# EDGAR Filing Document

**Accession Number:** 0001364924
**File Stem:** 0001364924-25-000203
**Filing Date:** 2025-7
**Character Count:** 2540972
**Document Hash:** 02298ad766a0d6f7e8b7d996509f19c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001364924-25-000203.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001364924-25-000203

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**EFFECTIVENESS DATE**: 20250723

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fidelity Rutland Square Trust II
- **CENTRAL INDEX KEY:** 0001364924

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21991
- **FILM NUMBER:** 251142034

**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

## Series and Classes Contracts Data

### Strategic Advisers Short Duration Fund (Series ID: S000035122)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000108059 | Strategic Advisers Short Duration Fund | FAUDX           |

### Strategic Advisers Tax-Sensitive Short Duration Fund (Series ID: S000060103)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000196739 | Strategic Advisers Tax-Sensitive Short Duration Fund | FGNSX           |

### Strategic Advisers Fidelity U.S. Total Stock Fund (Series ID: S000061481)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000199108 | Strategic Advisers Fidelity U.S. Total Stock Fund | FCTDX           |

### Strategic Advisers Fidelity Core Income Fund (Series ID: S000062265)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000201710 | Strategic Advisers Fidelity Core Income Fund | FIWGX           |

### Strategic Advisers Fidelity Emerging Markets Fund (Series ID: S000063170)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000204787 | Strategic Advisers Fidelity Emerging Markets Fund | FGOMX           |

### Strategic Advisers Municipal Bond Fund (Series ID: S000072234)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000228148 | Strategic Advisers Municipal Bond Fund | FSMUX           |

### Strategic Advisers U.S. Total Stock Fund (Series ID: S000084926)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000249668 | Strategic Advisers U.S. Total Stock Fund | FSAKX           |

?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>811-21991</u>

<u>Fidelity Rutland Square Trust II</u>

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (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>

---

| | |
|:---|:---|
| Date of fiscal year end: | May 31 |
| Date of reporting period: | May 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u> This report on Form N-CSR relates solely to the Registrant's Strategic Advisers Fidelity Core Income Fund, Strategic Advisers Fidelity Emerging Markets Fund, Strategic Advisers Fidelity U.S. Total Stock Fund, Strategic Advisers Municipal Bond Fund, Strategic Advisers Short Duration Fund, Strategic Advisers Tax-Sensitive Short Duration Fund, and Strategic Advisers Fidelity U.S. Total Stock Fund (the "Funds"):

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Strategic Advisers® Municipal Bond Fund<br> **Strategic Advisers® Municipal Bond Fund : FSMUX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Strategic Advisers® Municipal Bond Fund for the period June 1, 2024 to May 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Strategic Advisers® Municipal Bond Fund  | $9  | 0.09% |

---

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

• U.S. municipal bonds produced a modest gain for the 12 months ending May 31, 2025, helped in the period's first half by the Federal Reserve's pivot to cutting its policy interest rate, but buffeted since late 2024 by heavy tax-exempt supply, as well as by fund outflows amid broader market volatility.

• Against this backdrop, there were a number of holdings that modestly detracted from performance versus the benchmark, including the U.S. Long-Term Municipal mandate from sub-adviser T. Rowe Price and sub-adviser Western Asset Management, each of which gained about 1.6%. These managers' allocations to long-maturity bonds weighed on their performance.

• The High Yield mandate from sub-adviser MacKay Shields (+1%) also modestly hurt due to security selection among lower-rated issuers.

• On the plus side, sub-adviser MFS and the High Yield mandate from T. Rowe Price each rose about 3%, bolstering the portfolio's relative return. Both managers benefited holdings in lower-rated, higher-yielding securities, as well as favorable interest rate positioning.

• Fidelity® Money Market Government Portfolio advanced about 4.5% and slightly contributed to the Fund's relative performance.

• From a positioning standpoint, most of the Fund's underlying managers added higher-quality securities to their portfolios, seeking to capitalize on relatively high yields, coupled with a more attractive risk/return profile.

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

**CUMULATIVE PERFORMANCE**

June 17, 2021 through May 31, 2025.

Initial investment of $10,000.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Strategic Advisers® Municipal Bond Fund<br>| $10000 | $9208<br>| $9202<br>| $9570<br>| $9748<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $9288<br>| $9334<br>| $9583<br>| $9777<br>|
|  | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109681_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Strategic Advisers® Municipal Bond Fund | 1.87% | -0.64% |
| Bloomberg Municipal Bond Index | 2.03%<br>| -0.57% |

---

**A** From June 17, 2021

---

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

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12096081842<br>|
| Number of Holdings | 7064<br>|
| Total Advisory Fee | $9860595<br>|
| Portfolio Turnover | 35%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 15.4 |
| Transportation | 15.1 |
| Health Care | 9.7 |
| Special Tax | 8.7 |
| Others(Individually Less Than 5%) | 20.5 |
| 69.4 | 69.4 |

---

---

| | |
|:---|:---|
| AAA | 3.6 |
| AA | 24.3 |
| A | 22.1 |
| BBB | 9.3 |
| BB | 1.8 |
| B | 0.4 |
| CCC,CC,C | 0.0 |
| D | 0.0 |
| Not Rated | 8.0 |
| Equities | 27.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 3.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6352_20250531_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 24.3&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;A - 22.1&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 - 9.3&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;BB - 1.8&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;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;D - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 8.0&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;Equities - 27.5&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) - 3.0 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| New York | 7.4 |
| California | 6.7 |
| Illinois | 6.1 |
| Texas | 5.2 |
| Florida | 3.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6352_20250531_2.jpg)<br>| ![](img109681_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913326.101 6352-TSRA-0725 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Strategic Advisers® Fidelity® Emerging Markets Fund<br> **Strategic Advisers® Fidelity® Emerging Markets Fund : FGOMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Strategic Advisers® Fidelity® Emerging Markets Fund for the period June 1, 2024 to May 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Strategic Advisers® Fidelity® Emerging Markets Fund  | $22  | 0.21% |

---

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

• Emerging-markets equities achieved a strong gain for the 12 months ending May 31, 2025, amid resilient global economic growth, slowing inflation, global monetary easing, a generally weaker U.S. dollar and anticipated earnings growth in 2025, despite challenges that included changes to U.S. tariff policy and reactive tariff countermeasures from other countries.

• Against this backdrop, the Select Emerging Markets Equity mandate from sub-adviser FIAM® (+10%) and the Global Emerging Markets strategy from sub-adviser FIL® (+8%) were the biggest detractors versus the benchmark.

• Security selection in South Korea - primarily among semiconductor companies - as well as in China and Brazil, weighed on the performance of FIAM Select Emerging Markets.

• Meanwhile, stock picks, coupled with a large underweight in China, caused FIL Global Emerging Markets to underperform given that the Chinese equity market outpaced the broader benchmark this period.

• Fidelity® SAI Emerging Markets Value Index Fund (+11%) also hurt the broader Fund's relative result this period. Investment choices in China, along with a lack of exposure to that market, proved detrimental.

• On the positive side, Fidelity Advisor® China Region Fund (+16%) was the only relative contributor of note this period. This fund benefited from the tailwind of strong performance in China, along with security selection in that market.

• In terms of notable positioning changes, in October, we transitioned the Fund's investment in Fidelity Advisor® Emerging Markets Fund into a sub-advised mandate run by FIAM pursuing the same underlying investment strategy. This sub-advisory arrangement gives the Fund the additional benefits of cost savings and greater investment capacity.

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

**CUMULATIVE PERFORMANCE**

October 30, 2018 through May 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategic Advisers® Fidelity® Emerging Markets Fund<br>| $10000 | $10863<br>| $10691<br>| $16384<br>| $12878<br>| $12070<br>| $13986<br>| $15400<br>|
| MSCI Emerging Markets Index<br>| $10000 | $10775<br>| $10305<br>| $15562<br>| $12478<br>| $11422<br>| $12841<br>| $14511<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109683_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Strategic Advisers® Fidelity® Emerging Markets Fund | 10.11% | 7.57% | 6.77% |
| MSCI Emerging Markets Index | 13.01%<br>| 7.09%<br>| 5.81% |

---

**A** From October 30, 2018

---

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

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $25037177963<br>|
| Number of Holdings | 288<br>|
| Total Advisory Fee | $38070603<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 14.0 |
| Information Technology | 12.8 |
| Consumer Discretionary | 8.4 |
| Communication Services | 6.4 |
| Industrials | 5.0 |
| Materials | 3.0 |
| Consumer Staples | 2.3 |
| Energy | 2.2 |
| Health Care | 2.1 |
| Real Estate | 0.4 |
| Utilities | 0.3 |

---

---

| | |
|:---|:---|
| Common Stocks | 56.9 |
| International Equity Funds | 38.4 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.7 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3310_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 56.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 38.4&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 4.7 |

---

---

| | |
|:---|:---|
| United States | 43.7 |
| China | 16.2 |
| Taiwan | 8.6 |
| India | 8.0 |
| Korea (South) | 4.8 |
| Brazil | 3.8 |
| Mexico | 2.8 |
| South Africa | 2.7 |
| Indonesia | 1.1 |
| Others | 8.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3310_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 43.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 16.2&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;Taiwan - 8.6&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;India - 8.0&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;Korea (South) - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 3.8&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;Mexico - 2.8&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;South Africa - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Indonesia - 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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Fidelity SAI Emerging Markets Value Index Fund | 21.9<br>|
| Fidelity SAI Emerging Markets Index Fund | 9.8<br>|
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 6.1<br>|
| Taiwan Semiconductor Manufacturing Co Ltd | 6.0<br>|
| Tencent Holdings Ltd | 3.9<br>|
| Invesco Government & Agency Portfolio Institutional Class | 3.4<br>|
| Samsung Electronics Co Ltd | 2.2<br>|
| Naspers Ltd Class N | 1.3<br>|
| HDFC Bank Ltd/Gandhinagar | 1.2<br>|
| Bank Central Asia Tbk PT | 0.9<br>|
|  | 56.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management fee Strategic Advisers entered into new sub-advisory agreements on behalf of the fund during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3310_20250531_2.jpg)<br>| ![](img109683_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913322.101 3310-TSRA-0725 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Strategic Advisers® Fidelity® U.S. Total Stock Fund<br> **Strategic Advisers® Fidelity® U.S. Total Stock Fund : FCTDX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Strategic Advisers® Fidelity® U.S. Total Stock Fund for the period June 1, 2024 to May 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Strategic Advisers® Fidelity® U.S. Total Stock Fund  | $13  | 0.13% |

---

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

• U.S. equities achieved a strong gain for the 12 months ending May 31, 2025, driven by corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, the Value Discovery (+7%) and Sector Managed (+11%) mandates from sub-adviser FIAM® were the biggest relative detractors.

• Value-oriented equities substantially lagged their growth counterparts this period, creating a stylistic headwind for FIAM® Value Discovery. An underweight in the consumer discretionary and information technology sectors, along with security selection among health care companies, notably hurt.

• FIAM® Sector Managed is a sector-neutral strategy with dedicated sector specialists making stock picks. Given the growth-driven backdrop, we expected this strategy to perform better than it did. Investment choices among technology and financial stocks pressured its performance.

• A comparatively small investment in the Intrinsic Opportunities (+1%) mandate from FIAM also pressured the broader Fund's performance. This strategy emphasizes mid- and small-cap stocks, along with a value bias, all of which detracted.

• On the plus side, the U.S. Equity strategy from FIAM (+17%) was the top contributor versus the benchmark the past 12 months. This relative-value approach did better than expected in a growth-fueled equity market, thanks to picks in the industrials and health care sectors.

• Fidelity® SAI U.S. Momentum Index Fund (+23%) also added value, given that that momentum, as an investment factor, performed well during most of the reporting period.

• Fidelity® Contrafund® (+18%) rounded out the group of leading relative contributors, aided by its momentum bias. Under the hood, a large overweight stake in Meta Platforms, the parent of Facebook, fueled its result, along with stock picks among technology and consumer discretionary companies.

• In terms of notable positioning changes, we funded the Select U.S. Equity mandate from FIAM in December 2024. For this strategy, the manager invests in stocks that Fidelity's analysts have rated as buys, then overlays risk-control factors in an effort to maximize research insights and minimize other influences.

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

**CUMULATIVE PERFORMANCE**

March 20, 2018 through May 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategic Advisers® Fidelity® U.S. Total Stock Fund<br>| $10000 | $9960<br>| $9956<br>| $11136<br>| $16328<br>| $15536<br>| $16072<br>| $20883<br>|
| Dow Jones U.S. Total Stock Market Index℠<br>| $10000 | $10039<br>| $10283<br>| $11445<br>| $16478<br>| $15820<br>| $16123<br>| $20586<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109682_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Strategic Advisers® Fidelity® U.S. Total Stock Fund | 11.30% | 15.86% | 12.42% |
| Dow Jones U.S. Total Stock Market Index℠ | 13.02%<br>| 15.24%<br>| 12.44% |

---

**A** From March 20, 2018

---

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

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $156716839449<br>|
| Number of Holdings | 1883<br>|
| Total Advisory Fee | $165960679<br>|
| Portfolio Turnover | 33%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 11.2 |
| Financials | 9.5 |
| Industrials | 7.1 |
| Health Care | 5.3 |
| Consumer Discretionary | 4.0 |
| Communication Services | 3.8 |
| Consumer Staples | 3.5 |
| Energy | 2.8 |
| Materials | 1.4 |
| Utilities | 1.3 |
| Real Estate | 1.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 50.3 |
| Domestic Equity Funds | 47.6 |
| Bonds | 1.1 |
| Preferred Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3080_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 50.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 47.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 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;  |
| Preferred Stocks - 0.0&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 |

---

---

| | |
|:---|:---|
| United States | 96.9 |
| Canada | 0.8 |
| United Kingdom | 0.8 |
| Netherlands | 0.3 |
| Germany | 0.2 |
| France | 0.1 |
| Zambia | 0.1 |
| Japan | 0.1 |
| Taiwan | 0.1 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3080_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 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;France - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Zambia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Fidelity SAI U.S. Quality Index Fund | 11.0<br>|
| Fidelity Growth Company Fund | 9.5<br>|
| Fidelity Advisor Magellan Fund - Class Z | 5.7<br>|
| Fidelity SAI U.S. Low Volatility Index Fund | 4.9<br>|
| Fidelity Contrafund | 3.6<br>|
| Fidelity SAI U.S. Value Index Fund | 2.9<br>|
| Fidelity Advisor Blue Chip Growth Fund - Class Z | 2.6<br>|
| Microsoft Corp | 2.6<br>|
| Fidelity Extended Market Index Fund | 2.4<br>|
| NVIDIA Corp | 2.3<br>|
|  | 47.5 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

Strategic Advisers entered into new sub-advisory agreements on behalf of the fund during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3080_20250531_2.jpg)<br>| ![](img109682_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913320.101 3080-TSRA-0725 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Strategic Advisers® Short Duration Fund<br> **Strategic Advisers® Short Duration Fund : FAUDX** <br>|

---

This annual shareholder report contains information about Strategic Advisers® Short Duration Fund for the period June 1, 2024 to May 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Strategic Advisers® Short Duration Fund  | $5  | 0.05% |

---

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

• U.S. taxable investment-grade bonds posted a solid advance for the 12 months ending May 31, 2025, helped in the first half of the period by the Federal Reserve's pivot to cutting its policy interest rate, and in the period's second half by a modest rotation out of U.S. equities into fixed-income investments.

• The Fund's investments are organized into three categories: money market/low volatility; low duration (averaging less than one year); and short-term (an average duration of one to two years).

• As a group, the portfolio's short-term managers led the way, outpacing the broader Fund's benchmark due to their greater sensitivity to declining interest rates.

• Sub-adviser T. Rowe Price (+6.5%) was the top relative contributor among short-term managers, fueled by its longer-duration portfolio and corporate credit holdings. Sub-adviser FIAM (+5.5%) also was another plus, aided by the relatively high yields of its positions in structured credit and commercial mortgage-backed securities.

• A handful of funds in the low-duration group also added value, including T. Rowe Price Ultra Short-Term Bond Fund (+5.7%) and the iShares® 1-3 Year Treasury Bond ETF (+5.5%).

• There were no relative detractors of note for the reporting period.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

May 31, 2015 through May 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategic Advisers® Short Duration Fund<br>| $10000 | $10064<br>| $10235<br>| $10378<br>| $10664<br>| $10931<br>| $11134<br>| $10963<br>| $11239<br>| $11887<br>| $12558<br>|
| FTSE® 6-Month U.S. Treasury Bill Index<br>| $10000 | $10022<br>| $10073<br>| $10200<br>| $10436<br>| $10639<br>| $10662<br>| $10680<br>| $11033<br>| $11657<br>| $12251<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10299<br>| $10462<br>| $10423<br>| $11090<br>| $12134<br>| $12085<br>| $11091<br>| $10854<br>| $10995<br>| $11596<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109680_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Strategic Advisers® Short Duration Fund | 5.65% | 2.81% | 2.30% |
| FTSE® 6-Month U.S. Treasury Bill Index | 5.09%<br>| 2.86%<br>| 2.05% |
| Bloomberg U.S. Aggregate Bond Index | 5.46%<br>| -0.90%<br>| 1.49% |

---

---

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

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3850980906<br>|
| Number of Holdings | 1185<br>|
| Total Advisory Fee | $1565590<br>|
| Portfolio Turnover | 86%<br>|

---

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

---

| | |
|:---|:---|
| Short-Term Funds | 49.9 |
| Corporate Bonds | 19.8 |
| U.S. Treasury Obligations | 9.5 |
| Asset-Backed Securities | 8.3 |
| Fixed-Income Funds | 6.3 |
| CMOs and Other Mortgage Related Securities | 2.2 |
| U.S. Government Agency - Mortgage Securities | 1.3 |
| Other Investments | 0.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 2.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2387_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Short-Term Funds - 49.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Corporate Bonds - 19.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Treasury Obligations - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Fixed-Income Funds - 6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| CMOs and Other Mortgage Related Securities - 2.2 |
| U.S. Government Agency - Mortgage Securities - 1.3 |
| Other Investments - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| PIMCO Short-Term Fund Institutional Class | 11.6<br>|
| JPMorgan Ultra-Short Income ETF | 11.6<br>|
| US Treasury Notes | 8.8<br>|
| Baird Ultra Short Bond Fund Institutional Class | 7.3<br>|
| Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio Class IR | 6.6<br>|
| T. Rowe Price Ultra Short-Term Bond Fund | 5.7<br>|
| iShares 1-3 Year Treasury Bond ETF | 4.3<br>|
| iShares Ultra Short Duration Bond Active ETF | 3.5<br>|
| iShares Short Treasury Bond ETF | 2.2<br>|
| Baird Short-Term Bond Fund Institutional Class | 2.0<br>|
|  | 63.6 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2387_20250531_2.jpg)<br>| ![](img109680_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913318.101 2387-TSRA-0725 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Strategic Advisers® U.S. Total Stock Fund<br> **Strategic Advisers® U.S. Total Stock Fund : FSAKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Strategic Advisers® U.S. Total Stock Fund for the period June 1, 2024 to May 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Strategic Advisers® U.S. Total Stock Fund  | $17  | 0.17% |

---

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

• U.S. equities achieved a strong gain for the 12 months ending May 31, 2025, driven by corporate profits, the potential for artificial intelligence and the Federal Reserve's mid-September pivot to cutting interest rates. However, beginning in February investor optimism gave way to volatility amid a flurry of executive actions by the new administration and uncertainty stemming from shifting policy priorities, especially related to tariffs.

• Against this backdrop, sub-adviser JPMorgan (+3.5%) was the biggest detractor versus the benchmark. Early in the review period, this strategy's large-cap bias failed to keep pace in an environment where investors favored small- and mid-cap stocks. More specifically, the manager's sector-neutral core approach was hurt by stock selection among information technology and consumer-related companies

• Comparatively small allocations to the three other sub-advisers pressured the fund's relative result more modestly. These included the Small/Mid Cap Growth mandate from GW&K (-4%), the U.S. SMID-Cap Value strategy from AllianceBernstein (-3%) and the U.S. SMID-Cap Quality Focus mandate from Geode (+2%). During the period, mid- and large-cap growth stocks far outpaced small- and SMID-cap equities, proving to be a significant headwind for this group of sub-advisers.

• On the plus side, sub-adviser Loomis Sayles (+14%) and a different strategy from AllianceBernstein (+8%) notably aided the Fund's relative performance. The former was propelled by its opportunistic, concentrated-growth approach. It's noteworthy that Loomis was one of the few managers within the broader portfolio that had a large position in electric-vehicle maker Tesla, whose stock rose about 57% this period. As for AllianceBernstein, investment choices in the industrials and health care sectors notably helped its all-weather strategy, which incorporates momentum and quality factors.

• D.E. Shaw (+9%), which runs a quantitatively driven, enhanced-index strategy focused on large-cap core stocks, also was advantageous.

• Following the merger of Strategic Advisers Large Cap Fund and Strategic Advisers Small Mid-Cap Fund into this Fund, we increased the portfolio's allocation to core managers and moved away from value- and growth-focused strategies. We also consolidated the portfolio, emphasizing managers in which we have the greatest conviction, while reducing the Fund's index-tracking, risk-management positions.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

May 31, 2015 through May 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategic Advisers® U.S. Total Stock Fund<br>| $10000 | $9890<br>| $11692<br>| $13398<br>| $13720<br>| $15390<br>| $22246<br>| $21707<br>| $22482<br>| $29280<br>| $32787<br>|
| Strategic Advisers® U.S. Total Stock Fund Linked Index<br>| $10000 | $9890<br>| $10172<br>| $11948<br>| $13667<br>| $14184<br>| $16005<br>| $22458<br>| $22391<br>| $29540<br>| $33486<br>|
| Dow Jones U.S. Total Stock Market Index℠<br>| $10000 | $10012<br>| $11780<br>| $13557<br>| $13886<br>| $15456<br>| $22251<br>| $21362<br>| $21773<br>| $27799<br>| $31418<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109712_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Strategic Advisers® U.S. Total Stock Fund | 11.97% | 16.33% | 12.61% |
| Strategic Advisers® U.S. Total Stock Fund Linked Index | 13.36%<br>| 15.91%<br>| 12.85% |
| Dow Jones U.S. Total Stock Market Index℠ | 13.02%<br>| 15.24%<br>| 12.13% |

---

---

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

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $76290472783<br>|
| Number of Holdings | 2708<br>|
| Total Advisory Fee | $122662490<br>|
| Portfolio Turnover | 74%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.4 |
| Financials | 13.5 |
| Consumer Discretionary | 8.9 |
| Health Care | 8.5 |
| Industrials | 8.4 |
| Communication Services | 7.5 |
| Consumer Staples | 4.4 |
| Energy | 2.6 |
| Utilities | 2.0 |
| Materials | 1.8 |
| Real Estate | 1.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 81.4 |
| Domestic Equity Funds | 16.4 |
| Bonds | 1.3 |
| Options | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7609_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 81.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Bonds - 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;  |
| Options - 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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| United States | 98.3 |
| Canada | 0.5 |
| Netherlands | 0.3 |
| United Kingdom | 0.2 |
| Ireland | 0.1 |
| Taiwan | 0.1 |
| Grand Cayman (UK Overseas Ter) | 0.1 |
| Switzerland | 0.1 |
| Bermuda | 0.1 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7609_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 0.1&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 5.1<br>|
| NVIDIA Corp | 4.7<br>|
| Fidelity Growth Company Fund | 4.5<br>|
| Fidelity SAI U.S. Quality Index Fund | 3.6<br>|
| Apple Inc | 3.6<br>|
| Amazon.com Inc | 3.1<br>|
| Fidelity Extended Market Index Fund | 3.1<br>|
| Meta Platforms Inc Class A | 2.1<br>|
| Fidelity SAI U.S. Large Cap Index Fund | 1.9<br>|
| Broadcom Inc | 1.4<br>|
|  | 33.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;Strategic Advisers® Large Cap Fund and Strategic Advisers® Small-Mid Cap Fund merged into Strategic Advisers® U.S. Total Stock Fund on August 16, 2024.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Strategic Advisers terminated certain sub-advisory agreements on behalf of the fund. <br>|  |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img7609_20250531_2.jpg)<br>| ![](img109712_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916851.100 7609-TSRA-0725 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Strategic Advisers® Fidelity® Core Income Fund<br> **Strategic Advisers® Fidelity® Core Income Fund : FIWGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Strategic Advisers® Fidelity® Core Income Fund for the period June 1, 2024 to May 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Strategic Advisers® Fidelity® Core Income Fund  | $5  | 0.05% |

---

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

• U.S. taxable investment-grade bonds posted a solid advance for the 12 months ending May 31, 2025, helped in the first half of the period by the Federal Reserve's pivot to cutting its policy interest rate, and in the period's second half by a modest rotation out of U.S. equities into fixed-income investments.

• Against this backdrop, Fidelity® SAI Total Bond Fund and the Core Investment Grade mandate from sub-adviser FIAM® each gained about 6% and contributed most versus the benchmark. Both managers benefited from having less interest-rate sensitivity than the broader Fund's benchmark.

• Additionally, each was helped by having exposure to short-term U.S. Treasurys, in an environment where yields declined, and prices rose in response to Fed rate cuts. Fidelity® SAI Total Bond Fund received a further boost from leveraged loan and high-yield corporate bond allocations, two segments of the fixed-income market that outperformed.

• The Fixed Income Securitized mandate from FIAM (+6%) also added value versus the benchmark this period, primarily benefiting from overweight in high-quality, mortgage-backed securities. A small position in Fidelity® Real Estate Income Fund (+9%) was modestly advantageous as well.

• On the downside, Fidelity® SAI Long-Term Treasury Bond Index Fund (-1%) was the only material relative detractor this period. U.S. Treasury holdings are held in the portfolio primarily for liquidity and hedging purposes. This period, however, they posted negative returns amid rising long-maturity bond yields.

• In terms of notable positioning changes this period, in March, we added the newly launched Fidelity® SAI Enhanced Core Bond Fund.

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

**CUMULATIVE PERFORMANCE**

October 16, 2018 through May 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategic Advisers® Fidelity® Core Income Fund<br>| $10000 | $10660<br>| $11613<br>| $11973<br>| $11085<br>| $10861<br>| $11111<br>| $11781<br>|
| Bloomberg U.S. Aggregate Bond Index<br>| $10000 | $10712<br>| $11721<br>| $11674<br>| $10714<br>| $10484<br>| $10621<br>| $11201<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109684_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Strategic Advisers® Fidelity® Core Income Fund | 6.03% | 0.29% | 2.50% |
| Bloomberg U.S. Aggregate Bond Index | 5.46%<br>| -0.90%<br>| 1.73% |

---

**A** From October 16, 2018

---

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

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $75893003181<br>|
| Number of Holdings | 6494<br>|
| Total Advisory Fee | $29699605<br>|
| Portfolio Turnover | 206%<br>|

---

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

---

| | |
|:---|:---|
| U.S. Government and U.S. Government Agency Obligations | 33.1 |
| AAA | 4.7 |
| AA | 0.2 |
| A | 3.9 |
| BBB | 9.1 |
| BB | 0.9 |
| B | 0.3 |
| CCC,CC,C | 0.0 |
| D | 0.0 |
| Not Rated | 3.9 |
| Equities | 47.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3306_20250531_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;U.S. Government and U.S. Government Agency Obligations - 33.1 |
| &nbsp;&nbsp;AAA - 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;AA - 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;A - 3.9&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 - 9.1&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;BB - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;B - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;D - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Not Rated - 3.9&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;Equities - 47.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (4.0)%  |
| 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. |

---

---

| | |
|:---|:---|
| Fixed-Income Funds | 47.2 |
| U.S. Government Agency - Mortgage Securities | 19.7 |
| U.S. Treasury Obligations | 13.4 |
| Corporate Bonds | 12.9 |
| CMOs and Other Mortgage Related Securities | 5.5 |
| Asset-Backed Securities | 4.3 |
| Short-Term Funds | 0.7 |
| Preferred Securities | 0.1 |
| Foreign Government and Government Agency Obligations | 0.1 |
| Options | 0.1 |
| Others | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3306_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Fixed-Income Funds - 47.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| U.S. Government Agency - Mortgage Securities - 19.7 |
| U.S. Treasury Obligations - 13.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Corporate Bonds - 12.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 5.5 |
| Asset-Backed Securities - 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Funds - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Foreign Government and Government Agency Obligations - 0.1 |
| Options - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Others - 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; |
| Short-Term Investments and Net Other Assets (Liabilities) - (4.0)% |

---

---

| | |
|:---|:---|
| United States | 95.6 |
| Grand Cayman (UK Overseas Ter) | 1.3 |
| United Kingdom | 0.7 |
| Ireland | 0.4 |
| Canada | 0.4 |
| Germany | 0.2 |
| France | 0.2 |
| Mexico | 0.2 |
| Italy | 0.2 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3306_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Grand Cayman (UK Overseas Ter) - 1.3&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 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;Canada - 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;Germany - 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;France - 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;Mexico - 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;Italy - 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;Others - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Fidelity SAI Total Bond Fund | 22.7<br>|
| US Treasury Notes | 9.8<br>|
| Fidelity SAI U.S. Treasury Bond Index Fund | 7.2<br>|
| Fannie Mae Mortgage pass-thru certificates | 6.4<br>|
| Ginnie Mae II Pool | 5.6<br>|
| Fidelity SAI Intermediate Treasury Bond Index Fund | 4.3<br>|
| Freddie Mac Gold Pool | 3.9<br>|
| US Treasury Bonds | 3.6<br>|
| Uniform Mortgage Backed Securities | 3.2<br>|
| Fidelity SAI Long-Term Treasury Bond Index Fund | 2.9<br>|
|  | 69.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since June 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by July 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its principal investment strategies during the reporting period.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3306_20250531_2.jpg)<br>| ![](img109684_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913321.101 3306-TSRA-0725 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Strategic Advisers® Tax-Sensitive Short Duration Fund<br> **Strategic Advisers® Tax-Sensitive Short Duration Fund : FGNSX** <br>|

---

This annual shareholder report contains information about Strategic Advisers® Tax-Sensitive Short Duration Fund for the period June 1, 2024 to May 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Strategic Advisers® Tax-Sensitive Short Duration Fund  | $7  | 0.07% |

---

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

• U.S. municipal bonds produced a modest gain for the 12 months ending May 31, 2025, helped in the period's first half by the Federal Reserve's pivot to cutting its policy interest rate, but buffeted since late 2024 by heavy tax-exempt supply, as well as by fund outflows amid broader market volatility.

• Against this backdrop, all the Fund's sub-advisers notably contributed versus the benchmark.

• More specifically, Allspring, T. Rowe Price and the Limited Term mandate from FIAM® each gained about 4%, benefiting from favorable interest rate positioning, along with tightening yield spreads among short-term municipal bonds.

• The Conservative Income strategy from FIAM® also rose about 4% and helped as well. This manager added value by having greater interest-rate sensitivity than the broader benchmark, in addition to beneficial yield-curve positioning. Security selection in the housing, prepaid gas and airport segments of the municipal market proved advantageous as well.

• Allocations to Fidelity® Money Market Government Portfolio (+4.6%) and Vanguard Ultra Short-Term Tax-Exempt Fund (+4%) were further modest relative contributors.

• There were no relative detractors of note for the reporting period.

• From a positioning standpoint, most of the Fund's underlying managers added higher-quality securities to their portfolios, seeking to capitalize on relatively high yields, coupled with a more attractive risk/return profile.

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

**CUMULATIVE PERFORMANCE**

December 28, 2017 through May 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Strategic Advisers® Tax-Sensitive Short Duration Fund<br>| $10000 | $10039<br>| $10258<br>| $10416<br>| $10521<br>| $10432<br>| $10634<br>| $11023<br>| $11458<br>|
| Strategic Advisers Tax Sensitive Short Duration Composite Index℠<br>| $10000 | $10059<br>| $10239<br>| $10406<br>| $10444<br>| $10425<br>| $10626<br>| $10997<br>| $11363<br>|
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index<br>| $10000 | $10064<br>| $10305<br>| $10560<br>| $10643<br>| $10508<br>| $10591<br>| $10919<br>| $11325<br>|
| Bloomberg Municipal Bond Index<br>| $10000 | $9972<br>| $10610<br>| $11032<br>| $11555<br>| $10770<br>| $10823<br>| $11112<br>| $11337<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img109679_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Strategic Advisers® Tax-Sensitive Short Duration Fund | 3.94% | 1.92% | 1.85% |
| Strategic Advisers Tax Sensitive Short Duration Composite Index℠ | 3.33%<br>| 1.78%<br>| 1.74% |
| Bloomberg Municipal Bond 1 Year (1-2 Y) Index | 3.72%<br>| 1.41%<br>| 1.69% |
| Bloomberg Municipal Bond Index | 2.03%<br>| 0.55%<br>| 1.70% |

---

**A** From December 28, 2017

---

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

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3416349076<br>|
| Number of Holdings | 1339<br>|
| Total Advisory Fee | $2401683<br>|
| Portfolio Turnover | 70%<br>|

---

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

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 19.1 |
| Health Care | 10.8 |
| Transportation | 9.9 |
| Synthetics | 6.3 |
| Electric Utilities | 5.9 |
| Other | 5.8 |
| Housing | 5.7 |
| Industrial Development | 5.4 |
| Others(Individually Less Than 5%) | 16.6 |
| 85.5 | 85.5 |

---

---

| | |
|:---|:---|
| AAA | 5.3 |
| AA | 30.5 |
| A | 30.5 |
| BBB | 8.4 |
| Not Rated | 7.5 |
| Equities | 10.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.4 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3058_20250531_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 5.3&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 - 30.5&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 - 30.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;BBB - 8.4&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;Not Rated - 7.5&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;Equities - 10.4&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;Short-Term Investments and Net Other Assets (Liabilities) - 7.4 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| **TOP STATES**<br> **(% of Fund's net assets)** | **TOP STATES**<br> **(% of Fund's net assets)** |
| Texas | 11.6 |
| New York | 6.7 |
| Illinois | 5.2 |
| Pennsylvania | 4.0 |
| Florida | 4.0 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3058_20250531_2.jpg)<br>| ![](img109679_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913319.101 3058-TSRA-0725 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, May 31, 2025, Fidelity Rutland Square Trust II (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Strategic Advisers Fidelity Core Income Fund, Strategic Advisers Fidelity Emerging Markets Fund, Strategic Advisers Fidelity U.S. Total Stock Fund, Strategic Advisers Municipal Bond Fund, Strategic Advisers Short Duration Fund, Strategic Advisers Tax-Sensitive Short Duration Fund, and Strategic Advisers U.S. Total Stock Fund (the "Funds"):

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

**<u>May 31, 2025 Fees<sup>A,B</sup></u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Strategic Advisers Fidelity Core Income Fund | $47100  | $4000  | $10000  | $8600  |
| Strategic Advisers Fidelity Emerging Markets Fund | $28300  | $2400  | $6900  | $5300  |
| Strategic Advisers Fidelity U.S. Total Stock Fund | $45900  | $3500  | $8900  | $7600  |
| Strategic Advisers Municipal Bond Fund | $57000  | $4300  | $5700  | $9200  |
| Strategic Advisers Short Duration Fund | $39800  | $3400  | $8200  | $7400  |
| Strategic Advisers Tax-Sensitive Short Duration Fund  | $40400  | $3400  | $6900  | $7300  |
| Strategic Advisers U.S. Total Stock Fund | $37300  | $2900  | $8900  | $6300  |

---

**<u>May 31, 2024 Fees</u><sup>A,B</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Audit Fees** | **Audit-Related Fees** | **Tax Fees** | **All Other Fees** |
| Strategic Advisers Fidelity Core Income Fund | $53700  | $4000  | $9700  | $8500  |
| Strategic Advisers Fidelity Emerging Markets Fund | $26700  | $2500  | $6700  | $5200  |
| Strategic Advisers Fidelity U.S. Total Stock Fund | $40800  | $3500  | $8700  | $7400  |
| Strategic Advisers Municipal Bond Fund | $63300  | $4300  | $5500  | $9100  |
| Strategic Advisers Short Duration Fund | $38700  | $3400  | $7900  | $7300  |
| Strategic Advisers Tax-Sensitive Short Duration Fund | $39300  | $3400  | $6700  | $7200  |
| Strategic Advisers U.S. Total Stock Fund | $- | $- | $- | $- |

---

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

<sup>B</sup> Strategic Advisers U.S. Total Stock Fund commenced operations on June 26, 2024.

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

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

---

| | | |
|:---|:---|:---|
|  | **<u>May 31, 2025<sup>A,B</sup></u>** | **<u>May 31, 2024</u><sup>A,B</sup>** |
| Audit-Related Fees | $9845100  | $9367800  |
| Tax Fees | $1000  | $61000  |
| All Other Fees | $35000  | $- |

---

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

<sup>B</sup> May include amounts billed prior to the Strategic Advisers U.S. Total Stock Fund's commencement of operations.

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| **<u>Billed By</u>** | **<u>May 31, 2025<sup>A,B</sup></u>** | **<u>May 31, 2024</u><sup>A,B</sup>** |
| PwC | $15011600  | $14995800  |

---

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

<sup>B</sup> May include amounts billed prior to the Strategic Advisers U.S. Total Stock Fund's commencement of operations.

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

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

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit

services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

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

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

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

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

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

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

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

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

**Strategic Advisers® Tax-Sensitive Short Duration Fund**

*Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public*

**Annual Report**

**May 31, 2025**

![](img109660_1.jpg)

![](img109660_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_TSS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Strategic Advisers® Tax-Sensitive Short Duration Fund](#Sub_Sec_Fund_3058_TSS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3058_TSS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_TSS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_TSS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TSS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TSS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TSS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TSS-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Strategic Advisers® Tax-Sensitive Short Duration Fund**

