% 10/1/2027  | 845000 | 874982 |
|  |  | 2132733 |
| General Obligations - 0.0% |  |  |
| District Columbia Gen. Oblig. Series 2017D, 5% 6/1/2042  | 470000 | 471088 |
| Transportation - 0.7% |  |  |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2031 (Assured Guaranty Inc Insured) (d) | 2000000 | 1620503 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2032 (Assured Guaranty Inc Insured) (d) | 1665000 | 1288847 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 5% 10/1/2047  | 7020000 | 6919694 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2038  | 1405000 | 1440328 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2044  | 7485000 | 7519388 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Inc Insured)  | 6425000 | 4400607 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2049  | 4490000 | 3720179 |
|  |  | 26909546 |
| TOTAL DISTRICT OF COLUMBIA |  | 29513367 |
| Florida - 4.9%  |  |  |
| Education - 0.2% |  |  |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2030  | 750000 | 797680 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2037  | 1400000 | 1501385 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2054  | 1950000 | 1951036 |
| Florida Higher Edl Facs Fing Auth Rev (Rollins College, FL Proj.) Series 2020 A, 3% 12/1/2048  | 8285000 | 5585813 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 5% 10/15/2049  | 425000 | 419457 |
|  |  | 10255371 |
| Electric Utilities - 0.3% |  |  |
| Orlando Fla Utils Commn Util Sys Rev Series 2024A, 5% 10/1/2039  | 1000000 | 1074914 |
| Orlando Fla Utils Commn Util Sys Rev Series 2024B, 5% 10/1/2038  | 7000000 | 7592188 |
| Orlando Fla Utils Commn Util Sys Rev Series 2024B, 5% 10/1/2039  | 3000000 | 3224743 |
|  |  | 11891845 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Orange Cnty FL Sch Brd Ctf Par Series 2015D, 5% 8/1/2030 (Pre-refunded to 8/1/2025 at 100)  | 820000 | 820000 |
| General Obligations - 2.1% |  |  |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2025 A, 5% 7/1/2029 (Assured Guaranty Inc Insured)  | 9985000 | 10849759 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2025 A, 5% 7/1/2030 (Assured Guaranty Inc Insured)  | 9985000 | 11000257 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2025 A, 5% 7/1/2031 (Assured Guaranty Inc Insured)  | 4370000 | 4858673 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2025 A, 5% 7/1/2032 (Assured Guaranty Inc Insured)  | 5415000 | 6064960 |
| Broward County FL School District Series 2025, 5% 7/1/2029 (Assured Guaranty Inc Insured)  | 1760000 | 1915847 |
| Broward County FL School District Series 2025, 5% 7/1/2031 (Assured Guaranty Inc Insured)  | 2000000 | 2229399 |
| Broward County FL School District Series 2025, 5% 7/1/2032 (Assured Guaranty Inc Insured)  | 2770000 | 3111662 |
| Broward County FL School District Series 2025, 5% 7/1/2033 (Assured Guaranty Inc Insured)  | 3000000 | 3384713 |
| Broward County FL School District Series 2025, 5% 7/1/2034 (Assured Guaranty Inc Insured)  | 1865000 | 2109687 |
| Broward County FL School District Series 2025, 5% 7/1/2035 (Assured Guaranty Inc Insured)  | 2780000 | 3144738 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL School Board Proj.) 5% 7/1/2030 (Assured Guaranty Inc Insured)  | 2740000 | 3019923 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL School Board Proj.) 5% 7/1/2031 (Assured Guaranty Inc Insured)  | 1110000 | 1232215 |
| Hillsborough Cnty FL Sch Brd Series 2017 B, 5% 7/1/2028  | 2460000 | 2567843 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2025  | 360000 | 361439 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2026  | 255000 | 262448 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2027  | 205000 | 215656 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2029  | 350000 | 382793 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2030  | 330000 | 365362 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2032  | 305000 | 343302 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) Series 2022 A, 5% 10/1/2028  | 405000 | 435124 |
| Lake Cnty Fla Sch Brd Cop (Lake County FL School Board Proj.) Series 2025A, 5% 6/1/2030 (Assured Guaranty Inc Insured)  | 1500000 | 1643689 |
| Lake Cnty Fla Sch Brd Cop (Lake County FL School Board Proj.) Series 2025A, 5% 6/1/2031 (Assured Guaranty Inc Insured)  | 1710000 | 1887444 |
| Lee Cnty FL Sch Brd Ctfs Partn (Lee Cnty FL Sch Dist Proj.) Series 2019 A, 5% 8/1/2028  | 1890000 | 2022285 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2025A, 5% 8/1/2030  | 1930000 | 2134107 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2025A, 5% 8/1/2032  | 3160000 | 3545386 |
| Pasco Cnty FL Sch Brd Cert of Part (Pasco Cnty FL Sch Dist Proj.) 5% 8/1/2035 (Build America Mutual Assurance Co Insured)  | 1870000 | 1945467 |
| Putnam Cnty Fla Sch Dist Series 2025, 5.25% 7/1/2040 (Assured Guaranty Inc Insured)  | 3160000 | 3399616 |
| Putnam Cnty Fla Sch Dist Series 2025, 5.25% 7/1/2041 (Assured Guaranty Inc Insured)  | 3330000 | 3558282 |
| Putnam Cnty Fla Sch Dist Series 2025, 5.25% 7/1/2042 (Assured Guaranty Inc Insured)  | 3505000 | 3706505 |
| Putnam Cnty Fla Sch Dist Series 2025, 5.25% 7/1/2043 (Assured Guaranty Inc Insured)  | 3685000 | 3860043 |
| Putnam Cnty Fla Sch Dist Series 2025, 5.25% 7/1/2044 (Assured Guaranty Inc Insured)  | 3880000 | 4043770 |
| Putnam Cnty Fla Sch Dist Series 2025, 5.25% 7/1/2045 (Assured Guaranty Inc Insured)  | 4085000 | 4215040 |
|  |  | 93817434 |
| Health Care - 0.9% |  |  |
| Atlantic Beach Fla Health Care Facs Rev (Naval Continuing Care Retiremt Proj.) Series 2018 A, 5% 11/15/2043  | 790000 | 752700 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 4% 7/1/2045  | 6230000 | 5313501 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 5% 7/1/2040  | 655000 | 666902 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) Series 2016 B, 5% 7/1/2037  | 900000 | 902813 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2049 (Assured Guaranty Inc Insured)  | 1120000 | 1117845 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2054 (Assured Guaranty Inc Insured)  | 1345000 | 1326150 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, Fl Proj.) Series 2024 B 1, 5% tender 10/1/2054 (Assured Guaranty Inc Insured) (b) | 435000 | 465641 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, Fl Proj.) Series 2024 B 2, 5% tender 10/1/2054 (Assured Guaranty Inc Insured) (b) | 545000 | 589195 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 3% 8/15/2050 (Assured Guaranty Inc Insured)  | 1805000 | 1201953 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 4% 8/15/2045  | 3670000 | 3065976 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) Series 2024C, 5% 11/15/2036  | 2500000 | 2739114 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) Series 2024C, 5% 11/15/2037  | 2500000 | 2710590 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2026  | 935000 | 947369 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2044  | 3030000 | 2932217 |
| Miami Beach FL Hlth Facs Auth Hosp Rev (MT Sinai Hospital Proj.) Series 2021 B, 3% 11/15/2051  | 2475000 | 1632994 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2022, 4% 10/1/2052  | 1365000 | 1123056 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2052  | 2850000 | 2661178 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 4% 8/15/2047  | 8925000 | 7438346 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2028  | 1450000 | 1510311 |
|  |  | 39097851 |
| Housing - 0.1% |  |  |
| Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 B, 5% tender 2/1/2027 (b) | 1685000 | 1701730 |
| Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 C, 5% tender 12/1/2026 (b) | 1220000 | 1227597 |
| Florida Hsg Fin Corp Rev (FL Homeownership Mortgage Proj.) Series 2019 1, 4% 7/1/2050  | 3130000 | 3150475 |
|  |  | 6079802 |
| Special Tax - 0.7% |  |  |
| County of Pasco FL Series 2023 A, 5.25% 9/1/2036 (Assured Guaranty Inc Insured)  | 500000 | 539756 |
| County of Pasco FL Series 2023 A, 5.5% 9/1/2040 (Assured Guaranty Inc Insured)  | 1000000 | 1061345 |
| County of Pasco FL Series 2023 A, 5.5% 9/1/2041 (Assured Guaranty Inc Insured)  | 500000 | 526213 |
| Manatee Cnty FL Sch Dist Sales Tax Rev Series 2017, 5% 10/1/2028 (Assured Guaranty Inc Insured)  | 2340000 | 2414552 |
| Seminole County School District Sales Tax Revenue Series 2025, 5% 10/1/2030 (Assured Guaranty Inc Insured)  | 2300000 | 2548799 |
| Seminole County School District Sales Tax Revenue Series 2025, 5% 10/1/2031 (Assured Guaranty Inc Insured)  | 5000000 | 5576156 |
| Seminole County School District Sales Tax Revenue Series 2025, 5% 10/1/2032 (Assured Guaranty Inc Insured)  | 4000000 | 4491370 |
| Seminole County School District Sales Tax Revenue Series 2025, 5% 10/1/2033 (Assured Guaranty Inc Insured)  | 4000000 | 4513513 |
| Seminole County School District Sales Tax Revenue Series 2025, 5% 10/1/2034 (Assured Guaranty Inc Insured)  | 4750000 | 5350371 |
| Tampa FL Tax Alloc 0% 9/1/2038 (d) | 935000 | 499966 |
| Tampa FL Tax Alloc 0% 9/1/2039 (d) | 795000 | 398530 |
| Tampa FL Tax Alloc 0% 9/1/2040 (d) | 935000 | 439214 |
| Tampa FL Tax Alloc 0% 9/1/2041 (d) | 935000 | 409506 |
| Tampa FL Tax Alloc 0% 9/1/2042 (d) | 935000 | 381074 |
| Tampa FL Tax Alloc 0% 9/1/2045 (d) | 1730000 | 576527 |
|  |  | 29726892 |
| Transportation - 0.5% |  |  |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2030 (Assured Guaranty Inc Insured)  | 1000000 | 1091617 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2035 (Assured Guaranty Inc Insured)  | 5210000 | 5718041 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2038 (Assured Guaranty Inc Insured)  | 1300000 | 1383870 |
| Florida St Mid Bay Bridge Auth Series 2025, 5% 10/1/2039 (Assured Guaranty Inc Insured)  | 1365000 | 1437898 |
| Florida St Mid Bay Bridge Auth Series A, 5% 10/1/2029  | 2315000 | 2323031 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2018 F, 5% 10/1/2037  | 1415000 | 1458308 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2018 F, 5% 10/1/2043  | 1870000 | 1885471 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2037  | 1870000 | 1832779 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2038 (Assured Guaranty Inc Insured)  | 1065000 | 1048005 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2039 (Assured Guaranty Inc Insured)  | 930000 | 907145 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 5% 7/1/2032 (Assured Guaranty Inc Insured)  | 2810000 | 3106371 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 5% 7/1/2033 (Assured Guaranty Inc Insured)  | 2490000 | 2719308 |
|  |  | 24911844 |
| Water & Sewer - 0.1% |  |  |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2019 B, 4% 10/1/2049  | 3745000 | 3144428 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2021, 3% 10/1/2043  | 905000 | 681882 |
|  |  | 3826310 |
| TOTAL FLORIDA |  | 220427349 |
| Georgia - 3.5%  |  |  |
| Education - 0.1% |  |  |
| Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 4% 6/15/2049  | 180000 | 155610 |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2020 B, 4% 9/1/2039  | 1370000 | 1297518 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2027  | 375000 | 388448 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2031  | 560000 | 611021 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2036  | 450000 | 475890 |
|  |  | 2928487 |
| Electric Utilities - 0.6% |  |  |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2013 FIRST, 3.375% tender 11/1/2053 (b) | 1325000 | 1326227 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series NINTH 1994, 3.8% tender 10/1/2032 (b) | 3200000 | 3215288 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2012, 3.3% tender 12/1/2049 (b) | 2480000 | 2479086 |
| Burke Cnty GA Dev Auth Pcr (Georgia Transmission Corp Proj.) Series 2012, 2.75% 1/1/2052 (b) | 2230000 | 1317431 |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2017 E, 3.6% tender 11/1/2045 (b) | 4865000 | 4924819 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2049  | 1735000 | 1471306 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2026  | 1145000 | 1155668 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2030  | 385000 | 410714 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2039  | 1135000 | 1156954 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2044  | 1490000 | 1477941 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2036  | 2005000 | 2180299 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2041 (Build America Mutual Assurance Co Insured)  | 570000 | 603764 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2049  | 550000 | 561931 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b) | 5345000 | 5353360 |
|  |  | 27634788 |
| General Obligations - 2.1% |  |  |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b) | 9990000 | 10045820 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (b) | 28225000 | 28522955 |
| Main Street Natural Gas Inc 5% tender 6/1/2053 (Citigroup Inc Guaranteed) (b) | 14040000 | 14765163 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (b) | 9565000 | 10175341 |
| Main Street Natural Gas Inc Series 2022A, 4% tender 9/1/2052 (Citigroup Inc Guaranteed) (b) | 12405000 | 12419860 |
| Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (b) | 5210000 | 5435506 |
| Main Street Natural Gas Inc Series 2023D, 5% tender 5/1/2054 (Citigroup Inc Guaranteed) (b) | 7880000 | 8316515 |
| Main Street Natural Gas Inc Series 2024B, 5% 3/1/2028 (Royal Bank of Canada Guaranteed)  | 700000 | 731642 |
| Main Street Natural Gas Inc Series 2024B, 5% 3/1/2029 (Royal Bank of Canada Guaranteed)  | 2050000 | 2169763 |
| Main Street Natural Gas Inc Series 2024B, 5% 9/1/2029 (Royal Bank of Canada Guaranteed)  | 730000 | 777327 |
| Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (b) | 2130000 | 2258811 |
|  |  | 95618703 |
| Health Care - 0.5% |  |  |
| Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 4% 7/1/2044  | 10000000 | 8826468 |
| Coweta Cnty GA Dev Auth Rev (Piedmont Hosp Og Proj.) Series 2019A, 5% 7/1/2044  | 4680000 | 4661339 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 3% 2/15/2047  | 6980000 | 4902425 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2026  | 200000 | 202898 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2027  | 165000 | 171080 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2028  | 375000 | 396779 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2029  | 325000 | 349573 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2030  | 235000 | 256039 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2031  | 280000 | 307473 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2032  | 185000 | 204164 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) 4% 7/1/2036  | 1385000 | 1336542 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) 4% 7/1/2043  | 1445000 | 1264679 |
|  |  | 22879459 |
| Housing - 0.1% |  |  |
| Georgia Hsg & Fin Auth Rev (GA Single Family Mortgage Proj.) Series 2025 C, 6.25% 12/1/2055  | 2130000 | 2384601 |
| Special Tax - 0.1% |  |  |
| Metro Atlanta Rapid Tran Sales 5.25% 7/1/2050  | 4660000 | 4865930 |
| Water & Sewer - 0.0% |  |  |
| Coweta Cnty GA Wtr & Sew Auth Rev 2.125% 6/1/2046  | 1955000 | 1147526 |
| TOTAL GEORGIA |  | 157459494 |
| Hawaii - 0.4%  |  |  |
| General Obligations - 0.4% |  |  |
| Hawaii St Gen. Oblig. Series FG, 5% 10/1/2027  | 935000 | 960219 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 A, 5.25% 7/1/2044  | 2295000 | 2424095 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 A, 5.25% 7/1/2045  | 1250000 | 1314269 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 A, 5.25% 7/1/2046  | 1500000 | 1570166 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 A, 5.25% 7/1/2047  | 3560000 | 3713952 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 A, 5.25% 7/1/2048  | 3105000 | 3231904 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2025 A, 5.25% 7/1/2049  | 3865000 | 4015546 |
|  |  | 17230151 |
| Transportation - 0.0% |  |  |
| Hawaii St Hbr Sys Rev Series 2020 C, 4% 7/1/2040  | 870000 | 816824 |
| Water & Sewer - 0.0% |  |  |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2025A, 5% 7/1/2037  | 1565000 | 1730371 |
| TOTAL HAWAII |  | 19777346 |
| Idaho - 0.1%  |  |  |
| Housing - 0.0% |  |  |
| Idaho Hsg & Fin Assn (ID Single Family Hsg 7/1/19 Proj.) Series 2019 A, 4% 1/1/2050  | 35000 | 35272 |
| Transportation - 0.1% |  |  |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 5% 7/15/2029  | 2810000 | 3056427 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 5% 7/15/2030  | 935000 | 1027320 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 5% 7/15/2031  | 600000 | 665518 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 5% 7/15/2032  | 1170000 | 1290960 |
|  |  | 6040225 |
| TOTAL IDAHO |  | 6075497 |
| Illinois - 8.5%  |  |  |
| Education - 0.3% |  |  |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2031  | 200000 | 204110 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) Series 2016 A, 3% 10/1/2037  | 1455000 | 1242410 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 4% 9/1/2035  | 420000 | 373712 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2027  | 225000 | 234994 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2028  | 185000 | 196724 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2044  | 935000 | 908428 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2049  | 1170000 | 1100647 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2051  | 935000 | 872134 |
| Illinois Finance Authority Rev (Bradley University Proj.) Series 2021 A, 4% 8/1/2038  | 1125000 | 990413 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5.25% 10/1/2052  | 4525000 | 4192713 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5.5% 10/1/2047  | 1445000 | 1416079 |
| Northern IL Univ Revs Series 2020 B, 4% 4/1/2036 (Build America Mutual Assurance Co Insured)  | 1215000 | 1192967 |
| Northern IL Univ Revs Series 2020 B, 4% 4/1/2038 (Build America Mutual Assurance Co Insured)  | 1215000 | 1145312 |
| Northern IL Univ Revs Series 2020 B, 4% 4/1/2040 (Build America Mutual Assurance Co Insured)  | 815000 | 733910 |
| University of Illinois Series 2018A, 5% 4/1/2029  | 95000 | 100847 |
|  |  | 14905400 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Chicago IL Gen. Oblig. 5% 1/1/2028 (Escrowed to Maturity)  | 180000 | 190381 |
| Illinois Finance Authority Rev 4% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 1235000 | 1261111 |
| Illinois Finance Authority Rev 5% 2/15/2036 (Pre-refunded to 2/15/2027 at 100)  | 170000 | 176142 |
|  |  | 1627634 |
| General Obligations - 4.5% |  |  |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2026  | 95000 | 95956 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2027  | 775000 | 791713 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2028  | 585000 | 604144 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2029  | 1450000 | 1510449 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2030  | 935000 | 970110 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2031  | 1170000 | 1204302 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2034  | 935000 | 941515 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2035  | 1205000 | 1207465 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2036  | 1475000 | 1468245 |
| Champaign County Community Unit School District No 4 Champaign Series 2020 A, 5% 1/1/2029  | 630000 | 662285 |
| Champaign County Community Unit School District No 4 Champaign Series 2020 A, 5% 1/1/2030  | 585000 | 612382 |
| Champaign County Community Unit School District No 4 Champaign Series 2020 A, 5% 1/1/2031  | 795000 | 830255 |
| Champaign County Community Unit School District No 4 Champaign Series 2020 A, 5% 1/1/2033  | 1545000 | 1598850 |
| Chicago IL Brd Ed 5% 12/1/2025  | 505000 | 507142 |
| Chicago IL Brd Ed 5% 12/1/2025  | 290000 | 291230 |
| Chicago IL Brd Ed 5.25% 12/1/2035  | 1870000 | 1869993 |
| Chicago IL Brd Ed Series 2016 A, 7% 12/1/2044  | 2995000 | 3005914 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2027  | 185000 | 190153 |
| Chicago IL Brd Ed Series 2018 C, 5% 12/1/2027  | 505000 | 519067 |
| Chicago IL Brd Ed Series 2019 A, 5% 12/1/2030  | 575000 | 588724 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2028  | 240000 | 249233 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2029  | 750000 | 781749 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2031  | 600000 | 610715 |
| Chicago IL Brd Ed Series 2021A, 5% 12/1/2038  | 1200000 | 1158324 |
| Chicago IL Brd Ed Series 2021B, 5% 12/1/2031  | 1250000 | 1293054 |
| Chicago IL Brd Ed Series 2022 A, 5% 12/1/2047  | 2085000 | 1875574 |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2035  | 1760000 | 1683712 |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2036  | 2915000 | 2737415 |
| Chicago IL Brd Ed Series D, 5% 12/1/2031  | 865000 | 873475 |
| Chicago IL Gen. Oblig. 5% 1/1/2028  | 1070000 | 1105237 |
| Chicago IL Gen. Oblig. Series 2019A, 5% 1/1/2040  | 2200000 | 2171288 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2026  | 1955000 | 1970678 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2027  | 1425000 | 1454378 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2030  | 1860000 | 1955293 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2032  | 1215000 | 1261134 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2031  | 1400000 | 1476365 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2032  | 4485000 | 4689873 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2034  | 795000 | 820463 |
| Chicago IL Gen. Oblig. Series 2021 B, 4% 1/1/2032  | 1193000 | 1194872 |
| Chicago IL Gen. Oblig. Series 2021 B, 4% 1/1/2034  | 1609000 | 1569338 |
| Chicago IL Gen. Oblig. Series 2021 B, 4% 1/1/2038  | 2890000 | 2608432 |
| Chicago IL Gen. Oblig. Series 2025A, 6% 1/1/2046 (Build America Mutual Assurance Co Insured)  | 9000000 | 9528690 |
| Chicago IL Gen. Oblig. Series 2025B, 5% 1/1/2033  | 6750000 | 7108959 |
| Chicago IL Gen. Oblig. Series 2025B, 5% 1/1/2035  | 5000000 | 5217742 |
| Chicago IL Gen. Oblig. Series 2025B, 5.5% 1/1/2040  | 7960000 | 8244309 |
| Chicago IL Gen. Oblig. Series 2025F, 6% 1/1/2055  | 5000000 | 5094419 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2031  | 3415000 | 3717175 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2032  | 2245000 | 2425943 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2033  | 2200000 | 2362358 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2025  | 580000 | 581933 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2026  | 295000 | 299753 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2027  | 300000 | 307976 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2028  | 150000 | 155150 |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2029  | 940000 | 1025865 |
| Cook Cnty Ill Cmnty Cons Sch Dist No 059 Elk Grove Series 2020, 5% 3/1/2028  | 1265000 | 1342129 |
| Cook County IL Community Consolidate School District No 034 Glenview Series 2021 A, 3% 12/1/2036  | 640000 | 557149 |
| DuPage & Cook Cntys IL Cmnty Unit Sch Dist No 205 Series 2022, 4% 9/15/2042  | 7900000 | 7071760 |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 265000 | 273353 |
| Illinois St Gen. Oblig. 5% 3/1/2032  | 2060000 | 2242848 |
| Illinois St Gen. Oblig. 5.5% 1/1/2028  | 4680000 | 4964292 |
| Illinois St Gen. Oblig. Series 2017C, 5% 11/1/2029  | 1440000 | 1498977 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2027  | 2835000 | 2964285 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2028  | 935000 | 988891 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2029  | 1495000 | 1575936 |
| Illinois St Gen. Oblig. Series 2018B, 5% 10/1/2026  | 935000 | 958086 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2029  | 2060000 | 2195009 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2032  | 1000000 | 1088761 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2034  | 3640000 | 3896059 |
| Illinois St Gen. Oblig. Series 2022A, 5.25% 3/1/2037  | 1600000 | 1695114 |
| Illinois St Gen. Oblig. Series 2022A, 5.5% 3/1/2042  | 2000000 | 2071362 |
| Illinois St Gen. Oblig. Series 2022A, 5.5% 3/1/2047  | 4000000 | 4064188 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 B, 4% 12/1/2034  | 1655000 | 1623126 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 4% 3/1/2039  | 2300000 | 2101511 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2028  | 4000000 | 4202682 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2032  | 180000 | 193681 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2033  | 935000 | 998952 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2034  | 935000 | 991793 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2046  | 1870000 | 1819140 |
| Illinois St Gen. Oblig. Series MAY 2020, 5.5% 5/1/2039  | 6530000 | 6784209 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5% 5/1/2037  | 4730000 | 4942157 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2040  | 1160000 | 1198838 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2041  | 1520000 | 1560054 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2029  | 6485000 | 6947285 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2036  | 2945000 | 3099933 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2033  | 2375000 | 2588015 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2037  | 1790000 | 1890066 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2043  | 1580000 | 1609189 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2047  | 1155000 | 1157661 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2048  | 4850000 | 4848642 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 4% 10/1/2032  | 2570000 | 2579076 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2028  | 4060000 | 4301565 |
| Illinois St Gen. Oblig. Series OCTOBER 2016, 4% 2/1/2030 (Assured Guaranty Inc Insured)  | 1590000 | 1602584 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2030 (Assured Guaranty Inc Insured)  | 430000 | 445088 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2031 (Assured Guaranty Inc Insured)  | 575000 | 590660 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2033 (Assured Guaranty Inc Insured)  | 240000 | 243505 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2035 (Assured Guaranty Inc Insured)  | 255000 | 254194 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2036 (Assured Guaranty Inc Insured)  | 235000 | 233029 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2038 (Assured Guaranty Inc Insured)  | 545000 | 520976 |
|  |  | 197856578 |
| Health Care - 0.8% |  |  |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2031  | 2340000 | 2402544 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 4% 12/1/2035  | 335000 | 323787 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 4.125% 5/15/2047  | 4820000 | 4181176 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2045  | 9360000 | 9060274 |
| Illinois Fin Auth Rev (University of Chicago Hosps,Il Proj.) Series B, 4% 8/15/2041  | 890000 | 787639 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 4% 2/15/2041  | 5000 | 4519 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2036  | 830000 | 841996 |
| Illinois Finance Authority Rev (Carle Foundation Hospital,Il Proj.) Series 2021A, 3% 8/15/2048  | 8175000 | 5777487 |
| Illinois Finance Authority Rev (Carle Foundation Hospital,Il Proj.) Series 2021B, 5% tender 8/15/2053 (b) | 740000 | 802961 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 3.25% 8/15/2049  | 3025000 | 2213223 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) 3% 5/15/2050 (Build America Mutual Assurance Co Insured)  | 2620000 | 1796356 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) 3.25% 5/15/2039  | 2075000 | 1804517 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 A, 3% 5/15/2050  | 5655000 | 3719190 |
| Illinois Finance Authority Rev (University Of Chicago Hosps,Il Proj.) Series 2025A 1, 5% tender 8/15/2054 (b) | 3865000 | 4126505 |
|  |  | 37842174 |
| Housing - 0.3% |  |  |
| Illinois Housing Dev Auth Series 2019 D, 2.7% 10/1/2034 (IL Hsg Revenue Bonds 3/1/2016 Guaranteed)  | 415000 | 361450 |
| Illinois Housing Development Authority (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2025D, 6.25% 10/1/2055 (g) | 7500000 | 8419975 |
| Illinois Hsg Dev Auth Multi Fm (IL Mhsg Rev 9/1/16 Proj.) Series 2024 H2, 4% 1/1/2042  | 4600000 | 4035776 |
|  |  | 12817201 |
| Special Tax - 2.1% |  |  |
| Cook Cnty Ill Sales Tax Rev Series 2022 A, 5% 11/15/2042  | 10000000 | 10094124 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2031 (National Public Finance Guarantee Corporation Insured) (d) | 625000 | 493599 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2035 (d) | 730000 | 465219 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2036 (d) | 970000 | 582822 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2036 (National Public Finance Guarantee Corporation Insured) (d) | 7050000 | 4254863 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2037 (d) | 1815000 | 1025187 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2026 (Assured Guaranty Inc Insured) (d) | 1055000 | 1028319 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2029 (National Public Finance Guarantee Corporation Insured) (d) | 4775000 | 4196522 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2035 (National Public Finance Guarantee Corporation Insured) (d) | 750000 | 493662 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2040 (d) | 985000 | 467620 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2041 (d) | 1355000 | 597143 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2043 (Assured Guaranty Inc Insured) (d) | 2995000 | 1187553 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2046 (Assured Guaranty Inc Insured) (d) | 14385000 | 4774790 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2047 (Assured Guaranty Inc Insured) (d) | 2365000 | 739277 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 12/15/2028  | 3070000 | 3195231 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 6/15/2042  | 2520000 | 2541865 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 6/15/2050  | 5700000 | 5531341 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2020A, 4% 6/15/2050  | 8380000 | 6693437 |
| Regional Transn Auth IL 5.75% 6/1/2033  | 10000000 | 11048969 |
| Sales Tax Securitization Corp 3% 1/1/2027  | 1420000 | 1420144 |
| Sales Tax Securitization Corp Series 2023C, 5% 1/1/2034  | 10000000 | 10936877 |
| Sales Tax Securitization Corp Series 2023C, 5% 1/1/2035  | 4000000 | 4339331 |
| Sales Tax Securitization Corp Series 2023D, 5% 1/1/2030  | 2000000 | 2183039 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2037  | 3755000 | 4054007 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2038  | 9320000 | 9967516 |
| Sales Tax Securitization Corp Series 2024A, 5% 1/1/2041  | 1000000 | 1034361 |
|  |  | 93346818 |
| Transportation - 0.5% |  |  |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2036  | 2105000 | 2186716 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037  | 3040000 | 3144341 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 4% 1/1/2044  | 1680000 | 1446862 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2048  | 9830000 | 9741414 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2053  | 360000 | 356251 |
| Chicago IL O'Hare Intl Arpt Rev Series 2020A, 4% 1/1/2038  | 655000 | 632135 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022D, 5% 1/1/2036  | 2000000 | 2151119 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022D, 5% 1/1/2037  | 2400000 | 2554698 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 A, 5% 1/1/2044  | 460000 | 460119 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2038  | 945000 | 983919 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2041  | 205000 | 208579 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2024 A, 5% 1/1/2030  | 765000 | 838347 |
|  |  | 24704500 |
| TOTAL ILLINOIS |  | 383100305 |
| Indiana - 1.2%  |  |  |
| Education - 0.1% |  |  |
| Purdue University Series 2023 A, 5% 7/1/2036  | 900000 | 982978 |
| Purdue University Series 2025B, 5.25% 7/1/2050 (g) | 4855000 | 4998249 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2019, 5% 4/1/2043  | 1455000 | 1442476 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2032  | 715000 | 755066 |
|  |  | 8178769 |
| Electric Utilities - 0.2% |  |  |
| Rockport Ind Pollution Ctl Rev (Indiana Michigan Power Co Proj.) Series 2025 A, 3.7% tender 6/1/2047 (b) | 10185000 | 10323661 |
| General Obligations - 0.2% |  |  |
| Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 1/15/2045 (Indiana St Guaranteed)  | 1925000 | 1947995 |
| Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 7/15/2040 (Indiana St Guaranteed)  | 1500000 | 1577763 |
| Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 7/15/2042 (Indiana St Guaranteed)  | 1650000 | 1703062 |
| Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 7/15/2043 (Indiana St Guaranteed)  | 1355000 | 1384457 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5.25% 7/15/2038 (Build America Mutual Assurance Co Insured)  | 2665000 | 2908066 |
|  |  | 9521343 |
| Health Care - 0.5% |  |  |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 4.25% 3/1/2049  | 465000 | 379390 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5.25% 3/1/2054  | 2140000 | 2130044 |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) Series 2016 A, 4% 11/1/2051  | 4345000 | 3603013 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2025D 3, 5% tender 10/1/2059 (b) | 9215000 | 10149367 |
| Indiana St Hsg & Cmnty Dev Auth Multifamily Hsg Rev (Glasswater Creek Whitestown Proj Proj.) Series 2020, 5.375% 10/1/2040 (c) | 695000 | 568587 |
|  |  | 16830401 |
| Housing - 0.1% |  |  |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 1/1/2052  | 360000 | 354872 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2019 B, 3.5% 1/1/2049  | 235000 | 235103 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2020 A, 3.75% 1/1/2049  | 1170000 | 1175960 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 1/1/2028  | 305000 | 321147 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 1/1/2029  | 305000 | 326605 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 7/1/2028  | 305000 | 324288 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 7/1/2029  | 255000 | 275324 |
|  |  | 3013299 |
| Special Tax - 0.1% |  |  |
| Northern Indiana Commuter Transportation District Series 2024, 5% 1/1/2054  | 4000000 | 3974554 |
| TOTAL INDIANA |  | 51842027 |
| Iowa - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Iowa Fin Auth Rev (Lifespace Proj.) Series 2023B, 7.25% 5/15/2038  | 1180000 | 1322801 |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018B, 5% 2/15/2048  | 935000 | 915360 |
|  |  | 2238161 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 4% 6/1/2049  | 1125000 | 926986 |
| Water & Sewer - 0.0% |  |  |
| Cedar Rapids IA Swr Rev Series 2021 C, 2% 6/1/2036  | 375000 | 289443 |
| TOTAL IOWA |  | 3454590 |
| Kansas - 0.3%  |  |  |
| Special Tax - 0.3% |  |  |
| Kansas St Dept Transn Hwy Rev Series 2025A, 5% 9/1/2031  | 12125000 | 13577457 |
| Kentucky - 2.1%  |  |  |
| Education - 0.0% |  |  |
| Boyle Cnty KY Edl Facs Rev (Centre College Proj.) Series 2017, 5% 6/1/2037  | 300000 | 302945 |
| Electric Utilities - 0.1% |  |  |
| Carroll Cnty KY Pollution Ctl Rev (Kentucky Utilities Co Proj.) Series 2016 A, 1.55% tender 9/1/2042 (b) | 6250000 | 6078054 |
| General Obligations - 1.0% |  |  |
| Fayette County School District/KY Series 2025 A, 5.25% 6/1/2044 (Build America Mutual Assurance Co Insured)  | 3705000 | 3856732 |
| Fayette County School District/KY Series 2025 A, 5.25% 6/1/2045 (Build America Mutual Assurance Co Insured)  | 11810000 | 12242383 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (b) | 3900000 | 4091403 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% tender 12/1/2050 (BP PLC Guaranteed) (b) | 10775000 | 10841128 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2028  | 935000 | 994735 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2038  | 3745000 | 3829254 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 4% 11/1/2034  | 1170000 | 1175586 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 4% 11/1/2035  | 375000 | 375130 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 4% 11/1/2036  | 935000 | 924218 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 4% 11/1/2037  | 1170000 | 1141631 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2029  | 1035000 | 1106004 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 8/1/2027  | 375000 | 375000 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2038  | 4580000 | 4880144 |
|  |  | 45833348 |
| Health Care - 0.6% |  |  |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2036  | 710000 | 666687 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2037  | 540000 | 502258 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) Series 2019, 3% 2/1/2040 (Assured Guaranty Inc Insured)  | 1350000 | 1128553 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2049  | 3180000 | 3071662 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 590000 | 632439 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 490000 | 500458 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2020A, 3% 10/1/2043  | 4495000 | 3270923 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023B, 5% tender 10/1/2047 (b) | 15240000 | 16348248 |
|  |  | 26121228 |
| Housing - 0.3% |  |  |
| Kentucky Hsg Corp Sf Mtg Rev (KY Single Fam Mtg 10/1/23 Proj.) Series 2023A, 6% 7/1/2054  | 12515000 | 13710121 |
| Transportation - 0.1% |  |  |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2019, 5% 1/1/2038  | 685000 | 705836 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2019, 5% 1/1/2039  | 645000 | 660766 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2019, 5% 1/1/2049  | 2340000 | 2317178 |
|  |  | 3683780 |
| TOTAL KENTUCKY |  | 95729476 |
| Louisiana - 0.4%  |  |  |
| Health Care - 0.1% |  |  |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2032  | 1375000 | 1440871 |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2033  | 1120000 | 1163935 |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2034  | 1295000 | 1339766 |
| Louisiana Pub Facs Rev (Ochsner Clinic Foundation Proj.) Series 2017, 5% 5/15/2027  | 830000 | 860204 |
|  |  | 4804776 |
| Housing - 0.0% |  |  |
| Louisiana Hsg Corp Single Family Mtg Rev (LA Home Ownership Proj.) 5.75% 12/1/2053  | 945000 | 1025931 |
| Louisiana Hsg Corp Single Family Mtg Rev (LA Home Ownership Proj.) Series 2021 D, 2.35% 12/1/2041  | 1000000 | 704182 |
|  |  | 1730113 |
| Industrial Development - 0.1% |  |  |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (b) | 2770000 | 2793097 |
| St John Baptist Parish LA Rev (ConocoPhillips Proj.) 2.2% 6/1/2037 (b) | 1400000 | 1388460 |
|  |  | 4181557 |
| Special Tax - 0.2% |  |  |
| Lafayette Parish LA Sch Brd Series 2025, 5.5% 4/1/2045  | 1330000 | 1399449 |
| Lafayette Parish LA Sch Brd Series 2025, 5.75% 4/1/2050  | 2675000 | 2862413 |
| Lafayette Parish LA Sch Brd Series 2025, 5.75% 4/1/2055  | 3865000 | 4120351 |
|  |  | 8382213 |
| TOTAL LOUISIANA |  | 19098659 |
| Maine - 0.6%  |  |  |
| Education - 0.3% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) 4% 7/1/2046  | 2865000 | 2406499 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2033  | 260000 | 265834 |
| Maine Health & Higher Edl Facsauth Rev (Northeastern University Proj.) Series 2024B, 5.25% 10/1/2054  | 5125000 | 5175756 |
| University ME Sys Rev Series 2022, 5.5% 3/1/2062  | 3800000 | 3885322 |
|  |  | 11733411 |
| General Obligations - 0.3% |  |  |
| Auburn ME Series 2021, 2% 11/1/2035  | 500000 | 383867 |
| Brunswick ME 2.25% 11/1/2035  | 685000 | 559232 |
| Town of Bar Harbor ME Series 2024, 5% 9/1/2035  | 700000 | 789667 |
| Town of Bar Harbor ME Series 2024, 5% 9/1/2036  | 1175000 | 1311893 |
| Town of Bar Harbor ME Series 2024, 5% 9/1/2037  | 1250000 | 1380489 |
| Town of Bar Harbor ME Series 2024, 5% 9/1/2038  | 1000000 | 1092706 |
| Town of Bar Harbor ME Series 2024, 5% 9/1/2039  | 500000 | 541096 |
| Town of Bar Harbor ME Series 2024, 5% 9/1/2041  | 1000000 | 1063693 |
| Town of Bar Harbor ME Series 2024, 5% 9/1/2042  | 500000 | 527049 |
| Town of Bar Harbor ME Series 2024, 5% 9/1/2043  | 500000 | 523600 |
| Town of Bar Harbor ME Series 2024, 5% 9/1/2044  | 700000 | 729081 |
| Town of Bar Harbor ME Series 2024, 5% 9/1/2049  | 2000000 | 2050959 |
| Town of Bar Harbor ME Series 2024, 5% 9/1/2054  | 2500000 | 2550657 |
|  |  | 13503989 |
| Housing - 0.0% |  |  |
| Maine Hsg Auth Mtg (ME Mortgage Proj.) Series 2022E, 5% 11/15/2052  | 840000 | 870104 |
| Transportation - 0.0% |  |  |
| Maine Turnpike Auth Rev Bonds Series 2018, 5% 7/1/2047  | 470000 | 470669 |
| TOTAL MAINE |  | 26578173 |
| Maryland - 1.0%  |  |  |
| Education - 0.0% |  |  |
| Maryland Health & Higher Educational Facilities Authority (MD Inst College of Art Proj.) Series 2024, 5.25% 6/1/2035  | 1300000 | 1366730 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 5% 6/1/2031  | 330000 | 349724 |
|  |  | 1716454 |
| General Obligations - 0.5% |  |  |
| Anne Arundel Cnty MD Gen. Oblig. Series 2025, 5% 10/1/2045  | 5055000 | 5256273 |
| Maryland St Stad Auth Hagerstown Multi-Use Sports & Events Fac Lease Rev (State of Maryland Proj.) Series 2022 A, 5% 6/1/2047  | 5725000 | 5751614 |
| Maryland St Stad Auth Hagerstown Multi-Use Sports & Events Fac Lease Rev (State of Maryland Proj.) Series 2022 A, 5% 6/1/2052  | 1350000 | 1350021 |
| Prince Georges County MD Gen. Oblig. Series 2021 A, 2% 7/1/2035  | 6800000 | 5493677 |
|  |  | 17851585 |
| Health Care - 0.2% |  |  |
| Maryland Health & Higher Educational Facilities Authority (Frederick Memorial Hospital MD Proj.) Series 2023, 5% 7/1/2028  | 625000 | 657630 |
| Maryland Health & Higher Educational Facilities Authority (Frederick Memorial Hospital MD Proj.) Series 2023, 5% 7/1/2039  | 2000000 | 2039583 |
| Maryland Health & Higher Educational Facilities Authority (Greater Baltimore Med Ctr, MD Proj.) Series 2021 A, 3% 7/1/2051  | 3325000 | 2206337 |
| Maryland Health & Higher Educational Facilities Authority (Lifebridge Health Proj.) Series 2024, 5% 7/1/2049  | 1000000 | 1000656 |
| Maryland Health & Higher Educational Facilities Authority (Lifebridge Health Proj.) Series 2024, 5.25% 7/1/2054  | 4545000 | 4621832 |
|  |  | 10526038 |
| Housing - 0.1% |  |  |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 3.5% 3/1/2050  | 1570000 | 1570414 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 5% 9/1/2027  | 680000 | 711248 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 5% 9/1/2028  | 110000 | 116983 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 B, 4% 9/1/2049  | 245000 | 245689 |
| Maryland Community Development Administration Series 2020 A, 2.5% 9/1/2040  | 4000000 | 2911669 |
| Montgomery Cnty MD Hsg Opptys Commn Rev Series 2023 C, 5.75% 1/1/2058  | 1500000 | 1584526 |
|  |  | 7140529 |
| Special Tax - 0.1% |  |  |
| State of Maryland Built to Learn Revenue Series 2021, 4% 6/1/2046  | 675000 | 590265 |
| State of Maryland Built to Learn Revenue Series 2022 A, 4% 6/1/2035  | 2340000 | 2368363 |
|  |  | 2958628 |
| Transportation - 0.1% |  |  |
| Maryland St Transn Auth Transn 2.5% 7/1/2047  | 1650000 | 1043438 |
| Maryland St Transn Auth Transn Series 2024 A, 5% 7/1/2031  | 3760000 | 4204287 |
|  |  | 5247725 |
| TOTAL MARYLAND |  | 45440959 |
| Massachusetts - 1.9%  |  |  |
| Education - 0.5% |  |  |
| Massachusetts Development Finance Agency (Boston College,Ma Proj.) Series 2021 V, 5% 7/1/2055  | 4980000 | 5118304 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) 4% 10/1/2050  | 3485000 | 2440836 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) 5% 10/1/2045  | 2625000 | 2279157 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) 4% 7/1/2045  | 3425000 | 2783407 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2028  | 515000 | 530588 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2029  | 470000 | 487425 |
| Massachusetts St Dev Fin Agy Rev (Emerson College, MA Proj.) Series 2017A, 5% 1/1/2036  | 2260000 | 2285262 |
| Massachusetts St Dev Fin Agy Rev (Provident Commonwealth Ed Resources Inca Proj.) Series 2016, 5% 10/1/2041  | 1000000 | 958987 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5% 1/1/2032  | 500000 | 533682 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5% 1/1/2033  | 500000 | 532987 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5% 1/1/2034  | 575000 | 612145 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5% 1/1/2035  | 410000 | 434971 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5% 1/1/2036  | 500000 | 526503 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5% 1/1/2037  | 600000 | 627138 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5.25% 1/1/2040  | 535000 | 553312 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5.25% 1/1/2041  | 615000 | 630091 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5.25% 1/1/2042  | 450000 | 457516 |
|  |  | 21792311 |
| General Obligations - 0.9% |  |  |
| Massachusetts St Gen. Oblig. 5% 4/1/2042  | 1750000 | 1835563 |
| Massachusetts St Gen. Oblig. 5% 4/1/2044  | 1250000 | 1294734 |
| Massachusetts St Gen. Oblig. 5% 4/1/2045  | 2000000 | 2057488 |
| Massachusetts St Gen. Oblig. 5% 4/1/2046  | 3000000 | 3070451 |
| Massachusetts St Gen. Oblig. 5% 4/1/2047  | 1505000 | 1536383 |
| Massachusetts St Gen. Oblig. 5% 7/1/2031  | 2000000 | 2250362 |
| Massachusetts St Gen. Oblig. 5.25% 10/1/2047  | 20000000 | 20750241 |
| Rockland Mass Series 2020, 2.15% 8/1/2045  | 4580000 | 2761327 |
| Somerville MA Series 2020, 2% 10/15/2037  | 1000000 | 751662 |
| Stoneham Mass Series 2022, 2.125% 1/15/2038  | 1000000 | 761717 |
| Waltham Mass 2% 10/15/2037  | 2570000 | 1940783 |
|  |  | 39010711 |
| Health Care - 0.4% |  |  |
| Massachusetts Dev Fin Agy Sr Living Rev (Care Communities LLC Proj.) Series 2025 A 1, 6.5% 7/15/2060 (c) | 14930000 | 14287971 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2026  | 1015000 | 1033958 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2027  | 1220000 | 1269257 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2019 A, 5% 7/1/2026  | 1640000 | 1653458 |
|  |  | 18244644 |
| Housing - 0.0% |  |  |
| Massachusetts St Hsg Fin Agy Series 218, 2.3% 12/1/2040  | 1500000 | 1073357 |
| Water & Sewer - 0.1% |  |  |
| Massachusetts Clean Water Trust/The Series 26A, 5% 2/1/2031  | 2000000 | 2246518 |
| Massachusetts Clean Water Trust/The Series 26A, 5% 2/1/2033  | 1500000 | 1713654 |
|  |  | 3960172 |
| TOTAL MASSACHUSETTS |  | 84081195 |
| Michigan - 3.1%  |  |  |
| Education - 0.3% |  |  |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2041  | 2275000 | 2401850 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2042  | 1750000 | 1829581 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2043  | 2000000 | 2076182 |
| Michigan St Univ Revs Series 2025A, 5% 2/15/2044  | 1750000 | 1808908 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2031  | 545000 | 580388 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2032  | 610000 | 646268 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2033  | 585000 | 616530 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2034  | 655000 | 686956 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2035  | 655000 | 683991 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2036  | 750000 | 779419 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2037  | 840000 | 868614 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2038  | 1240000 | 1276052 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2039  | 840000 | 860872 |
|  |  | 15115611 |
| Electric Utilities - 0.2% |  |  |
| Lansing Mich Brd Wtr & Lt Util Sys Rev 2% tender 7/1/2051 (b) | 6940000 | 6831826 |
| General Obligations - 0.8% |  |  |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2033 (State of Michigan Guaranteed) (g) | 350000 | 394456 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2034 (State of Michigan Guaranteed) (g) | 550000 | 621662 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2035 (State of Michigan Guaranteed) (g) | 500000 | 562789 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2036 (State of Michigan Guaranteed) (g) | 550000 | 608086 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2037 (State of Michigan Guaranteed) (g) | 1000000 | 1092994 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2039 (State of Michigan Guaranteed) (g) | 1000000 | 1065250 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2040 (State of Michigan Guaranteed) (g) | 500000 | 526973 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2041 (State of Michigan Guaranteed) (g) | 1000000 | 1042875 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2042 (State of Michigan Guaranteed) (g) | 1525000 | 1575319 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2043 (State of Michigan Guaranteed) (g) | 1150000 | 1179785 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2044 (State of Michigan Guaranteed) (g) | 1500000 | 1531291 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2045 (State of Michigan Guaranteed) (g) | 1600000 | 1627231 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2046 (State of Michigan Guaranteed) (g) | 2450000 | 2477044 |
| Clarkston MI Cmnty Schs Series 2025 II, 5% 5/1/2047 (State of Michigan Guaranteed) (g) | 3450000 | 3476449 |