**Schedule of Investments May 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 10.4%** | &nbsp;&nbsp;**Fixed-Income Funds - 10.4%** | &nbsp;&nbsp;**Fixed-Income Funds - 10.4%** |
|  | Shares | Value ($)<br>|
| Federated Hermes Municipal Ultrashort Fund Institutional Shares  | 6526427 | 65264268 |
| JPMorgan Ultra-Short Municipal Inc ETF  | 1417846 | 72111648 |
| Vanguard Ultra Short-Term Tax-Exempt Fund Class Admiral  | 13900371 | 219208843 |
| <br> **TOTAL FIXED-INCOME FUNDS**<br> (Cost $358,771,062) |  | **356584759** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 85.5%** | &nbsp;&nbsp;**Municipal Securities - 85.5%** | &nbsp;&nbsp;**Municipal Securities - 85.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 2.9%  |  |  |
| Education - 0.0% |  |  |
| University South AL Univ Rev Series 2021, 4% 4/1/2026  | 500000 | 503945 |
| Electric Utilities - 0.5% |  |  |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) 3.78% tender 6/1/2034 (b) | 740000 | 740312 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2007A, 1% tender 6/1/2034 (b) | 600000 | 598844 |
| Mobile AL Indl Dev Board Poll Cont Rev (Alabama Power & Light Proj.) Series 2008, 3.3% tender 7/15/2034 (b) | 12000000 | 11998503 |
| Walker Cnty AL Economic & Indl Dev Auth Solid Waste Disp Rev (Alabama Power & Light Proj.) Series FIRST 2023, 3.15% 8/1/2063 VRDN (b)(c) | 2925000 | 2925000 |
| Wilsonville AL Indl Dev Brd Pollutn Ctl Rev (Alabama Power & Light Proj.) 3.1% 12/1/2030 VRDN (b)(c) | 700000 | 700000 |
|  |  | 16962659 |
| General Obligations - 1.7% |  |  |
| 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) | 2000000 | 1998117 |
| Black Belt Energy Gas Dist Ala Gas Supply Rev U.S. SOFR Index + 1.4%, 4.301% tender 7/1/2052 (Liquidity Facility Royal Bank of Canada) (b)(d) | 5000000 | 5045187 |
| Black Belt Energy Gas Dist Alagas Prepay Rev Series 2019 A 1, 4% tender 12/1/2049 (Morgan Stanley Guaranteed) (b) | 3050000 | 3050350 |
| Black Belt Energy Gas District 5.25% 12/1/2025 (Morgan Stanley Guaranteed)  | 1125000 | 1133253 |
| Black Belt Energy Gas District 5.25% 6/1/2025 (Morgan Stanley Guaranteed)  | 695000 | 695024 |
| Black Belt Energy Gas District 5.25% 6/1/2026 (Morgan Stanley Guaranteed)  | 575000 | 583531 |
| Black Belt Energy Gas District Series 2021 C 1, 4% 12/1/2025 (Goldman Sachs Group Inc/The Guaranteed)  | 4000000 | 4006506 |
| Black Belt Energy Gas District Series 2021 C 1, 4% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (b) | 11350000 | 11338647 |
| Black Belt Energy Gas District Series 2021 C 2, SIFMA Municipal Swap Index + 0.35%, 2.32% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (b)(d) | 2350000 | 2296481 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2025 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 825000 | 825026 |
| Black Belt Energy Gas District Series 2022 E, 5% 6/1/2026 (Canadian Imperial Bank of Commerce/New York NY Guaranteed)  | 1140000 | 1154708 |
| Black Belt Energy Gas District Series 2022 E, 5% tender 5/1/2053 (Canadian Imperial Bank of Commerce/New York NY Guaranteed) (b) | 2370000 | 2443669 |
| Black Belt Energy Gas District Series 2023 A, 5% 10/1/2025  | 2125000 | 2133898 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 1000000 | 1046779 |
| Black Belt Energy Gas District Series 2023C, 5.5% 6/1/2027 (Goldman Sachs Group Inc/The Guaranteed)  | 685000 | 708229 |
| Black Belt Energy Gas District Series 2024 C, 5% 7/1/2026  | 1750000 | 1775056 |
| Black Belt Energy Gas District Series 2024 C, 5% 7/1/2027  | 1250000 | 1284890 |
| Southeast AL District Gas Supply Rev Series 2024A, 5% 4/1/2026  | 1500000 | 1516657 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2025 (Morgan Stanley Guaranteed)  | 300000 | 300001 |
| Southeast Energy Auth Commodity Supply Rev Ala Series 2023 A, 5% 7/1/2025  | 650000 | 650540 |
| Southeast Energy Auth Commodity Supply Rev Ala Series 2023 A, 5% 7/1/2027  | 1185000 | 1215920 |
| Southeast Energy Auth Commodity Supply Rev Ala Series 2023 A, 5.25% 7/1/2028  | 1945000 | 2029715 |
| Southeast Energy Authority A Cooperative District 5% 1/1/2029 (Athene Annuity And Life Company Guaranteed)  | 1310000 | 1351081 |
| Southeast Energy Authority A Cooperative District 5% 6/1/2030 (Athene Annuity And Life Company Guaranteed)  | 175000 | 183597 |
| Southeast Energy Authority A Cooperative District 5% 7/1/2028 (Athene Annuity And Life Company Guaranteed)  | 1250000 | 1287355 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2026 (Pacific Life Insurance Co Guaranteed)  | 395000 | 402666 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2027 (Pacific Life Insurance Co Guaranteed)  | 895000 | 924297 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2028 (Pacific Life Insurance Co Guaranteed)  | 1000000 | 1043927 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% 11/1/2029 (Pacific Life Insurance Co Guaranteed)  | 1000000 | 1052400 |
| Southeast Energy Authority A Cooperative District Series 2025A, 5% 6/1/2031 (Athene Annuity And Life Company Guaranteed)  | 325000 | 342935 |
| Southeast Energy Authority A Cooperative District Series 2025A, 5% 6/1/2032 (Athene Annuity And Life Company Guaranteed)  | 825000 | 873097 |
|  |  | 54693539 |
| Health Care - 0.2% |  |  |
| Birmingham AL Spl Care Facs Fing Auth Revs Series 2015, 5% 6/1/2026  | 2500000 | 2502126 |
| Health Care Auth For Bapt Hlth Ala Series 2013B, 3.39% 11/1/2042 VRDN (b) | 2399000 | 2399000 |
| Health Care Auth For Bapt Hlth Ala Series 2023 A, 5% 11/15/2025  | 1290000 | 1298056 |
| Infirmary Hlth Sys Spl Care 5% 2/1/2026  | 500000 | 503857 |
|  |  | 6703039 |
| Other - 0.2% |  |  |
| Black Belt Energy Gas District 5% 11/1/2026  | 2225000 | 2262334 |
| Black Belt Energy Gas District 5% 11/1/2029  | 4500000 | 4704084 |
|  |  | 6966418 |
| Synthetics - 0.3% |  |  |
| Black Belt Energy Gas District Participating VRDN 2.27% 2/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 6800000 | 6800000 |
| Black Belt Energy Gas District Participating VRDN 3.35% 2/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2280000 | 2280000 |
| Southeast Energy Auth Commodity Supply Rev Ala Participating VRDN Series 2022 XM1062, 2.27% 1/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 1600000 | 1600000 |
|  |  | 10680000 |
| Transportation - 0.0% |  |  |
| Birmingham AL Arpt Auth Arpt Series 2020, 5% 7/1/2025 (Build America Mutual Assurance Co Insured)  | 325000 | 325467 |
| Water & Sewer - 0.0% |  |  |
| Jefferson Cnty AL Swr Rev 5% 10/1/2025  | 740000 | 743685 |
| Jefferson Cnty AL Swr Rev 5% 10/1/2026  | 445000 | 455371 |
| Jefferson Cnty AL Swr Rev 5% 10/1/2027  | 410000 | 426381 |
|  |  | 1625437 |
| TOTAL ALABAMA |  | 98460504 |
| Alaska - 0.8%  |  |  |
| General Obligations - 0.0% |  |  |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2026  | 840000 | 861217 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2027  | 465000 | 486169 |
| Alaska St Gen. Oblig. Series 2025 A, 5% 8/1/2028  | 185000 | 196986 |
|  |  | 1544372 |
| Housing - 0.0% |  |  |
| Alaska Hsg Fin Corp Mtg Rev Series 2022A, 3% 6/1/2051  | 380000 | 371252 |
| Industrial Development - 0.5% |  |  |
| Valdez Alaska Marine Term Rev (Exxon Pipeline Co Proj.) 2.95% 12/1/2033 (Exxon Mobil Corp Guaranteed) VRDN (b) | 13845000 | 13845000 |
| Other - 0.0% |  |  |
| Alaska Municipal Bond Bank Authority Series 2023 TWO, 5% 12/1/2025 (c) | 485000 | 488374 |
| Alaska Municipal Bond Bank Authority Series 2023 TWO, 5% 12/1/2026 (c) | 510000 | 520988 |
|  |  | 1009362 |
| Synthetics - 0.1% |  |  |
| Municipality of Anchorage AK Participating VRDN Series 2025 XF3381, 2.12% 2/1/2050 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(e) | 2740000 | 2740000 |
| Tobacco Bonds - 0.1% |  |  |
| Northern Tobacco Securitization AK 5% 6/1/2025  | 2415000 | 2415090 |
| Northern Tobacco Securitization AK 5% 6/1/2026  | 1000000 | 1013365 |
|  |  | 3428455 |
| Transportation - 0.1% |  |  |
| Alaska Airport 5% 10/1/2028 (c) | 1000000 | 1045622 |
| Alaska Airport Series 2021 C, 5% 10/1/2025 (c) | 1980000 | 1990899 |
|  |  | 3036521 |
| TOTAL ALASKA |  | 25974962 |
| Arizona - 3.2%  |  |  |
| Education - 0.1% |  |  |
| Northern Ariz Univ Ctfs Partn 5% 9/1/2025 (Assured Guaranty Ltd Insured)  | 860000 | 864230 |
| Northern Ariz Univ Ctfs Partn 5% 9/1/2026 (Assured Guaranty Ltd Insured)  | 1540000 | 1581692 |
| Tempe AZ Indl Dev Auth Rev (Various Capital Projects) 2.09% 7/1/2034, LOC Bank of America NA VRDN (b) | 1175000 | 1175000 |
|  |  | 3620922 |
| Electric Utilities - 0.2% |  |  |
| Coconino Cnty AZ Poll Ctl Corp (Nevada Power Co Proj.) Series 2017A, 4.125% tender 9/1/2032 (b)(c) | 1055000 | 1054214 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.2% 5/1/2029 VRDN (b) | 3300000 | 3300000 |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.2% 5/1/2029 VRDN (b) | 2600000 | 2600000 |
|  |  | 6954214 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Arizona Health Facs Auth Rev 2.22% tender 1/1/2046 (b) | 80000 | 79738 |
| General Obligations - 0.0% |  |  |
| Glendale AZ Union High Sch Dst 5% 7/1/2025 (Assured Guaranty Municipal Corp Insured)  | 225000 | 225307 |
| Health Care - 0.7% |  |  |
| Arizona Health Facs Auth Rev Series 2015 B, 2.22% tender 1/1/2046 (b) | 2025000 | 2005708 |
| Arizona Health Facs Auth Rev SIFMA Municipal Swap Index + 0.25%, 2.22% tender 1/1/2046 (b)(d) | 395000 | 394287 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2026  | 750000 | 759388 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) 5% tender 1/1/2053 (b) | 6040000 | 6125580 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 D, 5% tender 1/1/2046 (b) | 9600000 | 9736021 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2023 A 2, 5% tender 1/1/2053 (b) | 2120000 | 2217842 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2027  | 750000 | 779956 |
| Yuma AZ Indl Dev Auth Hosp Rev (Yuma Regional Medical Center Proj.) Series 2024 A, 5% 8/1/2028  | 700000 | 739672 |
|  |  | 22758454 |
| Housing - 0.2% |  |  |
| Arizona St Indl Dev Auth Multifamily Hsg Rev Series 2024, 5% tender 2/1/2058 (b) | 3000000 | 3061915 |
| Arizona St Indl Dev Auth Multifamily Hsg Rev Series 2024, 5% tender 3/1/2058 (b) | 3000000 | 3069377 |
|  |  | 6131292 |
| Industrial Development - 0.7% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (b)(c) | 11300000 | 11511051 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2007, 4.1% tender 12/1/2037 (b)(c) | 570000 | 570452 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series FIRST 2022 1, 5% tender 9/1/2042 (b)(c) | 7400000 | 7537232 |
| Chandler AZ Indl Deve Auth Idr Series 2019, 4% tender 6/1/2049 (b)(c) | 4000000 | 3939486 |
|  |  | 23558221 |
| Resource Recovery - 1.0% |  |  |
| Phoenix Ariz Indl Dev Auth Solid Waste Disp Rev (Republic Services Inc Proj.) 4.1% tender 12/1/2035 (b)(c) | 34630000 | 34641487 |
| Special Tax - 0.0% |  |  |
| Bullhead City Ariz Excise Taxes Rev 0.75% 7/1/2025  | 325000 | 323980 |
| Yuma Ariz Pledged Rev 4% 7/1/2025  | 505000 | 505307 |
|  |  | 829287 |
| Synthetics - 0.3% |  |  |
| Arizona Ind Dev Auth Multi Fam Hsg Auth Participating VRDN Series 2023 MIZ9157, 2.25% 12/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 1500000 | 1500000 |
| Arizona Ind Dev Auth Participating VRDN Series 2023 MIZ9149, 2.25% 7/1/2040 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 3396000 | 3396000 |
| Arizona Indl Dev Auth Participating VRDN Series 2023 XF3174, 2.25% 11/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 4815000 | 4815000 |
|  |  | 9711000 |
| Transportation - 0.0% |  |  |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2023, 5% 7/1/2025 (c) | 1100000 | 1101129 |
| Water & Sewer - 0.0% |  |  |
| Phoenix Arizona Civic Imp Wtr Series 2014B, 5% 7/1/2027  | 400000 | 400481 |
| TOTAL ARIZONA |  | 110011532 |
| Arkansas - 0.3%  |  |  |
| Industrial Development - 0.2% |  |  |
| Lowell Ark Indl Dev Rev Series 1996, 2.15% 6/1/2031 VRDN (b)(c) | 5800000 | 5800000 |
| Resource Recovery - 0.1% |  |  |
| Arkansas St Dev Fin Auth Exempt Facs Rev (Green Bay Wis Pkg Sys Rev Proj.) 2.02% 5/1/2052, LOC Wells Fargo Bank NA VRDN (b)(c)(f) | 5000000 | 5000000 |
| TOTAL ARKANSAS |  | 10800000 |
| California - 4.0%  |  |  |
| Education - 0.1% |  |  |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2026  | 2500000 | 2530420 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2017, 5% 5/15/2027  | 405000 | 415320 |
|  |  | 2945740 |
| Electric Utilities - 0.1% |  |  |
| Southern CA Pub Pwr Auth Proj (Southern Ca Pub Pwr Auth Proj.) 0.65% tender 7/1/2040 (b) | 250000 | 249482 |
| Southern CA Pub Pwr Auth Proj Series 2025B, 3.7% tender 7/1/2040 (b) | 3000000 | 2994029 |
|  |  | 3243511 |
| General Obligations - 0.4% |  |  |
| California Community Choice Financing Authority 5% 9/1/2027 (Morgan Stanley Guaranteed)  | 1100000 | 1138010 |
| California Community Choice Financing Authority Series 2023C, 5% 10/1/2026  | 625000 | 633032 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2026  | 1585000 | 1629934 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2026 (Escrowed to Maturity)  | 2325000 | 2391542 |
| Northern California Energy Authority Series 2024, 5% 8/1/2025  | 600000 | 601136 |
| Northern California Energy Authority Series 2024, 5% 8/1/2026  | 450000 | 457109 |
| San Joaquin Valley Clean Energy Authority 5% 7/1/2028 (Goldman Sachs Group Inc/The Guaranteed)  | 1000000 | 1033696 |
| San Joaquin Valley Clean Energy Authority 5% 7/1/2029 (Goldman Sachs Group Inc/The Guaranteed)  | 1125000 | 1170781 |
| Southern CA Pub Pwr Auth Series 2024 A, 5% 9/1/2029 (American General Life Insurance Co Guaranteed)  | 650000 | 680265 |
| Southern CA Pub Pwr Auth Series 2024 A, 5% tender 4/1/2055 (American General Life Insurance Co Guaranteed) (b) | 2500000 | 2591458 |
| State of California Gen. Oblig. 4% 3/1/2028  | 3000000 | 3091470 |
| State of California Gen. Oblig. 5% 3/1/2028  | 65000 | 65100 |
| West Contra Costa Calif Uni Sch Dist (West Contra Costa Unified School District Proj.) 0% 8/1/2025 (National Public Finance Guarantee Corporation Insured) (g) | 260000 | 258596 |
|  |  | 15742129 |
| Health Care - 0.7% |  |  |
| California Health Facilities Financing Authority (Providence Health Systems Proj.) 2% tender 10/1/2036 (b) | 1250000 | 1241734 |
| California Health Facilities Financing Authority (Stanford Healthcare Proj.) Series 2021 A, 3% tender 8/15/2054 (b) | 5915000 | 5897262 |
| California Statewide Community Development Authority Rev Series 2007 D, 4.75% tender 7/1/2041 (Assured Guaranty Ltd Insured) (b) | 5475000 | 5475000 |
| California Statewide Community Development Authority Rev Series 2007 E, 6% tender 7/1/2040 (Assured Guaranty Ltd Insured) (b) | 2175000 | 2175000 |
| California Statewide Community Development Authority Rev Series 2007 F, 5% tender 7/1/2040 (Assured Guaranty Ltd Insured) (b) | 8275000 | 8275000 |
|  |  | 23063996 |
| Housing - 0.2% |  |  |
| California Hsg Fin Agy Ltd Oblig Multifamily Hsg Rev Series 2023 ISSUE V, 5% tender 5/1/2054 (b) | 5000000 | 5090571 |
| Los Angeles Cnty Calif Dev Auth Multifamily Hsg Rev (La County West La Va 156/157 Proj.) Series 2023C, 3.75% tender 12/1/2046 (b) | 3000000 | 3005090 |
|  |  | 8095661 |
| Other - 0.2% |  |  |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (b) | 395000 | 358207 |
| California Mun Fin Auth Solid Waste Disp Rev Series 2020B, 4.8% tender 11/1/2041 (b)(c) | 7250000 | 7250188 |
|  |  | 7608395 |
| Resource Recovery - 1.1% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021 B, 4.15% tender 7/1/2051 (b)(c) | 4000000 | 4000980 |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2021A, 3.75% tender 7/1/2041 (b)(c) | 4600000 | 4597023 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) 3.75% tender 11/1/2046 (b)(c) | 970000 | 969972 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2017 A, 4.1% tender 12/1/2044 (b)(c) | 3000000 | 3000072 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020, 3.75% tender 10/1/2045 (b)(c) | 12250000 | 12249644 |
| California Pcf Solid Wst Disp (Republic Services Inc Proj.) Series 2023, 3.7% tender 7/1/2043 (b)(c)(f) | 6600000 | 6593744 |
| California Pcf Solid Wst Disp (Waste Management Inc Proj.) Series B 1, 3% 11/1/2025 (c) | 3500000 | 3483676 |
|  |  | 34895111 |
| Synthetics - 0.6% |  |  |
| California Hsg Fin Agcy Ltd Obl Participating VRDN Series 2023 XF3127, 2.25% 6/1/2030 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 1500000 | 1500000 |
| California Hsg Fin Agcy Rev Participating VRDN Series 2022 MIZ9097, 2.25% 6/1/2062, LOC Mizuho Capital Markets LLC (b)(e) | 932875 | 932875 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN 2.25% 11/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(h) | 1600000 | 1600000 |
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN Series 2024 MIZ9162, 2.25% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 950000 | 950000 |
| California Stwide Cmnty Mf Rev Participating VRDN 3.55% 11/1/2033 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 2000000 | 2000000 |
| California Stwide Cmnty Mf Rev Participating VRDN 3.55% 12/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 6030000 | 6030000 |
| Los Angeles Cmty Redv Agy Mfhr Participating VRDN Series 2022 MIZ9089, 3.55% 4/15/2042 (Liquidity Facility Mizuho Capital Markets LLC) (b)(c)(e) | 4325000 | 4325000 |
| San Jose CA Mf Hsg Participating VRDN Series 2025 CF7005, 2.09% 9/1/2048 (Liquidity Facility Citibank NA) (b)(e) | 1996347 | 1996347 |
|  |  | 19334222 |
| Transportation - 0.6% |  |  |
| Bay Area Toll Auth CA Bridge Rev 2.95% tender 4/1/2047 (b) | 100000 | 99590 |
| Bay Area Toll Auth CA Bridge Rev Series 2018 A, 2.625% tender 4/1/2045 (b) | 290000 | 288047 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2025 (Build America Mutual Assurance Co Insured) (c) | 500000 | 500558 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (c) | 3310000 | 3353933 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (c) | 1205000 | 1220994 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (c) | 550000 | 557300 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2026 (c) | 135000 | 136792 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2027 (c) | 440000 | 452196 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2028 (c) | 6515000 | 6784419 |
| Los Angeles CA Dept Arpts Rev Series 2021 A, 5% 5/15/2027 (c) | 1300000 | 1336034 |
| Los Angeles CA Dept Arpts Rev Series 2023 A, 5% 5/15/2026 (c) | 440000 | 445840 |
| Port Oakland Calif Rev Series 2021 H, 5% 5/1/2028 (c) | 1705000 | 1776891 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev 5% 7/1/2025 (c) | 1000000 | 1001010 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2026 (c) | 2000000 | 2028417 |
|  |  | 19982021 |
| Water & Sewer - 0.0% |  |  |
| Castaic Lake Wtr Agy CA Ctfs Series 1999 A, 0% 8/1/2028 (Ambac Assurance Corp Insured) (g) | 225000 | 204353 |
| TOTAL CALIFORNIA |  | 135115139 |
| Colorado - 1.3%  |  |  |
| Education - 0.0% |  |  |
| Colorado Edl & Cultural Fac Auth Rev (Mesivta Of Greater Los Angeles Proj.) 2.32% 6/1/2029, LOC Deutsche Bank AG VRDN (b) | 480000 | 480000 |
| University Colo Enterprise Sys Series 2021C 3A, 2% tender 6/1/2051 (b) | 1360000 | 1351112 |
|  |  | 1831112 |
| Health Care - 0.5% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) 5% tender 11/15/2048 (b) | 8060000 | 8107093 |
| Colorado Health Facilities Authority (Advent Health Proj.) 5% tender 11/15/2049 (b) | 905000 | 924060 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series A 1, 5% tender 11/15/2058 (b) | 3060000 | 3227952 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) 5% 11/1/2026  | 400000 | 409363 |
| Colorado Health Facilities Authority (Commonspirit Health Proj.) Series 2019 B 1, 5% tender 8/1/2049 (b) | 300000 | 300446 |
| Colorado Health Facilities Authority (Commonspirit Health Proj.) Series 2019 B 2, 5% tender 8/1/2049 (b) | 340000 | 342724 |
| Colorado Health Facilities Authority (Ihc Health Services Inc Proj.) Series 2022B, 5% tender 5/15/2062 (b) | 2155000 | 2197670 |
|  |  | 15509308 |
| Housing - 0.3% |  |  |
| Colorado Hsg & Fin Auth Multifamily Hsg Rev Series 2024, 3.5% tender 11/1/2043 (b) | 9090000 | 9100605 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 F, 4.25% 11/1/2049  | 70000 | 70453 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 H, 4.25% 11/1/2049  | 35000 | 35263 |
| Maiker Hsg Partners Colo Multifamily Hsg Rev Series 2023, 4.5% tender 5/1/2042 (b) | 1175000 | 1183019 |
|  |  | 10389340 |
| Special Tax - 0.1% |  |  |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 5% 12/1/2025 (Assured Guaranty Municipal Corp Insured)  | 435000 | 438231 |
| Baseline Met Dist No 1 Spl Revcolo Series 2024A, 5% 12/1/2027 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 1040349 |
| Denver Colo Convention Ctr Hotel Auth Rev Series 2016, 5% 12/1/2025  | 1900000 | 1908036 |
|  |  | 3386616 |
| Transportation - 0.4% |  |  |
| Denver CO City & Cnty Arpt 5% 11/15/2026  | 800000 | 823066 |
| Denver CO City & Cnty Arpt 5.25% 11/15/2026 (c) | 775000 | 795622 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2027 (c) | 2315000 | 2399423 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2029 (c) | 185000 | 192287 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2025 (c) | 1485000 | 1495817 |
| Denver CO City & Cnty Arpt Series 2023B, 5% 11/15/2025 (c) | 3275000 | 3295174 |
| Denver CO City & Cnty Arpt Series 2023B, 5% 11/15/2027 (c) | 3035000 | 3143804 |
| E-470 Pub Hwy Auth Colo Rev 5% 9/1/2025  | 300000 | 301337 |
|  |  | 12446530 |
| TOTAL COLORADO |  | 43562906 |
| Connecticut - 1.0%  |  |  |
| Education - 0.6% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) 2.8% tender 7/1/2057 (b) | 10400000 | 10320293 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2010A 3, 2.95% tender 7/1/2049 (b) | 1000000 | 997170 |
| Connecticut St Health & Edl Facs Auth Revenue (Yale University Proj.) Series 2017 B2, 3.2% tender 7/1/2037 (b) | 2575000 | 2559530 |
| Connecticut St Health & Edl Facs Auth Revenue 2.8% tender 7/1/2048 (b) | 2650000 | 2629196 |
|  |  | 16506189 |
| General Obligations - 0.2% |  |  |
| Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2027 (Build America Mutual Assurance Co Insured)  | 200000 | 208184 |
| Bridgeport CT Gen. Oblig. Series 2024 A, 5% 7/1/2028 (Build America Mutual Assurance Co Insured)  | 1250000 | 1323726 |
| City of Hartford CT Gen. Oblig. Series 2015 C, 5% 7/15/2025 (Assured Guaranty Municipal Corp Insured)  | 640000 | 641569 |
| Connecticut St Gen. Oblig. Series 2015B, 3.375% 6/15/2029  | 150000 | 150068 |
| Connecticut St Gen. Oblig. Series 2024 C, 5% 3/1/2028  | 4250000 | 4491882 |
| New Haven CT Gen. Oblig. 5% 8/15/2025 (Assured Guaranty Municipal Corp Insured)  | 20000 | 20067 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2028 (Assured Guaranty Municipal Corp Insured)  | 710000 | 751511 |
| University Connecticut (Connecticut St Proj.) Series 2019 A, 5% 11/1/2025  | 225000 | 226809 |
| West Haven CT BAN 4.25% 3/26/2026  | 1025000 | 1031443 |
| West Haven CT Gen. Oblig. Series 2021, 4% 9/15/2025  | 255000 | 255451 |
| West Haven CT Gen. Oblig. Series 2021, 4% 9/15/2026  | 255000 | 257320 |
|  |  | 9358030 |
| Health Care - 0.0% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 5% 7/1/2026  | 260000 | 263162 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2025  | 600000 | 599919 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2026  | 200000 | 202857 |
|  |  | 1065938 |
| Housing - 0.2% |  |  |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog Series 2021 A 1, 0.45% 11/15/2025  | 700000 | 689517 |
| Norwalk Conn Hsg Auth Multifamily Hsg Rev Series 2024, 3.05% tender 9/1/2058 (b) | 5000000 | 4979685 |
|  |  | 5669202 |
| Special Tax - 0.0% |  |  |
| Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2031  | 500000 | 528218 |
| Connecticut St Spl Tax Oblig Series 2024 B, 5% 7/1/2028  | 605000 | 643253 |
|  |  | 1171471 |
| TOTAL CONNECTICUT |  | 33770830 |
| Delaware - 0.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 1.05% tender 1/1/2031 (b) | 565000 | 563424 |
| District Of Columbia - 0.7%  |  |  |
| Housing - 0.2% |  |  |
| District Columbia Hsg Fin Mult (Parcel 42 Apartments Projects Proj.) Series 2022, 3.05% tender 9/1/2041 (b) | 5000000 | 4994980 |
| District Columbia Hsg Fin Mult Series 2024, 3.65% tender 7/1/2028 (b) | 1790000 | 1805109 |
| District Columbia Hsg Fin Mult Series 2025A, 5% 3/1/2028  | 1025000 | 1068159 |
|  |  | 7868248 |
| Other - 0.0% |  |  |
| District of Columbia Housing Finance Agency Series 2025 B, 5% tender 3/1/2029 (b) | 1425000 | 1488514 |
| Transportation - 0.5% |  |  |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2025 (c) | 530000 | 532478 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2026 (c) | 145000 | 147860 |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2026 (c) | 325000 | 331411 |
| Metropolitan Wash DC Arpts Ath Series 2018 A, 5% 10/1/2027 (c) | 1585000 | 1640588 |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2025 (c) | 155000 | 155725 |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2027 (c) | 1785000 | 1847603 |
| Metropolitan Wash DC Arpts Ath Series 2021 A, 5% 10/1/2026 (c) | 920000 | 938147 |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2025 (c) | 1750000 | 1758184 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2025 (c) | 1500000 | 1507014 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2026 (c) | 1695000 | 1728435 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2027 (c) | 3985000 | 4124760 |
|  |  | 14712205 |
| TOTAL DISTRICT OF COLUMBIA |  | 24068967 |
| Florida - 4.0%  |  |  |
| Education - 0.0% |  |  |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2028  | 500000 | 528282 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2029  | 625000 | 668624 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 5% 10/15/2026  | 750000 | 766771 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 5% 10/15/2027  | 165000 | 171255 |
|  |  | 2134932 |
| Electric Utilities - 0.1% |  |  |
| Florida St Mun Pwr Agy Rev (Fmpa St Lucie Project Proj.) Series 2021 A, 5% 10/1/2025  | 500000 | 503056 |
| Florida St Mun Pwr Agy Rev (Fmpa St Lucie Project Proj.) Series 2021 A, 5% 10/1/2026  | 300000 | 308021 |
| Florida St Mun Pwr Agy Rev Series 2016A, 5% 10/1/2028  | 1405000 | 1434658 |
|  |  | 2245735 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Greater Orlando Aviation Auth 5% 10/1/2025 (Escrowed to Maturity) (c) | 275000 | 276373 |
| Greater Orlando Aviation Auth Series 2015A, 5% 10/1/2030 (Pre-refunded to 10/1/2025 at 100) (c) | 1165000 | 1170817 |
| Orange Cnty FL Health Facs Auth Rev 5% tender 11/15/2052 (b) | 265000 | 272420 |
|  |  | 1719610 |
| General Obligations - 0.5% |  |  |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2022 A, 5% 7/1/2027  | 1015000 | 1055075 |
| Broward County FL School District Series 2025, 5% 7/1/2028 (Assured Guaranty Municipal Corp Insured) (i) | 2105000 | 2232219 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) 5% 7/1/2025 (Assured Guaranty Municipal Corp Insured)  | 5715000 | 5722559 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL School Board Proj.) 5% 7/1/2029 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 1072175 |
| Flagler Cnty FL Sch Brd Ctfs Partn (Flagler Cnty Fla Sch Dist Proj.) Series 2024, 5% 8/1/2029 (Assured Guaranty Municipal Corp Insured)  | 2000000 | 2139391 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2025  | 275000 | 276652 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2026  | 65000 | 66753 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2027  | 55000 | 57568 |
| Lake Cnty Fla Sch Brd Cop (Lake County FL School Board Proj.) Series 2025A, 5% 6/1/2028 (Assured Guaranty Municipal Corp Insured)  | 1300000 | 1373390 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2025A, 5% 8/1/2029 (i) | 720000 | 775388 |
| Seminole Cnty FL Sch Brd Ctfs (Seminole Cnty FL Sch Dist Proj.) 5% 7/1/2025  | 20000 | 20029 |
| Seminole Cnty FL Sch Brd Ctfs (Seminole Cnty FL Sch Dist Proj.) 5% 7/1/2026  | 25000 | 25545 |
|  |  | 14816744 |
| Health Care - 0.6% |  |  |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2026  | 290000 | 294025 |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2028  | 325000 | 340876 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 5% 7/1/2025  | 100000 | 100106 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 5% 7/1/2026  | 175000 | 177874 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 5% 7/1/2027  | 150000 | 155346 |
| Highlands County Health Facilities Authority (Advent Health Proj.) Series 2012I 5, 1.97% 11/15/2035 VRDN (b) | 1100000 | 1100000 |
| Jacksonville Fla Health Care Facs Rev (Baptist Medical Center, Fl Proj.) Series 2019 D, 1.97% 8/1/2036 VRDN (b) | 190000 | 190000 |
| Jacksonville Fla Health Care Facs Rev (Baptist Medical Center, Fl Proj.) Series 2019E, 1.97% 8/1/2036 VRDN (b) | 740000 | 740000 |
| Lakeland FL Hosp Sys Rev Series 2016, 5% 11/15/2026  | 1500000 | 1538936 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys Fl Hosp Rev Proj.) 2.57% 4/1/2049 VRDN (b) | 9800000 | 9800001 |
| Miami-Dade Cty FL Hlth Hsp Rev (Nicklaus Childrens Hospital,Fl Proj.) Series 2021 A, 5% 8/1/2025  | 700000 | 701671 |
| Orange Cnty FL Health Facs Auth Rev (Advent Health Proj.) 5% tender 11/15/2052 (b) | 5370000 | 5482168 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2025  | 1000000 | 1002715 |
|  |  | 21623718 |
| Housing - 0.4% |  |  |
| Broward Cty FL Hsg Aut Hsg Rev Series 2023, 4.05% tender 9/1/2056 (b) | 1000000 | 1004976 |
| Fla Hsg Fin Corp Multifamily Mtg Rev (Brownsville Transit Vge Proj.) 3.35% tender 10/1/2027 (b) | 2250000 | 2249444 |
| Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 B, 5% tender 2/1/2027 (b) | 265000 | 267775 |
| Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 C, 5% tender 12/1/2026 (b) | 605000 | 609441 |
| Florida Hsg Fin Corp Mltfmy Rv Series 2024 E, 3.8% tender 6/1/2042 (b) | 1370000 | 1375355 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev 4.05% tender 9/1/2026 (b) | 410000 | 410458 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev 5% tender 10/1/2026 (b) | 2445000 | 2456929 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev 5% tender 3/1/2027 (b) | 775000 | 777365 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2023, 3.55% tender 1/1/2027 (b) | 1690000 | 1691388 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2023, 5% tender 9/1/2026 (b) | 1445000 | 1450633 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2025B, 3.55% tender 3/1/2029 (b) | 2000000 | 2014521 |
| Polk Cnty FL Hsg Fin Auth Multi Fam Hsg Rev 4.15% tender 12/1/2040 (b) | 760000 | 766190 |
|  |  | 15074475 |
| Other - 0.1% |  |  |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2024, 3.4% tender 1/1/2045 (b) | 5000000 | 5005973 |
| Pooled Loans - 0.4% |  |  |
| Florida Local Government Finance Commission 2.87% 6/3/2025, LOC JPMorgan Chase Bank NA CP  | 8648000 | 8648273 |
| Florida Local Government Finance Commission 3.03% 7/2/2025, LOC JPMorgan Chase Bank NA CP  | 4373000 | 4373000 |
|  |  | 13021273 |
| Special Tax - 0.6% |  |  |
| County of Pasco FL Series 2023 A, 5.25% 9/1/2026 (Assured Guaranty Municipal Corp Insured)  | 275000 | 282090 |
| Florida Ins Assistance Interlocal Agy Fla Ins Assmt Rev Series 2023 A2, 2.69% 9/1/2032 (Liquidity Facility Florida St) VRDN (b) | 19800000 | 19800000 |
|  |  | 20082090 |
| Synthetics - 0.3% |  |  |
| Greater Orlando Aviation Auth Participating VRDN 3.45% 10/1/2036 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 1000000 | 1000000 |
| Greater Orlando Aviation Auth Participating VRDN Series 2025 ZF1930, 2.09% 10/1/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 1300000 | 1300000 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 2.25% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(h) | 920000 | 920000 |
| Miami-Dade Cnty Fla Aviat Rev Participating VRDN Series 2025 ZF1933, 2.09% 10/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 1100000 | 1100000 |
| Miami-Dade Cnty Fla Aviat Rev Participating VRDN Series 2025 ZF1934, 2.09% 10/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 1360000 | 1360000 |
| Orange Cnty FL Health Facs Auth Rev Participating VRDN Series 2025 XF3302, 2.09% 10/1/2056 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 1100000 | 1100000 |
| Orange Cnty FL Health Facs Auth Rev Participating VRDN Series 2025 XM1222, 2.09% 10/1/2056 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 1800000 | 1800000 |
| Orlando Health Participating VRDN Series 2022 026, 2.27% 10/1/2044 (Liquidity Facility Barclays Bank PLC) (b)(e) | 500000 | 500000 |
|  |  | 9080000 |
| Transportation - 0.9% |  |  |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2025 (c) | 1000000 | 1000885 |
| Broward Cnty FL Arpt Sys Rev Series 2013A, 5.25% 10/1/2025 (c) | 1500000 | 1501615 |
| Broward Cnty FL Arpt Sys Rev Series 2013C, 5.25% 10/1/2025  | 575000 | 575619 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2025 (c) | 1000000 | 1005604 |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2026 (c) | 1000000 | 1021297 |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2027 (c) | 1250000 | 1292704 |
| Florida St Mid Bay Bridge Auth Series A, 5% 10/1/2025  | 40000 | 40156 |
| Florida St Mid Bay Bridge Auth Series A, 5% 10/1/2026  | 45000 | 45202 |
| Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2027 (Pre-refunded to 10/1/2026 at 100) (c) | 500000 | 511145 |
| Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2029 (Pre-refunded to 10/1/2026 at 100) (c) | 500000 | 511145 |
| Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2030 (Pre-refunded to 10/1/2026 at 100) (c) | 1000000 | 1022290 |
| Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2031 (Pre-refunded to 10/1/2026 at 100) (c) | 625000 | 638931 |
| Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2032 (Pre-refunded to 10/1/2026 at 100) (c) | 500000 | 511145 |
| Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2033 (Pre-refunded to 10/1/2026 at 100) (c) | 1000000 | 1009408 |
| Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2034 (Pre-refunded to 10/1/2026 at 100) (c) | 1000000 | 1022290 |
| Greater Orlando Aviation Auth Series 2016 A, 5% 10/1/2035 (Pre-refunded to 10/1/2026 at 100) (c) | 1000000 | 1022290 |
| Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2025 (c) | 30000 | 30146 |
| Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2026 (c) | 10000 | 10217 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2022A, 5% 10/1/2025 (c) | 1245000 | 1251646 |
| Lee Cnty FL Airport 5% 10/1/2025 (c) | 1375000 | 1380884 |
| Lee Cnty FL Airport 5% 10/1/2025 (c) | 925000 | 928958 |
| Lee Cnty FL Airport 5% 10/1/2027 (c) | 1450000 | 1495923 |
| Miami-Dade Cnty Fla Aviat Rev Series 2024 A, 5% 10/1/2028 (c) | 4100000 | 4287049 |
| Miami-Dade Cnty Fla Seaport Rev 5% 10/1/2027 (c) | 2625000 | 2712167 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2026 (c) | 105000 | 107236 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2027 (c) | 2100000 | 2173650 |
| Palm Beach Cnty FL Arpt Sys Series 2024 B, 5% 10/1/2028 (c) | 1250000 | 1307027 |
|  |  | 28416629 |
| Water & Sewer - 0.1% |  |  |
| Tohopekaliga Wtr Auth FL Util Sys Rev 5% 10/1/2025 (f) | 2500000 | 2514185 |
| TOTAL FLORIDA |  | 135735364 |
| Georgia - 3.7%  |  |  |
| Electric Utilities - 1.6% |  |  |
| Appling Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) 2% 1/1/2038 VRDN (b) | 4000000 | 4000000 |
| Bartow Cnty GA Dev Auth Pollution Cont Rev (Georgia Power Co Proj.) Series FIRST 2013, 2.875% tender 8/1/2043 (b) | 1865000 | 1861040 |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 3.1% 11/1/2062 VRDN (b)(c) | 4000000 | 4000000 |
| Bartow Cnty GA Dev Auth Solid Waste Disp Fac Rev (Georgia Power Co Proj.) 3.15% 11/1/2062 VRDN (b)(c) | 4420000 | 4420000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 1997, 3.15% 11/1/2052 VRDN (b)(c) | 1600000 | 1600000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2013 FIRST, 3.375% tender 11/1/2053 (b) | 1385000 | 1375898 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIFTH 1994, 3.7% tender 10/1/2032 (b) | 1165000 | 1172825 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2012, 2.875% tender 12/1/2049 (b) | 2000000 | 1995327 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b) | 6000000 | 5891102 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1994, 3.8% tender 10/1/2032 (b) | 3960000 | 3973283 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FOURTH 1995, 3.8% tender 10/1/2032 (b) | 2875000 | 2884644 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2012, 3.3% tender 12/1/2049 (b) | 2000000 | 1969130 |
| Georgia Mun Elec Auth Pwr Rev 4% 11/1/2025  | 800000 | 802516 |
| Georgia Mun Elec Auth Pwr Rev 5% 11/1/2026  | 870000 | 893158 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2025 (Assured Guaranty Municipal Corp Insured)  | 275000 | 275384 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2025 (Assured Guaranty Municipal Corp Insured)  | 270000 | 270377 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2026 (Assured Guaranty Municipal Corp Insured)  | 310000 | 316582 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2026 (Assured Guaranty Municipal Corp Insured)  | 300000 | 306370 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2027  | 1500000 | 1543664 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2027  | 420000 | 432226 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5% 1/1/2028  | 375000 | 392574 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 1ST 1995, 2.25% 7/1/2025  | 435000 | 434256 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2008, 3.35% tender 11/1/2048 (b) | 610000 | 598929 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series FIRST 2012, 3.875% tender 6/1/2042 (b) | 1250000 | 1253452 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2009, 3.75% tender 10/1/2048 (b) | 3675000 | 3681030 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series SECOND 2006, 3.875% tender 12/1/2041 (b) | 3500000 | 3509665 |
| Monroe Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2013A, 3.6% tender 1/1/2039 (b) | 565000 | 563666 |
|  |  | 50417098 |
| General Obligations - 1.1% |  |  |
| Main Street Natural Gas Inc 4% 12/1/2026 (Citigroup Inc Guaranteed)  | 2200000 | 2213631 |
| Main Street Natural Gas Inc 4% 12/1/2027 (Citigroup Inc Guaranteed)  | 1215000 | 1226711 |
| Main Street Natural Gas Inc 4% 9/1/2025 (Royal Bank of Canada Guaranteed)  | 400000 | 400360 |
| Main Street Natural Gas Inc 5% 12/1/2027 (Toronto Dominion Bank Guaranteed)  | 1000000 | 1035983 |
| Main Street Natural Gas Inc 5% 12/1/2028 (Toronto Dominion Bank Guaranteed)  | 750000 | 784346 |
| Main Street Natural Gas Inc 5% 6/1/2025 (Citigroup Inc Guaranteed)  | 1525000 | 1525049 |
| Main Street Natural Gas Inc 5% 6/1/2026 (Citigroup Inc Guaranteed)  | 2100000 | 2128329 |
| Main Street Natural Gas Inc 5% 6/1/2026 (Toronto Dominion Bank Guaranteed)  | 700000 | 710199 |
| Main Street Natural Gas Inc 5% 6/1/2030 (Toronto Dominion Bank Guaranteed)  | 250000 | 264141 |
| Main Street Natural Gas Inc 5% tender 6/1/2053 (Citigroup Inc Guaranteed) (b) | 480000 | 497721 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (b) | 1115000 | 1172446 |
| Main Street Natural Gas Inc Series 2019 C, 4% tender 3/1/2050 (Citigroup Inc Guaranteed) (b) | 4055000 | 4063583 |
| Main Street Natural Gas Inc Series 2022A, 4% 12/1/2025 (Citigroup Inc Guaranteed)  | 2750000 | 2754742 |
| Main Street Natural Gas Inc Series 2022A, 4% 12/1/2026 (Citigroup Inc Guaranteed)  | 245000 | 246517 |
| Main Street Natural Gas Inc Series 2022B, 5% 6/1/2025 (Citigroup Inc Guaranteed)  | 700000 | 700023 |
| Main Street Natural Gas Inc Series 2022B, 5% 6/1/2026 (Citigroup Inc Guaranteed)  | 800000 | 810792 |
| Main Street Natural Gas Inc Series 2023B, 5% 3/1/2026 (Royal Bank of Canada Guaranteed)  | 930000 | 939244 |
| Main Street Natural Gas Inc Series 2023B, 5% 9/1/2025 (Royal Bank of Canada Guaranteed)  | 700000 | 702069 |
| Main Street Natural Gas Inc Series 2023D, 5% 12/1/2025 (Citigroup Inc Guaranteed)  | 1550000 | 1560318 |
| Main Street Natural Gas Inc Series 2023D, 5% 12/1/2026 (Citigroup Inc Guaranteed)  | 620000 | 632803 |
| Main Street Natural Gas Inc Series 2023D, 5% 12/1/2027 (Citigroup Inc Guaranteed)  | 1700000 | 1752952 |
| Main Street Natural Gas Inc Series 2023D, 5% 12/1/2028 (Citigroup Inc Guaranteed)  | 1850000 | 1924843 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 3/1/2026 (Royal Bank of Canada Guaranteed)  | 680000 | 686759 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 3/1/2028 (Royal Bank of Canada Guaranteed)  | 1025000 | 1064386 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2025 (Royal Bank of Canada Guaranteed)  | 500000 | 501478 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2026 (Royal Bank of Canada Guaranteed)  | 550000 | 559543 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% 9/1/2028 (Royal Bank of Canada Guaranteed)  | 900000 | 939948 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (b) | 310000 | 325518 |
| Main Street Natural Gas Inc Series 2024B, 5% 9/1/2026 (Royal Bank of Canada Guaranteed)  | 275000 | 279771 |
| Main Street Natural Gas Inc Series 2024C, 5% 12/1/2026 (Citibank NA Guaranteed), (Citigroup Inc Guaranteed)  | 875000 | 893068 |
| Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (b) | 1000000 | 1046044 |
| Main Street Natural Gas Inc Series 2024E, 5% 12/1/2025  | 2600000 | 2617435 |
|  |  | 36960752 |
| Health Care - 0.0% |  |  |
| Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 5% 7/1/2025  | 100000 | 100144 |
| Housing - 0.1% |  |  |
| Atlanta GA Urban Resdtl Fin Auth Mf Hsg Rev (North Block Assoc Proj.) 3.4% tender 2/1/2029 (b) | 2500000 | 2508254 |
| Decatur GA Hsg Auth Multifamily Hsg Rev Series 2025, 3.6% tender 8/1/2028 (b) | 1225000 | 1234156 |
| Warner Robins GA Hsg Auth Multifamily Rev Series 2024, 5% tender 2/1/2029 (b) | 2500000 | 2608828 |
|  |  | 6351238 |
| Other - 0.2% |  |  |
| City of Atlanta GA Gen. Oblig. 3.23% 6/26/2025 CP  | 7000000 | 7001260 |
| Columbia GA Hsg Au Mlti Fam Rv 5% tender 4/1/2028 (b) | 1250000 | 1289252 |
|  |  | 8290512 |
| Synthetics - 0.4% |  |  |
| Buford Hsg Auth Multi Fam Participating VRDN Series 2023 XF3118, 2.25% 3/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 1600000 | 1600000 |
| Cobb Cnty GA Kennestone Hosp (Wellstar Health System Inc Proj.) Series 2025 A, 2.02% 4/1/2047, LOC Bank of America NA VRDN (b) | 13200000 | 13200000 |
|  |  | 14800000 |
| Transportation - 0.2% |  |  |
| Atlanta GA Arpt Rev 5% 7/1/2026 (c) | 1000000 | 1018236 |
| Atlanta GA Arpt Rev Series 2020 B, 5% 7/1/2025 (c) | 610000 | 610675 |
| Atlanta GA Arpt Rev Series 2023G, 5% 7/1/2025 (c) | 1600000 | 1601773 |
| Atlanta GA Arpt Rev Series 2023G, 5% 7/1/2026 (c) | 2250000 | 2291030 |
| Atlanta GA Arpt Rev Series 2023G, 5% 7/1/2027 (c) | 2045000 | 2112457 |
|  |  | 7634171 |
| Water & Sewer - 0.1% |  |  |
| Atlanta GA Wtr & Wastewtr Rev 2.9% 6/3/2025, LOC TD Bank NA CP  | 1424000 | 1424044 |
| Atlanta GA Wtr & Wastewtr Rev 2.9% 6/3/2025, LOC TD Bank NA CP  | 1100000 | 1100040 |
|  |  | 2524084 |
| TOTAL GEORGIA |  | 127077999 |
| Guam - 0.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Guam Power Auth. 5% 10/1/2025  | 870000 | 873963 |
| Hawaii - 0.5%  |  |  |
| General Obligations - 0.2% |  |  |
| Hawaii St Gen. Oblig. Series 2016 FB, 4% 4/1/2029  | 6000000 | 6037980 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2022 A, 5% 11/1/2026  | 815000 | 839270 |
|  |  | 6877250 |
| Health Care - 0.0% |  |  |
| Hawaii Dpt Bg & Fin Spl Pur Rev (Queens Health System Proj.) Series 2015B, SIFMA Municipal Swap Index + 0.14%, 2.42% tender 7/1/2039 (b)(d) | 425000 | 425000 |
| Housing - 0.2% |  |  |
| Hawaii St Hsg Fin & Dev Corp Multifamily Rev 3.3% tender 12/1/2029 (b) | 4205000 | 4210493 |
| Honolulu HI City & Cnty Mfr Series 2023, 5% tender 6/1/2027 (b) | 2080000 | 2114144 |
|  |  | 6324637 |
| Synthetics - 0.1% |  |  |
| Hawaii St Arpts Sys Rev Participating VRDN 2.17% 7/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(e) | 2200000 | 2200000 |
| Transportation - 0.0% |  |  |
| Hawaii St Hbr Sys Rev Series 2020 A, 5% 7/1/2025 (c) | 350000 | 350403 |
| TOTAL HAWAII |  | 16177290 |
| Idaho - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, ID Proj.) Series 2021 A, 5% 3/1/2032  | 505000 | 549648 |
| Housing - 0.0% |  |  |
| Idaho Hsg & Fin Assn (ID Single Family Hsg 7/1/19 Proj.) Series 2019 A, 4% 1/1/2050  | 25000 | 25049 |
| Idaho Hsg & Fin Assn (Id Single Family Proj.) 2.15% 1/1/2038 VRDN (b) | 100000 | 100000 |
|  |  | 125049 |
| TOTAL IDAHO |  | 674697 |
| Illinois - 5.2%  |  |  |
| Education - 0.3% |  |  |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2026  | 35000 | 35559 |
| Illinois Fin Auth Rev 3.05% 9/15/2025 CP  | 4000000 | 3999997 |
| Illinois Fin Auth Rev 3.05% 9/16/2025 CP  | 4900000 | 4899730 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5% 10/1/2025  | 260000 | 260502 |
| Illinois Finance Authority Rev (Univ of Chicago, IL Proj.) Series 2021 A, 5% 10/1/2025  | 2000000 | 2012005 |
| Northern IL Univ Revs Series 2020 B, 5% 4/1/2026 (Build America Mutual Assurance Co Insured)  | 650000 | 657473 |
|  |  | 11865266 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| Illinois Fin Auth Rev Series 2016 A, 5% 7/1/2025  | 250000 | 250327 |
| Metropolitan Pier & Expo Auth Hosp Facs Rev 7% 7/1/2026 (Escrowed to Maturity)  | 1110000 | 1134242 |
| Railsplitter Tobacco Settlement Auth Settlement Rev Series 2017, 5% 6/1/2026 (Escrowed to Maturity)  | 940000 | 959293 |
| Railsplitter Tobacco Settlement Auth Settlement Rev Series 2017, 5% 6/1/2027 (Pre-refunded to 6/1/2026 at 100)  | 2385000 | 2433950 |
| Railsplitter Tobacco Settlement Auth Settlement Rev Series 2017, 5% 6/1/2028 (Pre-refunded to 6/1/2026 at 100)  | 4545000 | 4638283 |
|  |  | 9416095 |
| General Obligations - 2.0% |  |  |
| Champaign County Community Unit School District No 4 Champaign 0% 1/1/2026 (g) | 800000 | 782275 |
| Chicago IL Gen. Oblig. Series 2015 C, 5% 1/1/2028  | 1065000 | 1071304 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2027  | 3600000 | 3666004 |
| Chicago IL Gen. Oblig. Series 2021 B, 4% 1/1/2030  | 1652000 | 1662163 |
| Chicago IL Met Water Recl Dist Gen. Oblig. Series A, 5% 12/1/2027  | 3035000 | 3112049 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2025  | 50000 | 50391 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2026  | 3900000 | 4005215 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2025  | 465000 | 466569 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2026  | 4370000 | 4426288 |
| Cook Cnty IL Gen. Oblig. Series 2022 A, 5% 11/15/2025  | 3220000 | 3245213 |
| Illinois St Gen. Oblig. 5% 3/1/2026  | 3185000 | 3225947 |
| Illinois St Gen. Oblig. Series 2016, 5% 1/1/2026  | 300000 | 303007 |
| Illinois St Gen. Oblig. Series 2016, 5% 1/1/2030  | 3000000 | 3021278 |
| Illinois St Gen. Oblig. Series 2017 A, 5% 12/1/2025  | 710000 | 716194 |
| Illinois St Gen. Oblig. Series 2017C, 5% 11/1/2029  | 1000000 | 1031620 |
| Illinois St Gen. Oblig. Series 2017D, 3.25% 11/1/2026  | 4910000 | 4893963 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2025  | 920000 | 926801 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 1755000 | 1797614 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2025  | 2605000 | 2617457 |
| Illinois St Gen. Oblig. Series 2018A, 6% 5/1/2026  | 880000 | 901044 |
| Illinois St Gen. Oblig. Series MAY 2023 C, 5% 5/1/2026  | 1500000 | 1523572 |
| Illinois St Gen. Oblig. Series MAY 2023 C, 5% 5/1/2029  | 1005000 | 1058199 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2025  | 3885000 | 3889871 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2026  | 5000000 | 5092254 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2026  | 1500000 | 1523572 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2027  | 2920000 | 3009933 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2028  | 625000 | 651534 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2029  | 1000000 | 1052935 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2025  | 5000000 | 5028384 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2028  | 1030000 | 1078372 |
| Kane Cook & DuPage Cntys IL Sch Dist Series 2024, 5% 1/1/2027  | 500000 | 515814 |
| Kane Cook & DuPage Cntys IL Sch Dist Series 2024, 5% 1/1/2030  | 550000 | 593190 |
| Kane McHenry Cook & DuPage Cntys IL Sch Dist Series 2015, 5% 1/1/2027  | 395000 | 395438 |
| Mchenry Cnty IL Comnty SD #200 0% 1/15/2026 (National Public Finance Guarantee Corporation Insured) (g) | 80000 | 78324 |
|  |  | 67413788 |
| Health Care - 0.4% |  |  |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2025  | 430000 | 433642 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2025  | 170000 | 170917 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2026  | 95000 | 95620 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2026  | 20000 | 20237 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2027  | 140000 | 142188 |
| Illinois Fin Auth Rev (Silver Cross Health System IL Proj.) Series 2015 C, 5% 8/15/2027  | 1000000 | 1003672 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 B 2, 5% tender 5/15/2050 (b) | 3000000 | 3038844 |
| Illinois Finance Authority Rev (University Of Chicago Hosps,Il Proj.) 5% tender 8/15/2052 (b) | 4770000 | 4773017 |
| Illinois Finance Authority Rev (University Of Chicago Hosps,Il Proj.) 5% tender 8/15/2052 (b) | 3000000 | 3097487 |
|  |  | 12775624 |
| Housing - 0.1% |  |  |
| Illinois Hsg Dev Auth Multifamily Hsg Rev 5% tender 2/1/2027 (b) | 505000 | 510288 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2023, 4% tender 6/1/2026 (b) | 1600000 | 1600000 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2023, 5% tender 2/1/2027 (b) | 2050000 | 2071467 |
|  |  | 4181755 |
| Industrial Development - 0.1% |  |  |
| Oswego Ill Indl Dev Rev (Griffith Laboratories Worldwide Inc Proj.) Series 1995, 2.7% 7/1/2025, LOC Wells Fargo Bank NA VRDN (b)(c) | 2820000 | 2820000 |
| Other - 0.1% |  |  |
| Chicago Heights Ill Multifamily Rev Series 2022, 2.875% tender 8/1/2027 (b) | 3000000 | 2994309 |
| Illinois Fin Auth Rev Series 2019, U.S. SOFR Index + 1.2%, 4.231% tender 11/1/2034 (b)(d) | 1905000 | 1903089 |
|  |  | 4897398 |
| Special Tax - 0.1% |  |  |
| Cook Cnty Ill Sales Tax Rev Series 2024, 5% 11/15/2027  | 500000 | 522319 |
| Illinois St Sales Tax Rev 5% 6/15/2025  | 50000 | 50033 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2029 (National Public Finance Guarantee Corporation Insured) (g) | 575000 | 480731 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2029 (National Public Finance Guarantee Corporation Insured) (g) | 1000000 | 853782 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 12/15/2028  | 1000000 | 1033189 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 6/15/2029  | 1675000 | 1729321 |
|  |  | 4669375 |
| Synthetics - 0.6% |  |  |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN 2.15% 1/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 13700000 | 13700000 |
| Chicago IL O'Hare Intl Arpt Rev Participating VRDN Series 2023 XF1457, 3.45% 1/1/2059 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 1965000 | 1965000 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Participating VRDN Series 2024 XF3290, 2.11% 12/1/2049 (Liquidity Facility Wells Fargo Bank NA) (b)(e) | 1600000 | 1600000 |
| Illinois Fin Auth Lease Rev Participating VRDN Series 2024 MIZ9167, 3.17% 5/15/2034 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 2000000 | 2000000 |
|  |  | 19265000 |
| Transportation - 1.1% |  |  |
| Chicago IL Midway Arpt Rev Series 2023 C, 5% 1/1/2027 (c) | 1595000 | 1630273 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2026 (c) | 700000 | 706840 |
| Chicago IL Midway Arpt Rev Series 2024A, 5% 1/1/2027 (c) | 2500000 | 2555286 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2027 (c) | 7500000 | 7686785 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2027 (c) | 85000 | 87117 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022 C, 5% 1/1/2026 (c) | 900000 | 908639 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2028 (c) | 5815000 | 6021768 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024E, 5% 1/1/2026 (c) | 2615000 | 2640101 |
| Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 5307, 5% 6/1/2025  | 4630000 | 4630166 |
| Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 5307, 5% 6/1/2026  | 2000000 | 2030931 |
| Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 5337, 5% 6/1/2025  | 25000 | 25001 |
| Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 5337, 5% 6/1/2026  | 2750000 | 2792530 |
| Chicago IL Tran Auth Cap Grnt Rcpts Rev Series B, 5% 6/1/2025  | 2500000 | 2500090 |
|  |  | 34215527 |
| Water & Sewer - 0.2% |  |  |
| Chicago IL Wastewater Transmission Rev Series 2024B, 5% 1/1/2030 (Build America Mutual Assurance Co Insured)  | 1825000 | 1965082 |
| Illinois Fin Auth Wtr Fac Rev 3.875% tender 5/1/2040 (b) | 1500000 | 1470061 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 0% 1/1/2027 (i) | 1275000 | 1303352 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 0% 1/1/2028 (i) | 465000 | 486073 |
| Illinois Finance Authority Rev (IL Wtr State Rev Fund Proj.) 0% 7/1/2029 (i) | 2000000 | 2139926 |
|  |  | 7364494 |
| TOTAL ILLINOIS |  | 178884322 |
| Indiana - 2.1%  |  |  |
| Education - 0.0% |  |  |
| Purdue University Series GG, 5% 7/1/2025  | 1650000 | 1652466 |
| Electric Utilities - 0.2% |  |  |
| Indiana Mun Pwr Agy Pwr Supply Series 2025A, 5% 1/1/2027  | 4000000 | 4124774 |
| Rockport Ind Pollution Ctl Rev (Indiana Michigan Power Co Proj.) Series 2025 A, 3.7% tender 6/1/2047 (b)(i) | 5120000 | 5106661 |
|  |  | 9231435 |
| General Obligations - 0.1% |  |  |
| Marion Ind High Sch Bldg Corp Series 2021 A, 4% 7/15/2025  | 255000 | 255186 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 1/15/2029 (Build America Mutual Assurance Co Insured)  | 450000 | 478223 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2027 (Build America Mutual Assurance Co Insured)  | 500000 | 519378 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2028 (Build America Mutual Assurance Co Insured)  | 1175000 | 1240089 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5% 7/15/2029 (Build America Mutual Assurance Co Insured)  | 600000 | 641758 |
|  |  | 3134634 |
| Health Care - 0.3% |  |  |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2027  | 230000 | 236756 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2028  | 340000 | 353880 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2029  | 380000 | 399703 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2030  | 500000 | 530661 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2019 B, 2.25% tender 12/1/2058 (b) | 2500000 | 2496168 |
| Indiana Fin Auth Hosp Rev (Indiana University Health Proj.) Series 2011 M, 0.7% tender 12/1/2046 (b) | 3680000 | 3598542 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2025  | 600000 | 602338 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2026  | 205000 | 209382 |
|  |  | 8427430 |
| Housing - 0.0% |  |  |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 1/1/2052  | 745000 | 727173 |
| Industrial Development - 0.8% |  |  |
| Whiting Ind Environmental Facs (Bp Products North America Inc Proj.) Series 2019A, 5% tender 12/1/2044 (BP PLC Guaranteed) (b)(c) | 24500000 | 24714439 |
| Lease Revenue - 0.4% |  |  |
| Fort Wayne IN Redev Auth Lease Rent Rev Series 2022, 4% 8/1/2026  | 895000 | 904329 |
| Indiana St Fin Auth Rev Series 2025A, 5% 2/1/2030 (i) | 5000000 | 5371555 |
| Posey Cnty Ind Redev Auth Lease Rent Rev 5% 7/15/2025  | 3000000 | 3004257 |
| Vinton Tecumseh Sch Bldg Corp IN Series 2021, 3% 7/15/2025  | 515000 | 514625 |
| Westfield Redevelopment Authority Series 2023, 5% 7/1/2025  | 345000 | 345431 |
|  |  | 10140197 |
| Other - 0.0% |  |  |
| East Allen Cnty Schs Ind Series 2024, 5% 7/15/2025  | 1445000 | 1447840 |
| Resource Recovery - 0.2% |  |  |
| Indiana St Dev Fin Au Sol Wst (Waste Management Inc Del Proj.) 4.6% tender 10/1/2031 (b)(c) | 5000000 | 5041098 |
| Indiana St Fin Auth Economic Dev Rev (Republic Services Inc Proj.) Series 2010A, 3.85% tender 5/1/2028 (b)(c) | 2750000 | 2750000 |
|  |  | 7791098 |
| Special Tax - 0.0% |  |  |
| Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 1/15/2030  | 175000 | 188932 |
| Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 7/15/2028  | 275000 | 291748 |
| Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 7/15/2029  | 475000 | 510148 |
| Indianapolis IN Local PIB Bank Lo Income Tax Rev (Indianapolis Pub Trans Corp Proj.) Series 2025 A, 5% 7/15/2030  | 275000 | 298677 |
|  |  | 1289505 |
| Transportation - 0.1% |  |  |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2019 D, 5% 1/1/2026 (c) | 1000000 | 1010233 |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I 2, 5% 1/1/2026 (c) | 385000 | 388939 |
| Indianapolis Local Public Improvement Bond Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2023I 2, 5% 1/1/2027 (c) | 760000 | 776925 |
|  |  | 2176097 |
| TOTAL INDIANA |  | 70732314 |
| Iowa - 0.9%  |  |  |
| Education - 0.0% |  |  |
| Iowa Student Ln Liquidity Corp Series 2019 B, 5% 12/1/2025 (c) | 985000 | 992774 |
| Electric Utilities - 0.2% |  |  |
| Iowa Fin Auth Sld Disp Wst Rev (Midamerican Energy Co Proj.) 2.25% 7/1/2038 VRDN (b)(c) | 650000 | 650000 |
| Iowa Fin Auth Sld Disp Wst Rev (Midamerican Energy Co Proj.) Series 2016 B, 2.25% 12/1/2046 VRDN (b)(c) | 4600000 | 4600000 |
|  |  | 5250000 |
| General Obligations - 0.2% |  |  |
| Pefa Inc Iowa Gas Proj Rev Series 2019, 5% tender 9/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 7000000 | 7076590 |
| Health Care - 0.3% |  |  |
| Iowa Fin Auth Health Facs Rev (Unitypoint Health Proj.) Series 2013B 2, 2.8% 2/15/2039, LOC TD Bank NA VRDN (b) | 7105000 | 7105000 |
| Industrial Development - 0.2% |  |  |
| Iowa Fin Auth Solid Waste Facs Rev 3.875% tender 1/1/2042, LOC Citibank NA (b)(c) | 7000000 | 6986319 |
| Other - 0.0% |  |  |
| Mahaska Cnty Iowa Gen. Oblig. Series 2024A, 5% 12/1/2025  | 1625000 | 1631028 |
| TOTAL IOWA |  | 29041711 |
| Kansas - 0.8%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.4% 9/1/2035 VRDN (b) | 5000000 | 5000000 |
| Wyandotte Cnty Kansas City Util Sys Rev Series 2016A, 5% 9/1/2025  | 15000 | 15060 |
|  |  | 5015060 |
| General Obligations - 0.2% |  |  |
| Valley Center Kans Gen. Oblig. 4.375% 12/1/2025  | 2890000 | 2890703 |
| Wichita KS Gen. Oblig. BAN Series 318, 4% 10/15/2025  | 5000000 | 5015605 |
|  |  | 7906308 |
| Housing - 0.1% |  |  |
| Shawnee Cnty KS Mf Hsg Revenue Series 2025 A, 3.75% tender 5/1/2059 (b) | 1700000 | 1708764 |
| Other - 0.4% |  |  |
| Manhattan KS 5% 6/15/2028  | 6000000 | 6093560 |
| Park City Kans Gen. Oblig. Series 2024 1, 3.625% 10/1/2027  | 5000000 | 5000349 |
|  |  | 11093909 |
| TOTAL KANSAS |  | 25724041 |
| Kentucky - 2.2%  |  |  |
| Electric Utilities - 0.3% |  |  |
| Carroll Cnty KY Pollution Ctl Rev (Kentucky Utilities Co Proj.) Series 2016 A, 1.55% tender 9/1/2042 (b) | 500000 | 482072 |
| Trimble Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) 4.7% tender 6/1/2054 (b)(c) | 8980000 | 9036774 |
|  |  | 9518846 |
| General Obligations - 0.6% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2018 C 1, 4% tender 12/1/2049 (Morgan Stanley Guaranteed) (b) | 10505000 | 10505000 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2019C 1, 4% tender 2/1/2050 (Morgan Stanley Guaranteed) (b) | 5000000 | 4994691 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% tender 12/1/2050 (BP PLC Guaranteed) (b) | 325000 | 325817 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024A, 5% 7/1/2025 (Goldman Sachs Group Inc/The Guaranteed)  | 400000 | 400378 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024A, 5% 7/1/2026 (Goldman Sachs Group Inc/The Guaranteed)  | 500000 | 507159 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024A, 5% 7/1/2027 (Goldman Sachs Group Inc/The Guaranteed)  | 575000 | 589771 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024B, 5% 2/1/2026  | 300000 | 302297 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024B, 5% 2/1/2027  | 365000 | 372759 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024B, 5% 8/1/2025  | 500000 | 500854 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024B, 5% 8/1/2026  | 250000 | 253636 |
| Kentucky Interlocal Sch Transn Assn Equip Lease Rev Ctfs Partn Series 2023, 4% 3/1/2026  | 1105000 | 1111507 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 4% 8/1/2025  | 200000 | 200206 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 4/1/2026  | 1375000 | 1395368 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 8/1/2025  | 300000 | 300792 |
|  |  | 21760235 |
| Health Care - 0.3% |  |  |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2026  | 550000 | 554099 |
| Kentucky Econ Dev Fin Auth (Commonspirit Health Proj.) 1.97% 5/1/2034 VRDN (b) | 4280000 | 4280000 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (b) | 2015000 | 2054362 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023 A, 5% 10/1/2026  | 700000 | 715275 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2023 A, 5% 10/1/2027  | 1700000 | 1769698 |
|  |  | 9373434 |
| Industrial Development - 0.4% |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 A 1, 3.55% 7/1/2060 VRDN (b)(c) | 6820000 | 6820000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 3.55% 7/1/2060 VRDN (b)(c) | 7000000 | 7000000 |
|  |  | 13820000 |
| Other - 0.2% |  |  |
| Kentucky State University Series 2021, 5% 11/1/2025  | 280000 | 281955 |
| Mercer Cnty KY Pollution Ctl Rev 3.45% tender 7/8/2025 CP mode  | 7400000 | 7401123 |
|  |  | 7683078 |
| Water & Sewer - 0.4% |  |  |
| Rural Wtr Fing Agy KY Pub Projs Rev Series 2023A, 3.9% 11/1/2025  | 2500000 | 2500976 |
| Rural Wtr Fing Agy KY Pub Projs Rev Series 2024A, 3.7% 5/1/2027  | 5000000 | 5007403 |
| Rural Wtr Fing Agy KY Pub Projs Rev Series 2024B, 3.05% 5/1/2027  | 5000000 | 4944563 |
|  |  | 12452942 |
| TOTAL KENTUCKY |  | 74608535 |
| Louisiana - 0.8%  |  |  |
| Housing - 0.0% |  |  |
| Louisiana Hsg Corp Single Family Mtg Rev (LA Home Ownership Proj.) 5.75% 12/1/2053  | 165000 | 176834 |
| Industrial Development - 0.5% |  |  |
| St James Parish LA Rev (Nucor Corp Proj.) 2.18% 11/1/2040 VRDN (b) | 8200000 | 8200000 |
| St James Parish LA Rev (Nucor Corp Proj.) 2.3% 11/1/2040 VRDN (b) | 1850000 | 1850000 |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (b) | 3045000 | 3044865 |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) Series 2017B 2, 2.375% tender 6/1/2037 (b) | 2500000 | 2456078 |
| St John Baptist Parish LA Rev Series 2017 C, 3.3% tender 6/1/2037 (b) | 2000000 | 1959593 |
|  |  | 17510536 |
| Special Tax - 0.1% |  |  |
| Louisiana St Gas & Fuel Tax Rv Series 2022 A, U.S. SOFR Index + 0.5%, 3.531% tender 5/1/2043 (b)(d) | 3845000 | 3835559 |
| Transportation - 0.2% |  |  |
| New Orleans LA Aviation Board 5% 1/1/2026 (c) | 1280000 | 1293615 |
| New Orleans LA Aviation Board 5% 1/1/2026 (c) | 215000 | 216989 |
| New Orleans LA Aviation Board 5% 1/1/2027 (c) | 1430000 | 1464948 |
| New Orleans LA Aviation Board 5% 1/1/2028 (c) | 2690000 | 2783635 |
|  |  | 5759187 |
| TOTAL LOUISIANA |  | 27282116 |
| Maine - 0.0%  |  |  |
| Education - 0.0% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) 5% 7/1/2025  | 500000 | 500554 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) 5% 7/1/2026  | 975000 | 992051 |
|  |  | 1492605 |
| Transportation - 0.0% |  |  |
| Maine Turnpike Auth Rev Bonds Series 2015, 5% 7/1/2026  | 250000 | 250358 |
| TOTAL MAINE |  | 1742963 |
| Maryland - 2.0%  |  |  |
| General Obligations - 0.1% |  |  |
| Montgomery Cnty MD Gen. Oblig. Series 2022A, 5% 8/1/2026  | 1000000 | 1024884 |
| State of Maryland Gen. Oblig. Series 2017, 4% 3/15/2030  | 3000000 | 3040964 |
|  |  | 4065848 |
| Health Care - 0.5% |  |  |
| Maryland Health & Higher Educational Facilities Authority (Frederick Memorial Hospital MD Proj.) Series 2023, 5% 7/1/2027  | 1360000 | 1401873 |
| Maryland St Hlth & HI Ed Facs (Meritus Health Inc,Md Proj.) 5% 7/1/2025  | 40000 | 40050 |
| Montgomery Cnty MD Rev (Trinity Health Proj.) Series 2013 MD, 2.9% tender 12/1/2041 (b) | 14500000 | 14500000 |
|  |  | 15941923 |
| Housing - 0.5% |  |  |
| Maryland Community Development Administration (MD Mhsg Rev 1997 Proj.) Series 2023 D, 3.5% 1/1/2026  | 2805000 | 2809712 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2019 B, 4% 9/1/2049  | 110000 | 110160 |
| Maryland Community Development Administration Series 2023 C, 3.4% 8/1/2025  | 9015000 | 9014938 |
| Maryland Community Development Administration Series 2023 C, 5.25% 11/1/2025  | 6000000 | 6018335 |
| Montgomery County Housing Opportunities Commission (Montgomery Cnty MD Mhsg 1996 Proj.) Series 2021 C, 0.8% 7/1/2025  | 105000 | 104675 |
|  |  | 18057820 |
| Other - 0.3% |  |  |
| Maryland Community Development Administration Series 2023 B, 2.75% 6/1/2025  | 3055000 | 3054890 |
| Maryland Community Development Administration Series 2023 B, 2.75% 8/1/2025  | 1160000 | 1157646 |
| Maryland St Econ Dev Corp Rev Series 2024A 1, 5% 6/1/2025  | 200000 | 200004 |
| Maryland St Econ Dev Corp Rev Series 2024A 1, 5% 6/1/2026  | 600000 | 607859 |
| Maryland St Health & Higher Edl Facs Auth Rev1 3.13% 7/1/2025 CP  | 5775000 | 5775225 |
|  |  | 10795624 |
| Special Tax - 0.1% |  |  |
| Frederick Cnty MD Spl Oblig Series 2020 A, 5% 7/1/2027  | 980000 | 1011927 |
| State of Maryland Built to Learn Revenue Series 2021, 5% 6/1/2027  | 500000 | 520319 |
| State of Maryland Built to Learn Revenue Series 2022 A, 5% 6/1/2026  | 850000 | 867426 |
|  |  | 2399672 |
| Synthetics - 0.3% |  |  |
| Baltimore County Gen. Oblig. Participating VRDN 2.32% 1/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1600000 | 1600000 |
| Integrace Obligated Group Participating VRDN Series 2022 024, 2.32% 11/15/2049 (Liquidity Facility Barclays Bank PLC) (b)(e) | 3700000 | 3700000 |
| Maryland St Econ Dev Corp Participating VRDN Series 2024 XF3222, 2.25% 4/1/2054 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 2600000 | 2600000 |
| State of Maryland Built to Learn Revenue Participating VRDN 2.02% 6/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 1700000 | 1700000 |
|  |  | 9600000 |
| Transportation - 0.1% |  |  |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2028 (Assured Guaranty Municipal Corp Insured) (c) | 1450000 | 1515246 |
| Maryland Trans Auth Psngr Fac Chrg Rev (Bwi Passenger Facilities Chrge Proj.) Series 2012B, 2.625% 6/1/2027 (c) | 550000 | 532674 |
| Maryland Trans Auth Psngr Fac Chrg Rev Series 2012B, 2.5% 6/1/2026 (c) | 670000 | 662055 |
|  |  | 2709975 |
| Water & Sewer - 0.1% |  |  |
| Baltimore MD Proj Rev (Baltimore Wastewater Util Rev Proj.) Series 2017 A, 5% 7/1/2029  | 755000 | 775758 |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2017 A, 5% 7/1/2028  | 2000000 | 2061598 |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2017 A, 5% 7/1/2029  | 1000000 | 1027494 |
|  |  | 3864850 |
| TOTAL MARYLAND |  | 67435712 |
| Massachusetts - 2.0%  |  |  |
| Education - 0.4% |  |  |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue I Proj.) Series 2014 I, 5% 1/1/2026 (c) | 7000000 | 7013836 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue K Proj.) Series 2017 A, 5% 7/1/2025 (c) | 690000 | 690699 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue K Proj.) Series 2017 A, 5% 7/1/2026 (c) | 1000000 | 1013787 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2021B, 5% 7/1/2025 (c) | 820000 | 820776 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2021B, 5% 7/1/2026 (c) | 2390000 | 2428031 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2025 (c) | 585000 | 585741 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2026 (c) | 365000 | 370808 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2028 (c) | 1775000 | 1839013 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5% 1/1/2026  | 560000 | 564727 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5% 1/1/2027  | 505000 | 517490 |
| Massachusetts St Hlth & Ed Fac (Williams College Proj.) Series I, 0.7% tender 7/1/2033 (b) | 296000 | 294961 |
|  |  | 16139869 |
| General Obligations - 0.2% |  |  |
| City of Quincy MA Gen. Oblig. BAN Series 2024, 5% 7/25/2025  | 3500000 | 3507772 |
| Spencer East Brookfield MA BAN 3.75% 12/18/2025  | 5000000 | 5007100 |
|  |  | 8514872 |
| Health Care - 0.3% |  |  |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) 5% 7/1/2025  | 20000 | 20023 |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) 5% 7/1/2026  | 20000 | 20360 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 3.25% tender 7/1/2042 (Assured Guaranty Ltd Insured) (b) | 8815000 | 8815000 |
|  |  | 8855383 |
| Housing - 0.0% |  |  |
| Massachusetts Hsg Fin Agy Series 2023 C2, 4% 12/1/2027  | 1000000 | 1002694 |
| Other - 1.0% |  |  |
| Massachusetts Bay Transp 2.2% 6/6/2025 CP  | 10000000 | 10000000 |
| Massachusetts Development Finance Agency 2.89% tender 7/8/2025 CP mode  | 5000000 | 4999098 |
| Massachusetts Hsg Fin Agy Series 2024 A 3, 3.6% 12/1/2026  | 14985000 | 15027276 |
|  |  | 30026374 |
| Special Tax - 0.1% |  |  |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2015C, 5% 8/15/2027  | 2400000 | 2403771 |
| Transportation - 0.0% |  |  |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2027 (c) | 285000 | 293764 |
| Massachusetts St Port Auth Rev Series 2017A, 5% 7/1/2025 (c) | 25000 | 25026 |
|  |  | 318790 |
| TOTAL MASSACHUSETTS |  | 67261753 |
| Michigan - 1.2%  |  |  |
| Education - 0.1% |  |  |
| University MI Univ Revs 1.74% 4/1/2036 VRDN (b) | 2000000 | 2000000 |
| Wayne St Univ MI Univ Revs Series 2024A, 5% 11/15/2027 (Build America Mutual Assurance Co Insured)  | 500000 | 524643 |
|  |  | 2524643 |
| Electric Utilities - 0.1% |  |  |
| Lansing Mich Brd Wtr & Lt Util Sys Rev 2% tender 7/1/2051 (b) | 1000000 | 977899 |
| Michigan St Strategic Fd Ltd Oblig Rev (Consumers Energy Co Proj.) Series 2019, 3.35% tender 10/1/2049 (b)(c) | 3465000 | 3391195 |
|  |  | 4369094 |
| General Obligations - 0.1% |  |  |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2026  | 1130000 | 1144399 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2027  | 1190000 | 1223221 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2028  | 650000 | 676427 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2029  | 290000 | 305044 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2030  | 305000 | 323628 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2031  | 320000 | 342240 |
| Detroit MI Gen. Oblig. Series 2024, 5% 5/1/2032  | 335000 | 360113 |
| Lansing Mich Sch Dist Series 2025 II, 5% 5/1/2029 (State of Michigan Guaranteed) (i) | 200000 | 214636 |
| Portage MI Pub Schs 5% 11/1/2028  | 20000 | 20356 |
|  |  | 4610064 |
| Health Care - 0.1% |  |  |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 5% 7/1/2025  | 480000 | 480571 |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev (Bronson Methodist Hsp, MI Proj.) Series 2016, 5% 5/15/2026  | 15000 | 15223 |
| Kent MI Hosp Fin Auth (Corewell Health Proj.) SIFMA Municipal Swap Index + 0.25%, 2.22% tender 1/15/2047 (b)(d) | 965000 | 965001 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) 0.75% 10/15/2025  | 250000 | 247716 |
|  |  | 1708511 |
| Housing - 0.1% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 2.5% 6/1/2025  | 630000 | 629971 |
| Michigan St Hsg Dev Auth Mfrev Series 2024, 3.8% tender 7/1/2041 (b) | 2000000 | 2007040 |
|  |  | 2637011 |
| Lease Revenue - 0.3% |  |  |
| Michigan St Bldg Auth Rev Series 2023 I, 2.07% 4/15/2058 (b) | 10000000 | 10000000 |
| Other - 0.0% |  |  |
| Ludington Mich Area Sch Dist Series 2022 II, 5% 11/1/2025  | 1230000 | 1240462 |
| Pooled Loans - 0.1% |  |  |
| Michigan Fin Auth Rev RAN (Michigan Fin Auth Ltd Oblig Rev Proj.) Series 2024 A 2, 5% 8/20/2025  | 4500000 | 4514872 |
| Synthetics - 0.1% |  |  |
| Western MI Univ Revs Participating VRDN Series 2025 YX1397, 2.01% 11/15/2054 (Liquidity Facility Barclays Bank PLC) (b)(e) | 4440000 | 4440000 |
| Transportation - 0.2% |  |  |
| Wayne Cnty Mich Arpt Auth Rev Series 2023 E, 5% 12/1/2028 (Assured Guaranty Municipal Corp Insured) (c) | 3000000 | 3130366 |
| Wayne Cnty Mich Arpt Auth Rev Series F, 5% 12/1/2025 (c) | 2735000 | 2757756 |
| Wayne Cnty Mich Arpt Auth Rev Series F, 5% 12/1/2026 (c) | 465000 | 465442 |
|  |  | 6353564 |
| TOTAL MICHIGAN |  | 42398221 |
| Minnesota - 1.3%  |  |  |
| Education - 0.4% |  |  |
| Minnesota Higher Ed Facs Auth Rev (University Of St Thomas, Mn Proj.) Series 2024 B 1, 5% tender 10/1/2053 (b) | 1000000 | 1027190 |
| Moorhead MN Edl Facs Rev (Concordia College/MN Proj.) Series 2016, 5% 12/1/2025  | 20000 | 20000 |
| University MN 2.85% 6/10/2025 CP  | 2000000 | 2000083 |
| University MN 2.87% 6/2/2025 CP  | 3000000 | 3000070 |
| University MN 3% 8/7/2025 CP  | 4500000 | 4500405 |
| University MN 3.05% 9/18/2025 CP  | 1600000 | 1599997 |
| University MN 3.18% 7/9/2025 CP  | 2000000 | 2000314 |
|  |  | 14148059 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| St Paul MN Hsg & Redev Auth Hosp Series 2015A, 5% 11/15/2027 (Pre-refunded to 11/15/2025 at 100)  | 400000 | 403068 |
| General Obligations - 0.2% |  |  |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 A, 5% 8/1/2025  | 1155000 | 1158412 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 A, 5% 8/1/2026  | 1300000 | 1328271 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2022 B, 5% 8/1/2026  | 100000 | 102174 |
| Minnesota Mun Gas Agy Commodity Supply Rev 4% tender 12/1/2052 (Royal Bank of Canada Guaranteed) (b) | 1725000 | 1722991 |
| Pelican Rapids Minn Gen. Oblig. Series 2024A, 4% 12/15/2025  | 2515000 | 2516956 |
|  |  | 6828804 |
| Health Care - 0.2% |  |  |
| Minneapolis MN Health Care Sys Rev (Allina Health System Proj.) Series 2023A, 5% tender 11/15/2052 (b) | 6470000 | 6762724 |
| St Paul MN Hsg & Redev Auth Health Care Fac Rev (Healthpartners Oblig Group Pj Proj.) Series 2015A, 5% 7/1/2028  | 1600000 | 1602030 |
|  |  | 8364754 |
| Housing - 0.1% |  |  |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 F, 5.75% 7/1/2053  | 110000 | 116327 |
| Minnesota St Hsg Fin Agy Series 2025F2, 3.7% 8/1/2026  | 2000000 | 2001143 |
|  |  | 2117470 |
| Other - 0.1% |  |  |
| Minnesota Housing Finance Agency Series 2023E, 3.875% 8/1/2025  | 700000 | 700110 |
| Minnesota Rural Wtr Fin Auth 3.3% 8/1/2026  | 2000000 | 2000381 |
|  |  | 2700491 |
| Synthetics - 0.1% |  |  |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN Series 2023 MIZ9145, 2.25% 6/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 4220000 | 4220000 |
| Transportation - 0.2% |  |  |
| Minneapolis Met Airport Commis Series 2019 C, 5% 1/1/2026  | 380000 | 384371 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2026 (c) | 470000 | 474810 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2027 (c) | 1580000 | 1614696 |
| Minneapolis Met Airport Commis Series 2024B, 5% 1/1/2027 (c) | 4755000 | 4859419 |
|  |  | 7333296 |
| TOTAL MINNESOTA |  | 46115942 |
| Mississippi - 0.1%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Mississippi Bus Fin Corp Sld Wst Disp Rev Series 1995, 3.1% 7/1/2025 VRDN (b)(c) | 1200000 | 1200000 |
| Industrial Development - 0.0% |  |  |
| Mississippi Bus Fin Corp Rev (Mississippi Power Co Proj.) Series 1999, 2.8% 12/1/2027 VRDN (b)(c) | 200000 | 200000 |
| Resource Recovery - 0.1% |  |  |
| Mississippi Bus Fin Corp Sld Wst Disp Rev (Waste Management Inc Del Proj.) 4.25% tender 3/1/2027 (b)(c) | 5000000 | 5003083 |
| TOTAL MISSISSIPPI |  | 6403083 |
| Missouri - 1.1%  |  |  |
| General Obligations - 0.0% |  |  |
| Jackson Cnty MO Spl Oblig Series 2032 A, 5% 12/1/2028  | 1000000 | 1063605 |
| Health Care - 0.7% |  |  |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2026  | 20000 | 20260 |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2021 C, 5% tender 5/1/2052 (b) | 10000000 | 10481382 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 5% 6/1/2025  | 1435000 | 1435062 |
| Missouri Hlth & Edl Facs Rev Series 2021 A, 4% 7/1/2025  | 500000 | 500269 |
| Missouri Hlth & Edl Facs Rev Series 2021 B, 4% tender 5/1/2051 (b) | 9135000 | 9187872 |
|  |  | 21624845 |
| Housing - 0.1% |  |  |
| Kansas City MO Planned Indl Expansion Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (b) | 1260000 | 1293071 |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2019B, 4% 5/1/2050  | 45000 | 45107 |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2021C, 3.25% 11/1/2052  | 85000 | 83556 |
| Saint Louis MO Indl Dev Auth 3.15% tender 4/1/2046 (b) | 3800000 | 3779484 |
|  |  | 5201218 |
| Lease Revenue - 0.0% |  |  |
| Barry Cnty MO Ctfs Partn 5% 10/1/2025  | 215000 | 215828 |
| Barry Cnty MO Ctfs Partn 5% 10/1/2026  | 550000 | 558919 |
|  |  | 774747 |
| Other - 0.0% |  |  |
| Missouri St Health & Edl Facs Series 2025A, 5% 2/1/2027  | 970000 | 987839 |
| Synthetics - 0.3% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig Participating VRDN 3.45% 3/1/2057 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 4740000 | 4740000 |
| St Louis County Ind Dev Auth Multi Fam Hsg Rev Participating VRDN 2.25% 10/1/2063 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 1700000 | 1700000 |
|  |  | 6440000 |
| Transportation - 0.0% |  |  |
| St Louis MO Arpt Rev Series 2019 B, 5% 7/1/2025 (c) | 420000 | 420545 |
| TOTAL MISSOURI |  | 36512799 |
| Montana - 0.0%  |  |  |
| Housing - 0.0% |  |  |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) 3.5% 6/1/2050  | 240000 | 238874 |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2019B, 4% 6/1/2050  | 20000 | 20062 |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2022 A, 3% 6/1/2052  | 225000 | 220935 |
|  |  | 479871 |
| TOTAL MONTANA |  | 479871 |
| Nebraska - 0.8%  |  |  |
| General Obligations - 0.4% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev 4% tender 12/1/2049 (Royal Bank of Canada Guaranteed) (b) | 8500000 | 8502258 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2019, 2.5% tender 12/1/2049 (Royal Bank of Canada Guaranteed) (b) | 1000000 | 997083 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2023 A 1, 5% tender 5/1/2054 (Bank of Montreal Guaranteed) (b) | 1415000 | 1458013 |
|  |  | 10957354 |
| Health Care - 0.0% |  |  |
| Douglas Cnty NE Hosp Auth No 3 Rev Series 2015, 5% 11/1/2028  | 1250000 | 1257364 |
| Housing - 0.1% |  |  |
| Lincoln Neb Multifamily Hsg Rev Series 2024, 3.37% tender 1/10/2048 (b) | 2260000 | 2260744 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 B, 4% 9/1/2049 (c) | 55000 | 54877 |
|  |  | 2315621 |
| Industrial Development - 0.0% |  |  |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 2.25% 11/1/2026 VRDN (b)(c) | 700000 | 700000 |
| Lease Revenue - 0.2% |  |  |
| Gretna Neb Ctfs Partn 5% 12/15/2025  | 4000000 | 4004140 |
| Gretna Neb Ctfs Partn Gen. Oblig. 4% 12/15/2025  | 2620000 | 2620918 |
|  |  | 6625058 |
| Synthetics - 0.1% |  |  |
| Omaha NE Arpt Auth Arpt Rev Participating VRDN 2.17% 12/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(c)(e) | 3030000 | 3030000 |
| Transportation - 0.0% |  |  |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5% 12/15/2027 (Assured Guaranty Municipal Corp Insured) (c) | 1000000 | 1036977 |
| TOTAL NEBRASKA |  | 25922374 |
| Nevada - 0.4%  |  |  |
| Electric Utilities - 0.1% |  |  |
| Clark NV Pollutn Ctl Rev (Nevada Power Co Proj.) Series 2017, 3.75% tender 1/1/2036 (b) | 2065000 | 2061718 |
| Humboldt Cnty Nev Pcr (Sierra Pacific Power Co Proj.) Series 2016 A, 3.55% 10/1/2029  | 335000 | 336764 |
| Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016 G, 3.625% tender 3/1/2036 (b) | 270000 | 269077 |
| Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016C, 4.125% tender 3/1/2036 (b)(c) | 370000 | 369470 |
|  |  | 3037029 |
| General Obligations - 0.1% |  |  |
| Clark Cnty NV School Dist Series 2018A, 5% 6/15/2025  | 315000 | 315193 |
| Clark Cnty NV School Dist Series 2021 C, 5% 6/15/2025  | 2655000 | 2656622 |
|  |  | 2971815 |
| Resource Recovery - 0.1% |  |  |
| Nevada Dpt Bus & Ind Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2001, 4.125% tender 12/1/2026 (b)(c)(f) | 4800000 | 4799678 |
| Transportation - 0.1% |  |  |
| Clark County NV Mccarran Airprt Rev Series 2017 B, 5% 7/1/2025 (c) | 665000 | 665797 |
| Clark County NV Mccarran Airprt Rev Series 2019 E, 5% 7/1/2025  | 100000 | 100145 |
| Clark County NV Mccarran Airprt Rev Series 2019 E, 5% 7/1/2027  | 275000 | 286379 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2027 (c) | 200000 | 205704 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2028 (c) | 225000 | 233842 |
| Reno Tahoe Arpt Auth NV Arpt Rev Series 2024 A, 5% 7/1/2029 (c) | 580000 | 608287 |
|  |  | 2100154 |
| TOTAL NEVADA |  | 12908676 |
| New Hampshire - 0.8%  |  |  |
| Education - 0.4% |  |  |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth College Proj.) Series 2015 C, 3.3% tender 6/1/2038 (b) | 2750000 | 2755421 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth College Proj.) Series 2015A, 3.3% tender 6/1/2040 (b) | 8030000 | 8045829 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth College Proj.) Series 2015D, 3.3% tender 6/1/2038 (b) | 3740000 | 3747372 |
|  |  | 14548622 |
| Housing - 0.3% |  |  |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) 3.8% 7/1/2026  | 1010000 | 1013222 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.625% 4/1/2026  | 215000 | 215612 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg (NH Mhsg Rev 2017 Proj.) Series 2023 4, 3.7% 1/1/2027  | 670000 | 673019 |
| New Hampshire St Hsg Fin Auth Single Family Mtg Rev 3.58% tender 7/1/2056 (b) | 7000000 | 7001098 |
|  |  | 8902951 |
| Synthetics - 0.1% |  |  |
| Nat'l Fin Auth NH Specialty Bonds Participating VRDN Series 2024 MS0023, 2.27% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) (b)(e)(h) | 4400000 | 4400000 |
| TOTAL NEW HAMPSHIRE |  | 27851573 |
| New Jersey - 2.7%  |  |  |
| Education - 0.6% |  |  |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2010-1 Proj.) 5% 12/1/2025 (c) | 420000 | 422777 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2025 (c) | 2225000 | 2236982 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2027 (c) | 1245000 | 1285287 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 A, 5% 12/1/2025 (c) | 700000 | 705525 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 B, 5% 12/1/2026 (c) | 1425000 | 1450257 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2025 (c) | 1800000 | 1814207 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2026 (c) | 2000000 | 2035448 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2028 (c) | 1000000 | 1042803 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (Nj Stud Loan 2025 Proj.) 5% tender 12/1/2056 (b)(c)(i) | 2000000 | 2024833 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 5% 12/1/2027 (c) | 2700000 | 2787370 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2025 1 A, 5% 12/1/2027 (c)(i) | 1900000 | 1949548 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2025 1 A, 5% 12/1/2028 (c)(i) | 2000000 | 2067632 |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2029 (Build America Mutual Assurance Co Insured)  | 580000 | 623498 |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2030 (Build America Mutual Assurance Co Insured)  | 460000 | 500709 |
|  |  | 20946876 |
| Electric Utilities - 0.0% |  |  |
| New Jersey Eda Wtr Facs Rev (New Jersey American Wtr CO Inc Proj.) Series 2020 E, 0.85% 12/1/2025 (c) | 1600000 | 1565890 |
| General Obligations - 1.8% |  |  |
| Essex Cnty NJ Impt Auth Lease Gen. Oblig. BAN Series 2024, 5% 6/18/2025  | 7000000 | 7005474 |
| Monmouth Cnty NJ Impt Auth Rev BAN Series 2025, 4% 3/13/2026  | 1000000 | 1006837 |
| New Brunswick NJ Pkg Auth Rev Series 2020 B, 5% 9/1/2025  | 850000 | 853844 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2004 A, 5.25% 7/1/2025  | 1285000 | 1286999 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2016 AAA, 5% 6/15/2026  | 3375000 | 3442412 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2025 (f) | 3000000 | 3014809 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 GGG, 5.25% 9/1/2026 (f) | 1510000 | 1551032 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series B, 5% 11/1/2025  | 350000 | 352617 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2025  | 1000000 | 1007480 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2026  | 1100000 | 1130256 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2025  | 385000 | 385235 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2026  | 555000 | 566085 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2023 RRR, 5% 3/1/2026  | 5300000 | 5374318 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2023 RRR, 5% 3/1/2028  | 1000000 | 1051618 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2026  | 1970000 | 2009348 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5% 6/15/2027  | 155000 | 160946 |
| New Jersey St Edl Facs Auth Rev (New Jersey St Proj.) Series 2023 A, 5% 9/1/2027  | 400000 | 417520 |
| New Jersey St Edl Facs Auth Rev (New Jersey St Proj.) Series 2023 A, 5% 9/1/2027  | 200000 | 208760 |
| New Jersey St Gen. Oblig. 2% 6/1/2025  | 840000 | 839948 |
| New Jersey St Gen. Oblig. 4% 6/1/2031  | 1895000 | 1988811 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2025 (g) | 1000000 | 982164 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2025 (g) | 355000 | 348668 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2027 (g) | 145000 | 133214 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2025  | 200000 | 201973 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2025  | 155000 | 155095 |
| New Jersey Trans Trust Fund Auth Series 2023AA, 5% 6/15/2025  | 2250000 | 2251373 |
| New Jersey Trans Trust Fund Auth Series 2023AA, 5% 6/15/2026  | 895000 | 912877 |
| Newark NJ Bd of Ed Bd 5% 7/15/2025 (Build America Mutual Assurance Co Insured)  | 250000 | 250491 |
| Newark NJ Bd of Ed Bd 5% 7/15/2026 (Build America Mutual Assurance Co Insured)  | 300000 | 306274 |
| Newark NJ Gen. Oblig. BAN Series 2024 C, 4.25% 9/25/2025  | 8900000 | 8918665 |
| Newark NJ Gen. Oblig. Series 2020 A, 5% 10/1/2027  | 2200000 | 2297652 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2026  | 595000 | 609828 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2027  | 585000 | 609959 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2028  | 245000 | 259246 |
| NJ Hlth Care Facs Fing Auth Dept Human Svcs Lease (New Jersey St Proj.) Series 2024, 5% 9/15/2029  | 155000 | 165912 |
| Orange Twp NJ BAN 4% 3/18/2026  | 4700000 | 4724694 |
| Piscataway Twp NJ Gen. Oblig. 2% 2/1/2031  | 500000 | 455718 |
|  |  | 57238152 |
| Health Care - 0.0% |  |  |
| New Jersey Health Care (Rwj Barnabas Health Proj.) 5% tender 7/1/2042 (b) | 150000 | 150184 |
| New Jersey Health Care (Valley Hospital Proj.) Series 2019, 5% 7/1/2025  | 600000 | 600828 |
|  |  | 751012 |
| Housing - 0.0% |  |  |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev (NJ Multifamily Rev Bonds 12/16/04 Proj.) Series 2023 C, 5% 11/1/2026 (c) | 1000000 | 1021039 |
| Other - 0.1% |  |  |
| New Jersey Educational Facilities Authority 5% 7/1/2025 (Assured Guaranty Ltd Insured) (Escrowed to Maturity)  | 1860000 | 1862818 |
| NJ Hsg & Mtg Fin Agy Multi Fam Rev Series 2024B, 3.375% 11/1/2027  | 2250000 | 2239719 |
|  |  | 4102537 |
| Tobacco Bonds - 0.2% |  |  |
| Tobacco Settlement Fin Corp NJ 5% 6/1/2025  | 2225000 | 2225030 |
| Tobacco Settlement Fin Corp NJ 5% 6/1/2026  | 3800000 | 3839632 |
|  |  | 6064662 |
| Transportation - 0.0% |  |  |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2027  | 90000 | 91635 |
| New Jersey Turnpike Authority 5% 1/1/2028  | 455000 | 477819 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2025A, 5% 11/1/2028  | 1000000 | 1058901 |
|  |  | 1628355 |
| TOTAL NEW JERSEY |  | 93318523 |
| New Jersey,New York - 0.8%  |  |  |
| Transportation - 0.8% |  |  |
| Port Auth NY & NJ 5% 9/15/2025 (c) | 2075000 | 2083188 |
| Port Auth NY & NJ 5% 9/15/2026 (c) | 1205000 | 1229156 |
| Port Auth NY & NJ 5% 9/15/2029 (c) | 250000 | 258004 |
| Port Auth NY & NJ Series 193, 5% 10/15/2025 (c) | 1000000 | 1005206 |
| Port Auth NY & NJ Series 193, 5% 10/15/2027 (c) | 1130000 | 1133483 |
| Port Auth NY & NJ Series 195, 5% 10/1/2025 (c) | 1065000 | 1069910 |
| Port Auth NY & NJ Series 195, 5% 10/1/2026 (c) | 525000 | 535906 |
| Port Auth NY & NJ Series 223, 5% 7/15/2025 (c) | 885000 | 886394 |
| Port Auth NY & NJ Series 242, 5% 12/1/2025 (c) | 8525000 | 8586689 |
| Port Auth NY & NJ Series 242, 5% 12/1/2026 (c) | 4640000 | 4749290 |
| Port Auth NY & NJ Series 242, 5% 12/1/2027 (c) | 5000000 | 5193538 |
|  |  | 26730764 |
| TOTAL NEW JERSEY,NEW YORK |  | 26730764 |
| New Mexico - 0.6%  |  |  |
| General Obligations - 0.1% |  |  |
| Farmington NM Pollution Ctl Series 2010 D, 3.9% tender 6/1/2040 (b) | 3000000 | 3020934 |
| New Mexico Mun Energy Acquisition Auth Gas Supply Rev 5% tender 6/1/2054 (Royal Bank of Canada Guaranteed) (b) | 1255000 | 1312215 |
|  |  | 4333149 |
| Housing - 0.3% |  |  |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2018 A 1, 4% 1/1/2049  | 110000 | 110209 |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2023 C, 5.75% 3/1/2054  | 290000 | 308510 |
| New Mexico Mtg Fin Auth (NM Single Family Mortgage Proj.) Series 2019 C, 4% 1/1/2050  | 215000 | 215420 |
| New Mexico Mtg Fin Auth Mf Hsg Rev (Jlg Nm Saf 2023 Lllp Proj.) Series 2023, 5% tender 2/1/2042 (b) | 5000000 | 5000000 |
| Santa Fe Cnty N Mex Multifamily Rev Series 2024, 3.29% tender 12/10/2049 (b) | 3000000 | 2991872 |
|  |  | 8626011 |
| Other - 0.1% |  |  |
| Albuquerque NM Mun SD No 012 5% 8/1/2025  | 5000000 | 5015304 |
| Synthetics - 0.1% |  |  |
| New Mexico St Hosp Equip Ln Co Participating VRDN 2.32% 7/1/2042 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1935000 | 1935000 |
| TOTAL NEW MEXICO |  | 19909464 |
| New York - 6.7%  |  |  |
| Education - 0.0% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2026  | 200000 | 203540 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2027  | 500000 | 517299 |
|  |  | 720839 |
| Electric Utilities - 0.4% |  |  |
| Long Island Pwr Auth NY Elec 0.85% tender 9/1/2050 (b) | 7060000 | 7002437 |
| Long Island Pwr Auth NY Elec 1.5% tender 9/1/2051 (b) | 470000 | 457682 |
| New York St Pwr Auth 2.85% 7/8/2025 CP  | 3800000 | 3799533 |
| New York St Pwr Auth 2.88% 6/4/2025 CP  | 2500000 | 2500124 |
|  |  | 13759776 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| New York NY City Transitional Fin Auth Bldg Aid Rev Series S 1, 5% 7/15/2025 (Escrowed to Maturity)  | 370000 | 370905 |
| New York St Urban Dev Corp Rev Series 2016 A, 5% 3/15/2029 (Pre-refunded to 3/15/2026 at 100)  | 420000 | 427155 |
|  |  | 798060 |
| General Obligations - 2.5% |  |  |
| Albany NY BAN 4% 3/20/2026  | 10400000 | 10447702 |
| Bay Shore NY Un Free Sch Dist BAN 4% 7/15/2025  | 7300000 | 7306252 |
| Bellmore NY Un Free Sch Dist 2% 6/15/2029  | 530000 | 486910 |
| Binghamton NY BAN 4% 4/10/2026  | 9300000 | 9356750 |
| City of Long Beach NY Gen. Oblig. BAN Series 2024B, 4% 9/26/2025  | 6800000 | 6806559 |
| City of New York NY Gen. Oblig. 2.74% tender 1/1/2032 (Assured Guaranty Ltd Insured) (b) | 225000 | 225000 |
| City of New York NY Gen. Oblig. 2.95% 5/1/2052 (Liquidity Facility State Street Bank & Trust Co) VRDN (b) | 5000000 | 5000000 |
| City of New York NY Gen. Oblig. 3.79% tender 8/1/2026 (Assured Guaranty Ltd Insured) (b) | 1500000 | 1500000 |
| City of New York NY Gen. Oblig. 5% 8/1/2027  | 9380000 | 9807028 |
| City of New York NY Gen. Oblig. Series 2023 SUB F 1, 5% 8/1/2026  | 5600000 | 5738126 |
| City of New York NY Gen. Oblig. Series C, 5% 8/1/2026  | 220000 | 225426 |
| City of New York NY Gen. Oblig. Series FISCAL 2008 J 11, 5% 8/1/2026  | 260000 | 266413 |
| City of New York NY Gen. Oblig. Series FISCAL 2018 A, 5% 8/1/2026  | 565000 | 578936 |
| City of New York NY Gen. Oblig. Series FISCAL 2021 2, 3.05% 4/1/2042 VRDN (b) | 2000000 | 2000000 |
| City of New York NY Gen. Oblig. Series FISCAL 2025 A, 5% 8/1/2028  | 2700000 | 2874090 |
| City of New York NY Series FISCAL 2008 SUB A 3, 2.444% tender 8/1/2026 (Assured Guaranty Ltd Insured) (b) | 1350000 | 1350000 |
| East Hampton NY Un Free Sh Dis 2.1% 6/1/2027  | 340000 | 327163 |
| Ithaca City New York BAN 4.25% 2/13/2026  | 9400000 | 9429525 |
| Massapequa NY Un Free Sch Dist 2% 10/1/2031  | 530000 | 461966 |
| Mount Vernon N Y Gen. Oblig. BAN 5% 5/29/2026 (f) | 4000000 | 4031908 |
| Suffolk Cnty NY Gen. Oblig. Series 2022 A, 5% 6/15/2025  | 295000 | 295214 |
| Suffolk Cnty NY Gen. Oblig. Series 2022 B, 5% 10/1/2025  | 340000 | 342347 |
| Suffolk Cnty NY Gen. Oblig. Series 2022 B, 5% 10/1/2026  | 175000 | 180229 |
| Washington Co NY BAN 4% 3/20/2026  | 2300000 | 2314729 |
| Yonkers NY Gen. Oblig. Series 2021 A, 5% 2/15/2026 (Assured Guaranty Ltd Insured)  | 400000 | 405918 |
| Yonkers NY Series 2021 B, 5% 2/15/2026  | 320000 | 324847 |
|  |  | 82083038 |
| Health Care - 0.0% |  |  |
| Monroe Cnty NY Indl Dev Corp (Rochester General Hospital,Ny Proj.) Series 2017, 5% 12/1/2026  | 350000 | 358083 |
| Monroe Cnty NY Indl Dev Corp (Rochester General Hospital,Ny Proj.) Series 2020 A, 5% 12/1/2028  | 1000000 | 1050236 |
|  |  | 1408319 |
| Housing - 0.7% |  |  |
| Monroe Cnty NY Indl Dev Agy Multi-Family Hsg Rev 5% tender 7/1/2028 (b) | 780000 | 807922 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2023E 2, 3.8% tender 11/1/2063 (b) | 115000 | 116239 |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 A2, 3.625% tender 11/1/2063 (b) | 765000 | 770580 |
| New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2021D 2, 0.65% tender 11/1/2056 (b) | 100000 | 98451 |
| New York St Hsg Fin Agy 1.1% tender 11/1/2061 (b) | 980000 | 927772 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.8% tender 11/1/2063 (b) | 670000 | 670156 |
| New York St Hsg Fin Agy Series 2023 E 2, 3.875% tender 11/1/2063 (b) | 120000 | 120427 |
| New York St Hsg Fin Agy Series 2024 A, 3.375% tender 11/1/2063 (b) | 7285000 | 7286752 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 0.6% tender 5/1/2061 (b) | 385000 | 383886 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 3.7% tender 5/1/2063 (b) | 6000000 | 6012389 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 3.73% tender 5/1/2063 (b) | 1000000 | 1003269 |
| 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) | 1820000 | 1787897 |
| 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) | 375000 | 380910 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 221, 3.5% 10/1/2032 (c) | 25000 | 24803 |
| State of New York Mortgage Agency 3.65% 10/1/2025 (c) | 535000 | 535268 |
| State of New York Mortgage Agency 3.7% 4/1/2026 (c) | 955000 | 948884 |
| State of New York Mortgage Agency Series 262, 3.7% 10/1/2025 (c) | 610000 | 610404 |
| State of New York Mortgage Agency Series 262, 3.75% 4/1/2026 (c) | 295000 | 295121 |
| State of New York Mortgage Agency Series 262, 3.8% 10/1/2026 (c) | 680000 | 680811 |
| State of New York Mortgage Agency Series 262, 3.85% 4/1/2027 (c) | 775000 | 778033 |
|  |  | 24239974 |
| Industrial Development - 0.0% |  |  |
| New York St Energy Rda Pcr 6.5% tender 10/1/2028 (Ambac Assurance Corp Insured) (b) | 300000 | 300000 |
| Other - 0.1% |  |  |
| Lowville N Y Gen. Oblig. BAN 5.375% 8/21/2025  | 1750000 | 1751450 |
| Valley Stream NY BAN 5.125% 5/8/2026  | 3000000 | 3015441 |
|  |  | 4766891 |
| Special Tax - 0.8% |  |  |
| Battery Pk City Auth NY Rev Series 2019D 1, 2.93% 11/1/2038 (Liquidity Facility TD Bank NA) VRDN (b) | 800000 | 800000 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2027  | 3355000 | 3524519 |
| New York NY City Ida Rev (Queens Ballpark Company LLC Proj.) Series 2021A, 5% 1/1/2026 (Assured Guaranty Municipal Corp Insured)  | 1365000 | 1378522 |
| New York NY City Transitional Fin Auth Rev 5% 11/1/2027  | 775000 | 814159 |
| New York NY City Transitional Fin Auth Rev Series B 5, 2.9% 8/1/2042 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 10000000 | 10000000 |
| NY Mta Dedicated Tax Fund Series 2016 A, 4% 11/15/2025  | 350000 | 351575 |
| NY Mta Dedicated Tax Fund Series 2016 A, 5% 11/15/2026  | 1055000 | 1087886 |
| NY Mta Dedicated Tax Fund Series 2017 A, 3% 11/15/2030  | 425000 | 414110 |
| NY Payroll Mobility Tax 2% tender 5/15/2045 (b) | 1285000 | 1262919 |
| NY Payroll Mobility Tax 2% tender 5/15/2045 (b) | 450000 | 426026 |
| NY Payroll Mobility Tax Series SUB 2021C 1B, 5% tender 5/15/2051 (b) | 4200000 | 4266624 |
| Triborough Brdg & Tunl NY Rett Series 2025 A, 5% 12/1/2027  | 2000000 | 2105814 |
|  |  | 26432154 |
| Synthetics - 1.1% |  |  |
| 2025 Loan Holding - 1 Participating VRDN Series 2025 MS0041, 2.37% 5/1/2026 (b)(e) | 5000000 | 5000000 |
| Liberty NY Dev Corp Rev Participating VRDN 2.32% 10/1/2035 (Liquidity Facility Morgan Stanley Bank NA) (b)(e) | 2200000 | 2200000 |
| Metropolitan Transn Auth NY Rv Participating VRDN 2.25% 11/15/2043 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 2400000 | 2400000 |
| Metropolitan Transn Auth NY Rv Participating VRDN Series 2022 XF1321, 2.25% 11/15/2055 (Liquidity Facility JP Morgan Chase Bank NA) (b)(e) | 1595000 | 1595000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 003, 2.32% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(e) | 3000000 | 3000000 |
| New York St Hsg Fin Agy Participating VRDN Series 2022 007, 2.42% 11/1/2041 (Liquidity Facility Barclays Bank PLC) (b)(c)(e) | 23500000 | 23500000 |
|  |  | 37695000 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Settlement Asset Securitization Corp NY Rev Series A, 5% 6/1/2025  | 1680000 | 1680020 |
| Transportation - 1.0% |  |  |
| Metropolitan Transn Auth NY Rv Series 2016 D, 5% 11/15/2027  | 1070000 | 1097385 |
| Metropolitan Transn Auth NY Rv Series 2017 B, 5% 11/15/2027  | 1185000 | 1235710 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2028  | 660000 | 688245 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2026 (c) | 2500000 | 2510680 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2027 (c) | 5000000 | 5060914 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2029 (c) | 3900000 | 3972574 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2025 (c) | 3050000 | 3066292 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2027 (c) | 1025000 | 1055726 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2026 (c) | 5870000 | 5975000 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2027 (c) | 1915000 | 1972406 |