| Clarkston MI Cmnty Schs Series 2025 II, 5.25% 5/1/2050 (State of Michigan Guaranteed) (g) | 5100000 | 5226665 |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2050  | 800000 | 761123 |
| Grand Rapids MI Gen. Oblig. Series 2025, 5% 4/1/2042  | 1000000 | 1041604 |
| Grand Rapids MI Gen. Oblig. Series 2025, 5% 4/1/2043  | 1000000 | 1034464 |
| Grand Rapids MI Gen. Oblig. Series 2025, 5% 4/1/2044  | 1000000 | 1028608 |
| Grand Rapids MI Pub Schs Series 2019, 5% 11/1/2026 (Assured Guaranty Inc Insured)  | 860000 | 885848 |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2040 (State of Michigan Guaranteed)  | 1000000 | 1050853 |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2042 (State of Michigan Guaranteed)  | 1100000 | 1133781 |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2045 (State of Michigan Guaranteed)  | 1355000 | 1367603 |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2046 (State of Michigan Guaranteed)  | 1150000 | 1152979 |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2047 (State of Michigan Guaranteed)  | 1075000 | 1073658 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) 3% 10/15/2045  | 1205000 | 906449 |
| Wayne-Westland Comnyt Sch Mich Series 2022, 3% 11/1/2046 (State of Michigan Guaranteed)  | 1475000 | 1022647 |
|  |  | 35468486 |
| Health Care - 0.2% |  |  |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 4% 7/1/2041  | 990000 | 884082 |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 5% 7/1/2026  | 400000 | 402065 |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 5% 7/1/2027  | 620000 | 633983 |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 5% 7/1/2028  | 865000 | 893793 |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 3% 7/1/2051  | 1020000 | 670481 |
| Michigan Fin Auth Rev (Bronson Methodist Hsp, Mi Proj.) Series 2019 B, 5% tender 11/15/2044 (b) | 1235000 | 1260275 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 5% 11/15/2026  | 795000 | 819544 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2019A, 5% 11/15/2048  | 270000 | 260667 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2019 A, 4% 12/1/2049  | 745000 | 608522 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series MI 2019 A, 3% 12/1/2049  | 2045000 | 1369429 |
|  |  | 7802841 |
| Housing - 0.3% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 3.5% 12/1/2050  | 1625000 | 1626068 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.45% 10/1/2046  | 2240000 | 1420414 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.55% 10/1/2051  | 1535000 | 925467 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.7% 10/1/2056  | 1000000 | 598836 |
| Michigan Hsg Dev Auth Rent Hsg Rev Series 2023 B, 5.75% 6/1/2054  | 7120000 | 7643512 |
| Michigan St Hsg Dev Auth Sfmr (MI Single Family Mortgage Proj.) Series B, 3.5% 6/1/2047  | 430000 | 429744 |
|  |  | 12644041 |
| Tobacco Bonds - 0.0% |  |  |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 4% 6/1/2049  | 810000 | 656131 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) Series 2020 A 2, 5% 6/1/2040  | 470000 | 472151 |
|  |  | 1128282 |
| Transportation - 0.8% |  |  |
| Wayne Cnty Mich Arpt Auth Rev Series 2023 C, 5.25% 12/1/2040 (Assured Guaranty Inc Insured)  | 2055000 | 2218399 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023A, 5.25% 12/1/2040 (Assured Guaranty Inc Insured)  | 2200000 | 2374929 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023A, 5.25% 12/1/2041 (Assured Guaranty Inc Insured)  | 2090000 | 2236816 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023A, 5.25% 12/1/2042 (Assured Guaranty Inc Insured)  | 1800000 | 1903916 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023A, 5.25% 12/1/2043 (Assured Guaranty Inc Insured)  | 2075000 | 2181512 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5% 12/1/2042  | 1300000 | 1342999 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5.25% 12/1/2043  | 1250000 | 1315784 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5.25% 12/1/2044  | 2500000 | 2616005 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5.25% 12/1/2045  | 5000000 | 5207342 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 A, 5.5% 12/1/2050  | 4340000 | 4533377 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 C, 5% 12/1/2042  | 2875000 | 2970094 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 C, 5.25% 12/1/2043  | 3000000 | 3157881 |
| Wayne Cnty Mich Arpt Auth Rev Series 2025 C, 5.25% 12/1/2044  | 5390000 | 5640108 |
|  |  | 37699162 |
| Water & Sewer - 0.5% |  |  |
| Great Lakes Sewer Auth Mich Series 2022A, 5% 7/1/2037  | 3175000 | 3397890 |
| Great Lakes Sewer Auth Mich Series 2022A, 5% 7/1/2038  | 1325000 | 1405076 |
| Great Lakes Sewer Auth Mich Series 2025 B, 5% 7/1/2036  | 7000000 | 7666546 |
| Great Lakes Sewer Auth Mich Series 2025 C, 5.5% 7/1/2050  | 2275000 | 2374565 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2022 A, 5% 7/1/2037  | 750000 | 802651 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2022 A, 5% 7/1/2038  | 1000000 | 1060435 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025 D, 5.5% 7/1/2050  | 6200000 | 6471342 |
|  |  | 23178505 |
| TOTAL MICHIGAN |  | 139868754 |
| Minnesota - 0.7%  |  |  |
| Education - 0.0% |  |  |
| Minnesota Higher Ed Facs Auth Rev (Augsburg College Proj.) Series 2016 A, 5% 5/1/2046  | 1365000 | 903607 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2045  | 5000 | 4595 |
|  |  | 908202 |
| General Obligations - 0.2% |  |  |
| Mounds View MN Indpt Sch Dist No 621 Series 2018 A, 3.45% 2/1/2037 (Minnesota St Guaranteed)  | 1155000 | 1088063 |
| Mounds View MN Indpt Sch Dist No 621 Series 2018 A, 3.55% 2/1/2038 (Minnesota St Guaranteed)  | 1205000 | 1121059 |
| Sauk Rapids Minn Isd No 47 Series 2020A, 2.5% 2/1/2038 (Minnesota St Guaranteed)  | 1855000 | 1462434 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2040 (Minnesota St Guaranteed) (d) | 2700000 | 1368365 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2041 (Minnesota St Guaranteed) (d) | 1765000 | 837271 |
| St Cloud MN Indpt Sch Dist 742 Series 2025 A, 0% 2/1/2044 (Minnesota St Guaranteed) (d) | 1230000 | 480336 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.6% 2/1/2037 (Minnesota St Guaranteed)  | 845000 | 816898 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.65% 2/1/2038 (Minnesota St Guaranteed)  | 885000 | 842606 |
|  |  | 8017032 |
| Health Care - 0.4% |  |  |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2023A, 5% tender 11/15/2052 (b) | 10845000 | 11453481 |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2023B, 5% tender 11/15/2053 (b) | 4175000 | 4491136 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2019, 4% 5/1/2049  | 505000 | 430353 |
|  |  | 16374970 |
| Housing - 0.1% |  |  |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 F, 5.75% 7/1/2053  | 570000 | 608478 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 O, 6% 7/1/2053  | 2875000 | 3098102 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 R, 6.25% 7/1/2054  | 465000 | 506453 |
|  |  | 4213033 |
| Other - 0.0% |  |  |
| White Bear Lake Minn Rev (Ymca of The Greater Twin Cities Proj.) 5% 6/1/2027  | 470000 | 483881 |
| TOTAL MINNESOTA |  | 29997118 |
| Mississippi - 0.1%  |  |  |
| Education - 0.0% |  |  |
| Jackson St Univ Edl Bldg Corp MS Rev Series 2021 A, 1.4% 3/1/2034 (Build America Mutual Assurance Co Insured) (b) | 2170000 | 1800009 |
| General Obligations - 0.1% |  |  |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5.25% 6/1/2044  | 1140000 | 1169173 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5.25% 6/1/2045  | 1075000 | 1098364 |
|  |  | 2267537 |
| Health Care - 0.0% |  |  |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) 5% 10/1/2026  | 610000 | 622997 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) 5% 10/1/2028  | 935000 | 988167 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 II, 5% tender 10/1/2040 (b) | 565000 | 580297 |
|  |  | 2191461 |
| TOTAL MISSISSIPPI |  | 6259007 |
| Missouri - 0.3%  |  |  |
| Health Care - 0.1% |  |  |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 4% 7/1/2033  | 1795000 | 1841286 |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 A, 4% 7/1/2046  | 1170000 | 1013718 |
| St Louis Cnty MO Indl Dev Auth Sr Living Facs Rev (Friendship Village of West County Proj.) Series 2018A, 5.125% 9/1/2048  | 55000 | 50370 |
|  |  | 2905374 |
| Housing - 0.1% |  |  |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2019B, 4% 5/1/2050  | 80000 | 80636 |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2021 A, 3% 5/1/2052  | 1715000 | 1696527 |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2023 E, 6.5% 5/1/2054  | 1145000 | 1281709 |
|  |  | 3058872 |
| Transportation - 0.0% |  |  |
| St Louis MO Arpt Rev Series 2019C, 5% 7/1/2027  | 2275000 | 2365122 |
| Water & Sewer - 0.1% |  |  |
| Kansas City MO Wtr Rev 4% 12/1/2032  | 630000 | 657838 |
| Kansas City MO Wtr Rev 4% 12/1/2034  | 375000 | 386418 |
| Kansas City MO Wtr Rev 4% 12/1/2036  | 655000 | 661611 |
| Kansas City MO Wtr Rev 4% 12/1/2037  | 470000 | 467031 |
| Kansas City MO Wtr Rev 4% 12/1/2040  | 470000 | 455369 |
| Kansas City MO Wtr Rev 5% 12/1/2028  | 545000 | 589248 |
| Kansas City MO Wtr Rev 5% 12/1/2029  | 330000 | 363363 |
| Kansas City MO Wtr Rev 5% 12/1/2030  | 620000 | 691808 |
| Kansas City MO Wtr Rev 5% 12/1/2035  | 560000 | 599877 |
|  |  | 4872563 |
| TOTAL MISSOURI |  | 13201931 |
| Montana - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Montana Fac Fin Auth Health Facs Rev (Bozeman Health Proj.) Series 2021 A, 3% 6/1/2050  | 4950000 | 3309312 |
| Montana Facility Finance Authority (Logan Health Proj.) 5% 7/1/2028  | 645000 | 681682 |
|  |  | 3990994 |
| Housing - 0.0% |  |  |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2019B, 4% 6/1/2050  | 40000 | 40458 |
| TOTAL MONTANA |  | 4031452 |
| Nebraska - 0.8%  |  |  |
| Education - 0.0% |  |  |
| Douglas Cnty Neb Edl Facs Rev (Creighton University Proj.) Series 2021 A, 3% 7/1/2051  | 940000 | 612938 |
| Electric Utilities - 0.5% |  |  |
| Omaha Public Power District Series 2025 A, 5% 2/1/2040  | 3000000 | 3176172 |
| Omaha Public Power District Series 2025 A, 5% 2/1/2041  | 2700000 | 2835452 |
| Omaha Public Power District Series 2025 A, 5% 2/1/2042  | 4000000 | 4180423 |
| Omaha Public Power District Series 2025 A, 5% 2/1/2043  | 2630000 | 2732096 |
| Omaha Public Power District Series 2025 A, 5% 2/1/2044  | 2950000 | 3054295 |
| Omaha Public Power District Series 2025 A, 5% 2/1/2045  | 4125000 | 4265750 |
|  |  | 20244188 |
| General Obligations - 0.3% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev Series 2025A SUB A 1, 5% tender 8/1/2055 (Royal Bank of Canada Guaranteed) (b) | 14305000 | 15185224 |
| Housing - 0.0% |  |  |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2020 A, 3.5% 9/1/2050  | 2000000 | 2001292 |
| TOTAL NEBRASKA |  | 38043642 |
| Nevada - 0.7%  |  |  |
| General Obligations - 0.2% |  |  |
| Clark Cnty NV School Dist Series 2017 A, 5% 6/15/2026  | 200000 | 204075 |
| Clark Cnty NV School Dist Series 2024 B, 3% 6/15/2041  | 12190000 | 9655847 |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2041  | 3730000 | 3018419 |
|  |  | 12878341 |
| Housing - 0.2% |  |  |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) 3% 10/1/2051  | 4880000 | 4814990 |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) Series 2019 A, 4% 4/1/2049  | 855000 | 861039 |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) Series 2019B, 4% 10/1/2049  | 90000 | 90644 |
| Nevada Hsg Div Single Family Mtg Rev Series 2021 A, 3% 4/1/2051  | 1105000 | 1092719 |
|  |  | 6859392 |
| Special Tax - 0.2% |  |  |
| NV Hwy Imp Rev Bd Series 2020 A, 2% 12/1/2032  | 3020000 | 2672608 |
| NV Hwy Imp Rev Bd Series 2024 C, 3% 12/1/2040  | 5605000 | 4623382 |
| NV Hwy Imp Rev Bd Series 2024 C, 3% 12/1/2041  | 1000000 | 804611 |
|  |  | 8100601 |
| Water & Sewer - 0.1% |  |  |
| Las Vegas Valley NV Gen. Oblig. Series 2022A, 4% 6/1/2040  | 1245000 | 1181319 |
| Las Vegas Valley NV Gen. Oblig. Series 2025A, 5% 6/1/2038  | 2030000 | 2217852 |
|  |  | 3399171 |
| TOTAL NEVADA |  | 31237505 |
| New Hampshire - 0.4%  |  |  |
| Health Care - 0.0% |  |  |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 3% 8/15/2051 (Assured Guaranty Inc Insured)  | 1990000 | 1331291 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2034  | 295000 | 302368 |
|  |  | 1633659 |
| Housing - 0.4% |  |  |
| National Fin Auth NH Hosp Rev (Lihtc 2020-1 Us Proj.) Series 1 Class A, 4.125% 1/20/2034  | 1552168 | 1535956 |
| National Fin Auth NH Hosp Rev (Lihtc 2022-1 Us Proj.) Series 1 Class A, 4.375% 9/20/2036  | 2206654 | 2131393 |
| National Fin Auth NH Hosp Rev (Lihtc 2023-2 Us Proj.) Series 2 Class A, 3.875% 1/20/2038  | 6142206 | 5584200 |
| New Hampshire Business Finance Authority (Lihtc 2022-2 Us Proj.) Series 2 Class A, 4% 10/20/2036  | 7446041 | 6993795 |
|  |  | 16245344 |
| TOTAL NEW HAMPSHIRE |  | 17879003 |
| New Jersey - 5.9%  |  |  |
| Education - 0.5% |  |  |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2040 (Build America Mutual Assurance Co Insured)  | 1250000 | 1301917 |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2043 (Build America Mutual Assurance Co Insured)  | 1000000 | 1021667 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019A, 5% 12/1/2025  | 200000 | 201445 |
| Montclair State University Inc (Montclair State University Inc Proj.) Series 2025A, 5% 7/1/2027 (Assured Guaranty Inc Insured)  | 1100000 | 1148186 |
| Montclair State University Inc (Montclair State University Inc Proj.) Series 2025A, 5% 7/1/2030 (Assured Guaranty Inc Insured)  | 2245000 | 2466766 |
| Montclair State University Inc (Montclair State University Inc Proj.) Series 2025A, 5% 7/1/2031 (Assured Guaranty Inc Insured)  | 2405000 | 2657427 |
| Montclair State University Inc (Montclair State University Inc Proj.) Series 2025A, 5% 7/1/2032 (Assured Guaranty Inc Insured)  | 1800000 | 2000641 |
| Montclair State University Inc (Montclair State University Inc Proj.) Series 2025A, 5% 7/1/2033 (Assured Guaranty Inc Insured)  | 1240000 | 1386120 |
| Montclair State University Inc (Montclair State University Inc Proj.) Series 2025A, 5% 7/1/2034 (Assured Guaranty Inc Insured)  | 1000000 | 1115644 |
| Montclair State University Inc (Montclair State University Inc Proj.) Series 2025A, 5% 7/1/2035 (Assured Guaranty Inc Insured)  | 1000000 | 1110717 |
| Montclair State University Inc (Montclair State University Inc Proj.) Series 2025A, 5% 7/1/2036 (Assured Guaranty Inc Insured)  | 1000000 | 1097711 |
| New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2038  | 1980000 | 2037078 |
| New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2039  | 2080000 | 2128515 |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2039 (Build America Mutual Assurance Co Insured)  | 1500000 | 1622428 |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2041 (Build America Mutual Assurance Co Insured)  | 2000000 | 2120376 |
|  |  | 23416638 |
| General Obligations - 2.9% |  |  |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2035  | 1085000 | 1074339 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2036  | 420000 | 407163 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2016 A, 5% 7/15/2027  | 935000 | 950450 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2018EEE, 5% 6/15/2028  | 550000 | 586551 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 LLL, 4% 6/15/2044  | 2745000 | 2385798 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2046  | 740000 | 633503 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2031  | 2560000 | 2750240 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2033  | 750000 | 826808 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5.25% 6/15/2036  | 1055000 | 1158794 |
| New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2017 B, 5% 6/15/2026  | 935000 | 955085 |
| New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2017 B, 5% 6/15/2035  | 545000 | 563370 |
| New Jersey St Gen. Oblig. 2% 6/1/2034  | 740000 | 611089 |
| New Jersey St Gen. Oblig. 4% 6/1/2031  | 13000000 | 13780421 |
| New Jersey St Gen. Oblig. 5% 6/1/2028  | 935000 | 1000420 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2027 (d) | 1130000 | 1057388 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2029 (Assured Guaranty Inc Insured) (d) | 1310000 | 1154799 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2030 (d) | 1000000 | 843614 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2030 (National Public Finance Guarantee Corporation Insured) (d) | 2100000 | 1771590 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (d) | 1615000 | 1303717 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (Financial Guaranty Ins CO Insured) (d) | 5400000 | 4359178 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2033 (Assured Guaranty Inc Insured) (d) | 5165000 | 3810190 |
| New Jersey Trans Trust Fund Auth 4% 12/15/2039  | 935000 | 861954 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2034  | 550000 | 551662 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2045  | 5915000 | 5117311 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2050  | 6105000 | 5147137 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2032  | 1095000 | 1198724 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 4230000 | 4582731 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2036  | 10200000 | 11052099 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2036  | 1075000 | 1130414 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2040  | 12850000 | 13353971 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2039  | 2900000 | 3101620 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2050  | 4475000 | 4549848 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2055  | 9435000 | 9557468 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 4.25% 12/15/2038  | 2355000 | 2271713 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2032  | 630000 | 662497 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2034  | 1100000 | 1139831 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2044  | 1215000 | 1061369 |
| New Jersey Trans Trust Fund Auth Series 2020 AA, 5% 6/15/2050  | 370000 | 368803 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2038  | 750000 | 707816 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2040  | 3125000 | 2866820 |
| New Jersey Trans Trust Fund Auth Series 2022 BB, 4% 6/15/2046  | 5350000 | 4598527 |
| New Jersey Trans Trust Fund Auth Series 2022 BB, 4% 6/15/2050  | 3600000 | 3035167 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2030  | 1845000 | 2028252 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2031  | 4485000 | 4961817 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2033  | 1250000 | 1370016 |
| New Jersey Trans Trust Fund Auth Series 2023A, 5.25% 6/15/2041  | 1545000 | 1614908 |
| Ocean City NJ Gen. Oblig. 2% 10/15/2030  | 635000 | 582125 |
|  |  | 129459107 |
| Health Care - 0.2% |  |  |
| New Jersey Econom Dev Auth Rev (Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% (c) | 220000 | 168341 |
| New Jersey Economic Dev Auth Rev (White Horse HMT Urban Renewal LLC Proj.) 5% (c)(f) | 304743 | 210381 |
| New Jersey Health Care (Atlanticare Regional Med Ctr Proj.) 3% 7/1/2039  | 1910000 | 1620556 |
| New Jersey Health Care (Rwj Barnabas Health Proj.) 5% tender 7/1/2045 (b) | 1585000 | 1612918 |
| New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 4% 7/1/2048  | 3355000 | 2704213 |
| New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 5% 7/1/2028  | 1095000 | 1106347 |
|  |  | 7422756 |
| Tobacco Bonds - 0.1% |  |  |
| Tobacco Settlement Fin Corp NJ 5% 6/1/2028  | 935000 | 965067 |
| Tobacco Settlement Fin Corp NJ Series 2018B, 5% 6/1/2046  | 4270000 | 4115452 |
|  |  | 5080519 |
| Transportation - 2.2% |  |  |
| New Jersey Turnpike Authority 5% 1/1/2028  | 3005000 | 3177675 |
| New Jersey Turnpike Authority 5% 1/1/2028  | 800000 | 823658 |
| New Jersey Turnpike Authority 5% 1/1/2032  | 2375000 | 2647933 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2042  | 2455000 | 2550121 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2043  | 2580000 | 2662798 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2044  | 3440000 | 3530213 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2045  | 3075000 | 3143159 |
| New Jersey Turnpike Authority Series 2025A, 5% 1/1/2043  | 5500000 | 5702474 |
| New Jersey Turnpike Authority Series 2025A, 5% 1/1/2044  | 6000000 | 6180121 |
| New Jersey Turnpike Authority Series 2025A, 5% 1/1/2045  | 5500000 | 5639019 |
| New Jersey Turnpike Authority Series 2025A, 5.25% 1/1/2050  | 11735000 | 12133998 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2032  | 25000000 | 27872980 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2036  | 4000000 | 4446237 |
| New Jersey Turnpike Authority Series 2025B, 5% 1/1/2039  | 6750000 | 7255175 |
| Newark NJ Hsg Auth Port Auth Port Newark Marine Term Rent Backed (Port Auth NY & NJ Proj.) Series 2007, 5.25% 1/1/2026 (National Public Finance Guarantee Corporation Insured)  | 935000 | 942692 |
| Port Auth NY & NJ Series 243, 5% 12/1/2037  | 4750000 | 5150803 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2022 A, 5% 11/1/2038  | 1000000 | 1034231 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2022 A, 5% 11/1/2040  | 1350000 | 1380982 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 5% 11/1/2032  | 1200000 | 1327053 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 5% 11/1/2033  | 1300000 | 1434444 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 5% 11/1/2034  | 1000000 | 1099018 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 5% 11/1/2035  | 725000 | 787584 |
|  |  | 100922368 |
| TOTAL NEW JERSEY |  | 266301388 |
| New Jersey,New York - 0.1%  |  |  |
| Transportation - 0.1% |  |  |
| Port Auth NY & NJ 5% 1/15/2040  | 1750000 | 1860751 |
| Port Auth NY & NJ 5% 1/15/2041  | 2150000 | 2262516 |
| Port Auth NY & NJ 5% 1/15/2042  | 1205000 | 1256280 |
|  |  | 5379547 |
| TOTAL NEW JERSEY,NEW YORK |  | 5379547 |
| New Mexico - 0.4%  |  |  |
| General Obligations - 0.3% |  |  |
| New Mexico Mun Energy Acquisition Auth Gas Supply Rev 5% tender 6/1/2054 (Royal Bank of Canada Guaranteed) (b) | 10905000 | 11572905 |
| Health Care - 0.0% |  |  |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2034  | 60000 | 60730 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2039  | 45000 | 43353 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2044  | 45000 | 41241 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2049  | 100000 | 87670 |
|  |  | 232994 |
| Housing - 0.1% |  |  |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2018 A 1, 4% 1/1/2049  | 650000 | 654356 |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2019 D, 3.75% 1/1/2050  | 150000 | 150746 |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2023 C, 5.75% 3/1/2054  | 1810000 | 1945419 |
| New Mexico Mtg Fin Auth (NM Single Family Mortgage Proj.) Series 2019 C, 4% 1/1/2050  | 380000 | 382820 |
|  |  | 3133341 |
| Water & Sewer - 0.0% |  |  |
| Albuquerque Bernalillo Cnty Wtr Util Auth Series 2018, 5% 7/1/2028  | 935000 | 952450 |
| TOTAL NEW MEXICO |  | 15891690 |
| New York - 11.0%  |  |  |
| Education - 0.5% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2036  | 750000 | 779934 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2040  | 935000 | 946246 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2041  | 935000 | 939332 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2030  | 1540000 | 1527974 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2031  | 1615000 | 1585292 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2038  | 780000 | 701373 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2039  | 1225000 | 1092888 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2040  | 2760000 | 2442208 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2041  | 2900000 | 2543182 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2042  | 1520000 | 1321352 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2057  | 6385000 | 5035901 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2037  | 380000 | 391198 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2042  | 1075000 | 1069555 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2050  | 2775000 | 2644120 |
|  |  | 23020555 |
| Electric Utilities - 0.2% |  |  |
| Long Island Pwr Auth NY Elec Series 2024B, 3% tender 9/1/2049 (b) | 7745000 | 7474456 |
| General Obligations - 1.9% |  |  |
| City of New York NY Gen. Oblig. 5% 8/1/2031  | 3990000 | 4361754 |
| City of New York NY Gen. Oblig. Series FISCAL 2023 1, 5% 8/1/2028  | 1000000 | 1072687 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 1, 5% 9/1/2039  | 9105000 | 9521724 |
| City of New York NY Gen. Oblig. Series FISCAL 2023E SUB E1, 5% 4/1/2038  | 2000000 | 2118089 |
| City of New York NY Gen. Oblig. Series FISCAL 2023E SUB E1, 5% 4/1/2039  | 2800000 | 2942752 |
| City of New York NY Gen. Oblig. Series FISCAL 2023E SUB E1, 5% 4/1/2040  | 9000000 | 9369947 |
| City of New York NY Gen. Oblig. Series FISCAL 2023E SUB E1, 5% 4/1/2041  | 1000000 | 1033388 |
| City of New York NY Gen. Oblig. Series FISCAL 2024 C, 5.25% 3/1/2053  | 4795000 | 4884178 |
| City of New York NY Gen. Oblig. Series FISCAL 2024 D, 5.25% 4/1/2054  | 5735000 | 5837628 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 SUB C1, 5.25% 9/1/2045  | 5030000 | 5203457 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 SUB C1, 5.25% 9/1/2050  | 5000000 | 5107272 |
| City of New York NY Gen. Oblig. Series FISCAL 2025G SUB G 1, 5% 2/1/2036  | 1785000 | 1976019 |
| City of New York NY Gen. Oblig. Series FISCAL2024A, 5% 8/1/2039  | 2635000 | 2767010 |
| City of New York NY Gen. Oblig. Series FISCAL2024A, 5% 8/1/2042  | 2000000 | 2053907 |
| Nassau Cnty NY Gen. Oblig. 5% 4/1/2038  | 2000000 | 2160743 |
| Nassau Cnty NY Gen. Oblig. 5% 4/1/2039  | 1800000 | 1926942 |
| New York Energy Finance Development Corp Series 2025, 5% tender 7/1/2056 (Athene Annuity And Life Company Guaranteed) (b) | 10710000 | 11162209 |
| New York NY City Edl Constr Fd (City of New York NY Proj.) Series 2021 B, 5% 4/1/2046  | 2055000 | 2070456 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2015 IS S 1, 5% 7/15/2035  | 6550000 | 6556164 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023B SUB B 1, 5.25% 11/1/2037  | 5880000 | 6344977 |
|  |  | 88471303 |
| Health Care - 0.1% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2019 B3, 5% tender 5/1/2048 (b) | 595000 | 597439 |
| Niagara NY Area Dev Corp Rev (Catholic Health System Proj.) 4.5% 7/1/2052  | 1775000 | 1460369 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 5% 12/1/2026 (Assured Guaranty Inc Insured)  | 1520000 | 1532901 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 4.625% 11/1/2031 (c) | 250000 | 234647 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 5.375% 11/1/2054 (c) | 935000 | 715355 |
|  |  | 4540711 |
| Housing - 1.2% |  |  |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2023E 2, 3.8% tender 11/1/2063 (b) | 650000 | 657489 |
| New York St Hsg Fin Agy 1% tender 11/1/2061 (b) | 370000 | 358913 |
| New York St Hsg Fin Agy 1.1% tender 11/1/2061 (b) | 3435000 | 3295715 |
| New York St Hsg Fin Agy Series 2023 C2, 3.8% tender 11/1/2062 (b) | 12625000 | 12629376 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 3.4% tender 11/1/2062 (b) | 8400000 | 8400928 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 3.7% tender 5/1/2063 (b) | 3955000 | 3961982 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 3.73% tender 5/1/2063 (b) | 4410000 | 4427953 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 J, 3.05% 11/1/2049  | 1145000 | 788552 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 C 1, 2.5% 11/1/2051  | 4155000 | 2470011 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 F 1, 2.25% 11/1/2041  | 6515000 | 4496235 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 F 1, 2.4% 11/1/2046  | 1445000 | 907626 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 K2, 0.9% tender 11/1/2060 (b) | 6590000 | 6522619 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2023 D, 4.3% tender 11/1/2063 (b) | 2140000 | 2188915 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 225, 2.45% 10/1/2045  | 10000000 | 6575328 |
|  |  | 57681642 |
| Industrial Development - 0.0% |  |  |
| MTA Hudson Rail Yards Trust Series 2016 A, 5% 11/15/2056  | 280000 | 278075 |
| Other - 0.1% |  |  |
| New York City Trust Cultural Resources Rev (Whitney Museum of American Art Proj.) 5% 7/1/2031  | 3370000 | 3768204 |
| Special Tax - 5.7% |  |  |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 5/1/2049  | 3545000 | 3575753 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5.25% 11/1/2048  | 13595000 | 14055166 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5.25% 5/1/2048  | 1000000 | 1032660 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series 2025 I I 1, 5% 5/1/2041  | 6000000 | 6292385 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series 2025 I I 1, 5% 5/1/2042  | 6000000 | 6242152 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series 2025 I I 1, 5% 5/1/2043  | 5810000 | 5979736 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series 2025 J J 1, 5% 11/1/2032  | 7500000 | 8435406 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series 2025 J J 1, 5% 11/1/2033  | 4220000 | 4750266 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024 B, 5% 5/1/2037  | 2500000 | 2690149 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024 B, 5% 5/1/2038  | 5000000 | 5320722 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024 B, 5% 5/1/2039  | 3600000 | 3797892 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024 B, 5% 5/1/2040  | 8665000 | 9067786 |
| 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  | 3780000 | 3974028 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024F SUB F 1, 5% 2/1/2041  | 3505000 | 3658751 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024F SUB F 1, 5% 2/1/2042  | 2500000 | 2590707 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024F SUB F 1, 5% 2/1/2049  | 2355000 | 2374565 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024G SUB G 1, 5% 5/1/2038  | 2285000 | 2445936 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024G SUB G 1, 5.25% 5/1/2051  | 13955000 | 14355197 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2025C SUB C 1, 5.25% 5/1/2049  | 13355000 | 13777168 |
| New York City Transitional Finance Authority (New York State Sales Tax Rev Proj.) Series FISCAL 2024G SUB G 1, 5.25% 5/1/2049  | 3750000 | 3862265 |
| New York NY City Transitional Fin Auth Rev Series 2018 1, 5% 11/1/2029  | 1935000 | 2037500 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2041  | 15720000 | 16346685 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2050  | 6465000 | 6533919 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 5% 3/15/2046  | 3500000 | 3560224 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 3% 3/15/2050  | 2340000 | 1605725 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 4% 3/15/2047  | 3830000 | 3296950 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 5% 2/15/2031  | 935000 | 966454 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 3% 2/15/2049  | 3920000 | 2737608 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2021 A, 4% 3/15/2038  | 4000000 | 3905422 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2021 E, 4% 3/15/2039  | 4000000 | 3817600 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2021 E, 4% 3/15/2045  | 5435000 | 4749926 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2041  | 12850000 | 13237188 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2023 A, 5% 3/15/2040  | 4000000 | 4170073 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2028  | 2500000 | 2665889 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2032  | 7615000 | 8556679 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2033  | 1985000 | 2240326 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2034  | 1775000 | 2006868 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 4% 3/15/2045  | 1170000 | 1027384 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 4% 3/15/2049  | 7380000 | 6288970 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 E, 3% 3/15/2050  | 1525000 | 1055016 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020E, 4% 3/15/2044  | 7450000 | 6601627 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020E, 4% 3/15/2045  | 7020000 | 6164309 |
| New York Twy Auth Pers Income Tax Rev Series 2025 A, 5% 3/15/2042  | 20000000 | 20749528 |
| NY Mta Dedicated Tax Fund Series 2012A, 0% 11/15/2032 (d) | 5160000 | 3977335 |
| NY Mta Dedicated Tax Fund Series 2024 B 1, 5% 11/15/2052  | 3805000 | 3799659 |
| NY Payroll Mobility Tax Series 2021 B 1, 4% 5/15/2056  | 1645000 | 1363459 |
|  |  | 251741013 |
| Transportation - 0.9% |  |  |
| Metropolitan Transn Auth NY Rv 4% 11/15/2046  | 12660000 | 10737669 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2030  | 8760000 | 9265847 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2035  | 1870000 | 1929682 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2034  | 2230000 | 2312464 |
| Metropolitan Transn Auth NY Rv Series D 1, 5% 11/15/2028  | 2310000 | 2321700 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2033  | 325000 | 346209 |
| Triborough Brdg & Tunl NY Revs Series 2022A, 5% 11/15/2040  | 2280000 | 2382749 |
| Triborough Brdg & Tunl NY Revs Series 2022A, 5% 11/15/2041  | 1750000 | 1810764 |
| Triborough Brdg & Tunl NY Revs Series 2023B 1, 5% 11/15/2039  | 1130000 | 1194384 |
| Triborough Brdg & Tunl NY Revs Series 2023B 1, 5% 11/15/2040  | 1000000 | 1051696 |
| Triborough Brdg & Tunl NY Revs Series 2023B 1, 5% 11/15/2041  | 1750000 | 1820961 |
| Triborough Brdg & Tunl NY Revs Series 2023B 1, 5% 11/15/2042  | 1000000 | 1030468 |
| Triborough Brdg & Tunl NY Revs Series 2023B 1, 5% 11/15/2043  | 1000000 | 1022848 |
| Triborough Brdg & Tunl NY Revs Series 2024 A SUB A 1, 5.25% 11/15/2051  | 5000000 | 5141700 |
|  |  | 42369141 |
| Water & Sewer - 0.4% |  |  |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2024 SUB BB1, 5.25% 6/15/2054  | 5000000 | 5114611 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL2025AA SUB AA1, 5.25% 6/15/2053  | 10735000 | 11046202 |
|  |  | 16160813 |
| TOTAL NEW YORK |  | 495505913 |
| North Carolina - 0.8%  |  |  |
| General Obligations - 0.0% |  |  |
| Alamance Cnty NC Gen. Oblig. Series 2021, 2% 5/1/2034  | 920000 | 769699 |
| Charlotte NC Ctfs Partn (Charlotte NC Proj.) Series 2019A, 4% 6/1/2039  | 820000 | 793236 |
|  |  | 1562935 |
| Health Care - 0.2% |  |  |
| North Carolina Med Care Commn Health Care Facs Rev (Unc Rex Healthcare Proj.) Series 2020 A, 3% 7/1/2045  | 1810000 | 1404311 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 2.55% tender 6/1/2048 (b) | 1260000 | 1255107 |
| Unc Health Nash Series 2025, 5.25% 2/1/2055 (g) | 4325000 | 4227653 |
| Unc Health Nash Series 2025, 5.75% 2/1/2050 (g) | 4155000 | 4317016 |
|  |  | 11204087 |
| Housing - 0.2% |  |  |
| NC Hsg Fin Agy Homeownership Rev (NC Homeownership Proj.) Series 45, 3% 7/1/2051  | 9095000 | 9001072 |
| NC Hsg Fin Agy Homeownership Rev (NC Homeownership Proj.) Series 52 A, 6.25% 1/1/2055  | 1055000 | 1146378 |
|  |  | 10147450 |
| Transportation - 0.4% |  |  |
| Charlotte NC Arpt Rev Series 2023A, 5% 7/1/2037  | 775000 | 839457 |
| Charlotte NC Arpt Rev Series 2023A, 5% 7/1/2038  | 785000 | 842190 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 5% 1/1/2049  | 13100000 | 12744736 |
|  |  | 14426383 |
| TOTAL NORTH CAROLINA |  | 37340855 |
| North Dakota - 0.2%  |  |  |
| Education - 0.0% |  |  |
| University North Dakota Ctfs Partn (University ND Univ Revs Proj.) Series 2021 A, 3% 6/1/2061 (Assured Guaranty Inc Insured)  | 2865000 | 1807808 |
| General Obligations - 0.0% |  |  |
| Grand Forks N Gen. Oblig. Series 2020 A, 2.25% 12/1/2046  | 395000 | 230390 |
| Health Care - 0.0% |  |  |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 4% 12/1/2046  | 1060000 | 856481 |
| Housing - 0.2% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 3% 1/1/2052  | 550000 | 544084 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 5% 1/1/2053  | 2115000 | 2196719 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2021 B, 3% 7/1/2052  | 1555000 | 1531964 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2023 F, 6.25% 1/1/2054  | 365000 | 397559 |
|  |  | 4670326 |
| TOTAL NORTH DAKOTA |  | 7565005 |
| Ohio - 1.9%  |  |  |
| Education - 0.5% |  |  |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2039 (Build America Mutual Assurance Co Insured)  | 4315000 | 4490036 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2040 (Build America Mutual Assurance Co Insured)  | 2905000 | 2993008 |
| Cleveland OH St Univ Gen Rcp Series 2025 C, 5% 6/1/2041 (Build America Mutual Assurance Co Insured)  | 3175000 | 3246681 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5% 8/1/2039 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 1250000 | 1280833 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5.25% 8/1/2040 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 1320000 | 1360303 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5.25% 8/1/2041 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 1390000 | 1421869 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5.25% 8/1/2042 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 1465000 | 1490425 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 4% 7/1/2040  | 685000 | 641479 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2035  | 2455000 | 2581984 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2042  | 4235000 | 4313545 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) 5% 5/1/2044  | 1795000 | 1759152 |
|  |  | 25579315 |
| Electric Utilities - 0.1% |  |  |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2030  | 1725000 | 1888098 |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2031  | 1425000 | 1574036 |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2032  | 1900000 | 2111820 |
|  |  | 5573954 |
| General Obligations - 0.3% |  |  |
| Cleveland OH Gen. Oblig. Series 2019A, 3% 12/1/2039  | 1000000 | 822244 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2025  | 1600000 | 1611833 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5% 12/1/2026  | 1500000 | 1543930 |
| Cleveland Ohio Mun Sch Dist Series 2025, 5.25% 12/1/2052  | 5250000 | 5367399 |
| Kettering Ohio City Sch Dist Ctfs Partn (Kettering Ohio City Sch Dist Proj.) Series 2019, 4% 12/1/2043  | 2625000 | 2354047 |
| Ohio St Spl Oblig (State of Ohio Proj.) Series 2023A, 5% 4/1/2036  | 1000000 | 1097435 |
|  |  | 12796888 |
| Health Care - 0.6% |  |  |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) 5.25% 11/15/2046  | 3495000 | 3529362 |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) Series 2020, 5% 11/15/2031  | 360000 | 384029 |
| Hamilton Cnty OH Hosp Facs Rev (TriHealth Inc Proj.) Series 2017A, 5% 8/15/2033  | 770000 | 788488 |
| Hamilton Cnty OH Hosp Facs Rev (Uc Health Proj.) 5.5% 8/1/2042  | 3000000 | 3025998 |
| Middleburg Heights OH Hosp Rev (Southwest General Hosp Ctr Proj.) Series 2021A, 4% 8/1/2041  | 1590000 | 1392335 |
| Ohio St Hosp Rev (Cleveland Clinic Foundation Proj.) Series 2019 C, 2.75% tender 1/1/2052 (b) | 1255000 | 1245456 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2020 B, 3.9% tender 1/15/2050 (b) | 4760000 | 4798761 |
| Ross County Ohio Hosp Rev (Adena Health Sys Proj.) Series 2019, 5% 12/1/2025  | 430000 | 432676 |
| Ross County Ohio Hosp Rev (Adena Health Sys Proj.) Series 2019, 5% 12/1/2026  | 560000 | 572698 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) 5% 2/15/2026  | 1815000 | 1831226 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2016, 5% 2/15/2027  | 1510000 | 1522884 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2019, 5% 2/15/2029  | 405000 | 417945 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2028  | 830000 | 866236 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2029  | 880000 | 926269 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2030  | 930000 | 985114 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2031  | 995000 | 1056322 |
|  |  | 23775799 |
| Housing - 0.0% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050  | 55000 | 55736 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 B, 6% 3/1/2055  | 1525000 | 1665748 |
|  |  | 1721484 |
| Tobacco Bonds - 0.4% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 3% 6/1/2048  | 8995000 | 6010457 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 4% 6/1/2048  | 4540000 | 3665325 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2036  | 2045000 | 2087957 |
|  |  | 11763739 |
| Transportation - 0.0% |  |  |
| Ohio St Mjr New St Infst Proj Rev Series 2021 1A, 5% 12/15/2031  | 1310000 | 1471345 |
| Ohio St Tpk Commn Tpk Rev Series 2022A, 5% 2/15/2039  | 590000 | 626872 |
|  |  | 2098217 |
| TOTAL OHIO |  | 83309396 |
| Oklahoma - 0.3%  |  |  |
| Education - 0.0% |  |  |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2026  | 335000 | 338951 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2044  | 620000 | 574184 |
|  |  | 913135 |
| Electric Utilities - 0.0% |  |  |
| Oklahoma St Mun Pwr Auth Pwr Series 2021A, 3% 1/1/2041 (Assured Guaranty Inc Insured)  | 1735000 | 1338426 |
| Housing - 0.0% |  |  |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) 6% 3/1/2054  | 280000 | 306749 |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) Series 2023D, 6.5% 9/1/2054  | 275000 | 307192 |
|  |  | 613941 |
| Transportation - 0.3% |  |  |
| Oklahoma St Tpk Auth Tpk Rev 5% 1/1/2038 (g) | 1850000 | 2004423 |
| Oklahoma St Tpk Auth Tpk Rev 5.25% 1/1/2047  | 7500000 | 7782963 |
|  |  | 9787386 |
| TOTAL OKLAHOMA |  | 12652888 |
| Oregon - 0.4%  |  |  |
| General Obligations - 0.1% |  |  |
| Oregon St Gen. Oblig. Series 2022 D, 5% 12/1/2052  | 1450000 | 1503830 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2038 (Oregon St Guaranteed) (d) | 3960000 | 2215863 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2043 (Oregon St Guaranteed) (d) | 5000000 | 2017398 |
|  |  | 5737091 |
| Health Care - 0.2% |  |  |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2036  | 1215000 | 1264595 |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2038  | 3465000 | 3558340 |
| Salem OR Hosp Fac Auth Rev (Salem Health Proj.) Series 2019 A, 3% 5/15/2049  | 3125000 | 2092462 |
|  |  | 6915397 |
| Housing - 0.1% |  |  |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 2.65% 7/1/2039  | 570000 | 434788 |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 4% 7/1/2050  | 3885000 | 3908315 |
|  |  | 4343103 |
| Water & Sewer - 0.0% |  |  |
| Portland OR Swr Sys Rev Series 2020A, 2.125% 3/1/2040  | 1125000 | 776767 |
| TOTAL OREGON |  | 17772358 |
| Pennsylvania - 4.2%  |  |  |
| Education - 0.1% |  |  |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 3.5% (f) | 445000 | 213600 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4% (f) | 995000 | 477600 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4.25% (f) | 1110000 | 532800 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Arcadia University PA Proj.) 5% 4/1/2026  | 310000 | 310720 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Arcadia University PA Proj.) 5% 4/1/2027  | 590000 | 602561 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2016, 5% 5/1/2034  | 1495000 | 1500689 |
| Pennsylvania St Higher Edl Rev (St Josephs University, PA Proj.) Series 2012, 5% 11/1/2042  | 1280000 | 1240547 |
|  |  | 4878517 |
| Electric Utilities - 0.1% |  |  |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5.25% 8/1/2054 (Assured Guaranty Inc Insured)  | 2890000 | 2922530 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Doylestown PA Hosp Auth Hosp 5% 7/1/2049 (Pre-refunded to 7/1/2029 at 100)  | 95000 | 102411 |
| General Obligations - 2.0% |  |  |
| Coatesville PA Area Sch Dist Series 2025, 5.25% 11/15/2041 (Assured Guaranty Inc Insured)  | 1125000 | 1172719 |
| Coatesville PA Area Sch Dist Series 2025, 5.25% 11/15/2042 (Assured Guaranty Inc Insured)  | 6100000 | 6291980 |
| Commonwealth Fing Auth PA Rev (Pennsylvania St Proj.) Series 2019 B, 5% 6/1/2026  | 635000 | 647376 |
| Commonwealth Fing Auth PA Rev (Pennsylvania St Proj.) Series 2020 A, 5% 6/1/2029  | 1640000 | 1774964 |
| Commonwealth Fing Auth PA Rev (Pennsylvania St Proj.) Series 2020 A, 5% 6/1/2032  | 2810000 | 3066586 |
| Pennsylvania St Gen. Oblig. Series 2018, 3.2% 3/1/2029  | 3750000 | 3756738 |
| Pennsylvania St Gen. Oblig. Series 2018, 3.35% 3/1/2030  | 5580000 | 5608962 |
| Pennsylvania St Gen. Oblig. Series 2025 A, 5% 8/15/2029  | 10000000 | 10955896 |
| Pennsylvania St Gen. Oblig. Series 2025 A, 5% 8/15/2030  | 2900000 | 3220783 |
| Pennsylvania St Gen. Oblig. Series 2025 A, 5% 8/15/2031  | 10080000 | 11305986 |
| Philadelphia PA Gen. Oblig. Series 2019 A, 5% 8/1/2026  | 1090000 | 1116317 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2034  | 2105000 | 2227883 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2035  | 2575000 | 2711516 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2036  | 2260000 | 2368701 |
| Philadelphia PA Gen. Oblig. Series 2025 A, 5.25% 8/1/2043  | 4500000 | 4752805 |
| Philadelphia PA Gen. Oblig. Series 2025 A, 5.25% 8/1/2044  | 4760000 | 5006196 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2030  | 12610000 | 13905647 |
| Philadelphia PA Sch Dist 4% 9/1/2035  | 1170000 | 1158981 |
| Philadelphia PA Sch Dist 5% 9/1/2026  | 1870000 | 1916060 |
| Philadelphia PA Sch Dist 5% 9/1/2026  | 1310000 | 1343117 |
| Philadelphia PA Sch Dist 5% 9/1/2026  | 1035000 | 1061165 |
| Philadelphia PA Sch Dist 5% 9/1/2030  | 1250000 | 1342793 |
| Philadelphia PA Sch Dist 5% 9/1/2032  | 935000 | 993877 |
| Philadelphia PA Sch Dist 5% 9/1/2034 (Assured Guaranty Inc Insured)  | 580000 | 611323 |
| Philadelphia PA Sch Dist Series 2019 A, 5% 9/1/2044  | 1355000 | 1331562 |
| State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2016 A, 5% 6/1/2032 (Assured Guaranty Inc Insured)  | 830000 | 842969 |
|  |  | 90492902 |
| Health Care - 0.6% |  |  |
| Doylestown PA Hosp Auth Hosp (Univ of Penn Health Systems Proj.) 5% 7/1/2049  | 860000 | 842408 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 C, 5% tender 4/1/2043 (b) | 3675000 | 3948266 |
| Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2030  | 1060000 | 1150651 |
| Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2031  | 1110000 | 1211361 |
| Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2032  | 1545000 | 1686817 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 5% 7/1/2026  | 1780000 | 1814221 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 5% 7/1/2027  | 1870000 | 1941948 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 5% 7/1/2028  | 1945000 | 2053941 |
| Monroeville PA Fin Auth UPMC Rev (UPMC Proj.) 5% 5/15/2035  | 380000 | 411136 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2040  | 2515000 | 2079155 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2038  | 1590000 | 1478583 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2039  | 1030000 | 949936 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2044  | 235000 | 202116 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 1, 5.25% 7/1/2049  | 900000 | 857557 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 5.25% 7/1/2046  | 965000 | 938652 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) 5% 5/15/2035  | 500000 | 536468 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2023 A 2, 5% 5/15/2035  | 500000 | 536469 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 4% 6/1/2044  | 220000 | 190462 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 4% 6/1/2049  | 520000 | 424379 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 5% 6/1/2049  | 605000 | 587938 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2023A, 5% 6/1/2029  | 3050000 | 3289594 |
|  |  | 27132058 |
| Housing - 0.1% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2043  | 1400000 | 1396965 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2023 142A, 4.5% 10/1/2038  | 1940000 | 1930190 |
|  |  | 3327155 |
| Transportation - 0.5% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 B, 5% 1/1/2051  | 7525000 | 7496664 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023B, 5.25% 1/1/2048 (Assured Guaranty Inc Insured)  | 850000 | 872668 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023B, 5.25% 1/1/2053 (Assured Guaranty Inc Insured)  | 1000000 | 1021476 |
| Pennsylvania Turnpike Commission 5.25% 12/1/2055  | 7515000 | 7680180 |
| Pennsylvania Turnpike Commission Series 2021 A, 4% 12/1/2046  | 4680000 | 3978985 |
| Pennsylvania Turnpike Commission Series 2021 A, 4% 12/1/2050  | 935000 | 768228 |
|  |  | 21818201 |
| Water & Sewer - 0.8% |  |  |
| Philadelphia PA Wtr & Wastewtr Series 2022C, 5% 6/1/2033  | 650000 | 721685 |
| Philadelphia PA Wtr & Wastewtr Series 2022C, 5% 6/1/2034  | 800000 | 880327 |
| Philadelphia PA Wtr & Wastewtr Series 2023B, 5% 9/1/2038 (Assured Guaranty Inc Insured)  | 1500000 | 1590555 |
| Philadelphia PA Wtr & Wastewtr Series 2023B, 5% 9/1/2041 (Assured Guaranty Inc Insured)  | 4330000 | 4498582 |
| Philadelphia PA Wtr & Wastewtr Series 2023B, 5% 9/1/2042 (Assured Guaranty Inc Insured)  | 3500000 | 3609622 |
| Philadelphia PA Wtr & Wastewtr Series 2023B, 5.5% 9/1/2053 (Assured Guaranty Inc Insured)  | 2755000 | 2852769 |
| Philadelphia PA Wtr & Wastewtr Series 2024 C, 5.25% 9/1/2049  | 6900000 | 7109053 |
| Philadelphia PA Wtr & Wastewtr Series 2024 C, 5.25% 9/1/2054  | 6000000 | 6111396 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 A, 5% 9/1/2044 (Assured Guaranty Inc Insured)  | 420000 | 423637 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2036 (Assured Guaranty Inc Insured)  | 300000 | 331454 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2037 (Assured Guaranty Inc Insured)  | 300000 | 327296 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2038 (Assured Guaranty Inc Insured)  | 500000 | 538814 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2039 (Assured Guaranty Inc Insured)  | 500000 | 533202 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2040 (Assured Guaranty Inc Insured)  | 625000 | 660285 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2041 (Assured Guaranty Inc Insured)  | 500000 | 522515 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2042 (Assured Guaranty Inc Insured)  | 1250000 | 1294568 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2043 (Assured Guaranty Inc Insured)  | 650000 | 668414 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2044 (Assured Guaranty Inc Insured)  | 1100000 | 1125440 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2045 (Assured Guaranty Inc Insured)  | 1150000 | 1172037 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2046 (Assured Guaranty Inc Insured)  | 2500000 | 2528497 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5.25% 9/1/2050 (Assured Guaranty Inc Insured)  | 500000 | 513202 |
|  |  | 38013350 |
| TOTAL PENNSYLVANIA |  | 188687124 |
| Puerto Rico - 0.5%  |  |  |
| General Obligations - 0.4% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (d) | 8638773 | 5986549 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2033  | 5651810 | 5511171 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2035  | 2035000 | 1940755 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2027  | 589592 | 607689 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 4000136 | 4234826 |
|  |  | 18280990 |
| Water & Sewer - 0.1% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 4% 7/1/2042 (c) | 1750000 | 1509720 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2033 (c) | 835000 | 871224 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (c) | 2495000 | 2559916 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 4% 7/1/2042 (c) | 1165000 | 1005042 |
|  |  | 5945902 |
| TOTAL PUERTO RICO |  | 24226892 |
| Rhode Island - 0.4%  |  |  |
| Education - 0.3% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2036  | 1000000 | 1072036 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2045  | 3570000 | 3531828 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2048  | 4095000 | 3967793 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2036  | 225000 | 241269 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2039  | 255000 | 266437 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2041  | 750000 | 770298 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2042  | 1000000 | 1018447 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2023, 5% 11/1/2043  | 1300000 | 1316363 |
|  |  | 12184471 |
| General Obligations - 0.0% |  |  |
| Providence RI Pub Bldgs Auth Rev (Providence RI Proj.) Series 2020 A, 5% 9/15/2039 (Assured Guaranty Inc Insured)  | 1490000 | 1507925 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2038 (Build America Mutual Assurance Co Insured)  | 1055000 | 1124325 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5.25% 5/15/2042 (Build America Mutual Assurance Co Insured)  | 905000 | 943814 |
|  |  | 3576064 |
| Health Care - 0.0% |  |  |
| Rhode Island Health & Edl Bldg Corp Rev (Care New England Health System Proj.) 5% 9/1/2031  | 855000 | 857042 |
| Housing - 0.1% |  |  |
| Rhode Island Housing & Mortgage Finance Corp (RI Homeownership Proj.) Series 72 A, 3.5% 10/1/2050  | 635000 | 635366 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 70, 4% 10/1/2049  | 85000 | 85520 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 73A, 2.3% 10/1/2040  | 3045000 | 2158734 |
|  |  | 2879620 |
| TOTAL RHODE ISLAND |  | 19497197 |
| South Carolina - 1.7%  |  |  |
| Education - 0.3% |  |  |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2033  | 890000 | 1003583 |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2034  | 850000 | 961223 |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2035  | 720000 | 814553 |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2043  | 1100000 | 1149713 |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2044  | 300000 | 311767 |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2045  | 625000 | 647553 |
| Clemson Univ SC Higher Ed Rev Series 2025B, 5% 5/1/2033  | 900000 | 1014860 |
| Clemson Univ SC Higher Ed Rev Series 2025B, 5% 5/1/2034  | 1000000 | 1130851 |
| Clemson Univ SC Higher Ed Rev Series 2025B, 5% 5/1/2035  | 750000 | 848493 |
| South Carolina Jobs Econ Dev (Furman University Proj.) Series 2022A, 4% 4/1/2052  | 2900000 | 2465994 |
|  |  | 10348590 |
| Electric Utilities - 0.8% |  |  |
| South Carolina St Svc Auth Rev 5% 12/1/2032  | 1580000 | 1703911 |
| South Carolina St Svc Auth Rev 5% 12/1/2055 (Assured Guaranty Inc Insured)  | 8250000 | 8206788 |
| South Carolina St Svc Auth Rev 5.25% 12/1/2050 (Assured Guaranty Inc Insured)  | 7500000 | 7577961 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2033  | 205000 | 206214 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2033  | 2250000 | 2495173 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2037  | 2270000 | 2433422 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2040  | 2000000 | 2090536 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2042  | 1000000 | 1020605 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.25% 12/1/2049  | 1340000 | 1360519 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.5% 12/1/2054  | 1855000 | 1906356 |
| South Carolina St Svc Auth Rev Series 2024B, 4.125% 12/1/2044  | 460000 | 410051 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2046  | 685000 | 683691 |
| South Carolina St Svc Auth Rev Series 2024B, 5.25% 12/1/2054  | 5055000 | 5083495 |
|  |  | 35178722 |
| Health Care - 0.6% |  |  |
| Ctsc Jobs-Eco Dev Aut (Beaufort Mem Hosp Proj.) Series 2024, 5% 11/15/2034  | 1170000 | 1204645 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2045  | 1800000 | 1876740 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2048  | 1670000 | 1723565 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2049  | 8495000 | 8760877 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2054  | 5045000 | 5187393 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Anmed Health Proj.) Series 2023, 4% 2/1/2042  | 2110000 | 1963126 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Anmed Health Proj.) Series 2023, 4% 2/1/2043  | 2500000 | 2301591 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Anmed Health Proj.) Series 2023, 5% 2/1/2040  | 1460000 | 1517481 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Anmed Health Proj.) Series 2023, 5% 2/1/2041  | 2000000 | 2062234 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (St Joseph Candler Health Proj.) 5% 7/1/2033  | 1220000 | 1274369 |
|  |  | 27872021 |
| Housing - 0.0% |  |  |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2019 A, 4% 1/1/2050  | 140000 | 141357 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2023 B, 6% 1/1/2054  | 905000 | 991348 |
|  |  | 1132705 |
| Transportation - 0.0% |  |  |
| Charleston Cnty SC Arpt Dist Series 2019, 5% 7/1/2048  | 1755000 | 1738997 |
| Water & Sewer - 0.0% |  |  |
| Lexington SC Wtrwks & Swr Sys Rev Series 2021 A, 3% 4/1/2046  | 2000000 | 1450182 |
| Starr-Iva Wtr & Swr Dist S C Wtrwks & Swr Sys Rev Series 2021, 2.125% 6/1/2043 (Assured Guaranty Inc Insured)  | 820000 | 504662 |
|  |  | 1954844 |
| TOTAL SOUTH CAROLINA |  | 78225879 |
| South Dakota - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| South Dakota St Hlth & Edl Fac (Regional Health Inc Proj.) Series 2020 A, 3% 9/1/2045  | 1730000 | 1276651 |
| Housing - 0.0% |  |  |
| South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2023G, 6.25% 5/1/2055  | 540000 | 587461 |
| TOTAL SOUTH DAKOTA |  | 1864112 |
| Tennessee - 0.6%  |  |  |
| Education - 0.2% |  |  |
| Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Lipscomb University Proj.) Series 2019 A, 5.25% 10/1/2058  | 1145000 | 1097457 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2023, 5% 5/1/2043  | 2000000 | 2006061 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2023, 5.25% 5/1/2048  | 5000000 | 5008225 |
|  |  | 8111743 |
| Electric Utilities - 0.0% |  |  |
| Bolivar Tenn Energy Auth Elecsys Rev Series 2022, 3% 5/1/2041 (Assured Guaranty Inc Insured)  | 145000 | 113584 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Jackson TN Hosp Rev Series 2018 A, 5% 4/1/2027  | 30000 | 31175 |
| Jackson TN Hosp Rev Series 2018 A, 5% 4/1/2028  | 20000 | 21240 |
|  |  | 52415 |
| General Obligations - 0.0% |  |  |
| Marion Cnty Tenn 2% 6/1/2034  | 1330000 | 1098213 |
| Health Care - 0.2% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 4% 8/1/2044  | 7770000 | 6697058 |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2025  | 575000 | 575000 |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 2, 5% 8/1/2044  | 2105000 | 2060048 |
| Jackson TN Hosp Rev (West Tennessee Healthcare Proj.) Series 2018 A, 5% 4/1/2027  | 560000 | 574092 |
| Jackson TN Hosp Rev (West Tennessee Healthcare Proj.) Series 2018 A, 5% 4/1/2028  | 375000 | 389420 |
| Jackson TN Hosp Rev (West Tennessee Healthcare Proj.) Series 2018 A, 5% 4/1/2041  | 445000 | 445516 |
|  |  | 10741134 |
| Housing - 0.1% |  |  |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) 3% 7/1/2051  | 1590000 | 1574236 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series 2021 3A, 3% 1/1/2052  | 615000 | 607256 |
| Tennessee Housing Development Agency Series 2019 3, 2.6% 7/1/2039  | 265000 | 200469 |
| Tennessee Housing Development Agency Series 2019 3, 2.8% 7/1/2044  | 325000 | 231928 |
| Tennessee Housing Development Agency Series 2019 4, 2.9% 7/1/2039  | 575000 | 457940 |
| Tennessee Hsg Dev Agy Series 2015A, 3.5% 7/1/2045  | 415000 | 414665 |
|  |  | 3486494 |
| Water & Sewer - 0.1% |  |  |
| Crossville Tenn Wtr & Swr Rev Series 2020 C, 2% 6/1/2039  | 2250000 | 1582610 |
| Crossville Tenn Wtr & Swr Rev Series 2020 C, 2.125% 6/1/2044  | 3490000 | 2134042 |
|  |  | 3716652 |
| TOTAL TENNESSEE |  | 27320235 |
| Texas - 13.0%  |  |  |
| Education - 0.2% |  |  |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) 5% 4/1/2028  | 1450000 | 1466263 |
| Texas A&M Univ Revs Series 2024A, 4% 5/15/2049  | 5000000 | 4226485 |
| Texas St Univ Sys Fing Rev Series 2024, 4% 3/15/2049  | 5090000 | 4339321 |
| University North Tex Univ Rev 5% 4/15/2031  | 1600000 | 1775936 |
|  |  | 11808005 |
| Electric Utilities - 2.4% |  |  |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2028  | 2105000 | 2234790 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2043  | 1405000 | 1410120 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2048  | 1590000 | 1569785 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2023, 5% 5/15/2036 (Assured Guaranty Inc Insured)  | 3000000 | 3221478 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2023, 5% 5/15/2037 (Assured Guaranty Inc Insured)  | 1400000 | 1488037 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2023, 5% 5/15/2038 (Assured Guaranty Inc Insured)  | 1500000 | 1578195 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2023, 5% 5/15/2039 (Assured Guaranty Inc Insured)  | 1915000 | 1996504 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2023, 5% 5/15/2040 (Assured Guaranty Inc Insured)  | 2500000 | 2590175 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2028 (Assured Guaranty Inc Insured)  | 1250000 | 1330541 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2029 (Assured Guaranty Inc Insured)  | 1650000 | 1788753 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2030 (Assured Guaranty Inc Insured)  | 1750000 | 1923933 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2031 (Assured Guaranty Inc Insured)  | 1650000 | 1829783 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2032 (Assured Guaranty Inc Insured)  | 1570000 | 1753800 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2033 (Assured Guaranty Inc Insured)  | 1120000 | 1255594 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2034 (Assured Guaranty Inc Insured)  | 1000000 | 1109044 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5% 5/15/2035 (Assured Guaranty Inc Insured)  | 1010000 | 1108026 |
| Lower Colorado River Authority Series 2019 A, 4% 5/15/2049  | 1000000 | 814821 |
| Lower Colorado River Authority Series 2025 A, 5% 5/15/2028  | 2235000 | 2372806 |
| Lower Colorado River Authority Series 2025 A, 5% 5/15/2030  | 4000000 | 4375013 |
| Lower Colorado River Authority Series 2025 A, 5% 5/15/2031  | 6500000 | 7164571 |
| Lower Colorado River Authority Series 2025 A, 5% 5/15/2032  | 3425000 | 3797181 |
| Lower Colorado River Authority Series 2025 B, 5% tender 5/15/2045 (b) | 5830000 | 6303428 |
| San Antonio TX Elec & Gas Rev 1.75% tender 2/1/2049 (b) | 10060000 | 10001822 |
| San Antonio TX Elec & Gas Rev 5.25% 2/1/2049  | 2285000 | 2352312 |
| San Antonio TX Elec & Gas Rev Series 2021 A, 5% 2/1/2046  | 3690000 | 3670442 |
| San Antonio TX Elec & Gas Rev Series 2024 B, 5.25% 2/1/2049  | 14945000 | 15385254 |
| San Antonio TX Elec & Gas Rev Series 2024C, 5.5% 2/1/2049  | 14280000 | 15033127 |
| San Antonio TX Elec & Gas Rev Series 2024D, 5% 2/1/2049  | 4405000 | 4447369 |
| San Antonio TX Elec & Gas Rev Series 2024E, 5.25% 2/1/2049  | 4000000 | 4123008 |
|  |  | 108029712 |
| General Obligations - 5.1% |  |  |
| Alvin Tex Indpt Sch Dist Series 2022, 3% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1750000 | 1386001 |
| Angleton Tex Indpt Sch Dist 2% 2/15/2043 (Permanent Sch Fund of Texas Guaranteed)  | 1690000 | 1042738 |
| Barbers Hill TX Indpt Sch Dist Series 2020, 3% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1410000 | 1175804 |
| Barbers Hill TX Indpt Sch Dist Series 2020, 3% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 3820000 | 3085158 |
| Bell Cnty TX Gen. Oblig. 2% 2/15/2034  | 2500000 | 2083313 |
| Bell Cnty TX Gen. Oblig. 2% 2/15/2035  | 1000000 | 806899 |
| Brazoria Cnty Texas Gen. Oblig. Series 2021, 3% 3/1/2039  | 1230000 | 1027313 |
| Brazoria Cnty Texas Gen. Oblig. Series 2021, 4% 3/1/2046  | 2565000 | 2281026 |
| Brazos Cnty Tex Gen. Oblig. 1.75% 9/1/2033  | 1355000 | 1086348 |
| Brazos Cnty Tex Gen. Oblig. 1.875% 9/1/2035  | 705000 | 533148 |
| Cedar Park TX Gen. Oblig. 1.75% 2/15/2036  | 1665000 | 1221398 |
| City of Coppell TX Gen. Oblig. Series 2020, 1.625% 2/1/2037  | 1495000 | 1038444 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2034  | 1545000 | 1308933 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2035  | 4460000 | 3663780 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2035  | 1575000 | 1293824 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2036  | 4550000 | 3616679 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2036  | 1610000 | 1279748 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2037  | 1640000 | 1259605 |
| City of Frisco TX Gen. Oblig. 2% 2/15/2041  | 525000 | 344349 |
| City of Waco TX Gen. Oblig. 2.25% 2/1/2036  | 1935000 | 1568435 |
| City of Waco TX Gen. Oblig. Series 2020, 2.375% 2/1/2040  | 710000 | 511783 |
| Clarksville Tex Indpt Sch Dist 3% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 625000 | 495186 |
| Clear Creek Independent School District Series 2013B, 3.6% tender 2/15/2035 (Permanent Sch Fund of Texas Guaranteed) (b) | 1600000 | 1600549 |
| Clear Creek Independent School District Series 2021, 3% 2/15/2041  | 1000000 | 785280 |
| Comal Tex Indpt Sch Dist 3% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1325000 | 1148481 |
| Comal Tex Indpt Sch Dist 3% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1125000 | 947842 |
| Conroe TX Isd Series 2022, 3% 2/15/2044 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1118792 |
| Conroe TX Isd Series 2025, 5% 2/15/2045 (Permanent Sch Fund of Texas Guaranteed)  | 20000000 | 20292129 |
| Cottonwood Creek Mun Util Distno 1 Tex Gen. Oblig. Series 2019, 3% 9/1/2042 (Assured Guaranty Inc Insured)  | 1015000 | 764648 |
| Cypress-Fairbanks TX Isd Series 2019 A, 3% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 2765000 | 2624936 |
| Dallas TX Gen. Oblig. Series 2024C, 5% 2/15/2039  | 1440000 | 1517674 |
| Dallas TX Gen. Oblig. Series 2024C, 5% 2/15/2040  | 6545000 | 6826838 |
| Dallas TX ISD 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 3455000 | 3805092 |
| Deer Pk Tex Gen. Oblig. Series 2021, 3% 3/15/2046  | 2810000 | 2035420 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2039  | 1425000 | 1518050 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2044  | 2000000 | 2058322 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2045  | 1595000 | 1638062 |
| Everman TX Indpt Sch Dist Series 2020, 3% 2/15/2045 (Permanent Sch Fund of Texas Guaranteed)  | 4720000 | 3438672 |
| Fort Bend Cnty Tex Mun Util Dist No 132 Gen. Oblig. Series 2021, 2.5% 9/1/2043  | 1500000 | 1008172 |
| Fort Bend Cnty TX Levee Impt Dist No 6 Gen. Oblig. Series 2020, 2% 9/1/2045  | 815000 | 454229 |
| Fort Worth Tex Indpt Sch Dist Series 2019 A, 2.375% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 520000 | 471098 |
| Gilmer Tex Indpt Sch Dist 3.125% 8/15/2044 (Permanent Sch Fund of Texas Guaranteed)  | 560000 | 424983 |
| Haltom City Tex Gen. Oblig. 2.25% 2/1/2046  | 2890000 | 1725425 |
| Hays County Tex Gen. Oblig. Series 2019, 3% 2/15/2044  | 1050000 | 797424 |
| Hays TX Cons Indpt Schl Dist Series 2021, 3% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1215000 | 969163 |
| Hays TX Cons Indpt Schl Dist Series 2022, 4% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 990102 |
| Hays TX Cons Indpt Schl Dist Series 2022, 4% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 2000000 | 1958243 |
| Houston TX Gen. Oblig. 5.25% 3/1/2049  | 17840000 | 18039952 |
| Houston TX Gen. Oblig. Series 2019 A, 4% 3/1/2044  | 3415000 | 3045139 |
| Hurst Euless Bedford TX Ind Sch Dist Series 2024, 5% 8/15/2032 (Permanent Sch Fund of Texas Guaranteed)  | 3270000 | 3671643 |
| Hurst Euless Bedford TX Ind Sch Dist Series 2024, 5% 8/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 8230000 | 9276473 |
| Hurst Euless Bedford TX Ind Sch Dist Series 2024, 5% 8/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 5980000 | 6755608 |
| Judson TX Indpt Sch Dist Series 2024, 5% 2/1/2036 (Permanent Sch Fund of Texas Guaranteed)  | 2130000 | 2309280 |
| Judson TX Indpt Sch Dist Series 2024, 5% 2/1/2037 (Permanent Sch Fund of Texas Guaranteed)  | 2000000 | 2176307 |
| Katy TX Ind Sch Dist Series 2023, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 500000 | 532473 |
| Katy TX Ind Sch Dist Series 2023, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1581196 |
| Katy TX Ind Sch Dist Series 2023, 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 330000 | 344596 |
| Kaufman Cnty Mun Util Dist 5 Gen. Oblig. Series 2020, 2.25% 3/1/2046 (Assured Guaranty Inc Insured)  | 4545000 | 2986793 |
| Killeen Tex Indpt Sch Dist Series 2019, 3% 2/15/2044 (Permanent Sch Fund of Texas Guaranteed)  | 1425000 | 1061714 |
| Leander Independent School District Series 2025 A, 0% 8/15/2026 (Permanent Sch Fund of Texas Guaranteed) (d) | 800000 | 775514 |
| Leander Independent School District Series 2025 A, 0% 8/15/2034 (Permanent Sch Fund of Texas Guaranteed) (d) | 1775000 | 1265811 |
| Leander Independent School District Series 2025 A, 0% 8/15/2035 (Permanent Sch Fund of Texas Guaranteed) (d) | 1670000 | 1131611 |
| Leander Independent School District Series 2025 A, 5% 8/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 2630000 | 2782622 |
| Leander Independent School District Series 2025 B, 0% 8/15/2026 (d) | 1400000 | 1355764 |
| Leander Independent School District Series 2025 B, 0% 8/15/2027 (d) | 1500000 | 1407848 |
| Leander Independent School District Series 2025 B, 5% 8/15/2032  | 1250000 | 1390883 |
| Leander Independent School District Series 2025 B, 5% 8/15/2033  | 3355000 | 3736028 |
| Leander Independent School District Series 2025 B, 5% 8/15/2034  | 2745000 | 3059935 |
| Lone Oak Tex Indpt Sch Dist 3% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1220000 | 971005 |
| Luling Tex Indpt Sch Dist Series 2020, 2.75% 2/15/2045 (Permanent Sch Fund of Texas Guaranteed)  | 2685000 | 1852274 |
| Melissa Tex Gen. Oblig. Series 2021, 3% 2/15/2041  | 400000 | 320857 |
| Montgomery Cnty Tex Mun Util Dist No 127 Gen. Oblig. Series 2020, 2.25% 9/1/2044 (Assured Guaranty Inc Insured)  | 285000 | 171735 |
| Nederland Tex Indpt Sch Dist 3% 8/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1175000 | 932057 |
| New Waverly Tex Indpt Sch Dist Series 2022, 3% 2/15/2050 (Permanent Sch Fund of Texas Guaranteed)  | 11110000 | 7494062 |
| Northside TX Indpt Sch Dist Series 2023 B, 3% tender 8/1/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 10285000 | 10260274 |
| Pasadena TX Indpt Sch Dist Series 2021, 3% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 1845000 | 1475902 |
| Peaster Tex Indpt Sch Dist Series 2021, 3% 8/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1000000 | 824078 |
| Peaster Tex Indpt Sch Dist Series 2021, 3% 8/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 1900000 | 1362433 |
| Plano TX Gen. Oblig. 3.37% 9/1/2037  | 840000 | 768443 |
| Plano TX Gen. Oblig. 5% 9/1/2040  | 1000000 | 1054487 |
| Prairie Lea Independent School District 2.25% 8/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 1130000 | 681029 |
| Prosper Tex Indpt Sch Dist 3% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1480000 | 1292733 |
| Prosper Tex Indpt Sch Dist 5% 2/15/2047 (Permanent Sch Fund of Texas Guaranteed)  | 4585000 | 4658945 |
| Prosper Tex Indpt Sch Dist Series 2019 B, 4% tender 2/15/2050 (Permanent Sch Fund of Texas Guaranteed) (b) | 1825000 | 1841188 |
| Prosper Tex Indpt Sch Dist Series 2024, 5% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 3380000 | 3532272 |
| Prosper Tex Indpt Sch Dist Series 2024, 5% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 2220000 | 2301519 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2034 (Permanent Sch Fund of Texas Guaranteed)  | 550000 | 616875 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2035 (Permanent Sch Fund of Texas Guaranteed)  | 500000 | 558818 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 1025000 | 1131662 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2037 (Permanent Sch Fund of Texas Guaranteed)  | 1015000 | 1110496 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 1540000 | 1669221 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 880000 | 943491 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 600000 | 635340 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2041 (Permanent Sch Fund of Texas Guaranteed)  | 2000000 | 2099035 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 1245000 | 1294433 |
| Prosper Tex Indpt Sch Dist Series 2025, 5% 2/15/2043 (Permanent Sch Fund of Texas Guaranteed)  | 1375000 | 1416685 |
| Rockwall Cnty TX Gen. Oblig. Series 2020, 4% 2/1/2045  | 4810000 | 4246986 |
| San Jacinto TX Cmnty College Dist Gen. Oblig. Series 2021, 3% 2/15/2051  | 3510000 | 2397184 |
| Sanger Tex Gen. Oblig. Series 2021 A, 3% 5/1/2046  | 1035000 | 743239 |
| Stafford Tex Gen. Oblig. Series 2021, 2.375% 9/1/2046  | 1630000 | 978963 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.5% tender 1/1/2054 (BP PLC Guaranteed) (b) | 1090000 | 1183634 |
| Texas State Gen. Oblig. Series 2021 A, 3% 8/1/2041  | 300000 | 224971 |
| Travis Cnty Tex Mun Util Dist No 18 Gen. Oblig. Series 2020, 2.125% 9/1/2044  | 500000 | 294185 |
| Washington Cnty TX Jr College Dist Rev Series 2020, 2.375% 10/1/2045 (Assured Guaranty Municipal Corp Insured)  | 1640000 | 949084 |
| Westwood Indpt Sch Dist Tex Series 2022, 3% 2/15/2042 (Permanent Sch Fund of Texas Guaranteed)  | 1340000 | 1044697 |
| Willis Tex Indpt Sch Dist 2% 2/15/2040 (Permanent Sch Fund of Texas Guaranteed)  | 1120000 | 770322 |
|  |  | 227821342 |
| Health Care - 0.8% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Med Facs Rev (Baylor College of Medicine Proj.) Series 2024A, 5% 5/15/2029  | 2250000 | 2397301 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev (Buckner Retirement Proj.) Series B, 5% 11/15/2040  | 890000 | 861786 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 4% 10/1/2042  | 1185000 | 1076590 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 4% 10/1/2047  | 1265000 | 1079756 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 4% 10/1/2052  | 2810000 | 2293787 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 5% 10/1/2036  | 515000 | 549333 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 5% 10/1/2040  | 1870000 | 1922601 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Health Resources Proj.) Series 2025 B, 5% tender 11/15/2064 (b)(g) | 17575000 | 18957114 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Health Resources Proj.) Series 2025 C, 5% tender 11/15/2064 (b)(g) | 4985000 | 5460009 |
|  |  | 34598277 |
| Housing - 0.2% |  |  |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev (TX Residential Mortgage Proj.) Series 2023B, 6% 1/1/2054  | 3885000 | 4258365 |
| Texas St Dept Hsg & Cmnty Affairs Multifamily Hsg Rev Series 2019, 2.95% 7/1/2036  | 681541 | 585139 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) Series 2019 A, 4% 3/1/2050  | 420000 | 424760 |
| Texas St Dept Hsg & Cmnty Sfr Series 2023 C, 6% 3/1/2054  | 2330000 | 2554956 |
|  |  | 7823220 |
| Special Tax - 0.4% |  |  |
| Dallas TX Rapid Transit Sales Tax Rev 3% 12/1/2047  | 2215000 | 1545762 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2033  | 715000 | 746232 |
| Texas Transn Commn Gen. Oblig. Series 2014 B, 0.65% tender 10/1/2041 (Texas State Guaranteed) (b) | 8695000 | 8511765 |
| Texas Transn Commn St Hwy Fund Rev Series 2024, 5% 10/1/2033  | 7180000 | 8095651 |
|  |  | 18899410 |
| Transportation - 1.9% |  |  |
| Central TX Regl Mobility Auth Rev 5% 1/1/2027  | 3525000 | 3555460 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2030  | 935000 | 1015005 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2032  | 1195000 | 1297810 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2039  | 1215000 | 1259643 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2046  | 3275000 | 3281917 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2034  | 260000 | 264709 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2035  | 210000 | 212217 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2036  | 230000 | 230667 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2037  | 330000 | 328021 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2038  | 435000 | 426352 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2039  | 560000 | 537848 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2040  | 215000 | 201886 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2027  | 185000 | 190769 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2028  | 215000 | 226282 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2029  | 795000 | 851852 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2030  | 375000 | 407088 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2031  | 185000 | 199499 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2032  | 185000 | 198182 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2033  | 280000 | 298198 |
| Dallas Fort Worth International Airport 5% 11/1/2039  | 2600000 | 2742899 |
| Dallas Fort Worth International Airport Series 2020 B, 4% 11/1/2034  | 1320000 | 1337124 |
| Dallas Fort Worth International Airport Series 2020 B, 4% 11/1/2035  | 1175000 | 1173581 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2033 (Assured Guaranty Inc Insured)  | 800000 | 895202 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2034 (Assured Guaranty Inc Insured)  | 700000 | 782925 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2035 (Assured Guaranty Inc Insured)  | 1000000 | 1117530 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2036 (Assured Guaranty Inc Insured)  | 1000000 | 1103034 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2037 (Assured Guaranty Inc Insured)  | 1510000 | 1645459 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2038 (Assured Guaranty Inc Insured)  | 1315000 | 1417388 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2039 (Assured Guaranty Inc Insured)  | 1645000 | 1751244 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2040 (Assured Guaranty Inc Insured)  | 2000000 | 2101962 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2041 (Assured Guaranty Inc Insured)  | 2000000 | 2081711 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2043 (Assured Guaranty Inc Insured)  | 1390000 | 1423498 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2045 (Assured Guaranty Inc Insured)  | 2000000 | 2030663 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5.25% 3/1/2050 (Assured Guaranty Inc Insured)  | 3590000 | 3694928 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2023, 5% tender 10/1/2052 (b) | 10230000 | 10747411 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2018 A, 5% 8/15/2043  | 470000 | 471797 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2021, 3% 8/15/2050  | 1000000 | 676585 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2024 A, 5.25% 8/15/2049  | 3010000 | 3118976 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2024 A, 5.25% 8/15/2054  | 4800000 | 4952343 |
| North TX Twy Auth Rev 0% 1/1/2035 (Assured Guaranty Inc Insured) (d) | 9450000 | 6551716 |
| North TX Twy Auth Rev 4% 1/1/2033  | 1870000 | 1886589 |
| North TX Twy Auth Rev 5% 1/1/2030  | 700000 | 706138 |
| North TX Twy Auth Rev 5% 1/1/2035  | 470000 | 484074 |
| North TX Twy Auth Rev Series 2018, 4% 1/1/2038  | 1715000 | 1616640 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2034  | 1040000 | 1159691 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2041  | 2570000 | 2671768 |
| North TX Twy Auth Rev Series 2024A, 5.25% 1/1/2042  | 840000 | 880428 |
| North TX Twy Auth Rev Series 2024B, 5% 1/1/2035  | 3700000 | 4059230 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2039  | 1640000 | 1488074 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2036  | 770000 | 741104 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2038  | 1965000 | 1829261 |
| Texas Transportation Commission 0% 8/1/2041 (d) | 1405000 | 624775 |
|  |  | 84949153 |
| Water & Sewer - 2.0% |  |  |
| Austin TX Wtr & Wastewtr Sys Series 2024, 5% 11/15/2049  | 4030000 | 4061789 |
| Beaumont TX Wtrwks & Swr Sys Rev Series 2024, 5% 9/1/2038 (Build America Mutual Assurance Co Insured)  | 1015000 | 1077710 |
| City of Georgetown TX Series 2025, 5% 8/15/2039  | 1000000 | 1061150 |
| City of Georgetown TX Series 2025, 5% 8/15/2040  | 1000000 | 1051684 |
| City of Georgetown TX Series 2025, 5% 8/15/2041  | 1400000 | 1458810 |
| City of Georgetown TX Series 2025, 5% 8/15/2042  | 1200000 | 1239219 |
| City of Georgetown TX Series 2025, 5% 8/15/2043  | 2325000 | 2385406 |
| City of Georgetown TX Series 2025, 5% 8/15/2044  | 2940000 | 2993715 |
| City of Georgetown TX Series 2025, 5% 8/15/2045  | 2500000 | 2532970 |
| Dallas TX Wtrwks & Swr Sys Rev 5% 10/1/2042  | 2285000 | 2379565 |
| Dallas TX Wtrwks & Swr Sys Rev Series 2017, 5% 10/1/2046  | 470000 | 470150 |
| Fort Worth TX Wtr & Swr Rev Series 2019, 3% 2/15/2042  | 1005000 | 777523 |
| Houston TX Util Sys Rev 4% 11/15/2043  | 3830000 | 3424711 |
| Houston TX Util Sys Rev Series 2021 A, 5% 11/15/2026  | 355000 | 366661 |
| Houston TX Util Sys Rev Series 2021 A, 5% 11/15/2028  | 1480000 | 1592826 |
| Huntsville Tex Wtr & Wastewater Sys Rev Series 2022, 3% 8/15/2051  | 3710000 | 2324413 |
| North TX Mun Wtr Dist TX Regl Wastewtr Rev 2.375% 6/1/2049  | 1705000 | 1000027 |
| North TX Mun Wtr Dist TX Regl Wastewtr Sys Contract Rev Series 2025, 5.25% 6/1/2045  | 3275000 | 3411466 |
| North TX Mun Wtr Dist TX Regl Wastewtr Sys Contract Rev Series 2025, 5.25% 6/1/2046  | 5630000 | 5841000 |
| San Antonio TX Wtr Rev Series 2025A, 5% 5/15/2038  | 3870000 | 4205807 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2031  | 540000 | 597289 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2032  | 725000 | 805643 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2033  | 640000 | 714067 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2039  | 850000 | 896900 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2040  | 800000 | 838174 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2041  | 1045000 | 1084833 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2042  | 1100000 | 1130938 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2043  | 1145000 | 1166232 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2044  | 2420000 | 2451726 |
| Temple Tex Util Sys Rev Series 2025, 5% 8/1/2045  | 2000000 | 2017602 |
| Temple Tex Util Sys Rev Series 2025, 5.25% 8/1/2050  | 13000000 | 13191623 |
| Texas Wtr Dev Brd Series 2017 A, 4% 10/15/2042  | 14885000 | 13209928 |
| Texas Wtr Dev Brd Series 2021, 2.375% 8/1/2041  | 1800000 | 1257964 |
| Tyler Tex Wtr & Swr Sys Rev 2.75% 9/1/2051  | 3750000 | 2327343 |
| Upper Trinty TX Rgl Wtr Dst Rv Series 2025, 5.5% 8/1/2050 (Build America Mutual Assurance Co Insured)  | 3500000 | 3632215 |
|  |  | 88979079 |
| TOTAL TEXAS |  | 582908198 |
| Utah - 0.4%  |  |  |
| Housing - 0.0% |  |  |
| Utah Hsg Corp Series 2021E(G2), 2% 4/21/2051  | 440266 | 343906 |
| Special Tax - 0.1% |  |  |
| Mida Mountain Village Public Infrastructure District Series 2024 1, 5.125% 6/15/2054 (c) | 1750000 | 1603027 |
| Point Phase 1 Public Infrastructure District No 1 Series 2025 A 2, 0% 3/1/2055 (h) | 1796000 | 1366074 |
| Point Phase 1 Public Infrastructure District No 1 Series 2025A1, 6.125% 3/1/2055  | 4777000 | 4795603 |
|  |  | 7764704 |
| Transportation - 0.3% |  |  |
| Salt Lake City UT Arpt Rev 5% 7/1/2046  | 2305000 | 2324372 |
| Salt Lake City UT Arpt Rev 5% 7/1/2051  | 9285000 | 9236379 |
|  |  | 11560751 |
| TOTAL UTAH |  | 19669361 |
| Vermont - 0.1%  |  |  |
| Housing - 0.1% |  |  |
| Vermont Hsg Fin Agy (Vermont Hsg Purp Bond Prog 7/1/07 Proj.) 3.75% 11/1/2050  | 726000 | 729251 |
| Vermont Hsg Fin Agy (Vermont Hsg Purp Bond Prog 7/1/07 Proj.) Series 2021A, 3% 11/1/2051  | 775000 | 761274 |
| Vermont Hsg Fin Agy (Vermont Hsg Purp Bond Prog 7/1/07 Proj.) Series 2022A, 5.25% 11/1/2052  | 888000 | 929824 |
|  |  | 2420349 |
| TOTAL VERMONT |  | 2420349 |
| Virginia - 0.4%  |  |  |
| Education - 0.1% |  |  |
| Roanoke VA Economic Dev Auth Edl Facs Rev (Lynchburg College Proj.) Series 2018A, 5% 9/1/2027  | 470000 | 480726 |
| Salem Economic Development Authority (Roanoke College Proj.) 4% 4/1/2038  | 260000 | 235007 |
| Salem Economic Development Authority (Roanoke College Proj.) 4% 4/1/2039  | 235000 | 208595 |
| Salem Economic Development Authority (Roanoke College Proj.) 4% 4/1/2040  | 260000 | 225497 |
| Salem Economic Development Authority (Roanoke College Proj.) 4% 4/1/2045  | 700000 | 559035 |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2026  | 330000 | 333126 |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2027  | 330000 | 338749 |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2028  | 410000 | 424907 |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2029  | 540000 | 565625 |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2049  | 935000 | 834621 |
|  |  | 4205888 |
| Electric Utilities - 0.0% |  |  |
| Halifax Cnty VA Indl Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) 3.8% tender 12/1/2041 (b) | 2020000 | 2050407 |
| General Obligations - 0.2% |  |  |
| VA Port Auth Comwlth Port Rev (Virginia St Proj.) Series 2023 A, 5% 7/1/2040  | 1165000 | 1224461 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2037  | 4300000 | 4724566 |
|  |  | 5949027 |
| Health Care - 0.1% |  |  |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2023 A, 5% tender 7/1/2053 (b) | 4425000 | 4789762 |
| Lynchburg Economic Development Authority (Centra Health Proj.) Series 2021, 3% 1/1/2051  | 1550000 | 1001295 |
|  |  | 5791057 |
| TOTAL VIRGINIA |  | 17996379 |
| Washington - 4.1%  |  |  |
| Education - 0.2% |  |  |
| Washington St Higher Ed Facs (Gonzaga University Proj.) Series 2019 A, 3% 4/1/2049  | 2645000 | 1796984 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2025  | 400000 | 400978 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2016 A, 5% 10/1/2026  | 1880000 | 1912092 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2016 A, 5% 10/1/2034  | 1415000 | 1417998 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2019, 4% 10/1/2049  | 2470000 | 1858589 |
|  |  | 7386641 |
| Electric Utilities - 1.4% |  |  |
| Energy Norwthwest WA Elec Rev 5% 7/1/2030 (Bonneville Power Administration Guaranteed)  | 3000000 | 3320863 |
| Energy Norwthwest WA Elec Rev 5% 7/1/2031 (Bonneville Power Administration Guaranteed)  | 7615000 | 8514316 |
| Energy Norwthwest WA Elec Rev 5% 7/1/2040 (Bonneville Power Administration Guaranteed)  | 5250000 | 5572950 |
| Energy Norwthwest WA Elec Rev 5% 7/1/2041 (Bonneville Power Administration Guaranteed)  | 795000 | 835537 |
| Energy Norwthwest WA Elec Rev 5% 7/1/2042 (Bonneville Power Administration Guaranteed)  | 7000000 | 7286011 |
| Grant Cnty WA Pub Util Dist 2 Hydro Elec Rev Series 2024 B, 5% 1/1/2038  | 3750000 | 4082076 |
| Grant Cnty WA Pub Util Dist 2 Hydro Elec Rev Series 2024 B, 5% 1/1/2039  | 3000000 | 3235976 |
| Grant Cnty WA Pub Util Dist 2 Hydro Elec Rev Series 2024 B, 5% 1/1/2040  | 4000000 | 4253104 |
| Okanogan Cnty Wash Pub Util Dist No 001 Elec Rev 4% 12/1/2050  | 2500000 | 2044602 |
| Seattle WA Mun Lt & Pwr Rev Series 2025, 5% 2/1/2029  | 3000000 | 3249110 |
| Seattle WA Mun Lt & Pwr Rev Series 2025, 5% 2/1/2030  | 2250000 | 2479623 |
| Seattle WA Mun Lt & Pwr Rev Series 2025, 5% 2/1/2031  | 1500000 | 1670148 |
| Seattle WA Mun Lt & Pwr Rev Series 2025, 5.3% 2/1/2050  | 6900000 | 7130910 |
| Tacoma WA Elec Sys Rev Series 2025A, 5% 1/1/2043  | 2000000 | 2065995 |
| Tacoma WA Elec Sys Rev Series 2025A, 5% 1/1/2044  | 1500000 | 1540904 |
| Tacoma WA Elec Sys Rev Series 2025A, 5% 1/1/2045  | 2000000 | 2045457 |
|  |  | 59327582 |
| General Obligations - 0.2% |  |  |
| King County WA Gen. Oblig. 2% 1/1/2036  | 2200000 | 1775048 |
| Spokane Cnty WA Sch Dist 81 Series 2017 B, 5% 12/1/2029 (State of Washington Guaranteed)  | 2995000 | 3146310 |
| State of Washington Gen. Oblig. Series 2017D, 5% 2/1/2035  | 470000 | 480898 |
| State of Washington Gen. Oblig. Series 2025 A, 5% 8/1/2040  | 8765000 | 9310677 |
|  |  | 14712933 |
| Health Care - 1.4% |  |  |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2025  | 230000 | 230168 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2026  | 210000 | 214397 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2017, 4% 8/15/2042  | 10575000 | 9323139 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2017, 5% 8/15/2036  | 470000 | 470036 |
| Washington St Health Care Facs Auth Rev (Fred Hutchinson Cancer Research Center Proj.) 5% 9/1/2038  | 1870000 | 1932329 |
| Washington St Health Care Facs Auth Rev (Fred Hutchinson Cancer Research Center Proj.) 5% 9/1/2045  | 2105000 | 2088365 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, Wa Proj.) Series 2025 B, 5% tender 8/15/2055 (b) | 21275000 | 22760157 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, Wa Proj.) Series 2025C, 5% tender 8/15/2055 (b) | 14115000 | 15236548 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2027  | 810000 | 832803 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2031  | 40000 | 40956 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2042  | 525000 | 508381 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) Series 2017 A, 4% 7/1/2042  | 5410000 | 4771615 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) 4.25% 10/1/2037  | 1120000 | 1056512 |
| Washington St Health Care Facs Auth Rev (Seattle Children's Hospital Proj.) Series B, 5% 10/1/2038  | 3950000 | 4085835 |
|  |  | 63551241 |
| Housing - 0.3% |  |  |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 4.5% 1/1/2040  | 1000000 | 978826 |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 4.625% 1/1/2041  | 2400000 | 2365874 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2021, 4% 12/1/2029  | 675000 | 691077 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 1/1/2033  | 350000 | 372899 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 7/1/2034  | 500000 | 531814 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 7/1/2035  | 385000 | 404267 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 7/1/2040  | 750000 | 746654 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5.375% 7/1/2045  | 4510000 | 4537707 |
| Seattle Wash Hsg Auth Rev Series 2023, 4.375% 12/1/2030  | 2020000 | 2049523 |
|  |  | 12678641 |
| Special Tax - 0.2% |  |  |
| Spokane WA Pub Facs Dist Sales Series 2017, 5% 12/1/2038  | 1100000 | 1117494 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 3% 7/1/2043  | 500000 | 370118 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 4% 7/1/2031  | 9195000 | 9357794 |
|  |  | 10845406 |
| Water & Sewer - 0.4% |  |  |
| Edmonds Wash Wtr & Swr Rev Series 2020, 2% 12/1/2039  | 1060000 | 726545 |
| King Cnty WA Swr Rev 0.875% tender 1/1/2042 (b) | 2150000 | 2122578 |
| Lakehaven Wash Wtr & Swr Distwtr & Swr Rev Series 2021, 3% 10/1/2041  | 1075000 | 859432 |
| Seattle WA Wtr Sys Rev Series 2025, 5% 5/1/2032  | 3780000 | 4258347 |
| Seattle WA Wtr Sys Rev Series 2025, 5% 5/1/2033  | 3600000 | 4075026 |
| Seattle Wash Drain & Wstwtr Rv Series 2025, 5% 5/1/2038  | 1400000 | 1527711 |
| Seattle Wash Drain & Wstwtr Rv Series 2025, 5% 5/1/2039  | 1200000 | 1293493 |
| Seattle Wash Drain & Wstwtr Rv Series 2025, 5.25% 5/1/2050  | 2000000 | 2076498 |
|  |  | 16939630 |
| TOTAL WASHINGTON |  | 185442074 |
| West Virginia - 0.8%  |  |  |
| Electric Utilities - 0.2% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2009A, 3.7% tender 12/1/2042 (b) | 8180000 | 8291870 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2015A, 3.375% tender 3/1/2040 (b) | 805000 | 809018 |
|  |  | 9100888 |
| Health Care - 0.6% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2043  | 865000 | 823884 |
| West Virginia St Hosp Fin Auth Hosp Rev (Vandalia Health Proj.) Series 2023B, 6% 9/1/2048  | 5560000 | 5887597 |
| West Virginia St Hosp Fin Auth Hosp Rev (Vandalia Health Proj.) Series 2023B, 6% 9/1/2053  | 4500000 | 4739858 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2023 A, 5% 6/1/2037  | 1400000 | 1483282 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2023 A, 5% 6/1/2038  | 500000 | 525184 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2023 A, 5% 6/1/2040  | 1970000 | 2032806 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2023 A, 5% 6/1/2041  | 1970000 | 2016161 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2023 A, 5% 6/1/2043  | 3505000 | 3548099 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2025 B, 5% tender 6/1/2055 (b) | 3960000 | 4216212 |
|  |  | 25273083 |
| TOTAL WEST VIRGINIA |  | 34373971 |
| Wisconsin - 3.2%  |  |  |
| Education - 0.1% |  |  |
| Public Fin Auth WI Revenue (Roseman Univ of Hlth Sciences Proj.) Series 2020, 5% 4/1/2050 (c) | 395000 | 347378 |
| Public Fin Auth Wis Edl Fac Rev (Queens University of Charlotte Proj.) 5.25% 3/1/2042  | 950000 | 919858 |
| Public Fin Auth Wis Edl Fac Rev (Queens University of Charlotte Proj.) 5.25% 3/1/2047  | 2205000 | 2064667 |
| Wisconsin Health & Educational Facilities Authority (Marquette University, WI Proj.) Series 2019, 5% 10/1/2026  | 515000 | 527583 |
|  |  | 3859486 |
| Electric Utilities - 0.0% |  |  |
| Wisconsin Health & Educational Facilities Authority (Milwaukee Reg Med Center Thermal Proj.) 5% 4/1/2034  | 1870000 | 1946074 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev 4% 11/15/2043 (Pre-refunded to 5/15/2028 at 100)  | 105000 | 109274 |
| General Obligations - 0.6% |  |  |
| Eau Claire Wis Gen. Oblig. Series 2016 A, 2.5% 4/1/2035  | 645000 | 548292 |
| Eau Claire Wis Gen. Oblig. Series 2016 A, 2.625% 4/1/2036  | 770000 | 643302 |
| Howard Suamico WI Scd 2% 3/1/2038  | 1065000 | 767951 |
| Madison WI Met Sch Dist Series 2025A, 5% 3/1/2036  | 1200000 | 1318068 |
| Madison WI Met Sch Dist Series 2025A, 5% 3/1/2038  | 1000000 | 1075872 |
| Madison WI Met Sch Dist Series 2025A, 5% 3/1/2040  | 1190000 | 1259348 |
| Madison WI Met Sch Dist Series 2025A, 5% 3/1/2041  | 3000000 | 3148436 |
| Madison WI Met Sch Dist Series 2025A, 5% 3/1/2044  | 1350000 | 1390409 |
| Madison WI Met Sch Dist Series 2025A, 5% 3/1/2045  | 4000000 | 4101030 |
| New Richmond Wis Sch Dist 4% 4/1/2041  | 5510000 | 5169738 |
| New Richmond Wis Sch Dist 4% 4/1/2043  | 1250000 | 1119132 |
| New Richmond Wis Sch Dist 5% 4/1/2035  | 1630000 | 1757672 |
| New Richmond Wis Sch Dist 5% 4/1/2039  | 1515000 | 1577149 |
| New Richmond Wis Sch Dist 5% 4/1/2040  | 1730000 | 1787871 |
|  |  | 25664270 |
| Health Care - 2.4% |  |  |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 3% 6/1/2045  | 4855000 | 3456913 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 4% 6/1/2045  | 5040000 | 4358387 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 5% 6/1/2030  | 765000 | 832154 |
| Public Fin Auth WI Hosp Rev (WakeMed Proj.) 5% 10/1/2044  | 300000 | 295995 |
| Public Fin Auth WI Revenue (Bayhealth Medical Center Inc Proj.) Series 2021 A, 3% 7/1/2050  | 1385000 | 961726 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5.25% 5/15/2037 (c) | 2235000 | 2236392 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2030  | 280000 | 301255 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2031  | 280000 | 298933 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2032  | 330000 | 350717 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2033  | 330000 | 348648 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2034  | 330000 | 346915 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2035  | 420000 | 439268 |
| Wisconsin Health & Educational Facilities Authority (Medical College of WI Inc Proj.) Series 2016, 4% 12/1/2046  | 2500000 | 2058414 |
| Wisconsin Health & Educational Facilities Authority (Rogers Memorial Hospital Proj.) Series 2019 B, 5% 7/1/2038  | 330000 | 331989 |
| Wisconsin Health & Educational Facilities Authority (Rogers Memorial Hospital Proj.) Series 2019A, 5% 7/1/2044  | 470000 | 469742 |
| Wisconsin Health & Educational Facilities Authority (St Camillus Health System Proj.) Series 2019A, 5% 11/1/2025  | 225000 | 225386 |
| Wisconsin Health & Educational Facilities Authority (St Camillus Health System Proj.) Series 2019A, 5% 11/1/2029  | 160000 | 165085 |
| Wisconsin St Health & Edl Facs Auth Rev (Ascension Health Credit Group Proj.) Series 2013B 1, 4% 11/15/2043  | 895000 | 787275 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2035  | 1550000 | 1655026 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) Series 2021, 3% 8/15/2051  | 3200000 | 2134009 |
| Wisconsin St Health & Edl Facs Auth Rev (Froedtert Thedacare Proj.) Series 2025 B, 5% 10/1/2029  | 23990000 | 26049952 |
| Wisconsin St Health & Edl Facs Auth Rev (Froedtert Thedacare Proj.) Series 2025 B, 5% 10/1/2032  | 35710000 | 39443788 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2037  | 1700000 | 1435927 |
| Wisconsin St Health & Edl Facs Auth Rev (Hospital Sisters Svcs Inc Proj.) Series 2025A, 5% 8/15/2036 (g) | 3750000 | 4007246 |
| Wisconsin St Health & Edl Facs Auth Rev (Hospital Sisters Svcs Inc Proj.) Series 2025A, 5% 8/15/2037 (g) | 3550000 | 3749508 |
| Wisconsin St Health & Edl Facs Auth Rev (Hospital Sisters Svcs Inc Proj.) Series 2025A, 5% 8/15/2038 (g) | 2845000 | 2968416 |
| Wisconsin St Health & Edl Facs Auth Rev (Hospital Sisters Svcs Inc Proj.) Series 2025A, 5.5% 8/15/2039 (g) | 4250000 | 4398929 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 5.5% 2/15/2054  | 1075000 | 1122189 |
|  |  | 105230184 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (WI Home Ownership Proj.) Series 2021 A, 3% 3/1/2052  | 550000 | 543534 |
| Wisconsin Hsg & Eda Hsg Rev (WI Mhsg Rev 2007 Proj.) Series 2021 C, 2.85% 11/1/2051  | 1035000 | 673202 |
|  |  | 1216736 |
| Industrial Development - 0.1% |  |  |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 A, 4.5% 6/1/2056 (c) | 5935000 | 4332550 |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 B, 6.5% 6/1/2056 (c) | 1815000 | 1433850 |
|  |  | 5766400 |
| Water & Sewer - 0.0% |  |  |
| Racine Wis Wtrwks Rev 2% 9/1/2041  | 400000 | 250462 |
| TOTAL WISCONSIN |  | 144042886 |
| Wyoming - 0.0%  |  |  |
| Housing - 0.0% |  |  |
| Wyoming Community Development Authority (WY Single Family Proj.) Series 2019 3, 3.75% 12/1/2049  | 525000 | 525374 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $4,339,265,293) |  | <br> **4216376951** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** | &nbsp;&nbsp;**Money Market Funds - 7.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Tax-Free Cash Central Fund (i)(j)<br>(Cost $316,498,296)<br>| 2.91 | 316371811 | **316498360** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.0%**<br> (Cost $4,655,763,589)<br>| <br>**4532875311** |
| **NET OTHER ASSETS (LIABILITIES) - (1.0)%**  | **(44948911)** |
| **NET ASSETS - 100.0%** | **4487926400** |