| Triborough Brdg & Tunl NY Revs BAN Series 2024A, 5% 12/1/2025  | 7000000 | 7067237 |
|  |  | 33702169 |
| Water & Sewer - 0.1% |  |  |
| New York NY Cty Muni Wtr Fin Auth Series 2022 DD, 3% 6/15/2033 (b) | 2000000 | 2000000 |
| TOTAL NEW YORK |  | 229586240 |
| New York,Pennsylvania - 0.3%  |  |  |
| Synthetics - 0.3% |  |  |
| Central Bradford NY Guthrie Clinic BAML Participating VRDN Series 2024 BAML5049, 3.08% 2/1/2054 (Liquidity Facility Bank of America, N.A.) (b)(e) | 10000000 | 10000000 |
| North Carolina - 2.0%  |  |  |
| Education - 0.0% |  |  |
| North Carolina Edl Facs Fin (Duke Univ Nc Rev Proj.) 1.7% 6/1/2027 VRDN (b) | 3000000 | 3000000 |
| North Carolina St Ed Assistance Auth Rev Series 2020A, 5% 6/1/2026 (c) | 1000000 | 1014177 |
|  |  | 4014177 |
| Escrowed/Pre-Refunded - 0.9% |  |  |
| Cumberland Cnty NC Series 2024, 3.75% tender 12/1/2027 (b)(c) | 17300000 | 17305595 |
| North Carolina Cap Fac Fin Agy Rev Series 2015 B, 5% 10/1/2055 (Pre-refunded to 10/1/2025 at 100)  | 9750000 | 9816476 |
| North Carolina Mun Pwr Agy 1 5% 1/1/2030 (Pre-refunded to 1/1/2026 at 100)  | 2050000 | 2071753 |
|  |  | 29193824 |
| General Obligations - 0.0% |  |  |
| North Carolina St Gen. Oblig. Series 2016 B, 2% 6/1/2030  | 170000 | 156802 |
| Health Care - 0.4% |  |  |
| Atrium Health Series 2018 B, 1.95% tender 1/15/2048 (b) | 3075000 | 2807735 |
| Atrium Health Series 2018 D, 3.625% tender 1/15/2048 (b) | 2350000 | 2359371 |
| Atrium Health Series 2018 E, 0.8% tender 1/15/2048 (b) | 1500000 | 1480661 |
| Atrium Health Series 2018C, 3.45% tender 1/15/2048 (b) | 2805000 | 2806107 |
| Atrium Health Series 2021 B, 3.25% tender 1/15/2050 (b) | 3000000 | 2990020 |
|  |  | 12443894 |
| Industrial Development - 0.3% |  |  |
| Hertford Cnty NC Indl Facs & Pollutn Ctl Fing Auth Indl Dev Rev (Nucor Corp Proj.) 2.65% 11/1/2033 VRDN (b)(c) | 9100000 | 9100000 |
| Resource Recovery - 0.1% |  |  |
| North Carolina Cap Facs Fin Agy Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2013, 3.8% tender 6/1/2038 (b)(c) | 5000000 | 4999920 |
| Transportation - 0.3% |  |  |
| Charlotte NC Arpt Rev Series 2023B, 5% 7/1/2026 (c) | 455000 | 462957 |
| Charlotte NC Arpt Rev Series 2023B, 5% 7/1/2028 (c) | 400000 | 417024 |
| Charlotte NC Arpt Rev Series 2023B, 5% 7/1/2029 (c) | 1150000 | 1210985 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2025 (c) | 100000 | 100119 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2018, 5% 1/1/2026  | 2850000 | 2875368 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2018, 5% 1/1/2027  | 2460000 | 2523900 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2027 (c) | 130000 | 134012 |
| Raleigh Durham NC Arpt Auth Arpt Rev Series 2017 A, 5% 5/1/2027 (c) | 745000 | 767991 |
|  |  | 8492356 |
| TOTAL NORTH CAROLINA |  | 68400973 |
| North Dakota - 0.0%  |  |  |
| Housing - 0.0% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2023 F, 6.25% 1/1/2054  | 70000 | 75449 |
| Ohio - 2.0%  |  |  |
| Education - 0.0% |  |  |
| Ohio St Higher Ed Fac Comm (Case Western Reserve Univ, Oh Proj.) 1.625% tender 12/1/2034 (b) | 605000 | 585527 |
| Electric Utilities - 0.6% |  |  |
| American Mun Pwr Rev Series 2023A, 5% 2/15/2026  | 1775000 | 1799397 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014C, 3.65% 12/1/2027 (c) | 3575000 | 3548743 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014D, 3.2% 5/1/2026  | 3275000 | 3253186 |
| Ohio St Air Quality Dev Auth (Duke Energy Corp New Proj.) Series 2022A, 4.25% tender 11/1/2039 (b)(c) | 9140000 | 9207605 |
|  |  | 17808931 |
| General Obligations - 0.3% |  |  |
| Bedford OH City Sch Dist BAN Series 2025, 4.5% 9/4/2025  | 2500000 | 2508894 |
| Delaware OH Gen. Oblig. BAN 4.5% 7/1/2025  | 3650000 | 3652444 |
| Lancaster Port Auth OH Gas Rev Series 2024 A, 5% tender 2/1/2055 (Royal Bank of Canada Guaranteed) (b) | 2765000 | 2888214 |
| Monroe OH Loc Sch Dist BAN 4.125% 12/3/2025  | 2000000 | 2003686 |
|  |  | 11053238 |
| Health Care - 0.6% |  |  |
| Allen Cnty OH Hosp Facs Rev Series 2022B 1, 5% tender 10/1/2049 (b) | 5000000 | 5146237 |
| Butler Cnty OH Hosp Facs Rev (Uc Health Proj.) Series 2017, 5% 11/15/2025  | 1500000 | 1503659 |
| Butler Cnty OH Hosp Facs Rev (Uc Health Proj.) Series 2017, 5% 11/15/2027  | 1040000 | 1074362 |
| Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2025  | 310000 | 310771 |
| Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2026  | 535000 | 545773 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, Oh Proj.) Series 2013 B, 2.5% 1/15/2033 VRDN (b) | 4995000 | 4995000 |
| Ohio St Hosp Rev Series 2021B, 2.25% 1/15/2049 VRDN (b) | 3000000 | 3000000 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2026  | 500000 | 505319 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) 5% 2/15/2026  | 405000 | 408587 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2019, 5% 2/15/2029  | 400000 | 410494 |
|  |  | 17900202 |
| Housing - 0.0% |  |  |
| Columbus-Franklin Cnty Ohio Fin Auth Multifamily Hsg Rev Series 2023, 5% tender 7/1/2045 (b) | 765000 | 780318 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050  | 25000 | 25236 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 B, 6% 3/1/2055  | 250000 | 270063 |
|  |  | 1075617 |
| Other - 0.4% |  |  |
| American Mun Pwr Rev 5% 2/15/2027  | 695000 | 715792 |
| American Mun Pwr Rev 5% 2/15/2028  | 480000 | 502046 |
| Cuyahoga Ohio Met Hsg Auth Multifamily Hsg Rev Series 2024, 3.45% tender 2/1/2028 (b) | 4440000 | 4453394 |
| Hamilton Cnty OH Econ Dev Rev (Boys/Girls Clubs Of Greater Cincinnati, Inc. Proj.) Series 1999, 2.05% 12/1/2028, LOC PNC Bank NA VRDN (b) | 375000 | 375000 |
| Lancaster OH Gen. Oblig. BAN 4.125% 6/10/2026 (i) | 1500000 | 1511979 |
| Montgomery Ohio Gen. Oblig. BAN Series 2024, 4.5% 6/10/2025  | 2000000 | 2000431 |
| Ohio Hsg Fin Agy Mf Hsg Rev Variable Rate TRAN Series 2022, 3.85% 7/1/2025  | 3810000 | 3810610 |
| Trumbull Cnty OH BAN 4% 3/12/2026 (f) | 2200000 | 2209730 |
|  |  | 15578982 |
| Transportation - 0.1% |  |  |
| Cleveland OH Arpt Sys Rev Series 2018A, 5% 1/1/2026 (c) | 290000 | 292968 |
| Cleveland OH Arpt Sys Rev Series 2018A, 5% 1/1/2027 (c) | 2990000 | 3055197 |
| Cleveland OH Arpt Sys Rev Series 2019 B, 5% 1/1/2027 (c) | 350000 | 357632 |
|  |  | 3705797 |
| Water & Sewer - 0.0% |  |  |
| Hamilton Cnty OH Swr Sys Rev Series 2024 B, 5% 12/1/2025  | 700000 | 706692 |
| TOTAL OHIO |  | 68414986 |
| Oklahoma - 1.4%  |  |  |
| General Obligations - 0.5% |  |  |
| Cleveland County Educational Facilities Authority (Moore Pub Sch Cleveland Cnty #2 Proj.) Series 2019, 5% 6/1/2025  | 3500000 | 3500137 |
| Cleveland County Educational Facilities Authority (Moore Pub Sch Cleveland Cnty #2 Proj.) Series 2021, 4% 6/1/2025  | 295000 | 295003 |
| Oklahoma Cnty Indep Sch Dist 89 Oklahoma City 3% 7/1/2026  | 5990000 | 6000360 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2027  | 3230000 | 3342109 |
| Oklahoma St Inds Auth Edl Facs Lease Rev (Oklahoma Cnty Indep Sch Dist 89 Oklahoma City Proj.) Series 2024, 5% 4/1/2029  | 3000000 | 3190091 |
| Tulsa Cnty OK Indl Auth Edl Facs Lease Rev Series 2020, 4% 9/1/2025  | 690000 | 691030 |
|  |  | 17018730 |
| Health Care - 0.5% |  |  |
| OK Dev Fin Auth Health Sys Rev (Integris Baptist Medical Ctr Proj.) Series 2015A, 5% 8/15/2027  | 1590000 | 1593075 |
| OK Dev Fin Auth Health Sys Rev (Integris Baptist Medical Ctr Proj.) Series 2020B, 2.61% 8/15/2031 VRDN (b) | 6465000 | 6465000 |
| OK Dev Fin Auth Health Sys Rev Series 2020 C, 2.5% 8/15/2031 (b) | 7115000 | 7115000 |
|  |  | 15173075 |
| Housing - 0.1% |  |  |
| Oklahoma Hsg Fin Agy Collateralized Rev 3.2% tender 10/1/2042 (b) | 1500000 | 1493910 |
| Oklahoma Hsg Fin Agy Collateralized Rev Series 2024, 3.35% tender 12/1/2027 (b) | 2280000 | 2282522 |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) 6% 3/1/2054  | 50000 | 54169 |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) Series 2023D, 6.5% 9/1/2054  | 55000 | 60862 |
|  |  | 3891463 |
| Lease Revenue - 0.2% |  |  |
| Creek Cnty OK Edl Facs Auth Lease Rev Series 2024, 5% 9/1/2027  | 2650000 | 2742022 |
| Creek Cnty OK Edl Facs Auth Lease Rev Series 2024, 5% 9/1/2029  | 2000000 | 2109815 |
| Dewey Cnty Okla Edl Facs Authedl Facs Lease Rev Series 2016, 5% 9/1/2026  | 1230000 | 1257376 |
| Mcintosh County Educational Facilities Authority Series 2022, 2% 9/1/2025  | 650000 | 646420 |
| Washington Cnty OK Edl Facs Auth Edl Facs Lease Rev Series 2023, 5% 9/1/2027  | 455000 | 468103 |
|  |  | 7223736 |
| Other - 0.1% |  |  |
| Kingfisher Cnty Okla Indpt Schdist No 89 Cashion 5% 5/1/2027  | 2175000 | 2212219 |
| Special Tax - 0.0% |  |  |
| Jackson Cnty Facs Auth Sls Tax Series 2022, 3% 10/1/2025  | 730000 | 727885 |
| Synthetics - 0.0% |  |  |
| Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 2.25% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(h) | 1282736 | 1282736 |
| TOTAL OKLAHOMA |  | 47529844 |
| Oregon - 0.4%  |  |  |
| General Obligations - 0.0% |  |  |
| Salem Keizer School Dist 0% 6/15/2028 (g) | 370000 | 332082 |
| Health Care - 0.0% |  |  |
| Oregon St Facs Auth Rev 5% 10/1/2029  | 1000000 | 1009349 |
| Salem OR Hosp Fac Auth Rev Series 2022, 5% 5/15/2026  | 135000 | 135975 |
|  |  | 1145324 |
| Industrial Development - 0.1% |  |  |
| Oregon State Business Development Commission (Intel Corp Proj.) Series 232, 3.8% tender 12/1/2040 (b) | 2000000 | 2012201 |
| Lease Revenue - 0.1% |  |  |
| Oregon St Gen. Oblig. 5% 6/1/2027  | 1115000 | 1163402 |
| Oregon St Gen. Oblig. Series 2024 D, 5% 6/1/2028  | 2500000 | 2659099 |
|  |  | 3822501 |
| Other - 0.0% |  |  |
| Port Morrow Ore Full Faith & Cr Obligs Gen. Oblig. Series 2021D, 4% 12/1/2025  | 150000 | 150511 |
| Transportation - 0.2% |  |  |
| Port of Portland Arpt Rev 5% 7/1/2025 (c) | 2115000 | 2117743 |
| Port of Portland Arpt Rev 5% 7/1/2026 (c) | 1150000 | 1168273 |
| Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2028 (c) | 720000 | 751284 |
| Port of Portland Arpt Rev Series THIRTY B, 5% 7/1/2029 (c) | 2860000 | 3015001 |
|  |  | 7052301 |
| TOTAL OREGON |  | 14514920 |
| Pennsylvania - 4.0%  |  |  |
| Education - 0.1% |  |  |
| Lycoming County Authority Series 2013 S2, 3.85% tender 11/1/2035 (b) | 2000000 | 1999005 |
| Southcentral PA Gen Auth Rev Series 2021 TT2, 5% 5/1/2026  | 320000 | 325270 |
|  |  | 2324275 |
| Electric Utilities - 0.0% |  |  |
| Philadelphia PA Gas Wks Rev Series 13TH, 5% 8/1/2025  | 420000 | 421136 |
| General Obligations - 0.4% |  |  |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 5% 6/1/2025  | 1755000 | 1755060 |
| Pennsylvania St 5% 9/1/2026  | 6590000 | 6764589 |
| Pennsylvania St 5% 9/1/2027  | 1000000 | 1047330 |
| Pennsylvania St Gen. Oblig. Series 2018, 3.2% 3/1/2029  | 640000 | 635495 |
| Pennsylvania St Gen. Oblig. Series 2018, 3.35% 3/1/2030  | 950000 | 944406 |
| Pennsylvania St Gen. Oblig. Series 2018, 5% 3/1/2028  | 1215000 | 1281841 |
| Pennsylvania St Series 2019, 5% 7/15/2026  | 1650000 | 1689135 |
| Reading PA Sch Dist Series 2017, 5% 3/1/2026 (Assured Guaranty Municipal Corp Insured)  | 5000 | 5074 |
| Reading PA Sch Dist Series 2017, 5% 3/1/2027 (Assured Guaranty Municipal Corp Insured)  | 5000 | 5150 |
| Reading PA Sch Dist Series 2017, 5% 3/1/2028 (Assured Guaranty Municipal Corp Insured)  | 5000 | 5164 |
|  |  | 14133244 |
| Health Care - 1.4% |  |  |
| Alleg Cnty PA Dev Auth 5% 10/15/2025  | 740000 | 744125 |
| Alleg Cnty PA Dev Auth Series 2017 D 2 SUB E, SIFMA Municipal Swap Index + 0.7%, 2.67% tender 11/15/2047 (b)(d) | 4000000 | 3963166 |
| Geisinger Auth PA Hlth Sys Rev (Kaiser Permanente Hlth System Proj.) Series 2020 B, 5% tender 4/1/2043 (b) | 4975000 | 5068315 |
| Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2026 (i) | 1020000 | 1041979 |
| Lancaster Cnty PA Hosp Aut Rev (Masonic Villages of The Grand Lodge of Pennsylvania Proj.) Series 2025 A, 5% 11/1/2027 (i) | 1160000 | 1201649 |
| Lancaster Municipal Authority (Garden Spot Village Proj.) Series 2024A, 5% 5/1/2027  | 200000 | 204688 |
| Lancaster Municipal Authority (Garden Spot Village Proj.) Series 2024A, 5% 5/1/2028  | 210000 | 217360 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 D, 2.77% 9/1/2050 VRDN (b) | 6700000 | 6700000 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2026  | 1250000 | 1272114 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024D1, 2.9% 11/1/2061, LOC Bank of America NA VRDN (b) | 20000000 | 20000001 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 B, 2.77% 9/1/2050 VRDN (b) | 7895000 | 7895000 |
|  |  | 48308397 |
| Housing - 0.0% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2021 137, 5% 10/1/2026  | 280000 | 287371 |
| Resource Recovery - 1.4% |  |  |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2014, 3.8% tender 6/1/2044 (b)(c) | 7400000 | 7399970 |
| Pennsylvania Econ Dev Sld Wst (Republic Services Inc Proj.) Series 2019 B, 4.25% tender 4/1/2049 (b)(c) | 2000000 | 2001029 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2013, 4.1% tender 8/1/2045 (b)(c) | 11000000 | 11005080 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2021A 2, 4.6% tender 10/1/2046 (b)(c) | 9005000 | 9062701 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2025 A, 3.95% tender 6/1/2049 (b)(c)(i) | 6400000 | 6400411 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series A, 4.25% tender 8/1/2037 (b)(c) | 11300000 | 11302080 |
|  |  | 47171271 |
| Transportation - 0.6% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5% 1/1/2027 (Assured Guaranty Municipal Corp Insured) (c) | 680000 | 695880 |
| Pennsylvania St Tpk Com Regis Series 2023, 1.97% tender 7/15/2041 (b) | 9000000 | 8981360 |
| Pennsylvania Turnpike Commission Series B 2, 5% 6/1/2028  | 410000 | 423639 |
| Pennsylvania Turnpike Commission Series B 2, 5% 6/1/2029  | 690000 | 712663 |
| Philadelphia PA Airport Rev 5% 7/1/2025 (c) | 440000 | 440430 |
| Philadelphia PA Airport Rev 5% 7/1/2026 (c) | 3360000 | 3420554 |
| Philadelphia PA Airport Rev Series 2015 A, 5% 6/15/2026 (c) | 1000000 | 1001273 |
| Philadelphia PA Airport Rev Series 2020 C, 5% 7/1/2025 (c) | 2450000 | 2452393 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2028 (c) | 3170000 | 3307738 |
|  |  | 21435930 |
| Water & Sewer - 0.1% |  |  |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2028  | 275000 | 291434 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2029 (Assured Guaranty Municipal Corp Insured)  | 275000 | 297531 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2030 (Assured Guaranty Municipal Corp Insured)  | 200000 | 219048 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2031 (Assured Guaranty Municipal Corp Insured)  | 300000 | 332334 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2032 (Assured Guaranty Municipal Corp Insured)  | 385000 | 429993 |
| Pittsburgh PA Wtr & Swr Auth Series 2025A, 5% 9/1/2033 (Assured Guaranty Municipal Corp Insured)  | 350000 | 393313 |
|  |  | 1963653 |
| TOTAL PENNSYLVANIA |  | 136045277 |
| Rhode Island - 0.7%  |  |  |
| Education - 0.4% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2028  | 350000 | 368952 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2029  | 350000 | 374055 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2030  | 335000 | 362016 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2031  | 350000 | 381583 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2032  | 465000 | 510205 |
| Rhode Island Health & Edl Bldg Corp Rev 0% 11/13/2025 CP  | 7000000 | 6999992 |
| Rhode Island St Student Ln 5% 12/1/2025 (c) | 855000 | 861749 |
| Rhode Island St Student Ln Series 2017A, 4% 12/1/2026 (c) | 145000 | 143979 |
| Rhode Island St Student Ln Series 2019, 5% 12/1/2026 (c) | 570000 | 579438 |
| Rhode Island St Student Ln Series 2019, 5% 12/1/2028 (c) | 490000 | 506744 |
|  |  | 11088713 |
| General Obligations - 0.3% |  |  |
| Bristol-Warren RI Regl Sch Dis BAN Series 2025 1, 5% 6/4/2026 (i) | 5000000 | 5091508 |
| Pawtucket RI Gen. Oblig. BAN Series 2024 2, 4.5% 10/24/2025  | 4700000 | 4707794 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2028 (Build America Mutual Assurance Co Insured)  | 900000 | 950622 |
| Rhode Island Health And Educational Building Corp (Providence RI Proj.) 5% 5/15/2029 (Build America Mutual Assurance Co Insured)  | 800000 | 857522 |
|  |  | 11607446 |
| Housing - 0.0% |  |  |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 70, 4% 10/1/2049  | 35000 | 35052 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 76 A, 5% 4/1/2027  | 35000 | 36189 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 76 A, 5% 4/1/2028  | 250000 | 262909 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 76 A, 5% 4/1/2029  | 300000 | 317922 |
|  |  | 652072 |
| Lease Revenue - 0.0% |  |  |
| Providence RI Pub Bldgs Auth Rev 5% 9/15/2027  | 1000000 | 1040210 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Setlement Fing Corp RI Series 2015 A, 5% 6/1/2026  | 75000 | 75059 |
| Tobacco Setlement Fing Corp RI Series 2015 A, 5% 6/1/2027  | 20000 | 20016 |
|  |  | 95075 |
| TOTAL RHODE ISLAND |  | 24483516 |
| South Carolina - 0.6%  |  |  |
| Education - 0.0% |  |  |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2028  | 435000 | 460557 |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2029  | 475000 | 510895 |
| Clemson Univ SC Higher Ed Rev Series 2025A, 5% 5/1/2030  | 390000 | 424751 |
|  |  | 1396203 |
| Electric Utilities - 0.1% |  |  |
| South Carolina St Svc Auth Rev 2.85% 6/4/2025, LOC Barclays Bank PLC CP  | 2175000 | 2175083 |
| South Carolina St Svc Auth Rev 5% 12/1/2025  | 360000 | 363173 |
| South Carolina St Svc Auth Rev 5% 12/1/2025  | 150000 | 151322 |
| South Carolina St Svc Auth Rev 5% 12/1/2026  | 170000 | 174883 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2027  | 550000 | 575952 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2028  | 550000 | 585031 |
| South Carolina St Svc Auth Rev Series A, 5% 12/1/2025  | 115000 | 115000 |
|  |  | 4140444 |
| Escrowed/Pre-Refunded - 0.5% |  |  |
| South Carolina St Ports Auth Series 2015, 5% 7/1/2045 (Pre-refunded to 7/1/2025 at 100) (c) | 875000 | 876074 |
| South Carolina St Ports Auth Series 2015, 5.25% 7/1/2050 (Pre-refunded to 7/1/2025 at 100) (c) | 12275000 | 12292502 |
| South Carolina St Ports Auth Series 2015, 5.25% 7/1/2055 (Pre-refunded to 7/1/2025 at 100) (c) | 900000 | 901283 |
|  |  | 14069859 |
| General Obligations - 0.0% |  |  |
| Scago Edl Facs Corp For Colleton Sch Dist SC Installment Pur Rev (Colleton County School District Proj.) Series 2015, 5% 12/1/2026  | 25000 | 25030 |
| Health Care - 0.0% |  |  |
| South Carolina Jobs Eda Hosp (Bon Secours Health Sys Proj.) Series 2020B, 5% tender 12/1/2048 (b) | 200000 | 200972 |
| Housing - 0.0% |  |  |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2019 A, 4% 1/1/2050  | 60000 | 60175 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2023 B, 6% 1/1/2054  | 145000 | 156883 |
|  |  | 217058 |
| Synthetics - 0.0% |  |  |
| South Carolina Conway Hosp Participating VRDN Series 2022 019, 2.32% 7/1/2047 (Liquidity Facility Barclays Bank PLC) (b)(e) | 1400000 | 1400000 |
| Transportation - 0.0% |  |  |
| South Carolina St Ports Auth Series 2019 B, 5% 7/1/2026 (c) | 185000 | 188439 |
| TOTAL SOUTH CAROLINA |  | 21638005 |
| South Dakota - 0.0%  |  |  |
| Housing - 0.0% |  |  |
| South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2017D, 4% 11/1/2047  | 210000 | 210048 |
| South Dakota Housing Development Authority (SD Mortgage Proj.) Series 2023G, 6.25% 5/1/2055  | 100000 | 107850 |
|  |  | 317898 |
| TOTAL SOUTH DAKOTA |  | 317898 |
| Tennessee - 1.3%  |  |  |
| General Obligations - 0.1% |  |  |
| Metropolitan Govt Nashville & Davidson Cnty TN Gen. Oblig. Series 2017, 4% 7/1/2028  | 1440000 | 1458566 |
| Tennessee Engy Acq Crp Gas Rev Series 2018, 4% tender 11/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (b) | 3500000 | 3501577 |
|  |  | 4960143 |
| Health Care - 0.5% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (Commonspirit Health Proj.) 2.03% 5/1/2039 VRDN (b) | 5200000 | 5200000 |
| Jackson TN Hosp Rev (West Tennessee Healthcare Proj.) Series 2015, 5% 4/1/2027  | 5750000 | 5753705 |
| Johnson City TN Health & Edl (Ballad Health Proj.) Series 2023A, 5% 7/1/2025  | 1250000 | 1251334 |
| Johnson City TN Health & Edl (Ballad Health Proj.) Series 2023A, 5% 7/1/2026  | 400000 | 406782 |
|  |  | 12611821 |
| Housing - 0.2% |  |  |
| Chattanooga Tenn Health Edl & Hsg Fac Brd Multifamily Hsg 3.6% tender 6/1/2048 (b) | 4090000 | 4113732 |
| Knoxville Cnty Tenn Health Edl& Hsg Fac Brd Multifamily Hsgrev Series 2024, 3.1% tender 9/1/2029 (b) | 2315000 | 2313943 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series 2021 3A, 3% 1/1/2052  | 190000 | 185887 |
| Tennessee Hsg Dev Agy Series 2015A, 3.5% 7/1/2045  | 90000 | 89757 |
|  |  | 6703319 |
| Other - 0.2% |  |  |
| Chattanooga Tenn Health Edl & Hsg Fac Brd Multifamily Hsg Series 2023, 3.8% tender 12/1/2029 (b) | 2000000 | 2015258 |
| Jackson TN Health & Hsg Mfh Rv 4% tender 4/1/2045 (b) | 2000000 | 2025053 |
| Knoxville TN Cmnty Dev Corp Multi Fam Rev 3.5% tender 12/1/2029 (b) | 3262000 | 3270900 |
|  |  | 7311211 |
| Synthetics - 0.0% |  |  |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Facs Participating VRDN Series 2024 MIZ9163, 2.25% 12/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 1300000 | 1300000 |
| Transportation - 0.3% |  |  |
| Memphis-Shelby Cnty TN Arpt Auth Series 2020 B, 5% 7/1/2025 (c) | 2200000 | 2202637 |
| Memphis-Shelby Cnty TN Arpt Auth Series 2021A, 5% 7/1/2025 (c) | 2750000 | 2753297 |
| Memphis-Shelby Cnty TN Arpt Auth Series 2021C, 1.875% 7/1/2025 (c) | 675000 | 673341 |
| Metro Nashville Arpt Auth Rev 5% 7/1/2026 (c) | 600000 | 610813 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2025 (c) | 1910000 | 1911803 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2026 (c) | 1695000 | 1725547 |
|  |  | 9877438 |
| TOTAL TENNESSEE |  | 42763932 |
| Texas - 11.6%  |  |  |
| Education - 0.2% |  |  |
| Clifton Higher Education Finance Corp 5% 8/15/2026  | 475000 | 482580 |
| Clifton Higher Education Finance Corp Series 2024, 5% 8/15/2026  | 325000 | 332273 |
| Clifton Higher Education Finance Corp Series 2024, 5% 8/15/2027  | 340000 | 354171 |
| Clifton Higher Education Finance Corp Series 2024A, 5% 8/15/2026  | 715000 | 731217 |
| Clifton Higher Education Finance Corp Series 2024A, 5% 8/15/2027  | 1275000 | 1322887 |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) Series 2016 A, 5% 4/1/2026  | 55000 | 55659 |
| Texas A&M Univ Perm Univ Fund 2.87% 6/3/2025 CP  | 3500000 | 3500162 |
| Texas A&M Univ Revs Series 2021 A, 5% 5/15/2026  | 725000 | 739204 |
|  |  | 7518153 |
| Electric Utilities - 0.5% |  |  |
| Austin TX Elec Util Sys Rev Series 2024, 5% 11/15/2028  | 1750000 | 1866666 |
| Garland Tex Elec Util Sys Rev Series 2024, 5% 3/1/2028 (Assured Guaranty Municipal Corp Insured)  | 1400000 | 1473986 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2026  | 1250000 | 1272542 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2021, 5% 5/15/2026  | 3160000 | 3216986 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2022, 5% 5/15/2026  | 700000 | 712624 |
| San Antonio TX Elec & Gas Rev 2% tender 2/1/2049 (b) | 1555000 | 1476909 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2026  | 545000 | 552022 |
| San Antonio TX Elec & Gas Rev Series 2023, 3.65% tender 2/1/2053 (b) | 4000000 | 3987325 |
| San Antonio TX Elec & Gas Rev SIFMA Municipal Swap Index + 0.87%, 2.84% tender 2/1/2048 (b)(d) | 4065000 | 4064570 |
|  |  | 18623630 |
| General Obligations - 4.2% |  |  |
| Alvin Tex Indpt Sch Dist Series 2024, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)  | 750000 | 805480 |
| Andrews County Hospital District Gen. Oblig. Series 2021, 5% 3/15/2026  | 1430000 | 1447190 |
| Bexar Cnty TX Gen. Oblig. Series 2014, 5% 6/15/2025  | 960000 | 960672 |
| Boerne TX Isd Series 2023, 3.125% tender 2/1/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 6835000 | 6807378 |
| Boerne TX Isd Series 2024, 4% tender 2/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b) | 1295000 | 1319897 |
| City of Waco TX Gen. Oblig. 5% 2/1/2026  | 2065000 | 2093245 |
| Clear Creek Independent School District Series 2013B, 3.6% tender 2/15/2035 (Permanent Sch Fund of Texas Guaranteed) (b) | 5785000 | 5787465 |
| Dallas TX Gen. Oblig. Series 2023A, 5% 2/15/2026  | 3250000 | 3294313 |
| Dallas TX Gen. Oblig. Series 2024A, 5% 2/15/2026  | 7800000 | 7906352 |
| Dallas TX ISD Series 2025A 2025A 1, 5% tender 2/15/2055 (Permanent Sch Fund of Texas Guaranteed) (b) | 2500000 | 2525887 |
| Denton Independent School District Series 2016, 0% 8/15/2025 (Permanent Sch Fund of Texas Guaranteed) (g) | 35000 | 34773 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2026  | 840000 | 861059 |
| El Paso Tex Gen. Oblig. Series 2024, 5% 8/15/2027  | 600000 | 626151 |
| Forney TX Indpt Sch Dis 5% 8/15/2025 (Permanent Sch Fund of Texas Guaranteed)  | 1010000 | 1013913 |
| Fort Bend County TX Gen. Oblig. Series B, 5% 3/1/2029  | 3455000 | 3459109 |
| Fort Bend TX Indpt Sch Dist 0.875% tender 8/1/2050 (Permanent Sch Fund of Texas Guaranteed) (b) | 3080000 | 3065964 |
| Fort Bend TX Indpt Sch Dist Series 2021 B, 0.72% tender 8/1/2051 (Permanent Sch Fund of Texas Guaranteed) (b) | 2080000 | 2002140 |
| Fort Bend TX Indpt Sch Dist Series 2024B, 4% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b) | 10000000 | 10149093 |
| Goose Creek TX Cons Indpt Sch 0.6% tender 2/15/2035 (Permanent Sch Fund of Texas Guaranteed) (b) | 500000 | 484532 |
| Harris Cnty TX 2.91% 7/16/2025, LOC Sumitomo Mitsui Banking Corp/New York CP  | 3490000 | 3489241 |
| Houston TX Indpt Sch Dist Series 2014A 2, 3.5% tender 6/1/2039 (Permanent Sch Fund of Texas Guaranteed) (b) | 4775000 | 4775000 |
| Houston TX Indpt Sch Dist Series 2017, 5% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed)  | 3015000 | 3125876 |
| Houston TX Indpt Sch Dist Series 2023C, 4% tender 6/1/2039 (Permanent Sch Fund of Texas Guaranteed) (b) | 8765000 | 8765000 |
| Katy TX Ind Sch Dist Series 2021 C, 4% tender 8/15/2050 (b) | 6000000 | 6055187 |
| Kilgore TX Indpt Sch Dist Series 2022, 2% tender 2/15/2052 (b) | 4000000 | 3987246 |
| Leander Independent School District 0% 2/15/2027 (Permanent Sch Fund of Texas Guaranteed) (g) | 1000000 | 944818 |
| Leander Independent School District Series 2025 B, 0% 8/15/2028 (g)(i) | 950000 | 850651 |
| Leander Independent School District Series 2025 B, 0% 8/15/2029 (g)(i) | 600000 | 517374 |
| McKinney TX Gen. Oblig. Series 2023A, 5% 8/15/2027  | 180000 | 187884 |
| McKinney TX Gen. Oblig. Series 2023A, 5% 8/15/2028  | 350000 | 371101 |
| New Caney TX Indpt Sch Dist New Series 2024, 5% 2/15/2029 (Permanent Sch Fund of Texas Guaranteed)  | 1400000 | 1503562 |
| North East Indpt Sch Dist TX Series 2015, 3% 8/1/2027 (Permanent Sch Fund of Texas Guaranteed)  | 920000 | 918181 |
| North East Indpt Sch Dist TX Series 2024, 3.75% tender 8/1/2049 (Permanent Sch Fund of Texas Guaranteed) (b) | 4070000 | 4101150 |
| Northside TX Indpt Sch Dist Series 2020, 3.55% tender 6/1/2050 (Permanent Sch Fund of Texas Guaranteed) (b)(i) | 7325000 | 7344302 |
| Northside TX Indpt Sch Dist Series 2023 B, 3% tender 8/1/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 5220000 | 5183625 |
| Northside TX Indpt Sch Dist Series 2024B, 3.45% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (b) | 8835000 | 8831258 |
| Plainview Tex Indpt Sch Dist Series 2020B, 4% tender 2/15/2050 (b) | 2000000 | 2009460 |
| Port of Port Arthur TX Nav Dist Gen. Oblig. Series 2017, 5% 3/1/2028 (c) | 1645000 | 1683875 |
| Prosper Tex Indpt Sch Dist Series 2019 B, 4% tender 2/15/2050 (Permanent Sch Fund of Texas Guaranteed) (b) | 2900000 | 2917118 |
| Round Rock TX Indpt Sch Dist Series 2025A, 5% tender 8/1/2044 (b) | 3000000 | 3229725 |
| SA Energy Acquisition Pub Fac Corp TX Gas Supply Rev 5.5% 8/1/2025 (Goldman Sachs Group Inc/The Guaranteed)  | 1075000 | 1077720 |
| Texarkana Tex Indpt Sch Dist Series 2024, 4% tender 2/15/2053 (Permanent Sch Fund of Texas Guaranteed) (b) | 2835000 | 2843431 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.25% 1/1/2027 (BP PLC Guaranteed)  | 1070000 | 1099436 |
| Texas State Gen. Oblig. 4% 8/1/2025 (c) | 3005000 | 3007846 |
| Texas State Gen. Oblig. Series 2015, 5% 8/1/2026 (c) | 7875000 | 7900045 |
| Texas State Gen. Oblig. Series 2019, 5% 8/1/2025 (c) | 2805000 | 2812176 |
|  |  | 144176901 |
| Health Care - 0.6% |  |  |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) Series 2020 A, 4% 7/1/2025  | 250000 | 250159 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 2.8% 11/15/2050, LOC TD Bank NA VRDN (b) | 8000000 | 8000000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% tender 11/15/2052 (b) | 10725000 | 10858839 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Health Resources Proj.) Series 2016 A, 5% 2/15/2026  | 35000 | 35505 |
|  |  | 19144503 |
| Housing - 0.4% |  |  |
| Capital Area Hsg Fin Corp Tex Multi Family Hsg Rev Series 2024, 3.125% tender 9/1/2029 (b) | 2660000 | 2660217 |
| Dallas Tex Hsg Fin Corp Multi Family Hsg Rev 5% tender 8/1/2027 (b) | 1785000 | 1819295 |
| Dallas Tex Hsg Fin Corp Multi Family Hsg Rev Series 2023, 5% tender 7/1/2026 (b) | 400000 | 403054 |
| Dallas Tex Hsg Fin Corp Multi Family Hsg Rev Series 2023, 5% tender 9/1/2026 (b) | 1080000 | 1084034 |
| Houston Tex Fin Corp Multifamilty Hsg Rev 5% tender 8/1/2041 (b) | 290000 | 294285 |
| Las Varas Pub Fac Corp Tex Multifamily Hsg Rev Series 2022, 3.75% 11/1/2025 (b) | 3100000 | 3100366 |
| Smha Fin Pub Fac Corp Tex Multifamily Hsg Rev Series 2024, 3.7% tender 7/1/2028 (b) | 3695000 | 3729135 |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev (TX Residential Mortgage Proj.) Series 2023B, 6% 1/1/2054  | 640000 | 693655 |
| Texas St Affordable Hsg Corp Multifamily Hsg Rev Series 2023, 3.625% tender 1/1/2045 (b) | 1120000 | 1126108 |
|  |  | 14910149 |
| Industrial Development - 1.3% |  |  |
| Jewett Economic Dev Corp Tex I (Nucor Corp Proj.) 2.25% 8/1/2038 VRDN (b)(c) | 1025000 | 1025000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.35% 11/1/2040 VRDN (b) | 1800000 | 1800000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 2.45% 12/1/2027 VRDN (b)(c) | 39015000 | 39015000 |
| Port Arthur TX Navigation Dist Env Fac Rev (Motiva Enterprises Llc Proj.) 3.3% 4/1/2040 VRDN (b) | 1900000 | 1900000 |
|  |  | 43740000 |
| Lease Revenue - 0.0% |  |  |
| County of Wise TX Series 2021, 5% 8/15/2027  | 1000000 | 1022109 |
| Other - 1.2% |  |  |
| Alamo Tex Area Hsg Fin Corp Multifamily Hsg Rev Series 2024, 3.39% tender 7/10/2044 (b) | 6000000 | 6018951 |
| Arlington Tex Hsg Fin Corp Multifamily Hsg Rev Series 2022, 3.5% tender 11/1/2043 (b) | 5000000 | 4999985 |
| Austin Affordable Pfc Inc Texmultifamily Hsg Rev Series 2024B, 5% tender 9/1/2028 (b) | 1050000 | 1093636 |
| Fort Bend Cnty Tex Mun Util Dist No 182 Gen. Oblig. 5.25% 9/1/2026  | 1005000 | 1029102 |
| Harris Cnty Houston Tex Sports Auth Rev 5% 11/15/2025  | 4000000 | 4030038 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev Series 2020 A, 5% tender 5/15/2050 (b) | 2500000 | 2648046 |
| Harris County Hospital District Gen. Oblig. Series 2025, 5% 2/15/2029  | 2000000 | 2134734 |
| Housing Options Inc Tex Multifamily Rev 3.75% tender 11/1/2045 (b) | 3000000 | 3020684 |
| Houston Higher Education Finance Corp 2.87% 6/23/2025 CP  | 870000 | 869962 |
| San Antonio TX Wtr Rev 3% 9/9/2025 CP  | 8700000 | 8704747 |
| Sinton Tex Indpt Sch Dist Series 2022, 4% tender 8/15/2051 (b) | 4000000 | 4001388 |
| Texas Municipal Gas Acquisition & Supply Corp V 5% 1/1/2026  | 1000000 | 1008345 |
| Texas Municipal Gas Acquisition & Supply Corp V 5% 1/1/2027  | 500000 | 511849 |
|  |  | 40071467 |
| Resource Recovery - 0.2% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2012, 4.1% tender 1/1/2026 (b)(c) | 3900000 | 3901865 |
| 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)(i) | 3800000 | 3799577 |
|  |  | 7701442 |
| Special Tax - 0.5% |  |  |
| Dallas Tex Spl Tax Rev Series 2023, 6% tender 8/15/2053 (b)(f) | 8500000 | 8511241 |
| Dallas TX Rapid Transit Sales Tax Rev 3.2% 10/9/2025 CP  | 2950000 | 2952072 |
| East Downtown Redevelopment Authority 5% 9/1/2026  | 300000 | 303034 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2015, 5% 9/1/2027  | 1215000 | 1216561 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2021, 4% 9/1/2025  | 215000 | 215456 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2021, 4% 9/1/2026  | 275000 | 278610 |
| Texas Transn Commn Gen. Oblig. Series 2014 B, 0.65% tender 10/1/2041 (Texas State Guaranteed) (b) | 3750000 | 3640602 |
|  |  | 17117576 |
| Synthetics - 0.9% |  |  |
| Arlington Higher Education Finance Corp Participating VRDN Series 2021 MS0002, 2.37% 6/15/2056 (b)(e) | 12570000 | 12570000 |
| Brazos County Tex Hsg Fin Corp Participating VRDN Series 2023 XF3129, 2.25% 9/1/2041 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e) | 1300000 | 1300000 |
| City of Houston TX Airport System Revenue Participating VRDN 2.05% 7/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(e) | 5200000 | 5200000 |
| El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 2.25% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(h) | 1900000 | 1900000 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 2.25% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) (b)(e)(h) | 11100000 | 11100000 |
|  |  | 32070000 |
| Transportation - 1.2% |  |  |
| Austin Tex Airport Sys 5% 11/15/2026 (c) | 715000 | 715923 |
| Austin Tex Airport Sys Series 2019, 5% 11/15/2025 (c) | 3230000 | 3254256 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2026  | 75000 | 75754 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2027  | 4190000 | 4231284 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2026  | 125000 | 126257 |
| City of Houston TX Airport System Revenue 5% 7/1/2026 (c) | 1250000 | 1269861 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2025 (c) | 1900000 | 1901950 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2027 (c) | 2065000 | 2128498 |
| City of Houston TX Airport System Revenue Series 2023A, 5% 7/1/2026 (Assured Guaranty Municipal Corp Insured) (c) | 2000000 | 2034976 |
| City of Houston TX Airport System Revenue Series 2023A, 5% 7/1/2028 (Assured Guaranty Ltd Insured) (c) | 4000000 | 4176181 |
| Dallas Fort Worth International Airport 5% 11/1/2025  | 5000000 | 5035060 |
| Dallas Fort Worth International Airport Series 2020 A, 5% 11/1/2025  | 1000000 | 1007012 |
| Dallas Fort Worth International Airport Series 2023 C, 5% 11/1/2026 (c) | 1800000 | 1844643 |
| Fort Bend Cnty Tex Toll Rd Rev Series 2025, 5% 3/1/2028 (Assured Guaranty Municipal Corp Insured) (i) | 500000 | 525966 |
| Love Field TX Arpt Mod Rev 5% 11/1/2025 (c) | 5125000 | 5154594 |
| Love Field TX Arpt Mod Rev 5% 11/1/2026 (c) | 405000 | 413522 |
| Love Field TX Arpt Mod Rev 5% 11/1/2027 (c) | 415000 | 428585 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2025 (c) | 1000000 | 1005775 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2025 (c) | 730000 | 734215 |
| North TX Twy Auth Rev 5% 1/1/2026  | 695000 | 702616 |
| North TX Twy Auth Rev 5% 1/1/2026  | 65000 | 65096 |
| North TX Twy Auth Rev Series 2023 A, 5% 1/1/2027  | 275000 | 284277 |
| Port of Houston Auth Series 2023, 5% 10/1/2026  | 955000 | 981192 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2025 (c) | 400000 | 400433 |
| San Antonio TX Arpt Sys Rev 5% 7/1/2026 (c) | 500000 | 508585 |
|  |  | 39006511 |
| Water & Sewer - 0.4% |  |  |
| City of El Paso TX Water & Sewer Revenue Series 2017, 5% 3/1/2030  | 1000000 | 1027730 |
| Houston TX Util Sys Rev Series 2016 B, 5% 11/15/2025  | 1750000 | 1766027 |
| Houston TX Util Sys Rev Series 2021 A, 5% 11/15/2027  | 1000000 | 1050225 |
| Houston TX Util Sys Rev Series 2024 A, 5% 11/15/2025  | 4000000 | 4036634 |
| San Antonio TX Wtr Rev Series 2013 F, 1% tender 5/1/2043 (b) | 4250000 | 4093613 |
|  |  | 11974229 |
| TOTAL TEXAS |  | 397076670 |
| Utah - 0.6%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Intermountain Pwr Agy UT Pwr Series 2023 A, 5% 7/1/2026  | 935000 | 945743 |
| Health Care - 0.1% |  |  |
| Utah Cnty Utah Hosp Rev (Ihc Health Services Inc Proj.) Series 2020B 2, 5% tender 5/15/2060 (b) | 2430000 | 2473774 |
| Housing - 0.0% |  |  |
| UT Hsg Corp Multifamily Rev Series 2024 B, 3.4% tender 2/1/2028 (b) | 1500000 | 1496293 |
| Industrial Development - 0.0% |  |  |
| Box Elder Cnty Utah Pollution Ctl Rev (Nucor Corp Proj.) 2.75% 4/1/2028 VRDN (b) | 260000 | 259999 |
| Synthetics - 0.1% |  |  |
| Utah Hsg Corp Single Family Mtg Rev Participating VRDN 2% 1/1/2054 (b)(e) | 4125000 | 4125000 |
| Transportation - 0.4% |  |  |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2025 (c) | 3500000 | 3504166 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2026 (c) | 2000000 | 2032205 |
| Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2025 (c) | 700000 | 700832 |
| Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2026 (c) | 2390000 | 2428485 |
| Salt Lake City UT Arpt Rev Series 2023A, 5% 7/1/2028 (c) | 1000000 | 1043451 |
|  |  | 9709139 |
| TOTAL UTAH |  | 19009948 |
| Vermont - 0.2%  |  |  |
| Education - 0.1% |  |  |
| Vermont St Stud Assit Corp 5% 6/15/2027 (c) | 665000 | 679135 |
| Vermont St Stud Assit Corp Series 2019 A, 5% 6/15/2025 (c) | 1300000 | 1300597 |
|  |  | 1979732 |
| Housing - 0.1% |  |  |
| Vermont Hsg Fin Agy Series 2024 E 2, 3.5% 11/1/2026  | 5110000 | 5114709 |
| TOTAL VERMONT |  | 7094441 |
| Virginia - 1.8%  |  |  |
| Electric Utilities - 0.5% |  |  |
| Chesapeake VA Economic Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) Series 2008A, 3.65% tender 2/1/2032 (b) | 5560000 | 5598321 |
| Halifax Cnty VA Indl Dev Auth Pollution Ctl Rev (Virginia Electric And Power Co Proj.) 3.8% tender 12/1/2041 (b) | 1015000 | 1024062 |
| Louisa VA (Virginia Electric And Power Co Proj.) Series 2008 A, 3.65% tender 11/1/2035 (b) | 3950000 | 3978108 |
| Louisa VA (Virginia Electric And Power Co Proj.) Series 2008B, 0.75% tender 11/1/2035 (b) | 4000000 | 3957386 |
|  |  | 14557877 |
| Escrowed/Pre-Refunded - 0.2% |  |  |
| VA Port Auth Comwlth Port Rev Series 2015, 5% 7/1/2029 (Pre-refunded to 7/1/2025 at 100) (c) | 500000 | 500696 |
| VA Port Auth Comwlth Port Rev Series 2015, 5% 7/1/2038 (Pre-refunded to 7/1/2025 at 100) (c) | 500000 | 500696 |
| Virginia Port Auth Port Fac Rev Series 2015A, 5% 7/1/2031 (Pre-refunded to 7/1/2025 at 100) (c) | 300000 | 300331 |
| Virginia Small Business Fing Auth Environmental Facs Rev 4% tender 11/1/2052 (b)(c) | 6300000 | 6301456 |
|  |  | 7603179 |
| General Obligations - 0.3% |  |  |
| Chesterfld Gen. Oblig. Series 2015B, 3% 1/1/2026  | 5000000 | 4992231 |
| Virginia St Pub Bldg Auth Pub (Virginia St Proj.) 5% 8/1/2026 (c) | 2410000 | 2459729 |
| Virginia St Pub Bldg Auth Pub 5% 8/1/2025 (c) | 3375000 | 3384196 |
|  |  | 10836156 |
| Health Care - 0.0% |  |  |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2025  | 20000 | 20008 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2026  | 35000 | 35515 |
|  |  | 55523 |
| Housing - 0.4% |  |  |
| Alexandria VA Redv & Hsg Auth Multi Fam Hsg Rev Series 2024, 3.4% tender 12/1/2054 (b) | 4000000 | 3998719 |
| Arlington Cnty VA Indl Dev Auth Multifamily Rev Series 2023 A, 5% 1/1/2026  | 3975000 | 4017507 |
| Fairfax Cnty VA Redev & Hsg Auth Multi-Family Hsg Rev 5% tender 1/1/2045 (b) | 170000 | 175428 |
| Virginia Housing Development Authority 3.625% tender 7/1/2055 (b) | 4725000 | 4724034 |
|  |  | 12915688 |
| Industrial Development - 0.1% |  |  |
| Wise Cnty VA Indl Dev Auth Solid Waste & Sew Disp Rev Series 2010A, 3.8% tender 11/1/2040 (b) | 2000000 | 2017855 |
| Other - 0.1% |  |  |
| Virginia St Pub Bldg Auth Pub 5% 8/1/2025 (c) | 4500000 | 4512261 |
| Synthetics - 0.1% |  |  |
| Nat'l Sr Campuses Participating VRDN Series 2022 028, 2.32% 1/1/2045 (Liquidity Facility Barclays Bank PLC) (b)(e) | 3600000 | 3600000 |
| Transportation - 0.1% |  |  |
| VA Port Auth Comwlth Port Rev Series 2015, 5% 7/1/2028 (Pre-refunded to 7/1/2025 at 100) (c) | 4230000 | 4235889 |
| TOTAL VIRGINIA |  | 60334428 |
| Washington - 1.2%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Tacoma WA Elec Sys Rev Series 2017, 5% 1/1/2026  | 35000 | 35413 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| University Wash Univ Revs Series 2020C, 5% 4/1/2026 (Escrowed to Maturity)  | 260000 | 264479 |
| General Obligations - 0.2% |  |  |
| Snohomish Cnty WA Sch Dist 15 Edmonds Series 2024, 5% 12/1/2025  | 5100000 | 5150129 |
| Health Care - 0.4% |  |  |
| Skagit Cnty Wash Pub Hosp Dist No 1 Rev 4% 12/1/2026  | 1300000 | 1304602 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2025  | 205000 | 205599 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2026  | 115000 | 117273 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2027  | 50000 | 51879 |
| Washington St Health Care Facs Auth Rev (Commonspirit Health Proj.) Series 2019 B 2, 5% tender 8/1/2049 (b) | 8870000 | 8883180 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) Series B, 5% 8/15/2027  | 1500000 | 1501369 |
| Washington St Health Care Facs Auth Rev 5% 7/1/2027  | 1250000 | 1251197 |
| Washington St Health Care Facs Auth Rev Series 2025A, 5% 3/1/2027  | 500000 | 517188 |
| Washington St Health Care Facs Auth Rev Series 2025A, 5% 3/1/2028  | 610000 | 639804 |
|  |  | 14472091 |
| Housing - 0.3% |  |  |
| Community Roots Housing Foundation Series 2024, 3.4% tender 2/1/2029 (b) | 5165000 | 5182054 |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 5% 1/1/2028  | 120000 | 121101 |
| King Cnty Wash Hsg Auth Affordable Hsg Rev 5% 1/1/2028  | 65000 | 66599 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2021, 3% 12/1/2025  | 825000 | 822954 |
| Seattle Wash Hsg Auth Rev Series 2021, 1% 6/1/2026  | 1740000 | 1684436 |
| Seattle Wash Hsg Auth Rev Series 2023, 5% 6/1/2027  | 650000 | 662604 |
| Washington St Hsg Fin Comm Series 2021 2N, 5% 6/1/2025 (WA Single Family Prog 11/1/10 Guaranteed)  | 945000 | 945048 |
| Washington St Hsg Fin Commn Multifamily Hsg Rev Series 2023, 5% tender 12/1/2043 (b) | 805000 | 818287 |
|  |  | 10303083 |
| Other - 0.0% |  |  |
| King Cnty Wash Hsg Auth Hsg Rev Series 2020 A, 3% 6/1/2025  | 275000 | 274994 |
| Transportation - 0.2% |  |  |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2026 (c) | 455000 | 462494 |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2027 (c) | 2140000 | 2202247 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2026 (c) | 500000 | 507393 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2027 (c) | 500000 | 515659 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2025 (c) | 390000 | 391028 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2027 (c) | 200000 | 206329 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2029 (c) | 645000 | 679425 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2025 (c) | 1335000 | 1338519 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2026 (c) | 835000 | 852679 |
|  |  | 7155773 |
| Water & Sewer - 0.1% |  |  |
| King Cnty WA Swr Rev 0.875% tender 1/1/2042 (b) | 4925000 | 4826885 |
| TOTAL WASHINGTON |  | 42482847 |
| West Virginia - 0.4%  |  |  |
| Electric Utilities - 0.1% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2009A, 3.7% tender 12/1/2042 (b)(i) | 1000000 | 1002758 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2015A, 3.375% tender 3/1/2040 (b) | 2000000 | 1986882 |
|  |  | 2989640 |
| Health Care - 0.1% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (West Virginia United Health Sy Stem Proj.) Series 2018 E, 2.58% 6/1/2033 VRDN (b) | 3380000 | 3380000 |
| Resource Recovery - 0.2% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev Series 2009 B, 3.75% tender 12/1/2042 (b) | 1275000 | 1275000 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev Series 2010A, 0.625% tender 12/1/2038 (b) | 2000000 | 1965273 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev Series 2014A, 4.7% tender 4/1/2036 (b)(c) | 3085000 | 3099797 |
|  |  | 6340070 |
| TOTAL WEST VIRGINIA |  | 12709710 |
| Wisconsin - 1.8%  |  |  |
| Education - 0.1% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (Marquette University, WI Proj.) 5% 10/1/2025  | 3635000 | 3654407 |
| Electric Utilities - 0.0% |  |  |
| Wisconsin Health & Educational Facilities Authority (Milwaukee Reg Med Center Thermal Proj.) 5% 4/1/2026  | 195000 | 197866 |
| General Obligations - 0.1% |  |  |
| City of Racine WI Gen. Oblig. 6% 6/1/2025  | 1000000 | 1000070 |
| Milwaukee WI Gen. Oblig. 2% 3/1/2027  | 1610000 | 1567554 |
| Racine WI Uni Sch Dist 5% 4/1/2026 (Assured Guaranty Municipal Corp Insured)  | 125000 | 127004 |
| Racine WI Uni Sch Dist 5% 4/1/2027 (Assured Guaranty Municipal Corp Insured)  | 150000 | 155499 |
| Racine WI Uni Sch Dist 5% 4/1/2028 (Assured Guaranty Municipal Corp Insured)  | 175000 | 184553 |
| Racine WI Uni Sch Dist 5% 4/1/2029 (Assured Guaranty Municipal Corp Insured)  | 250000 | 267694 |
| Wisconsin St Gen. Oblig. Series 2025 2, 5% 5/1/2028  | 1065000 | 1129943 |
|  |  | 4432317 |
| Health Care - 0.3% |  |  |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 5% 6/1/2025  | 375000 | 375012 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 5% 6/1/2026  | 515000 | 521482 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2024A, 5% 4/1/2026  | 500000 | 508383 |
| Wisconsin Health & Edl Facs Auth Health Facs Rev (Unitypoint Health Proj.) Series 2014A, 5% 12/1/2026  | 2175000 | 2176395 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2019 A, 5% 11/15/2028  | 285000 | 302758 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2025  | 125000 | 125917 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2026  | 200000 | 205064 |
| Wisconsin St Health & Edl Facs Auth Rev (Advocate Health Care Network Proj.) 5% tender 8/15/2054 (b) | 3825000 | 3882489 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 5% 2/15/2026  | 400000 | 404430 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 5% 2/15/2027  | 790000 | 811784 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 5% 2/15/2028  | 515000 | 536013 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 5% 2/15/2029  | 1910000 | 2012313 |
|  |  | 11862040 |
| Housing - 0.0% |  |  |
| Wisconsin Hsg & Eda Hsg Rev (Wi Mhsg Rev 2007 Proj.) Series 2023 E, 3.875% tender 11/1/2054 (b) | 985000 | 987602 |
| Industrial Development - 0.2% |  |  |
| Wisconsin St Health & Edl Facs Auth Rev (WI Forensic Science Proj Proj.) Series 2024, 5% 8/1/2027 (f) | 5675000 | 5755022 |
| Other - 0.7% |  |  |
| Appleton Wis Redev Auth Rev (Fox Cities Performing Arts Center Inc Proj.) 2.2% 6/1/2036 VRDN (b) | 10000000 | 10000000 |
| Milwaukee WI Gen. Oblig. Series 2023 N3, 5% 4/1/2028 (Assured Guaranty Ltd Insured)  | 1690000 | 1773338 |
| Peshtigo School District 4.75% 3/1/2027  | 2500000 | 2502065 |
| PMA Levy & Aid Anticipation Notes Program 5% 9/24/2025  | 2500000 | 2512774 |
| Town of Clayton WI Series 2021 B, 2% 6/1/2026  | 2000000 | 1959291 |
| Wisconsin Hsg & Economic Dev Auth Multifamily Hsg 5% tender 11/1/2058 (b) | 3250000 | 3340705 |
| Wisconsin St Health & Edl Facs Auth Rev 4% 9/15/2026  | 220000 | 218556 |
|  |  | 22306729 |
| Resource Recovery - 0.3% |  |  |
| Public Fin Auth Wis Pollutionctl Rev (Duke Energy Progress Llc Proj.) Series 2022A 1, 3.3% tender 10/1/2046 (b) | 3300000 | 3266401 |
| Public Fin Auth Wis Sld Waste (Waste Management Inc Del Proj.) Series 2017 A 2, 4.1% tender 10/1/2025 (b)(c) | 6800000 | 6803140 |
|  |  | 10069541 |
| Water & Sewer - 0.1% |  |  |
| Sharon Wis Util Sys Rev Series 2024A, 5% 12/1/2026  | 2150000 | 2174542 |
| TOTAL WISCONSIN |  | 61440066 |
| Wyoming - 0.3%  |  |  |
| Electric Utilities - 0.2% |  |  |
| Lincoln Cnty Wyo Environmental Impt Rev (Pacificorp Proj.) Series 1995, 2.13% 11/1/2025 VRDN (b)(c) | 7200000 | 7200000 |
| Sweetwater Cnty WY Env Imp Rev (Pacificorp Proj.) 3.25% 11/1/2025 VRDN (b)(c) | 1100000 | 1100000 |
|  |  | 8300000 |
| Health Care - 0.1% |  |  |
| Sublette Cnty Wyo Hosp Dist Rev 5% 6/15/2026  | 2000000 | 1999915 |
| Housing - 0.0% |  |  |
| Wyoming Community Development Authority (WY Single Family Proj.) Series 2022 1, 3.5% 6/1/2052  | 1155000 | 1144733 |
| TOTAL WYOMING |  | 11444648 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $2,921,484,297) |  | <br> **2919496132** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** | &nbsp;&nbsp;**Money Market Funds - 6.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Investments Money Market Government Portfolio - Institutional Class (j)(k) | 4.22 | 97567726 | 97567726 |
| Fidelity Municipal Cash Central Fund (l)(m) | 2.43 | 70409101 | 70423183 |
| Fidelity SAI Municipal Money Market Fund (j)(k) | 2.28 | 43903888 | 43912669 |
| State Street Institutional U.S. Government Money Market Fund Premier Class (k) | 4.27 | 2353857 | 2353857 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $214,244,583) |  |  | **214257435** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.2%**<br> (Cost $3,494,499,942)<br>| <br>**3490338326** |
| **NET OTHER ASSETS (LIABILITIES) - (2.2)%**  | **(73989250)** |
| **NET ASSETS - 100.0%** | **3416349076** |