---

**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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $34,753,811 or 0.8% of net assets.

(d) 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.

(e) Level 3 security

(f) Non-income producing - Security is in default.

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

(h) 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.

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

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

**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 Tax-Free Cash Central Fund | 228685949 | 1029699517 | 941887105 | 3576925 | - | (1) | 316498360 | 316371811 | 19.1% |
| Total | 228685949 | 1029699517 | 941887105 | 3576925 | - | (1) | 316498360 |  |  |

---

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 July 31, 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 | 278353117 | - | 278353117 | - |
| Electric Utilities | 364930749 | - | 364930749 | - |
| Escrowed/Pre-Refunded | 2711734 | - | 2711734 | - |
| General Obligations | 1499729910 | - | 1499729910 | - |
| Health Care | 643976335 | - | 643170335 | 806000 |
| Housing | 233706479 | - | 233706479 | - |
| Industrial Development | 19189774 | - | 19189774 | - |
| Other | 4252085 | - | 4252085 | - |
| Special Tax | 474007200 | - | 474007200 | - |
| Tobacco Bonds | 22895524 | - | 22895524 | - |
| Transportation | 445704423 | - | 445704423 | - |
| Water & Sewer | 226919621 | - | 226919621 | - |
|  **Money Market Funds** | 316498360 | 316498360 | - | - |
| **Total Investments in Securities:** | 4532875311 | 316498360 | 4215570951 | 806000 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,339,265,293) | $4216376951 |  |
| Fidelity Central Funds (cost $316,498,296) | 316498360 |  |
| Total Investment in Securities (cost $4,655,763,589) |  | $4532875311 |
| Cash |  | 2270394 |
| Receivable for fund shares sold |  | 23590082 |
| Interest receivable |  | 41002621 |
| Distributions receivable from Fidelity Central Funds |  | 679362 |
| Prepaid expenses |  | 664 |
| Receivable from investment adviser for expense reductions |  | 393011 |
| Other receivables |  | 292 |
| **Total assets** |  | 4600811737 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $6317643 |  |
| Delayed delivery | 86394115 |  |
| Payable for fund shares redeemed | 6775143 |  |
| Distributions payable | 11983503 |  |
| Accrued management fee | 1178304 |  |
| Other payables and accrued expenses | 236629 |  |
| **Total liabilities** |  | 112885337 |
| **Net Assets**  |  | $4487926400 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4689267934 |
| Total accumulated earnings (loss) |  | (201341534) |
| **Net Assets** |  | $4487926400 |
| **Net Asset Value**, offering price and redemption price per share ($4,487,926,400 ÷ 459,693,730 shares) |  | $9.76 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $57251864 |
| Income from Fidelity Central Funds  |  | 3576925 |
| **Total income** |  | 60828789 |
| **Expenses** |  |  |
| Management fee | $5673115 |  |
| Custodian fees and expenses | 14938 |  |
| Independent trustees' fees and expenses | 3775 |  |
| Registration fees | 400567 |  |
| Audit fees | 31941 |  |
| Legal | 4464 |  |
| Miscellaneous | 5414 |  |
| Total expenses before reductions | 6134214 |  |
| Expense reductions | (1888333) |  |
| Total expenses after reductions |  | 4245881 |
| **Net Investment income (loss)** |  | 56582908 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (7934969) |  |
| Total net realized gain (loss) |  | (7934969) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (82032896) |  |
| Fidelity Central Funds  | (1) |  |
| Total change in net unrealized appreciation (depreciation) |  | (82032897) |
| **Net gain (loss)** |  | (89967866) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(33384958) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $56582908 | $86540593 |
| &nbsp;&nbsp;Net realized gain (loss) | (7934969)<br>| (2011685)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (82032897) | (18783323)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (33384958)<br>| 65745585<br>|
| Distributions to shareholders | (54929346)<br>| (84232901)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2749309562 | 1460975837 |
| Reinvestment of distributions | 1718<br>| 2480<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1268354473) | (877911906) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1480956807<br>| 583066411<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1392642503<br>| 564579095<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3095283897 | 2530704802<br>|
| &nbsp;&nbsp;End of period | $4487926400 | $3095283897 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 281345173 | 145309281 |
| Issued in reinvestment of distributions | 173<br>| 246<br>|
| &nbsp;&nbsp;Redeemed | (130080141) | (87276940) |
| &nbsp;&nbsp;Net increase (decrease) | 151265205 | 58032587 |

---

**Financial Highlights** 

**Fidelity® SAI Tax-Free Bond Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.04 | $10.11 | $10.00 | $10.61 | $10.97 | $10.89 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .162  | .315  | .289  | .230  | .194  | .215  |
| Net realized and unrealized gain (loss)  | (.284)  | (.078)  | .103  | (.613)  | (.359)  | .085  |
| Total from investment operations  | (.122)  | .237  | .392  | (.383)  | (.165)  | .300  |
| Distributions from net investment income  | (.158)  | (.306)  | (.282)  | (.227)  | (.194)  | (.216)  |
| Distributions from net realized gain  | -  | (.001)  | -  | -  | (.001)  | (.004)  |
| Total distributions  | (.158)  | (.307)  | (.282)  | (.227)  | (.195)  | (.220)  |
| Net asset value, end of period  | $9.76 | $10.04 | $10.11 | $10.00 | $10.61 | $10.97 |
| **Total Return** C,D | (1.22)% <br>| 2.38%  | 4.05%  | (3.55)%  | (1.53)%  | 2.83%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .36% G | .35%  | .36%  | .38%  | .36%  | .36%  |
| Expenses net of fee waivers, if any  | .25% G<br>| .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .25% G | .25%  | .25%  | .25%  | .25%  | .25%  |
| Net investment income (loss)  | 3.33% G | 3.13%  | 2.95%  | 2.33%  | 1.78%  | 2.02%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4487926 | $3095284 | $2530705 | $2410125 | $2165516 | $1797621 |
| Portfolio turnover rate H | 18% G<br>| 12%  | 27%  | 23% I | 6%  | 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 returns for periods of less than one year are not annualized.*

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*Annualized.*

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** **(Unaudited)**

For the period ended July 31, 2025

**1. Organization.**

Fidelity SAI Tax-Free Bond 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 July 31, 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. 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.

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** | $23866101 |
| **Gross unrealized depreciation** | <u>(140586332)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(116720231)</u> |
| **Tax cost** | <u>$4649595542</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 prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(11730461) |
| Long-term | <u>(65047824)</u> |
| **Total capital loss carryforward** | <u>$(76778285)</u> |

---

**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.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**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. 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 Tax-Free Bond Fund** | 1644542645 | 288862943 |

---

**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 .332% 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI Tax-Free Bond Fund** | 60909248 | - | - |

---

**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 Tax-Free Bond Fund** | 1471 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .25% of average net assets. This reimbursement will remain in place through May 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 $1,887,930.

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 $403.

**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.

**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.

![](img111946_4.jpg)<br>

1.9887621.106 STF-SANN-0925

**Fidelity® Sustainable Intermediate Municipal Income Fund**

**Semi-Annual Report**

**July 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111955_1.jpg)

![](img111955_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SNT-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Sustainable Intermediate Municipal Income Fund](#Sub_Sec_Fund_6532_SNT-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6532_SNT-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SNT-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SNT-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SNT-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SNT-SANN)** |

---

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 (Semi-Annual Report)**

**Fidelity® Sustainable Intermediate Municipal Income Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

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 - 5.9%  |  |  |
| Education - 0.3% |  |  |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2054  | 50000 | 48773 |
| Electric Utilities - 0.5% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (b) | 100000 | 100328 |
| General Obligations - 5.1% |  |  |
| Black Belt Energy Gas Dist Ala Gas Supply Rev 4% tender 7/1/2052 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (b) | 10000 | 10104 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (b) | 100000 | 104905 |
| Black Belt Energy Gas District 5.5% tender 11/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (b) | 100000 | 104977 |
| Southeast AL District Gas Supply Rev Series 2024 B, 5% tender 6/1/2049 (Morgan Stanley Guaranteed) (b) | 150000 | 158428 |
| Southeast Energy Auth Commodity Supply Rev Ala Series 2022 B 1, 5% tender 5/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (b) | 20000 | 20674 |
| 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) | 140000 | 147759 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (b) | 200000 | 212295 |
| Southeast Energy Authority A Cooperative District Series 2025A, 5% 6/1/2029 (Athene Annuity And Life Company Guaranteed)  | 190000 | 200335 |
|  |  | 959477 |
| TOTAL ALABAMA |  | 1108578 |
| Arizona - 2.4%  |  |  |
| General Obligations - 0.9% |  |  |
| Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2032 (Citigroup Inc Guaranteed)  | 165000 | 176149 |
| Housing - 0.4% |  |  |
| Arizona Indl Dev Auth Rev (Lihtc Cert 2019-2 Proj.) Series 2 Class A, 3.625% 5/20/2033  | 79099 | 76099 |
| Industrial Development - 0.8% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 50000 | 50859 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2007, 4.1% tender 12/1/2037 (b)(c) | 100000 | 100467 |
|  |  | 151326 |
| Water & Sewer - 0.3% |  |  |
| Phoenix AZ Cvc Imp Cor Wstwtr Series 2016, 5% 7/1/2030  | 50000 | 50992 |
| TOTAL ARIZONA |  | 454566 |
| California - 9.2%  |  |  |
| Education - 0.1% |  |  |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2025  | 15000 | 15026 |
| Electric Utilities - 0.0% |  |  |
| Riverside CA Elec Rev 5% 10/1/2043  | 5000 | 5097 |
| General Obligations - 3.5% |  |  |
| California Community Choice Financing Authority Series 2025B, 5% tender 3/1/2056 (Pacific Life Insurance Co Guaranteed) (b) | 100000 | 106115 |
| Elk Grove CA Uni Sch Dist Series 2019, 3.25% 8/1/2038  | 10000 | 8863 |
| Los Angeles Unified School District/CA Series 2024A, 5% 7/1/2030  | 150000 | 168413 |
| San Joaquin Valley Clean Energy Authority 5.5% tender 1/1/2056 (Goldman Sachs Group Inc/The Guaranteed) (b) | 150000 | 164995 |
| State of California Gen. Oblig. 5% 3/1/2037  | 200000 | 222532 |
|  |  | 670918 |
| Health Care - 0.8% |  |  |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2019 C, 5% tender 10/1/2039 (b) | 150000 | 150604 |
| Housing - 1.0% |  |  |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2019-2 CA Proj.) Series 2 Class A, 4% 3/20/2033  | 86173 | 86820 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 102616 | 95743 |
|  |  | 182563 |
| Resource Recovery - 0.7% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2023A, 4.375% tender 9/1/2053 (b)(c) | 140000 | 139066 |
| Special Tax - 0.1% |  |  |
| San Francisco CA BART Dist Tax Series 2015A, 5% 7/1/2027  | 10000 | 10014 |
| Transportation - 2.7% |  |  |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5.25% 5/15/2039 (c) | 300000 | 316065 |
| Los Angeles CA Hbr Dept Rev Series 2024 A 2, 5% 8/1/2038 (c) | 185000 | 195076 |
|  |  | 511141 |
| Water & Sewer - 0.3% |  |  |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2017A, 5% 7/1/2032  | 15000 | 15270 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2022 B, 5% 7/1/2031  | 30000 | 33168 |
|  |  | 48438 |
| TOTAL CALIFORNIA |  | 1732867 |
| Colorado - 2.6%  |  |  |
| General Obligations - 0.1% |  |  |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2020 A, 4% 12/15/2038  | 10000 | 9532 |
| Health Care - 0.3% |  |  |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) 5.25% 11/1/2037  | 60000 | 63762 |
| Housing - 0.4% |  |  |
| Colorado Hsg Fin Auth Series 05FN Class PT, 2.8% 9/1/2035  | 88189 | 73583 |
| Special Tax - 1.8% |  |  |
| Vauxmont Metropolitan District 5% 12/1/2028 (Assured Guaranty Inc Insured)  | 325000 | 346016 |
| TOTAL COLORADO |  | 492893 |
| Connecticut - 2.7%  |  |  |
| Education - 1.0% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) 2.8% tender 7/1/2057 (b) | 150000 | 149470 |
| Connecticut State Health & Educational Facilities Authority (Yale University Proj.) Series A 2, 2% tender 7/1/2042 (b) | 35000 | 34541 |
|  |  | 184011 |
| General Obligations - 0.7% |  |  |
| Connecticut St Gen. Oblig. 3% 1/15/2039  | 25000 | 21254 |
| Connecticut St Gen. Oblig. 5% 7/15/2028  | 75000 | 80352 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2033  | 25000 | 26605 |
|  |  | 128211 |
| Housing - 0.2% |  |  |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2021D SUB D1, 5% 11/15/2027  | 10000 | 10525 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2021D SUB D1, 5% 11/15/2028  | 25000 | 26761 |
|  |  | 37286 |
| Special Tax - 0.8% |  |  |
| Connecticut St Spl Tax Oblig 4% 5/1/2036  | 130000 | 131480 |
| Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2029  | 20000 | 21750 |
|  |  | 153230 |
| TOTAL CONNECTICUT |  | 502738 |
| Delaware - 0.5%  |  |  |
| Electric Utilities - 0.5% |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 3.12% 10/1/2029 VRDN (b)(c) | 100000 | 100000 |
| District Of Columbia - 0.1%  |  |  |
| Education - 0.1% |  |  |
| District Columbia Univ Rev (Georgetown Univ, DC Proj.) Series 2017, 5% 4/1/2029  | 20000 | 20607 |
| District Columbia Univ Rev (Georgetown Univ, DC Proj.) Series 2017, 5% 4/1/2033  | 10000 | 10196 |
|  |  | 30803 |
| TOTAL DISTRICT OF COLUMBIA |  | 30803 |
| Florida - 4.5%  |  |  |
| General Obligations - 0.9% |  |  |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2020A, 5% 7/1/2033  | 25000 | 26849 |
| Hernando Cnty FL Sch Brd Ctfs (Hernando Cnty FL Sch Dist Proj.) Series 2016A, 3% 7/1/2034 (Assured Guaranty Inc Insured)  | 30000 | 27893 |
| Manatee Cnty FL Sch Brd Ctf Part (Manatee Cnty FL Sch Dist Proj.) 5% 7/1/2036  | 100000 | 110036 |
|  |  | 164778 |
| Health Care - 3.2% |  |  |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, Fl Proj.) Series 2024 B 2, 5% tender 10/1/2054 (Assured Guaranty Inc Insured) (b) | 100000 | 108109 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 5% 8/15/2034  | 200000 | 208060 |
| Highlands County Health Facilities Authority (Advent Health Proj.) Series 2024C, 5% tender 11/15/2059 (b) | 100000 | 109871 |
| Lakeland FL Hosp Sys Rev (Lakeland FL Hosp Sys Rev Proj.) Series 2024, 5% 11/15/2036  | 75000 | 80953 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2035  | 100000 | 104143 |
|  |  | 611136 |
| Housing - 0.2% |  |  |
| Florida Hsg Fin Corp Rev (FL Homeownership Mortgage Proj.) 3.5% 7/1/2051  | 40000 | 40027 |
| Water & Sewer - 0.2% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2017A, 5% 10/1/2029  | 25000 | 26205 |
| JEA FL Wtr & Swr Sys Rev Series 2020 A, 3% 10/1/2036  | 20000 | 17950 |
|  |  | 44155 |
| TOTAL FLORIDA |  | 860096 |
| Georgia - 5.3%  |  |  |
| Education - 0.6% |  |  |
| Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 5% 6/15/2044  | 10000 | 10052 |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series B, 3% 10/1/2043  | 160000 | 122935 |
|  |  | 132987 |
| Electric Utilities - 2.7% |  |  |
| Bartow Cnty GA Dev Auth Pollution Cont Rev (Georgia Power Co Proj.) Series FIRST 2009, 3.95% tender 12/1/2032 (b) | 100000 | 102091 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2018, 2.8% 11/1/2052 VRDN (b) | 200000 | 200000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b) | 100000 | 100156 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2009, 3.75% tender 10/1/2048 (b) | 100000 | 100386 |
|  |  | 502633 |
| General Obligations - 2.0% |  |  |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b) | 100000 | 100559 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (b) | 100000 | 101056 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (b) | 150000 | 159571 |
| Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (b) | 15000 | 15649 |
|  |  | 376835 |
| TOTAL GEORGIA |  | 1012455 |
| Hawaii - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Honolulu HI City & Cnty Gen. Oblig. Series 2019 A, 5% 9/1/2027  | 10000 | 10510 |
| Illinois - 6.4%  |  |  |
| Education - 2.6% |  |  |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2029  | 250000 | 269928 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2032  | 10000 | 10545 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2038  | 100000 | 101494 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5% 10/1/2032  | 100000 | 104855 |
|  |  | 486822 |
| Escrowed/Pre-Refunded - 0.3% |  |  |
| Illinois Finance Authority Rev 4% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 45000 | 45952 |
| Illinois Finance Authority Rev 5% 2/15/2036 (Pre-refunded to 2/15/2027 at 100)  | 10000 | 10361 |
|  |  | 56313 |
| General Obligations - 0.8% |  |  |
| Illinois St Gen. Oblig. Series MAY 2023 C, 5% 5/1/2029  | 50000 | 53456 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2038  | 100000 | 104465 |
|  |  | 157921 |
| Health Care - 0.6% |  |  |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 3.125% 5/15/2037  | 65000 | 55869 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2036  | 50000 | 50722 |
|  |  | 106591 |
| Housing - 0.0% |  |  |
| Illinois Housing Dev Auth (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2019 D, 3.75% 4/1/2050  | 20000 | 20088 |
| Special Tax - 0.9% |  |  |
| Illinois St Sales Tax Rev Series FEBRUARY 2024 B, 5% 6/15/2038  | 160000 | 168860 |
| Water & Sewer - 1.2% |  |  |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 7/1/2035 (d) | 200000 | 224575 |
| TOTAL ILLINOIS |  | 1221170 |
| Indiana - 2.0%  |  |  |
| Electric Utilities - 0.5% |  |  |
| Indiana St Fin Auth Environmental Rev (Duke Energy Ind Inc Proj.) 4.5% tender 5/1/2035 (b)(c) | 100000 | 101067 |
| Housing - 0.9% |  |  |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 5% 1/1/2028  | 15000 | 15794 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 5% 7/1/2028  | 115000 | 122273 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 7/1/2028  | 25000 | 26581 |
|  |  | 164648 |
| Water & Sewer - 0.6% |  |  |
| Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) 5% 2/1/2042  | 100000 | 104432 |
| TOTAL INDIANA |  | 370147 |
| Iowa - 1.1%  |  |  |
| Education - 1.1% |  |  |
| Iowa Student Ln Liquidity Corp 5% 12/1/2029 (c) | 100000 | 105353 |
| Iowa Student Ln Liquidity Corp Series 2023 B, 5% 12/1/2029 (c) | 100000 | 105354 |
|  |  | 210707 |
| TOTAL IOWA |  | 210707 |
| Kentucky - 1.4%  |  |  |
| Education - 0.7% |  |  |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2032  | 105000 | 107555 |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2033  | 5000 | 5084 |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2035  | 15000 | 15067 |
|  |  | 127706 |
| General Obligations - 0.7% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (b) | 20000 | 20981 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5.25% tender 4/1/2054 (Morgan Stanley Guaranteed) (b) | 100000 | 107202 |
|  |  | 128183 |
| TOTAL KENTUCKY |  | 255889 |
| Louisiana - 0.5%  |  |  |
| Industrial Development - 0.5% |  |  |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (b) | 100000 | 100834 |
| Maine - 0.0%  |  |  |
| Education - 0.0% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2028  | 10000 | 10337 |
| Maryland - 1.7%  |  |  |
| Education - 0.1% |  |  |
| University MD Sys Auxiliary Fac & Tuition Series 2018 A, 3.125% 4/1/2035  | 15000 | 14250 |
| General Obligations - 1.3% |  |  |
| Baltimore Cnty MD 5% 3/1/2037  | 150000 | 166642 |
| Montgomery Cnty MD Ctfs Partn (Montgomery Cnty MD Proj.) Series 2020 A, 5% 10/1/2027  | 50000 | 52708 |
| State of Maryland Gen. Oblig. Series SECOND 2020A GRP2, 5% 8/1/2034  | 15000 | 16173 |
|  |  | 235523 |
| Special Tax - 0.1% |  |  |
| Maryland St Dept Transn Cons Series 2016, 4% 9/1/2027  | 15000 | 15455 |
| Maryland St Dept Transn Cons Series 2021 A, 2% 10/1/2034  | 15000 | 12429 |
|  |  | 27884 |
| Water & Sewer - 0.2% |  |  |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2017 A, 5% 7/1/2028  | 45000 | 46473 |
| TOTAL MARYLAND |  | 324130 |
| Massachusetts - 5.6%  |  |  |
| Education - 0.5% |  |  |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) Series 2018 L, 5% 10/1/2033  | 35000 | 35159 |
| University MA Bldg Auth Rev (Univ of Massachusetts Proj.) Series 2021 1, 5% 11/1/2032  | 50000 | 55178 |
|  |  | 90337 |
| General Obligations - 3.0% |  |  |
| Arlington MA Series 2021, 2% 9/15/2034  | 275000 | 229906 |
| Arlington MA Series 2021, 2% 9/15/2035  | 100000 | 80983 |
| Billerica MA Gen. Oblig. Series 2017A, 3.125% 2/1/2034  | 100000 | 97365 |
| Foxborough Mass Gen. Oblig. Series 2016, 3% 5/15/2046  | 25000 | 18256 |
| Mansfield MA Gen. Oblig. Series 2017, 3.5% 5/15/2042  | 20000 | 17013 |
| Massachusetts St Gen. Oblig. Series 2016A, 5% 7/1/2031  | 10000 | 10189 |
| Massachusetts St Gen. Oblig. Series 2017D, 5% 7/1/2027  | 25000 | 26239 |
| Massachusetts St Gen. Oblig. Series A, 5% 4/1/2036  | 15000 | 15340 |
| Pentucket MA Regl Sch Dist 3% 9/1/2043  | 100000 | 75875 |
|  |  | 571166 |
| Health Care - 0.5% |  |  |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2020A 1, 5% tender 7/1/2050 (b) | 20000 | 21667 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) Series 2021 G, 4% 7/1/2046  | 75000 | 61887 |
| Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) 5% 7/1/2032  | 15000 | 15591 |
|  |  | 99145 |
| Special Tax - 0.3% |  |  |
| Mass Bay Tran Auth Sls Tax Series 2016, 0% 7/1/2029 (e) | 5000 | 4430 |
| Mass Bay Tran Auth Sls Tax Series 2021 A 1, 5% 7/1/2035  | 45000 | 48733 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2032  | 10000 | 10930 |
|  |  | 64093 |
| Water & Sewer - 1.3% |  |  |
| Boston MA Wtr & Swr Commn Series 2018 A, 3% 11/1/2033  | 250000 | 239759 |
| TOTAL MASSACHUSETTS |  | 1064500 |
| Michigan - 2.0%  |  |  |
| Education - 0.9% |  |  |
| Wayne St Univ MI Univ Revs Series 2024A, 5% 11/15/2034 (Build America Mutual Assurance Co Insured)  | 150000 | 167938 |
| Health Care - 0.1% |  |  |
| Michigan Fin Auth Rev (Bronson Methodist Hsp, Mi Proj.) Series 2019 B, 5% tender 11/15/2044 (b) | 10000 | 10205 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 5% 11/15/2028  | 15000 | 15399 |
|  |  | 25604 |
| Water & Sewer - 1.0% |  |  |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025 D, 5.25% 7/1/2045  | 175000 | 181138 |
| TOTAL MICHIGAN |  | 374680 |
| Minnesota - 2.3%  |  |  |
| Education - 0.6% |  |  |
| Minnesota Higher Ed Facs Auth Rev (University Of St Thomas, Mn Proj.) Series 2024 B 2, 5% tender 10/1/2053 (b) | 100000 | 106466 |
| General Obligations - 1.3% |  |  |
| Anoka-Hennepin MN Ind Sch Dist No 11 Series 2020 A, 4% 2/1/2029 (Minnesota St Guaranteed)  | 10000 | 10344 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020B, 4% 8/1/2036  | 15000 | 15001 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 A, 5% 8/1/2032  | 100000 | 111002 |
| Minnesota St Gen. Oblig. Series 2019 A, 5% 8/1/2030  | 15000 | 16369 |
| Waconia Minn Isd No 110 Series 2015B, 3.25% 2/1/2039 (Minnesota St Guaranteed)  | 110000 | 96351 |
|  |  | 249067 |
| Housing - 0.4% |  |  |
| Minneapolis MN Multifamily Rev Series 2019, 2.46% 1/1/2038 (Fannie Mae Guaranteed)  | 97012 | 75476 |
| TOTAL MINNESOTA |  | 431009 |
| Nebraska - 1.3%  |  |  |
| General Obligations - 0.6% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev Series 2025A SUB A 1, 5% tender 8/1/2055 (Royal Bank of Canada Guaranteed) (b) | 100000 | 106153 |
| Health Care - 0.7% |  |  |
| Douglas Cnty NE Hosp Auth #2 (Nebraska Children's Hospital Proj.) Series 2020 A, 5% 11/15/2030  | 125000 | 136184 |
| TOTAL NEBRASKA |  | 242337 |
| New Hampshire - 0.8%  |  |  |
| Education - 0.3% |  |  |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2031 (c) | 50000 | 54010 |
| Health Care - 0.0% |  |  |
| New Hampshire Health and Education Facilities Authority Act (Concord Hospital Inc Proj.) Series 2017, 5% 10/1/2042  | 15000 | 15005 |
| Housing - 0.5% |  |  |
| New Hampshire Business Finance Authority (Lihtc 2022-2 Us Proj.) Series 2 Class A, 4% 10/20/2036  | 96202 | 90360 |
| TOTAL NEW HAMPSHIRE |  | 159375 |
| New Jersey - 4.2%  |  |  |
| Education - 1.0% |  |  |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2034 (Build America Mutual Assurance Co Insured)  | 150000 | 163577 |
| New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2036  | 15000 | 15630 |
|  |  | 179207 |
| General Obligations - 3.2% |  |  |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (e) | 50000 | 40363 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 100000 | 110217 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 95000 | 102922 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2035  | 200000 | 219229 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2032  | 100000 | 105158 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2039  | 30000 | 27880 |
|  |  | 605769 |
| Health Care - 0.0% |  |  |
| New Jersey Health Care (Rwj Barnabas Health Proj.) 5% 7/1/2033  | 10000 | 10145 |
| TOTAL NEW JERSEY |  | 795121 |
| New Mexico - 0.6%  |  |  |
| General Obligations - 0.6% |  |  |
| New Mexico Mun Energy Acquisition Auth Gas Supply Rev 5% tender 6/1/2054 (Royal Bank of Canada Guaranteed) (b) | 100000 | 106125 |
| New York - 5.9%  |  |  |
| Education - 0.1% |  |  |
| Dutchess Cnty NY Loc Dev Corp Rev (Vassar College, NY Proj.) Series 2020, 5% 7/1/2045  | 25000 | 25082 |
| Electric Utilities - 0.1% |  |  |
| Long Island Pwr Auth NY Elec Series 2018, 5% 9/1/2027  | 15000 | 15801 |
| General Obligations - 0.3% |  |  |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series S 1, 5% 7/15/2028  | 50000 | 52333 |
| Housing - 2.0% |  |  |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2023E 2, 3.8% tender 11/1/2063 (b) | 50000 | 50576 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 A2, 3.625% tender 11/1/2063 (b) | 150000 | 151275 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.875% tender 11/1/2063 (b) | 20000 | 20067 |
| New York St Hsg Fin Agy Series 2024 A, 3.375% tender 11/1/2063 (b) | 150000 | 150075 |
|  |  | 371993 |
| Special Tax - 1.3% |  |  |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 5% 2/15/2031  | 10000 | 10336 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 4% 2/15/2036  | 15000 | 15012 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 E, 4% 3/15/2035  | 30000 | 30110 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 5% 3/15/2037  | 80000 | 83308 |
| NY Payroll Mobility Tax 4% 11/15/2034  | 100000 | 103937 |
|  |  | 242703 |
| Transportation - 2.1% |  |  |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2027  | 20000 | 21072 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2029  | 50000 | 53057 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2031  | 140000 | 147317 |
| Metropolitan Transn Auth NY Rv Series 2019 C, 5% 11/15/2039  | 70000 | 71483 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2023, 6% 4/1/2035 (c) | 100000 | 108292 |
|  |  | 401221 |
| TOTAL NEW YORK |  | 1109133 |
| North Carolina - 1.3%  |  |  |
| General Obligations - 1.2% |  |  |
| Wake Cnty Ltd Oblig (Wake Cnty NC Proj.) 5% 5/1/2036  | 200000 | 224496 |
| Health Care - 0.1% |  |  |
| Atrium Health Series 2021C, 5% tender 1/15/2050 (b) | 25000 | 26647 |
| TOTAL NORTH CAROLINA |  | 251143 |
| Ohio - 2.9%  |  |  |
| Electric Utilities - 0.8% |  |  |
| Ohio St Air Quality Dev Auth (Duke Energy Corp New Proj.) Series 2022A, 4.25% tender 11/1/2039 (b)(c) | 150000 | 152149 |
| General Obligations - 1.2% |  |  |
| Cuyahoga OH Cmnty College Dist Gen. Oblig. Series 2018, 3.5% 12/1/2039  | 30000 | 26438 |
| Ohio St Spl Oblig (State of Ohio Proj.) 5% 4/1/2041  | 20000 | 20532 |
| Perrysburg OH Exmp Vlg Sch Dist Series 2015, 3.75% 12/1/2043  | 50000 | 41957 |
| Port of Greater Cincinnati Development Authority (Mariemont OH City Sch Dist Proj.) Series 2019, 3.25% 12/1/2035  | 115000 | 107935 |
| State of Ohio Gen. Oblig. Series 2019 A, 5% 5/1/2030  | 20000 | 20775 |
|  |  | 217637 |
| Health Care - 0.6% |  |  |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2048  | 50000 | 44721 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2016, 3.5% 2/15/2038  | 85000 | 73205 |
|  |  | 117926 |
| Housing - 0.3% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050  | 60000 | 60803 |
| TOTAL OHIO |  | 548515 |
| Oklahoma - 0.0%  |  |  |
| Education - 0.0% |  |  |
| Oklahoma St Univ Agri & Mechanical College Rev Series 2020 A, 5% 9/1/2032  | 10000 | 10919 |
| Oregon - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2038  | 10000 | 10269 |
| Oregon St Facs Auth Rev (Legacy Health System, or Proj.) 5% 6/1/2030  | 30000 | 32522 |
|  |  | 42791 |
| TOTAL OREGON |  | 42791 |
| Pennsylvania - 1.0%  |  |  |
| Education - 0.4% |  |  |
| Delaware Cnty PA College Rev (Haverford College Proj.) Series 2017 A, 3.75% 10/1/2046  | 85000 | 68749 |
| General Obligations - 0.1% |  |  |
| Council Rock PA Sch Dist Series 2016A, 3.125% 11/15/2034  | 25000 | 23226 |
| Health Care - 0.5% |  |  |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2027  | 50000 | 50597 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2028  | 35000 | 35375 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2031  | 10000 | 10667 |
|  |  | 96639 |
| TOTAL PENNSYLVANIA |  | 188614 |
| Rhode Island - 0.6%  |  |  |
| Education - 0.6% |  |  |
| Rhode Island St Student Ln Series 2021 A, 5% 12/1/2030 (c) | 100000 | 105709 |
| Tennessee - 1.2%  |  |  |
| General Obligations - 0.3% |  |  |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2021 C, 5% 1/1/2028  | 50000 | 52957 |
| Health Care - 0.3% |  |  |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Univ Health System, TN Proj.) 5% 4/1/2027  | 20000 | 20471 |
| Shelby Cnty TN Hlth Edl & Hsg Facs (Methodist Le Bonheur Health Proj.) Series 2017A, 3.375% 5/1/2032  | 45000 | 44122 |
|  |  | 64593 |
| Housing - 0.6% |  |  |
| Knoxville Cnty Tenn Health Edl& Hsg Fac Brd Multifamily Hsgrev Series 2024, 3.1% tender 9/1/2029 (b) | 100000 | 100669 |
| TOTAL TENNESSEE |  | 218219 |
| Texas - 11.1%  |  |  |
| Education - 0.1% |  |  |
| University Houston TX Univ Rev Series 2021 A, 2% 2/15/2033  | 25000 | 21386 |
| General Obligations - 7.0% |  |  |
| Alvin Tex Indpt Sch Dist Series 2016 A, 5% 2/15/2028 (Permanent Sch Fund of Texas Guaranteed)  | 25000 | 25322 |
| Clear Creek Independent School District Series 2025, 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed) (d) | 300000 | 322145 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2031  | 315000 | 348795 |
| Denton Independent School District Series B2, 4% tender 8/15/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 200000 | 206416 |
| LA Joya Tex Indpt Sch Dist Series 2013, 3% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 55000 | 49412 |
| Tomball TX Indpt Sch Dist 5% 2/15/2038 (Permanent Sch Fund of Texas Guaranteed) (d) | 300000 | 324902 |
| Wichita Falls TX Indpt Sch Dis Series 2021, 4% 2/1/2028 (Permanent Sch Fund of Texas Guaranteed)  | 50000 | 51631 |
|  |  | 1328623 |
| Health Care - 1.5% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% 7/1/2037  | 100000 | 107164 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 5% 12/1/2035  | 150000 | 167438 |
|  |  | 274602 |
| Housing - 0.5% |  |  |
| Capital Area Hsg Fin Corp Tex Multi Family Hsg Rev Series 2024, 3.125% tender 9/1/2029 (b) | 100000 | 100719 |
| Resource Recovery - 0.5% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2024, 4% tender 6/1/2054 (b)(c) | 100000 | 95662 |
| Water & Sewer - 1.5% |  |  |
| City of El Paso TX Water & Sewer Revenue 5% 3/1/2040  | 100000 | 104004 |
| San Antonio TX Wtr Rev 5% 5/15/2027  | 10000 | 10421 |
| San Antonio TX Wtr Rev Series 2018A, 5% 5/15/2033  | 5000 | 5228 |
| San Antonio TX Wtr Rev Series 2022B, 5% 5/15/2036  | 105000 | 113602 |
| Tarrant Regional Water District (Dallas TX Wtrwks & Swr Sys Rev Proj.) Series 2021 A, 4% 9/1/2025  | 45000 | 45054 |
|  |  | 278309 |
| TOTAL TEXAS |  | 2099301 |
| Virginia - 2.7%  |  |  |
| Electric Utilities - 0.6% |  |  |
| Louisa VA (Virginia Electric And Power Co Proj.) Series 2008B, 0.75% tender 11/1/2035 (b) | 105000 | 104588 |
| General Obligations - 1.1% |  |  |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2017 E, 5% 2/1/2030  | 15000 | 15834 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2017 E, 5% 2/1/2031  | 10000 | 10521 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2019A, 3% 2/1/2036  | 15000 | 13460 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2027  | 15000 | 15653 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2029  | 60000 | 63250 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) Series 2019, 3% 5/15/2033  | 100000 | 95208 |
|  |  | 213926 |
| Housing - 1.0% |  |  |
| Fairfax Cnty VA Redev & Hsg Auth Multi-Family Hsg Rev 5% tender 1/1/2045 (b) | 180000 | 186602 |
| TOTAL VIRGINIA |  | 505116 |
| Washington - 5.6%  |  |  |
| Education - 1.2% |  |  |
| Washington St Univ Revs Series 2025, 5% 4/1/2030  | 200000 | 219737 |
| Electric Utilities - 1.8% |  |  |
| Energy Norwthwest WA Elec Rev 5% 7/1/2038 (Bonneville Power Administration Guaranteed)  | 100000 | 108358 |
| Energy Norwthwest WA Elec Rev Series 2020 A, 5% 7/1/2034 (Bonneville Power Administration Guaranteed)  | 95000 | 101921 |
| Grant Cnty WA Pub Util Dist 2 Hydro Elec Rev Series 2024 B, 4% 1/1/2044  | 150000 | 133909 |
|  |  | 344188 |
| General Obligations - 1.0% |  |  |
| State of Washington Gen. Oblig. Series 2018 A, 5% 8/1/2027  | 50000 | 52500 |
| State of Washington Gen. Oblig. Series 2020A, 5% 8/1/2027  | 65000 | 68251 |
| State of Washington Gen. Oblig. Series 2020C, 5% 2/1/2037  | 15000 | 15780 |
| State of Washington Gen. Oblig. Series R 2017A, 5% 8/1/2030  | 10000 | 10216 |
| State of Washington Gen. Oblig. Series R 2018 D, 5% 8/1/2033  | 20000 | 20714 |
| State of Washington Gen. Oblig. Series R 2018C, 5% 8/1/2030  | 25000 | 26119 |
|  |  | 193580 |
| Health Care - 1.1% |  |  |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2033  | 10000 | 10446 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2027  | 25000 | 25704 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) Series 2017 A, 4% 7/1/2037  | 125000 | 118531 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2033  | 45000 | 46224 |
|  |  | 200905 |
| Housing - 0.5% |  |  |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 7/1/2035  | 100000 | 105005 |
| TOTAL WASHINGTON |  | 1063415 |
| West Virginia - 1.2%  |  |  |
| Health Care - 1.2% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2043  | 70000 | 66673 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2016A, 3.25% 6/1/2039  | 60000 | 50237 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2025 B, 5% tender 6/1/2055 (b) | 100000 | 106470 |
|  |  | 223380 |
| TOTAL WEST VIRGINIA |  | 223380 |
| Wisconsin - 2.2%  |  |  |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Wisconsin General Fund Annual Appropiation 5% 5/1/2026  | 20000 | 20371 |
| General Obligations - 0.9% |  |  |
| Wisconsin St Gen. Oblig. Series 2025 1, 5% 5/1/2034  | 150000 | 170103 |
| Health Care - 1.2% |  |  |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 5% 1/1/2031  | 160000 | 170196 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2013 B 2, 4% 11/15/2043  | 55000 | 48337 |
|  |  | 218533 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Economic Dev Auth Multifamily Hsg Series 2024J, 5% tender 8/1/2058 (b) | 5000 | 5090 |
| TOTAL WISCONSIN |  | 414097 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $18,776,471) |  | <br> **18752219** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.7%** | &nbsp;&nbsp;**Money Market Funds - 6.7%** | &nbsp;&nbsp;**Money Market Funds - 6.7%** | &nbsp;&nbsp;**Money Market Funds - 6.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (f)(g)<br>(Cost $1,270,313)<br>| 2.91 | 1270059 | **1270313** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.7%**<br> (Cost $20,046,784)<br>| <br>**20022532** |
| **NET OTHER ASSETS (LIABILITIES) - (5.7)%**  | **(1086825)** |
| **NET ASSETS - 100.0%** | **18935707** |