---

**Security Type Abbreviations**

---

| | | |
|:---|:---|:---|
| BAN | - | BOND ANTICIPATION NOTE |
| ETF | - | EXCHANGE-TRADED FUND |
| RAN | - | REVENUE ANTICIPATION NOTE |
| 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) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

(f) 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 $43,981,349 or 1.3% of net assets.

(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) 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 $21,202,736 or 0.6% of net assets.

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

(j) Affiliated Fund

(k) The rate quoted is the annualized seven-day yield of the fund at period end.

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

(m) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

---

| | | |
|:---|:---|:---|
| 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>|
| California Statewide Cmntys Dev Auth Multi Fam Hsg Rev Participating VRDN 2.25% 11/1/2052 (Liquidity Facility Mizuho Capital Markets LLC) | 11/16/22 | 1600000 |
| El Paso TX Hsg Fin Auth Participating VRDN Series 2022 MIZ9104, 2.25% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 8/05/22 | 1900000 |
| Miami Dade County Hsg Multi Fam Hsg Rev Participating VRDN Series 2022 MIZ9087, 2.25% 11/1/2061 (Liquidity Facility Mizuho Capital Markets LLC) | 1/27/22 | 920000 |
| Nat'l Fin Auth NH Specialty Bonds Participating VRDN Series 2024 MS0023, 2.27% tender 12/15/2030 (Liquidity Facility Morgan Stanley Bank NA) | 4/16/24 | 4400000 |
| Steele Duncan Plaza LLC Participating VRDN Series 2022 MIZ9103, 2.25% 8/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 8/11/22 | 1282736 |
| Texas Affordable Hsg Corp Multi Fam Hsg Rev Participating VRDN 2.25% 10/1/2062 (Liquidity Facility Mizuho Capital Markets LLC) | 1/27/23 | 11100000 |

---

**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 | 13408851 | 358473450 | 301459118 | 773850 | 99 | (99) | 70423183 | 70409101 | 1.7% |
| Total | 13408851 | 358473450 | 301459118 | 773850 | 99 | (99) | 70423183 |  |  |

---

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.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 95265336 | 636043033 | 633740642 | 4334938 | - | (1) | 97567726 | 97567726 |
| Fidelity SAI Municipal Money Market Fund | 42636979 | 1275690 | - | 1275751 | - | - | 43912669 | 43903888 |
|  | 137902315 | 637318723 | 633740642 | 5610689 | - | (1) | 141480395 |  |

---

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 May 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>** |  |  |  |  |
|  **Fixed-Income Funds** | 356584759 | 356584759 | - | - |
|  **Municipal Securities** |  |  |  |  |
| Education | 145136046 | - | 145136046 | - |
| Electric Utilities | 202228414 | - | 202228414 | - |
| Escrowed/Pre-Refunded | 63547912 | - | 63547912 | - |
| General Obligations | 654058597 | - | 654058597 | - |
| Health Care | 350564375 | - | 350564375 | - |
| Housing | 207889104 | - | 207889104 | - |
| Industrial Development | 173139592 | - | 173139592 | - |
| Lease Revenue | 40648558 | - | 40648558 | - |
| Other | 209176323 | - | 209176323 | - |
| Pooled Loans | 17536145 | - | 17536145 | - |
| Resource Recovery | 168412701 | - | 168412701 | - |
| Special Tax | 84344961 | - | 84344961 | - |
| Synthetics | 213347958 | - | 213347958 | - |
| Tobacco Bonds | 11268212 | - | 11268212 | - |
| Transportation | 323600407 | - | 323600407 | - |
| Water & Sewer | 54596827 | - | 54596827 | - |
|  **Money Market Funds** | 214257435 | 214257435 | - | - |
| **Total Investments in Securities:** | 3490338326 | 570842194 | 2919496132 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of May 31, 2025** | **As of May 31, 2025** | **As of May 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,282,609,215) | $3278434748 |  |
| Fidelity Central Funds (cost $70,423,162) | 70423183 |  |
| Other affiliated issuers (cost $141,467,565) | 141480395 |  |
| Total Investment in Securities (cost $3,494,499,942) |  | $3490338326 |
| Cash |  | 647989 |
| Receivable for investments sold |  | 10814406 |
| Receivable for fund shares sold |  | 5741713 |
| Dividends receivable |  | 585403 |
| Interest receivable |  | 31523520 |
| Distributions receivable from Fidelity Central Funds |  | 143890 |
| Prepaid expenses |  | 7492 |
| Other receivables |  | 9548 |
| **Total assets** |  | 3539812287 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $63948000 |  |
| Delayed delivery | 42693499 |  |
| Payable for fund shares redeemed | 7402649 |  |
| Distributions payable | 9153322 |  |
| Accrued management fee | 191811 |  |
| Other payables and accrued expenses | 73930 |  |
| **Total liabilities** |  | 123463211 |
| **Net Assets**  |  | $3416349076 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3435378588 |
| Total accumulated earnings (loss) |  | (19029512) |
| **Net Assets** |  | $3416349076 |
| **Net Asset Value**, offering price and redemption price per share ($3,416,349,076 ÷ 341,022,908 shares) |  | $10.02 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $13217944 |
| Affiliated issuers |  | 5610689 |
| Interest  |  | 100951531 |
| Income from Fidelity Central Funds  |  | 773850 |
| **Total income** |  | 120554014 |
| **Expenses** |  |  |
| Management fee | $11492354 |  |
| Custodian fees and expenses | 32750 |  |
| Independent trustees' fees and expenses | 18711 |  |
| Registration fees | 46508 |  |
| Audit fees | 69714 |  |
| Legal | 3025 |  |
| Miscellaneous | 18996 |  |
| Total expenses before reductions | 11682058 |  |
| Expense reductions | (9121550) |  |
| Total expenses after reductions |  | 2560508 |
| **Net Investment income (loss)** |  | 117993506 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 168459 |  |
| Fidelity Central Funds | 99 |  |
| Total net realized gain (loss) |  | 168558 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 22216959 |  |
| Fidelity Central Funds  | (99) |  |
| Other affiliated issuers  | (1) |  |
| Total change in net unrealized appreciation (depreciation) |  | 22216859 |
| **Net gain (loss)** |  | 22385417 |
| **Net increase (decrease) in net assets resulting from operations** |  | $140378923 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **May 31, 2025** | **Year ended**<br> **May 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $117993506 | $129085336 |
| &nbsp;&nbsp;Net realized gain (loss) | 168558<br>| (1518727)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 22216859 | 18877023<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 140378923<br>| 146443632<br>|
| Distributions to shareholders | (117742552)<br>| (129072565)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 908905836 | 1195191609 |
| Reinvestment of distributions | 13833<br>| 20843<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1419872768) | (1419620203) |
| **Net increase (decrease) in net assets resulting from share transactions** | (510953099)<br>| (224407751)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (488316728)<br>| (207036684)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3904665804 | 4111702488<br>|
| &nbsp;&nbsp;End of period | $3416349076 | $3904665804 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 90733794 | 120073485 |
| Issued in reinvestment of distributions | 1381<br>| 2095<br>|
| &nbsp;&nbsp;Redeemed | (141746646) | (142728820) |
| &nbsp;&nbsp;Net increase (decrease) | (51011471) | (22653240) |

---

**Financial Highlights** 

**Strategic Advisers® Tax-Sensitive Short Duration Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended May 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.96 | $9.92 | $9.92 | $10.05 | $10.02 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .328  | .318  | .190  | .044  | .067  |
| Net realized and unrealized gain (loss)  | .059  | .041  | .001  | (.130)  | .034  |
| Total from investment operations  | .387  | .359  | .191  | (.086)  | .101  |
| Distributions from net investment income  | (.327)  | (.319)  | (.191)  | (.044)  | (.070)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.001)  |
| Total distributions  | (.327)  | (.319)  | (.191)  | (.044)  | (.071)  |
| Net asset value, end of period  | $10.02 | $9.96 | $9.92 | $9.92 | $10.05 |
| **Total Return** C | 3.94% <br>| 3.67%  | 1.94%  | (.85)%  | 1.01%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .32%  | .32%  | .32%  | .32%  | .33%  |
| Expenses net of fee waivers, if any  | .07% <br>| .07%  | .07%  | .07%  | .08%  |
| Expenses net of all reductions, if any  | .07%  | .07%  | .07%  | .07%  | .08%  |
| Net investment income (loss)  | 3.28%  | 3.20%  | 1.92%  | .44%  | .66%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3416349 | $3904666 | $4111702 | $4559412 | $5389558 |
| Portfolio turnover rate F | 70% <br>| 68%  | 80%  | 53%  | 86%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended May 31, 2025

**1. Organization.**

Strategic Advisers Tax-Sensitive Short Duration Fund (the Fund) is a fund of Fidelity Rutland Square Trust II (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 Delaware statutory trust. The Fund is offered exclusively to certain managed account clients of Strategic Advisers LLC (Strategic Advisers), an affiliate of Fidelity Management & Research Company LLC (FMR).

**2. Significant Accounting Policies.**

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

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

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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

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

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

Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 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 May 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. 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. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds 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.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Strategic Advisers Tax-Sensitive Short Duration Fund** | $9548 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to market discount, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $4805267 |
| **Gross unrealized depreciation**  | <u>(8678217)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(3872950)</u> |
| **Tax Cost**  | <u>$3494211276</u> |

---

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

---

| | |
|:---|:---|
| **Capital loss carryforward**  | <u>$(14842056)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(3872950)</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(3687437) |
| Long-term | <u>(11154619)</u> |
| **Total capital loss carryforward** | <u>$(14842056)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024** |
| **Tax-exempt Income** | $112712765 | $114709583 |
| **Ordinary Income**  | <u>5029787</u> | <u>14362982</u> |
| **Total**  | <u>$117742552</u> | <u>$129072565</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 Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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

**3. 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 ($)** | **Sales ($)** |
| **Strategic Advisers Tax-Sensitive Short Duration Fund** | 2005009844 | 2345197796 |

---

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

**Management Fee**. Strategic Advisers (the investment adviser) provides the Fund with investment management related services. For these services, the Fund pays a monthly management fee to the investment adviser. The management fee is calculated by adding the annual management fee rate of .25% of the Fund's average net assets throughout the month to the aggregate of the fee rates, payable monthly by the investment adviser, to the Fund's sub-advisers. The Fund's maximum aggregate management fee will not exceed .55% of the Fund's average net assets. For the reporting period, the total annual management fee rate was .32% of the Fund's average net assets.

During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

**Sub-Advisers.** FIAM LLC (an affiliate of the investment adviser), T. Rowe Price Associates, Inc. and Allspring Global Investments, LLC each served as a sub-adviser for the Fund during the period. Sub-advisers provide discretionary investment advisory services for their allocated portion of the Fund's assets and are paid as described in the Management Fee note.

Effective January 1, 2025, the sub-subadvisory agreements between FIAM LLC (FIAM) and each of FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited (collectively, the Sub-Subadvisers) were amended. FIAM or an affiliate, and not the fund, pays the Sub-Subadvisers. Under the terms of the sub-subadvisory agreements, FIAM or an affiliate pays each Sub-Subadviser monthly fees equal to 110% of the Sub-Subadviser's costs for providing sub-subadvisory services.

**Interfund Trades.** Funds may purchase from or sell securities to other funds affiliated with each sub-adviser 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) ($)** |
| **Strategic Advisers Tax-Sensitive Short Duration Fund** | 19720000 | 4075264 | (812) |

---

**5. 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 are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**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 ($)** |
| **Strategic Advisers Tax-Sensitive Short Duration Fund** | 5371 |

---

**7. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee in an amount equal to .25% of the Fund's average net assets until September 30, 2027. During the period, this waiver reduced the Fund's management fee by $9,003,204. Expense reductions also include certain voluntary fee discount arrangements, which are currently in effect for the Fund. During the period, these voluntary arrangements amounted to $87,467.

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 $30,879.

**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.

Funds do not invest in underlying mutual funds for the purpose of exercising management or control; however, investments by funds within their principal investment strategies may represent a significant portion of the underlying mutual fund's net assets. At the end of the period, certain Funds were the owners of record of 10% or more of the total outstanding shares of the following underlying mutual funds as shown below.

---

| | |
|:---|:---|
| **Fund**  | **Strategic Advisers Tax-Sensitive Short Duration Fund** |
| Fidelity SAI Municipal Money Market Fund | 100% |

---

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Tax-Sensitive Short Duration Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Tax-Sensitive Short Duration Fund (one of the funds constituting Fidelity Rutland Square Trust II, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 15, 2025

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

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

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

A total of 53.94% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

During fiscal year ended 2025, 94.72% of the fund's income dividends was free from federal income tax, and 26.84% of the fund's income dividends was subject to the federal alternative minimum tax.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Charles S. Morrison | Charles S. Morrison | Charles S. Morrison |
| Affirmative | 381775585183.64 | 95.17 |
| Withheld  | 19363639577.49 | 4.83 |
| TOTAL  | 401139224761.13 | 100.00 |
| Nancy D. Prior | Nancy D. Prior | Nancy D. Prior |
| Affirmative | 381252305731.53 | 95.04 |
| Withheld  | 19886919029.60 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Mary C. Farrell | Mary C. Farrell | Mary C. Farrell |
| Affirmative | 381226030239.11 | 95.04 |
| Withheld  | 19913194522.02 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Karen Kaplan | Karen Kaplan | Karen Kaplan |
| Affirmative | 381519946847.38 | 95.11 |
| Withheld  | 19619277913.75 | 4.89 |
| TOTAL  | 401139224761.13 | 100.00 |
| Christine Marcks | Christine Marcks | Christine Marcks |
| Affirmative | 380186327029.51 | 94.78 |
| Withheld  | 20952897731.62 | 5.22 |
| TOTAL  | 401139224761.13 | 100.00 |
| Harold Singleton III | Harold Singleton III | Harold Singleton III |
| Affirmative | 382499458473.65 | 95.35 |
| Withheld  | 18639766287.48 | 4.65 |
| TOTAL  | 401139224761.13 | 100.00 |
| Heidi L. Steiger | Heidi L. Steiger | Heidi L. Steiger |
| Affirmative | 380661676515.00 | 94.90 |
| Withheld  | 20477548246.13 | 5.10 |
| TOTAL  | 401139224761.13 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Amended Sub-Subadvisory Agreements**

**Strategic Advisers Tax-Sensitive Short Duration Fund**

In December 2024, the Board of Trustees, including the Independent Trustees (together, the Board) voted to approve amendments to the existing sub-subadvisory agreements between FIAM LLC (FIAM) and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Japan) Limited (FMR Japan), and Fidelity Management & Research (Hong Kong) Limited (FMR H.K., and together with FMR UK and FMR Japan, the Sub-Subadvisers) (the Amended Agreements). The Amended Agreements will be effective January 1, 2025.

The Board considered the Amended Agreements, which simplified the calculation of the fees paid to the Sub-Subadvisers under the agreements. The Board noted that the agreements with the Sub-Subadvisers were amended to provide that FIAM or an affiliate will compensate each Sub-Subadviser at a fee rate equal to 110% of the Sub-Subadviser's costs incurred in providing services under the agreement. The Board considered that under the Amended Agreements, FIAM or an affiliate will compensate each Sub-Subadviser, and that the fund and Strategic Advisers are not responsible for any such fees. The Board also considered that the changes will not impact the sub-advisory fees paid under the existing sub-advisory agreement with FIAM. The Board noted that no other material contract terms are impacted by the Amended Agreements.

The Board considered that the approval of the Amended Agreements will not result in any changes in the investment process or strategies employed by FIAM in the management of the fund's assets or their day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Amended Agreements would not change the obligations and services of FIAM and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FIAM and its affiliates.

The Board considered that the existing sub-advisory and sub-subadvisory agreements for the fund were recently renewed by the Board in September 2024 and that the Board will consider their renewal again in September 2025. In connection with its consideration of future renewals, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Strategic Advisers funds, whether the Strategic Advisers funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each Amended Agreement's fee structure bears a reasonable relationship to the services to be rendered and each Amended Agreements is in the best interests of the fund and its shareholders and should be approved. In addition, the Board concluded that the approval of each Amended Agreement does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage.

![](img109660_4.jpg)<br>

1.9885904.107 TSS-ANN-0725

**Strategic Advisers® Short Duration Fund**

*Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public*

**Annual Report**

**May 31, 2025**

![](img109661_1.jpg)

![](img109661_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ASD-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Strategic Advisers® Short Duration Fund](#Sub_Sec_Fund_2387_ASD-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2387_ASD-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ASD-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ASD-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ASD-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ASD-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ASD-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ASD-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Strategic Advisers® Short Duration Fund**