---

**Security Type Abbreviations**

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

**Legend**

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

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

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

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

(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 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 | 51 | 2147187 | 876925 | 7267 | - | - | 1270313 | 1270059 | 0.0% |
| Total | 51 | 2147187 | 876925 | 7267 | - | - | 1270313 |  |  |

---

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 July 31, 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 | 2310962 | - | 2310962 | - |
| Electric Utilities | 1425851 | - | 1425851 | - |
| Escrowed/Pre-Refunded | 76684 | - | 76684 | - |
| General Obligations | 7133198 | - | 7133198 | - |
| Health Care | 2484192 | - | 2484192 | - |
| Housing | 1691011 | - | 1691011 | - |
| Industrial Development | 252160 | - | 252160 | - |
| Resource Recovery | 234728 | - | 234728 | - |
| Special Tax | 1012800 | - | 1012800 | - |
| Transportation | 912362 | - | 912362 | - |
| Water & Sewer | 1218271 | - | 1218271 | - |
|  **Money Market Funds** | 1270313 | 1270313 | - | - |
| **Total Investments in Securities:** | 20022532 | 1270313 | 18752219 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $18,776,471) | $18752219 |  |
| Fidelity Central Funds (cost $1,270,313) | 1270313 |  |
| Total Investment in Securities (cost $20,046,784) |  | $20022532 |
| Receivable for fund shares sold |  | 1185 |
| Interest receivable |  | 182565 |
| Distributions receivable from Fidelity Central Funds |  | 2174 |
| Prepaid expenses |  | 3 |
| Receivable from investment adviser for expense reductions |  | 7442 |
| **Total assets** |  | 20215901 |
| **Liabilities** |  |  |
| Payable to custodian bank | $359724 |  |
| Payable for investments purchased on a delayed delivery basis | 871605 |  |
| Payable for fund shares redeemed | 162 |  |
| Distributions payable | 5981 |  |
| Accrued management fee | 6931 |  |
| Distribution and service plan fees payable | 1450 |  |
| Other payables and accrued expenses | 34341 |  |
| **Total liabilities** |  | 1280194 |
| **Net Assets**  |  | $18935707 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $18961928 |
| Total accumulated earnings (loss) |  | (26221) |
| **Net Assets** |  | $18935707 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($1,577,215 ÷ 157,510 shares)(a) |  | $10.01 |
| Maximum offering price per share (100/96.00 of $10.01) |  | $10.43 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,144,554 ÷ 114,300 shares)(a) |  | $10.01 |
| Maximum offering price per share (100/96.00 of $10.01) |  | $10.43 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,065,294 ÷ 109,049 shares)(a) |  | $9.77 |
| **Fidelity Sustainable Intermediate Municipal Income Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($11,747,765 ÷ 1,173,155 shares) |  | $10.01 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,207,386 ÷ 120,571 shares) |  | $10.01 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,193,493 ÷ 219,047 shares) |  | $10.01 |
| *(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** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $301618 |
| Income from Fidelity Central Funds  |  | 7267 |
| **Total income** |  | 308885 |
| **Expenses** |  |  |
| Management fee | $38657 |  |
| Distribution and service plan fees | 8673 |  |
| Custodian fees and expenses | 3303 |  |
| Independent trustees' fees and expenses | 20 |  |
| Registration fees | 86032 |  |
| Audit fees | 33309 |  |
| Legal | 24 |  |
| Miscellaneous | 219 |  |
| Total expenses before reductions | 170237 |  |
| Expense reductions | (130366) |  |
| Total expenses after reductions |  | 39871 |
| **Net Investment income (loss)** |  | 269014 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 19270 |  |
| Total net realized gain (loss) |  | 19270 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (167637) |
| **Net gain (loss)** |  | (148367) |
| **Net increase (decrease) in net assets resulting from operations** |  | $120647 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $269014 | $494442 |
| &nbsp;&nbsp;Net realized gain (loss) | 19270<br>| 16474<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (167637) | (171384)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 120647<br>| 339532<br>|
| Distributions to shareholders | (261478)<br>| (479727)<br>|
| Share transactions - net increase (decrease) | 2300616<br>| 2502459<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2159785<br>| 2362264<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 16775922 | 14413658<br>|
| &nbsp;&nbsp;End of period | $18935707 | $16775922 |

---

**Financial Highlights** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.10 | $10.18 | $10.14 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .148  | .297  | .273  | .181  |
| Net realized and unrealized gain (loss)  | (.096)  | (.094)  | .032  | .137  |
| Total from investment operations  | .052  | .203  | .305  | .318  |
| Distributions from net investment income  | (.142)  | (.283)  | (.265)  | (.178)  |
| Total distributions  | (.142)  | (.283)  | (.265)  | (.178)  |
| Net asset value, end of period  | $10.01 | $10.10 | $10.18 | $10.14 |
| **Total Return** D,E,F | .52% <br>| 2.03%  | 3.10%  | 3.24%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 2.20% I | 1.73%  | 1.93%  | 2.34% I,J |
| Expenses net of fee waivers, if any  | .62% I<br>| .62%  | .62%  | .62% I |
| Expenses net of all reductions, if any  | .62% I | .62%  | .62%  | .61% I |
| Net investment income (loss)  | 2.99% I | 2.94%  | 2.74%  | 2.26% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $1577 | $1575 | $1613 | $1563 |
| Portfolio turnover rate K | 25% I<br>| 17%  | 30%  | 14% I |

---

A*For the period April 13, 2022 (commencement of operations) through January 31, 2023.*

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

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

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

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.*

**Fidelity Advisor® Sustainable Intermediate Municipal Income Fund Class M**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.10 | $10.18 | $10.14 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .148  | .297  | .273  | .181  |
| Net realized and unrealized gain (loss)  | (.096)  | (.094)  | .032  | .137  |
| Total from investment operations  | .052  | .203  | .305  | .318  |
| Distributions from net investment income  | (.142)  | (.283)  | (.265)  | (.178)  |
| Total distributions  | (.142)  | (.283)  | (.265)  | (.178)  |
| Net asset value, end of period  | $10.01 | $10.10 | $10.18 | $10.14 |
| **Total Return** D,E,F | .52% <br>| 2.03%  | 3.10%  | 3.24%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 2.23% I | 1.75%  | 1.97%  | 2.36% I,J |
| Expenses net of fee waivers, if any  | .62% I<br>| .62%  | .62%  | .62% I |
| Expenses net of all reductions, if any  | .62% I | .62%  | .62%  | .61% I |
| Net investment income (loss)  | 2.99% I | 2.94%  | 2.74%  | 2.26% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $1145 | $1156 | $1180 | $1122 |
| Portfolio turnover rate K | 25% I<br>| 17%  | 30%  | 14% I |

---

A*For the period April 13, 2022 (commencement of operations) through January 31, 2023.*

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

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

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

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.*

**Fidelity Advisor® Sustainable Intermediate Municipal Income Fund Class C**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $9.89 | $10.05 | $10.08 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .109  | .217  | .196  | .120  |
| Net realized and unrealized gain (loss)  | (.090)  | (.099)  | .036  | .137  |
| Total from investment operations  | .019  | .118  | .232  | .257  |
| Distributions from net investment income  | (.139)  | (.278)  | (.262)  | (.177)  |
| Total distributions  | (.139)  | (.278)  | (.262)  | (.177)  |
| Net asset value, end of period  | $9.77 | $9.89 | $10.05 | $10.08 |
| **Total Return** D,E,F | .19% <br>| 1.20%  | 2.39%  | 2.62%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |
| Expenses before reductions  | 3.00% I | 2.50%  | 2.73%  | 3.08% I,J |
| Expenses net of fee waivers, if any  | 1.37% I<br>| 1.37%  | 1.37%  | 1.37% I |
| Expenses net of all reductions, if any  | 1.37% I | 1.37%  | 1.37%  | 1.36% I |
| Net investment income (loss)  | 2.24% I | 2.19%  | 1.99%  | 1.51% I |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $1065 | $1063 | $1090 | $1065 |
| Portfolio turnover rate K | 25% I<br>| 17%  | 30%  | 14% I |

---

A*For the period April 13, 2022 (commencement of operations) through January 31, 2023.*

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

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

F*Total returns do not include the effect of the contingent deferred sales charge.*

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.*

**Fidelity® Sustainable Intermediate Municipal Income Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.10 | $10.18 | $10.14 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .160  | .322  | .298  | .200  |
| Net realized and unrealized gain (loss)  | (.096)  | (.094)  | .032  | .138  |
| Total from investment operations  | .064  | .228  | .330  | .338  |
| Distributions from net investment income  | (.154)  | (.308)  | (.290)  | (.198)  |
| Total distributions  | (.154)  | (.308)  | (.290)  | (.198)  |
| Net asset value, end of period  | $10.01 | $10.10 | $10.18 | $10.14 |
| **Total Return** D,E | .64% <br>| 2.28%  | 3.36%  | 3.44%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 1.87% H | 1.35%  | 1.62%  | 2.03% H,I |
| Expenses net of fee waivers, if any  | .37% H<br>| .37%  | .37%  | .37% H |
| Expenses net of all reductions, if any  | .37% H | .37%  | .37%  | .36% H |
| Net investment income (loss)  | 3.24% H | 3.19%  | 2.99%  | 2.51% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $11748 | $10593 | $8337 | $7307 |
| Portfolio turnover rate J | 25% H<br>| 17%  | 30%  | 14% H |

---

A*For the period April 13, 2022 (commencement of operations) through January 31, 2023.*

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

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*Annualized.*

I*Audit fees are not annualized.*

J*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® Sustainable Intermediate Municipal Income Fund Class I**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.10 | $10.18 | $10.14 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .160  | .322  | .298  | .201  |
| Net realized and unrealized gain (loss)  | (.096)  | (.094)  | .032  | .137  |
| Total from investment operations  | .064  | .228  | .330  | .338  |
| Distributions from net investment income  | (.154)  | (.308)  | (.290)  | (.198)  |
| Total distributions  | (.154)  | (.308)  | (.290)  | (.198)  |
| Net asset value, end of period  | $10.01 | $10.10 | $10.18 | $10.14 |
| **Total Return** D,E | .64% <br>| 2.28%  | 3.36%  | 3.44%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 1.97% H | 1.50%  | 1.74%  | 2.12% H,I |
| Expenses net of fee waivers, if any  | .37% H<br>| .37%  | .37%  | .37% H |
| Expenses net of all reductions, if any  | .37% H | .37%  | .37%  | .36% H |
| Net investment income (loss)  | 3.24% H | 3.19%  | 2.99%  | 2.51% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $1207 | $1094 | $1070 | $1035 |
| Portfolio turnover rate J | 25% H<br>| 17%  | 30%  | 14% H |

---

A*For the period April 13, 2022 (commencement of operations) through January 31, 2023.*

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

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*Annualized.*

I*Audit fees are not annualized.*

J*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® Sustainable Intermediate Municipal Income Fund Class Z**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.10 | $10.18 | $10.14 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .161  | .329  | .304  | .205  |
| Net realized and unrealized gain (loss)  | (.094)  | (.095)  | .032  | .137  |
| Total from investment operations  | .067  | .234  | .336  | .342  |
| Distributions from net investment income  | (.157)  | (.314)  | (.296)  | (.202)  |
| Total distributions  | (.157)  | (.314)  | (.296)  | (.202)  |
| Net asset value, end of period  | $10.01 | $10.10 | $10.18 | $10.14 |
| **Total Return** D,E | .67% <br>| 2.34%  | 3.42%  | 3.49%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | 1.75% H | 1.35%  | 1.61%  | 2.04% H,I |
| Expenses net of fee waivers, if any  | .31% H<br>| .31%  | .31%  | .31% H |
| Expenses net of all reductions, if any  | .31% H | .31%  | .31%  | .30% H |
| Net investment income (loss)  | 3.30% H | 3.25%  | 3.05%  | 2.57% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $2193 | $1295 | $1124 | $1035 |
| Portfolio turnover rate J | 25% H<br>| 17%  | 30%  | 14% H |

---

A*For the period April 13, 2022 (commencement of operations) through January 31, 2023.*

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

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*Annualized.*

I*Audit fees are not annualized.*

J*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** **(Unaudited)**

For the period ended July 31, 2025

**1. Organization.**

Fidelity Sustainable Intermediate 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. The Fund offers Class A, Class M, Class C, Fidelity Sustainable Intermediate Municipal Income Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**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 July 31, 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.

**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. 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 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** | $223608 |
| **Gross unrealized depreciation** | <u>(207051)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$16557</u> |
| **Tax cost** | <u>$20005975</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 prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(4234) |
| Long-term | <u>(36809)</u> |
| **Total capital loss carryforward** | <u>$(41043)</u> |

---

**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. 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 Sustainable Intermediate Municipal Income Fund** | 4268461 | 2109602 |

---

**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.

The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .48 |
| **Class M** | .51 |
| **Class C** | .52 |
| **Fidelity Sustainable Intermediate Municipal Income Fund** | .43 |
| **Class I** | .52 |
| **Class Z** | .39 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .48 |
| **Class M** | .51 |
| **Class C** | .52 |
| **Fidelity Sustainable Intermediate Municipal Income Fund** | .43 |
| **Class I** | .52 |
| **Class Z** | .39 |

---

**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. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' 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 Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A** | - % | .25% | 1957 | 1957 |
| **Class M** | - % | .25% | 1429 | 1354 |
| **Class C** | .75% | .25% | <u>5287</u> | <u>5287</u> |
|  |  |  | <u>8673</u> | <u>8598</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, .75% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 9 |

---

**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 Sustainable Intermediate Municipal Income Fund** | 100452 | 286846 | 566 |

---

**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 Sustainable Intermediate Municipal Income Fund** | 8 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse expenses of each class to the extent annual operating expenses exceeded certain levels of class-level average net assets as noted in the table below. This reimbursement will remain in place through May 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.

The following classes were in reimbursement during the period:

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Reimbursement ($)** |
| **Class A** | .62% | 12259 |
| **Class M** | .62% | 9131 |
| **Class C** | 1.37% | 8521 |
| **Fidelity Sustainable Intermediate Municipal Income Fund** | .37% | 81501 |
| **Class I** | .37% | 8879 |
| **Class Z** | .31% | <u>10075</u> |
|  |  | <u>130366</u> |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **July 31, 2025** | **Year ended**<br> **January 31, 2025** |
| **Fidelity Sustainable Intermediate Municipal Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $22156 | $43940 |
| Class M | 16174 | 32434 |
| Class C | 15001 | 30479 |
| Fidelity Sustainable Intermediate Municipal Income Fund | 168733 | 303697 |
| Class I | 17268 | 32877 |
| Class Z | <u>22146</u> | <u>36300</u> |
| Total  | <u>$261478</u> | <u>$479727</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** |
|  | **Six months ended** <br> **July 31, 2025**  | **Year ended**<br> **January 31, 2025** | **Six months ended** <br> **July 31, 2025**  | **Year ended**<br> **January 31, 2025** |
| **Fidelity Sustainable Intermediate Municipal Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 327 | - | $3263 | $- |
| Reinvestment of distributions | 2212 | 4349 | 22156 | 43940 |
| Shares redeemed | <u>(968)</u> | <u>(6833)</u> | <u>(9701)</u> | <u>(68876)</u> |
| Net increase (decrease) | <u>1571</u> | <u>(2484)</u> | <u>$15718</u> | <u>$(24936)</u> |
| **Class M** |  |  |  |  |
| Reinvestment of distributions | 1615 | 3210 | 16174 | 32434 |
| Shares redeemed | <u>(1803)</u> | <u>(4553)</u> | <u>(18000)</u> | <u>(46000)</u> |
| Net increase (decrease) | <u>(188)</u> | <u>(1343)</u> | <u>$(1826)</u> | <u>$(13566)</u> |
| **Class C** |  |  |  |  |
| Shares sold | - | - | $- | $4 |
| Reinvestment of distributions | 1532 | 3061 | 15001 | 30391 |
| Shares redeemed | <u>-</u> | <u>(4020)</u> | <u>-</u> | <u>(39780)</u> |
| Net increase (decrease) | <u>1532</u> | <u>(959)</u> | <u>$15001</u> | <u>$(9385)</u> |
| **Fidelity Sustainable Intermediate Municipal Income Fund** |  |  |  |  |
| Shares sold | 182416 | 341786 | $1821820 | $3469134 |
| Reinvestment of distributions | 14157 | 25256 | 141809 | 255268 |
| Shares redeemed | <u>(72298)</u> | <u>(136890)</u> | <u>(725664)</u> | <u>(1386394)</u> |
| Net increase (decrease) | <u>124275</u> | <u>230152</u> | <u>$1237965</u> | <u>$2338008</u> |
| **Class I** |  |  |  |  |
| Shares sold | 10578 | 2010 | $105340 | $20000 |
| Reinvestment of distributions | 1724 | 3246 | 17268 | 32802 |
| Shares redeemed | <u>(1)</u> | <u>(2010)</u> | <u>(6)</u> | <u>(20241)</u> |
| Net increase (decrease) | <u>12301</u> | <u>3246</u> | <u>$122602</u> | <u>$32561</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 93341 | 16910 | $935726 | $170881 |
| Reinvestment of distributions | 1951 | 3342 | 19537 | 33776 |
| Shares redeemed | <u>(4417)</u> | <u>(2468)</u> | <u>(44107)</u> | <u>(24880)</u> |
| Net increase (decrease) | <u>90875</u> | <u>17784</u> | <u>$911156</u> | <u>$179777</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 Sustainable Intermediate Municipal Income Fund  | 55% |

---

**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.

**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.

![](img111955_4.jpg)<br>

1.9904922.103 SNT-SANN-0925

**Fidelity® SAI Sustainable Municipal Income Fund**

**Semi-Annual Report**

**July 31, 2025**

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

![](img111956_1.jpg)

![](img111956_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MNI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Sustainable Municipal Income Fund](#Sub_Sec_Fund_6538_MNI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6538_MNI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MNI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MNI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MNI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MNI-SANN)** |

---

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 (Semi-Annual Report)**

**Fidelity® SAI Sustainable Municipal Income Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 102.1%** | &nbsp;&nbsp;**Municipal Securities - 102.1%** | &nbsp;&nbsp;**Municipal Securities - 102.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 5.2%  |  |  |
| Education - 0.2% |  |  |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2054  | 100000 | 97545 |
| Electric Utilities - 2.8% |  |  |
| Mobile AL Indl Dev Brd Rev (Alabama Power & Light Proj.) 2.85% 4/1/2031 VRDN (b)(c) | 300000 | 300000 |
| Mobile AL Indl Dev Brd Rev (Alabama Power & Light Proj.) 2.85% 9/1/2031 VRDN (b)(c) | 250000 | 250000 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) Series FIRST 2023, 2.9% 8/1/2063 VRDN (b)(c) | 640000 | 640000 |
| Wilsonville AL Indl Dev Brd Pollutn Ctl Rev (Alabama Power & Light Proj.) 2.85% 12/1/2030 VRDN (b)(c) | 300000 | 300000 |
|  |  | 1490000 |
| General Obligations - 2.2% |  |  |
| Black Belt Energy Gas District 5.5% tender 11/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (c) | 100000 | 104976 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% tender 12/1/2051 (Morgan Stanley Guaranteed) (c) | 500000 | 497045 |
| Southeast Energy Auth Commodity Supply Rev Ala 5.5% tender 1/1/2053 (Morgan Stanley Guaranteed) (c) | 100000 | 106378 |
| 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) (c) | 110000 | 116097 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (c) | 300000 | 318441 |
|  |  | 1142937 |
| TOTAL ALABAMA |  | 2730482 |
| Arizona - 1.9%  |  |  |
| General Obligations - 1.0% |  |  |
| Goodyear Ariz Gen. Oblig. Series 2016 A, 3% 7/1/2037  | 25000 | 22303 |
| Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2032 (Citigroup Inc Guaranteed)  | 170000 | 181486 |
| Tempe AZ Gen. Oblig. 5% 7/1/2042  | 275000 | 287705 |
|  |  | 491494 |
| Health Care - 0.2% |  |  |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2038  | 100000 | 104794 |
| Housing - 0.1% |  |  |
| Arizona Indl Dev Auth Rev (Lihtc Cert 2019-2 Proj.) Series 2 Class A, 3.625% 5/20/2033  | 79099 | 76099 |
| Industrial Development - 0.2% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2007, 4.1% tender 12/1/2037 (b)(c) | 120000 | 120561 |
| Water & Sewer - 0.4% |  |  |
| Phoenix Arizona Civic Imp Wtr 5% 7/1/2045  | 195000 | 197850 |
| TOTAL ARIZONA |  | 990798 |
| California - 5.8%  |  |  |
| Education - 0.3% |  |  |
| California Infrastructure & Economic Development Bank (University CA Revs Proj.) Series 2017, 5% 5/15/2047  | 25000 | 24805 |
| California Mun Fin Auth Rev (University of LA Verne Proj.) Series A, 3.5% 6/1/2034  | 10000 | 9288 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2025  | 15000 | 15026 |
| California Mun Fn Auth Rev (CA Lutheran University Proj.) 5% 10/1/2035  | 5000 | 5106 |
| California St Univ Rev Series 2021 A, 3% 11/1/2052  | 135000 | 91239 |
| University CA Revs Series 2020 BE, 5% 5/15/2042  | 10000 | 10241 |
|  |  | 155705 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| California Mun Fin Auth Rev Series 2017, 5% 1/1/2033 (Pre-refunded to 1/1/2028 at 100)  | 25000 | 26581 |
| General Obligations - 4.3% |  |  |
| Elk Grove Calif Uni Sch Dist Ctfs Partn (Elk Grove CA Uni Sch Dist Proj.) 3% 2/1/2034  | 15000 | 14119 |
| Fontana CA Uni Sch Dist Series 2020, 2.375% 8/1/2044 (Assured Guaranty Inc Insured)  | 115000 | 72802 |
| Fontana CA Uni Sch Dist Series B, 0% 8/1/2030 (Assured Guaranty Inc Insured) (d) | 125000 | 106799 |
| Los Angeles Unified School District/CA Series 2024A, 5% 7/1/2030  | 250000 | 280689 |
| Poway CA Unified Sch Dist 0% 8/1/2031 (d) | 110000 | 91302 |
| Poway CA Unified Sch Dist 0% 8/1/2039 (d) | 100000 | 54565 |
| San Diego CA Uni Sch Dist 0% 7/1/2044 (d) | 100000 | 41012 |
| San Diego CA Uni Sch Dist Series 2010C, 0% 7/1/2045 (d) | 10000 | 3867 |
| San Jose Evergreen CA Cmty Col Gen. Oblig. Series B, 3% 9/1/2036  | 20000 | 18354 |
| San Mateo Cnty Calif Jt Pwrs Fing Auth Lease Rev (San Mateo CO CA Proj.) Series 2021 A 1, 3% 6/15/2046  | 25000 | 18305 |
| Sanger CA Uni Sch Dist Series C, 3% 8/1/2048  | 200000 | 143845 |
| Santa Clara Cnty CA Fing Lease (Santa Clara Cnty CA Proj.) Series 2019 A, 3% 5/1/2037  | 300000 | 269164 |
| State of California Gen. Oblig. 5% 9/1/2030  | 1000000 | 1116857 |
|  |  | 2231680 |
| Housing - 0.2% |  |  |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 93287 | 87039 |
| Resource Recovery - 0.2% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2023A, 4.375% tender 9/1/2053 (b)(c) | 120000 | 119199 |
| Transportation - 0.6% |  |  |
| Los Angeles CA Hbr Dept Rev Series 2024 A 2, 5% 8/1/2038 (b) | 315000 | 332157 |
| Water & Sewer - 0.1% |  |  |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2017A, 5% 7/1/2032  | 10000 | 10180 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2020B, 4% 7/1/2029  | 55000 | 56678 |
|  |  | 66858 |
| TOTAL CALIFORNIA |  | 3019219 |
| Colorado - 0.2%  |  |  |
| General Obligations - 0.0% |  |  |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2020 A, 4% 12/15/2038  | 10000 | 9533 |
| Health Care - 0.2% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 3% 11/15/2051  | 100000 | 67142 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) 5.25% 11/1/2037  | 10000 | 10627 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2036  | 15000 | 15388 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2039  | 10000 | 10060 |
|  |  | 103217 |
| TOTAL COLORADO |  | 112750 |
| Connecticut - 3.3%  |  |  |
| Education - 0.4% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2052  | 50000 | 39758 |
| Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) Series R, 3.25% 7/1/2035  | 125000 | 116350 |
| University Conn Rev Series 2018 A, 3.625% 11/15/2036  | 30000 | 29252 |
|  |  | 185360 |
| General Obligations - 1.6% |  |  |
| Connecticut St Gen. Oblig. 3% 1/15/2039  | 100000 | 85018 |
| Connecticut St Gen. Oblig. 3% 1/15/2041  | 50000 | 39020 |
| Connecticut St Gen. Oblig. 3% 6/1/2040  | 40000 | 32254 |
| Connecticut St Gen. Oblig. 4% 6/1/2034  | 10000 | 10298 |
| Connecticut St Gen. Oblig. 5% 7/15/2028  | 75000 | 80352 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2033  | 30000 | 31925 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2039  | 165000 | 136341 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2038  | 400000 | 437095 |
| University Connecticut (Connecticut St Proj.) Series 2016 A, 3% 3/15/2034  | 15000 | 13750 |
|  |  | 866053 |
| Housing - 0.1% |  |  |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) Series 2021D SUB D1, 5% 11/15/2028  | 25000 | 26761 |
| Special Tax - 1.2% |  |  |
| Connecticut St Spl Tax Oblig 4% 5/1/2036  | 130000 | 131480 |
| Connecticut St Spl Tax Oblig 5% 7/1/2037  | 15000 | 16211 |
| Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2029  | 15000 | 16312 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2045  | 300000 | 309840 |
| Connecticut St Spl Tax Oblig Series A, 5% 9/1/2028  | 150000 | 153984 |
|  |  | 627827 |
| TOTAL CONNECTICUT |  | 1706001 |
| District Of Columbia - 0.0%  |  |  |
| Education - 0.0% |  |  |
| District Columbia Univ Rev (Georgetown Univ, DC Proj.) Series 2017, 5% 4/1/2033  | 10000 | 10195 |
| District Of Columbia,Maryland,Virginia - 0.7%  |  |  |
| Special Tax - 0.7% |  |  |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5% 7/15/2039  | 55000 | 57985 |
| Washington Metropolitan Area Transit Authority Series 2024 A, 5% 7/15/2056  | 300000 | 300984 |
|  |  | 358969 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 358969 |
| Florida - 4.2%  |  |  |
| Education - 0.0% |  |  |
| Florida Higher Edl Facs Fing Auth Rev (Rollins College, FL Proj.) Series 2020 A, 3% 12/1/2048  | 50000 | 33709 |
| General Obligations - 1.2% |  |  |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2020A, 5% 7/1/2033  | 30000 | 32219 |
| Hernando Cnty FL Sch Brd Ctfs (Hernando Cnty FL Sch Dist Proj.) Series 2016A, 3% 7/1/2035 (Assured Guaranty Inc Insured)  | 45000 | 41257 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2043  | 390000 | 404091 |
| Miami-Dade Cnty Fla Gen. Oblig. Series 2020, 2.25% 7/1/2038  | 50000 | 37261 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2021 A, 5% 8/1/2038  | 130000 | 135586 |
|  |  | 650414 |
| Health Care - 1.5% |  |  |
| Alachua Cnty FL Hlth Fac Rev (Shands Teaching Hosp & Clinics Inc Proj.) Series 2019 A, 3% 12/1/2046  | 90000 | 62514 |
| Collier Cnty FL Indl Dev Auth Health Care Facs Rev (Naples Community Hosp Inc, FL Proj.) Series 2024 A, 5% 10/1/2040 (Assured Guaranty Inc Insured)  | 200000 | 208645 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 5% 8/15/2034  | 195000 | 202859 |
| Halifax Hosp Med Ctr FL Hosp Series 2016, 3.75% 6/1/2041  | 125000 | 104011 |
| Lakeland FL Hosp Sys Rev Series 2016, 5% 11/15/2029  | 15000 | 15332 |
| Miami-Dade Cty FL Hlth Hsp Rev (Nicklaus Childrens Hospital,Fl Proj.) Series 2021 A, 5% 8/1/2030  | 40000 | 43683 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2035  | 150000 | 156214 |
|  |  | 793258 |
| Housing - 0.6% |  |  |
| Broward Cty FL Hsg Aut Hsg Rev 3.15% tender 3/1/2028 (c) | 300000 | 300533 |
| Special Tax - 0.1% |  |  |
| Jacksonville FL Trans Rev Series 2015, 3.5% 10/1/2036  | 30000 | 28363 |
| Jacksonville FL Trans Rev Series 2015, 3.5% 10/1/2037  | 15000 | 13956 |
|  |  | 42319 |
| Transportation - 0.5% |  |  |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5.25% 7/1/2053 (Assured Guaranty Inc Insured) (b) | 250000 | 239050 |
| Water & Sewer - 0.3% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2017A, 5% 10/1/2029  | 25000 | 26205 |
| JEA FL Wtr & Swr Sys Rev Series 2020 A, 3% 10/1/2036  | 70000 | 62826 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2017 B, 5% 10/1/2027  | 55000 | 57966 |
|  |  | 146997 |
| TOTAL FLORIDA |  | 2206280 |
| Georgia - 8.3%  |  |  |
| Education - 0.6% |  |  |
| Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 5% 6/15/2044  | 15000 | 15077 |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2019 A, 5% 9/1/2039  | 100000 | 102602 |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series B, 3% 10/1/2043  | 265000 | 203612 |
|  |  | 321291 |
| Electric Utilities - 4.6% |  |  |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 2.85% 11/1/2062 VRDN (b)(c) | 1100000 | 1100000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1995, 3.8% tender 10/1/2032 (c) | 300000 | 301433 |
| Heard Cnty GA Dev Auth Poll Cont Rev (Georgia Power Co Proj.) 2.85% 12/1/2037 VRDN (b)(c) | 500000 | 500000 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) 2.85% 4/1/2032 VRDN (c) | 500000 | 500000 |
|  |  | 2401433 |
| General Obligations - 1.9% |  |  |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (c) | 100000 | 101056 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (c) | 200000 | 212762 |
| Main Street Natural Gas Inc Series 2024E, 5% tender 5/1/2055 (Citigroup Inc Guaranteed) (c) | 650000 | 682349 |
|  |  | 996167 |
| Health Care - 1.2% |  |  |
| Fulton Cnty GA Dev Auth Rev (Piedmont Hosp Og Proj.) Series 2019 A, 3% 7/1/2044  | 755000 | 548952 |
| Glynn Brunswick Mem Hosp Auth GA Rev (Southeast GA Health System Proj.) 4% 8/1/2043  | 65000 | 53013 |
|  |  | 601965 |
| TOTAL GEORGIA |  | 4320856 |
| Hawaii - 0.7%  |  |  |
| General Obligations - 0.7% |  |  |
| Honolulu HI City & Cnty Gen. Oblig. Series 2024A, 5.25% 7/1/2049  | 330000 | 341811 |
| Illinois - 9.3%  |  |  |
| Education - 1.4% |  |  |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) Series 2016 A, 3% 10/1/2037  | 205000 | 175048 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2032  | 15000 | 15817 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2038  | 300000 | 304483 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5% 10/1/2035  | 150000 | 153216 |
| University of Illinois (University of Illinois Proj.) Series 2024A, 5.25% 4/1/2043  | 95000 | 97383 |
|  |  | 745947 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Illinois Finance Authority Rev 4% 2/15/2041 (Pre-refunded to 2/15/2027 at 100)  | 65000 | 66374 |
| Illinois Finance Authority Rev 5% 2/15/2036 (Pre-refunded to 2/15/2027 at 100)  | 5000 | 5180 |
|  |  | 71554 |
| General Obligations - 1.0% |  |  |
| Illinois St Gen. Oblig. Series 2017C, 5% 11/1/2029  | 125000 | 130120 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2046  | 50000 | 48639 |
| Illinois St Gen. Oblig. Series MAY 2023D, 4% 7/1/2037  | 200000 | 188552 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2040  | 150000 | 153785 |
|  |  | 521096 |
| Health Care - 2.1% |  |  |
| Illinois Fin Auth Health Svcs Fac Lease Rev (University of Illinois Hospital And Health Sciences System Proj.) Series 2020, 4% 10/1/2055  | 100000 | 78955 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 3.125% 5/15/2037  | 60000 | 51571 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2018A, 5% 5/15/2032  | 45000 | 46822 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 4% 2/15/2041  | 5000 | 4519 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) 5% 2/15/2036  | 25000 | 25361 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) 3.25% 5/15/2039  | 480000 | 417430 |
| Illinois Finance Authority Rev (University of Chicago Hosps,Il Proj.) 5% 8/15/2047  | 70000 | 68999 |
| Illinois Finance Authority Rev (University Of Chicago Hosps,Il Proj.) Series 2025A 1, 5% tender 8/15/2054 (c) | 400000 | 427064 |
|  |  | 1120721 |
| Special Tax - 1.5% |  |  |
| Illinois St Sales Tax Rev Series FEBRUARY 2024 B, 5% 6/15/2036  | 295000 | 317701 |
| Illinois St Sales Tax Rev Series FEBRUARY 2024A, 5% 6/15/2026  | 150000 | 152860 |
| Illinois St Sales Tax Rev Series SEPTEMBER 2016 A, 3% 6/15/2033  | 200000 | 182035 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2033 (National Public Finance Guarantee Corporation Insured) (d) | 200000 | 146438 |
|  |  | 799034 |
| Water & Sewer - 3.2% |  |  |
| Chicago IL Wastewater Transmission Rev Series 2023A, 5.25% 1/1/2048 (Assured Guaranty Inc Insured)  | 500000 | 509222 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2034 (e) | 500000 | 549682 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 7/1/2031 (e) | 500000 | 553723 |
|  |  | 1612627 |
| TOTAL ILLINOIS |  | 4870979 |
| Indiana - 1.1%  |  |  |
| Housing - 0.1% |  |  |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 5% 1/1/2028  | 15000 | 15794 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 7/1/2028  | 25000 | 26581 |
|  |  | 42375 |
| Water & Sewer - 1.0% |  |  |
| Indiana St Fin Auth Rev (Indiana State Revolving Fund Program Proj.) 5% 2/1/2045  | 500000 | 514206 |
| TOTAL INDIANA |  | 556581 |
| Iowa - 0.3%  |  |  |
| Education - 0.3% |  |  |
| Iowa Student Ln Liquidity Corp Series 2023 B, 5% 12/1/2033 (b) | 155000 | 163486 |
| Kansas - 1.0%  |  |  |
| Health Care - 1.0% |  |  |
| University Kansas Hosp Auth Hlth Fac Rev Series 2019 B, 3% 3/1/2041  | 640000 | 519780 |
| Kentucky - 0.8%  |  |  |
| Education - 0.0% |  |  |
| Kentucky Bd Dev Corp Edl Facs Rev (Centre College Proj.) Series 2021, 4% 6/1/2035  | 20000 | 20089 |
| General Obligations - 0.1% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (c) | 30000 | 31472 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2033  | 20000 | 20972 |
|  |  | 52444 |
| Health Care - 0.3% |  |  |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2033  | 50000 | 48874 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) Series 2019, 3% 2/1/2040 (Assured Guaranty Inc Insured)  | 20000 | 16719 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2017 A, 5% 6/1/2026  | 20000 | 20198 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2017 A, 5% 6/1/2031  | 60000 | 61049 |
|  |  | 146840 |
| Industrial Development - 0.4% |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 3.3% 7/1/2060 VRDN (b)(c) | 200000 | 200000 |
| TOTAL KENTUCKY |  | 419373 |
| Louisiana - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Louisiana Pub Fac Auth Hsp Rev (Louisiana Childrens Hospital Proj.) Series 2020 A, 3% 6/1/2050 (Assured Guaranty Inc Insured)  | 415000 | 273354 |
| Louisiana Pub Facs Rev (Ochsner Clinic Foundation Proj.) Series 2020 A, 3% 5/15/2047  | 75000 | 52473 |
|  |  | 325827 |
| TOTAL LOUISIANA |  | 325827 |
| Maine - 0.6%  |  |  |
| Education - 0.1% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2028  | 30000 | 31014 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2029  | 10000 | 10329 |
|  |  | 41343 |
| Health Care - 0.5% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2030  | 250000 | 264135 |
| TOTAL MAINE |  | 305478 |
| Maryland - 2.5%  |  |  |
| Education - 0.1% |  |  |
| Maryland Health & Higher Educational Facilities Authority (MD Inst College of Art Proj.) Series 2024, 5.25% 6/1/2044  | 60000 | 58395 |
| University MD Sys Auxiliary Fac & Tuition Series 2016 A, 3% 4/1/2035  | 15000 | 13886 |
|  |  | 72281 |
| General Obligations - 2.3% |  |  |
| Howard Cnty MD Hsg Comm Lease Rev (Howard Cnty MD Proj.) 2% 6/1/2039  | 20000 | 14092 |
| Montgomery Cnty MD Ctfs Partn (Montgomery Cnty MD Proj.) Series 2020 A, 5% 10/1/2027  | 15000 | 15812 |
| State of Maryland Gen. Oblig. Series 2024 FIRST A, 5% 6/1/2037  | 1065000 | 1165649 |
|  |  | 1195553 |
| Special Tax - 0.1% |  |  |
| Maryland St Dept Transn Cons Series 2016, 4% 9/1/2027  | 10000 | 10303 |
| Maryland St Dept Transn Cons Series 2020, 5% 10/1/2033  | 10000 | 10846 |
| Maryland St Dept Transn Cons Series 2021 A, 2% 10/1/2034  | 10000 | 8286 |
|  |  | 29435 |
| Water & Sewer - 0.0% |  |  |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2017 B, 5% 7/1/2032  | 25000 | 25569 |
| TOTAL MARYLAND |  | 1322838 |
| Massachusetts - 6.1%  |  |  |
| Education - 0.2% |  |  |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) Series 2018 L, 5% 10/1/2033  | 35000 | 35159 |
| University MA Bldg Auth Rev (Univ of Massachusetts Proj.) Series 2021 1, 5% 11/1/2032  | 50000 | 55178 |
|  |  | 90337 |
| General Obligations - 4.1% |  |  |
| Arlington MA Series 2021, 2% 9/15/2031  | 65000 | 59073 |
| Arlington MA Series 2021, 2% 9/15/2035  | 100000 | 80982 |
| Arlington MA Series 2021, 2% 9/15/2036  | 165000 | 129213 |
| Billerica MA Gen. Oblig. Series 2017A, 3.25% 2/1/2036  | 10000 | 9471 |
| Foxborough Mass Gen. Oblig. Series 2016, 3% 5/15/2046  | 25000 | 18256 |
| Hingham MA Gen. Oblig. Series 2020, 3% 2/15/2037  | 125000 | 112146 |
| Lunenburg Mass Gen. Oblig. 3.125% 1/15/2039  | 25000 | 21915 |
| Massachusetts St Gen. Oblig. 5% 4/1/2047  | 400000 | 408342 |
| Massachusetts St Gen. Oblig. Series 2017D, 5% 7/1/2027  | 25000 | 26239 |
| Massachusetts St Gen. Oblig. Series 2020 D, 5% 7/1/2045  | 340000 | 342829 |
| Massachusetts St Gen. Oblig. Series 2020 D, 5% 7/1/2048  | 5000 | 5003 |
| Massachusetts St Gen. Oblig. Series 2020 E, 5% 11/1/2045  | 375000 | 378295 |
| Massachusetts St Gen. Oblig. Series 2021 B, 3% 4/1/2048  | 215000 | 152962 |
| Massachusetts St Gen. Oblig. Series 2024 A, 5% 3/1/2039  | 125000 | 133970 |
| Massachusetts St Gen. Oblig. Series 2024B, 5% 5/1/2039  | 100000 | 107135 |
| Pentucket MA Regl Sch Dist 3% 9/1/2043  | 200000 | 151751 |
|  |  | 2137582 |
| Health Care - 0.7% |  |  |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2020A 1, 5% tender 7/1/2050 (c) | 20000 | 21667 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) Series 2021 G, 4% 7/1/2046  | 75000 | 61886 |
| Massachusetts Development Finance Agency (University of Mass Hlth Cr Inc Proj.) 4% 7/1/2044  | 265000 | 222776 |
| Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) 5% 7/1/2032  | 15000 | 15591 |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) Series 2016 I, 4% 7/1/2036  | 65000 | 60618 |
|  |  | 382538 |
| Special Tax - 0.7% |  |  |
| Mass Bay Tran Auth Sls Tax Series 2021 A 1, 5% 7/1/2035  | 45000 | 48733 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2034  | 5000 | 5385 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2045  | 100000 | 100453 |
| Massachusetts St Transn Fd Rev Series 2019A, 5% 6/1/2049  | 215000 | 214649 |
|  |  | 369220 |
| Water & Sewer - 0.4% |  |  |
| Boston MA Wtr & Swr Commn Series 2016B, 3% 11/1/2041  | 235000 | 188371 |
| TOTAL MASSACHUSETTS |  | 3168048 |
| Michigan - 2.7%  |  |  |
| Education - 0.7% |  |  |
| Michigan Finance Authority (Kalamazoo College Proj.) Series 2018, 4% 12/1/2047  | 50000 | 41756 |
| University MI Univ Revs Series 2020 A, 5% 4/1/2039  | 15000 | 15649 |
| Wayne St Univ MI Univ Revs Series 2024A, 5% 11/15/2034 (Build America Mutual Assurance Co Insured)  | 250000 | 279896 |
|  |  | 337301 |
| Health Care - 0.1% |  |  |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 5% 11/15/2026  | 20000 | 20617 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series MI 2019 A, 3% 12/1/2049  | 40000 | 26786 |
|  |  | 47403 |
| Water & Sewer - 1.9% |  |  |
| Grand Rapids MI San Swr Sys Series 2018, 5% 1/1/2029  | 30000 | 31805 |
| Grand Rapids MI San Swr Sys Series 2018, 5% 1/1/2035  | 15000 | 15551 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2020 B, 5% 7/1/2045  | 430000 | 433289 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2025 D, 5.5% 7/1/2050  | 500000 | 521883 |
|  |  | 1002528 |
| TOTAL MICHIGAN |  | 1387232 |
| Minnesota - 1.5%  |  |  |
| Education - 0.5% |  |  |
| Minnesota Higher Ed Facs Auth Rev (University of St Thomas, MN Proj.) Series 2024A, 5% 10/1/2049  | 250000 | 247161 |
| General Obligations - 0.1% |  |  |
| Bemidji Minn Gen. Oblig. Series 2017A, 3% 2/1/2034 (Assured Guaranty Inc Insured)  | 60000 | 56255 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020B, 4% 8/1/2036  | 15000 | 15001 |
| Minnesota St Gen. Oblig. Series 2019 A, 5% 8/1/2030  | 10000 | 10912 |
|  |  | 82168 |
| Health Care - 0.8% |  |  |
| Maple Grove MN Health Care Sys Rev Series 2017, 3.375% 5/1/2033 (North Memorial Med Center, MN Guaranteed)  | 50000 | 46127 |
| Minnesota Agric & Ec Dev Brd (Healthpartners Oblig Group Pj Proj.) Series 2024, 5.25% 1/1/2054  | 200000 | 199666 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2016A, 3% 5/1/2032  | 60000 | 56313 |
| St Paul MN Hsg & Redev Auth Health Care Fac Rev (Fairview Hsp & Hltcare Srv Sys Proj.) Series 2017A, 3.125% 11/15/2032  | 105000 | 97727 |
|  |  | 399833 |
| Housing - 0.1% |  |  |
| Minneapolis MN Multifamily Rev Series 2019, 2.46% 1/1/2038 (Fannie Mae Guaranteed)  | 97012 | 75476 |
| TOTAL MINNESOTA |  | 804638 |
| Mississippi - 1.7%  |  |  |
| Electric Utilities - 1.0% |  |  |
| Mississippi Bus Fin Corp Sld Wst Disp Rev (Mississippi Power Co Proj.) Series 1998, 2.85% 5/1/2028 VRDN (b)(c) | 500000 | 500000 |
| Industrial Development - 0.7% |  |  |
| Mississippi Bus Fin Corp Rev (Mississippi Power Co Proj.) Series 1999, 2.85% 12/1/2027 VRDN (b)(c) | 400000 | 400000 |
| TOTAL MISSISSIPPI |  | 900000 |
| Missouri - 1.4%  |  |  |
| General Obligations - 1.4% |  |  |
| St Charles Cnty MO Francis Howell Sch Dist 5% 3/1/2038  | 500000 | 525413 |
| St Louis County Library District 3% 4/1/2046  | 255000 | 188524 |
|  |  | 713937 |
| TOTAL MISSOURI |  | 713937 |
| Nebraska - 0.8%  |  |  |
| General Obligations - 0.5% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev 4% tender 12/1/2049 (Royal Bank of Canada Guaranteed) (c) | 50000 | 50000 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2025A SUB A 1, 5% tender 8/1/2055 (Royal Bank of Canada Guaranteed) (c) | 200000 | 212307 |
|  |  | 262307 |
| Health Care - 0.3% |  |  |
| Douglas Cnty NE Hosp Auth #2 (Nebraska Children's Hospital Proj.) Series 2020 A, 5% 11/15/2030  | 125000 | 136183 |
| TOTAL NEBRASKA |  | 398490 |
| Nevada - 0.1%  |  |  |
| Special Tax - 0.1% |  |  |
| Las Vegas Convention & Visitors Authority Series 2022B, 5% 7/1/2037  | 90000 | 96036 |
| New Hampshire - 0.9%  |  |  |
| Education - 0.1% |  |  |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2031 (b) | 50000 | 54010 |
| General Obligations - 0.8% |  |  |
| Nashua NH Gen. Oblig. 2.25% 8/1/2045  | 680000 | 411986 |
| TOTAL NEW HAMPSHIRE |  | 465996 |
| New Jersey - 2.5%  |  |  |
| Education - 1.2% |  |  |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2054 (Build America Mutual Assurance Co Insured)  | 350000 | 350519 |
| New Jersey Educational Facilities Authority (College (The) of New Jersey,Nj Proj.) Series 2016 F, 3% 7/1/2040  | 325000 | 253454 |
|  |  | 603973 |
| General Obligations - 1.3% |  |  |
| Mercer Cnty NJ Gen. Oblig. Series 2021, 2% 2/15/2032  | 115000 | 100974 |
| Mercer Cnty NJ Gen. Oblig. Series 2021, 2.375% 2/15/2030  | 15000 | 14261 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (d) | 50000 | 40362 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 95000 | 102922 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2050  | 100000 | 101673 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2032  | 100000 | 105158 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2039  | 50000 | 46467 |
| New Jersey Trans Trust Fund Auth Series 2022 BB, 5% 6/15/2031  | 130000 | 143821 |
| Ocean City NJ Gen. Oblig. 2% 10/15/2030  | 25000 | 22918 |
|  |  | 678556 |
| TOTAL NEW JERSEY |  | 1282529 |
| New Mexico - 0.4%  |  |  |
| General Obligations - 0.4% |  |  |
| New Mexico Mun Energy Acquisition Auth Gas Supply Rev 5% tender 6/1/2054 (Royal Bank of Canada Guaranteed) (c) | 200000 | 212250 |
| New York - 7.1%  |  |  |
| Education - 0.5% |  |  |
| Dutchess Cnty NY Loc Dev Corp Rev (Vassar College, NY Proj.) Series 2020, 5% 7/1/2045  | 60000 | 60197 |
| Monroe Cnty NY Indl Dev Corp (University of Rochester, NY Proj.) Series 2017 D, 4% 7/1/2043  | 45000 | 40731 |
| New York St Dorm Auth Revs Non St Supportd Debt (New York Univ, NY Proj.) Series 2018 A, 5% 7/1/2036  | 10000 | 10352 |
| New York St Dorm Auth Revs Non St Supported Debt (Barnard College, NY Proj.) 5% 7/1/2029  | 110000 | 119146 |
| New York St Dorm Auth Revs Non St Supported Debt (Barnard College, NY Proj.) Series 2015 A, 3.75% 7/1/2046  | 10000 | 7810 |
|  |  | 238236 |
| Electric Utilities - 0.5% |  |  |
| Long Island Pwr Auth NY Elec 5% 9/1/2035  | 10000 | 10677 |
| Long Island Pwr Auth NY Elec 5% 9/1/2038  | 170000 | 178039 |
| Long Island Pwr Auth NY Elec Series 2021A, 4% 9/1/2037  | 75000 | 74718 |
|  |  | 263434 |
| General Obligations - 3.3% |  |  |
| City of New York NY Gen. Oblig. 5% 8/1/2047  | 290000 | 288167 |
| City of New York NY Gen. Oblig. Series FISCAL 2008 J 11, 5% 8/1/2026  | 190000 | 194873 |
| City of New York NY Gen. Oblig. Series FISCAL 2024 C, 5% 3/1/2043  | 535000 | 548357 |
| City of New York NY Series FISCAL 2023E SUB E1, 5.25% 4/1/2047  | 500000 | 508866 |
| Kingston NY City Sch Dist Series 2021, 2% 6/15/2035  | 75000 | 59373 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 3, 3.625% 7/15/2047  | 95000 | 76044 |
| Suffolk Cnty NY Gen. Oblig. Series 2017 C, 4% 2/1/2028 (Build America Mutual Assurance Co Insured)  | 100000 | 104047 |
|  |  | 1779727 |
| Special Tax - 1.5% |  |  |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 3% 3/15/2050  | 100000 | 68621 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 5% 2/15/2031  | 15000 | 15504 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2021 A, 5% 3/15/2031  | 275000 | 306714 |
| New York State Dormitory Authority (New York State Pit Proj.) 5% 3/15/2036  | 250000 | 269096 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 E, 4% 3/15/2035  | 30000 | 30110 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 5% 3/15/2037  | 85000 | 88515 |
|  |  | 778560 |
| Transportation - 0.6% |  |  |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2027  | 20000 | 21072 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2029  | 50000 | 53057 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2031  | 135000 | 142056 |
| Metropolitan Transn Auth NY Rv Series 2019 C, 5% 11/15/2039  | 70000 | 71483 |
| Metropolitan Transn Auth NY Rv Series 2024A, 5% 11/15/2035  | 20000 | 21528 |
|  |  | 309196 |
| Water & Sewer - 0.7% |  |  |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL2024CC SUB CC1, 5.25% 6/15/2054  | 350000 | 359421 |
| TOTAL NEW YORK |  | 3728574 |
| North Carolina - 0.3%  |  |  |
| Education - 0.2% |  |  |
| University NC Chapel Hill Rev (University NC Chapel Hill Rev Proj.) Series 2021B, 5% 12/1/2038  | 100000 | 107196 |
| Health Care - 0.1% |  |  |
| Atrium Health Series 2021C, 5% tender 1/15/2050 (c) | 25000 | 26647 |
| TOTAL NORTH CAROLINA |  | 133843 |
| Ohio - 3.8%  |  |  |
| Education - 0.1% |  |  |
| Ohio St Higher Ed Fac Comm (University of Dayton Proj.) 5% 12/1/2029  | 25000 | 26291 |
| General Obligations - 2.2% |  |  |
| Cuyahoga OH Cmnty College Dist Gen. Oblig. Series 2018, 3.5% 12/1/2039  | 125000 | 110159 |
| Fairfield Cnty OH Gen. Oblig. Series 2015, 3.5% 12/1/2037  | 10000 | 9337 |
| Forest Hills OH Loc Sch Dist Series 2015, 3.25% 12/1/2038  | 15000 | 13089 |
| Franklin OH City Sch Dist Series 2021 A, 3% 11/1/2050  | 440000 | 295967 |
| Ohio St Spl Oblig (State of Ohio Proj.) 5% 4/1/2039  | 180000 | 187260 |
| State of Ohio Gen. Oblig. 5% 3/1/2042  | 200000 | 210660 |
| State of Ohio Gen. Oblig. Series 2019 A, 5% 5/1/2030  | 20000 | 20775 |
| West Carrollton OH City Sch Dist Series 2020 A, 3% 12/1/2044  | 400000 | 295578 |
| Willoughby-Eastlake Ohio Csd Series 2016, 3.375% 12/1/2036  | 20000 | 17922 |
|  |  | 1160747 |
| Health Care - 0.7% |  |  |
| Hamilton Cnty OH Hosp Facs Rev (TriHealth Inc Proj.) Series 2020 A, 3.75% 8/15/2050  | 250000 | 195632 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2048  | 50000 | 44721 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2020 A, 3% 1/15/2045  | 30000 | 21394 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2016, 3.5% 2/15/2038  | 120000 | 103347 |
|  |  | 365094 |
| Housing - 0.0% |  |  |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2022 A, 5% 3/1/2030  | 15000 | 16275 |
| Water & Sewer - 0.8% |  |  |
| Northeast OH Regl Swr Wstwtr Rev Series 2017, 3.25% 11/15/2040  | 350000 | 297161 |
| Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2033  | 20000 | 18899 |
| Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2034  | 25000 | 22997 |
| Northeast OH Regl Swr Wstwtr Rev Series 2019, 3% 11/15/2038  | 80000 | 66923 |
|  |  | 405980 |
| TOTAL OHIO |  | 1974387 |
| Oklahoma - 0.8%  |  |  |
| Education - 0.8% |  |  |
| Oklahoma St Univ Agri & Mechanical College Rev Series 2020 A, 5% 9/1/2032  | 15000 | 16378 |
| University of Oklahoma/The Series 2024A, 5% 7/1/2049  | 410000 | 413205 |
|  |  | 429583 |
| TOTAL OKLAHOMA |  | 429583 |
| Oregon - 1.6%  |  |  |
| Health Care - 0.8% |  |  |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2038  | 15000 | 15404 |
| Oregon St Facs Auth Rev (Legacy Health System, or Proj.) 5% 6/1/2030  | 140000 | 151765 |
| Salem OR Hosp Fac Auth Rev (Salem Health Proj.) Series 2019 A, 3% 5/15/2049  | 350000 | 234356 |
|  |  | 401525 |
| Special Tax - 0.8% |  |  |
| Oregon St Dept Admin Lottery 5.25% 4/1/2043  | 400000 | 426043 |
| TOTAL OREGON |  | 827568 |
| Pennsylvania - 1.8%  |  |  |
| General Obligations - 0.9% |  |  |
| Allegheny County PA Gen. Oblig. Series C 78, 3% 11/1/2036  | 20000 | 17405 |
| Bethlehem PA Area School Dist 3% 2/1/2036  | 40000 | 36154 |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 5% 6/1/2035  | 105000 | 107906 |
| Lackawanna Cnty PA Gen. Oblig. Series 2017, 3.375% 9/1/2035 (Build America Mutual Assurance Co Insured)  | 70000 | 66651 |
| Penn Hills School District Series 2020, 3% 10/1/2037  | 75000 | 65788 |
| Pennsylvania St Gen. Oblig. Series FIRST 2020, 3% 5/1/2036  | 205000 | 182359 |
|  |  | 476263 |
| Health Care - 0.9% |  |  |
| Chester Cnty PA Hlth & Ed Facs Auth (Main Line Health Inc Proj.) Series 2017 A, 4% 10/1/2042  | 200000 | 175746 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2027  | 45000 | 45537 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2028  | 30000 | 30322 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2031  | 10000 | 10667 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2032  | 180000 | 190707 |
|  |  | 452979 |
| TOTAL PENNSYLVANIA |  | 929242 |
| Rhode Island - 0.0%  |  |  |
| Education - 0.0% |  |  |
| Rhode Island St Student Ln Series 2024 A, 5% 12/1/2028 (b) | 20000 | 20935 |
| South Carolina - 1.3%  |  |  |
| Education - 0.6% |  |  |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2044  | 300000 | 311767 |
| Electric Utilities - 0.2% |  |  |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2040  | 100000 | 104527 |
| General Obligations - 0.5% |  |  |
| Greenwood Fifty Sch Facs Inc SC Installment Pur Rev Series 2016, 3% 12/1/2030  | 45000 | 43639 |
| Patriots Energy Group Financing Agency Series 2023 SUB B 1, 5.25% tender 2/1/2054 (Royal Bank of Canada Guaranteed) (c) | 205000 | 220355 |
|  |  | 263994 |
| TOTAL SOUTH CAROLINA |  | 680288 |
| Tennessee - 2.2%  |  |  |
| Education - 0.0% |  |  |
| Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Lipscomb University Proj.) Series 2019 A, 5.25% 10/1/2058  | 10000 | 9585 |
| Health Care - 0.3% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 3% 8/1/2039  | 105000 | 83438 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Univ Health System, TN Proj.) 5% 4/1/2027  | 25000 | 25589 |
| Shelby Cnty TN Hlth Edl & Hsg Facs (Methodist Le Bonheur Health Proj.) Series 2017A, 3.375% 5/1/2032  | 95000 | 93145 |
|  |  | 202172 |
| Housing - 0.5% |  |  |
| Knoxville Cnty Tenn Health Edl& Hsg Fac Brd Multifamily Hsgrev Series 2024, 3.1% tender 9/1/2029 (c) | 250000 | 251672 |
| Water & Sewer - 1.4% |  |  |
| Metro Gov Nashville & Davidson Cnty Wtr & Swr Rev Series 2021 A, 3% 7/1/2041  | 900000 | 709945 |
| TOTAL TENNESSEE |  | 1173374 |
| Texas - 8.9%  |  |  |
| Education - 0.9% |  |  |
| Board of Regents of the University of Texas System Series 2021 A, 2% 8/15/2036  | 200000 | 156108 |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 3.375% 10/1/2037  | 20000 | 17176 |
| Texas A&M Univ Perm Univ Fund 5% 7/1/2042  | 140000 | 144169 |
| University Houston TX Univ Rev Series 2017 C, 3.125% 2/15/2036  | 70000 | 63726 |
| University Houston TX Univ Rev Series 2021 A, 2% 2/15/2033  | 35000 | 29941 |
| University TX Perm Univ Fd Series 2023A, 5% 7/1/2040  | 60000 | 63273 |
|  |  | 474393 |
| Electric Utilities - 1.1% |  |  |
| San Antonio TX Elec & Gas Rev 5% 2/1/2042  | 35000 | 35777 |
| San Antonio TX Elec & Gas Rev Series 2024C, 5.5% 2/1/2049  | 500000 | 526370 |
|  |  | 562147 |
| General Obligations - 4.6% |  |  |
| Alvin Tex Indpt Sch Dist Series 2016 A, 5% 2/15/2028 (Permanent Sch Fund of Texas Guaranteed)  | 20000 | 20258 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2037 (City of Garland TX Guaranteed)  | 150000 | 161140 |
| City of Garland TX Gen. Oblig. Series 2024, 5% 2/15/2039 (City of Garland TX Guaranteed)  | 200000 | 209765 |
| County of Collin TX Gen. Oblig. Series 2019, 3.25% 2/15/2037  | 150000 | 134208 |
| Dallas TX Gen. Oblig. Series 2019 B, 3% 2/15/2036  | 185000 | 164286 |
| Dallas TX Gen. Oblig. Series 2019A, 3% 2/15/2036  | 310000 | 274941 |
| Dallas TX Gen. Oblig. Series 2023A, 5% 2/15/2037  | 105000 | 112084 |
| Denton Cnty TX Gen. Oblig. Series 2016, 3% 7/15/2034  | 50000 | 45912 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2031  | 650000 | 722477 |
| LA Joya Tex Indpt Sch Dist Series 2013, 3% 2/15/2036 (Permanent Sch Fund of Texas Guaranteed)  | 165000 | 148237 |
| Magnolia Tex Indpt Sch Dist Series 2023, 5% 8/15/2038  | 135000 | 142456 |
| Pflugerville TX Gen. Oblig. Series 2017, 4% 8/1/2042  | 175000 | 156899 |
| San Antonio TX Indpt Sch Dist Series 2022, 5% 8/15/2038 (Permanent Sch Fund of Texas Guaranteed)  | 25000 | 26539 |
| Wichita Falls TX Indpt Sch Dis Series 2021, 4% 2/1/2028 (Permanent Sch Fund of Texas Guaranteed)  | 50000 | 51631 |
|  |  | 2370833 |
| Health Care - 0.2% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Med Facs Rev (Baylor College of Medicine Proj.) Series 2016, 3% 11/15/2032  | 135000 | 126901 |
| Housing - 0.5% |  |  |
| Capital Area Hsg Fin Corp Tex Multi Family Hsg Rev Series 2024, 3.125% tender 9/1/2029 (c) | 250000 | 251798 |
| Transportation - 0.0% |  |  |
| North TX Twy Auth Rev 3% 1/1/2046  | 25000 | 17712 |
| Water & Sewer - 1.6% |  |  |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2035  | 40000 | 43621 |
| Austin TX Wtr & Wastewtr Sys Series 2022, 5% 11/15/2038  | 25000 | 26486 |
| Austin TX Wtr & Wastewtr Sys Series 2024, 5% 11/15/2040  | 25000 | 26340 |
| Laredo TX Wtrwks Swr Sys Rev Series 2024A, 5% 3/1/2036  | 200000 | 216883 |
| San Antonio TX Wtr Rev 5% 5/15/2027  | 10000 | 10421 |
| San Antonio TX Wtr Rev Series 2018A, 5% 5/15/2033  | 15000 | 15684 |
| San Antonio TX Wtr Rev Series 2025A, 5% 5/15/2039  | 275000 | 295231 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2037  | 40000 | 44068 |
| San Antonio TX Wtr Rev Series 2025B, 5% 5/15/2038  | 145000 | 157582 |
|  |  | 836316 |
| TOTAL TEXAS |  | 4640100 |
| Utah - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Utah Cnty Utah Hosp Rev (IHC Health Services Inc Proj.) Series 2016B, 3% 5/15/2047  | 40000 | 28361 |
| Housing - 0.0% |  |  |
| Utah Hsg Corp Series 2021E(G2), 2% 4/21/2051  | 4989 | 3897 |
| Special Tax - 0.0% |  |  |
| Utah Tran Auth Sales Tax Rev Series 2019A, 3% 12/15/2044  | 60000 | 45588 |
| TOTAL UTAH |  | 77846 |
| Virginia - 1.5%  |  |  |
| General Obligations - 1.5% |  |  |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2017 E, 5% 2/1/2031  | 10000 | 10521 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 3% 2/1/2036  | 315000 | 283645 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 3% 2/1/2039  | 20000 | 16896 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2027  | 20000 | 20870 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2029  | 60000 | 63250 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) Series 2019, 3% 5/15/2033  | 225000 | 214218 |
| Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series 2019A, 4% 8/1/2036  | 150000 | 150053 |
|  |  | 759453 |
| Health Care - 0.0% |  |  |
| Virginia Comwlth Univ Health Sys Auth Rev Series A, 5% 7/1/2028  | 5000 | 5214 |
| TOTAL VIRGINIA |  | 764667 |
| Washington - 5.1%  |  |  |
| Electric Utilities - 1.5% |  |  |
| Energy Norwthwest WA Elec Rev 5% 7/1/2043 (Bonneville Power Administration Guaranteed)  | 400000 | 413433 |
| Energy Norwthwest WA Elec Rev Series 2020 A, 5% 7/1/2034 (Bonneville Power Administration Guaranteed)  | 100000 | 107286 |
| Grant Cnty WA Pub Util Dist 2 Hydro Elec Rev Series 2024 B, 4% 1/1/2044  | 250000 | 223181 |
| Grant Cnty WA Pub Util Dist 2 Hydro Elec Rev Series 2024 B, 5% 1/1/2038  | 50000 | 54428 |
|  |  | 798328 |
| General Obligations - 1.6% |  |  |
| State of Washington Gen. Oblig. 5% 2/1/2042  | 105000 | 108358 |
| State of Washington Gen. Oblig. Series 2016D, 5% 2/1/2028  | 130000 | 131508 |
| State of Washington Gen. Oblig. Series 2018 A, 5% 8/1/2027  | 50000 | 52500 |
| State of Washington Gen. Oblig. Series 2020A, 5% 8/1/2027  | 60000 | 63001 |
| State of Washington Gen. Oblig. Series 2020C, 5% 2/1/2037  | 10000 | 10520 |
| State of Washington Gen. Oblig. Series 2021 A, 5% 8/1/2043  | 195000 | 198147 |
| State of Washington Gen. Oblig. Series 2022 A, 5% 8/1/2042  | 40000 | 41031 |
| State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2041  | 125000 | 129927 |
| State of Washington Gen. Oblig. Series 2025C, 5% 2/1/2036  | 30000 | 33481 |
| State of Washington Gen. Oblig. Series R 2025 A, 5% 7/1/2039  | 80000 | 85790 |
|  |  | 854263 |
| Health Care - 0.4% |  |  |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2027  | 25000 | 25703 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) Series 2017 A, 4% 7/1/2037  | 130000 | 123273 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2033  | 40000 | 41088 |
|  |  | 190064 |
| Housing - 0.7% |  |  |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 4.625% 1/1/2041  | 120000 | 118293 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 7/1/2040  | 250000 | 248885 |
|  |  | 367178 |
| Water & Sewer - 0.9% |  |  |
| Seattle WA Wtr Sys Rev Series 2025, 5% 5/1/2033  | 400000 | 452781 |
| TOTAL WASHINGTON |  | 2662614 |
| West Virginia - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2043  | 100000 | 95247 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2016A, 3.25% 6/1/2039  | 115000 | 96288 |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2023 A, 5% 6/1/2041  | 120000 | 122812 |
|  |  | 314347 |
| TOTAL WEST VIRGINIA |  | 314347 |
| Wisconsin - 2.5%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Wisconsin General Fund Annual Appropiation 5% 5/1/2026  | 15000 | 15277 |
| General Obligations - 0.9% |  |  |
| Sun Prairie WI Area Sch Dist Series 2017, 3.5% 3/1/2037  | 20000 | 18954 |
| Wisconsin St Gen. Oblig. Series 2024A, 5% 5/1/2040  | 50000 | 52538 |
| Wisconsin St Gen. Oblig. Series 2025 1, 5% 5/1/2034  | 200000 | 226804 |
| Wisconsin St Gen. Oblig. Series 2025 1, 5% 5/1/2036  | 170000 | 190374 |
|  |  | 488670 |
| Health Care - 1.6% |  |  |
| Public Fin Auth Wis Health Care Sys Rev (Cone Health Proj.) Series 2022 A, 5% 10/1/2052  | 300000 | 290925 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2013 B 2, 4% 11/15/2043  | 60000 | 52732 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2016 A, 4% 11/15/2039  | 100000 | 90393 |
| Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Proj.) Series 2016 A, 3.5% 2/15/2046  | 330000 | 249182 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) 5% 8/15/2035  | 50000 | 53388 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 4.5% 2/15/2054 (Build America Mutual Assurance Co Insured)  | 100000 | 89463 |
|  |  | 826083 |
| TOTAL WISCONSIN |  | 1330030 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $54,143,514) |  | <br> **53398257** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (f)(g)<br>(Cost $357,513)<br>| 2.91 | 357442 | **357513** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.8%**<br> (Cost $54,501,027)<br>| <br>**53755770** |
| **NET OTHER ASSETS (LIABILITIES) - (2.8)%**  | **(1447522)** |
| **NET ASSETS - 100.0%** | **52308248** |

---

**Security Type Abbreviations**

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

**Legend**

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

(b) 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) 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.

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

(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 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 | 6848 | 8220940 | 7870275 | 6382 | - | - | 357513 | 357442 | 0.0% |
| Total | 6848 | 8220940 | 7870275 | 6382 | - | - | 357513 |  |  |

---

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 July 31, 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 | 4797719 | - | 4797719 | - |
| Electric Utilities | 6119869 | - | 6119869 | - |
| Escrowed/Pre-Refunded | 113412 | - | 113412 | - |
| General Obligations | 21151918 | - | 21151918 | - |
| Health Care | 7885881 | - | 7885881 | - |
| Housing | 1499103 | - | 1499103 | - |
| Industrial Development | 720561 | - | 720561 | - |
| Resource Recovery | 119199 | - | 119199 | - |
| Special Tax | 3573031 | - | 3573031 | - |
| Transportation | 898115 | - | 898115 | - |
| Water & Sewer | 6519449 | - | 6519449 | - |
|  **Money Market Funds** | 357513 | 357513 | - | - |
| **Total Investments in Securities:** | 53755770 | 357513 | 53398257 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $54,143,514) | $53398257 |  |
| Fidelity Central Funds (cost $357,513) | 357513 |  |
| Total Investment in Securities (cost $54,501,027) |  | $53755770 |
| Cash |  | 41279 |
| Receivable for fund shares sold |  | 111034 |
| Interest receivable |  | 547116 |
| Distributions receivable from Fidelity Central Funds |  | 1739 |
| Prepaid expenses |  | 10 |
| Receivable from investment adviser for expense reductions |  | 5007 |
| Other receivables |  | 33 |
| **Total assets** |  | 54461988 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $872924 |  |
| Delayed delivery | 1091500 |  |
| Payable for fund shares redeemed | 21560 |  |
| Distributions payable | 115994 |  |
| Accrued management fee | 14114 |  |
| Other payables and accrued expenses | 37648 |  |
| **Total liabilities** |  | 2153740 |
| **Net Assets**  |  | $52308248 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $52987537 |
| Total accumulated earnings (loss) |  | (679289) |
| **Net Assets** |  | $52308248 |
| **Net Asset Value**, offering price and redemption price per share ($52,308,248 ÷ 5,322,584 shares) |  | $9.83 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $820570 |
| Income from Fidelity Central Funds  |  | 6382 |
| **Total income** |  | 826952 |
| **Expenses** |  |  |
| Management fee | $71848 |  |
| Custodian fees and expenses | 3625 |  |
| Independent trustees' fees and expenses | 47 |  |
| Registration fees | 28933 |  |
| Audit fees | 34085 |  |
| Legal | 53 |  |
| Miscellaneous | 101 |  |
| Total expenses before reductions | 138692 |  |
| Expense reductions | (61260) |  |
| Total expenses after reductions |  | 77432 |
| **Net Investment income (loss)** |  | 749520 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (23237) |  |
| Total net realized gain (loss) |  | (23237) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (988577) |
| **Net gain (loss)** |  | (1011814) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(262294) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $749520 | $916301 |
| &nbsp;&nbsp;Net realized gain (loss) | (23237)<br>| (24344)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (988577) | (395284)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (262294)<br>| 496673<br>|
| Distributions to shareholders | (707327)<br>| (859596)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 26085192 | 20297458 |
| Reinvestment of distributions | 150568<br>| 316554<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (8218682) | (5205387) |
| **Net increase (decrease) in net assets resulting from share transactions** | 18017078<br>| 15408625<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 17047457<br>| 15045702<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 35260791 | 20215089<br>|
| &nbsp;&nbsp;End of period | $52308248 | $35260791 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2644311 | 2003275 |
| Issued in reinvestment of distributions | 15174<br>| 31247<br>|
| &nbsp;&nbsp;Redeemed | (832559) | (514639) |
| &nbsp;&nbsp;Net increase (decrease) | 1826926 | 1519883 |

---

**Financial Highlights** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.09 | $10.23 | $10.13 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .170  | .343  | .323  | .218  |
| Net realized and unrealized gain (loss)  | (.268)  | (.161)  | .092  | .130  |
| Total from investment operations  | (.098)  | .182  | .415  | .348  |
| Distributions from net investment income  | (.162)  | (.322)  | (.310)  | (.218)  |
| Distributions from net realized gain  | -  | -  | (.005)  | -  |
| Total distributions  | (.162)  | (.322)  | (.315)  | (.218)  |
| Net asset value, end of period  | $9.83 | $10.09 | $10.23 | $10.13 |
| **Total Return** D,E | (.98)% <br>| 1.82%  | 4.25%  | 3.56%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | .64% H | .69%  | .99%  | 1.18% H,I |
| Expenses net of fee waivers, if any  | .36% H<br>| .36%  | .36%  | .36% H |
| Expenses net of all reductions, if any  | .36% H | .36%  | .36%  | .35% H |
| Net investment income (loss)  | 3.48% H | 3.38%  | 3.26%  | 2.74% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $52308 | $35261 | $20215 | $11466 |
| Portfolio turnover rate J | 11% H<br>| 3%  | 2%  | 0% H |

---

A*For the period April 13, 2022 (commencement of operations) through January 31, 2023.*

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

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*Annualized.*

I*Audit fees are not annualized.*

J*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** **(Unaudited)**

For the period ended July 31, 2025

**1. Organization.**

Fidelity SAI Sustainable 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. 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 July 31, 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. 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** | $525000 |
| **Gross unrealized depreciation** | <u>(1156478)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(631478)</u> |
| **Tax cost** | <u>$54387248</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 prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Long-term | <u>$(24147)</u> |
| **Total capital loss carryforward** | <u>$(24147)</u> |

---

**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. 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 Sustainable Municipal Income Fund** | 19121244 | 2135394 |

---

**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 .332% 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI Sustainable Municipal Income Fund** | 217217 | - | - |

---

**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 Sustainable Municipal Income Fund** | 17 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .36% of average net assets. This reimbursement will remain in place through May 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 $61,211.

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 $49.

**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.

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 SAI Sustainable Municipal Income Fund  | 18% |

---

**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.

**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.

![](img111956_4.jpg)<br>

1.9904936.103 MNI-SANN-0925

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

**Semi-Annual Report**

**July 31, 2025**

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

![](img111957_1.jpg)

![](img111957_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SMB-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Sustainable Conservative Income Municipal Bond Fund](#Sub_Sec_Fund_6539_SMB-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6539_SMB-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SMB-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SMB-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SMB-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SMB-SANN)** |

---

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 (Semi-Annual Report)**

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

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 98.5%** | &nbsp;&nbsp;**Municipal Securities - 98.5%** | &nbsp;&nbsp;**Municipal Securities - 98.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 6.9%  |  |  |
| Electric Utilities - 0.9% |  |  |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) Series FIRST 2023, 2.9% 8/1/2063 VRDN (b)(c) | 100000 | 100000 |
| Wilsonville AL Indl Dev Brd Pollutn Ctl Rev (Alabama Power & Light Proj.) 2.85% 12/1/2030 VRDN (b)(c) | 100000 | 100000 |
|  |  | 200000 |
| General Obligations - 1.8% |  |  |
| Black Belt Energy Gas District 5.25% 12/1/2025 (Morgan Stanley Guaranteed)  | 5000 | 5031 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (b) | 100000 | 104905 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2026 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 50000 | 50690 |
| Lower Ala Gas Dist Gas Proj Rev 4% tender 12/1/2050 (Goldman Sachs Group Inc/The Guaranteed) (b) | 230000 | 230435 |
|  |  | 391061 |
| Health Care - 1.4% |  |  |
| Health Care Auth For Bapt Hlth Ala Series 2013B, 3.71% 11/1/2042 VRDN (b) | 300000 | 300000 |
| Synthetics - 2.8% |  |  |
| Black Belt Energy Gas District Participating VRDN 2.59% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 330000 | 330000 |
| Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN 2.59% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 300000 | 300000 |
|  |  | 630000 |
| TOTAL ALABAMA |  | 1521061 |
| Arizona - 1.6%  |  |  |
| Health Care - 0.7% |  |  |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2027  | 150000 | 157604 |
| Industrial Development - 0.2% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 50000 | 50859 |
| Resource Recovery - 0.7% |  |  |
| Phoenix Ariz Indl Dev Auth Solid Waste Disp Rev (Republic Services Inc Proj.) 4.1% tender 12/1/2035 (b)(c) | 150000 | 150000 |
| TOTAL ARIZONA |  | 358463 |
| California - 6.4%  |  |  |
| General Obligations - 0.5% |  |  |
| California Community Choice Financing Authority Series 2025B, 5% 11/1/2028 (Pacific Life Insurance Co Guaranteed)  | 100000 | 105281 |
| Health Care - 0.9% |  |  |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2019 C, 5% tender 10/1/2039 (b) | 200000 | 200806 |
| Resource Recovery - 3.6% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021 B, 3.85% tender 7/1/2051 (b)(c) | 150000 | 149896 |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021A, 3.75% tender 7/1/2041 (b)(c) | 200000 | 199905 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020B, 3.85% tender 11/1/2041 (b)(c) | 150000 | 150013 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2017 A 1, 3.85% tender 11/1/2042 (b)(c)(e) | 150000 | 149955 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2023, 3.7% tender 7/1/2043 (b)(c)(e) | 150000 | 149998 |
|  |  | 799767 |
| Transportation - 1.4% |  |  |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (c) | 100000 | 101787 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2026 (c) | 200000 | 203573 |
|  |  | 305360 |
| TOTAL CALIFORNIA |  | 1411214 |
| Colorado - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022B, 5% tender 5/15/2062 (b) | 150000 | 153084 |
| Connecticut - 0.7%  |  |  |
| Education - 0.7% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) 2.8% tender 7/1/2057 (b) | 150000 | 149470 |
| Delaware - 4.4%  |  |  |
| Electric Utilities - 4.4% |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 2.43% 10/1/2028 VRDN (b) | 100000 | 100000 |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 3.12% 10/1/2029 VRDN (b)(c) | 880000 | 880000 |
|  |  | 980000 |
| TOTAL DELAWARE |  | 980000 |
| Florida - 8.1%  |  |  |
| Electric Utilities - 3.6% |  |  |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2021, 2.5% 5/1/2046 VRDN (b)(c) | 800000 | 800000 |
| General Obligations - 0.5% |  |  |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) 5% 7/1/2026 (Assured Guaranty Inc Insured)  | 100000 | 102060 |
| Health Care - 1.1% |  |  |
| Alachua Cnty FL Hlth Fac Rev (Shands Teaching Hosp & Clinics Inc Proj.) 5% 12/1/2025  | 135000 | 135840 |
| Orange Cnty FL Health Facs Auth Rev (Advent Health Proj.) 5% tender 11/15/2052 (b) | 100000 | 102450 |
|  |  | 238290 |
| Housing - 2.7% |  |  |
| Broward Cty FL Hsg Aut Hsg Rev 3.15% tender 3/1/2028 (b) | 150000 | 150267 |
| Escambia Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2024, 3.8% tender 6/1/2027 (b) | 100000 | 100688 |
| Florida Hsg Fin Corp Mltfmy Rv Series 2024 E, 3.8% tender 6/1/2042 (b) | 100000 | 100462 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2023, 3.55% tender 1/1/2027 (b) | 50000 | 50089 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2024, 3.4% tender 4/1/2041 (b) | 100000 | 100013 |
| Polk Cnty FL Hsg Fin Auth Multi Fam Hsg Rev (Episcopal Catholic Apts Proj.) 4.15% tender 12/1/2040 (b) | 100000 | 100850 |
|  |  | 602369 |
| Water & Sewer - 0.2% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2017A, 5% 10/1/2026  | 50000 | 51490 |
| TOTAL FLORIDA |  | 1794209 |
| Georgia - 6.6%  |  |  |
| Electric Utilities - 5.0% |  |  |
| Appling Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) 2.55% 1/1/2038 VRDN (b) | 500000 | 500000 |
| Bartow Cnty GA Dev Auth Pollution Cont Rev (Georgia Power Co Proj.) Series FIRST 2013, 2.875% tender 8/1/2043 (b) | 200000 | 199944 |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 2.85% 11/1/2062 VRDN (b)(c) | 100000 | 100000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2013 FIRST, 3.375% tender 11/1/2053 (b) | 10000 | 10009 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIFTH 1994, 3.7% tender 10/1/2032 (b) | 100000 | 101053 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series NINTH 1994, 3.8% tender 10/1/2032 (b) | 100000 | 100478 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2009, 3.75% tender 10/1/2048 (b) | 90000 | 90347 |
|  |  | 1101831 |
| General Obligations - 1.6% |  |  |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (b) | 100000 | 100559 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (b) | 150000 | 151583 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 3/1/2027 (Royal Bank of Canada Guaranteed)  | 100000 | 102800 |
|  |  | 354942 |
| TOTAL GEORGIA |  | 1456773 |
| Hawaii - 0.5%  |  |  |
| Housing - 0.5% |  |  |
| Honolulu HI City & Cnty Mfr Series 2023, 5% tender 6/1/2027 (b) | 100000 | 101609 |
| Illinois - 4.8%  |  |  |
| General Obligations - 1.7% |  |  |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 80000 | 82522 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 5000 | 5133 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2027  | 280000 | 290387 |
|  |  | 378042 |
| Health Care - 0.3% |  |  |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2028  | 90000 | 92933 |
| Housing - 0.5% |  |  |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2025, 3.15% tender 2/1/2029 (b) | 100000 | 100135 |
| Resource Recovery - 1.4% |  |  |
| Southwestern IL Da Sld Wst Dis (Waste Management Inc Del Proj.) 2.55% 10/1/2027, LOC JPMorgan Chase Bank NA VRDN (b)(c) | 300000 | 300000 |
| Water & Sewer - 0.9% |  |  |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2026 (f) | 200000 | 201028 |
| TOTAL ILLINOIS |  | 1072138 |
| Indiana - 1.8%  |  |  |
| Electric Utilities - 1.8% |  |  |
| Indiana St Dev Fin Auth Envr Rev (Duke Energy Ind Inc Proj.) 2.85% 12/1/2038 VRDN (b)(c) | 400000 | 400000 |
| Kansas - 0.5%  |  |  |
| Housing - 0.5% |  |  |
| Shawnee Cnty KS Mf Hsg Revenue Series 2025 A, 3.75% tender 5/1/2059 (b) | 100000 | 100878 |
| Kentucky - 2.0%  |  |  |
| General Obligations - 0.6% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 12/1/2025 (Morgan Stanley Guaranteed)  | 150000 | 150870 |
| Industrial Development - 1.4% |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 3.3% 7/1/2060 VRDN (b)(c) | 200000 | 200000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 3.3% 7/1/2060 VRDN (b)(c) | 100000 | 100000 |
|  |  | 300000 |
| TOTAL KENTUCKY |  | 450870 |
| Louisiana - 3.3%  |  |  |
| Industrial Development - 3.3% |  |  |
| St James Parish LA Rev (Nucor Corp Proj.) 2.46% 11/1/2040 VRDN (b) | 395000 | 395000 |
| St James Parish LA Rev (Nucor Corp Proj.) 2.65% 11/1/2040 VRDN (b) | 330000 | 330000 |
|  |  | 725000 |
| TOTAL LOUISIANA |  | 725000 |
| Maryland - 0.1%  |  |  |
| Housing - 0.1% |  |  |
| Maryland Community Development Administration (MD Mhsg Rev 1997 Proj.) Series 2023 D, 3.5% 1/1/2026  | 50000 | 50143 |
| Michigan - 2.5%  |  |  |
| Education - 0.6% |  |  |
| Wayne St Univ MI Univ Revs Series 2024A, 5% 11/15/2026 (Build America Mutual Assurance Co Insured)  | 135000 | 139203 |
| Electric Utilities - 0.4% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Consumers Energy Co Proj.) Series 2019, 3.35% tender 10/1/2049 (b)(c) | 100000 | 98615 |
| General Obligations - 0.1% |  |  |
| Coopersville Area MI Pub Schs Series 1, 4% 5/1/2026 (State of Michigan Guaranteed)  | 30000 | 30290 |
| Health Care - 0.5% |  |  |
| Michigan St Hosp Fin Auth Rev (Ascension Health Credit Group Proj.) 4% 11/15/2026  | 110000 | 111870 |
| Water & Sewer - 0.9% |  |  |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series D, 5% 7/1/2027  | 175000 | 178344 |
| TOTAL MICHIGAN |  | 558322 |
| Minnesota - 0.9%  |  |  |
| Education - 0.9% |  |  |
| Minnesota St Higher Ed Facs (Macalester College, Mn Proj.) 2.35% 3/1/2033 VRDN (b) | 200000 | 200000 |
| Mississippi - 2.7%  |  |  |
| Industrial Development - 2.7% |  |  |
| Mississippi Bus Fin Corp Rev (Mississippi Power Co Proj.) Series 1999, 2.85% 12/1/2027 VRDN (b)(c) | 600000 | 600000 |
| Missouri - 0.9%  |  |  |
| Housing - 0.9% |  |  |
| Saint Louis MO Indl Dev Auth 3.15% tender 4/1/2046 (b) | 200000 | 200145 |
| Nebraska - 0.7%  |  |  |
| General Obligations - 0.7% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev 4% tender 12/1/2049 (Royal Bank of Canada Guaranteed) (b) | 155000 | 155000 |
| Nevada - 0.7%  |  |  |
| Resource Recovery - 0.7% |  |  |
| Nevada Dpt Bus & Ind Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2001, 3.95% tender 12/1/2026 (b)(c)(e) | 150000 | 149965 |
| New Hampshire - 0.5%  |  |  |
| Housing - 0.5% |  |  |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) 3.85% 1/1/2027  | 100000 | 100731 |
| New Jersey - 2.0%  |  |  |
| Education - 0.9% |  |  |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2028 (Build America Mutual Assurance Co Insured)  | 200000 | 213509 |
| General Obligations - 1.1% |  |  |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026  | 100000 | 102148 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2026 (g) | 60000 | 57761 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2026 (Ambac Assurance Corp Insured) (g) | 80000 | 77016 |
|  |  | 236925 |
| TOTAL NEW JERSEY |  | 450434 |
| New York - 10.3%  |  |  |
| General Obligations - 3.9% |  |  |
| City of New York NY Gen. Oblig. 5% 8/1/2028  | 200000 | 214537 |
| City of New York NY Gen. Oblig. Series A, 5% 8/1/2027  | 155000 | 155267 |
| City of New York NY Gen. Oblig. Series FISCAL 2021 2, 2.8% 4/1/2042 VRDN (b) | 500000 | 500001 |
|  |  | 869805 |
| Housing - 1.7% |  |  |
| Monroe Cnty NY Indl Dev Agy Multi-Family Hsg Rev 5% tender 7/1/2028 (b) | 50000 | 51982 |
| New York St Hsg Fin Agy Series 2024 A, 3.375% tender 11/1/2063 (b) | 150000 | 150075 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 K2, 0.9% tender 11/1/2060 (b) | 165000 | 163313 |
|  |  | 365370 |
| Special Tax - 0.2% |  |  |
| NY Payroll Mobility Tax 2% tender 5/15/2045 (b) | 55000 | 54443 |
| Synthetics - 4.5% |  |  |
| Liberty NY Dev Corp Rev Participating VRDN 2.64% 10/1/2035 (Liquidity Facility Morgan Stanley Bank NA) (b)(d) | 480000 | 480000 |
| Metropolitan Transn Auth NY Rv Participating VRDN 2.57% 11/15/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 300000 | 300000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2022 XF1321, 2.57% 11/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 100000 | 100000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2023 XF1649, 2.57% 11/15/2045 (Liquidity Facility JP Morgan Chase Bank NA) (b)(d) | 100000 | 100000 |
|  |  | 980000 |
| TOTAL NEW YORK |  | 2269618 |
| North Carolina - 0.5%  |  |  |
| Housing - 0.5% |  |  |
| Inlivian NC Multifamily Rev (Sycamore Station Ii Llc Proj.) 3.625% tender 11/1/2058 (b) | 100000 | 101140 |
| Ohio - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2021 C, 2.55% 1/15/2051 VRDN (b) | 100000 | 100000 |
| Oklahoma - 1.1%  |  |  |
| Housing - 1.1% |  |  |
| Oklahoma Hsg Fin Agy Collateralized Rev 3.2% tender 10/1/2042 (b) | 250000 | 250220 |
| Pennsylvania - 4.6%  |  |  |
| Health Care - 1.9% |  |  |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 D, 3.09% 9/1/2050 VRDN (b) | 410000 | 410000 |
| Resource Recovery - 2.7% |  |  |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2014, 3.7% tender 6/1/2044 (b)(c) | 150000 | 149926 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A 2, 4.6% tender 10/1/2046 (b)(c) | 150000 | 150511 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A, 4% tender 6/1/2041 (b)(c) | 150000 | 149767 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series A, 4.25% tender 8/1/2037 (b)(c) | 150000 | 149434 |
|  |  | 599638 |
| TOTAL PENNSYLVANIA |  | 1009638 |
| Tennessee - 5.8%  |  |  |
| Health Care - 5.6% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (Commonspirit Health Proj.) 2.78% 5/1/2039 VRDN (b) | 1225000 | 1225000 |
| Industrial Development - 0.2% |  |  |
| Memphis Shelby Cnty TN Indl Dev Brd Exempt Facs Rev (Nucor Corp Proj.) 2.53% 9/1/2037 VRDN (b)(c) | 50000 | 50000 |
| TOTAL TENNESSEE |  | 1275000 |
| Texas - 10.2%  |  |  |
| General Obligations - 5.6% |  |  |
| Clear Creek Independent School District Series 2025, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed) (f) | 125000 | 129463 |
| Clear Creek Independent School District Series 2025, 5% 2/15/2028 (Permanent Sch Fund of Texas Guaranteed) (f) | 175000 | 185228 |
| Denton Independent School District Series B1, 4% tender 8/15/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 200000 | 204926 |
| Hutto TX Indpt Sch Dist Series 2015, 4% tender 2/1/2055 (Permanent Sch Fund of Texas Guaranteed) (b)(f) | 200000 | 206017 |
| Prosper Tex Indpt Sch Dist Series 2022, 3% tender 2/15/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 500000 | 500010 |
|  |  | 1225644 |
| Health Care - 0.1% |  |  |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% tender 11/15/2052 (b) | 15000 | 15175 |
| Housing - 1.1% |  |  |
| Bexar Mgmt & Dev Corp Tex Multifamily Hsg Rev Series 2024, 3.02% tender 5/10/2045 (b) | 100000 | 99741 |
| San Antonio Tex Hsg Tr Pub Fac Multifamily Hsg Rev Series 2024, 3.45% tender 7/1/2029 (b) | 150000 | 150804 |
|  |  | 250545 |
| Industrial Development - 0.7% |  |  |
| Jewett Economic Dev Corp Tex I (Nucor Corp Proj.) 2.53% 8/1/2038 VRDN (b)(c) | 165000 | 165000 |
| Resource Recovery - 0.7% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025 A, 3.95% tender 6/1/2055 (b)(c) | 150000 | 150008 |
| Synthetics - 0.9% |  |  |
| Harris County Cultural Ed Facilities Fin Corp Med Facilities Rev Participating VRDN Series 2022 006, 2.59% 11/15/2046 (Liquidity Facility Barclays Bank PLC) (b)(d) | 200000 | 200000 |
| Water & Sewer - 1.1% |  |  |
| Dallas TX Wtrwks & Swr Sys Rev Series 2020 C, 5% 10/1/2025  | 250000 | 251017 |
| TOTAL TEXAS |  | 2257389 |
| Utah - 0.5%  |  |  |
| Industrial Development - 0.5% |  |  |
| Box Elder Cnty Utah Pollution Ctl Rev (Nucor Corp Proj.) 3% 4/1/2028 VRDN (b) | 100000 | 100000 |
| Virginia - 1.1%  |  |  |
| Electric Utilities - 1.1% |  |  |
| Chesapeake VA Economic Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) Series 2008A, 3.65% tender 2/1/2032 (b) | 150000 | 152214 |
| Louisa VA (Virginia Electric And Power Co Proj.) Series 2008B, 0.75% tender 11/1/2035 (b) | 95000 | 94628 |
|  |  | 246842 |
| TOTAL VIRGINIA |  | 246842 |
| Washington - 2.4%  |  |  |
| Education - 0.9% |  |  |
| Washington St Univ Revs Series 2025, 5% 4/1/2027  | 200000 | 208137 |
| General Obligations - 0.3% |  |  |
| Washington State Ctfs Partn (State of Washington Proj.) Series 2016 A, 5% 7/1/2027  | 70000 | 71261 |
| Housing - 1.2% |  |  |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2025, 5% 7/1/2027  | 200000 | 206264 |
| Seattle Wash Hsg Auth Rev Series 2023, 5% 6/1/2027  | 50000 | 51051 |
|  |  | 257315 |
| TOTAL WASHINGTON |  | 536713 |
| West Virginia - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 E, 2.9% 6/1/2033 VRDN (b) | 200000 | 200000 |
| Wisconsin - 1.4%  |  |  |
| Housing - 0.7% |  |  |
| Wisconsin Hsg & Economic Dev Auth Multifamily Hsg Series 2024J, 5% tender 8/1/2058 (b) | 150000 | 152713 |
| Resource Recovery - 0.7% |  |  |
| Public Fin Auth Wis Sld Waste (Waste Management Inc Del Proj.) Series 2017 A 2, 4.1% tender 10/1/2025 (b)(c) | 150000 | 150000 |
| TOTAL WISCONSIN |  | 302713 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $21,736,592) |  | <br> **21788782** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.2%** | &nbsp;&nbsp;**Money Market Funds - 4.2%** | &nbsp;&nbsp;**Money Market Funds - 4.2%** | &nbsp;&nbsp;**Money Market Funds - 4.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (h)(i)<br>(Cost $944,046)<br>| 2.91 | 943857 | **944046** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.7%**<br> (Cost $22,680,638)<br>| <br>**22732828** |
| **NET OTHER ASSETS (LIABILITIES) - (2.7)%**  | **(603861)** |
| **NET ASSETS - 100.0%** | **22128967** |

---

**Security Type Abbreviations**

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

**Legend**

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

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $449,918 or 2.0% of net assets.