**Schedule of Investments May 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 8.3%** | &nbsp;&nbsp;**Asset-Backed Securities - 8.3%** | &nbsp;&nbsp;**Asset-Backed Securities - 8.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.2%  |  |  |
| Fortress Credit Bsl Xv Ltd Series 2024-2A Class AR, CME Term SOFR 3 month Index + 1.4%, 5.6695% 10/18/2033 (b)(c)(d) | 2310000 | 2310605 |
| Hartwick Park Clo Ltd Series 2024-1A Class AR, CME Term SOFR 3 month Index + 1.16%, 5.4295% 1/20/2037 (b)(c)(d) | 2049000 | 2045935 |
| Neuberger Berman Ln Advisers Nbla Clo 50 Ltd / Neuberger Berman Ln Series 2024-50A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.5293% 7/23/2036 (b)(c)(d) | 2519000 | 2519486 |
| Valley Stream Pk Clo Ltd / Vy Stream Pk Clo LLC Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.19%, 5.4595% 1/20/2037 (b)(c)(d) | 1526000 | 1524331 |
| TOTAL BAILIWICK OF JERSEY |  | 8400357 |
| CANADA - 0.0%  |  |  |
| Chesapeake Funding II LLC Series 2023-1A Class A1, 5.65% 5/15/2035 (b) | 884335 | 888164 |
| Chesapeake Funding II LLC Series 2023-2A Class A1, 6.16% 10/15/2035 (b) | 183642 | 185864 |
| Chesapeake Funding II LLC Series 2024-1A Class A1, 5.52% 5/15/2036 (b) | 373369 | 376764 |
| Securitized Term Auto Receivables Trust Series 2025-A Class B, 5.038% 7/25/2031 (b) | 343314 | 344787 |
| TOTAL CANADA |  | 1795579 |
| GRAND CAYMAN (UK OVERSEAS TER) - 2.2%  |  |  |
| Alinea Clo Ltd Series 2025-1A Class AR, CME Term SOFR 3 month Index + 0.9%, 5.1695% 7/20/2031 (b)(c)(d) | 359905 | 359659 |
| Alinea Clo Ltd Series 2025-1A Class BR, CME Term SOFR 3 month Index + 1.15%, 5.4195% 7/20/2031 (b)(c)(d) | 250000 | 248658 |
| Ares Lii Clo Ltd Series 2025-52A Class A1RR, CME Term SOFR 3 month Index + 0.88%, 5.1524% 4/22/2031 (b)(c)(d) | 1459810 | 1457620 |
| Ares LIV CLO Ltd Series 2024-54A Class AR, CME Term SOFR 3 month Index + 1.27%, 5.5261% 10/15/2032 (b)(c)(d) | 736373 | 736574 |
| Ares XXXIV CLO Ltd Series 2024-2A Class AR3, CME Term SOFR 3 month Index + 1.32%, 5.5998% 4/17/2033 (b)(c)(d) | 4390000 | 4401985 |
| Barings Clo Ltd Series 2024-4A Class BR, CME Term SOFR 3 month Index + 1.8%, 6.0561% 10/15/2030 (b)(c)(d) | 1525000 | 1526813 |
| Battalion Clo Xv Ltd / Battalion Clo Xv LLC Series 2025-15A Class A1RR, CME Term SOFR 3 month Index + 0.98%, 5.2598% 1/17/2033 (b)(c)(d) | 3118400 | 3107011 |
| Battalion Clo Xv Ltd / Battalion Clo Xv LLC Series 2025-15A Class CR, CME Term SOFR 3 month Index + 1.9%, 6.1798% 1/17/2033 (b)(c)(d) | 715000 | 712182 |
| Bluemountain Clo Ltd / Bluemountain Clo LLC Series 2024-3A Class A1R, CME Term SOFR 3 month Index + 1.19%, 5.4718% 10/25/2030 (b)(c)(d) | 565827 | 565802 |
| Bluemountain CLO Ltd Series 2024-3A Class A1R2, CME Term SOFR 3 month Index + 1.2%, 5.5263% 11/15/2030 (b)(c)(d) | 919532 | 919586 |
| Buckhorn Park Clo Ltd Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.07%, 5.3395% 7/18/2034 (b)(c)(d) | 2500000 | 2495763 |
| Chenango Park Clo Ltd Series 2025-1A Class A2R, CME Term SOFR 3 month Index + 1.45%, 5.7061% 4/15/2030 (b)(c)(d) | 575000 | 574970 |
| Chenango Park Clo Ltd Series 2025-1A Class BR, CME Term SOFR 3 month Index + 1.8%, 6.0561% 4/15/2030 (b)(c)(d) | 1200000 | 1202329 |
| CIFC Funding Ltd Series 2025-1A Class AR3, CME Term SOFR 3 month Index + 1%, 5.2695% 10/21/2031 (b)(c)(d) | 1668964 | 1665795 |
| CIFC Funding Ltd Series 2025-1A Class D1R3, CME Term SOFR 3 month Index + 2.3%, 6.5695% 10/21/2031 (b)(c)(d) | 670000 | 670640 |
| Clover Clo Ltd Series 2025-1A Class ARR, CME Term SOFR 3 month Index + 1%, 5.3091% 4/18/2035 (b)(c)(d) | 1635000 | 1626019 |
| Dryden 45 Senior Loan Fund Series 2024-45A Class BRR, CME Term SOFR 3 month Index + 1.65%, 5.9061% 10/15/2030 (b)(c)(d) | 1290000 | 1290513 |
| Dryden 68 Clo Ltd Series 2024-68A Class ARR, CME Term SOFR 3 month Index + 1.1%, 5.3561% 7/15/2035 (b)(c)(d) | 2331000 | 2322459 |
| Dryden 77 Clo Ltd Series 2021-77A Class AR, CME Term SOFR 3 month Index + 1.3816%, 5.7036% 5/20/2034 (b)(c)(d) | 1700000 | 1700842 |
| Flatiron Clo 28 Ltd / Flatiron Clo 28 LLC Series 2024-1A Class A1, CME Term SOFR 3 month Index + 1.32%, 5.5761% 7/15/2036 (b)(c)(d) | 2797000 | 2797920 |
| Fortress Credit BSL Ltd Series 2025-1A Class A1R, CME Term SOFR 3 month Index + 1.57%, 0% 4/23/2036 (b)(c)(d) | 265000 | 265290 |
| Fortress Credit Bsl VII Ltd Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.09%, 5.3693% 7/23/2032 (b)(c)(d) | 349386 | 349148 |
| Fortress Credit Bsl VII Ltd Series 2024-1A Class A2R, CME Term SOFR 3 month Index + 1.4%, 5.6793% 7/23/2032 (b)(c)(d) | 980000 | 978249 |
| Fortress Credit Bsl VII Ltd Series 2024-1A Class BR, CME Term SOFR 3 month Index + 1.65%, 5.9293% 7/23/2032 (b)(c)(d) | 1250000 | 1250349 |
| Fortress Credit Bsl VIII Ltd Series 2024-2A Class A1AR, CME Term SOFR 3 month Index + 1.05%, 5.3195% 10/20/2032 (b)(c)(d) | 1104571 | 1103578 |
| Fortress Credit Bsl VIII Ltd Series 2024-2A Class A2R, CME Term SOFR 3 month Index + 1.4%, 5.6695% 10/20/2032 (b)(c)(d) | 2455000 | 2449975 |
| Madison Park Funding Xxiii Ltd Series 2021-23A Class AR, CME Term SOFR 3 month Index + 1.2316%, 5.5142% 7/27/2031 (b)(c)(d) | 679958 | 679593 |
| Madison Park Funding Xxiii Ltd Series 2021-23A Class BR, CME Term SOFR 3 month Index + 1.8116%, 6.0942% 7/27/2031 (b)(c)(d) | 1110000 | 1110585 |
| Madison Park Funding Xxiv Ltd Series 2024-24A Class CR2, CME Term SOFR 3 month Index + 2.05%, 6.3195% 10/20/2029 (b)(c)(d) | 855000 | 855615 |
| Madison Park Funding XXXIII Ltd Series 2022-33A Class AR, CME Term SOFR 3 month Index + 1.29%, 5.5461% 10/15/2032 (b)(c)(d) | 1908275 | 1909149 |
| Madison Pk Fdg Xlii Ltd Series 2024-13A Class AR, CME Term SOFR 3 month Index + 1.15%, 5.4293% 11/21/2030 (b)(c)(d) | 988561 | 988766 |
| Madison Pk Fdg Xlv Ltd / Madison Pk Fdg Xlv LLC Series 2024-45A Class ARR, CME Term SOFR 3 month Index + 1.08%, 5.3361% 7/15/2034 (b)(c)(d) | 2320000 | 2312309 |
| Magnetite Xxii Ltd / Magnetite Xxii LLC Series 2024-22A Class ARR, CME Term SOFR 3 month Index + 1.25%, 5.5061% 7/15/2036 (b)(c)(d) | 2408000 | 2408494 |
| Marble Point Clo Xiv Ltd Series 2024-2A Class A12R, CME Term SOFR 3 month Index + 1.2%, 5.4695% 1/20/2032 (b)(c)(d) | 1976949 | 1974812 |
| Marble Point Clo Xv Ltd Series 2024-1A Class A1R2, CME Term SOFR 3 month Index + 1.04%, 5.3193% 7/23/2032 (b)(c)(d) | 1380137 | 1377084 |
| Midocean Credit Clo VI Series 2024-6A Class ARRR, CME Term SOFR 3 month Index + 1.23%, 5.4995% 4/20/2033 (b)(c)(d) | 456296 | 456358 |
| Nassau Ltd Series 2019-IIA Class AN, CME Term SOFR 3 month Index + 1.7116%, 5.9677% 10/15/2032 (b)(c)(d) | 402437 | 402981 |
| Neuberger Berman Ln Advisers Clo 40 Ltd / Neuberger Berman Ln Advisers Clo 40 LLC Series 2021-40A Class A, CME Term SOFR 3 month Index + 1.3216%, 5.5822% 4/16/2033 (b)(c)(d) | 425871 | 426147 |
| Northwoods Capital Xiv-B Ltd Series 2024-14BA Class AR, CME Term SOFR 3 month Index + 1.25%, 5.5582% 11/13/2031 (b)(c)(d) | 1741022 | 1740153 |
| Octagon Investment Partners 39 Ltd Series 2024-3A Class AR, CME Term SOFR 3 month Index + 1.15%, 5.4195% 10/20/2030 (b)(c)(d) | 659895 | 659889 |
| Octagon Investment Partners XXI Ltd Series 2025-1A Class A2R4, CME Term SOFR 3 month Index + 1.15%, 5.4577% 2/14/2031 (b)(c)(d) | 1925000 | 1910578 |
| Octagon Investment Partners XXI Ltd Series 2025-1A Class AAR4, CME Term SOFR 3 month Index + 0.81%, 5.1177% 2/14/2031 (b)(c)(d) | 656199 | 654692 |
| Octagon Investment Partners XXI Ltd Series 2025-1A Class BR4, CME Term SOFR 3 month Index + 1.35%, 5.6577% 2/14/2031 (b)(c)(d) | 760000 | 754963 |
| Oha Credit Funding 22 Ltd Series 2025-22A Class A1, CME Term SOFR 3 month Index + 1.33%, 0% 7/20/2038 (b)(c)(d) | 1854000 | 1856017 |
| Ozlm Funding II Ltd Series 2024-2A Class A1A2, CME Term SOFR 3 month Index + 1.2%, 5.4797% 7/30/2031 (b)(c)(d) | 386444 | 386470 |
| OZLM XXI Ltd Series 2024-21A Class A1R, CME Term SOFR 3 month Index + 1.15%, 5.4195% 1/20/2031 (b)(c)(d) | 436614 | 436621 |
| Palmer Square Loan Funding Ltd / Palmer Square Loan Funding LLC Series 2022-1A Class A2, CME Term SOFR 3 month Index + 1.6%, 5.8561% 4/15/2030 (b)(c)(d) | 2600000 | 2602709 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class A1N, CME Term SOFR 3 month Index + 1%, 5.2561% 1/15/2033 (b)(c)(d) | 410829 | 410895 |
| Palmer Square Loan Funding Ltd Series 2024-3A Class A1, CME Term SOFR 3 month Index + 1.08%, 5.3873% 8/8/2032 (b)(c)(d) | 1220483 | 1220649 |
| Romark Clo II Ltd Series 2024-2A Class A2R, CME Term SOFR 3 month Index + 1.65%, 5.9318% 7/25/2031 (b)(c)(d) | 2150000 | 2150591 |
| Sound Point Clo Xxii Ltd Series 2024-1A Class BRR, CME Term SOFR 3 month Index + 1.65%, 5.9195% 1/20/2032 (b)(c)(d) | 250000 | 250055 |
| Symphony Clo Xxiii Ltd Series 2025-23A Class AR2, CME Term SOFR 3 month Index + 0.9%, 5.1561% 1/15/2034 (b)(c)(d) | 2664622 | 2650942 |
| Symphony Clo Xxvi Ltd / Symphony Clo Xxvi LLC Series 2021-26A Class AR, CME Term SOFR 3 month Index + 1.3416%, 5.6111% 4/20/2033 (b)(c)(d) | 383814 | 383955 |
| Thl Credit Wind River 18-2 Clo Ltd Series 2024-2A Class A1R, CME Term SOFR 3 month Index + 1.2%, 5.4561% 7/15/2030 (b)(c)(d) | 102144 | 102103 |
| THL Credit Wind River CLO Ltd Series 2024-1A Class A1R3, CME Term SOFR 3 month Index + 1.2%, 5.4695% 10/20/2030 (b)(c)(d) | 297541 | 297582 |
| Thl Credit Wind River CLO Ltd Series 2024-3A Class AR2, CME Term SOFR 3 month Index + 1.06%, 5.3161% 4/15/2031 (b)(c)(d) | 262547 | 262598 |
| Thl Credit Wind River CLO Ltd Series 2024-3A Class CR2, CME Term SOFR 3 month Index + 2%, 6.2561% 4/15/2031 (b)(c)(d) | 490000 | 489633 |
| TIAA CLO I Ltd Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.25%, 5.5195% 7/20/2031 (b)(c)(d) | 1686534 | 1687069 |
| Trinitas Clo IX Ltd Series 2024-9A Class ARRR, CME Term SOFR 3 month Index + 1.2%, 5.4695% 1/20/2032 (b)(c)(d) | 645835 | 645850 |
| Trinitas Clo IX Ltd Series 2024-9A Class BRRR, CME Term SOFR 3 month Index + 1.7%, 5.9695% 1/20/2032 (b)(c)(d) | 815000 | 815848 |
| Trinitas Clo VI Ltd / Trinitas Clo VI LLC Series 2024-6A Class ARRR, CME Term SOFR 3 month Index + 1.33%, 5.6118% 1/25/2034 (b)(c)(d) | 2310000 | 2310081 |
| Voya Clo 2022-1 Ltd / Voya Clo 2022-1 LLC Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.25%, 5.5195% 4/20/2035 (b)(c)(d) | 1888000 | 1886186 |
| Voya CLO Ltd Series 2024-2A Class AR, CME Term SOFR 3 month Index + 1.2%, 5.4695% 7/20/2032 (b)(c)(d) | 3613543 | 3611682 |
| Voya CLO Ltd Series 2024-3A Class BR2, CME Term SOFR 3 month Index + 1.8%, 6.0561% 10/15/2031 (b)(c)(d) | 1770000 | 1771635 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 83631068 |
| UNITED STATES - 5.9%  |  |  |
| Affirm Asset Securitization Trust Series 2024-X1 Class A, 6.27% 5/15/2029 (b) | 44421 | 44470 |
| Affirm Asset Securitization Trust Series 2024-X2 Class A, 5.22% 12/17/2029 (b) | 1482722 | 1483191 |
| Affirm Asset Securitization Trust Series 2025-X1 Class A, 5.08% 4/15/2030 (b) | 870000 | 869814 |
| Ally Auto Receivables Trust Series 2023-A Class B, 6.01% 1/17/2034 (b) | 74228 | 74502 |
| Ally Auto Receivables Trust Series 2023-A Class C, 6.08% 1/17/2034 (b) | 281270 | 285428 |
| Ally Auto Receivables Trust Series 2024-1 Class A2, 5.32% 1/15/2027  | 569689 | 570133 |
| Ally Bank Series 2024-A Class B, 5.827% 5/17/2032 (b) | 160442 | 162183 |
| Ally Bank Series 2024-A Class C, 6.022% 5/17/2032 (b) | 160442 | 162178 |
| Ally Bank Series 2024-B Class A2, 4.97% 9/15/2032 (b) | 212856 | 213654 |
| Ally Bank Series 2024-B Class C, 5.215% 9/15/2032 (b) | 236076 | 236214 |
| Americredit Automobile Receivables Trust Series 2021-1 Class C, 0.89% 10/19/2026  | 29732 | 29672 |
| Americredit Automobile Receivables Trust Series 2021-1 Class D, 1.21% 12/18/2026  | 470000 | 469114 |
| Americredit Automobile Receivables Trust Series 2021-2 Class D, 1.29% 6/18/2027  | 995000 | 972000 |
| Americredit Automobile Receivables Trust Series 2023-1 Class C, 5.8% 12/18/2028  | 625000 | 637448 |
| AMSR Trust Series 2020-SFR3 Class B, 1.806% 9/17/2037 (b) | 270000 | 267329 |
| AMSR Trust Series 2020-SFR3 Class C, 2.056% 9/17/2037 (b) | 915000 | 905734 |
| Amur Equipment Finance Receivables X LLC Series 2022-1A Class C, 2.37% 4/20/2028 (b) | 300000 | 297533 |
| Amur Equipment Finance Receivables X LLC Series 2022-1A Class E, 5.02% 12/20/2028 (b) | 830000 | 828506 |
| Applebee's Funding LLC / IHOP Funding LLC Series 2019-1A Class A2II, 4.723% 6/5/2049 (b) | 1395900 | 1370774 |
| Arbys Funding LLC Series 2020-1A Class A2, 3.237% 7/30/2050 (b) | 2138363 | 2032073 |
| Ari Fleet Lease Trust 2024-B Series 2024-B Class A2, 5.54% 4/15/2033 (b) | 916437 | 921217 |
| Autonation Finance Trust Series 2025-1A Class A2, 4.72% 4/10/2028 (b) | 385000 | 385086 |
| Auxilior Term Funding LLC Series 2024-1A Class A3, 5.49% 7/15/2031 (b) | 485000 | 493124 |
| Avis Budget Rental Car Funding AESOP LLC Series 2020-1A Class A, 2.33% 8/20/2026 (b) | 270000 | 269116 |
| Avis Budget Rental Car Funding AESOP LLC Series 2024-2A Class C, 6.18% 10/20/2027 (b) | 210000 | 211087 |
| Avis Budget Rental Car Funding AESOP LLC Series 2024-5A Class C, 6.24% 4/20/2027 (b) | 300000 | 300962 |
| Battalion Clo Xii Ltd Series 2025-12A Class BRR, CME Term SOFR 3 month Index + 1.2%, 5.5244% 5/17/2031 (b)(c)(d) | 945000 | 936729 |
| Battalion Clo Xii Ltd Series 2025-12A Class CRR, CME Term SOFR 3 month Index + 1.55%, 5.8744% 5/17/2031 (b)(c)(d) | 1020000 | 1018286 |
| Bayview Opportunity Master Fund VII LLC Series 2024-CAR1 Class A, U.S. 30-Day Avg. SOFR Index + 1.1%, 5.422% 12/26/2031 (b)(c)(d) | 278480 | 279335 |
| Blue Owl Asset Leasing Trust LLC Series 2024-1A Class A2, 5.05% 3/15/2029 (b) | 872466 | 873120 |
| Blue Owl Asset Leasing Trust LLC Series 2024-1A Class B, 5.41% 3/15/2030 (b) | 240000 | 241315 |
| BMW Vehicle Lease Trust Series 2024-1 Class A2A, 5.1% 7/27/2026  | 447424 | 447788 |
| BofA Auto Trust Series 2024-1A Class A2, 5.57% 12/15/2026 (b) | 593705 | 594771 |
| BofA Auto Trust Series 2025-1A Class A2A, 4.52% 11/22/2027 (b) | 800000 | 799404 |
| BRE Grand Islander Timeshare Issuer Series 2019-A Class A, 3.28% 9/26/2033 (b) | 544469 | 535362 |
| Capital One Prime Auto Receivables Trust 2023-2 Series 2023-2 Class A2A, 5.91% 10/15/2026  | 512552 | 513077 |
| Capital One Prime Auto Receivables Trust Series 2024-1 Class A2A, 4.61% 10/15/2027  | 2247069 | 2247108 |
| CarMax Auto Owner Trust Series 2023-2 Class C, 5.57% 11/15/2028  | 955000 | 967167 |
| CarMax Auto Owner Trust Series 2023-2 Class D, 6.55% 10/15/2029  | 635000 | 650188 |
| CarMax Auto Owner Trust Series 2023-4 Class A2A, 6.08% 12/15/2026  | 313141 | 313598 |
| CarMax Auto Owner Trust Series 2024-1 Class A2A, 5.3% 3/15/2027  | 789667 | 790642 |
| CarMax Auto Owner Trust Series 2024-1 Class C, 5.47% 8/15/2029  | 505000 | 509731 |
| CarMax Auto Owner Trust Series 2024-2 Class A2A, 5.65% 5/17/2027  | 1165904 | 1168582 |
| CarMax Auto Owner Trust Series 2024-2 Class D, 6.42% 10/15/2030  | 70000 | 72009 |
| CarMax Auto Owner Trust Series 2024-3 Class D, 5.67% 1/15/2031  | 255000 | 258122 |
| Carmax Auto Owner Trust Series 2025-2 Class A2A, 4.59% 7/17/2028  | 1225000 | 1225536 |
| CarMax Select Receivables Trust Series 2024-A Class A2A, 5.78% 9/15/2027  | 88320 | 88637 |
| CarMax Select Receivables Trust Series 2024-A Class B, 5.35% 1/15/2030  | 270000 | 273280 |
| CarMax Select Receivables Trust Series 2024-A Class C, 5.62% 1/15/2030  | 1150000 | 1165545 |
| CarMax Series 2023-3 Class C, 5.61% 2/15/2029  | 975000 | 992496 |
| CarMax Series 2023-3 Class D, 6.44% 12/16/2030  | 350000 | 359963 |
| Carvana Auto Receivables Trust Series 2021-P4 Class B, 1.98% 2/10/2028  | 445000 | 426375 |
| Carvana Auto Receivables Trust Series 2022-N1 Class C, 3.32% 12/11/2028 (b) | 75310 | 73941 |
| Carvana Auto Receivables Trust Series 2024-N2 Class B, 5.67% 9/10/2030 (b) | 815000 | 825777 |
| Carvana Auto Receivables Trust Series 2024-P4 Class A2, 4.62% 2/10/2028  | 1074386 | 1073872 |
| Carvana Auto Receivables Trust Series 2025-P1 Class A2, 4.5% 6/12/2028  | 695000 | 693886 |
| CFMT LLC Series 2023-HB12 Class A, 4.25% 4/25/2033 (b) | 146715 | 145187 |
| Chase Auto Owner Trust Series 2024-1A Class A2, 5.48% 4/26/2027 (b) | 530883 | 531669 |
| Chase Auto Owner Trust Series 2024-3A Class A2, 5.53% 9/27/2027 (b) | 679969 | 681687 |
| Chase Auto Owner Trust Series 2024-4A Class A2, 5.25% 9/27/2027 (b) | 1398882 | 1401968 |
| Citizens Auto Receivables Trust Series 2024-1 Class A2A, 5.43% 10/15/2026 (b) | 623164 | 623769 |
| Citizens Auto Receivables Trust Series 2024-2 Class A2A, 5.54% 11/16/2026 (b) | 968181 | 969625 |
| CyrusOne Data Centers Issuer I LLC Series 2024-2A Class A2, 4.5% 5/20/2049 (b) | 1500000 | 1444308 |
| Daimler Trucks Retail Trust Series 2024-1 Class A2, 5.6% 4/15/2026  | 746226 | 746973 |
| Dell Equip Fin Trust Series 2024-2 Class A2, 4.69% 8/22/2030 (b) | 1824000 | 1825025 |
| Dell Equip Fin Trust Series 2024-2 Class B, 4.82% 8/22/2030 (b) | 105000 | 105215 |
| Dell Equip Fin Trust Series 2024-2 Class D, 5.29% 2/24/2031 (b) | 865000 | 867920 |
| Dell Equip Fin Trust Series 2025-1 Class A2, 4.68% 7/22/2027 (b) | 305000 | 305585 |
| Dell Equip Fin Trust Series 2025-1 Class C, 5.25% 2/24/2031 (b) | 100000 | 100742 |
| Dell Equipment Finance Trust Series 2023-3 Class D, 6.75% 10/22/2029 (b) | 100000 | 101604 |
| Dell Equipment Finance Trust Series 2024-1 Class D, 6.12% 9/23/2030 (b) | 195000 | 197607 |
| Dext Abs LLC Series 2025-1 Class A2, 4.59% 8/16/2027 (b) | 610000 | 608950 |
| DLLAA LLC Series 2025-1A Class A2, 4.7% 10/20/2027 (b) | 1000000 | 1000792 |
| DLLAA Series 2023-1A Class A2, 5.93% 7/20/2026 (b) | 34416 | 34469 |
| DLLAA Series 2023-1A Class A3, 5.64% 2/22/2028 (b) | 660000 | 667459 |
| DLLAD Series 2024-1A Class A2, 5.5% 8/20/2027 (b) | 761904 | 765077 |
| DLLST Series 2024-1A Class A2, 5.33% 1/20/2026 (b) | 426954 | 427255 |
| DLLST Series 2024-1A Class A3, 5.05% 8/20/2027 (b) | 245000 | 245685 |
| DLLST Series 2024-1A Class A4, 4.93% 4/22/2030 (b) | 65000 | 65349 |
| DRIVE Series 2025-1 Class A2, 4.87% 8/15/2028  | 1260000 | 1259947 |
| Driven Brands Funding LLC Series 2019-1A Class A2, 4.641% 4/20/2049 (b) | 704361 | 699165 |
| Elara Hgv Timeshare Issuer LLC Series 2023-A Class A, 6.16% 2/25/2038 (b) | 188883 | 193588 |
| Elara Hgv Timeshare Issuer LLC Series 2023-A Class C, 7.3% 2/25/2038 (b) | 258624 | 264981 |
| Enterprise Fleet Financing 2025-2 LLC Series 2025-2 Class A2, 4.51% 2/22/2028 (b) | 2594000 | 2590999 |
| Enterprise Fleet Financing LLC Series 2022-3 Class A2, 4.38% 7/20/2029 (b) | 118575 | 118432 |
| Enterprise Fleet Financing LLC Series 2023-3 Class A2, 6.4% 3/20/2030 (b) | 501369 | 508679 |
| Enterprise Fleet Financing LLC Series 2024-1 Class A2, 5.23% 3/20/2030 (b) | 1988859 | 2000381 |
| Enterprise Fleet Financing LLC Series 2024-3 Class A2, 5.31% 4/20/2027 (b) | 1521230 | 1526060 |
| Enterprise Fleet Financing LLC Series 2024-3 Class A4, 5.06% 3/20/2031 (b) | 205000 | 207910 |
| Enterprise Fleet Financing LLC Series 2024-4 Class A2, 4.69% 7/20/2027 (b) | 2600000 | 2600881 |
| Enterprise Fleet Financing LLC Series 2025-1 Class A2, 4.65% 10/20/2027 (b) | 2110000 | 2111212 |
| Enterprise Fleet Financing Series 2024-2 Class A2, 5.74% 12/20/2026 (b) | 352201 | 353734 |
| Exeter Automobile Receivables Trust Series 2023-1A Class D, 6.69% 6/15/2029  | 80000 | 81342 |
| Exeter Automobile Receivables Trust Series 2025-3A Class A2, 4.83% 1/18/2028  | 1900000 | 1900244 |
| Exeter Select Automobile Receivables Trust Series 2025-1 Class A2, 4.83% 10/16/2028  | 95000 | 94918 |
| Exeter Select Automobile Receivables Trust Series 2025-1 Class B, 4.87% 8/15/2031  | 480000 | 480509 |
| Finance of Amer Hecm Buyout Series 2024-HB1 Class A1A, 4% 10/1/2034 (b) | 1059397 | 1050982 |
| Firstkey Homes Trust Series 2020-SFR2 Class D, 1.968% 10/19/2037 (b) | 1100000 | 1081487 |
| Flatiron Clo 23 LLC Series 2025-1A, CME Term SOFR 3 month Index + 1.24%, 0% 4/17/2036 (b)(c)(d) | 2303000 | 2303000 |
| Flatiron Rr Clo 22 LLC Series 2025-2A Class AR, CME Term SOFR 3 month Index + 0.91%, 5.1661% 10/15/2034 (b)(c)(d) | 1900000 | 1885547 |
| Ford Credit Auto Lease Trust Series 2023-B Class C, 6.43% 4/15/2027  | 575000 | 581010 |
| Ford Credit Auto Lease Trust Series 2024-A Class A2A, 5.24% 7/15/2026  | 202979 | 203043 |
| Ford Credit Auto Lease Trust Series 2025-A Class A2A, 4.57% 8/15/2027  | 2115000 | 2114021 |
| Ford Credit Auto Owner Trust Series 2020-2 Class C, 1.74% 4/15/2033 (b) | 570000 | 562741 |
| Ford Credit Auto Owner Trust Series 2023-A Class B, 5.07% 1/15/2029  | 1495000 | 1505451 |
| Ford Credit Auto Owner Trust Series 2025-A Class A2A, 4.47% 12/15/2027  | 2600000 | 2596964 |
| Ford Credit Floorplan Master Owner Trust A Series 2023-1 Class C, 5.75% 5/15/2028 (b) | 405000 | 407718 |
| Ford Credit Floorplan Master Owner Trust A Series 2023-1 Class D, 6.62% 5/15/2028 (b) | 750000 | 756632 |
| Ford Credit Floorplan Master Owner Trust A Series 2024-1 Class B, 5.48% 4/15/2029 (b) | 550000 | 556851 |
| Fordl 2023-A Series 2023-A Class C, 5.54% 12/15/2026  | 1445000 | 1445865 |
| FORDO Series 2024-B Class A2A, 5.4% 4/15/2027  | 1316919 | 1320372 |
| Freddie Mac STACR REMIC Trust Series 2023-HQA3 Class A1, U.S. 30-Day Avg. SOFR Index + 1.85%, 6.172% 11/25/2043 (b)(c)(d) | 264894 | 267931 |
| Frontier Issuer LLC Series 2024-1 Class A2, 6.19% 6/20/2054 (b) | 220000 | 225545 |
| GM Financial Automobile Leasing Trust Series 2024-2 Class A2A, 5.43% 9/21/2026  | 1088917 | 1091390 |
| GM Financial Automobile Leasing Trust Series 2025-1 Class A2A, 4.54% 5/20/2027 (c) | 3100000 | 3101977 |
| Gm Financial Consumer Automobile Receivables Trust Series 2023-4 Class A2A, 5.89% 11/16/2026  | 328786 | 329365 |
| GM Financial Consumer Automobile Receivables Trust Series 2024-1 Class A2A, 5.12% 2/16/2027  | 568668 | 569251 |
| GM Financial Consumer Automobile Receivables Trust Series 2025-2 Class A2A, 4.4% 2/16/2028  | 2465000 | 2463647 |
| GM Financial Leasing Trust Series 2024-1 Class A2A, 5.18% 6/22/2026  | 753949 | 754451 |
| Gm Finl Consumer Automobile Receivables Trust Series 2024-4 Class A2A, 4.53% 10/18/2027  | 1914248 | 1913024 |
| GMF Floorplan Owner Revolving Trust Series 2023-1 Class A2, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.4823% 6/15/2028 (b)(c)(d) | 1000000 | 1005109 |
| GMF Floorplan Owner Revolving Trust Series 2025-1A Class A2, U.S. 30-Day Avg. SOFR Index + 0.6%, 4.9323% 3/15/2029 (b)(c)(d) | 1650000 | 1646562 |
| Gmf Leasing LLC Series 2025-2 Class A2A, 4.55% 7/20/2027  | 2230000 | 2229581 |
| Hardee's Funding LLC / Carl's Jr Funding LLC Series 2018-1A Class A23, 5.71% 6/20/2048 (b) | 673200 | 661838 |
| Hardee's Funding LLC / Carl's Jr Funding LLC Series 2020-1A Class A2, 3.981% 12/20/2050 (b) | 2545764 | 2424277 |
| Hardee's Funding LLC / Carl's Jr Funding LLC Series 2021-1A Class A2, 2.865% 6/20/2051 (b) | 271425 | 246677 |
| Harot Series 2025-2 Class A2A, 4.3% 1/18/2028  | 2236000 | 2230834 |
| Hilton Grand Vacations Trust Series 2020-AA Class A, 2.74% 2/25/2039 (b) | 167155 | 162354 |
| Hilton Grand Vacations Trust Series 2020-AA Class B, 4.22% 2/25/2039 (b) | 257535 | 253796 |
| Hilton Grand Vacations Trust Series 2022-1D Class A, 3.61% 6/20/2034 (b) | 126906 | 124368 |
| Hilton Grand Vacations Trust Series 2023-1A Class B, 6.11% 1/25/2038 (b) | 650279 | 661621 |
| Hilton Grand Vacations Trust Series 2023-1A Class C, 6.94% 1/25/2038 (b) | 120597 | 123631 |
| Home Partners of America Trust Series 2022-1 Class A, 3.93% 4/17/2039 (b) | 488004 | 479484 |
| Honda Auto Receivables Owner Trust Series 2023-4 Class A2, 5.87% 6/22/2026  | 339773 | 340204 |
| Honda Auto Receivables Series 2024-2 Class A2, 5.48% 11/18/2026  | 1235927 | 1238185 |
| Hpefs Equipment Trust 2023-2 Series 2023-2A Class C, 6.48% 1/21/2031 (b) | 210000 | 212004 |
| Hpefs Equipment Trust 2023-2 Series 2023-2A Class D, 6.97% 7/21/2031 (b) | 215000 | 218361 |
| HPEFS Equipment Trust Series 2023-1A Class B, 5.73% 4/20/2028 (b) | 985000 | 986704 |
| HPEFS Equipment Trust Series 2023-1A Class C, 5.91% 4/20/2028 (b) | 535000 | 536852 |
| HPEFS Equipment Trust Series 2024-1A Class A2, 5.38% 5/20/2031 (b) | 618720 | 619081 |
| HPEFS Equipment Trust Series 2024-1A Class C, 5.33% 5/20/2031 (b) | 1220000 | 1221885 |
| HPEFS Equipment Trust Series 2024-2A Class A2, 5.5% 10/20/2031 (b) | 1029079 | 1031253 |
| HPEFS Equipment Trust Series 2024-2A Class B, 5.35% 10/20/2031 (b) | 170000 | 171446 |
| HPEFS Equipment Trust Series 2024-2A Class D, 5.82% 4/20/2032 (b) | 420000 | 425335 |
| Huntington Auto Trust Series 2024-1A Class A2, 5.5% 3/15/2027 (b) | 829414 | 830486 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-1 Class B1, 6.153% 5/20/2032 (b) | 820329 | 831135 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2 Class B1, 5.442% 10/20/2032 (b) | 1022293 | 1027870 |
| Huntington National Bank/The Series 2025-1 Class B, 4.957% 3/21/2033 (b) | 1067777 | 1064782 |
| Hyundai Auto Lease Securitization Trust Series 2023-C Class A3, 5.8% 12/15/2026 (b) | 3744855 | 3757831 |
| Hyundai Auto Lease Securitization Trust Series 2024-B Class A2A, 5.51% 10/15/2026 (b) | 1400162 | 1403232 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class A2A, 4.58% 9/15/2027 (b) | 2140000 | 2142943 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class A3, 4.53% 4/17/2028 (b) | 390000 | 391252 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class B, 4.94% 8/15/2029 (b) | 805000 | 808812 |
| Hyundai Auto Receivables Trust Series 2023-C Class A2A, 5.8% 1/15/2027  | 435279 | 435982 |
| Hyundai Auto Receivables Trust Series 2024-A Class A2A, 5.29% 4/15/2027  | 1070688 | 1072685 |
| Hyundai Auto Receivables Trust Series 2024-C Class A2A, 4.53% 9/15/2027  | 2028640 | 2028190 |
| Jack in the Box Funding LLC Series 2022-1A Class A2I, 3.445% 2/26/2052 (b) | 757350 | 728213 |
| Jersey Mike's Funding Series 2021-1A Class A2I, 2.891% 2/15/2052 (b) | 49500 | 47703 |
| John Deere Owner Trust Series 2024-A Class A2A, 5.19% 2/16/2027  | 1388021 | 1389942 |
| John Deere Owner Trust Series 2024-C Class A2B, U.S. 30-Day Avg. SOFR Index + 0.43%, 4.7613% 8/16/2027 (c)(d) | 2033471 | 2034180 |
| Juniper Valley Park CLO LLC Series 2024-1A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.5195% 7/20/2036 (b)(c)(d) | 2500000 | 2502538 |
| Kubota Credit Owner Trust Series 2024-2A Class A2, 5.45% 4/15/2027 (b) | 768364 | 771994 |
| Kubota Credit Owner Trust Series 2025-1A Class A2, 4.61% 12/15/2027 (b) | 2565000 | 2568741 |
| M&T Equipment Notes Series 2025-1A Class A2, 4.7% 12/16/2027 (b) | 1040000 | 1041297 |
| Marlette Funding Trust Series 2024-1A Class A, 5.95% 7/17/2034 (b) | 37282 | 37340 |
| Marriott Vacations Worldwide Owner Trust Series 2023-2A Class A, 6.18% 11/20/2040 (b) | 176270 | 181146 |
| Marriott Vacations Worldwide Owner Trust Series 2023-2A Class B, 6.33% 11/20/2040 (b) | 113146 | 115640 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A2A, 5.44% 2/16/2027  | 1837285 | 1841742 |
| Mercedes-Benz Auto Lease Trust Series 2025-A Class A2A, 4.57% 4/17/2028  | 1640000 | 1642918 |
| Mercedes-Benz Auto Receivables Trust Series 2023-2 Class A2, 5.92% 11/16/2026  | 131556 | 131649 |
| Mercedes-Benz Auto Receivables Trust Series 2024-1 Class A2A, 5.06% 5/17/2027  | 713383 | 713861 |
| MMAF Equipment Finance LLC Series 2021-A Class A5, 1.19% 11/13/2043 (b) | 215000 | 209307 |
| MMAF Equipment Finance LLC Series 2023-A Class A2, 5.79% 11/13/2026 (b) | 616537 | 618539 |
| Mtg Pass Thru Ctf Series 2021-INV1 Class A1, 0.852% 1/25/2056 (b)(c) | 76566 | 73628 |
| MVW LLC Series 2020-1A Class A, 1.74% 10/20/2037 (b) | 171583 | 165740 |
| MVW LLC Series 2020-1A Class B, 2.73% 10/20/2037 (b) | 121070 | 117799 |
| MVW LLC Series 2021-1WA Class B, 1.44% 1/22/2041 (b) | 43900 | 41655 |
| MVW LLC Series 2021-1WA Class C, 1.94% 1/22/2041 (b) | 70031 | 66299 |
| MVW LLC Series 2023-1A Class A, 4.93% 10/20/2040 (b) | 559736 | 561140 |
| Navient Private Education Loan Trust Series 2019-D Class A2A, 3.01% 12/15/2059 (b) | 189985 | 183646 |
| Navient Private Education Loan Trust Series 2020-CA Class A2A, 2.15% 11/15/2068 (b) | 1210456 | 1149237 |
| Navient Private Education Refi Loan Trust Series 2019-A Class A2A, 3.42% 1/15/2043 (b) | 237404 | 235058 |
| Navient Private Education Refi Loan Trust Series 2019-GA Class A, 2.4% 10/15/2068 (b) | 124765 | 119367 |
| Navient Private Education Refi Loan Trust Series 2020-DA Class A, 1.69% 5/15/2069 (b) | 215662 | 202179 |
| Navient Student Loan Trust Series 2019-EA Class A2A, 2.64% 5/15/2068 (b) | 287353 | 279608 |
| Navistar Financial Dealer Note Master Trust Series 2023-1 Class A, 6.18% 8/25/2028 (b) | 900000 | 902866 |
| Navistar Financial Dealer Note Master Trust Series 2024-1 Class B, 5.79% 4/25/2029 (b) | 100000 | 100706 |
| Navistar Financial Dealer Note Master Trust Series 2024-1 Class C, 6.13% 4/25/2029 (b) | 155000 | 155955 |
| Nelnet Student Loan Trust Series 2005-4 Class A4, U.S. 90-Day Avg. SOFR Index + 0.4416%, 4.8043% 3/22/2032 (c)(d) | 213092 | 206990 |
| Nelnet Student Loan Trust Series 2020-1A Class A, CME Term SOFR 1 month Index + 0.8545%, 5.1792% 3/26/2068 (b)(c)(d) | 145100 | 144152 |
| Nelnet Student Loan Trust Series 2021-CA Class AFX, 1.32% 4/20/2062 (b) | 686557 | 638532 |
| Nelnet Student Loan Trust Series 2021-DA Class AFX, 1.63% 4/20/2062 (b) | 241956 | 227070 |
| Nissan Auto Receivables Owner Trust Series 2023-B Class A2A, 5.95% 5/15/2026  | 277213 | 277416 |
| Nissan Master Owner Tr Receivable Series 2024-A Class A, U.S. 30-Day Avg. SOFR Index + 0.67%, 5.0023% 2/15/2028 (b)(c)(d) | 3000000 | 3001489 |
| Octane Receivable Trust Series 2024-1A Class A2, 5.68% 5/20/2030 (b) | 244854 | 246508 |
| Octane Receivables Trust Series 2022-1A Class B, 4.9% 5/22/2028 (b) | 725252 | 724929 |
| Octane Receivables Trust Series 2023-3A Class B, 6.48% 7/20/2029 (b) | 230000 | 233423 |
| Octane Receivables Trust Series 2023-3A Class C, 6.74% 8/20/2029 (b) | 100000 | 101925 |
| Octane Receivables Trust Series 2024-3A Class A2, 4.94% 5/20/2030 (b) | 365000 | 365256 |
| Octane Receivables Trust Series 2024-3A Class C, 5.51% 10/20/2031 (b) | 300000 | 300817 |
| Octane Receivables Trust Series 2024-RVM1 Class A, 5.01% 1/22/2046 (b) | 347631 | 349744 |
| Peac Solutions Receivables Series 2025-1A Class A2, 4.94% 10/20/2028 (b) | 625000 | 625773 |
| Peac Solutions Receivables Series 2025-1A Class A3, 5.04% 7/20/2032 (b) | 510000 | 513433 |
| Porsche Financial Auto Securitization Trust Series 2024-1A Class A2A, 4.45% 1/24/2028 (b) | 2130750 | 2129065 |
| Porsche Innovative Lease Owner Trust Series 2025-1A Class A2A, 4.6% 12/20/2027 (b) | 1330000 | 1331213 |
| Post Road Equipment Finance LLC Series 2025-1A Class A2, 4.9% 5/15/2031 (b) | 225000 | 225681 |
| Post Road Equipment Finance Series 2024-1A Class A2, 5.59% 11/15/2029 (b) | 69825 | 70141 |
| Progress Residential Trust Series 2021-SFR8 Class B, 1.681% 10/17/2038 (b) | 496000 | 476963 |
| Progress Residential Trust Series 2021-SFR8 Class C, 1.931% 10/17/2038 (b) | 2225000 | 2139643 |
| Sabey Data Ctr Issuer LLC Series 2021-1 Class A2, 1.881% 6/20/2046 (b) | 733000 | 703973 |
| Santander Bank Auto Credit Linked Notes Series 2024-B Class B, 4.965% 1/18/2033 (b) | 250000 | 249415 |
| Santander Bank Auto Credit Linked Notes Series 2024-B Class C, 5.141% 1/18/2033 (b) | 335000 | 334023 |
| Santander Bank NA - Sbcln Series 2022-C Class B, 6.451% 12/15/2032 (b) | 77706 | 77821 |
| Santander Bank NA - Sbcln Series 2022-C Class D, 8.197% 12/15/2032 (b) | 85705 | 85962 |
| Santander Bank NA - Sbcln Series 2023-A Class B, 6.493% 6/15/2033 (b) | 100596 | 100908 |
| Santander Bank NA - Sbcln Series 2023-B Class A2, 5.644% 12/15/2033 (b) | 141102 | 142548 |
| Santander Bank NA - Sbcln Series 2023-B Class D, 6.663% 12/15/2033 (b) | 411408 | 414410 |
| Santander Bank NA - Sbcln Series 2024-A Class B, 5.622% 6/15/2032 (b) | 305033 | 306896 |
| Santander Bank NA - Sbcln Series 2024-A Class C, 5.818% 6/15/2032 (b) | 371345 | 373379 |
| Santander Consumer Auto Receivables Trust Series 2021-AA Class D, 1.57% 1/15/2027 (b) | 801000 | 792470 |
| Santander Drive Auto Receivables Trust Series 2021-1 Class E, 2.51% 12/15/2028  | 3452184 | 3418597 |
| Santander Drive Auto Receivables Trust Series 2021-3 Class E, 2.7% 10/16/2028 (b) | 4300000 | 4267171 |
| Santander Drive Auto Receivables Trust Series 2021-4 Class D, 1.67% 10/15/2027  | 724968 | 716968 |
| Santander Drive Auto Receivables Trust Series 2021-4 Class E, 4.03% 3/15/2029 (b) | 3500000 | 3478324 |
| Santander Drive Auto Receivables Trust Series 2024-3 Class A2, 5.91% 6/15/2027  | 383875 | 384240 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class A2, 4.71% 6/15/2028  | 2600000 | 2600055 |
| SBA Tower Trust Series 2020, 1.884% 7/15/2050 (b) | 565000 | 553297 |
| SBA Tower Trust Series 2020, 2.328% 7/15/2052 (b) | 440000 | 409213 |
| SBA Tower Trust Series 2021, 1.631% 5/15/2051 (b) | 1149000 | 1091930 |
| SBNA Auto Lease Trust Series 2024-B Class A2, 5.67% 11/20/2026 (b) | 677865 | 678863 |
| SBNA Auto Lease Trust Series 2024-C Class A2, 4.94% 11/20/2026 (b) | 766958 | 767109 |
| SBNA Auto Lease Trust Series 2024-C Class A3, 4.56% 2/22/2028 (b) | 2100000 | 2097941 |
| Scf Equipment Leasing Series 2023-1A Class A3, 6.17% 5/20/2032 (b) | 430000 | 434378 |
| SEB Funding LLC Series 2024-1A Class A2, 7.386% 4/30/2054 (b) | 1026000 | 1043881 |
| SFAST Series 2025-1A Class A2, 4.65% 5/22/2028 (b) | 2067921 | 2067708 |
| SFS Auto Receivables Securitization Trust Series 2024-1A Class A2, 5.35% 6/21/2027 (b) | 150511 | 150620 |
| SFS Auto Receivables Securitization Trust Series 2024-1A Class A3, 4.95% 5/21/2029 (b) | 285000 | 285921 |
| SFS Auto Receivables Securitization Trust Series 2024-1A Class C, 5.51% 1/20/2032 (b) | 95000 | 96148 |
| SFS Auto Receivables Securitization Trust Series 2024-2A Class A2, 5.71% 10/20/2027 (b) | 905958 | 908289 |
| Sfs Auto Receivables Securitization Trust Series 2024-3A Class A2, 4.71% 5/22/2028 (b) | 854983 | 854725 |
| Sierra Timeshare Receivables Funding LLC Series 2020-2A Class B, 2.32% 7/20/2037 (b) | 347499 | 345173 |
| Sierra Timeshare Receivables Funding LLC Series 2020-2A Class C, 3.51% 7/20/2037 (b) | 85216 | 84525 |
| Sierra Timeshare Receivables Funding LLC Series 2021-1A Class B, 1.34% 11/20/2037 (b) | 60478 | 59219 |
| Sierra Timeshare Receivables Funding LLC Series 2021-2A Class B, 1.8% 9/20/2038 (b) | 103390 | 101012 |
| Sierra Timeshare Receivables Funding LLC Series 2021-2A Class C, 1.95% 9/20/2038 (b) | 216303 | 210420 |
| SMB Private Education Loan Trust Series 2018-B Class A2B, CME Term SOFR 1 month Index + 0.8345%, 5.1632% 1/15/2037 (b)(c)(d) | 299428 | 298772 |
| SMB Private Education Loan Trust Series 2020-B Class A1A, 1.29% 7/15/2053 (b) | 152247 | 142850 |
| SMB Private Education Loan Trust Series 2020-PTB Class A2A, 1.6% 9/15/2054 (b) | 943241 | 884210 |
| SMB Private Education Loan Trust Series 2025-A Class A1A, 5.13% 4/15/2054 (b) | 600000 | 601805 |
| Tesla Auto Lease Trust Series 2024-B Class A2A, 4.79% 1/20/2027 (b) | 1014102 | 1014036 |
| Tesla Electric Vehicle Trust Series 2023-1 Class A2A, 5.54% 12/21/2026 (b) | 1039902 | 1041536 |
| Tesla Series 2024-A Class A2A, 5.37% 6/22/2026 (b) | 38692 | 38722 |
| Towd Point Mortgage Trust Series 2019-1 Class A1, 3.75% 3/25/2058 (b)(c) | 348386 | 337092 |
| Toyota Auto Receivables Owner Trust Series 2023-C Class A2A, 5.6% 8/17/2026  | 83912 | 83953 |
| Toyota Auto Receivables Owner Trust Series 2023-D Class A2A, 5.8% 11/16/2026  | 379506 | 380119 |
| Toyota Auto Receivables Owner Trust Series 2025-B Class A2A, 4.46% 3/15/2028  | 2630000 | 2630858 |
| Toyota Lease Owner Trust Series 2025-A Class A2A, 4.58% 7/20/2027 (b) | 1710000 | 1712029 |
| Tricon Residential Trust Series 2024-SFR2 Class A, 4.75% 6/17/2040 (b) | 559363 | 556659 |
| Tricon Residential Trust Series 2024-SFR2 Class D, 6% 6/17/2040 (b) | 1020000 | 1018485 |
| USCLN Series 2023-1 Class B, 6.789% 8/25/2032 (b) | 192443 | 194723 |
| Verdant Receivables 2023-1 LLC Series 2023-1A Class A2, 6.24% 1/13/2031 (b) | 593033 | 601936 |
| Verdant Receivables LLC Series 2024-1A Class A2, 5.68% 12/12/2031 (b) | 222162 | 225189 |
| Verizon Master Trust Series 2023-5 Class A1A, 5.61% 9/8/2028  | 2177000 | 2182766 |
| Verizon Master Trust Series 2025-3 Class A1A, 4.51% 3/20/2030  | 2155000 | 2157940 |
| Volkswagen Auto Loan Enhanced Trust 2023-2 Series 2023-2 Class A2A, 5.72% 3/22/2027  | 711297 | 713208 |
| Volkswagen Auto Loan Enhanced Trust Series 2023-1 Class A2A, 5.5% 12/21/2026  | 18913 | 18925 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-1A Class A1, 5.49% 2/18/2039 (b) | 1085615 | 1095090 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-2A Class A1, 4.87% 6/21/2039 (b) | 695000 | 696879 |
| Wheels Fleet Lease Funding 1 LLC Series 2025-1A Class A2, CME Term SOFR 1 month Index + 0%, 4.9868% 1/18/2040 (b)(c)(d) | 2505000 | 2505438 |
| Woart Series 2025-B Class A2A, 4.38% 8/15/2028  | 2640000 | 2636920 |
| World Omni Auto Receivables Tr 2023-D Series 2023-D Class A2A, 5.91% 2/16/2027  | 227244 | 227599 |
| World Omni Auto Receivables Tr Series 2023-C Class A2A, 5.57% 12/15/2026  | 16367 | 16374 |
| World Omni Auto Receivables Trust 2022-A Series 2022-A Class A3, 1.66% 5/17/2027  | 226136 | 224648 |
| World Omni Auto Receivables Trust 2022-A Series 2022-A Class C, 2.55% 9/15/2028  | 600000 | 589304 |
| World Omni Auto Receivables Trust Series 2024-B Class A2A, 5.48% 9/15/2027  | 923197 | 924952 |
| World Omni Auto Receivables Trust Series 2025-A Class A2A, 4.49% 4/17/2028  | 2235000 | 2234435 |
| World Omni Automobile Lease Securitization Trust Series 2024-A Class A2A, 5.32% 2/16/2027  | 1255588 | 1258455 |
| World Omni Select Auto Trust Series 2023-A Class B, 5.87% 8/15/2028  | 280000 | 282097 |
| World Omni Select Auto Trust Series 2024-A Class A2A, 5.37% 2/15/2028  | 1318191 | 1321338 |
| TOTAL UNITED STATES |  | 226698663 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $319,825,061) |  | <br> **320525667** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Notes - 0.2%** | &nbsp;&nbsp;**Bank Notes - 0.2%** | &nbsp;&nbsp;**Bank Notes - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| Citibank NA 5.438% 4/30/2026  | 5000000 | 5040261 |
| Capital Markets - 0.1% |  |  |
| Goldman Sachs Bank USA 5.283% 3/18/2027 (c) | 3100000 | 3113185 |
| TOTAL FINANCIALS |  | 8153446 |
| <br> **TOTAL BANK NOTES**<br> (Cost $8,111,685) |  | <br> **8153446** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.7%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.7%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.7%  |  |  |
| Angel Oak Mortgage Trust LLC Series 2020-3 Class A3, 2.872% 4/25/2065 (b)(c) | 290166 | 276147 |
| Angel Oak Mortgage Trust LLC Series 2022-2 Class A1, 3.353% 1/25/2067 (b)(c) | 1426385 | 1342681 |
| Angel Oak Mortgage Trust Series 2021-1 Class A1, 0.909% 1/25/2066 (b) | 372988 | 324732 |
| Angel Oak Mortgage Trust Series 2021-1 Class A2, 1.115% 1/25/2066 (b) | 109237 | 95333 |
| Angel Oak Mortgage Trust Series 2021-2 Class A1, 0.985% 4/25/2066 (b) | 345954 | 302859 |
| Angel Oak Mortgage Trust Series 2025-5 Class A1, 5.573% 4/25/2070 (b) | 1969278 | 1963925 |
| BINOM Securitization Trust Series 2021-INV1 Class A2, 2.37% 6/25/2056 (b) | 801187 | 721677 |
| BINOM Securitization Trust Series 2021-INV1 Class A3, 2.625% 6/25/2056 (b) | 251353 | 227730 |
| CFMT LLC Series 2024-HB13 Class A, 3% 5/25/2034 (b)(c) | 266836 | 261654 |
| Citigroup Mortgage Loan Trust Series 2020-EXP2 Class A3, 2.5% 8/25/2050 (b) | 154748 | 128051 |
| Colt Funding LLC Series 2021-1 Class A2, 1.167% 6/25/2066 (b) | 335767 | 293472 |
| COLT Mortgage Loan Trust Series 2020-3 Class A1, 1.506% 4/27/2065 (b) | 22631 | 21999 |
| COLT Mortgage Loan Trust Series 2024-6 Class A2, 5.644% 11/25/2069 (b) | 1202875 | 1198289 |
| COLT Mortgage Loan Trust Series 2024-INV4 Class A3, 6.111% 5/25/2069 (b)(c) | 1125228 | 1129275 |
| COLT Mortgage Loan Trust Series 2025-4 Class A1, 5.794% 4/25/2070 (b)(c) | 435000 | 436581 |
| Connecticut Avenue Securities Trust Series 2025-R03 Class 2A1, U.S. 30-Day Avg. SOFR Index + 1.45%, 5.772% 3/25/2045 (b)(c)(d) | 390781 | 392749 |
| Deephaven Residential Mortgage Trust Series 2021-1 Class A2, 0.973% 5/25/2065 (b) | 51441 | 48858 |
| Deephaven Residential Mortgage Trust Series 2021-2 Class A3, 1.26% 4/25/2066 (b) | 148648 | 132847 |
| EFMT Series 2025-INV2 Class A1, 5.387% 5/26/2070 (b) | 376729 | 374730 |
| EFMT Trust Series 2024-INV2 Class A2, 5.289% 10/25/2069 (b) | 528431 | 523574 |
| Ellington Financial Mortgage Trust Series 2019-2 Class A3, 3.046% 11/25/2059 (b) | 45464 | 43409 |
| Ellington Financial Mortgage Trust Series 2021-3 Class A3, 1.55% 9/25/2066 (b) | 221388 | 184378 |
| Fannie Mae Guaranteed REMIC Series 2017-90 Class KA, 3% 11/25/2047  | 333545 | 314243 |
| Flagstar Mortgage Trust Series 2020-1INV Class A11, CME Term SOFR 1 month Index + 0.9645%, 5.2892% 3/25/2050 (b)(c)(d) | 189646 | 181066 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2010-3713 Class PA, 2% 2/15/2040  | 2992 | 2985 |
| Freddie Mac STACR REMIC Trust Series 2021-DNA5 Class M2, U.S. 30-Day Avg. SOFR Index + 1.65%, 5.972% 1/25/2034 (b)(c)(d) | 156328 | 156959 |
| Freddie Mac STACR REMIC Trust Series 2021-DNA7 Class M2, U.S. 30-Day Avg. SOFR Index + 1.8%, 6.122% 11/25/2041 (b)(c)(d) | 555000 | 559293 |
| Freddie Mac STACR REMIC Trust Series 2022-DNA5 Class M1A, U.S. 30-Day Avg. SOFR Index + 2.95%, 7.272% 6/25/2042 (b)(c)(d) | 632149 | 646343 |
| Freddie Mac STACR REMIC Trust Series 2025-DNA1 Class A1, U.S. 30-Day Avg. SOFR Index + 0.95%, 5.272% 1/25/2045 (b)(c)(d) | 312813 | 312340 |
| Freddie Mac Whole Loan Sec Tr Series 2017-SC02 Class M1, 3.8545% 5/25/2047 (b)(c) | 7183 | 7124 |
| Galton Funding Mortgage Trust Series 2018-1 Class A33, 3.5% 11/25/2057 (b) | 38662 | 34967 |
| Galton Funding Mortgage Trust Series 2019-1 Class A21, 4.5% 2/25/2059 (b) | 36334 | 35031 |
| Galton Funding Mortgage Trust Series 2019-1 Class A32, 4% 2/25/2059 (b) | 18367 | 17342 |
| Galton Funding Mortgage Trust Series 2019-H1 Class M1, 3.339% 10/25/2059 (b) | 600000 | 571020 |
| Galton Funding Mortgage Trust Series 2020-H1 Class M1, 2.832% 1/25/2060 (b) | 625000 | 511537 |
| GCAT Trust Series 2025-NQM1 Class A1, 5.373% 11/25/2069 (b) | 615630 | 613161 |
| GS Mortgage-Backed Securites Trust Series 2014-EB1A Class 2A1, 6.2057% 7/25/2044 (b)(c) | 4943 | 4963 |
| Homes Trust Series 2025-NQM2 Class A1, 5.425% 2/25/2070 (b) | 495867 | 494175 |
| Imperial Fund Mortgage Trust Series 2021-NQM2 Class A3, 1.516% 9/25/2056 (b) | 338186 | 287574 |
| Imperial Fund Mortgage Trust Series 2022-NQM4 Class A1, 4.767% 6/25/2067 (b) | 1195293 | 1195428 |
| JP Morgan Mortgage Trust Series 2020-INV1 Class A15, 3.5% 8/25/2050 (b) | 130215 | 113089 |
| JPMorgan Mortgage Trust Series 2025-DSC1 Class A1, 5.577% 9/25/2065 (b)(c) | 1057616 | 1059584 |
| MFA Trust Series 2021-NQM2 Class A2, 1.317% 11/25/2064 (b) | 152254 | 133660 |
| OBX Trust Series 2019-EXP2 Class 2A2, CME Term SOFR 1 month Index + 1.3145%, 5.6411% 6/25/2059 (b)(c)(d) | 60999 | 60960 |
| OBX Trust Series 2020-EXP1 Class 2A2, CME Term SOFR 1 month Index + 1.0645%, 5.3892% 2/25/2060 (b)(c)(d) | 113620 | 112304 |
| OBX Trust Series 2020-EXP2 Class A9, 3% 5/25/2060 (b) | 80041 | 68192 |
| OBX Trust Series 2020-INV1 Class A5, 3.5% 12/25/2049 (b) | 74179 | 64732 |
| OBX Trust Series 2021-NQM1 Class A2, 1.175% 2/25/2066 (b) | 234272 | 201340 |
| OBX Trust Series 2025-NQM6 Class A1, 5.603% 3/25/2065 (b)(c) | 1426637 | 1427971 |
| Ocwen Loan Investment Trust Series 2023-HB1 Class A, 3% 6/25/2036 (b) | 42481 | 41924 |
| OSS Mortgage Trust Series 2024-H6 Class A2, 5.383% 9/25/2069 (b) | 1532458 | 1521481 |
| RCKT Mortgage Trust Series 2024-CES9 Class A1A, 5.582% 12/25/2044 (b)(e) | 248819 | 248493 |
| Rocket Mortgage Trust Series 2024-CES8 Class A1A, 5.4896% 11/25/2044 (b)(e) | 1296278 | 1292286 |
| Sequoia Mortgage Trust Series 2018-CH2 Class A21, 4% 6/25/2048 (b) | 33113 | 30192 |
| Sequoia Mortgage Trust Series 2018-CH2 Class A3, 4% 6/25/2048 (b) | 74206 | 67661 |
| Sequoia Mortgage Trust Series 2018-CH3 Class A19, 4.5% 8/25/2048 (b) | 3486 | 3423 |
| Starwood Mortgage Residential Trust Series 2019-INV1 Class A3, 2.916% 9/27/2049 (b) | 317069 | 311283 |
| Starwood Mortgage Residential Trust Series 2020-1 Class A2, 2.408% 2/25/2050 (b) | 288658 | 273999 |
| Starwood Mortgage Residential Trust Series 2021-2 Class A1, 0.943% 5/25/2065 (b) | 241000 | 227120 |
| Starwood Mortgage Residential Trust Series 2021-4 Class A1, 1.162% 8/25/2056 (b) | 781098 | 692141 |
| Toorak Mortgage Corp Ltd Series 2021-INV1 Class A2, 1.409% 7/25/2056 (b) | 131654 | 117757 |
| TOWD Point Mortgage Trust Series 2019-HY3 Class M1, CME Term SOFR 1 month Index + 1.6145%, 5.9392% 10/25/2059 (b)(c)(d) | 420000 | 434012 |
| Verus Securitization Trust Series 2020-5 Class A3, 2.733% 5/25/2065 (b)(c) | 79229 | 75570 |
| Verus Securitization Trust Series 2021-1 Class A2, 1.052% 1/25/2066 (b) | 132684 | 118984 |
| Verus Securitization Trust Series 2021-1 Class A3, 1.155% 1/25/2066 (b) | 78404 | 70328 |
| Verus Securitization Trust Series 2021-2 Class A1, 1.031% 2/25/2066 (b) | 201455 | 181379 |
| Verus Securitization Trust Series 2021-R1 Class A2, 1.057% 10/25/2063 (b) | 41476 | 39708 |
| Verus Securitization Trust Series 2021-R2 Class A1, 0.918% 2/25/2064 (b) | 258055 | 234498 |
| Verus Securitization Trust Series 2022-6 Class A1, 4.91% 6/25/2067 (b) | 469864 | 467314 |
| Verus Securitization Trust Series 2023-6 Class A2, 6.939% 9/25/2068 (b) | 309812 | 312744 |
| Verus Securitization Trust Series 2023-7 Class A2, 7.272% 10/25/2068 (b) | 120587 | 122212 |
| Verus Securitization Trust Series 2023-8 Class A2, 6.6642% 12/25/2068 (b) | 245082 | 247105 |
| Verus Securitization Trust Series 2025-3 Class A1, 5.623% 5/25/2070 (b)(c) | 417646 | 417791 |
| Vista Point Securitization Trust Series 2020-2 Class A3, 2.496% 4/25/2065 (b) | 441617 | 422750 |
| TOTAL UNITED STATES |  | 27584488 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $28,555,817) |  | <br> **27584488** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 1.5%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 1.5%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 1.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.5%  |  |  |
| ALA Trust Series 2025-OANA Class A, CME Term SOFR 1 month Index + 1.7426%, 6.0426% 6/15/2030 (b)(c)(d) | 2165000 | 2174067 |
| ALEN Mortgage Trust Series 2021-ACEN Class A, CME Term SOFR 1 month Index + 1.2645%, 5.5935% 4/15/2034 (b)(c)(d) | 880000 | 844804 |
| BAMLL Commercial Mortgage Securities Trust Series 2022-DKLX Class A, CME Term SOFR 1 month Index + 1.15%, 5.479% 1/15/2039 (b)(c)(d) | 919603 | 916154 |
| BANK Series 2019-BN19 Class A1, 2.263% 8/15/2061  | 39686 | 36984 |
| BANK Series 2024-BNK47 Class A1, 5.523% 6/15/2057  | 172193 | 175556 |
| BANK5 Series 2024-5YR11 Class AS, 6.139% 11/15/2057  | 690000 | 713388 |
| BANK5 Series 2024-5YR12 Class A3, 5.902% 12/15/2057  | 405000 | 420574 |
| BANK5 Series 2024-5YR12 Class AS, 6.122% 12/15/2057 (c) | 485000 | 500735 |
| BANK5 Series 2024-5YR9 Class A1, 4.8894% 8/15/2057  | 812245 | 814552 |
| BBCMS Trust Series 2024-5C27 Class A1, 5.502% 7/15/2057  | 30856 | 30860 |
| Benchmark Mortgage Trust Series 2024-V11 Class AM, 6.201% 11/15/2057  | 585000 | 605528 |
| Benchmark Mortgage Trust Series 2024-V6 Class A1, 5.5678% 3/15/2057  | 210759 | 211867 |
| BLOX Trust Series 2021-BLOX Class A, CME Term SOFR 1 month Index + 1.1145%, 5.4435% 9/15/2026 (b)(c)(d) | 2040000 | 2013483 |
| BLP Commercial Mortgage Trust Series 2024-IND2 Class A, CME Term SOFR 1 month Index + 1.3422%, 5.6709% 3/15/2041 (b)(c)(d) | 411791 | 412048 |
| BMARK Trust Series 2024-V8 Class A1, 5.514% 7/15/2057  | 410115 | 415787 |
| BMO Mortgage Trust Series 2024-5C4 Class A3, 6.5262% 5/15/2057 (c) | 1000000 | 1056886 |
| BMO Series 2024-C8 Class A1, 5.5422% 3/15/2057  | 424078 | 425801 |
| BPR Trust Series 2021-TY Class B, CME Term SOFR 1 month Index + 1.2645%, 5.5935% 9/15/2038 (b)(c)(d) | 780000 | 772245 |
| BX Commercial Mortgage Trust 24-MDHS Series 2024-MDHS Class A, 5.97% 5/15/2041 (b)(c) | 812593 | 813609 |
| BX Commercial Mortgage Trust 24-MDHS Series 2024-MDHS Class B, CME Term SOFR 1 month Index + 1.841%, 6.1697% 5/15/2041 (b)(c)(d) | 792677 | 792677 |
| BX Commercial Mortgage Trust Series 2019-IMC Class A, CME Term SOFR 1 month Index + 1.0463%, 5.3753% 4/15/2034 (b)(c)(d) | 1005541 | 996114 |
| BX Commercial Mortgage Trust Series 2021-PAC Class A, CME Term SOFR 1 month Index + 0.8036%, 5.1326% 10/15/2036 (b)(c)(d) | 1872000 | 1863823 |
| BX Commercial Mortgage Trust Series 2021-VINO Class A, CME Term SOFR 1 month Index + 0.7668%, 5.0958% 5/15/2038 (b)(c)(d) | 278321 | 278147 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class A, CME Term SOFR 1 month Index + 1.0129%, 5.3416% 2/15/2039 (b)(c)(d) | 1376225 | 1373644 |
| BX Commercial Mortgage Trust Series 2024-GPA3 Class A, CME Term SOFR 1 month Index + 1.2928%, 5.6215% 12/15/2039 (b)(c)(d) | 260684 | 260684 |
| BX Commercial Mortgage Trust Series 2024-GPA3 Class B, CME Term SOFR 1 month Index + 1.6423%, 5.971% 12/15/2039 (b)(c)(d) | 670466 | 670466 |
| BX Commercial Mortgage Trust Series 2024-SLCT Class B, CME Term SOFR 1 month Index + 1.7928%, 6.1215% 1/15/2042 (b)(c)(d) | 410000 | 412757 |
| BX Commercial Mortgage Trust Series 2024-SLCT Class C, CME Term SOFR 1 month Index + 2.392%, 6.7207% 1/15/2042 (b)(c)(d) | 1045000 | 1037811 |
| BX Trust 2025-ROIC Series 2025-ROIC Class A, CME Term SOFR 1 month Index + 1.1438%, 5.4725% 3/15/2030 (b)(c)(d) | 1964000 | 1949270 |
| BX Trust Series 2021-ACNT Class A, CME Term SOFR 1 month Index + 0.9645%, 5.2935% 11/15/2038 (b)(c)(d) | 1575715 | 1574730 |
| BX Trust Series 2021-BXMF Class A, CME Term SOFR 1 month Index + 0.7504%, 5.0794% 10/15/2026 (b)(c)(d) | 1385765 | 1380568 |
| BX Trust Series 2021-SOAR Class A, CME Term SOFR 1 month Index + 0.7845%, 5.1135% 6/15/2038 (b)(c)(d) | 1557963 | 1556989 |
| BX Trust Series 2024-XL4 Class A, CME Term SOFR 1 month Index + 1.442%, 5.7707% 2/15/2039 (b)(c)(d) | 985795 | 987026 |
| CAMB Commercial Mortgage Trust Series 2019-LIFE Class A, CME Term SOFR 1 month Index + 1.367%, 5.696% 12/15/2037 (b)(c)(d) | 1015000 | 1014366 |
| COMM Mortgage Trust Series 2014-CR15 Class B, 3.917% 2/10/2047 (c) | 465237 | 452192 |
| CSAIL Commercial Mortgage Trust Series 2015-C3 Class A4, 3.7182% 8/15/2048  | 394414 | 392021 |
| CSMC Trust Series 2017-CHOP Class A, Prime Rate -2.306%, 5.194% 7/15/2032 (b)(c)(d) | 997340 | 989807 |
| CSMC Trust Series 2020-NET Class A, 2.2569% 8/15/2037 (b) | 171815 | 169856 |
| CSMC Trust Series 2020-NET Class D, 3.7042% 8/15/2037 (b)(c) | 985000 | 970634 |
| Extended Stay America Trust Series 2021-ESH Class C, CME Term SOFR 1 month Index + 1.8145%, 6.1435% 7/15/2038 (b)(c)(d) | 699048 | 699048 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-K753 Class A1, 4.6% 6/25/2030  | 554306 | 559801 |
| GS Mortgage Securities Trust Series 2021-IP Class A, CME Term SOFR 1 month Index + 1.0645%, 5.3935% 10/15/2036 (b)(c)(d) | 1087000 | 1080206 |
| Hilt Commercial Mortgage Trust Series 2024-ORL Class B, CME Term SOFR 1 month Index + 1.9407%, 6.2694% 5/15/2037 (b)(c)(d) | 965000 | 963191 |
| HYT Commercial Mortgage Trust Series 2024-RGCY Class A, CME Term SOFR 1 month Index + 1.8415%, 6.1702% 9/15/2041 (b)(c)(d) | 1595000 | 1594003 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2020-609M Class B, CME Term SOFR 1 month Index + 2.1345%, 6.4635% 10/15/2033 (b)(c)(d) | 995000 | 985050 |
| JP Morgan Chase Commercial Mortgage Securities Trust Series 2020-609M Class C, CME Term SOFR 1 month Index + 2.5345%, 6.8635% 10/15/2033 (b)(c)(d) | 805000 | 794938 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-BKWD Class A, CME Term SOFR 1 month Index + 1.6145%, 5.9435% 9/15/2029 (b)(c)(d) | 738093 | 699385 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-BKWD Class C, CME Term SOFR 1 month Index + 2.2145%, 6.5435% 9/15/2029 (b)(c)(d) | 575000 | 471556 |
| KNDR Trust Series 2021-KIND Class C, CME Term SOFR 1 month Index + 1.8645%, 6.2% 8/15/2038 (b)(c)(d) | 972018 | 956222 |
| Life Financial Services Trust Series 2022-BMR2 Class A1, CME Term SOFR 1 month Index + 1.2952%, 5.624% 5/15/2039 (b)(c)(d) | 2874000 | 2787781 |
| MARQ Trust Series 2024-HOU Class B, CME Term SOFR 1 month Index + 2.0907%, 6.4194% 6/15/2039 (b)(c)(d) | 1070000 | 1063790 |
| Medical Commercial Mtg Trust Series 2024-MOB Class A, CME Term SOFR 1 month Index + 1.5915%, 5.9202% 5/15/2041 (b)(c)(d) | 995000 | 991139 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class B, CME Term SOFR 1 month Index + 1.2154%, 5.5444% 4/15/2038 (b)(c)(d) | 568000 | 567645 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class A, CME Term SOFR 1 month Index + 0.8145%, 5.1435% 7/15/2038 (b)(c)(d) | 907000 | 905866 |
| Morgan Stanley Capital I Trust Series 2014-150E Class A, 3.912% 9/9/2032 (b) | 1325000 | 1176413 |
| Morgan Stanley Capital I Trust Series 2018-BOP Class A, CME Term SOFR 1 month Index + 0.897%, 5.226% 8/15/2033 (b)(c)(d) | 3654512 | 2985774 |
| OPEN Trust Series 2023-AIR Class A, CME Term SOFR 1 month Index + 3.0891%, 7.4178% 11/15/2040 (b)(c)(d) | 166258 | 166719 |
| RLGH Trust Series 2021-TROT Class A, CME Term SOFR 1 month Index + 0.9145%, 5.2435% 4/15/2036 (b)(c)(d) | 650000 | 648059 |
| ROCK Trust Series 2024-CNTR Class A, 5.3883% 11/13/2041 (b) | 750000 | 758798 |
| SDR Commercial Mortgage Trust Series 2024-DSNY Class B, CME Term SOFR 1 month Index + 1.7412%, 6.0699% 5/15/2039 (b)(c)(d) | 790000 | 778397 |
| SREIT Trust Series 2021-MFP Class A, CME Term SOFR 1 month Index + 0.8453%, 5.174% 11/15/2038 (b)(c)(d) | 1470489 | 1468651 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class A, CME Term SOFR 1 month Index + 1.2429%, 5.5716% 12/15/2039 (b)(c)(d) | 869000 | 868727 |
| Wells Fargo Commercial Mortgage Trust Series 2024-GRP Class A, CME Term SOFR 1 month Index + 1.7913%, 6.12% 10/15/2041 (b)(c)(d) | 1060000 | 1063605 |
| TOTAL UNITED STATES |  | 57513274 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $58,709,559) |  | <br> **57513274** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 6.3%** | &nbsp;&nbsp;**Fixed-Income Funds - 6.3%** | &nbsp;&nbsp;**Fixed-Income Funds - 6.3%** |
|  | Shares | Value ($)<br>|
| Baird Short-Term Bond Fund Institutional Class  | 8098963 | 77021142 |
| iShares 1-3 Year Treasury Bond ETF (f) | 2001555 | 165428521 |
| <br> **TOTAL FIXED-INCOME FUNDS**<br> (Cost $241,969,802) |  | **242449663** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 19.8%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 19.8%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 19.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| NBN Co Ltd 1.45% 5/5/2026 (b) | 1765000 | 1714742 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Woodside Finance Ltd 3.7% 9/15/2026 (b) | 487000 | 480323 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Commonwealth Bank of Australia U.S. SOFR Index + 0.46%, 4.7382% 11/27/2026 (b)(c)(d) | 3000000 | 3003885 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| CSL Finance PLC 3.85% 4/27/2027 (b) | 395000 | 390086 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Sydney Airport Finance Co Pty Ltd 3.625% 4/28/2026 (b) | 242000 | 239530 |
| Materials - 0.3% |  |  |
| Containers & Packaging - 0.1% |  |  |
| Brambles USA Inc 4.125% 10/23/2025 (b) | 2100000 | 2093321 |
| Metals & Mining - 0.2% |  |  |
| BHP Billiton Finance USA Ltd 5% 2/21/2030  | 1625000 | 1650156 |
| Glencore Funding LLC 1.625% 4/27/2026 (b) | 1600000 | 1557125 |
| Glencore Funding LLC U.S. SOFR Averages Index + 0.75%, 5.0901% 10/1/2026 (b)(c)(d) | 2600000 | 2601662 |
| Rio Tinto Finance USA PLC 4.875% 3/14/2030  | 730000 | 737952 |
|  |  | 6546895 |
| TOTAL MATERIALS |  | 8640216 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| APA Infrastructure Ltd 4.25% 7/15/2027 (b) | 1550000 | 1538845 |
| TOTAL AUSTRALIA |  | 16007627 |
| CANADA - 1.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Rogers Communications Inc 3.2% 3/15/2027  | 1790000 | 1751092 |
| Rogers Communications Inc 5% 2/15/2029  | 1835000 | 1848533 |