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

(g) 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.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 1014680 | 3351156 | 3421790 | 8967 | - | - | 944046 | 943857 | 0.0% |
| Total | 1014680 | 3351156 | 3421790 | 8967 | - | - | 944046 |  |  |

---

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 July 31, 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>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 910319 | - | 910319 | - |
| Electric Utilities | 3827288 | - | 3827288 | - |
| General Obligations | 4071181 | - | 4071181 | - |
| Health Care | 3204762 | - | 3204762 | - |
| Housing | 2633313 | - | 2633313 | - |
| Industrial Development | 1990859 | - | 1990859 | - |
| Resource Recovery | 2299378 | - | 2299378 | - |
| Special Tax | 54443 | - | 54443 | - |
| Synthetics | 1810000 | - | 1810000 | - |
| Transportation | 305360 | - | 305360 | - |
| Water & Sewer | 681879 | - | 681879 | - |
|  **Money Market Funds** | 944046 | 944046 | - | - |
| **Total Investments in Securities:** | 22732828 | 944046 | 21788782 | - |

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**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $21,736,592) | $21788782 |  |
| Fidelity Central Funds (cost $944,046) | 944046 |  |
| Total Investment in Securities (cost $22,680,638) |  | $22732828 |
| Cash |  | 15552 |
| Receivable for fund shares sold |  | 21656 |
| Interest receivable |  | 141338 |
| Distributions receivable from Fidelity Central Funds |  | 1813 |
| Prepaid expenses |  | 3 |
| Receivable from investment adviser for expense reductions |  | 5557 |
| Other receivables |  | 7 |
| **Total assets** |  | 22918754 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $720786 |  |
| Payable for fund shares redeemed | 3055 |  |
| Distributions payable | 26364 |  |
| Accrued management fee | 3596 |  |
| Other payables and accrued expenses | 35986 |  |
| **Total liabilities** |  | 789787 |
| **Net Assets**  |  | $22128967 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $22077764 |
| Total accumulated earnings (loss) |  | 51203 |
| **Net Assets** |  | $22128967 |
| **Net Asset Value**, offering price and redemption price per share ($22,128,967 ÷ 2,207,856 shares) |  | $10.02 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $308826 |
| Income from Fidelity Central Funds  |  | 8967 |
| **Total income** |  | 317793 |
| **Expenses** |  |  |
| Management fee | $20067 |  |
| Custodian fees and expenses | 6080 |  |
| Independent trustees' fees and expenses | 23 |  |
| Registration fees | 17878 |  |
| Audit fees | 31562 |  |
| Legal | 28 |  |
| Miscellaneous | 85 |  |
| Total expenses before reductions | 75723 |  |
| Expense reductions | (55799) |  |
| Total expenses after reductions |  | 19924 |
| **Net Investment income (loss)** |  | 297869 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1620) |  |
| Total net realized gain (loss) |  | (1620) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 20662 |
| **Net gain (loss)** |  | 19042 |
| **Net increase (decrease) in net assets resulting from operations** |  | $316911 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $297869 | $538861 |
| &nbsp;&nbsp;Net realized gain (loss) | (1620)<br>| 2727<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 20662 | 28264<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 316911<br>| 569852<br>|
| Distributions to shareholders | (297458)<br>| (543233)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 5647195 | 8271203 |
| Reinvestment of distributions | 150021<br>| 337584<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2446173) | (3301711) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3351043<br>| 5307076<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3370496<br>| 5333695<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 18758471 | 13424776<br>|
| &nbsp;&nbsp;End of period | $22128967 | $18758471 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 564334 | 826832 |
| Issued in reinvestment of distributions | 14986<br>| 33752<br>|
| &nbsp;&nbsp;Redeemed | (244558) | (330087) |
| &nbsp;&nbsp;Net increase (decrease) | 334762 | 530497 |

---

**Financial Highlights** 

**Fidelity® SAI Sustainable Conservative Income Municipal Bond Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $10.01 | $10.00 | $9.99 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .148  | .330  | .323  | .117  |
| Net realized and unrealized gain (loss)  | .010  | .014  | .009  | (.011)  |
| Total from investment operations  | .158  | .344  | .332  | .106  |
| Distributions from net investment income  | (.148)  | (.331)  | (.321)  | (.116)  |
| Distributions from net realized gain  | -  | (.003)  | (.001)  | -  |
| Total distributions  | (.148)  | (.334)  | (.322)  | (.116)  |
| Net asset value, end of period  | $10.02 | $10.01 | $10.00 | $9.99 |
| **Total Return** D,E | 1.59% <br>| 3.49%  | 3.38%  | 1.07%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | .76% H | .72%  | .99%  | 1.03% H,I |
| Expenses net of fee waivers, if any  | .20% H<br>| .20%  | .21%  | .25% H |
| Expenses net of all reductions, if any  | .20% H | .20%  | .21%  | .24% H |
| Net investment income (loss)  | 2.99% H | 3.30%  | 3.24%  | 1.86% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $22129 | $18758 | $13425 | $10492 |
| Portfolio turnover rate J | 63% H<br>| 75%  | 79%  | 42% H |

---

A*For the period June 16, 2022 (commencement of operations) through January 31, 2023.*

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

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*Annualized.*

I*Audit fees are not annualized.*

J*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** **(Unaudited)**

For the period ended July 31, 2025

**1. Organization.**

Fidelity SAI Sustainable Conservative Income Municipal Bond 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 July 31, 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.

**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. 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.

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** | $58140 |
| **Gross unrealized depreciation** | <u>(3819)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$54321</u> |
| **Tax cost** | <u>$22678507</u> |

---

**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.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**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. 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 Sustainable Conservative Income Municipal Bond Fund** | 5149070 | 3043422 |

---

**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 .20% 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI Sustainable Conservative Income Municipal Bond Fund** | 315452 | - | - |

---

**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 Sustainable Conservative Income Municipal Bond Fund** | 9 |

---

**7. Expense Reductions.**

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .20% of average net assets. This reimbursement will remain in place through May 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 $55,788.

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 $11.

**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.

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 SAI Sustainable Conservative Income Municipal Bond Fund  | 46% |

---

**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.

**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.

![](img111957_4.jpg)<br>

1.9905583.103 SMB-SANN-0925

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

**Semi-Annual Report**

**July 31, 2025**

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

![](img111962_1.jpg)

![](img111962_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CIM-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Conservative Income Municipal Bond Fund](#Sub_Sec_Fund_7554_CIM-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7554_CIM-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CIM-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CIM-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CIM-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CIM-SANN)** |