|  |  | 3599625 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Canadian Natural Resources Ltd 2.05% 7/15/2025  | 1930000 | 1923641 |
| Canadian Natural Resources Ltd 3.85% 6/1/2027  | 828000 | 816193 |
| Enbridge Inc 5.9% 11/15/2026  | 400000 | 406737 |
| Enbridge Inc 6% 11/15/2028  | 325000 | 339580 |
| South Bow USA Infrastructure Holdings LLC 4.911% 9/1/2027 (b) | 1180000 | 1180833 |
|  |  | 4666984 |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| Bank of Montreal 0.949% 1/22/2027 (c) | 3200000 | 3123080 |
| Bank of Montreal 3.7% 6/7/2025  | 1490000 | 1489628 |
| Bank of Montreal 4.567% 9/10/2027 (c) | 2804000 | 2801714 |
| Bank of Montreal 5.92% 9/25/2025  | 5000000 | 5021126 |
| Bank of Nova Scotia/The 2.7% 8/3/2026  | 2700000 | 2647567 |
| Bank of Nova Scotia/The 5.35% 12/7/2026  | 2600000 | 2632110 |
| Federation des Caisses Desjardins du Quebec U.S. SOFR Index + 0.63%, 4.9466% 1/27/2027 (b)(c)(d) | 3000000 | 3007300 |
| National Bank of Canada 4.95% 2/1/2028 (c) | 2522000 | 2532871 |
| Royal Bank of Canada 4.51% 10/18/2027 (c) | 2600000 | 2600909 |
| Royal Bank of Canada 5.069% 7/23/2027 (c) | 3500000 | 3523133 |
| Royal Bank of Canada U.S. SOFR Averages Index + 0.72%, 5.0396% 10/18/2027 (c)(d) | 3100000 | 3101708 |
| Toronto Dominion Bank U.S. SOFR Index + 0.48%, 4.8096% 10/10/2025 (c)(d) | 4000000 | 4002720 |
| Toronto Dominion Bank U.S. SOFR Index + 0.62%, 4.9613% 12/17/2026 (c)(d) | 4100000 | 4103074 |
|  |  | 40586940 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Element Fleet Management Corp 5.037% 3/25/2030 (b) | 690000 | 686811 |
| Element Fleet Management Corp 5.643% 3/13/2027 (b) | 660000 | 669546 |
|  |  | 1356357 |
| Ground Transportation - 0.0% |  |  |
| Canadian Pacific Railway Co 1.75% 12/2/2026  | 580000 | 557561 |
| TOTAL INDUSTRIALS |  | 1913918 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Nutrien Ltd 4.9% 3/27/2028  | 400000 | 404199 |
| TOTAL CANADA |  | 51171666 |
| CHILE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Corp Nacional del Cobre de Chile 3% 9/30/2029 (g) | 1400000 | 1277500 |
| Corp Nacional del Cobre de Chile 3.625% 8/1/2027 (g) | 404000 | 394304 |
| TOTAL CHILE |  | 1671804 |
| DENMARK - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Danske Bank A/S 4.613% 10/2/2030 (b)(c) | 770000 | 761598 |
| Danske Bank A/S 5.427% 3/1/2028 (b)(c) | 730000 | 741169 |
| Danske Bank A/S 6.259% 9/22/2026 (b)(c) | 5700000 | 5721478 |
| TOTAL DENMARK |  | 7224245 |
| FINLAND - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Nordea Bank Abp U.S. SOFR Index + 0.7%, 5.0413% 3/17/2028 (b)(c)(d) | 2595000 | 2596355 |
| FRANCE - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Banque Federative du Credit Mutuel SA 4.935% 1/26/2026 (b) | 650000 | 651481 |
| BNP Paribas SA 2.219% 6/9/2026 (b)(c) | 2000000 | 1998976 |
| BNP Paribas SA 2.591% 1/20/2028 (b)(c) | 2700000 | 2606165 |
| BNP Paribas SA 4.792% 5/9/2029 (b)(c) | 1760000 | 1757029 |
| BPCE SA 1.652% 10/6/2026 (b)(c) | 4500000 | 4446662 |
| Credit Agricole SA 5.222% 5/27/2031 (b)(c) | 705000 | 711189 |
| Credit Agricole SA 5.23% 1/9/2029 (b)(c) | 1225000 | 1237912 |
| Credit Agricole SA 5.589% 7/5/2026 (b) | 2600000 | 2632606 |
| Societe Generale SA 5.249% 5/22/2029 (b)(c) | 1280000 | 1285786 |
| Societe Generale SA 5.519% 1/19/2028 (b)(c) | 1205000 | 1214018 |
| TOTAL FRANCE |  | 18541824 |
| GERMANY - 1.0%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobiles - 0.7% |  |  |
| BMW US Capital LLC 4.6% 8/13/2027 (b) | 1965000 | 1968802 |
| BMW US Capital LLC U.S. SOFR Averages Index + 0.8%, 5.0885% 8/13/2026 (b)(c)(d) | 3000000 | 3010434 |
| Mercedes-Benz Finance North America LLC 4.8% 1/11/2027 (b) | 2040000 | 2043813 |
| Mercedes-Benz Finance North America LLC 4.8% 3/30/2026 (b) | 365000 | 365751 |
| Mercedes-Benz Finance North America LLC U.S. SOFR Index + 0.78%, 5.1201% 4/1/2027 (b)(c)(d) | 3500000 | 3496257 |
| Volkswagen Group of America Finance LLC 3.95% 6/6/2025 (b) | 760000 | 759919 |
| Volkswagen Group of America Finance LLC 4.85% 8/15/2027 (b) | 1375000 | 1368795 |
| Volkswagen Group of America Finance LLC 5.05% 3/27/2028 (b) | 580000 | 579775 |
| Volkswagen Group of America Finance LLC 5.4% 3/20/2026 (b) | 2000000 | 2007752 |
| Volkswagen Group of America Finance LLC 5.7% 9/12/2026 (b) | 1425000 | 1437241 |
| Volkswagen Group of America Finance LLC 5.8% 9/12/2025 (b) | 5660000 | 5669048 |
| Volkswagen Group of America Finance LLC 6% 11/16/2026 (b) | 650000 | 658772 |
| Volkswagen Group of America Finance LLC U.S. SOFR Index + 1.06%, 5.3485% 8/14/2026 (b)(c)(d) | 2956000 | 2965619 |
|  |  | 26331978 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Deutsche Bank AG/New York NY 2.129% 11/24/2026 (c) | 3200000 | 3155232 |
| Deutsche Bank AG/New York NY 6.119% 7/14/2026 (c) | 2000000 | 2002108 |
| Deutsche Bank AG/New York NY 7.146% 7/13/2027 (c) | 3000000 | 3071213 |
|  |  | 8228553 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Bayer US Finance II LLC 4.25% 12/15/2025 (b) | 2000000 | 1992563 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Daimler Truck Finance North America LLC 5% 1/15/2027 (b) | 325000 | 326951 |
| Daimler Truck Finance North America LLC 5.125% 9/25/2027 (b) | 690000 | 696801 |
|  |  | 1023752 |
| TOTAL GERMANY |  | 37576846 |
| HONG KONG - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| HPHT Finance 21 II Ltd 1.5% 9/17/2026 (g) | 650000 | 622176 |
| INDIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| HDFC Bank Ltd/Gandhinagar 5.686% 3/2/2026 (g) | 800000 | 804656 |
| State Bank of India/London 1.8% 7/13/2026 (g) | 1850000 | 1790386 |
| TOTAL INDIA |  | 2595042 |
| INDONESIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bank Mandiri Persero Tbk PT 5.5% 4/4/2026 (g) | 1900000 | 1909500 |
| IRELAND - 0.4%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.1% |  |  |
| Bank of Ireland Group PLC 2.029% 9/30/2027 (b)(c) | 2200000 | 2120237 |
| Consumer Finance - 0.2% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 1.75% 1/30/2026  | 3200000 | 3135173 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.45% 10/1/2025  | 2000000 | 1997487 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.1% 1/15/2027  | 695000 | 708661 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.45% 4/15/2027  | 1551000 | 1596075 |
|  |  | 7437396 |
| TOTAL FINANCIALS |  | 9557633 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Avolon Holdings Funding Ltd 2.125% 2/21/2026 (b) | 2010000 | 1964619 |
| Avolon Holdings Funding Ltd 4.25% 4/15/2026 (b) | 2600000 | 2581007 |
| Avolon Holdings Funding Ltd 5.75% 3/1/2029 (b) | 685000 | 697443 |
| Avolon Holdings Funding Ltd 6.375% 5/4/2028 (b) | 300000 | 310556 |
|  |  | 5553625 |
| TOTAL IRELAND |  | 15111258 |
| ITALY - 0.2%  |  |  |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Enel Finance International NV 1.625% 7/12/2026 (b)(e) | 4805000 | 4644643 |
| Enel Finance International NV 7.05% 10/14/2025 (b)(e) | 4025000 | 4052864 |
| TOTAL ITALY |  | 8697507 |
| JAPAN - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Tobacco - 0.0% |  |  |
| Japan Tobacco Inc 4.892% 5/15/2028 (b) | 1620000 | 1635086 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Sumitomo Mitsui Financial Group Inc 1.402% 9/17/2026  | 2800000 | 2690591 |
| TOTAL JAPAN |  | 4325677 |
| KAZAKHSTAN - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Tengizchevroil Finance Co International Ltd 4% 8/15/2026 (g) | 1680000 | 1648920 |
| KOREA (SOUTH) - 0.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| KT Corp 4% 8/8/2025 (b) | 1525000 | 1523003 |
| KT Corp 4.125% 2/2/2028 (b) | 900000 | 888501 |
|  |  | 2411504 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Korea Housing Finance Corp 4.625% 2/24/2028 (b) | 1600000 | 1606596 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Korea Electric Power Corp 5.375% 4/6/2026 (b) | 1750000 | 1761956 |
| Korea Hydro & Nuclear Power Co Ltd 1.25% 4/27/2026 (b) | 1421000 | 1380393 |
|  |  | 3142349 |
| TOTAL KOREA (SOUTH) |  | 7160449 |
| KUWAIT - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| EQUATE Petrochemical Co KSC 4.25% 11/3/2026 (g) | 1850000 | 1832078 |
| MACAU - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Sands China Ltd 3.8% 1/8/2026  | 1300000 | 1288983 |
| NETHERLANDS - 0.5%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Heineken NV 3.5% 1/29/2028 (b) | 4003000 | 3911886 |
| Food Products - 0.0% |  |  |
| Viterra Finance BV 2% 4/21/2026 (b) | 515000 | 501608 |
| Viterra Finance BV 4.9% 4/21/2027 (b) | 1230000 | 1229694 |
|  |  | 1731302 |
| TOTAL CONSUMER STAPLES |  | 5643188 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Cooperatieve Rabobank UA/NY 4.333% 8/28/2026  | 5100000 | 5096923 |
| ING Groep NV 4.858% 3/25/2029 (c) | 1060000 | 1064192 |
|  |  | 6161115 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| NXP BV / NXP Funding LLC / NXP USA Inc 3.15% 5/1/2027  | 195000 | 189971 |
| NXP BV / NXP Funding LLC / NXP USA Inc 3.875% 6/18/2026  | 2695000 | 2673097 |
| NXP BV / NXP Funding LLC / NXP USA Inc 4.3% 6/18/2029  | 873000 | 856152 |
| NXP BV / NXP Funding LLC / NXP USA Inc 4.4% 6/1/2027  | 155000 | 154796 |
| NXP BV / NXP Funding LLC 5.35% 3/1/2026  | 2600000 | 2613385 |
|  |  | 6487401 |
| TOTAL NETHERLANDS |  | 18291704 |
| NORWAY - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| DNB Bank ASA 1.127% 9/16/2026 (b)(c) | 1900000 | 1879585 |
| DNB Bank ASA 1.535% 5/25/2027 (b)(c) | 2000000 | 1939936 |
| DNB Bank ASA 5.896% 10/9/2026 (b)(c) | 3100000 | 3111853 |
| TOTAL NORWAY |  | 6931374 |
| SAUDI ARABIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Ma'aden Sukuk Ltd 5.25% 2/13/2030 (b) | 1500000 | 1515908 |
| SPAIN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco Santander SA 5.552% 3/14/2028 (c) | 800000 | 809633 |
| CaixaBank SA 6.684% 9/13/2027 (b)(c) | 1530000 | 1565290 |
| TOTAL SPAIN |  | 2374923 |
| SWEDEN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Svenska Handelsbanken AB 1.418% 6/11/2027 (b)(c) | 3200000 | 3096430 |
| Swedbank AB 6.136% 9/12/2026 (b) | 2400000 | 2448315 |
| TOTAL SWEDEN |  | 5544745 |
| SWITZERLAND - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| UBS Group AG 1.494% 8/10/2027 (b)(c) | 3375000 | 3247087 |
| UBS Group AG 2.193% 6/5/2026 (b)(c) | 4300000 | 4299158 |
| UBS Group AG 6.327% 12/22/2027 (b)(c) | 1260000 | 1289671 |
| UBS Group AG 6.373% 7/15/2026 (b)(c) | 2000000 | 2002792 |
|  |  | 10838708 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Holcim Finance US LLC 4.7% 4/7/2028 (b) | 1025000 | 1030243 |
| Holcim Finance US LLC 5% 4/7/2030 (b) | 375000 | 377407 |
|  |  | 1407650 |
| TOTAL SWITZERLAND |  | 12246358 |
| UNITED KINGDOM - 1.6%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.0% |  |  |
| Coca-Cola Europacific Partners PLC 1.5% 1/15/2027 (b) | 475000 | 452700 |
| Diageo Investment Corp 5.156% 8/15/2030  | 365000 | 372415 |
|  |  | 825115 |
| Tobacco - 0.3% |  |  |
| BAT International Finance PLC 1.668% 3/25/2026  | 2985000 | 2914283 |
| BAT International Finance PLC 4.448% 3/16/2028  | 1985000 | 1978746 |
| Imperial Brands Finance PLC 4.25% 7/21/2025 (b) | 1061000 | 1059785 |
| Reynolds American Inc 4.45% 6/12/2025  | 5000000 | 4999626 |
|  |  | 10952440 |
| TOTAL CONSUMER STAPLES |  | 11777555 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Barclays PLC 5.086% 2/25/2029 (c) | 1085000 | 1091240 |
| Barclays PLC 5.304% 8/9/2026 (c) | 3000000 | 3002669 |
| Barclays PLC 5.829% 5/9/2027 (c) | 2600000 | 2623729 |
| Barclays PLC 6.496% 9/13/2027 (c) | 2600000 | 2654409 |
| Barclays PLC 7.325% 11/2/2026 (c) | 4145000 | 4187346 |
| HSBC Holdings PLC 2.099% 6/4/2026 (c) | 5500000 | 5499186 |
| HSBC Holdings PLC 4.899% 3/3/2029 (c) | 1005000 | 1007285 |
| HSBC Holdings PLC 5.13% 11/19/2028 (c) | 1220000 | 1228992 |
| HSBC Holdings PLC 5.597% 5/17/2028 (c) | 1045000 | 1060524 |
| HSBC Holdings PLC 5.887% 8/14/2027 (c) | 2600000 | 2632259 |
| HSBC Holdings PLC 7.336% 11/3/2026 (c) | 2000000 | 2020071 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (c) | 3200000 | 3109245 |
| Lloyds Banking Group PLC 4.716% 8/11/2026 (c) | 2000000 | 1999362 |
| Lloyds Banking Group PLC 5.462% 1/5/2028 (c) | 800000 | 809102 |
| Lloyds Banking Group PLC 5.985% 8/7/2027 (c) | 2000000 | 2027905 |
| NatWest Group PLC 1.642% 6/14/2027 (c) | 2000000 | 1937861 |
| NatWest Group PLC 5.847% 3/2/2027 (c) | 3300000 | 3326710 |
| NatWest Group PLC 7.472% 11/10/2026 (c) | 3000000 | 3034455 |
| Standard Chartered PLC 4.3% 2/19/2027 (b) | 327000 | 323587 |
| Standard Chartered PLC 5.688% 5/14/2028 (b)(c) | 780000 | 791734 |
|  |  | 44367671 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| GlaxoSmithKline Capital PLC U.S. SOFR Index + 0.5%, 4.8428% 3/12/2027 (c)(d) | 3046000 | 3053341 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| BAE Systems PLC 5% 3/26/2027 (b) | 840000 | 846899 |
| TOTAL UNITED KINGDOM |  | 60045466 |
| UNITED STATES - 12.5%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| SBA Tower Trust 4.831% 10/15/2029 (b) | 2245000 | 2233344 |
| SBA Tower Trust 6.599% 11/15/2052 (b) | 1160000 | 1189105 |
| Verizon Communications Inc 2.1% 3/22/2028  | 1583000 | 1488936 |
|  |  | 4911385 |
| Entertainment - 0.0% |  |  |
| Take-Two Interactive Software Inc 5% 3/28/2026  | 1375000 | 1377981 |
| Media - 0.1% |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.908% 7/23/2025  | 1034000 | 1033840 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.15% 11/10/2026  | 435000 | 442689 |
| Comcast Corp 4.15% 10/15/2028  | 440000 | 437102 |
| Cox Communications Inc 3.35% 9/15/2026 (b) | 345000 | 338502 |
| Cox Communications Inc 3.5% 8/15/2027 (b) | 350000 | 340882 |
| Omnicom Group Inc / Omnicom Capital Inc 3.6% 4/15/2026  | 370000 | 366331 |
|  |  | 2959346 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Sprint LLC 7.625% 3/1/2026  | 2500000 | 2527482 |
| T-Mobile USA Inc 2.625% 4/15/2026  | 3200000 | 3150404 |
| T-Mobile USA Inc 5.375% 4/15/2027  | 2000000 | 2000483 |
|  |  | 7678369 |
| TOTAL COMMUNICATION SERVICES |  | 16927081 |
| Consumer Discretionary - 1.3% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv Swiss Holdings Ltd 4.65% 9/13/2029  | 555000 | 545909 |
| Automobiles - 0.9% |  |  |
| American Honda Finance Corp 4.95% 1/9/2026  | 2308000 | 2311901 |
| American Honda Finance Corp 5.65% 11/15/2028  | 1245000 | 1286515 |
| American Honda Finance Corp U.S. SOFR Index + 0.45%, 4.7917% 6/13/2025 (c)(d) | 3000000 | 3000251 |
| American Honda Finance Corp U.S. SOFR Index + 0.65%, 4.9389% 5/20/2026 (c)(d) | 2600000 | 2601766 |
| General Motors Co 5.35% 4/15/2028  | 535000 | 539318 |
| General Motors Financial Co Inc 2.75% 6/20/2025  | 2000000 | 1998048 |
| General Motors Financial Co Inc 5.05% 4/4/2028  | 1575000 | 1578847 |
| General Motors Financial Co Inc 5.35% 7/15/2027  | 1236000 | 1244917 |
| General Motors Financial Co Inc 5.4% 4/6/2026  | 2495000 | 2502354 |
| General Motors Financial Co Inc 5.4% 5/8/2027  | 711000 | 716867 |
| Hyundai Capital America 4.85% 3/25/2027 (b) | 615000 | 614169 |
| Hyundai Capital America 5% 1/7/2028 (b) | 985000 | 985951 |
| Hyundai Capital America 5.25% 1/8/2027 (b) | 675000 | 678247 |
| Hyundai Capital America 5.45% 6/24/2026 (b) | 2000000 | 2009978 |
| Hyundai Capital America 5.5% 3/30/2026 (b) | 935000 | 940057 |
| Hyundai Capital America 5.6% 3/30/2028 (b) | 580000 | 590521 |
| Hyundai Capital America 5.8% 6/26/2025 (b) | 5000000 | 5002280 |
| Hyundai Capital America 6.25% 11/3/2025 (b) | 440000 | 442228 |
| Stellantis Finance US Inc 5.35% 3/17/2028 (b) | 200000 | 200576 |
|  |  | 29244791 |
| Broadline Retail - 0.0% |  |  |
| eBay Inc 3.6% 6/5/2027  | 1905000 | 1876570 |
| Diversified Consumer Services - 0.0% |  |  |
| ERAC USA Finance LLC 4.6% 5/1/2028 (b) | 1205000 | 1212123 |
| ERAC USA Finance LLC 5% 2/15/2029 (b) | 505000 | 513936 |
|  |  | 1726059 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Darden Restaurants Inc 4.35% 10/15/2027  | 1120000 | 1116421 |
| Marriott International Inc/MD 3.125% 6/15/2026  | 1628000 | 1601727 |
| Marriott International Inc/MD 5.45% 9/15/2026  | 325000 | 328365 |
| McDonald's Corp 3.8% 4/1/2028  | 1646000 | 1625728 |
| Starbucks Corp 2% 3/12/2027  | 300000 | 287127 |
| Starbucks Corp 4% 11/15/2028  | 755000 | 744257 |
|  |  | 5703625 |
| Household Durables - 0.0% |  |  |
| Mohawk Industries Inc 5.85% 9/18/2028  | 416000 | 429683 |
| Leisure Products - 0.0% |  |  |
| Mattel Inc 3.375% 4/1/2026 (b) | 1418000 | 1396148 |
| Specialty Retail - 0.3% |  |  |
| Advance Auto Parts Inc 5.9% 3/9/2026  | 800000 | 804184 |
| AutoZone Inc 5.165% 6/15/2030  | 800000 | 812639 |
| Home Depot Inc/The U.S. SOFR Index + 0.33%, 4.6738% 12/24/2025 (c)(d) | 2335000 | 2337349 |
| O'Reilly Automotive Inc 4.35% 6/1/2028  | 723000 | 722120 |
| O'Reilly Automotive Inc 5.75% 11/20/2026  | 2298000 | 2336929 |
|  |  | 7013221 |
| TOTAL CONSUMER DISCRETIONARY |  | 47936006 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.1% |  |  |
| Keurig Dr Pepper Inc U.S. SOFR Index + 0.58%, 4.8863% 11/15/2026 (c)(d) | 2985000 | 2989448 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Dollar General Corp 3.875% 4/15/2027  | 373000 | 367551 |
| Dollar General Corp 4.125% 5/1/2028  | 1279000 | 1261320 |
| Dollar General Corp 4.625% 11/1/2027  | 620000 | 619951 |
| Dollar General Corp 5.2% 7/5/2028  | 584000 | 591864 |
| Kroger Co/The 2.65% 10/15/2026  | 812000 | 792954 |
| Mars Inc 4.45% 3/1/2027 (b) | 2200000 | 2202132 |
| Mars Inc 4.55% 4/20/2028 (b) | 1660000 | 1669871 |
| Mars Inc 4.6% 3/1/2028 (b) | 1080000 | 1085027 |
| Mars Inc 4.8% 3/1/2030 (b) | 990000 | 996110 |
| Walmart Inc U.S. SOFR Averages Index + 0.43%, 4.7471% 4/28/2027 (c)(d) | 2436000 | 2442187 |
|  |  | 12028967 |
| Food Products - 0.1% |  |  |
| McCormick & Co Inc/MD 0.9% 2/15/2026  | 3450000 | 3360277 |
| The Campbell's Company 5.3% 3/20/2026  | 579000 | 581446 |
|  |  | 3941723 |
| Tobacco - 0.0% |  |  |
| Altria Group Inc 2.625% 9/16/2026  | 855000 | 835079 |
| Philip Morris International Inc 5.125% 11/17/2027  | 307000 | 312451 |
|  |  | 1147530 |
| TOTAL CONSUMER STAPLES |  | 20107668 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Schlumberger Holdings Corp 3.9% 5/17/2028 (b) | 1363000 | 1340834 |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| BP Capital Markets PLC 3.723% 11/28/2028  | 855000 | 835631 |
| Cheniere Corpus Christi Holdings LLC 5.125% 6/30/2027  | 1005000 | 1012599 |
| Chevron USA Inc U.S. SOFR Averages Index + 0.36%, 4.6382% 2/26/2027 (c)(d) | 2704000 | 2704406 |
| Columbia Pipelines Holding Co LLC 6.055% 8/15/2026 (b) | 150000 | 151574 |
| DCP Midstream Operating LP 5.375% 7/15/2025  | 1510000 | 1510383 |
| Diamondback Energy Inc 5.2% 4/18/2027  | 525000 | 530032 |
| Energy Transfer LP 5.25% 7/1/2029  | 645000 | 655568 |
| Energy Transfer LP 5.625% 5/1/2027 (b) | 2000000 | 2000089 |
| Energy Transfer LP 6.05% 12/1/2026  | 1885000 | 1921122 |
| EQT Corp 3.125% 5/15/2026 (b) | 1715000 | 1684048 |
| Gray Oak Pipeline LLC 2.6% 10/15/2025 (b) | 385000 | 380186 |
| HF Sinclair Corp 5.75% 1/15/2031  | 1220000 | 1226664 |
| Kinder Morgan Inc 5.15% 6/1/2030  | 860000 | 868081 |
| Occidental Petroleum Corp 5% 8/1/2027  | 655000 | 655108 |
| Occidental Petroleum Corp 5.2% 8/1/2029  | 465000 | 461910 |
| ONEOK Inc 4.25% 9/24/2027  | 1570000 | 1559720 |
| ONEOK Inc 4.85% 7/15/2026  | 1899000 | 1900419 |
| ONEOK Inc 5.55% 11/1/2026  | 990000 | 1001239 |
| Ovintiv Inc 5.375% 1/1/2026  | 461000 | 461190 |
| Sabine Pass Liquefaction LLC 4.2% 3/15/2028  | 308000 | 305119 |
| Sabine Pass Liquefaction LLC 5.875% 6/30/2026  | 1970000 | 1981921 |
| Schlumberger Investment SA 4.5% 5/15/2028  | 749000 | 750745 |
| Targa Resources Corp 5.2% 7/1/2027  | 345000 | 348304 |
| Transcontinental Gas Pipe Line Co LLC 7.85% 2/1/2026  | 3000000 | 3036981 |
| Valero Energy Corp 5.15% 2/15/2030  | 365000 | 369131 |
| Western Gas Partners LP 4.65% 7/1/2026  | 2000000 | 1994412 |
| Williams Cos Inc/The 4.8% 11/15/2029  | 670000 | 673733 |
| Williams Cos Inc/The 5.4% 3/2/2026  | 2140000 | 2150664 |
|  |  | 33130979 |
| TOTAL ENERGY |  | 34471813 |
| Financials - 5.5% |  |  |
| Banks - 2.2% |  |  |
| Bank of America Corp 1.319% 6/19/2026 (c) | 4500000 | 4491253 |
| Bank of America Corp 1.658% 3/11/2027 (c) | 3100000 | 3028393 |
| Bank of America Corp 1.734% 7/22/2027 (c) | 3465000 | 3351685 |
| Bank of America Corp 3.559% 4/23/2027 (c) | 2700000 | 2672342 |
| Bank of America Corp 4.623% 5/9/2029 (c) | 1435000 | 1434660 |
| Bank of America Corp 5.08% 1/20/2027 (c) | 645000 | 646354 |
| Citibank NA 4.929% 8/6/2026  | 3000000 | 3016895 |
| Citibank NA U.S. SOFR Index + 0.781%, 5.1013% 5/29/2027 (c)(d) | 2650000 | 2651232 |
| Citigroup Inc 4.4% 6/10/2025  | 355000 | 354917 |
| Citigroup Inc 5.174% 2/13/2030 (c) | 710000 | 719123 |
| Citigroup Inc U.S. SOFR Index + 1.1143%, 5.437% 5/7/2028 (c)(d) | 2200000 | 2204770 |
| Huntington National Bank/The U.S. SOFR Index + 0.72%, 5.0452% 4/12/2028 (c)(d) | 2312000 | 2306497 |
| JPMorgan Chase & Co 1.04% 2/4/2027 (c) | 3025000 | 2951632 |
| JPMorgan Chase & Co 1.578% 4/22/2027 (c) | 3200000 | 3116235 |
| JPMorgan Chase & Co 4.979% 7/22/2028 (c) | 800000 | 806293 |
| JPMorgan Chase & Co 5.04% 1/23/2028 (c) | 710000 | 715066 |
| JPMorgan Chase & Co 5.103% 4/22/2031 (c) | 835000 | 847114 |
| JPMorgan Chase & Co 6.07% 10/22/2027 (c) | 2500000 | 2551906 |
| JPMorgan Chase & Co U.S. SOFR Index + 0.885%, 5.2043% 4/22/2027 (c)(d) | 747000 | 748876 |
| Morgan Stanley Bank NA U.S. SOFR Index + 0.685%, 5.0087% 10/15/2027 (c)(d) | 3000000 | 3000508 |
| PNC Financial Services Group Inc/The 4.758% 1/26/2027 (c) | 4020000 | 4022292 |
| PNC Financial Services Group Inc/The 5.102% 7/23/2027 (c) | 3000000 | 3017645 |
| PNC Financial Services Group Inc/The 5.812% 6/12/2026 (c) | 345000 | 345069 |
| Santander Holdings USA Inc 2.49% 1/6/2028 (c) | 760000 | 730271 |
| Santander Holdings USA Inc 4.5% 7/17/2025  | 5000000 | 4997123 |
| Santander Holdings USA Inc 6.124% 5/31/2027 (c) | 160000 | 161428 |
| Truist Financial Corp 1.267% 3/2/2027 (c) | 3200000 | 3113804 |
| Truist Financial Corp 6.047% 6/8/2027 (c) | 3000000 | 3038730 |
| US Bancorp 4.548% 7/22/2028 (c) | 1070000 | 1069068 |
| US Bancorp 5.727% 10/21/2026 (c) | 3415000 | 3427850 |
| US Bank NA/Cincinnati OH U.S. SOFR Index + 0.91%, 5.1985% 5/15/2028 (c)(d) | 3500000 | 3505810 |
| Wells Fargo & Co 3% 4/22/2026  | 1000000 | 986403 |
| Wells Fargo & Co 3.196% 6/17/2027 (c) | 3200000 | 3154005 |
| Wells Fargo & Co 4.54% 8/15/2026 (c) | 1055000 | 1054573 |
| Wells Fargo & Co 4.9% 1/24/2028 (c) | 1550000 | 1555728 |
| Wells Fargo & Co 4.97% 4/23/2029 (c) | 2895000 | 2916546 |
| Wells Fargo Bank NA 5.55% 8/1/2025  | 3000000 | 3002837 |
|  |  | 81714933 |
| Capital Markets - 1.7% |  |  |
| Athene Global Funding 1.608% 6/29/2026 (b) | 2700000 | 2614889 |
| Athene Global Funding 2.95% 11/12/2026 (b) | 2700000 | 2632175 |
| Athene Global Funding 4.86% 8/27/2026 (b) | 2885000 | 2891673 |
| Athene Global Funding 5.349% 7/9/2027 (b) | 860000 | 871466 |
| Athene Global Funding 5.62% 5/8/2026 (b) | 3100000 | 3126954 |
| Athene Global Funding 5.684% 2/23/2026 (b) | 1320000 | 1328449 |
| Bank of New York Mellon Corp/The 4.947% 4/26/2027 (c) | 2600000 | 2611971 |
| Bank of New York Mellon/The 4.729% 4/20/2029 (c) | 1040000 | 1048957 |
| Bank of New York Mellon/The U.S. SOFR Averages Index + 0.71%, 5.0293% 4/20/2027 (c)(d) | 3500000 | 3509560 |
| Charles Schwab Corp/The 2.45% 3/3/2027  | 1489000 | 1442372 |
| Charles Schwab Corp/The 3.2% 3/2/2027  | 375000 | 367967 |
| GA Global Funding Trust 5.4% 1/13/2030 (b) | 1135000 | 1153773 |
| Goldman Sachs Group Inc/The 1.093% 12/9/2026 (c) | 3100000 | 3041219 |
| Goldman Sachs Group Inc/The 1.431% 3/9/2027 (c) | 2650000 | 2583301 |
| Goldman Sachs Group Inc/The 1.542% 9/10/2027 (c) | 2800000 | 2688550 |
| Goldman Sachs Group Inc/The 4.482% 8/23/2028 (c) | 735000 | 732564 |
| Goldman Sachs Group Inc/The 4.937% 4/23/2028 (c) | 1970000 | 1980033 |
| Goldman Sachs Group Inc/The 5.218% 4/23/2031 (c) | 1100000 | 1116033 |
| Goldman Sachs Group Inc/The 5.798% 8/10/2026 (c) | 700000 | 701291 |
| Goldman Sachs Group Inc/The U.S. SOFR Index + 1.29%, 5.6072% 4/23/2028 (c)(d) | 1900000 | 1911629 |
| Intercontinental Exchange Inc 3.625% 9/1/2028  | 754000 | 734369 |
| LPL Holdings Inc 4.9% 4/3/2028  | 465000 | 465632 |
| LPL Holdings Inc 5.7% 5/20/2027  | 1298000 | 1319545 |
| LPL Holdings Inc 6.75% 11/17/2028  | 325000 | 345157 |
| Morgan Stanley 1.512% 7/20/2027 (c) | 2700000 | 2605131 |
| Morgan Stanley 4.679% 7/17/2026 (c) | 4700000 | 4699368 |
| Morgan Stanley 4.994% 4/12/2029 (c) | 1065000 | 1074972 |
| Morgan Stanley 6.138% 10/16/2026 (c) | 3000000 | 3015019 |
| Nasdaq Inc 5.35% 6/28/2028  | 380000 | 389992 |
| Nasdaq Inc 5.65% 6/28/2025  | 521000 | 521059 |
| Northern Trust Corp 3.95% 10/30/2025  | 545000 | 543585 |
| S&P Global Inc 2.45% 3/1/2027  | 1810000 | 1755690 |
| Sammons Financial Group Global Funding 5.05% 1/10/2028 (b) | 585000 | 591907 |
| State Street Bank & Trust Co U.S. SOFR Index + 0.46%, 4.7364% 11/25/2026 (c)(d) | 1935000 | 1935296 |
| State Street Corp 4.834% 4/24/2030  | 900000 | 907723 |
| State Street Corp 5.751% 11/4/2026 (c) | 2000000 | 2009271 |
| State Street Corp U.S. SOFR Index + 0.95%, 5.2666% 4/24/2028 (c)(d) | 1189000 | 1195099 |
|  |  | 62463641 |
| Consumer Finance - 0.7% |  |  |
| Ally Financial Inc 5.737% 5/15/2029 (c) | 670000 | 676562 |
| American Express Co 4.731% 4/25/2029 (c) | 840000 | 844685 |
| American Express Co 5.043% 7/26/2028 (c) | 710000 | 718358 |
| American Express Co 5.098% 2/16/2028 (c) | 380000 | 383472 |
| American Express Co 5.389% 7/28/2027 (c) | 2600000 | 2623187 |
| American Express Co 5.532% 4/25/2030 (c) | 845000 | 873126 |
| American Express Co 5.645% 4/23/2027 (c) | 2600000 | 2623413 |
| American Express Co 6.338% 10/30/2026 (c) | 2654000 | 2672171 |
| Capital One Financial Corp 4.985% 7/24/2026 (c) | 3885000 | 3884970 |
| Capital One Financial Corp 6.312% 6/8/2029 (c) | 415000 | 432218 |
| Capital One Financial Corp 7.149% 10/29/2027 (c) | 410000 | 422972 |
| Ford Motor Credit Co LLC 5.125% 11/5/2026  | 780000 | 773060 |
| Ford Motor Credit Co LLC 5.125% 6/16/2025  | 1405000 | 1404944 |
| Ford Motor Credit Co LLC 5.8% 3/5/2027  | 835000 | 834073 |
| Ford Motor Credit Co LLC 5.918% 3/20/2028  | 550000 | 551104 |
| Toyota Motor Credit Corp U.S. SOFR Averages Index + 0.45%, 4.7796% 4/10/2026 (c)(d) | 3100000 | 3100617 |
| Toyota Motor Credit Corp U.S. SOFR Index + 0.77%, 5.064% 8/7/2026 (c)(d) | 3031000 | 3042650 |
|  |  | 25861582 |
| Financial Services - 0.4% |  |  |
| BP Capital Markets America Inc 4.234% 11/6/2028  | 585000 | 581911 |
| CNH Industrial Capital LLC 1.45% 7/15/2026  | 2200000 | 2119304 |
| CNH Industrial Capital LLC 5.45% 10/14/2025  | 2800000 | 2809260 |
| Corebridge Global Funding 4.65% 8/20/2027 (b) | 415000 | 415985 |
| Corebridge Global Funding 5.2% 1/12/2029 (b) | 325000 | 330896 |
| Crown Castle Towers LLC 4.241% 7/15/2048 (b) | 290000 | 282748 |
| Fiserv Inc 4.2% 10/1/2028  | 686000 | 678646 |
| Fiserv Inc 5.15% 3/15/2027  | 1805000 | 1824766 |
| National Rural Utilities Cooperative Finance Corp 4.12% 9/16/2027  | 448000 | 446584 |
| National Rural Utilities Cooperative Finance Corp 4.8% 3/15/2028  | 774000 | 783403 |
| National Rural Utilities Cooperative Finance Corp 5.1% 5/6/2027  | 582000 | 589508 |
| Penske Truck Leasing Co Lp / PTL Finance Corp 1.7% 6/15/2026 (b) | 364000 | 352716 |
| Penske Truck Leasing Co Lp / PTL Finance Corp 5.35% 1/12/2027 (b) | 515000 | 518954 |
| Penske Truck Leasing Co Lp / PTL Finance Corp 5.75% 5/24/2026 (b) | 2170000 | 2188375 |
| Western Union Co/The 1.35% 3/15/2026  | 2954000 | 2872197 |
|  |  | 16795253 |
| Insurance - 0.5% |  |  |
| American International Group Inc 4.85% 5/7/2030  | 805000 | 808092 |
| Brighthouse Financial Global Funding 1.55% 5/24/2026 (b) | 250000 | 242289 |
| CNO Global Funding 1.75% 10/7/2026 (b) | 1810000 | 1737687 |
| CNO Global Funding 4.875% 12/10/2027 (b) | 410000 | 411112 |
| Equitable Financial Life Global Funding 1.4% 7/7/2025 (b) | 116000 | 115646 |
| Equitable Financial Life Global Funding 1.7% 11/12/2026 (b) | 460000 | 441953 |
| Equitable Financial Life Global Funding 4.6% 4/1/2027 (b) | 1597000 | 1596374 |
| Fortitude Group Holdings LLC 6.25% 4/1/2030 (b) | 1865000 | 1888220 |
| Health Care Service Corp 1.5% 6/1/2025 (b) | 1800000 | 1799590 |
| Health Care Service Corp 5.2% 6/15/2029 (b) | 585000 | 592279 |
| Jackson National Life Global Funding 4.9% 1/13/2027 (b) | 3335000 | 3347670 |
| Jackson National Life Global Funding 5.55% 7/2/2027 (b) | 715000 | 726938 |
| Jackson National Life Global Funding 5.6% 4/10/2026 (b) | 1220000 | 1230065 |
| Jackson National Life Global Funding U.S. SOFR Index + 0.97%, 5.2952% 1/14/2028 (b)(c)(d) | 2500000 | 2515403 |
| Marsh & McLennan Cos Inc 4.55% 11/8/2027  | 1540000 | 1546343 |
| Reinsurance Group of America Inc 3.95% 9/15/2026  | 865000 | 857629 |
| Trinity Acq PLC 4.4% 3/15/2026  | 250000 | 249054 |
|  |  | 20106344 |
| TOTAL FINANCIALS |  | 206941753 |
| Health Care - 1.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Gilead Sciences Inc 3.65% 3/1/2026  | 3000000 | 2980160 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Becton Dickinson & Co 4.693% 2/13/2028  | 1325000 | 1330766 |
| Becton Dickinson & Co 6.7% 12/1/2026  | 731000 | 750965 |
| Solventum Corp 5.4% 3/1/2029  | 980000 | 1000100 |
| Solventum Corp 5.45% 2/25/2027  | 2010000 | 2034750 |
| Stryker Corp 4.25% 9/11/2029  | 830000 | 823946 |
| Stryker Corp 4.7% 2/10/2028  | 1815000 | 1831604 |
|  |  | 7772131 |
| Health Care Providers & Services - 0.7% |  |  |
| Cencora Inc 3.45% 12/15/2027  | 190000 | 185471 |
| Cencora Inc 4.625% 12/15/2027  | 720000 | 723944 |
| Cencora Inc 4.85% 12/15/2029  | 385000 | 387962 |
| Centene Corp 4.625% 12/15/2029  | 3560000 | 3428284 |
| CVS Health Corp 1.3% 8/21/2027  | 2175000 | 2022330 |
| CVS Health Corp 2.875% 6/1/2026  | 733000 | 719842 |
| CVS Health Corp 3% 8/15/2026  | 415000 | 407008 |
| CVS Health Corp 3.875% 7/20/2025  | 2500000 | 2496686 |
| CVS Health Corp 4.3% 3/25/2028  | 730000 | 721905 |
| CVS Health Corp 5% 2/20/2026  | 2822000 | 2825867 |
| Elevance Health Inc 5.35% 10/15/2025  | 305000 | 305473 |
| HCA Inc 3.125% 3/15/2027  | 1140000 | 1111129 |
| HCA Inc 5.625% 9/1/2028  | 2100000 | 2146656 |
| HCA Inc 5.875% 2/15/2026  | 5665000 | 5676767 |
| Highmark Inc 1.45% 5/10/2026 (b) | 435000 | 421322 |
| Humana Inc 1.35% 2/3/2027  | 120000 | 114243 |
| Humana Inc 5.75% 12/1/2028  | 912000 | 941544 |
| Humana Inc 5.75% 3/1/2028  | 300000 | 307840 |
| Icon Investments Six DAC 5.809% 5/8/2027  | 1490000 | 1514512 |
| PeaceHealth Obligated Group 1.375% 11/15/2025  | 190000 | 186790 |
| UnitedHealth Group Inc 5.25% 2/15/2028  | 545000 | 555325 |
|  |  | 27200900 |
| Health Care Technology - 0.0% |  |  |
| IQVIA Inc 6.25% 2/1/2029  | 440000 | 455878 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Thermo Fisher Scientific Inc 1.75% 10/15/2028  | 720000 | 662566 |
| Pharmaceuticals - 0.1% |  |  |
| Utah Acquisition Sub Inc 3.95% 6/15/2026  | 1230000 | 1213926 |
| Viatris Inc 2.3% 6/22/2027  | 736000 | 697745 |
| Zoetis Inc 3% 9/12/2027  | 1294000 | 1258115 |
|  |  | 3169786 |
| TOTAL HEALTH CARE |  | 42241421 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Boeing Co 2.196% 2/4/2026  | 2795000 | 2745507 |
| Boeing Co 3.2% 3/1/2029  | 845000 | 799449 |
| Boeing Co 6.259% 5/1/2027  | 1695000 | 1742228 |
| Huntington Ingalls Industries Inc 5.353% 1/15/2030  | 330000 | 335170 |
| Northrop Grumman Corp 3.25% 1/15/2028  | 535000 | 520604 |
|  |  | 6142958 |
| Building Products - 0.0% |  |  |
| Owens Corning 3.4% 8/15/2026  | 517000 | 509288 |
| Owens Corning 5.5% 6/15/2027  | 690000 | 699950 |
|  |  | 1209238 |
| Commercial Services & Supplies - 0.1% |  |  |
| Republic Services Inc 4.75% 7/15/2030  | 365000 | 368642 |
| Republic Services Inc 4.875% 4/1/2029  | 1050000 | 1067034 |
| Waste Management Inc 3.875% 1/15/2029 (b) | 1505000 | 1473307 |
|  |  | 2908983 |
| Electrical Equipment - 0.2% |  |  |
| Regal Rexnord Corp 6.05% 2/15/2026  | 2340000 | 2352265 |
| Regal Rexnord Corp 6.05% 4/15/2028  | 1045000 | 1072877 |
| Trans-Allegheny Interstate Line Co 5.2% 1/15/2031 (b) | 190000 | 191464 |
|  |  | 3616606 |
| Ground Transportation - 0.0% |  |  |
| Uber Technologies Inc 4.5% 8/15/2029 (b) | 1842000 | 1812119 |
| Industrial Conglomerates - 0.0% |  |  |
| Trane Technologies Financing Ltd 3.5% 3/21/2026  | 1842000 | 1828511 |
| Machinery - 0.0% |  |  |
| Fortive Corp 3.15% 6/15/2026  | 1133000 | 1115545 |
| Passenger Airlines - 0.0% |  |  |
| American Airlines 2017-2 Class B equipment trust certificate 3.7% 4/15/2027  | 227960 | 226133 |
| Professional Services - 0.0% |  |  |
| Paychex Inc 5.1% 4/15/2030  | 1850000 | 1873986 |
| Trading Companies & Distributors - 0.0% |  |  |
| GATX Corp 3.25% 9/15/2026  | 455000 | 446550 |
| GATX Corp 3.85% 3/30/2027  | 284000 | 279659 |
| GATX Corp 5.4% 3/15/2027  | 1170000 | 1181986 |
|  |  | 1908195 |
| TOTAL INDUSTRIALS |  | 22642274 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Amphenol Corp 4.75% 3/30/2026  | 340000 | 340713 |
| Amphenol Corp 5.05% 4/5/2029  | 166000 | 169699 |
| Dell International LLC / EMC Corp 4.75% 4/1/2028  | 1005000 | 1009615 |
| Dell International LLC / EMC Corp 6.02% 6/15/2026  | 3000000 | 3027784 |
| Keysight Technologies Inc 5.35% 7/30/2030  | 855000 | 872435 |
|  |  | 5420246 |
| IT Services - 0.1% |  |  |
| CDW LLC / CDW Finance Corp 5.1% 3/1/2030  | 325000 | 324559 |
| IBM Corporation 4.65% 2/10/2028  | 2538000 | 2556405 |
|  |  | 2880964 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Analog Devices Inc 1.7% 10/1/2028  | 425000 | 390284 |
| Foundry JV Holdco LLC 5.5% 1/25/2031 (b) | 380000 | 384912 |
| Foundry JV Holdco LLC 5.9% 1/25/2030 (b) | 330000 | 341437 |
| Intel Corp 3.15% 5/11/2027  | 376000 | 365697 |
| Intel Corp 3.75% 8/5/2027  | 655000 | 642898 |
| Intel Corp 4% 8/5/2029  | 715000 | 693298 |
| Intel Corp 4.875% 2/10/2028  | 222000 | 223804 |
| Marvell Technology Inc 1.65% 4/15/2026  | 1810000 | 1763429 |
| Micron Technology Inc 5.375% 4/15/2028  | 935000 | 954163 |
|  |  | 5759922 |
| Software - 0.3% |  |  |
| Atlassian Corp 5.25% 5/15/2029  | 425000 | 433554 |
| Fortinet Inc 1% 3/15/2026  | 1485000 | 1443551 |
| Oracle Corp 5.8% 11/10/2025  | 510000 | 512680 |
| Synopsys Inc 4.65% 4/1/2028  | 2075000 | 2087542 |
| Synopsys Inc 4.85% 4/1/2030  | 1305000 | 1317585 |
| VMware LLC 1.4% 8/15/2026  | 3100000 | 2984814 |
| Workday Inc 3.5% 4/1/2027  | 525000 | 515813 |
|  |  | 9295539 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Hewlett Packard Enterprise Co 4.45% 9/25/2026  | 1481000 | 1478835 |
| TOTAL INFORMATION TECHNOLOGY |  | 24835506 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Celanese US Holdings LLC 1.4% 8/5/2026  | 930000 | 891064 |
| Celanese US Holdings LLC 6.415% 7/15/2027 (c) | 579000 | 593649 |
| Chevron Phillips Chemical Co LLC / Chevron Phillips Chemical Co LP 3.4% 12/1/2026 (b) | 2600000 | 2558816 |
| FMC Corp 3.2% 10/1/2026  | 535000 | 522855 |
| FMC Corp 3.45% 10/1/2029  | 848000 | 780948 |
| International Flavors & Fragrances Inc 1.23% 10/1/2025 (b) | 822000 | 811793 |
| LYB International Finance III LLC 1.25% 10/1/2025  | 942000 | 930548 |
| Sherwin-Williams Co/The 4.25% 8/8/2025  | 420000 | 419303 |
|  |  | 7508976 |
| Real Estate - 0.4% |  |  |
| Industrial REITs - 0.0% |  |  |
| Prologis LP 3.875% 9/15/2028  | 350000 | 345110 |
| Office REITs - 0.1% |  |  |
| COPT Defense Properties LP 2.25% 3/15/2026  | 2700000 | 2643386 |
| Kilroy Realty LP 4.375% 10/1/2025  | 755000 | 753188 |
|  |  | 3396574 |
| Real Estate Management & Development - 0.0% |  |  |
| CBRE Services Inc 5.1% 6/15/2030  | 390000 | 387465 |
| Essex Portfolio LP 3.375% 4/15/2026  | 794000 | 785225 |
|  |  | 1172690 |
| Retail REITs - 0.0% |  |  |
| Realty Income Corp 5.05% 1/13/2026  | 230000 | 229538 |
| Specialized REITs - 0.3% |  |  |
| American Tower Corp 1.6% 4/15/2026  | 2043000 | 1988650 |
| American Tower Corp 3.55% 7/15/2027  | 645000 | 631683 |
| Crown Castle Inc 1.05% 7/15/2026  | 1005000 | 963955 |
| Crown Castle Inc 1.35% 7/15/2025  | 3100000 | 3086383 |
| Crown Castle Inc 2.9% 3/15/2027  | 1115000 | 1080877 |
| Crown Castle Inc 4.3% 2/15/2029  | 335000 | 328756 |
| Crown Castle Inc 4.45% 2/15/2026  | 905000 | 903851 |
| Crown Castle Inc 4.8% 9/1/2028  | 835000 | 834816 |
| Crown Castle Inc 5% 1/11/2028  | 600000 | 603727 |
| Crown Castle Inc 5.6% 6/1/2029  | 515000 | 529165 |
|  |  | 10951863 |
| TOTAL REAL ESTATE |  | 16095775 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 0.6% |  |  |
| American Electric Power Co Inc 5.2% 1/15/2029  | 1165000 | 1187298 |
| Appalachian Power Co 3.3% 6/1/2027  | 1723000 | 1683791 |
| DTE Electric Co 4.25% 5/14/2027  | 474000 | 471389 |
| Duke Energy Corp 4.3% 3/15/2028  | 515000 | 513695 |
| Eversource Energy 4.75% 5/15/2026  | 2000000 | 2002257 |
| Exelon Corp 3.4% 4/15/2026  | 1136000 | 1124078 |
| Exelon Corp 5.15% 3/15/2029  | 380000 | 387102 |
| FirstEnergy Corp 3.9% 7/15/2027 (e) | 1257000 | 1239007 |
| FirstEnergy Transmission LLC 4.55% 1/15/2030  | 310000 | 307152 |
| NextEra Energy Capital Holdings Inc 1.875% 1/15/2027  | 1255000 | 1203837 |
| NextEra Energy Capital Holdings Inc 4.45% 6/20/2025  | 1050000 | 1050008 |
| NextEra Energy Capital Holdings Inc 5.749% 9/1/2025  | 315000 | 315817 |
| NRG Energy Inc 2% 12/2/2025 (b) | 560000 | 550896 |
| Oncor Electric Delivery Co LLC 4.5% 3/20/2027 (b) | 1574000 | 1576989 |
| Pacific Gas and Electric Co 3.15% 1/1/2026  | 895000 | 885214 |
| Pacific Gas and Electric Co 3.5% 6/15/2025  | 1455000 | 1453859 |
| Pacific Gas and Electric Co U.S. SOFR Averages Index + 0.95%, 5.2983% 9/4/2025 (c)(d) | 4100000 | 4099616 |
| Southern Co/The 5.113% 8/1/2027 (e) | 705000 | 713765 |
| Vistra Operations Co LLC 5.05% 12/30/2026 (b) | 1214000 | 1217166 |
|  |  | 21982936 |
| Gas Utilities - 0.1% |  |  |
| East Ohio Gas Co/The 1.3% 6/15/2025 (b) | 2069000 | 2066242 |
| Southern California Gas Co 2.95% 4/15/2027  | 815000 | 794086 |
|  |  | 2860328 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The 1.375% 1/15/2026  | 1724000 | 1684847 |
| Constellation Energy Generation LLC 3.25% 6/1/2025  | 3000000 | 2999424 |
| Constellation Energy Generation LLC 5.6% 3/1/2028  | 520000 | 536114 |
|  |  | 5220385 |
| Multi-Utilities - 0.2% |  |  |
| Dominion Energy Inc 1.45% 4/15/2026  | 4000000 | 3892132 |
| DTE Energy Co 4.95% 7/1/2027  | 600000 | 604837 |
| DTE Energy Co 5.2% 4/1/2030  | 820000 | 834059 |
| NiSource Inc 5.25% 3/30/2028  | 210000 | 214044 |
| Public Service Enterprise Group Inc 4.9% 3/15/2030  | 1275000 | 1283688 |
| Sempra 5.4% 8/1/2026  | 330000 | 332675 |
|  |  | 7161435 |
| TOTAL UTILITIES |  | 37225084 |
| TOTAL UNITED STATES |  | 476933357 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $760,946,136) |  | <br> **763865792** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 1.3%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 1.3%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 1.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.3%  |  |  |
| Fannie Mae 5.5% 9/1/2053  | 86750 | 86666 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.523%, 6.97% 7/1/2035 (c)(d) | 1392 | 1425 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.613%, 6.746% 12/1/2035 (c)(d) | 3378 | 3482 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.655%, 7.53% 8/1/2037 (c)(d) | 619 | 634 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.788%, 6.788% 5/1/2038 (c)(d) | 2131 | 2209 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.83%, 6.83% 4/1/2038 (c)(d) | 4801 | 4998 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.853%, 7.631% 8/1/2038 (c)(d) | 3930 | 4070 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.906%, 6.906% 5/1/2038 (c)(d) | 5270 | 5476 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 2.04%, 6.665% 12/1/2036 (c)(d) | 875 | 907 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2050  | 207561 | 162610 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 205957 | 160645 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 731541 | 601802 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2054  | 761601 | 623437 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 1637865 | 1406296 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2034  | 390588 | 372083 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2030  | 6038 | 5889 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2050  | 196292 | 168999 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2050  | 117259 | 100919 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2028  | 164089 | 160836 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2026  | 17832 | 17670 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2048  | 439264 | 396487 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2048  | 58625 | 52916 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2032  | 11664 | 11371 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2050  | 17666 | 15802 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2047  | 146687 | 136990 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2049  | 60031 | 55706 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2049  | 17744 | 16460 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2052  | 762900 | 701557 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2052  | 809534 | 743430 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2052  | 754273 | 692681 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2050  | 33055 | 31607 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2048  | 387400 | 371520 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2048  | 6123 | 5858 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2048  | 56246 | 53818 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2052  | 1069584 | 1012622 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2046  | 276503 | 270303 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2041  | 113877 | 111867 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2049  | 3872 | 3703 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2048  | 36346 | 34788 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2033  | 146931 | 147715 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2053  | 1861461 | 1808743 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2036  | 9167 | 9221 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2040  | 506459 | 506821 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2050  | 1034415 | 1023222 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2038  | 4161 | 4183 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2035  | 118261 | 118942 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2035  | 17823 | 17922 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2035  | 6667 | 6704 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2039  | 68030 | 68408 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2040  | 60380 | 60687 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2035  | 50459 | 50742 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2045  | 36748 | 36935 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2053  | 4215827 | 4108617 |
| Fannie Mae Mortgage pass-thru certificates 5% 9/1/2053  | 754234 | 735230 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2035  | 171562 | 175979 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2037  | 1127 | 1158 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2038  | 1726 | 1776 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2035  | 16029 | 16471 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2053  | 1629057 | 1624952 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2039  | 14865 | 15301 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2054  | 1382005 | 1378522 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2036  | 3939 | 4049 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2054  | 799055 | 797291 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2036  | 7164 | 7364 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2036  | 4943 | 5082 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2039  | 14131 | 14541 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2040  | 340963 | 350403 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2054  | 157009 | 156515 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2039  | 14220 | 14637 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2034  | 28890 | 29610 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037  | 37843 | 38859 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037  | 33651 | 34548 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037  | 27086 | 27828 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2037  | 11398 | 11700 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.371%, 6.001% 10/1/2033 (c)(d) | 12957 | 13099 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2037  | 1046 | 1096 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2041  | 11437 | 12001 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2034  | 5344 | 5560 |
| Fannie Mae Mortgage pass-thru certificates 6% 12/1/2034  | 1314 | 1366 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2037  | 3913 | 4088 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2049  | 519763 | 543526 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2034  | 50406 | 52288 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2037  | 3746 | 3913 |
| Fannie Mae Mortgage pass-thru certificates 6% 4/1/2035  | 8720 | 9076 |
| Fannie Mae Mortgage pass-thru certificates 6% 4/1/2040  | 36757 | 38577 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2037  | 4119 | 4307 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2038  | 2478 | 2598 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2036  | 1349 | 1410 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2054  | 364009 | 370128 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2039  | 56919 | 59720 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2055  | 94559 | 97135 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2032  | 14320 | 14861 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 2/1/2054  | 8621807 | 8855732 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2032  | 15386 | 15988 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 9/1/2054  | 84634 | 86950 |
| Freddie Mac Gold Pool 2.5% 1/1/2052  | 799609 | 661296 |
| Freddie Mac Gold Pool 2.5% 4/1/2052  | 435749 | 360103 |
| Freddie Mac Gold Pool 3% 11/1/2034  | 144828 | 138102 |
| Freddie Mac Gold Pool 3.5% 12/1/2047  | 511734 | 462512 |
| Freddie Mac Gold Pool 3.5% 2/1/2052  | 941276 | 840492 |
| Freddie Mac Gold Pool 4% 12/1/2049  | 111356 | 103646 |
| Freddie Mac Gold Pool 4.5% 2/1/2053  | 474135 | 448736 |
| Freddie Mac Gold Pool 4.5% 5/1/2050  | 98489 | 94144 |
| Freddie Mac Gold Pool 4.5% 9/1/2052  | 3458772 | 3274569 |
| Freddie Mac Gold Pool 5% 12/1/2041  | 196063 | 197056 |
| Freddie Mac Gold Pool 5.5% 10/1/2038  | 1343 | 1383 |
| Freddie Mac Gold Pool 5.5% 4/1/2055  | 1438970 | 1428329 |
| Freddie Mac Gold Pool 6% 10/1/2054  | 735686 | 744720 |
| Freddie Mac Gold Pool 6% 10/1/2054  | 229135 | 232987 |
| Freddie Mac Gold Pool 6% 12/1/2054  | 1044189 | 1059197 |
| Freddie Mac Gold Pool 6% 2/1/2035  | 32050 | 33347 |
| Freddie Mac Gold Pool 6% 3/1/2055  | 296218 | 299586 |
| Freddie Mac Gold Pool 6% 9/1/2034  | 1688 | 1752 |
| Freddie Mac Gold Pool 6% 9/1/2035  | 10920 | 11374 |
| Freddie Mac Gold Pool 6.5% 12/1/2054  | 102708 | 105512 |
| Freddie Mac Gold Pool 6.5% 9/1/2054  | 145677 | 149663 |
| Freddie Mac Gold Pool 7% 3/1/2039  | 54969 | 57944 |
| Freddie Mac Gold Pool 7.5% 6/1/2038  | 49094 | 51992 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.625%, 7.146% 6/1/2038 (c)(d) | 8910 | 9145 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.726%, 7.597% 7/1/2035 (c)(d) | 2332 | 2390 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.733%, 6.733% 2/1/2037 (c)(d) | 1498 | 1544 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.733%, 7.608% 10/1/2036 (c)(d) | 4098 | 4208 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.769%, 7.204% 5/1/2038 (c)(d) | 4205 | 4337 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.775%, 7.034% 5/1/2037 (c)(d) | 1237 | 1275 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.916%, 6.916% 2/1/2037 (c)(d) | 1415 | 1464 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.944%, 6.579% 12/1/2036 (c)(d) | 3559 | 3691 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.029%, 6.796% 11/1/2036 (c)(d) | 2281 | 2370 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.069%, 6.988% 2/1/2037 (c)(d) | 1063 | 1102 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.083%, 6.957% 2/1/2038 (c)(d) | 9303 | 9669 |
| Freddie Mac Non Gold Pool 1 year U.S. Treasury Index + 2.347%, 6.681% 11/1/2034 (c)(d) | 3862 | 3949 |
| Freddie Mac Non Gold Pool 6% 5/1/2055  | 633137 | 640922 |
| Freddie Mac Non Gold Pool 6.5% 1/1/2055  | 154199 | 158399 |
| Freddie Mac Non Gold Pool 6.5% 1/1/2055  | 50275 | 51648 |
| Ginnie Mae I Pool 3.5% 7/20/2052  | 704821 | 630806 |
| Ginnie Mae I Pool 3.5% 8/20/2044  | 142031 | 129972 |
| Ginnie Mae I Pool 4% 10/20/2052  | 837290 | 773036 |
| Ginnie Mae I Pool 4% 3/20/2048  | 59830 | 55575 |
| Ginnie Mae I Pool 4% 4/20/2050  | 42132 | 38938 |
| Ginnie Mae I Pool 4% 4/20/2050  | 31863 | 29417 |
| Ginnie Mae I Pool 4% 4/20/2050  | 21041 | 19446 |
| Ginnie Mae I Pool 4% 4/20/2050  | 17685 | 16328 |
| Ginnie Mae I Pool 5.5% 4/20/2053  | 1311184 | 1307933 |
| Ginnie Mae I Pool 5.5% 9/15/2045  | 192420 | 195911 |
| Ginnie Mae I Pool 6% 7/15/2036  | 80812 | 83144 |
| Ginnie Mae II Pool 3% 9/20/2047  | 819906 | 722360 |
| Ginnie Mae II Pool 3.5% 1/20/2047  | 63209 | 57223 |
| Ginnie Mae II Pool 3.5% 10/20/2046  | 989 | 895 |
| Ginnie Mae II Pool 3.5% 11/20/2046  | 59247 | 53636 |
| Ginnie Mae II Pool 3.5% 11/20/2050  | 766418 | 689048 |
| Ginnie Mae II Pool 3.5% 2/20/2052  | 882285 | 789703 |
| Ginnie Mae II Pool 4% 4/20/2050  | 51747 | 47824 |
| Ginnie Mae II Pool 4% 4/20/2050  | 22136 | 20458 |
| Ginnie Mae II Pool 4% 4/20/2050  | 17755 | 16421 |
| Ginnie Mae II Pool 4% 4/20/2050  | 10458 | 9656 |
| Ginnie Mae II Pool 4% 4/20/2050  | 4451 | 4110 |
| Ginnie Mae II Pool 4% 8/20/2050  | 25942 | 24048 |
| Ginnie Mae II Pool 4.5% 7/20/2041  | 207301 | 203802 |
| Ginnie Mae II Pool 4.5% 9/20/2040  | 42900 | 42201 |
| Ginnie Mae II Pool 5% 1/20/2036  | 4358 | 4386 |
| Ginnie Mae II Pool 5% 1/20/2048  | 44069 | 43722 |
| Ginnie Mae II Pool 5% 11/20/2039  | 126369 | 127247 |
| Ginnie Mae II Pool 5% 12/20/2034  | 8530 | 8585 |
| Ginnie Mae II Pool 5% 12/20/2035  | 5642 | 5679 |
| Ginnie Mae II Pool 5% 2/20/2040  | 8783 | 8844 |
| Ginnie Mae II Pool 5% 2/20/2048  | 169456 | 168228 |
| Ginnie Mae II Pool 5% 3/20/2041  | 4865 | 4899 |
| Ginnie Mae II Pool 5% 5/20/2036  | 5541 | 5578 |
| Ginnie Mae II Pool 5% 5/20/2048  | 15641 | 15489 |
| Ginnie Mae II Pool 5.5% 2/20/2049  | 69019 | 70207 |
| Ginnie Mae II Pool 5.5% 3/20/2048  | 36435 | 37456 |
| TOTAL UNITED STATES |  | 50331402 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES**<br> (Cost $52,457,625) |  | <br> **50331402** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Funds - 49.9%** | &nbsp;&nbsp;**Short-Term Funds - 49.9%** | &nbsp;&nbsp;**Short-Term Funds - 49.9%** |
|  | Shares | Value ($)<br>|
| Baird Ultra Short Bond Fund Institutional Class  | 27791060 | 280967620 |
| Fidelity SAI Short-Term Bond Fund (h) | 522403 | 5082980 |
| iShares Short Treasury Bond ETF (f) | 773896 | 85469074 |
| iShares Ultra Short Duration Bond Active ETF (f) | 2694174 | 136513797 |
| JPMorgan Ultra-Short Income ETF (f) | 8743594 | 442600728 |
| Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio Class IR  | 25402265 | 253514600 |
| PIMCO Short-Term Fund Institutional Class  | 46009067 | 444447588 |
| SPDR Bloomberg 1-3 Month T-Bill ETF  | 549754 | 50434432 |
| T. Rowe Price Ultra Short-Term Bond Fund  | 43144143 | 218740804 |
| <br> **TOTAL SHORT-TERM FUNDS**<br> (Cost $1,910,443,268) |  | **1917771623** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 0.1%** | &nbsp;&nbsp;**Commercial Paper - 0.1%** | &nbsp;&nbsp;**Commercial Paper - 0.1%** | &nbsp;&nbsp;**Commercial Paper - 0.1%** |
|  | Yield (%) (i) | Principal<br> Amount (a)<br>| Value ($)<br>|
| FMC Corp 0% 6/2/2025  | 5.33 | 2030000 | 2029133 |
| Harley-Davidson Financial Services Inc 0% 6/24/2025  | 5.20 | 1585000 | 1579754 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $3,609,476) |  |  | **3608887** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 9.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 9.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 9.5%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 9.5%** |
|  | Yield (%) (i) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/28/2025  | 4.29 | 27196400 | 26633181 |
| US Treasury Notes 3.5% 9/30/2026  | 3.96 to 4.24 | 10500000 | 10426172 |
| US Treasury Notes 3.75% 4/30/2027 (m) | 3.98 | 56985000 | 56809148 |
| US Treasury Notes 3.875% 3/31/2027  | 3.74 to 3.90 | 68340000 | 68262584 |
| US Treasury Notes 3.875% 5/31/2027  | 3.93 | 14125000 | 14119482 |
| US Treasury Notes 4.125% 1/31/2027 (m) | 4.19 to 4.36 | 47110000 | 47216733 |
| US Treasury Notes 4.5% 11/15/2025  | 3.99 to 5.10 | 120725800 | 120789464 |
| US Treasury Notes 5% 10/31/2025  | 5.06 to 5.13 | 22000000 | 22051906 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $366,041,030) |  |  | **366308670** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.32 | 18422387 | 18426071 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class (h)(k) | 4.22 | 67807370 | 67807370 |
| Fidelity Securities Lending Cash Central Fund (j)(l) | 4.32 | 55639325 | 55644889 |
| State Street Institutional U.S. Government Money Market Fund Premier Class (k) | 4.27 | 12573352 | 12573351 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $154,451,681) |  |  | **154451681** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $3,905,121,140)<br>| <br>**3912564593** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(61583687)** |
| **NET ASSETS - 100.0%** | **3850980906** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 2 Year US Treasury Note Contracts (United States) | 821 | Sep 2025 | 170370328 | 234811 | 234811 |
| Sold |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10 Year US Treasury Bond Contracts (United States) | 254 | Sep 2025 | 28170188 | (198798) | (198798) |
| CBOT 10 Year Ultra US Treasury Bond Contracts (United States) | 62 | Sep 2025 | 6994375 | (67416) | (67416) |
| CBOT 5 Year US Treasury Note Contracts (United States) | 69 | Sep 2025 | 7473023 | (30684) | (30684) |
| CBOT US Treasury Ultra Bond Contracts (United States) | 51 | Sep 2025 | 5930344 | (113444) | (113444) |
| TOTAL SOLD |  |  |  |  | (410342) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **(175531)** |
| The notional amount of futures purchased as a percentage of Net Assets is 4.4% | The notional amount of futures purchased as a percentage of Net Assets is 4.4% | The notional amount of futures purchased as a percentage of Net Assets is 4.4% | The notional amount of futures purchased as a percentage of Net Assets is 4.4% | The notional amount of futures purchased as a percentage of Net Assets is 4.4% | The notional amount of futures purchased as a percentage of Net Assets is 4.4% |
| The notional amount of futures sold as a percentage of Net Assets is 1.3% | The notional amount of futures sold as a percentage of Net Assets is 1.3% | The notional amount of futures sold as a percentage of Net Assets is 1.3% | The notional amount of futures sold as a percentage of Net Assets is 1.3% | The notional amount of futures sold as a percentage of Net Assets is 1.3% | The notional amount of futures sold as a percentage of Net Assets is 1.3% |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