---

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 (Semi-Annual Report)**

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

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 99.8%** | &nbsp;&nbsp;**Municipal Securities - 99.8%** | &nbsp;&nbsp;**Municipal Securities - 99.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 5.5%  |  |  |
| Electric Utilities - 0.7% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (c) | 505000 | 506658 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2008, 3.3% tender 7/15/2034 (c) | 3400000 | 3407578 |
| Mobile AL Indl Dev Brd Rev (Alabama Power & Light Proj.) 2.85% 9/1/2031 VRDN (b)(c) | 5150000 | 5150000 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) 2.85% 12/1/2036 VRDN (b)(c) | 2700000 | 2700000 |
|  |  | 11764236 |
| General Obligations - 1.1% |  |  |
| Black Belt Energy Gas Dist Ala Gas Supply Rev 4% tender 7/1/2052 (Liquidity Facility Royal Bank of Canada), (Royal Bank of Canada Guaranteed) (c) | 2055000 | 2076348 |
| Black Belt Energy Gas District 5.25% 12/1/2025 (Morgan Stanley Guaranteed)  | 195000 | 196212 |
| Black Belt Energy Gas District 5.25% 6/1/2026 (Morgan Stanley Guaranteed)  | 445000 | 451860 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (c) | 3485000 | 3655949 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2026 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 795000 | 805965 |
| Black Belt Energy Gas District Series 2023C, 5.5% 6/1/2026 (Goldman Sachs Group Inc/The Guaranteed)  | 430000 | 437433 |
| Black Belt Energy Gas District Series 2023C, 5.5% 6/1/2027 (Goldman Sachs Group Inc/The Guaranteed)  | 140000 | 145175 |
| Lower Ala Gas Dist Gas Proj Rev 4% tender 12/1/2050 (Goldman Sachs Group Inc/The Guaranteed) (c) | 7700000 | 7714570 |
| Southeast Energy Authority A Cooperative District 5% 1/1/2028 (Athene Annuity And Life Company Guaranteed)  | 750000 | 774071 |
| Southeast Energy Authority A Cooperative District 5% 7/1/2026 (Athene Annuity And Life Company Guaranteed)  | 550000 | 557441 |
| Southeast Energy Authority A Cooperative District 5% 7/1/2027 (Athene Annuity And Life Company Guaranteed)  | 750000 | 770424 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2026 (Pacific Life Insurance Co Guaranteed)  | 605000 | 618094 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2027 (Pacific Life Insurance Co Guaranteed)  | 605000 | 628198 |
|  |  | 18831740 |
| Health Care - 0.1% |  |  |
| Health Care Auth For Bapt Hlth Ala Series 2013B, 3.71% 11/1/2042 VRDN (c) | 1678000 | 1678000 |
| Industrial Development - 0.6% |  |  |
| Decatur AL Indl Dev Brd Exempt (Nucor Corp Proj.) 2.53% 8/1/2036 VRDN (b)(c) | 9410000 | 9410000 |
| Synthetics - 2.9% |  |  |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Participating VRDN Series 2023 XM1110, 2.59% 12/1/2053 (Liquidity Facility Royal Bank of Canada NY) (c)(d) | 3200000 | 3200000 |
| Black Belt Energy Gas District Participating VRDN 2.59% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(d) | 7185000 | 7185000 |
| Black Belt Energy Gas District Participating VRDN 2.59% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(d) | 1635000 | 1635000 |
| Black Belt Energy Gas District Participating VRDN 2.59% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(d) | 1605000 | 1605000 |
| Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN 2.59% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(d) | 21400000 | 21400000 |
| Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN Series 2022 XM1062, 2.59% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(d) | 12900000 | 12900000 |
|  |  | 47925000 |
| Water & Sewer - 0.1% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2025  | 520000 | 521805 |
| Jefferson Cnty AL Swr Rev 5% 10/1/2026  | 310000 | 317834 |
| Jefferson Cnty AL Swr Rev 5% 10/1/2027  | 290000 | 303334 |
|  |  | 1142973 |
| TOTAL ALABAMA |  | 90751949 |
| Alaska - 0.5%  |  |  |
| General Obligations - 0.1% |  |  |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2026  | 890000 | 912378 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2027  | 695000 | 729295 |
|  |  | 1641673 |
| Synthetics - 0.4% |  |  |
| Municipality of Anchorage AK Participating VRDN Series 2025 XF3381, 2.44% 2/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d) | 5700000 | 5700001 |
| Transportation - 0.0% |  |  |
| Alaska Airport Series 2021 C, 5% 10/1/2025 (b) | 620000 | 622152 |
| TOTAL ALASKA |  | 7963826 |
| Arizona - 5.8%  |  |  |
| Electric Utilities - 3.1% |  |  |
| Coconino Cnty AZ Poll Ctl Corp (Nevada Power Co Proj.) Series 2017A, 4.125% tender 9/1/2032 (b)(c) | 940000 | 941750 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.45% 5/1/2029 VRDN (c) | 25900000 | 25900001 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.45% 5/1/2029 VRDN (c) | 24300000 | 24300000 |
|  |  | 51141751 |
| Health Care - 1.0% |  |  |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2025  | 2640000 | 2659260 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2026  | 3345000 | 3446077 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2024 D, 5% 12/1/2027  | 2685000 | 2821107 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) 5% tender 1/1/2053 (c) | 4270000 | 4328950 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 D, 5% tender 1/1/2046 (c) | 1500000 | 1521884 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2025  | 2115000 | 2114999 |
|  |  | 16892277 |
| Housing - 0.0% |  |  |
| Arizona St Indl Dev Auth Multifamily Hsg Rev Series 2024, 5% tender 3/1/2045 (c) | 1082000 | 1098637 |
| Industrial Development - 0.5% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 7300000 | 7425399 |
| Resource Recovery - 0.4% |  |  |
| Phoenix Ariz Indl Dev Auth Solid Waste Disp Rev (Republic Services Inc Proj.) 4.1% tender 12/1/2035 (b)(c) | 6900000 | 6900000 |
| Synthetics - 0.6% |  |  |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 2.54% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 1094031 | 1094031 |
| Arizona Ind Dev Auth Participating VRDN Series 2023 MIZ9149, 2.54% 7/1/2040 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d) | 3700000 | 3700000 |
| Arizona Indl Dev Auth Participating VRDN Series 2023 XF3174, 2.57% 11/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d) | 5055000 | 5055000 |
|  |  | 9849031 |
| Transportation - 0.2% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2023, 5% 7/1/2026 (b) | 2430000 | 2475388 |
| TOTAL ARIZONA |  | 95782483 |
| Arkansas - 0.1%  |  |  |
| Industrial Development - 0.1% |  |  |
| Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 2.53% 6/1/2028 VRDN (b)(c) | 1800000 | 1800000 |
| California - 9.1%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern Ca Pub Pwr Auth Proj.) Series 2025 2, 5% tender 7/1/2053 (c) | 2535000 | 2678344 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Port Oakland Calif Rev 5% 5/1/2026 (Escrowed to Maturity) (b) | 5000 | 5090 |
| General Obligations - 0.4% |  |  |
| Anaheim CA Pub Fin Auth Lease Rev (Anaheim CA Proj.) 0% 9/1/2025 (Assured Guaranty Inc Insured) (f) | 3645000 | 3636163 |
| California Community Choice Financing Authority 5% 12/1/2026 (Athene Annuity And Life Company Guaranteed)  | 1000000 | 1021007 |
| California Community Choice Financing Authority 5% 3/1/2028 (Morgan Stanley Guaranteed)  | 1805000 | 1887963 |
|  |  | 6545133 |
| Health Care - 0.2% |  |  |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) Series 2019 C, 5% tender 10/1/2039 (c) | 3445000 | 3458876 |
| Resource Recovery - 2.5% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021 B, 3.85% tender 7/1/2051 (b)(c) | 3300000 | 3297711 |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021A, 3.75% tender 7/1/2041 (b)(c) | 8500000 | 8495971 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) 3.3% tender 2/1/2039 (c)(g) | 4000000 | 3949506 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020B, 3.85% tender 11/1/2041 (b)(c) | 6250000 | 6250532 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2022A, 4.125% tender 10/1/2041 (b)(c) | 1000000 | 1000040 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2017 A 1, 3.85% tender 11/1/2042 (b)(c)(g) | 5600000 | 5598322 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2023, 3.7% tender 7/1/2043 (b)(c)(g) | 8255000 | 8254870 |
| California Pcf Solid Wst Disp (Waste Management Inc Del Proj.) Series B 2, 3.125% tender 11/1/2040 (b)(c) | 3975000 | 3965771 |
|  |  | 40812723 |
| Synthetics - 4.2% |  |  |
| California Community Choice Financing Authority Participating VRDN Series 2022 XF3007, 2.59% 5/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (c)(d) | 16315000 | 16315000 |
| California Hsg Fin Agcy Ltd Obl Participating VRDN Series 2023 XF3127, 2.57% 6/1/2030 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d) | 1010000 | 1010000 |
| California Multi Fam Hsg Rev Participating VRDN Series 2025 CF7013, 2.41% 7/1/2052 (Liquidity Facility Citibank NA) (c)(d) | 4019868 | 4019868 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN 2.54% 11/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 850000 | 850000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9162, 2.54% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 260000 | 260000 |
| California Stwide Cmnty Mf Rev Participating VRDN 3.35% 11/1/2033 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 3610000 | 3610000 |
| California Stwide Cmnty Mf Rev Participating VRDN 3.35% 12/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 9659756 | 9659756 |
| Los Angeles Cmty Redv Agy Mfhr Participating VRDN Series 2022 MIZ9089, 3.35% 4/15/2042 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(d) | 18695000 | 18695001 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN 2.54% 12/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 14585000 | 14585000 |
|  |  | 69004625 |
| Transportation - 1.6% |  |  |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (b) | 1310000 | 1333405 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (b) | 430000 | 437682 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2027 (b) | 8590000 | 8910216 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2028 (b) | 5700000 | 6014059 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2028 (b) | 3485000 | 3677017 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2026 (b) | 295000 | 300270 |
| Port Oakland Calif Rev Series 2021 H, 5% 5/1/2026 (b) | 1000000 | 1014788 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023A, 5% 5/1/2026 (b) | 2160000 | 2195496 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019H, 5% 5/1/2027 (b) | 2190000 | 2267936 |
|  |  | 26150869 |
| TOTAL CALIFORNIA |  | 148655660 |
| Colorado - 2.2%  |  |  |
| Education - 0.0% |  |  |
| Colorado Edl & Cultural Fac Auth Rev (Mesivta Of Greater Los Angeles Proj.) 2.64% 6/1/2029, LOC Deutsche Bank AG VRDN (c) | 435000 | 435000 |
| Health Care - 0.4% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) Series B, 5% 11/15/2027  | 2370000 | 2413311 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) 5% 11/1/2025  | 145000 | 145695 |
| Colorado Health Facilities Authority (Commonspirit Health Proj.) Series 2019 B 1, 5% tender 8/1/2049 (c) | 1000000 | 1000000 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022B, 5% tender 5/15/2062 (c) | 3480000 | 3551557 |
|  |  | 7110563 |
| Housing - 0.2% |  |  |
| Colorado Hsg & Fin Auth Multifamily Hsg Rev Series 2024, 3.5% tender 11/1/2043 (c) | 2910000 | 2917928 |
| Maiker Hsg Partners Colo Multifamily Hsg Rev Series 2023, 4.5% tender 5/1/2042 (c) | 1158000 | 1166574 |
|  |  | 4084502 |
| Synthetics - 1.2% |  |  |
| Colorado Health Facilities Authority Participating VRDN 2.44% 11/1/2042 (Liquidity Facility JP Morgan Chase Bank NA) (c)(d) | 1935000 | 1935000 |
| Colorado Health Facilities Authority Participating VRDN 2.44% 11/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (c)(d) | 5880000 | 5880000 |
| Colorado Health Facilities Authority Participating VRDN 2.44% 11/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (c)(d) | 3000000 | 3000000 |
| Denver CO City & Cnty Arpt Participating VRDN Series 2018 XM0715, 2.59% 12/1/2043 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 7470000 | 7470000 |
|  |  | 18285000 |
| Transportation - 0.4% |  |  |
| Denver CO City & Cnty Arpt 5% 11/15/2025 (b) | 1460000 | 1468684 |
| Denver CO City & Cnty Arpt 5.25% 11/15/2026 (b) | 1820000 | 1874650 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2027 (b) | 1625000 | 1702533 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2025 (b) | 995000 | 1000918 |
|  |  | 6046785 |
| TOTAL COLORADO |  | 35961850 |
| Connecticut - 1.2%  |  |  |
| Education - 0.6% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) 2.8% tender 7/1/2057 (c) | 6410000 | 6387338 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2010A 3, 2.95% tender 7/1/2049 (c) | 1800000 | 1801081 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2017 B2, 3.2% tender 7/1/2037 (c) | 1135000 | 1132296 |
|  |  | 9320715 |
| General Obligations - 0.3% |  |  |
| Connecticut St Spl Tax Oblig 5% 5/1/2026  | 465000 | 474038 |
| New Haven CT Gen. Oblig. Series 2023, 5% 8/1/2025  | 180000 | 180000 |
| New Haven CT Gen. Oblig. Series 2023, 5% 8/1/2026 (Build America Mutual Assurance Co Insured)  | 255000 | 260699 |
| New Haven CT Gen. Oblig. Series 2023, 5% 8/1/2027 (Build America Mutual Assurance Co Insured)  | 235000 | 245892 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2027 (Assured Guaranty Inc Insured)  | 1810000 | 1893893 |
| West Haven CT BAN 4.25% 3/26/2026  | 1900000 | 1914025 |
|  |  | 4968547 |
| Health Care - 0.3% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale New Haven Hospital Inc Proj.) Series 2024 A, 5% 7/1/2026  | 2735000 | 2793583 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale New Haven Hospital Inc Proj.) Series 2024 A, 5% 7/1/2027  | 2600000 | 2715880 |
|  |  | 5509463 |
| Special Tax - 0.0% |  |  |
| Connecticut St Spl Tax Oblig Series A, 5% 8/1/2026  | 365000 | 365640 |
| TOTAL CONNECTICUT |  | 20164365 |
| District Of Columbia - 1.3%  |  |  |
| Housing - 0.3% |  |  |
| District Columbia Hsg Fin Mult Series 2022, 3.05% tender 9/1/2041 (c) | 4400000 | 4400562 |
| Synthetics - 0.1% |  |  |
| Washington Dc Multi Fam Hsg Henson Ridge Participating VRDN 3% 1/1/2065 (Liquidity Facility Barclays Bank PLC) (c)(d) | 2375000 | 2375000 |
| Transportation - 0.8% |  |  |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2026 (b) | 610000 | 624834 |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2027 (b) | 1000000 | 1044035 |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2026 (b) | 715000 | 732387 |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2028 (b) | 2305000 | 2447605 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2026 (b) | 1770000 | 1813042 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2027 (b) | 4035000 | 4212684 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5% 10/1/2026 (b) | 675000 | 691414 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5% 10/1/2027 (b) | 550000 | 574219 |
| Metropolitan Wash DC Arpts Ath Series 2025A, 5% 10/1/2028 (b) | 1250000 | 1327335 |
|  |  | 13467555 |
| Water & Sewer - 0.1% |  |  |
| District Columbia Wtr & Swr Auth Pub Util Rev Series 2022E, 3% tender 10/1/2057 (c) | 900000 | 885795 |
| TOTAL DISTRICT OF COLUMBIA |  | 21128912 |
| Florida - 8.8%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Broward Cnty FL Idr (Florida Pwr & Lt Co Proj.) Series 2015, 2.8% 6/1/2045 VRDN (b)(c) | 1800000 | 1800000 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Greater Orlando Aviation Auth 5% 10/1/2025 (Escrowed to Maturity) (b) | 210000 | 210693 |
| General Obligations - 0.1% |  |  |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) 5% 7/1/2026 (Assured Guaranty Inc Insured)  | 1785000 | 1821764 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2025  | 165000 | 165659 |
| Pasco Cnty FL Sch Brd Cert of Part (Pasco Cnty FL Sch Dist Proj.) Series 2022 A, 5% 8/1/2026 (Assured Guaranty Inc Insured)  | 380000 | 388720 |
|  |  | 2376143 |
| Health Care - 0.8% |  |  |
| Florida Development Finance Corp (Tampa General Hospital, FL Proj.) Series 2024 A, 5% 8/1/2025  | 435000 | 435000 |
| Florida Development Finance Corp (Tampa General Hospital, FL Proj.) Series 2024 A, 5% 8/1/2026  | 440000 | 449351 |
| Florida Development Finance Corp (Tampa General Hospital, FL Proj.) Series 2024 A, 5% 8/1/2027  | 1000000 | 1042175 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys Fl Hosp Rev Proj.) 2.89% 4/1/2049 VRDN (c) | 10965000 | 10965000 |
| Orange Cnty FL Health Facs Auth Rev (Advent Health Proj.) 5% tender 11/15/2052 (c) | 1045000 | 1070600 |
|  |  | 13962126 |
| Housing - 1.1% |  |  |
| Broward Cty FL Hsg Aut Hsg Rev 3.15% tender 3/1/2028 (c) | 2910000 | 2915172 |
| Broward Cty FL Hsg Aut Hsg Rev Series 2023, 4.05% tender 9/1/2056 (c) | 684000 | 688214 |
| Fla Hsg Fin Corp Multifamily Mtg Rev (Brownsville Transit Vge Proj.) 3.35% tender 10/1/2027 (c) | 2500000 | 2505580 |
| Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 B, 5% tender 2/1/2027 (c) | 565000 | 570610 |
| Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 C, 5% tender 12/1/2026 (c) | 405000 | 407522 |
| Florida Hsg Fin Corp Mltfmy Rv Series 2024 E, 3.8% tender 6/1/2042 (c) | 1390000 | 1396441 |
| Lee Cnty FL Hsg Fin Auth Mfh Series 2023 A, 3.55% tender 8/1/2027 (c) | 912000 | 912000 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev 4.05% tender 9/1/2026 (c) | 395000 | 395288 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev 5% tender 10/1/2026 (c) | 2330000 | 2337344 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev 5% tender 3/1/2027 (c) | 760000 | 761050 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2023, 3.55% tender 1/1/2027 (c) | 1755000 | 1758139 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2023, 5% tender 9/1/2026 (c) | 1390000 | 1392321 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2024, 3.4% tender 4/1/2041 (c) | 1900000 | 1900239 |
| Polk Cnty FL Hsg Fin Auth Multi Fam Hsg Rev (Episcopal Catholic Apts Proj.) 4.15% tender 12/1/2040 (c) | 844000 | 851171 |
|  |  | 18791091 |
| Resource Recovery - 0.5% |  |  |
| Hillsborough Cnty FL Sldwst Rec Series A, 5% 9/1/2026 (b) | 825000 | 840702 |
| Miami-Dade Cnty FL Ida Sld Waste Disp Rev (Waste Management Inc Del Proj.) Series 2018 B, 4% tender 11/1/2048 (b)(c) | 7700000 | 7684175 |
|  |  | 8524877 |
| Special Tax - 1.5% |  |  |
| County of Pasco FL Series 2023 A, 5.25% 9/1/2025 (Assured Guaranty Inc Insured)  | 90000 | 90173 |
| Florida Ins Assistance Interlocal Agy Fla Ins Assmt Rev Series 2023 A2, 3.01% 9/1/2032 (Liquidity Facility Florida St) VRDN (c) | 22960000 | 22960000 |
| Tampa FL Tax Alloc Series 2016 A, 5.25% 9/1/2027  | 1000000 | 1021189 |
|  |  | 24071362 |
| Synthetics - 4.0% |  |  |
| Cap Trust Fl Landfill Participating VRDN Series 2025 YX1371, 3.05% 12/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 1400000 | 1400000 |
| Florida Dev Fin Corp Rev Participating VRDN 3.1% 7/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 7400000 | 7400000 |
| Florida Dev Fin Corp Rev Participating VRDN Series 2024 XF1704, 2.49% 7/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(c)(d) | 18900000 | 18900001 |
| Gallery Smathers Plz Fl Participating VRDN Series 2025 CF7017, 2.41% 4/1/2037 (Liquidity Facility Citibank NA) (c)(d) | 1400000 | 1400000 |
| Greater Orlando Aviation Auth Participating VRDN 3.25% 10/1/2036 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 10445000 | 10445000 |
| Greater Orlando Aviation Auth Participating VRDN Series 2025 ZF1930, 2.41% 10/1/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2700000 | 2700000 |
| Lee Cnty FL Airport Participating VRDN Series 2025 XM1239, 3.05% 10/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 8160000 | 8160000 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 2.54% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 585000 | 585000 |
| Miami-Dade Cnty Fla Aviat Rev Participating VRDN Series 2025 ZF1933, 2.41% 10/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2400000 | 2400000 |
| Miami-Dade Cnty Fla Aviat Rev Participating VRDN Series 2025 ZF1934, 2.41% 10/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2800000 | 2800000 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Participating VRDN 2.54% 7/1/2035 (Liquidity Facility Morgan Stanley Bank NA) (c)(d) | 1050000 | 1050000 |
| Miami-Dade Cnty Fla Seaport Rev Participating VRDN Series 2021 XF2947, 2.47% 10/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 1600000 | 1600000 |
| Miami-Dade County Aviation Rev Participating VRDN Series 2022 025, 2.59% 10/1/2040 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 4815000 | 4815000 |
|  |  | 63655001 |
| Transportation - 0.5% |  |  |
| Broward Cnty FL Port Everglades Series 2022, 5% 9/1/2027 (b) | 730000 | 757654 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2027 (b) | 3000000 | 3132750 |
| Greater Orlando Aviation Auth Series 2024, 5% 10/1/2028 (b) | 350000 | 372090 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2022A, 5% 10/1/2025 (b) | 780000 | 782642 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2025 (b) | 1215000 | 1219279 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2026 (b) | 1225000 | 1253085 |
|  |  | 7517500 |
| Water & Sewer - 0.2% |  |  |
| JEA FL Wtr & Swr Sys Rev Series 2008 B 1, 2.39% 10/1/2036 (Liquidity Facility Bank of America NA) VRDN (c) | 2600000 | 2600000 |
| TOTAL FLORIDA |  | 143508793 |
| Georgia - 2.5%  |  |  |
| Electric Utilities - 1.6% |  |  |
| Appling Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) 2.55% 1/1/2038 VRDN (c) | 7040000 | 7040000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 1997, 2.85% 11/1/2052 VRDN (b)(c) | 11530000 | 11530000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2013 FIRST, 3.375% tender 11/1/2053 (c) | 610000 | 610565 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIFTH 1994, 3.7% tender 10/1/2032 (c) | 1180000 | 1192429 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2012, 2.875% tender 12/1/2049 (c) | 1305000 | 1305002 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1994, 3.8% tender 10/1/2032 (c) | 1085000 | 1090184 |
| Georgia Mun Elec Auth Pwr Rev Series 2022 A, 5% 7/1/2026 (Assured Guaranty Inc Insured)  | 135000 | 137891 |
| Georgia Mun Elec Auth Pwr Rev Series A, 5% 1/1/2028  | 2120000 | 2165342 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2012, 3.875% tender 6/1/2042 (c) | 990000 | 993760 |
|  |  | 26065173 |
| General Obligations - 0.6% |  |  |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (c) | 3825000 | 3846373 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (c) | 2165000 | 2187855 |
| Main Street Natural Gas Inc 5% 12/1/2025 (Toronto Dominion Bank Guaranteed)  | 250000 | 251483 |
| Main Street Natural Gas Inc 5% 12/1/2026 (Toronto Dominion Bank Guaranteed)  | 250000 | 256174 |
| Main Street Natural Gas Inc 5% 6/1/2027 (Toronto Dominion Bank Guaranteed)  | 250000 | 258209 |
| Main Street Natural Gas Inc Series 2022A, 4% 12/1/2025 (Citigroup Inc Guaranteed)  | 460000 | 461128 |
| Main Street Natural Gas Inc Series 2023B, 5% 9/1/2025 (Royal Bank of Canada Guaranteed)  | 130000 | 130174 |
| Main Street Natural Gas Inc Series 2023B, 5% 9/1/2026 (Royal Bank of Canada Guaranteed)  | 245000 | 249672 |
| Main Street Natural Gas Inc Series 2023D, 5% 12/1/2025 (Citigroup Inc Guaranteed)  | 200000 | 201160 |
| Main Street Natural Gas Inc Series 2023D, 5% 12/1/2026 (Citigroup Inc Guaranteed)  | 110000 | 112541 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 3/1/2026 (Royal Bank of Canada Guaranteed)  | 250000 | 252514 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 3/1/2027 (Royal Bank of Canada Guaranteed)  | 400000 | 411200 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2025 (Royal Bank of Canada Guaranteed)  | 180000 | 180242 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2026 (Royal Bank of Canada Guaranteed)  | 200000 | 203814 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2027 (Royal Bank of Canada Guaranteed)  | 355000 | 368100 |
| Main Street Natural Gas Inc Series 2024B, 5% 3/1/2027 (Royal Bank of Canada Guaranteed)  | 400000 | 411200 |
|  |  | 9781839 |
| Housing - 0.3% |  |  |
| Columbia GA Hsg Au Mlti Fam Rv 3.3% tender 11/1/2028 (c) | 2375000 | 2387715 |
| Decatur GA Hsg Auth Multifamily Hsg Rev 3.25% tender 9/1/2028 (c) | 2250000 | 2265017 |
|  |  | 4652732 |
| Synthetics - 0.0% |  |  |
| Buford Hsg Auth Multi Fam Participating VRDN Series 2023 XF3118, 2.57% 3/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d) | 1064857 | 1064857 |
| TOTAL GEORGIA |  | 41564601 |
| Guam - 0.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Guam Power Auth. 5% 10/1/2025  | 565000 | 566668 |
| Hawaii - 1.1%  |  |  |
| Housing - 0.5% |  |  |
| Hawaii St Hsg Fin & Dev Corp Multifamily Rev 3.3% tender 12/1/2029 (c) | 6795000 | 6857132 |
| Honolulu HI City & Cnty Mfr Series 2023, 5% tender 6/1/2027 (c) | 2000000 | 2032185 |
|  |  | 8889317 |
| Synthetics - 0.6% |  |  |
| Hawaii St Arpts Sys Rev Participating VRDN 2.49% 7/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(d) | 9600000 | 9600000 |
| TOTAL HAWAII |  | 18489317 |
| Illinois - 5.0%  |  |  |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Railsplitter Tobacco Settlement Auth Settlement Rev Series 2017, 5% 6/1/2026 (Escrowed to Maturity)  | 365000 | 372384 |
| General Obligations - 0.6% |  |  |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2025  | 1605000 | 1614920 |
| Illinois St Gen. Oblig. 5% 3/1/2026  | 2405000 | 2436108 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 530000 | 544154 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2027  | 540000 | 564626 |
| Illinois St Gen. Oblig. Series 2019B, 5% 9/1/2025  | 215000 | 215377 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2027  | 295000 | 304763 |
| Illinois St Gen. Oblig. Series MAY 2023 C, 5% 5/1/2026  | 1460000 | 1484207 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2026  | 915000 | 930171 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2028  | 620000 | 654211 |
| Kane Cook & DuPage Cntys IL Sch Dist Series 2024, 5% 1/1/2026  | 500000 | 504784 |
| Kane Cook & DuPage Cntys IL Sch Dist Series 2024, 5% 1/1/2028  | 450000 | 474774 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2026 (Assured Guaranty Inc Insured)  | 125000 | 126096 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2027 (Assured Guaranty Inc Insured)  | 150000 | 154609 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024 A, 5% 1/1/2028 (Assured Guaranty Inc Insured)  | 225000 | 236533 |
|  |  | 10245333 |
| Health Care - 0.0% |  |  |
| University of Illinois (University of Illinois Hospital And Health Sciences System Proj.) Series 2023, 5% 10/1/2027  | 145000 | 151192 |
| Housing - 0.3% |  |  |
| Illinois Hsg Dev Auth Multifamily Hsg Rev 5% tender 2/1/2027 (c) | 512000 | 517083 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2023, 5% tender 2/1/2027 (c) | 554000 | 559500 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2025, 3.15% tender 2/1/2029 (c) | 4650000 | 4656277 |
|  |  | 5732860 |
| Special Tax - 0.0% |  |  |
| Cook Cnty Ill Sales Tax Rev Series 2022 A, 5% 11/15/2025  | 245000 | 246457 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2026 (Assured Guaranty Inc Insured) (f) | 410000 | 399631 |
|  |  | 646088 |
| Synthetics - 2.8% |  |  |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN 2.43% 1/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 21000000 | 21000001 |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2023 XF1457, 3.25% 1/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 1175000 | 1175000 |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2025 XL0622, 2.47% 1/1/2053 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 3935000 | 3935000 |
| Chicago IL Wastewater Transmission Rev Participating VRDN Series 2025 XG0605, 2.41% 1/1/2058 (Liquidity Facility Barclays Bank PLC) (c)(d) | 3520000 | 3520000 |
| Chicago Ill Pk Dist Gen. Oblig. Participating VRDN Series 2022 XM1034, 2.41% 1/1/2044 (Liquidity Facility Royal Bank of Canada NY) (c)(d) | 5500000 | 5500000 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Participating VRDN Series 2024 XF3290, 2.43% 12/1/2049 (Liquidity Facility Wells Fargo Bank NA) (c)(d) | 2700000 | 2700000 |
| Il Fin Auth Rev Plymouth Place Participating VRDN Series 2025 002, 2.59% 5/15/2056 (Liquidity Facility Barclays Bank PLC) (c)(d) | 7200000 | 7200000 |
|  |  | 45030001 |
| Transportation - 0.9% |  |  |
| Chicago IL Midway Arpt Rev Series 2023A, 5% 1/1/2027 (Build America Mutual Assurance Co Insured) (b) | 365000 | 374062 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2026 (b) | 1000000 | 1008691 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2027 (b) | 1000000 | 1024829 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2028 (b) | 1000000 | 1046967 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022 C, 5% 1/1/2026 (b) | 440000 | 444393 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2028 (b) | 6465000 | 6790252 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024E, 5% 1/1/2026 (b) | 2910000 | 2939057 |
|  |  | 13628251 |
| Water & Sewer - 0.4% |  |  |
| Chicago IL Wtr Rev Series 2023 B, 5% 11/1/2025  | 415000 | 417158 |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2016, 5% 7/1/2027  | 2030000 | 2049327 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2027 (h) | 2425000 | 2489383 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 1/1/2028 (h) | 1110000 | 1166832 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 5% 7/1/2028 (h) | 1000000 | 1062047 |
|  |  | 7184747 |
| TOTAL ILLINOIS |  | 82990856 |
| Indiana - 0.7%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Rockport Ind Pollution Ctl Rev (Indiana Michigan Power Co Proj.) Series 2025 A, 3.7% tender 6/1/2047 (c) | 5470000 | 5544470 |
| Transportation - 0.4% |  |  |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) 5% 1/1/2026 (b) | 150000 | 151347 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2019 D, 5% 1/1/2026 (b) | 3740000 | 3773597 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series A-1, 5% 1/1/2026 (b) | 730000 | 736557 |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I 2, 5% 1/1/2026 (b) | 385000 | 388458 |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I 2, 5% 1/1/2027 (b) | 765000 | 785601 |
|  |  | 5835560 |
| TOTAL INDIANA |  | 11380030 |
| Iowa - 0.0%  |  |  |
| Education - 0.0% |  |  |
| Iowa Student Ln Liquidity Corp Series 2023 B, 5% 12/1/2026 (b) | 220000 | 224669 |
| Industrial Development - 0.0% |  |  |
| Iowa Fin Auth Solid Waste Facs Rev 3.875% tender 1/1/2042, LOC Citibank NA (b)(c) | 280000 | 280251 |
| TOTAL IOWA |  | 504920 |
| Kansas - 0.2%  |  |  |
| General Obligations - 0.0% |  |  |
| City of Olathe KS Gen. Oblig. Series 230, 2.5% 10/1/2027  | 410000 | 403457 |
| Housing - 0.2% |  |  |
| Shawnee Cnty KS Mf Hsg Revenue Series 2025 A, 3.75% tender 5/1/2059 (c) | 3200000 | 3228092 |
| TOTAL KANSAS |  | 3631549 |
| Kentucky - 1.8%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Trimble Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) 4.7% tender 6/1/2054 (b)(c) | 4740000 | 4792559 |
| General Obligations - 0.3% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 12/1/2025 (Morgan Stanley Guaranteed)  | 600000 | 603479 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 12/1/2027 (Morgan Stanley Guaranteed)  | 620000 | 645032 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5% 12/1/2028 (Morgan Stanley Guaranteed)  | 1000000 | 1054942 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2026  | 145000 | 147353 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2027  | 2330000 | 2426346 |
|  |  | 4877152 |
| Industrial Development - 1.2% |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 3.3% 7/1/2060 VRDN (b)(c) | 7525000 | 7525000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 3.3% 7/1/2060 VRDN (b)(c) | 12735000 | 12735000 |
|  |  | 20260000 |
| TOTAL KENTUCKY |  | 29929711 |
| Louisiana - 3.1%  |  |  |
| Industrial Development - 2.3% |  |  |
| St James Parish LA Rev (Nucor Corp Proj.) 2.46% 11/1/2040 VRDN (c) | 35825000 | 35825000 |
| St James Parish LA Rev (Nucor Corp Proj.) 2.65% 11/1/2040 VRDN (c) | 600000 | 600000 |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (c) | 1040000 | 1048672 |
|  |  | 37473672 |
| Synthetics - 0.3% |  |  |
| Los Angeles Hsg Corp Rev Participating VRDN Series 2025 XF3347, 2.57% 7/1/2042 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d) | 5200000 | 5199999 |
| Transportation - 0.5% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2026 (b) | 2015000 | 2032932 |
| New Orleans LA Aviation Board 5% 1/1/2027 (b) | 2260000 | 2324034 |
| New Orleans LA Aviation Board 5% 1/1/2028 (b) | 4255000 | 4445729 |
|  |  | 8802695 |
| TOTAL LOUISIANA |  | 51476366 |
| Maryland - 0.7%  |  |  |
| Housing - 0.1% |  |  |
| Maryland Community Development Administration (MD Mhsg Rev 1997 Proj.) Series 2023 D, 3.5% 1/1/2026  | 2760000 | 2767910 |
| Synthetics - 0.6% |  |  |
| Baltimore County Gen. Oblig. Participating VRDN 2.64% 1/1/2050 (Liquidity Facility Barclays Bank PLC) (c)(d) | 1175000 | 1175000 |
| Integrace Obligated Group Participating VRDN Series 2022 024, 2.64% 11/15/2049 (Liquidity Facility Barclays Bank PLC) (c)(d) | 2515000 | 2515000 |
| Maryland St Econ Dev Corp Participating VRDN Series 2024 XF3222, 2.54% 4/1/2054 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d) | 2600000 | 2600000 |
| Riderwood Vlg Inc Participating VRDN Series 2022 029, 2.64% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (c)(d) | 2935000 | 2935000 |
|  |  | 9225000 |
| TOTAL MARYLAND |  | 11992910 |
| Massachusetts - 0.3%  |  |  |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Massachusetts St College Bldg Series 1999 A, 0% 5/1/2026 (f) | 3385000 | 3312396 |
| Special Tax - 0.1% |  |  |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2015C, 5% 8/15/2027  | 1680000 | 1681502 |
| TOTAL MASSACHUSETTS |  | 4993898 |
| Michigan - 1.3%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Consumers Energy Co Proj.) Series 2019, 3.35% tender 10/1/2049 (b)(c) | 5165000 | 5093440 |
| General Obligations - 0.8% |  |  |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2026  | 1180000 | 1196724 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2027  | 1240000 | 1278549 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2028  | 675000 | 707115 |
| Grand Rapids MI Pub Schs Series 2024, 5% 5/1/2026 (Assured Guaranty Inc Insured)  | 1000000 | 1017858 |
| Southfield Mich Pub Schs 5% 5/1/2026 (State of Michigan Guaranteed)  | 850000 | 864861 |
| Utica MI Cmnty Schs Series 2024, 5% 5/1/2026 (State of Michigan Guaranteed)  | 3000000 | 3055377 |
| Utica MI Cmnty Schs Series 2024, 5% 5/1/2027 (State of Michigan Guaranteed)  | 1500000 | 1563050 |
| Utica MI Cmnty Schs Series 2024, 5% 5/1/2028 (State of Michigan Guaranteed)  | 3625000 | 3861452 |
|  |  | 13544986 |
| Health Care - 0.1% |  |  |
| Michigan Fin Auth Rev (Corewell Health Proj.) 5% 4/15/2026  | 1725000 | 1752110 |
| Transportation - 0.1% |  |  |
| Wayne Cnty Mich Arpt Auth Rev Series 2017 E, 4% 12/1/2025 (b) | 630000 | 631853 |
| Wayne Cnty Mich Arpt Auth Rev Series F, 5% 12/1/2026 (b) | 325000 | 325552 |
|  |  | 957405 |
| TOTAL MICHIGAN |  | 21347941 |
| Minnesota - 0.5%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2023, 5% 1/1/2026  | 135000 | 136224 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2023, 5% 1/1/2027  | 210000 | 216423 |
| Northern Muni Pwr Agcy MN Elec Sys Rev Series 2024, 5% 1/1/2028  | 1000000 | 1053638 |
|  |  | 1406285 |
| General Obligations - 0.1% |  |  |
| Coon Rapids Minn Gen. Oblig. 2% 4/1/2027  | 1000000 | 983517 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 B, 5% 8/1/2025  | 625000 | 625000 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 B, 5% 8/1/2026  | 620000 | 633925 |
|  |  | 2242442 |
| Health Care - 0.0% |  |  |
| Wadena Minn Rev Series 2024 A, 5% 12/1/2026 (Centracare Health System Guaranteed)  | 200000 | 205195 |
| Wadena Minn Rev Series 2024 A, 5% 12/1/2027 (Centracare Health System Guaranteed)  | 260000 | 271499 |
|  |  | 476694 |
| Synthetics - 0.3% |  |  |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN Series 2023 MIZ9145, 2.54% 6/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 4500000 | 4500000 |
| Transportation - 0.0% |  |  |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2026 (b) | 330000 | 332978 |
| TOTAL MINNESOTA |  | 8958399 |
| Mississippi - 0.3%  |  |  |
| Education - 0.3% |  |  |
| Jackson St Univ Edl Bldg Corp MS Rev Series 2021 A, 0.8% 3/1/2028 (Build America Mutual Assurance Co Insured) (c) | 4765000 | 4511705 |
| General Obligations - 0.0% |  |  |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2026  | 750000 | 763120 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2027  | 125000 | 129709 |
| Mississippi Dev Bank Spl Obl (Lamar Cnty Miss Sch Dist Proj.) 5% 6/1/2028  | 165000 | 174499 |
|  |  | 1067328 |
| TOTAL MISSISSIPPI |  | 5579033 |
| Missouri - 0.3%  |  |  |
| Housing - 0.1% |  |  |
| Kansas City MO Planned Indl Expansion Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (c) | 877000 | 902509 |
| Synthetics - 0.2% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig Participating VRDN 3.25% 3/1/2057 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2310000 | 2310000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 2.54% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d) | 1130499 | 1130499 |
|  |  | 3440499 |
| TOTAL MISSOURI |  | 4343008 |
| Nebraska - 0.7%  |  |  |
| General Obligations - 0.1% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev Series 2019, 2.5% tender 12/1/2049 (Royal Bank of Canada Guaranteed) (c) | 1280000 | 1280000 |
| Housing - 0.2% |  |  |
| Lincoln Neb Multifamily Hsg Rev Series 2024, 3.37% tender 1/10/2048 (c) | 3740000 | 3761898 |
| Industrial Development - 0.2% |  |  |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 2.53% 11/1/2026 VRDN (b)(c) | 2400000 | 2400000 |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 2.53% 6/1/2028 VRDN (b)(c) | 600000 | 600000 |
|  |  | 3000000 |
| Synthetics - 0.2% |  |  |
| Omaha NE Arpt Auth Arpt Rev Participating VRDN 2.49% 12/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c)(d) | 3600000 | 3600000 |
| TOTAL NEBRASKA |  | 11641898 |
| Nevada - 0.1%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Clark NV Pollutn Ctl Rev (Nevada Power Co Proj.) Series 2017, 3.75% tender 1/1/2036 (c) | 525000 | 525624 |
| General Obligations - 0.0% |  |  |
| Clark Cnty NV School Dist Series 2015 C, 5% 6/15/2027  | 655000 | 660342 |
| Resource Recovery - 0.1% |  |  |
| Nevada Dpt Bus & Ind Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2001, 3.95% tender 12/1/2026 (b)(c)(g) | 1200000 | 1199719 |
| TOTAL NEVADA |  | 2385685 |
| New Hampshire - 1.4%  |  |  |
| Education - 0.0% |  |  |
| New Hampshire Health and Education Facilities Authority Act (New Hampshire Higher Ed Ln Proj.) Series 2023 B, 5.5% 11/1/2026 (b) | 110000 | 112935 |
| Housing - 0.1% |  |  |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) 3.8% 7/1/2026  | 390000 | 390885 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) 3.85% 1/1/2027  | 620000 | 624534 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.625% 4/1/2026  | 210000 | 210568 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.7% 1/1/2027  | 675000 | 679028 |
|  |  | 1905015 |
| Resource Recovery - 0.9% |  |  |
| National Fin Auth NH Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A 2, 4.25% tender 7/1/2027 (b)(c) | 10800000 | 10875173 |
| National Fin Auth NH Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A 3, 4% tender 7/1/2033 (b)(c) | 4200000 | 4196104 |
|  |  | 15071277 |
| Synthetics - 0.4% |  |  |
| Nat'L Fin Auth Nh Specialty Bonds Tender Opt Bd Tr Rcpts / Ctfs Var Sts Series 2024 MS0023, 2.59% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) (c)(d)(e) | 6300000 | 6300000 |
| TOTAL NEW HAMPSHIRE |  | 23389227 |
| New Jersey - 4.6%  |  |  |
| Education - 0.4% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2010-1 Proj.) 5% 12/1/2025 (b) | 1045000 | 1051397 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2026 (b) | 365000 | 372459 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) 5% 12/1/2025 (b) | 955000 | 960463 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2022A, 5% 12/1/2025 (b) | 200000 | 201010 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 A, 5% 12/1/2027 (b) | 1125000 | 1166991 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2027 (b) | 3085000 | 3200148 |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2028 (Build America Mutual Assurance Co Insured)  | 360000 | 384316 |
|  |  | 7336784 |
| General Obligations - 3.2% |  |  |
| Belleville NJ Tan Gen. Oblig. BAN 4% 7/7/2026  | 16300000 | 16431109 |
| Millburn Twp NJ Brd Ed 0.05% 8/15/2025  | 420000 | 419499 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2026 (g) | 1060000 | 1090528 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2025  | 365000 | 367175 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2023 RRR, 5% 3/1/2026  | 2005000 | 2033520 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026  | 1320000 | 1348354 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2025 (f) | 890000 | 880886 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2025 (f) | 385000 | 381057 |
| Newark NJ BAN 4.5% 5/7/2026  | 7500000 | 7574965 |
| Newark NJ Gen. Oblig. BAN Series 2024 C, 4.25% 9/25/2025  | 9414000 | 9429659 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2025  | 2605000 | 2612541 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2025  | 590000 | 591707 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2027  | 575000 | 603498 |
| Orange Twp NJ BAN 4% 3/18/2026  | 8500000 | 8555011 |
|  |  | 52319509 |
| Housing - 0.2% |  |  |
| Camden Cnty NJ Impt Auth Multifamily Rev Series 2024, 5% tender 3/1/2027 (c) | 3450000 | 3490053 |
| Synthetics - 0.3% |  |  |
| New Jersey Trans Trust Fund Auth Participating VRDN Series 2021 XM0929, 2.44% 6/15/2050 (Liquidity Facility JP Morgan Chase Bank NA) (c)(d) | 5000000 | 5000000 |
| Tobacco Bonds - 0.1% |  |  |
| Tobacco Settlement Fin Corp NJ 5% 6/1/2027  | 1120000 | 1145307 |
| Transportation - 0.4% |  |  |
| New Jersey Turnpike Authority 5% 1/1/2027  | 6000000 | 6208953 |
| TOTAL NEW JERSEY |  | 75500606 |
| New Jersey,New York - 0.6%  |  |  |
| Transportation - 0.6% |  |  |
| Port Auth NY & NJ 5% 9/15/2025 (b) | 2670000 | 2675869 |
| Port Auth NY & NJ Series 195, 5% 10/1/2025 (b) | 705000 | 707125 |
| Port Auth NY & NJ Series 226, 5% 10/15/2025 (b) | 2260000 | 2268446 |
| Port Auth NY & NJ Series 242, 5% 12/1/2025 (b) | 1535000 | 1544449 |
| Port Auth NY & NJ Series 242, 5% 12/1/2026 (b) | 3155000 | 3236113 |
|  |  | 10432002 |
| TOTAL NEW JERSEY,NEW YORK |  | 10432002 |
| New Mexico - 0.6%  |  |  |
| Education - 0.1% |  |  |
| New Mexico Edl Assistnce Fndtn Series 2021 1A, 5% 9/1/2025 (b) | 2080000 | 2082746 |
| New Mexico Edl Assistnce Fndtn Series 2021 1A, 5% 9/1/2027 (b) | 80000 | 82343 |
|  |  | 2165089 |
| Housing - 0.4% |  |  |
| Santa Fe Cnty N Mex Multifamily Rev Series 2024, 3.29% tender 12/10/2049 (c) | 5585000 | 5600491 |
| Synthetics - 0.1% |  |  |
| New Mexico St Hosp Equip Ln Co Participating VRDN 2.64% 7/1/2042 (Liquidity Facility Barclays Bank PLC) (c)(d) | 1330000 | 1330000 |
| TOTAL NEW MEXICO |  | 9095580 |
| New York - 8.8%  |  |  |
| Education - 0.0% |  |  |
| St Lawrence County Industrial Development Agency (St Lawrence University Proj.) 5% 7/1/2026  | 145000 | 147841 |
| Electric Utilities - 0.0% |  |  |
| Long Island Pwr Auth NY Elec 1% 9/1/2025  | 800000 | 798288 |
| General Obligations - 5.1% |  |  |
| Albany NY BAN 4% 3/20/2026  | 18800000 | 18911980 |
| Binghamton NY BAN 4% 4/10/2026  | 17200000 | 17327497 |
| City of Long Beach NY Gen. Oblig. BAN Series 2024B, 4% 9/26/2025  | 7400000 | 7408398 |
| City of New York NY Gen. Oblig. 5% 4/1/2028  | 2530000 | 2694415 |
| City of New York NY Gen. Oblig. 5% 8/1/2026  | 10000000 | 10256448 |
| East Hampton NY Un Free Sh Dis 2.1% 6/1/2027  | 735000 | 715783 |
| East Syracuse-Minoa NY Cent SD BAN Series 2025, 4% 6/25/2026  | 6100000 | 6155554 |
| Ithaca City New York BAN 4.25% 2/13/2026  | 7800000 | 7833957 |
| Sullivan West Cent Sch Dist NY BAN Series 2025, 4% 6/25/2026  | 7700000 | 7762278 |
| Washington Co NY BAN 4% 3/20/2026  | 4140846 | 4171586 |
|  |  | 83237896 |
| Housing - 0.8% |  |  |
| Monroe Cnty NY Indl Dev Agy Multi-Family Hsg Rev 5% tender 7/1/2028 (c) | 593000 | 616505 |
| New York St Hsg Fin Agy 1.1% tender 11/1/2061 (c) | 4850000 | 4653338 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.8% tender 11/1/2063 (c) | 675000 | 675262 |
| New York St Hsg Fin Agy Series 2024 A, 3.375% tender 11/1/2063 (c) | 6430000 | 6433212 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 K2, 0.9% tender 11/1/2060 (c) | 455000 | 450347 |
|  |  | 12828664 |
| Special Tax - 0.4% |  |  |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2027  | 750000 | 792636 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2028  | 5330000 | 5751491 |
| New York NY City Ida Rev (Queens Ballpark Company LLC Proj.) Series 2021A, 5% 1/1/2026 (Assured Guaranty Inc Insured)  | 220000 | 221957 |
| NY Payroll Mobility Tax 2% tender 5/15/2045 (c) | 365000 | 361307 |
|  |  | 7127391 |
| Synthetics - 1.8% |  |  |
| Liberty NY Dev Corp Rev Participating VRDN 2.64% 10/1/2035 (Liquidity Facility Morgan Stanley Bank NA) (c)(d) | 1941500 | 1941500 |
| Metropolitan Transn Auth NY Rv Participating VRDN 2.57% 11/15/2043 (Liquidity Facility JP Morgan Chase Bank NA) (c)(d) | 2555000 | 2555000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2022 XF1321, 2.57% 11/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (c)(d) | 1860000 | 1860000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2023 XF1649, 2.57% 11/15/2045 (Liquidity Facility JP Morgan Chase Bank NA) (c)(d) | 2570000 | 2570000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 003, 2.64% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (c)(d) | 3100000 | 3100000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 007, 2.74% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(c)(d) | 16010000 | 16010000 |
|  |  | 28036500 |
| Transportation - 0.7% |  |  |
| Metropolitan Transn Auth NY Rv Series 2017 B, 5% 11/15/2026  | 730000 | 752161 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2025  | 380000 | 382504 |
| Metropolitan Transn Auth NY Rv Series C 1, 5% 11/15/2026  | 5400000 | 5426094 |
| New York St Twy Auth Gen Rev Series 2016 A, 5% 1/1/2028  | 1375000 | 1387509 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2025 (b) | 1080000 | 1086358 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2026 (b) | 1825000 | 1870006 |
|  |  | 10904632 |
| TOTAL NEW YORK |  | 143081212 |
| North Carolina - 0.8%  |  |  |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Cumberland Cnty NC Series 2024, 3.75% tender 12/1/2027 (b)(c) | 3300000 | 3300633 |
| Health Care - 0.3% |  |  |
| Atrium Health Series 2018 D, 3.625% tender 1/15/2048 (c) | 1635000 | 1651091 |
| Atrium Health Series 2018C, 3.45% tender 1/15/2048 (c) | 1965000 | 1967407 |
| North Carolina Med Care Commn Hosp Rev (Caromont Health Inc Proj.) 5% tender 2/1/2051 (c) | 1490000 | 1504216 |
|  |  | 5122714 |
| Housing - 0.3% |  |  |
| Inlivian NC Multifamily Rev (Sycamore Station Ii Llc Proj.) 3.625% tender 11/1/2058 (c) | 4550000 | 4601889 |
| TOTAL NORTH CAROLINA |  | 13025236 |
| Ohio - 1.7%  |  |  |
| Education - 0.0% |  |  |
| Northeast Ohio Med Univ Gen Rcpts Series 2022, 5% 12/1/2025 (Build America Mutual Assurance Co Insured)  | 95000 | 95570 |
| Ohio St Higher Ed Fac Comm (Case Western Reserve Univ, Oh Proj.) 1.625% tender 12/1/2034 (c) | 420000 | 409811 |
| Ohio St Higher Ed Fac Comm (Xavier Univ, OH Proj.) Series 2020, 5% 5/1/2026  | 400000 | 406065 |
|  |  | 911446 |
| Electric Utilities - 0.8% |  |  |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2026  | 1795000 | 1817791 |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2027  | 2820000 | 2922025 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014C, 3.65% 12/1/2027 (b) | 3845000 | 3842645 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014D, 3.2% 5/1/2026  | 3525000 | 3514989 |
|  |  | 12097450 |
| Health Care - 0.7% |  |  |
| Ohio St Hosp Rev (Cleveland Clinic Foundation Proj.) Series 2019 C, 2.75% tender 1/1/2052 (c) | 3335000 | 3309637 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2013 B, 2.82% 1/15/2033 VRDN (c) | 3645000 | 3645000 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2015B, 2.82% 1/15/2045 VRDN (c) | 3570000 | 3570000 |
|  |  | 10524637 |
| Housing - 0.1% |  |  |
| Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (c) | 765000 | 781923 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2024 A, 5% 3/1/2026  | 125000 | 126722 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2024 A, 5% 3/1/2027  | 75000 | 77735 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2024 A, 5% 3/1/2028  | 150000 | 158460 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2024 A, 5% 9/1/2025  | 415000 | 415803 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2024 A, 5% 9/1/2026  | 120000 | 123115 |
| Ohio St Hsg Fin Agy Residential Mtg Rev Series 2024 A, 5% 9/1/2027  | 100000 | 104803 |
|  |  | 1788561 |
| Water & Sewer - 0.1% |  |  |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2025  | 700000 | 705412 |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2026  | 700000 | 722364 |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2027  | 465000 | 492021 |
|  |  | 1919797 |
| TOTAL OHIO |  | 27241891 |
| Oklahoma - 1.2%  |  |  |
| General Obligations - 0.5% |  |  |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2025  | 175000 | 175623 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2026  | 125000 | 128272 |
| OK Cnty Okla Fin Auth Edl Facs Lease Rev (Midwest City- Del City Sch Dist OK Number 52 Proj.) Series 2024, 5% 10/1/2027  | 145000 | 152036 |
| Oklahoma Cnty Indep Sch Dist 89 Oklahoma City 3% 7/1/2026  | 4095000 | 4114597 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2027  | 3770000 | 3910829 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2028  | 875000 | 925355 |
|  |  | 9406712 |
| Health Care - 0.3% |  |  |
| OK Dev Fin Auth Health Sys Rev (Integris Baptist Medical Ctr Proj.) Series 2020B, 2.93% 8/15/2031 VRDN (c) | 4775000 | 4775000 |
| Housing - 0.3% |  |  |
| Oklahoma Hsg Fin Agy Collateralized Rev 3.2% tender 10/1/2042 (c) | 1000000 | 1000881 |
| Oklahoma Hsg Fin Agy Collateralized Rev Series 2024, 3.35% tender 12/1/2027 (c) | 3720000 | 3740966 |
|  |  | 4741847 |
| Synthetics - 0.1% |  |  |
| Steele Duncan Plaza Llc Participating VRDN Series 2022 MIZ9103, 2.54% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 942957 | 942957 |
| TOTAL OKLAHOMA |  | 19866516 |
| Oregon - 0.2%  |  |  |
| Transportation - 0.2% |  |  |
| Port of Portland Arpt Rev 5% 7/1/2026  | 240000 | 245361 |
| Port of Portland Arpt Rev 5% 7/1/2028 (b) | 2500000 | 2640109 |
|  |  | 2885470 |
| TOTAL OREGON |  | 2885470 |
| Pennsylvania - 6.2%  |  |  |
| General Obligations - 0.7% |  |  |
| Pennsylvania St 5% 9/1/2026  | 4640000 | 4769370 |
| Pennsylvania St Series 2019, 5% 7/15/2026  | 1150000 | 1178247 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 2/1/2026  | 1100000 | 1113438 |
| Philadelphia PA Gen. Oblig. Series 2025 C, 5% 8/1/2026  | 3310000 | 3389918 |
|  |  | 10450973 |
| Health Care - 1.8% |  |  |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 B, 5% tender 4/1/2043 (c) | 2280000 | 2326165 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 D, 3.09% 9/1/2050 VRDN (c) | 11220000 | 11220000 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2022 A, 5% 2/15/2026  | 75000 | 75839 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 B, 3.09% 9/1/2050 VRDN (c) | 16595000 | 16595000 |
|  |  | 30217004 |
| Housing - 0.0% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 10/1/2025  | 400000 | 401492 |
| Resource Recovery - 3.6% |  |  |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2014, 3.7% tender 6/1/2044 (b)(c) | 13750000 | 13743233 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) 4.25% tender 7/1/2041 (b)(c) | 4200000 | 4216535 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A 2, 4.6% tender 10/1/2046 (b)(c) | 9115000 | 9146065 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A, 4% tender 6/1/2041 (b)(c) | 7600000 | 7588182 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2025 A, 3.95% tender 6/1/2049 (b)(c) | 13200000 | 13200661 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series A, 4.25% tender 8/1/2037 (b)(c) | 11950000 | 11904879 |
|  |  | 59799555 |
| Transportation - 0.1% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2027 (b) | 375000 | 384206 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5% 1/1/2027 (Assured Guaranty Inc Insured) (b) | 310000 | 318044 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2026 (b) | 365000 | 371884 |
|  |  | 1074134 |
| TOTAL PENNSYLVANIA |  | 101943158 |
| Rhode Island - 0.2%  |  |  |
| Education - 0.1% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2026  | 350000 | 356501 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2027  | 260000 | 270980 |
| Rhode Island St Student Ln 5% 12/1/2025 (b) | 820000 | 825404 |
| Rhode Island St Student Ln Series 2019, 5% 12/1/2025 (b) | 600000 | 603954 |
|  |  | 2056839 |
| General Obligations - 0.1% |  |  |
| Pawtucket RI Gen. Oblig. BAN Series 2024 2, 4.5% 10/24/2025  | 1900000 | 1903702 |
| TOTAL RHODE ISLAND |  | 3960541 |
| South Carolina - 1.0%  |  |  |
| Electric Utilities - 0.1% |  |  |
| South Carolina St Svc Auth Rev 5% 12/1/2025  | 2000000 | 2014457 |
| South Carolina St Svc Auth Rev 5% 12/1/2028  | 410000 | 439893 |
|  |  | 2454350 |
| Industrial Development - 0.1% |  |  |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.53% 9/1/2028 VRDN (b)(c) | 900000 | 900000 |
| Synthetics - 0.8% |  |  |
| South Carolina Conway Hosp Participating VRDN Series 2022 019, 2.64% 7/1/2047 (Liquidity Facility Barclays Bank PLC) (c)(d) | 2700000 | 2700000 |
| South Carolina St Svc Auth Rev Participating VRDN 2.43% 12/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (c)(d) | 5000000 | 5000000 |
| South Carolina St Svc Auth Rev Participating VRDN Series 2021 XF1243, 2.59% 12/1/2051 (Liquidity Facility JP Morgan Chase Bank NA) (c)(d) | 6125000 | 6125000 |
|  |  | 13825000 |
| TOTAL SOUTH CAROLINA |  | 17179350 |
| Tennessee - 1.0%  |  |  |
| Health Care - 0.9% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (Commonspirit Health Proj.) 2.78% 5/1/2039 VRDN (c) | 14095000 | 14095000 |
| Synthetics - 0.0% |  |  |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 2.54% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d) | 884342 | 884342 |
| Transportation - 0.1% |  |  |
| Metro Nashville Arpt Auth Rev 5% 7/1/2026 (b) | 245000 | 249576 |
| Metro Nashville Arpt Auth Rev 5% 7/1/2027 (b) | 975000 | 1009375 |
|  |  | 1258951 |
| TOTAL TENNESSEE |  | 16238293 |
| Texas - 13.0%  |  |  |
| Electric Utilities - 0.2% |  |  |
| San Antonio TX Elec & Gas Rev 5% 2/1/2026  | 330000 | 333872 |
| San Antonio TX Elec & Gas Rev SIFMA Municipal Swap Index + 0.87%, 3.16% tender 2/1/2048 (c)(i) | 3090000 | 3089131 |
|  |  | 3423003 |
| General Obligations - 4.0% |  |  |
| Alvin Tex Indpt Sch Dist Series 2024, 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 1175000 | 1189876 |
| Boerne TX Isd Series 2023, 3.125% tender 2/1/2053 (Permanent Sch Fund of Texas Guaranteed) (c) | 5645000 | 5653242 |
| Clear Creek Independent School District Series 2013B, 3.6% tender 2/15/2035 (Permanent Sch Fund of Texas Guaranteed) (c) | 530000 | 530182 |
| Cuero TX Independent School District 5% 8/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 715000 | 732880 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2026  | 5450000 | 5518705 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2027  | 5450000 | 5649956 |
| El Paso Tex Gen. Oblig. Series 2025, 5% 8/15/2026 (h) | 1395000 | 1428627 |
| Hays TX Cons Indpt Schl Dist Series 2022, 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 255000 | 258516 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 5030000 | 5098019 |
| Humble TX Indpt Sch Dist Series 2025, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 8215000 | 8531571 |
| Navarro Tex Indpt Sch Dist Series 2025, 4% tender 2/15/2062 (Permanent Sch Fund of Texas Guaranteed) (c)(h) | 3255000 | 3337396 |
| North East Indpt Sch Dist TX Series 2015, 3% 8/1/2027 (Permanent Sch Fund of Texas Guaranteed)  | 625000 | 625101 |
| Northside TX Indpt Sch Dist Series 2020, 3.55% tender 6/1/2050 (Permanent Sch Fund of Texas Guaranteed) (c) | 6455000 | 6532503 |
| Northside TX Indpt Sch Dist Series 2023 B, 3% tender 8/1/2053 (Permanent Sch Fund of Texas Guaranteed) (c) | 3440000 | 3431730 |
| Northside TX Indpt Sch Dist Series 2024B, 3.45% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (c) | 4735000 | 4765681 |
| Prosper Tex Indpt Sch Dist Series 2019 B, 4% tender 2/15/2050 (Permanent Sch Fund of Texas Guaranteed) (c) | 605000 | 610366 |
| Texarkana Tex Indpt Sch Dist Series 2024, 4% tender 2/15/2053 (Permanent Sch Fund of Texas Guaranteed) (c) | 3200000 | 3230346 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023A, 5.25% 1/1/2026 (BP PLC Guaranteed)  | 365000 | 368050 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023A, 5.25% 1/1/2027 (BP PLC Guaranteed)  | 465000 | 478033 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.25% 1/1/2026 (BP PLC Guaranteed)  | 440000 | 443676 |
| Texas State Gen. Oblig. 5.5% 8/1/2025 (b) | 1445000 | 1445000 |
| Texas State Gen. Oblig. Series 2016, 5.5% 8/1/2026 (b) | 370000 | 379749 |
| Texas State Gen. Oblig. Series 2018, 5% 8/1/2025 (b) | 2000000 | 2000000 |
| Wylie Tex Indpt Sch Dist Series 2020 A, 0% 8/15/2025 (Permanent Sch Fund of Texas Guaranteed) (f) | 2240000 | 2237504 |
|  |  | 64476709 |
| Health Care - 0.2% |  |  |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% tender 11/15/2052 (c) | 2545000 | 2574709 |
| Housing - 1.7% |  |  |
| Bexar Mgmt & Dev Corp Tex Multifamily Hsg Rev Series 2024, 3.02% tender 5/10/2045 (c) | 7145000 | 7126514 |
| Capital Area Hsg Fin Corp Tex Multi Family Hsg Rev Series 2024, 3.125% tender 9/1/2029 (c) | 2855000 | 2875530 |
| Dallas Tex Hsg Fin Corp Multi Family Hsg Rev Series 2023, 5% tender 7/1/2026 (c) | 857000 | 862509 |
| Dallas Tex Hsg Fin Corp Multi Family Hsg Rev Series 2023, 5% tender 7/1/2042 (c) | 1138000 | 1171101 |
| Dallas Tex Hsg Fin Corp Multi Family Hsg Rev Series 2023, 5% tender 9/1/2026 (c) | 1069000 | 1070723 |
| Houston Tex Fin Corp Multifamilty Hsg Rev 5% tender 8/1/2041 (c) | 620000 | 628187 |
| Houston Tex Fin Corp Multifamilty Hsg Rev Series 2024, 3.65% tender 2/1/2048 (c) | 3325000 | 3354159 |
| San Antonio Tex Hsg Tr Pub Fac Multifamily Hsg Rev Series 2024, 3.45% tender 7/1/2029 (c) | 3840000 | 3860571 |
| Smha Fin Pub Fac Corp Tex Multifamily Hsg Rev Series 2024, 3.7% tender 7/1/2028 (c) | 5305000 | 5384590 |
| Texas St Affordable Hsg Corp Multifamily Hsg Rev Series 2023, 3.625% tender 1/1/2045 (c) | 785000 | 792717 |
| Travis Cnty Tex Hsg Fin Corp Multifamily Hsg Series 2023, 3.75% tender 8/1/2026 (c) | 180000 | 179999 |
|  |  | 27306600 |
| Industrial Development - 5.0% |  |  |
| Jewett Economic Dev Corp Tex I (Nucor Corp Proj.) 2.53% 8/1/2038 VRDN (b)(c) | 1285000 | 1285000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.55% 11/1/2040 VRDN (c) | 32055000 | 32055000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.58% 12/1/2027 VRDN (b)(c) | 30400000 | 30400000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.75% 11/1/2040 VRDN (c) | 13825000 | 13825000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.85% 4/1/2040 VRDN (c) | 3200000 | 3200000 |
|  |  | 80765000 |
| Resource Recovery - 0.9% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2012, 4.1% tender 1/1/2026 (b)(c) | 5100000 | 5100000 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2023A, 4.25% tender 6/1/2048 (b)(c) | 2550000 | 2556517 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2025 A, 3.95% tender 6/1/2055 (b)(c) | 7850000 | 7850394 |
|  |  | 15506911 |
| Special Tax - 0.0% |  |  |
| Houston TX Hotel Occ Tx & Spl Rev Series 2014, 5% 9/1/2026  | 545000 | 545937 |
| Synthetics - 0.7% |  |  |
| Brazos County Tex Hsg Fin Corp Participating VRDN Series 2023 XF3129, 2.57% 9/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d) | 911693 | 911693 |
| City of Houston TX Airport System Revenue Participating VRDN Series 2025 ZF1926, 2.41% 7/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 2260000 | 2260000 |
| El Paso Tx Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 2.54% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 1334718 | 1334718 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 2.54% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d)(e) | 7603517 | 7603517 |
|  |  | 12109928 |
| Transportation - 0.0% |  |  |
| Austin Tex Airport Sys Series 2022, 5% 11/15/2025 (b) | 695000 | 699235 |
| North TX Twy Auth Rev 5% 1/1/2026  | 420000 | 424269 |
|  |  | 1123504 |
| Water & Sewer - 0.3% |  |  |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2025  | 5000000 | 5036931 |
| TOTAL TEXAS |  | 212869232 |
| Utah - 1.1%  |  |  |
| Health Care - 0.0% |  |  |
| Utah Cnty Utah Hosp Rev (Ihc Health Services Inc Proj.) Series 2020B 2, 5% tender 5/15/2060 (c) | 900000 | 917140 |
| Housing - 0.1% |  |  |
| UT Hsg Corp Multifamily Rev Series 2024, 3.7% tender 8/1/2043 (c) | 1765000 | 1776621 |
| Industrial Development - 0.1% |  |  |
| Box Elder Cnty Utah Pollution Ctl Rev (Nucor Corp Proj.) 3% 4/1/2028 VRDN (c) | 1040000 | 1040000 |
| Synthetics - 0.7% |  |  |
| Salt Lake City UT Arpt Rev Participating VRDN Series 2023 XM1147, 2.59% 7/1/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(d) | 11200000 | 11200000 |
| Transportation - 0.2% |  |  |
| Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2026 (b) | 365000 | 371551 |
| Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2027 (b) | 345000 | 357424 |
| Salt Lake City UT Arpt Rev Series 2025A, 5% 7/1/2026 (b)(h) | 500000 | 508866 |
| Salt Lake City UT Arpt Rev Series 2025A, 5% 7/1/2027 (b)(h) | 2020000 | 2092330 |
|  |  | 3330171 |
| TOTAL UTAH |  | 18263932 |
| Vermont - 0.0%  |  |  |
| Education - 0.0% |  |  |
| Vermont St Stud Assit Corp 5% 6/15/2026 (b) | 620000 | 628687 |
| Virginia - 1.1%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Halifax Cnty VA Indl Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) 3.8% tender 12/1/2041 (c) | 1020000 | 1035354 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Virginia Small Business Fing Auth Environmental Facs Rev 4% tender 11/1/2052 (b)(c) | 2900000 | 2901815 |
| Synthetics - 0.9% |  |  |
| Lynchburg Economic Development Authority Participating VRDN Series 2018 XL0075, 2.59% 1/1/2055 (Liquidity Facility JP Morgan Chase Bank NA) (c)(d) | 12140000 | 12140000 |
| Nat'L Sr Campuses Participating VRDN Series 2022 028, 2.64% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (c)(d) | 2615000 | 2615000 |
|  |  | 14755000 |
| TOTAL VIRGINIA |  | 18692169 |
| Washington - 1.3%  |  |  |
| Housing - 0.6% |  |  |
| Community Roots Housing Foundation Series 2024, 3.4% tender 2/1/2029 (c) | 8585000 | 8685007 |
| Seattle Wash Hsg Auth Rev Series 2023, 5% 6/1/2027  | 440000 | 449250 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2023, 5% tender 12/1/2043 (c) | 808000 | 821760 |
|  |  | 9956017 |
| Synthetics - 0.2% |  |  |
| Washington Hsg Fin Comm Nonprofit Hsg Rev Participating VRDN Series 2024 XF3227, 2.57% 6/1/2054 (Liquidity Facility Mizuho Capital Markets LLC) (c)(d) | 3000000 | 3000000 |
| Transportation - 0.4% |  |  |
| Port Seattle WA Rev Series 2018 B, 5% 5/1/2026 (b) | 3225000 | 3273896 |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2027 (b) | 1500000 | 1548788 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2025 (b) | 915000 | 915000 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2026 (b) | 575000 | 586763 |
| Port Seattle WA Rev Series B, 5% 10/1/2027 (b) | 365000 | 369527 |
|  |  | 6693974 |
| Water & Sewer - 0.1% |  |  |
| King Cnty WA Swr Rev 0.875% tender 1/1/2042 (c) | 1965000 | 1939937 |
| TOTAL WASHINGTON |  | 21589928 |
| West Virginia - 0.4%  |  |  |
| Electric Utilities - 0.3% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2009A, 3.7% tender 12/1/2042 (c) | 4395000 | 4455106 |
| Health Care - 0.1% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 E, 2.9% 6/1/2033 VRDN (c) | 2480000 | 2480000 |
| TOTAL WEST VIRGINIA |  | 6935106 |
| Wisconsin - 1.1%  |  |  |
| Education - 0.0% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (Marquette University, WI Proj.) 5% 10/1/2025  | 335000 | 336135 |
| General Obligations - 0.1% |  |  |
| Milwaukee WI Gen. Oblig. 2% 3/1/2027  | 1125000 | 1106885 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Eda Hsg Rev (Wi Mhsg Rev 2007 Proj.) Series 2023 E, 3.875% tender 11/1/2054 (c) | 690000 | 691364 |
| Industrial Development - 0.2% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (WI Forensic Science Proj Proj.) Series 2024, 5% 8/1/2027 (g) | 2445000 | 2483622 |
| Resource Recovery - 0.8% |  |  |
| Public Fin Auth Wis Sld Waste (Waste Management Inc Del Proj.) Series 2017 A 2, 4.1% tender 10/1/2025 (b)(c) | 13550000 | 13550000 |
| Transportation - 0.0% |  |  |
| Milwaukee Cnty WI Arpt Rev Series 2023 A, 5% 12/1/2026 (b) | 290000 | 296728 |
| TOTAL WISCONSIN |  | 18464734 |
| Wyoming - 0.4%  |  |  |
| Electric Utilities - 0.4% |  |  |
| Lincoln Cnty Wyo Environmental Impt Rev (Pacificorp Proj.) Series 1995, 2.88% 11/1/2025 VRDN (b)(c) | 5100000 | 5100000 |
| Sweetwater Cnty WY Env Imp Rev (Pacificorp Proj.) 3.05% 11/1/2025 VRDN (b)(c) | 1600000 | 1600000 |
|  |  | 6700000 |
| TOTAL WYOMING |  | 6700000 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $1,641,921,116) |  | <br> **1645477498** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (j)(k)<br>(Cost $8,200,001)<br>| 2.91 | 8198362 | **8200001** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $1,650,121,117)<br>| <br>**1653677499** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(4413582)** |
| **NET ASSETS - 100.0%** | **1649263917** |

---

**Security Type Abbreviations**

BAN - BOND ANTICIPATION NOTE <br> VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

**Legend**

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

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

(e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $38,055,223 or 2.3% of net assets.

(f) 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.

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $22,576,567 or 1.4% of net assets.

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

(i) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 2.54% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 1/19/24 | 1094031 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN 2.54% 11/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) | 5/22/25 | 850000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9162, 2.54% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/19/24 | 260000 |
| El Paso Tx Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 2.54% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/19/24 | 1334718 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 2.54% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) | 1/19/24 | 585000 |
| Nat'L Fin Auth Nh Specialty Bonds Tender Opt Bd Tr Rcpts / Ctfs Var Sts Series 2024 MS0023, 2.59% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) | 4/16/24 | 6300000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN Series 2023 MIZ9145, 2.54% 6/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) | 9/26/24 | 4500000 |
| San Francisco City & County Multi Fam Hsg Rev Participating VRDN 2.54% 12/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) | 1/19/24 | 14585000 |
| Steele Duncan Plaza Llc Participating VRDN Series 2022 MIZ9103, 2.54% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/19/24 | 942957 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 2.54% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/19/24 | 7603517 |

---

**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 | 74351165 | 260852355 | 327003519 | 703346 | - | - | 8200001 | 8198362 | 0.3% |
| Total | 74351165 | 260852355 | 327003519 | 703346 | - | - | 8200001 |  |  |

---

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 July 31, 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 | 28187845 | - | 28187845 | - |
| Electric Utilities | 142342101 | - | 142342101 | - |
| Escrowed/Pre-Refunded | 10103011 | - | 10103011 | - |
| General Obligations | 301368501 | - | 301368501 | - |
| Health Care | 121697505 | - | 121697505 | - |
| Housing | 133398724 | - | 133398724 | - |
| Industrial Development | 164837944 | - | 164837944 | - |
| Resource Recovery | 161365062 | - | 161365062 | - |
| Special Tax | 34437920 | - | 34437920 | - |
| Synthetics | 395837741 | - | 395837741 | - |
| Tobacco Bonds | 1145307 | - | 1145307 | - |
| Transportation | 130045657 | - | 130045657 | - |
| Water & Sewer | 20710180 | - | 20710180 | - |
|  **Money Market Funds** | 8200001 | 8200001 | - | - |
| **Total Investments in Securities:** | 1653677499 | 8200001 | 1645477498 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,641,921,116) | $1645477498 |  |
| Fidelity Central Funds (cost $8,200,001) | 8200001 |  |
| Total Investment in Securities (cost $1,650,121,117) |  | $1653677499 |
| Receivable for fund shares sold |  | 1858092 |
| Interest receivable |  | 12101814 |
| Distributions receivable from Fidelity Central Funds |  | 17848 |
| Prepaid expenses |  | 282 |
| Other receivables |  | 31 |
| **Total assets** |  | 1667655566 |
| **Liabilities** |  |  |
| Payable to custodian bank | $21447 |  |
| Payable for investments purchased on a delayed delivery basis | 12049922 |  |
| Payable for fund shares redeemed | 2087434 |  |
| Distributions payable | 3889840 |  |
| Accrued management fee | 280723 |  |
| Other payables and accrued expenses | 62283 |  |
| **Total liabilities** |  | 18391649 |
| **Net Assets**  |  | $1649263917 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1645034153 |
| Total accumulated earnings (loss) |  | 4229764 |
| **Net Assets** |  | $1649263917 |
| **Net Asset Value**, offering price and redemption price per share ($1,649,263,917 ÷ 163,878,942 shares) |  | $10.06 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $26081825 |
| Income from Fidelity Central Funds  |  | 703346 |
| **Total income** |  | 26785171 |
| **Expenses** |  |  |
| Management fee | $1668374 |  |
| Custodian fees and expenses | 7350 |  |
| Independent trustees' fees and expenses | 1932 |  |
| Registration fees | 82774 |  |
| Audit fees | 32679 |  |
| Legal | 2310 |  |
| Miscellaneous | 2767 |  |
| Total expenses before reductions | 1798186 |  |
| Expense reductions | (140999) |  |
| Total expenses after reductions |  | 1657187 |
| **Net Investment income (loss)** |  | 25127984 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 260093 |  |
| Total net realized gain (loss) |  | 260093 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 1926629 |
| **Net gain (loss)** |  | 2186722 |
| **Net increase (decrease) in net assets resulting from operations** |  | $27314706 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $25127984 | $46009494 |
| &nbsp;&nbsp;Net realized gain (loss) | 260093<br>| 210115<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1926629 | 506606<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 27314706<br>| 46726215<br>|
| Distributions to shareholders | (24923411)<br>| (46155119)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 485468297 | 1078798433 |
| Reinvestment of distributions | 2148<br>| 309595<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (398037906) | (618376466) |
| **Net increase (decrease) in net assets resulting from share transactions** | 87432539<br>| 460731562<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 89823834<br>| 461302658<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1559440083 | 1098137425<br>|
| &nbsp;&nbsp;End of period | $1649263917 | $1559440083 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 48346338 | 107412815 |
| Issued in reinvestment of distributions | 214<br>| 30828<br>|
| &nbsp;&nbsp;Redeemed | (39617428) | (61551988) |
| &nbsp;&nbsp;Net increase (decrease) | 8729124 | 45891655 |

---

**Financial Highlights** 

**Fidelity® SAI Conservative Income Municipal Bond Fund** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $10.05 | $10.05 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .151  | .338  | .074  |
| Net realized and unrealized gain (loss)  | .009  | .002  | .062  |
| Total from investment operations  | .160  | .340  | .136  |
| Distributions from net investment income  | (.150)  | (.338)  | (.086)  |
| Distributions from net realized gain  | -  | (.002)  | -  |
| Total distributions  | (.150)  | (.340)  | (.086)  |
| Net asset value, end of period  | $10.06 | $10.05 | $10.05 |
| **Total Return** D,E | 1.60% <br>| 3.44%  | 1.36%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |
| Expenses before reductions  | .22% H | .24%  | .56% H,I |
| Expenses net of fee waivers, if any  | .20% H<br>| .20%  | .20% H |
| Expenses net of all reductions, if any  | .20% H | .20%  | .20% H |
| Net investment income (loss)  | 3.04% H | 3.37%  | 4.01% H |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $1649264 | $1559440 | $1098137 |
| Portfolio turnover rate J | 65% H<br>| 58%  | 14% K,L |

---

A*For the period November 6, 2023 (commencement of operations) through January 31, 2024.*

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

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*Annualized.*

I*Audit fees are not annualized.*

J*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.* 

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

L*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended July 31, 2025

**1. Organization.**

Fidelity SAI Conservative Income Municipal Bond 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 July 31, 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.

**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. 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.

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** | $4090444 |
| **Gross unrealized depreciation** | <u>(284228)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3806216</u> |
| **Tax cost** | <u>$1649871283</u> |

---

**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.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**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. 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 Conservative Income Municipal Bond Fund** | 415691623 | 277436423 |

---

**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 .20% 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity SAI Conservative Income Municipal Bond Fund** | 13121231 | 54195000 | - |

---

**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 Conservative Income Municipal Bond Fund** | 752 |

---

**7. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .20% of average net assets. This reimbursement will remain in place through May 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 $140,999.

**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.

**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.

![](img111962_4.jpg)<br>

1.9910239.101 CIM-SANN-0925

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>Purchases 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 Fidelity Salem Street 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 Fidelity Salem Street Trust's (the "Trust") 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) Not applicable.

(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; September 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; September 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; September 22, 2025 |

---

## 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:

September 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:

September 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: September 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: September 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>