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

(b) 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 $532,719,591 or 13.8% of net assets.

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

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

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

(g) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $10,279,520 or 0.3% of net assets.

(h) Affiliated Fund

(i) 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.

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

(k) The rate quoted is the annualized seven-day yield of the fund at period end.

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

(m) 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 $1,128,810.

**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 | 50932775 | 534136210 | 566642914 | 1509342 | - | - | 18426071 | 18422387 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 202488489 | 3088403045 | 3235246645 | 61411 | - | - | 55644889 | 55639325 | 0.2% |
| Total | 253421264 | 3622539255 | 3801889559 | 1570753 | - | - | 74070960 |  |  |

---

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.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 26804765 | 574172362 | 533169757 | 1027073 | - | - | 67807370 | 67807370 |
| Fidelity SAI Short-Term Bond Fund | 120580207 | 3253697 | 120285940 | 3253200 | (3294124) | 4829140 | 5082980 | 522403 |
|  | 147384972 | 577426059 | 653455697 | 4280273 | (3294124) | 4829140 | 72890350 |  |

---

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 May 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>** |  |  |  |  |
|  **Asset-Backed Securities** | 320525667 | - | 320525667 | - |
|  **Bank Notes** |  |  |  |  |
| Financials | 8153446 | - | 8153446 | - |
|  **Collateralized Mortgage Obligations** | 27584488 | - | 27584488 | - |
|  **Commercial Mortgage Securities** | 57513274 | - | 57513274 | - |
|  **Fixed-Income Funds** | 242449663 | 242449663 | - | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 24652952 | - | 24652952 | - |
| Consumer Discretionary | 75556967 | - | 75556967 | - |
| Consumer Staples | 39163497 | - | 39163497 | - |
| Energy | 41268040 | - | 41268040 | - |
| Financials | 381701453 | - | 381701453 | - |
| Health Care | 47677411 | - | 47677411 | - |
| Industrials | 32842174 | - | 32842174 | - |
| Information Technology | 31322907 | - | 31322907 | - |
| Materials | 22980831 | - | 22980831 | - |
| Real Estate | 16095775 | - | 16095775 | - |
| Utilities | 50603785 | - | 50603785 | - |
|  **U.S. Government Agency - Mortgage Securities** | 50331402 | - | 50331402 | - |
|  **Short-Term Funds** | 1917771623 | 1917771623 | - | - |
|  **Commercial Paper** | 3608887 | - | 3608887 | - |
|  **U.S. Treasury Obligations** | 366308670 | - | 366308670 | - |
|  **Money Market Funds** | 154451681 | 154451681 | - | - |
| **Total Investments in Securities:** | 3912564593 | 2314672967 | 1597891626 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 234811 | 234811 | - | - |
| Total Assets | 234811 | 234811 | - | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (410342) | (410342) | - | - |
| Total Liabilities | (410342) | (410342) | - | - |
| **Total Derivative Instruments:** | (175531) | (175531) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 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 ($)** | **Liability ($)** |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 234811 | (410342) |
| **Total Interest Rate Risk**  | 234811 | (410342) |
| **Total Value of Derivatives** | 234811 | (410342) |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of May 31, 2025** | **As of May 31, 2025** | **As of May 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $54,469,591) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,758,250,296) | $3765603283 |  |
| Fidelity Central Funds (cost $74,070,960) | 74070960 |  |
| Other affiliated issuers (cost $72,799,884) | 72890350 |  |
| Total Investment in Securities (cost $3,905,121,140) |  | $3912564593 |
| Cash |  | 53048 |
| Foreign currency held at value (cost $474) |  | 510 |
| Receivable for investments sold |  | 6571635 |
| Receivable for fund shares sold |  | 17053050 |
| Interest receivable |  | 11132579 |
| Distributions receivable from Fidelity Central Funds |  | 105255 |
| Receivable for daily variation margin on futures contracts |  | 41586 |
| Prepaid expenses |  | 8260 |
| Other receivables |  | 109089 |
| **Total assets** |  | 3947639605 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $35163338 |  |
| Payable for fund shares redeemed | 3707386 |  |
| Distributions payable | 1868759 |  |
| Accrued management fee | 120714 |  |
| Other payables and accrued expenses | 176152 |  |
| Collateral on securities loaned | 55622350 |  |
| **Total liabilities** |  | 96658699 |
| **Net Assets**  |  | $3850980906 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3925930173 |
| Total accumulated earnings (loss) |  | (74949267) |
| **Net Assets** |  | $3850980906 |
| **Net Asset Value**, offering price and redemption price per share ($3,850,980,906 ÷ 385,289,799 shares) |  | $10.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $108908362 |
| Affiliated issuers |  | 4280273 |
| Interest  |  | 85900439 |
| Income from Fidelity Central Funds (including $61,411 from security lending)  |  | 1570753 |
| **Total income** |  | 200659827 |
| **Expenses** |  |  |
| Management fee | $11840359 |  |
| Custodian fees and expenses | 44042 |  |
| Independent trustees' fees and expenses | 21140 |  |
| Registration fees | 112783 |  |
| Audit fees | 70831 |  |
| Legal | 3852 |  |
| Miscellaneous | 29435 |  |
| Total expenses before reductions | 12122442 |  |
| Expense reductions | (10315331) |  |
| Total expenses after reductions |  | 1807111 |
| **Net Investment income (loss)** |  | 198852716 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4887790 |  |
| Affiliated issuers | (3294124) |  |
| Foreign currency transactions | 4 |  |
| Futures contracts | 1513166 |  |
| Total net realized gain (loss) |  | 3106836 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 18938423 |  |
| Affiliated issuers  | 4829140 |  |
| Assets and liabilities in foreign currencies | 21 |  |
| Futures contracts | (332008) |  |
| Total change in net unrealized appreciation (depreciation) |  | 23435576 |
| **Net gain (loss)** |  | 26542412 |
| **Net increase (decrease) in net assets resulting from operations** |  | $225395128 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **May 31, 2025** | **Year ended**<br> **May 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $198852716 | $204006163 |
| &nbsp;&nbsp;Net realized gain (loss) | 3106836<br>| (15095074)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 23435576 | 48314533<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 225395128<br>| 237225622<br>|
| Distributions to shareholders | (196243624)<br>| (195180850)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2185136166 | 1947120512 |
| Reinvestment of distributions | 169411599<br>| 158239948<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3125640998) | (1876623334) |
| **Net increase (decrease) in net assets resulting from share transactions** | (771093233)<br>| 228737126<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (741941729)<br>| 270781898<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4592922635 | 4322140737<br>|
| &nbsp;&nbsp;End of period | $3850980906 | $4592922635 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 218828159 | 196758095 |
| Issued in reinvestment of distributions | 16963469<br>| 16012440<br>|
| &nbsp;&nbsp;Redeemed | (313009848) | (189967704) |
| &nbsp;&nbsp;Net increase (decrease) | (77218220) | 22802831 |

---

**Financial Highlights** 

**Strategic Advisers® Short Duration Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended May 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.93 | $9.83 | $9.89 | $10.13 | $10.06 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .488  | .474  | .296  | .075  | .106  |
| Net realized and unrealized gain (loss)  | .061  | .081  | (.052)  | (.230)  | .081  |
| Total from investment operations  | .549  | .555  | .244  | (.155)  | .187  |
| Distributions from net investment income  | (.479)  | (.451)  | (.304)  | (.085)  | (.112)  |
| Distributions from net realized gain  | -  | (.004)  | -  | -  | (.005)  |
| Total distributions  | (.479)  | (.455)  | (.304)  | (.085)  | (.117)  |
| Net asset value, end of period  | $10.00 | $9.93 | $9.83 | $9.89 | $10.13 |
| **Total Return** C | 5.65% <br>| 5.76%  | 2.52%  | (1.54)%  | 1.86%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .30%  | .29%  | .30%  | .30%  | .30%  |
| Expenses net of fee waivers, if any  | .05% <br>| .04%  | .05%  | .05%  | .05%  |
| Expenses net of all reductions, if any  | .04%  | .04%  | .05%  | .05%  | .05%  |
| Net investment income (loss)  | 4.89%  | 4.80%  | 3.01%  | .74%  | 1.05%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3850981 | $4592923 | $4322141 | $5779380 | $6180788 |
| Portfolio turnover rate F | 86% <br>| 59%  | 49%  | 43%  | 102%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended May 31, 2025

**1. Organization.**

Strategic Advisers Short Duration Fund (the Fund) is a fund of Fidelity Rutland Square Trust II (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 Delaware statutory trust. The Fund is offered exclusively to certain managed account clients of Strategic Advisers LLC (Strategic Advisers), an affiliate of Fidelity Management & Research Company LLC (FMR).

**2. 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. Corporate bonds, bank notes, U.S. government and government agency obligations and commercial paper 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. Asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 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 May 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. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds 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. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Strategic Advisers Short Duration Fund** | $107745 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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 daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, market discount, capital loss carryforwards, and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $20005298 |
| **Gross unrealized depreciation**  | <u>(8289789)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$11715509</u> |
| **Tax Cost**  | <u>$3900849084</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$8926896</u> |
| **Capital loss carryforward**  | <u>$(95591707)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$11715545</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(18536342) |
| Long-term | <u>(77055365)</u> |
| **Total capital loss carryforward** | <u>$(95591707)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024** |
| **Ordinary Income**  | $196243624 | $195180850 |

---

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

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

**3. Derivative Instruments.**

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

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

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

Interest Rate Risk Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

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

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

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

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

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

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

**4. 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 ($)** | **Sales ($)** |
| **Strategic Advisers Short Duration Fund** | 2519400763 | 3160462494 |

---

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

**Management Fee**. Strategic Advisers (the investment adviser) provides the Fund with investment management related services. For these services, the Fund pays a monthly management fee to the investment adviser. The management fee is calculated by adding the annual management fee rate of .25% of the Fund's average net assets throughout the month to the aggregate of the fee rates, payable monthly by the investment adviser, to the Fund's sub-advisers. The Fund's maximum aggregate management fee will not exceed .55% of the Fund's average net assets. For the reporting period, the total annual management fee rate was .29% of the Fund's average net assets.

During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

**Sub-Advisers.** FIAM LLC (an affiliate of the investment adviser) and T. Rowe Price Associates, Inc. each served as a sub-adviser for the Fund during the period. Sub-advisers provide discretionary investment advisory services for their allocated portion of the Fund's assets and are paid as described in the Management Fee note.

Effective January 1, 2025, the sub-subadvisory agreements between FIAM LLC (FIAM) and each of FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited (collectively, the Sub-Subadvisers) were amended. FIAM or an affiliate, and not the fund, pays the Sub-Subadvisers. Under the terms of the sub-subadvisory agreements, FIAM or an affiliate pays each Sub-Subadviser monthly fees equal to 110% of the Sub-Subadviser's costs for providing sub-subadvisory services.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers Short Duration Fund** | 1813 |

---

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

**6. 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 are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers Short Duration Fund** | 6062 |

---

**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. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. 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 interest. Affiliated security lending activity, if any, was as follows:

---

| | |
|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** |
| **Strategic Advisers Short Duration Fund** | 6652 |

---

**9. Expense Reductions.**

The investment adviser has contractually agreed to waive the Fund's management fee in an amount equal to .25% of the Fund's average net assets until September 30, 2027. During the period, this waiver reduced the Fund's management fee by $10,163,761. Expense reductions also include certain voluntary fee discount arrangements, which are currently in effect for the Fund. During the period, these voluntary arrangements amounted to $111,008.

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 $40,562.

**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.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Short Duration Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Short Duration Fund (one of the funds constituting Fidelity Rutland Square Trust II, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 15, 2025

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

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

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

A total of 17.56% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $140,207,181 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Charles S. Morrison | Charles S. Morrison | Charles S. Morrison |
| Affirmative | 381775585183.64 | 95.17 |
| Withheld  | 19363639577.49 | 4.83 |
| TOTAL  | 401139224761.13 | 100.00 |
| Nancy D. Prior | Nancy D. Prior | Nancy D. Prior |
| Affirmative | 381252305731.53 | 95.04 |
| Withheld  | 19886919029.60 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Mary C. Farrell | Mary C. Farrell | Mary C. Farrell |
| Affirmative | 381226030239.11 | 95.04 |
| Withheld  | 19913194522.02 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Karen Kaplan | Karen Kaplan | Karen Kaplan |
| Affirmative | 381519946847.38 | 95.11 |
| Withheld  | 19619277913.75 | 4.89 |
| TOTAL  | 401139224761.13 | 100.00 |
| Christine Marcks | Christine Marcks | Christine Marcks |
| Affirmative | 380186327029.51 | 94.78 |
| Withheld  | 20952897731.62 | 5.22 |
| TOTAL  | 401139224761.13 | 100.00 |
| Harold Singleton III | Harold Singleton III | Harold Singleton III |
| Affirmative | 382499458473.65 | 95.35 |
| Withheld  | 18639766287.48 | 4.65 |
| TOTAL  | 401139224761.13 | 100.00 |
| Heidi L. Steiger | Heidi L. Steiger | Heidi L. Steiger |
| Affirmative | 380661676515.00 | 94.90 |
| Withheld  | 20477548246.13 | 5.10 |
| TOTAL  | 401139224761.13 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Amended Sub-Advisory and Sub-Subadvisory Agreements**

**Strategic Advisers Short Duration Fund**

In December 2024, the Board of Trustees, including the Independent Trustees (together, the Board) voted to approve an amendment to the existing sub-advisory agreement among Strategic Advisers LLC (Strategic Advisers), T. Rowe Price Associates, Inc. (T. Rowe Price or Sub-Adviser), and Fidelity Rutland Square Trust II (Trust) on behalf of the fund to amend the fee schedule for one existing mandate (the "Amended Sub-Advisory Agreement). The Board also approved amendments to the existing sub-subadvisory agreement between FIAM LLC (FIAM) and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Japan) Limited (FMR Japan), and Fidelity Management & Research (Hong Kong) Limited (FMR H.K., and together with FMR UK and FMR Japan, the Sub-Subadvisers) for the fund (the Amended Sub-Subadvisory Agreements and together with the Amended Sub-Advisory Agreement, the Amended Agreements).

With respect to the Amended Sub-Advisory Agreement, the Board noted that the updated fee schedule in the Amended Sub-Advisory Agreement became effective as of October 1, 2024, and will result in the same or lower fees at all asset levels. With respect to the Amended Sub-Subadvisory Agreements, the Board considered that they will be effective January 1, 2025 and simplify the calculation of the fees paid to the Sub-Subadvisers under the agreements. The Board noted that the agreements with the Sub-Subadvisers were amended to provide that FIAM or an affiliate will compensate each Sub-Subadviser at a fee equal to 110% of the Sub-Subadviser's costs incurred in providing services under the agreement. The Board noted that no other material contract terms are impacted by the Amended Agreements. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

In considering whether to approve each Amended Agreement, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the approval of each Amended Agreement is in the best interests of the fund and its shareholders and does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage. The Board's decision to approve each Amended Agreement was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board. In addition, individual Trustees did not necessarily attribute the same weight or importance to each factor.

**Nature, Extent, and Quality of Services Provided.** The Board considered the backgrounds of the investment personnel that provide services to the fund, the fund's investment objective, strategies and related investment philosophy, the current sub-adviser line-up, and the structure of the investment personnel compensation programs and whether such structure provides appropriate incentives to act in the best interests of the fund in connection with its annual renewal of the fund's management contract, sub-advisory agreements and sub-subadvisory agreements at its September 2024 meeting. The Board also considered that the approval of the Amended Agreements will not result in any changes in the investment process or strategies employed by T. Rowe or FIAM, FDS or their affiliates in the management of the fund's assets or their day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Amended Agreements would not change the obligations and services of T. Rowe and FIAM, FDS, and their affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by T. Rowe and FIAM, FDS, and their affiliates.

**Investment Performance.** The Board did not consider performance to be a material factor in its decision to approve each Amended Agreement because the approval of each Amended Agreement will not result in any changes (i) to the fund's investment processes or strategies; or (ii) in the persons primarily responsible for the day-to-day management of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services that will be provided to the fund under each Amended Agreement should continue to benefit the fund's shareholders.

**Competitiveness of Management Fee and Total Fund Expenses.** The Board noted that each Amended Agreement will not result in changes to the maximum aggregate annual management fee payable by the fund or Strategic Advisers' portion of the management fee. The Board considered Strategic Advisers' contractual agreement to waive its portion of the fund's management fee.

With respect to the Amended Sub-Advisory Agreement, the Board noted that the updated fee schedule is not expected to impact the fees paid for the applicable mandate at this time based on current allocations. With respect to the Amended Sub-Subadvisory Agreements, the Board considered that FIAM or an affiliate, and not the fund, will compensate each Sub-Subadviser under the terms of each Amended Sub-Subadvisory Agreement, and that the fund and Strategic Advisers are not responsible for any such fees. The Board also considered that the changes will not impact the sub-advisory fees paid under the existing sub-advisory agreement with FIAM.

Based on its review, the Board concluded that the fund's management fee structure and projected total expenses bear a reasonable relationship to the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** Because each Amended Agreement was negotiated at arm's length and will have no impact on the maximum management fees payable by the fund or Strategic Advisers' portion of the management fee, the Board did not consider the costs of services and profitability to be significant factors in its decision to approve each Amended Agreement.

**Potential Fall-Out Benefits.** The Board considered that it reviews information regarding the potential of direct and indirect benefits to Strategic Advisers and its affiliates from their relationships with the fund, including non-advisory fee compensation paid to affiliates of Strategic Advisers, if any, as well as information regarding potential fall-out benefits accruing to each sub-adviser, if any, as a result of its relationship with the fund, during its annual renewal of the fund's management contract, sub-advisory agreements, and sub-subadvisory agreements. The Board considered Strategic Advisers' representation that it does not anticipate that the approval of each Amended Agreement will have a significant impact on the profitability of, or potential fall-out benefits to, Strategic Advisers or its affiliates.

**Possible Economies of Scale.** The Board considered that it reviews whether there have been economies of scale in connection with the management of the fund during its annual renewal of the fund's management contract, sub-advisory agreements, and sub-subadvisory agreements. The Board noted that the Amended Sub-Advisory Agreement will continue to provide for breakpoints that have the potential to reduce sub-advisory fees paid to T. Rowe Price as assets allocated to T. Rowe Price grow. The Board also noted that it did not consider the possible realization of economies of scale to be a significant factor in its decision to approve the Amended Sub-Subadvisory Agreements because the fund will not bear any additional expenses under the Amended Sub-Subadvisory Agreements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each Amended Agreement's fee structure bears a reasonable relationship to the services to be rendered and that each Amended Agreement is in the best interests of the fund and its shareholders and should be approved. In addition, the Board concluded that the approval each Amended Agreement does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage.

![](img109661_4.jpg)<br>

1.934458.113 ASD-ANN-0725

**Strategic Advisers® Fidelity® U.S. Total Stock Fund**

*Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public*

**Annual Report**

**May 31, 2025**

![](img109662_1.jpg)

![](img109662_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_TSF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Strategic Advisers® Fidelity® U.S. Total Stock Fund](#Sub_Sec_Fund_3080_TSF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3080_TSF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_TSF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_TSF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TSF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TSF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TSF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TSF-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Strategic Advisers® Fidelity® U.S. Total Stock Fund**

**Schedule of Investments May 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.2%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Hartwick Park Clo Ltd Series 2024-1A Class AR, CME Term SOFR 3 month Index + 1.16%, 5.4295% 1/20/2037 (b)(c)(d) | 3615000 | 3609592 |
| Neuberger Berman Ln Advisers Nbla Clo 50 Ltd / Neuberger Berman Ln Series 2024-50A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.5293% 7/23/2036 (b)(c)(d) | 6075000 | 6076173 |
| Valley Stream Pk Clo Ltd / Vy Stream Pk Clo LLC Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.19%, 5.4595% 1/20/2037 (b)(c)(d) | 2570000 | 2567188 |
| TOTAL BAILIWICK OF JERSEY |  | 12252953 |
| CANADA - 0.0%  |  |  |
| Chesapeake Funding II LLC Series 2023-1A Class A1, 5.65% 5/15/2035 (b) | 555807 | 558214 |
| Chesapeake Funding II LLC Series 2023-2A Class A1, 6.16% 10/15/2035 (b) | 122250 | 123729 |
| Chesapeake Funding II LLC Series 2024-1A Class A1, 5.52% 5/15/2036 (b) | 496910 | 501429 |
| Securitized Term Auto Receivables Trust Series 2025-A Class B, 5.038% 7/25/2031 (b) | 431236 | 433086 |
| TOTAL CANADA |  | 1616458 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Ares Lii Clo Ltd Series 2025-52A Class A1RR, CME Term SOFR 3 month Index + 0.88%, 5.1524% 4/22/2031 (b)(c)(d) | 2620427 | 2616497 |
| Ares LIV CLO Ltd Series 2024-54A Class AR, CME Term SOFR 3 month Index + 1.27%, 5.5261% 10/15/2032 (b)(c)(d) | 991544 | 991814 |
| Ares Xlv Clo Ltd Series 2024-45A Class BR, CME Term SOFR 3 month Index + 1.25%, 5.5061% 10/15/2030 (b)(c)(d) | 5500000 | 5483280 |
| Ares XXXIV CLO Ltd Series 2024-2A Class AR3, CME Term SOFR 3 month Index + 1.32%, 5.5998% 4/17/2033 (b)(c)(d) | 4748000 | 4760962 |
| Barings CLO Ltd Series 2024-3A Class A1RR, CME Term SOFR 3 month Index + 1.14%, 5.4095% 1/20/2036 (b)(c)(d) | 5600000 | 5597749 |
| Buckhorn Park Clo Ltd Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.07%, 5.3395% 7/18/2034 (b)(c)(d) | 4537000 | 4529310 |
| Dryden 104 Clo Ltd / Dryden 104 Clo LLC Series 2024-104A Class A1R, CME Term SOFR 3 month Index + 1.29%, 5.612% 8/20/2034 (b)(c)(d) | 2406000 | 2406585 |
| Dryden 68 Clo Ltd Series 2024-68A Class ARR, CME Term SOFR 3 month Index + 1.1%, 5.3561% 7/15/2035 (b)(c)(d) | 4111000 | 4095937 |
| Dryden 86 Clo Ltd / Dryden 86 Clo LLC Series 2021-86A Class A1R, CME Term SOFR 3 month Index + 1.3616%, 5.6414% 7/17/2034 (b)(c)(d) | 878000 | 878365 |
| Flatiron Clo 20 Ltd / Flatiron Clo 20 LLC Series 2024-1A Class AR, CME Term SOFR 3 month Index + 1.38%, 5.702% 5/20/2036 (b)(c)(d) | 1693000 | 1695939 |
| Madison Pk Fdg Xlv Ltd / Madison Pk Fdg Xlv LLC Series 2024-45A Class ARR, CME Term SOFR 3 month Index + 1.08%, 5.3361% 7/15/2034 (b)(c)(d) | 4094000 | 4080428 |
| Magnetite Xxii Ltd / Magnetite Xxii LLC Series 2024-22A Class ARR, CME Term SOFR 3 month Index + 1.25%, 5.5061% 7/15/2036 (b)(c)(d) | 3656000 | 3656749 |
| Oha Credit Funding 22 Ltd Series 2025-22A Class A1, CME Term SOFR 3 month Index + 1.33%, 0% 7/20/2038 (b)(c)(d) | 3582000 | 3585897 |
| Palmer Square Loan Funding Ltd / Palmer Square Loan Funding LLC Series 2022-1A Class A1, CME Term SOFR 3 month Index + 1.05%, 5.3061% 4/15/2030 (b)(c)(d) | 1274418 | 1274480 |
| Palmer Square Loan Funding Ltd / Palmer Square Loan Funding LLC Series 2022-1A Class A2, CME Term SOFR 3 month Index + 1.6%, 5.8561% 4/15/2030 (b)(c)(d) | 5100000 | 5105315 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class A1N, CME Term SOFR 3 month Index + 1%, 5.2561% 1/15/2033 (b)(c)(d) | 693501 | 693613 |
| Palmer Square Loan Funding Ltd Series 2024-3A Class A1, CME Term SOFR 3 month Index + 1.08%, 5.3873% 8/8/2032 (b)(c)(d) | 1646869 | 1647093 |
| Rr 16 Ltd Series 2021-16A Class A1, CME Term SOFR 3 month Index + 1.3716%, 5.6277% 7/15/2036 (b)(c)(d) | 1614000 | 1616860 |
| Voya Clo 2022-1 Ltd / Voya Clo 2022-1 LLC Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.25%, 5.5195% 4/20/2035 (b)(c)(d) | 2950000 | 2947165 |
| Voya CLO Ltd Series 2024-2A Class AR, CME Term SOFR 3 month Index + 1.2%, 5.4695% 7/20/2032 (b)(c)(d) | 3161850 | 3160222 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 60824260 |
| UNITED STATES - 0.2%  |  |  |
| Affirm Asset Securitization Trust Series 2024-X2 Class A, 5.22% 12/17/2029 (b) | 2581136 | 2581952 |
| Affirm Asset Securitization Trust Series 2025-X1 Class A, 5.08% 4/15/2030 (b) | 1680000 | 1679641 |
| Ally Auto Receivables Trust Series 2024-1 Class A3, 5.08% 12/15/2028  | 527000 | 529832 |
| American Express Credit Account Master Trust Series 2024-1 Class A, 5.23% 4/15/2029  | 5000000 | 5084329 |
| Amur Equip Fin Receivables Xv LLC Series 2025-1A Class A2, 4.7% 9/22/2031 (b) | 2575000 | 2580377 |
| Ari Fleet Lease Trust 2024-B Series 2024-B Class A3, 5.26% 4/15/2033 (b) | 316000 | 318589 |
| ARI Fleet Lease Trust Series 2023-B Class A2, 6.05% 7/15/2032 (b) | 679428 | 684506 |
| ARI Fleet Lease Trust Series 2024-A Class A2, 5.3% 11/15/2032 (b) | 1429258 | 1434925 |
| Ari Fleet Lease Trust Series 2025-A Class A2, 4.38% 1/17/2034 (b) | 390000 | 388168 |
| Avis Budget Rental Car Funding AESOP LLC Series 2025-1A Class A, 4.8% 8/20/2029 (b) | 690000 | 690727 |
| Bank of America Credit Card Master Trust Series 2023-A2 Class A2, 4.98% 11/15/2028  | 1026000 | 1035406 |
| BMW Vehicle Lease Trust Series 2023-2 Class A3, 5.99% 9/25/2026  | 436802 | 438500 |
| BMW Vehicle Lease Trust Series 2024-1 Class A3, 4.98% 3/25/2027  | 1516000 | 1521261 |
| BofA Auto Trust Series 2024-1A Class A3, 5.35% 11/15/2028 (b) | 241000 | 243364 |
| Capital One Prime Auto Receivables Trust Series 2024-1 Class A3, 4.62% 7/16/2029  | 3405000 | 3417168 |
| CarMax Auto Owner Trust Series 2023-2 Class A3, 5.05% 1/18/2028  | 1277574 | 1281307 |
| CarMax Auto Owner Trust Series 2023-4 Class A3, 6% 7/17/2028  | 302000 | 306273 |
| CarMax Auto Owner Trust Series 2024-2 Class A3, 5.5% 1/16/2029  | 476000 | 482244 |
| CarMax Auto Owner Trust Series 2024-3 Class A3, 4.89% 7/16/2029  | 2196000 | 2211021 |
| CarMax Series 2023-3 Class A3, 5.28% 5/15/2028  | 1154000 | 1159747 |
| Carvana Auto Receivables Trust Series 2024-P4 Class A3, 4.64% 1/10/2030  | 3650000 | 3661277 |
| CFMT LLC Series 2023-HB12 Class A, 4.25% 4/25/2033 (b) | 92376 | 91413 |
| Chase Auto Owner Trust Series 2024-1A Class A3, 5.13% 5/25/2029 (b) | 544000 | 547844 |
| Chase Auto Owner Trust Series 2024-3A Class A3, 5.22% 7/25/2029 (b) | 2619000 | 2646835 |
| Chase Auto Owner Trust Series 2024-4A Class A3, 4.94% 7/25/2029 (b) | 3339000 | 3360020 |
| Chase Issuance Trust Series 2023-A2 Class A, 5.08% 9/15/2030  | 2080000 | 2130347 |
| Citizens Auto Receivables Trust Series 2024-1 Class A3, 5.11% 4/17/2028 (b) | 817000 | 820790 |
| Citizens Auto Receivables Trust Series 2024-2 Class A3, 5.33% 8/15/2028 (b) | 740000 | 744759 |
| Daimler Trucks Retail Trust Series 2024-1 Class A3, 5.49% 12/15/2027  | 2243000 | 2258811 |
| Dell Equip Fin Trust Series 2024-2 Class A3, 4.59% 8/22/2030 (b) | 827000 | 829553 |
| Dell Equipment Finance Trust Series 2023-2 Class A3, 5.65% 1/22/2029 (b) | 359451 | 360811 |
| Dell Equipment Finance Trust Series 2023-3 Class A3, 5.93% 4/23/2029 (b) | 765044 | 769150 |
| Dell Equipment Finance Trust Series 2024-1 Class A3, 5.39% 3/22/2030 (b) | 1003000 | 1010761 |
| Dext Abs LLC Series 2025-1 Class A2, 4.59% 8/16/2027 (b) | 1245000 | 1242856 |
| Dext Abs LLC Series 2025-1 Class A3, 4.77% 8/15/2035 (b) | 1750000 | 1745021 |
| DLLAA Series 2023-1A Class A3, 5.64% 2/22/2028 (b) | 134000 | 135514 |
| DLLAD Series 2024-1A Class A3, 5.3% 7/20/2029 (b) | 199000 | 201773 |
| DLLMT LLC Series 2024-1A Class A3, 4.84% 8/21/2028 (b) | 1310000 | 1318542 |
| DLLST Series 2024-1A Class A3, 5.05% 8/20/2027 (b) | 1500000 | 1504195 |
| Enterprise Fleet Financing 2025-2 LLC Series 2025-2 Class A2, 4.51% 2/22/2028 (b) | 5023000 | 5017189 |
| Enterprise Fleet Financing LLC Series 2023-1 Class A2, 5.51% 1/22/2029 (b) | 387330 | 388525 |
| Enterprise Fleet Financing LLC Series 2023-2 Class A2, 5.56% 4/22/2030 (b) | 767785 | 771797 |
| Enterprise Fleet Financing LLC Series 2023-3 Class A2, 6.4% 3/20/2030 (b) | 319590 | 324249 |
| Enterprise Fleet Financing LLC Series 2024-1 Class A2, 5.23% 3/20/2030 (b) | 1421899 | 1430137 |
| Enterprise Fleet Financing LLC Series 2024-3 Class A3, 4.98% 8/21/2028 (b) | 2415000 | 2434848 |
| Enterprise Fleet Financing LLC Series 2024-4 Class A3, 4.56% 11/20/2028 (b) | 991000 | 992366 |
| Enterprise Fleet Financing LLC Series 2025-1 Class A3, 4.82% 2/20/2029 (b) | 2765000 | 2787429 |
| Enterprise Fleet Financing Series 2024-2 Class A2, 5.74% 12/20/2026 (b) | 474705 | 476772 |
| Enterprise Fleet Financing Series 2024-2 Class A3, 5.61% 4/20/2028 (b) | 424000 | 430455 |
| Flatiron Clo 23 LLC Series 2025-1A, CME Term SOFR 3 month Index + 1.24%, 0% 4/17/2036 (b)(c)(d) | 4695000 | 4695000 |
| Flatiron Rr Clo 22 LLC Series 2025-2A Class AR, CME Term SOFR 3 month Index + 0.91%, 5.1661% 10/15/2034 (b)(c)(d) | 5500000 | 5458162 |
| Ford Credit Auto Owner Trust Series 2020-2 Class A, 1.06% 4/15/2033 (b) | 1409000 | 1390290 |
| Ford Credit Auto Owner Trust Series 2023-B Class A3, 5.23% 5/15/2028  | 967931 | 972630 |
| Ford Credit Auto Owner Trust Series 2024-D Class A3, 4.61% 8/15/2029  | 1895000 | 1905087 |
| Ford Credit Floorplan Master Owner Trust A Series 2023-1 Class A1, 4.92% 5/15/2028 (b) | 986000 | 989111 |
| Ford Credit Floorplan Master Owner Trust A Series 2024-1 Class A1, 5.29% 4/15/2029 (b) | 3118000 | 3162406 |
| Ford Credit Floorplan Master Owner Trust A Series 2024-1 Class A2, U.S. 30-Day Avg. SOFR Index + 0.75%, 5.0823% 4/15/2029 (b)(c)(d) | 4000000 | 4010998 |
| Fordf Series 2025-1 Class A1, 4.63% 4/15/2030  | 2835000 | 2847514 |
| Fordf Series 2025-1 Class B, 4.84% 4/15/2030  | 1430000 | 1431060 |
| GM Financial Automobile Leasing Trust Series 2023-2 Class A3, 5.05% 7/20/2026  | 304502 | 304699 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-3 Class A3, 5.45% 6/16/2028  | 269235 | 270895 |
| GM Financial Leasing Trust Series 2023-3 Class A3, 5.38% 11/20/2026  | 98884 | 99080 |
| GM Financial Leasing Trust Series 2024-1 Class A3, 5.09% 3/22/2027  | 2671000 | 2679605 |
| GMF Floorplan Owner Revolving Trust Series 2023-1 Class A2, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.4823% 6/15/2028 (b)(c)(d) | 5000000 | 5025545 |
| GMF Floorplan Owner Revolving Trust Series 2023-1 Class B, 5.73% 6/15/2028 (b) | 1104000 | 1111293 |
| GMF Floorplan Owner Revolving Trust Series 2024-1A Class A1, 5.13% 3/15/2029 (b) | 6264000 | 6330460 |
| GMF Floorplan Owner Revolving Trust Series 2024-4A Class A1, 4.73% 11/15/2029 (b) | 1055000 | 1061235 |
| Huntington Auto Trust Series 2024-1A Class A3, 5.23% 1/16/2029 (b) | 2719000 | 2739438 |
| Hyundai Auto Lease Securitization Trust Series 2023-C Class A3, 5.8% 12/15/2026 (b) | 1276059 | 1280481 |
| Hyundai Auto Lease Securitization Trust Series 2024-B Class A3, 5.41% 5/17/2027 (b) | 1108000 | 1116917 |
| Hyundai Auto Receivables Trust Series 2023-B Class A3, 5.48% 4/17/2028  | 265346 | 266994 |
| Hyundai Auto Receivables Trust Series 2024-A Class A3, 4.99% 2/15/2029  | 577000 | 581234 |
| John Deere Owner Trust Series 2024-A Class A3, 4.96% 11/15/2028  | 3371000 | 3395811 |
| Juniper Valley Park CLO LLC Series 2024-1A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.5195% 7/20/2036 (b)(c)(d) | 4000000 | 4004060 |
| Kubota Credit Owner Trust Series 2024-2A Class A3, 5.26% 11/15/2028 (b) | 593000 | 602595 |
| Marlette Funding Trust Series 2024-1A Class A, 5.95% 7/17/2034 (b) | 50820 | 50899 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A3, 5.32% 1/18/2028  | 714000 | 721512 |
| Mercedes-Benz Auto Lease Trust Series 2024-B Class A3, 4.23% 2/15/2028  | 3874000 | 3861256 |
| Merchants Fleet Funding LLC Series 2024-1A Class A, 5.82% 4/20/2037 (b) | 872463 | 877791 |
| Nissan Master Owner Tr Receivable Series 2024-B Class A, 5.05% 2/15/2029 (b) | 1063000 | 1069570 |
| Oportun Funding Trust Series 2024-3 Class A, 5.26% 8/15/2029 (b) | 400465 | 400436 |
| Peac Solutions Receivables Series 2025-1A Class A2, 4.94% 10/20/2028 (b) | 760000 | 760940 |
| Porsche Financial Auto Securitization Trust Series 2024-1A Class A3, 4.44% 1/22/2030 (b) | 5500000 | 5508561 |
| Porsche Finl Auto Securitization Tr 2023-2 Series 2023-2A Class A3, 5.79% 1/22/2029 (b) | 552835 | 556119 |
| Porsche Innovative Lease Owner Trust Series 2024-2A Class A3, 4.35% 10/20/2027 (b) | 3160000 | 3153351 |
| Post Road Equipment Finance LLC Series 2025-1A Class A2, 4.9% 5/15/2031 (b) | 405000 | 406226 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class A3, 4.67% 8/15/2029  | 3550000 | 3560639 |
| SBNA Auto Lease Trust Series 2024-B Class A3, 5.56% 11/22/2027 (b) | 631000 | 636243 |
| SBNA Auto Lease Trust Series 2024-C Class A3, 4.56% 2/22/2028 (b) | 625000 | 624387 |
| SFS Auto Receivables Securitization Trust Series 2023-1A Class A3, 5.47% 10/20/2028 (b) | 1515706 | 1524940 |
| SFS Auto Receivables Securitization Trust Series 2024-1A Class A3, 4.95% 5/21/2029 (b) | 627000 | 629025 |
| SFS Auto Receivables Securitization Trust Series 2024-2A Class A3, 5.33% 11/20/2029 (b) | 359000 | 362792 |
| T-Mobile US Trust Series 2024-1A Class A, 5.05% 9/20/2029 (b) | 1811000 | 1822691 |
| Tesla Auto Lease Trust 23-A Series 2023-A Class A3, 5.89% 6/22/2026 (b) | 92297 | 92421 |
| Tesla Auto Lease Trust Series 2023-B Class A3, 6.13% 9/21/2026 (b) | 1031332 | 1035350 |
| Tesla Series 2024-A Class A3, 5.3% 6/21/2027 (b) | 1216000 | 1219688 |
| Toyota Lease Owner Trust Series 2023-B Class A3, 5.66% 11/20/2026 (b) | 1250377 | 1255026 |
| Upstart Securitization Trust Series 2023-3 Class A, 6.9% 10/20/2033 (b) | 306806 | 308695 |
| Verd Series 2025-1A Class A2, 4.85% 3/13/2028 (b) | 565000 | 565492 |
| Verizon Master Trust Series 2023-4 Class A1A, 5.16% 6/20/2029  | 1573000 | 1584288 |
| Verizon Master Trust Series 2024-8 Class A1A, 4.62% 11/20/2030  | 4600000 | 4637470 |
| Volkswagen Auto Lease Trust Series 2023-A Class A3, 5.81% 10/20/2026  | 1386506 | 1392739 |
| Volkswagen Auto Loan Enhanced Trust Series 2023-1 Class A3, 5.02% 6/20/2028  | 699000 | 701154 |
| Volkswagen Auto Loan Enhanced Trust Series 2024-1 Class A3, 4.63% 7/20/2029  | 4570000 | 4602320 |
| Volvo Financial Equipment LLC Series 2024-1A Class A3, 4.29% 10/16/2028 (b) | 301000 | 300358 |
| Wells Fargo Card Issuance Trust Series 2024-A1 Class A, 4.94% 2/15/2029  | 2470000 | 2494989 |
| Wheels Fleet Lease Funding 1 LLC Series 2023-2A Class A, 6.46% 8/18/2038 (b) | 950397 | 962843 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-1A Class A1, 5.49% 2/18/2039 (b) | 2701314 | 2724893 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-2A Class A2, CME Term SOFR 1 month Index + 1%, 5.3267% 6/21/2039 (b)(c)(d) | 1886000 | 1893060 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-3A Class A1, 4.8% 9/19/2039 (b) | 3185000 | 3189067 |
| Wheels Fleet Lease Funding 1 LLC Series 2025-1A Class A1, 4.57% 1/18/2040 (b) | 4600000 | 4604364 |
| World Omni Auto Receivables Tr 2023-D Series 2023-D Class A3, 5.79% 2/15/2029  | 1017000 | 1028245 |
| World Omni Auto Receivables Tr Series 2024-A Class A3, 4.86% 3/15/2029  | 2240000 | 2249997 |
| World Omni Auto Receivables Trust 2023-C Series 2023-C Class A3, 5.15% 11/15/2028  | 173000 | 173586 |
| World Omni Auto Receivables Trust Series 2024-B Class A3, 5.27% 9/17/2029  | 1644000 | 1659845 |
| World Omni Automobile Lease Securitization Trust Series 2024-A Class A3, 5.26% 10/15/2027  | 1490000 | 1504105 |
| TOTAL UNITED STATES |  | 192943349 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $266,714,379) |  | <br> **267637020** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Notes - 0.0%** | &nbsp;&nbsp;**Bank Notes - 0.0%** | &nbsp;&nbsp;**Bank Notes - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Morgan Stanley Bank NA 4.968% 7/14/2028 (c) | 3117000 | 3143468 |
| Capital Markets - 0.0% |  |  |
| Goldman Sachs Bank USA 5.283% 3/18/2027 (c) | 3500000 | 3514886 |
| TOTAL FINANCIALS |  | 6658354 |
| <br> **TOTAL BANK NOTES**<br> (Cost $6,616,999) |  | <br> **6658354** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| CFMT LLC Series 2024-HB13 Class A, 3% 5/25/2034 (b)(c) | 363927 | 356860 |
| CFMT LLC Series 2024-HB15 Class A, 4% 8/25/2034 (b)(c) | 208431 | 206210 |
| CFMT Series 2025-HB16 Class A, 3% 3/25/2035 (b)(c) | 299170 | 291690 |
| Ocwen Loan Investment Trust Series 2023-HB1 Class A, 3% 6/25/2036 (b) | 27240 | 26882 |
| Ocwen Loan Investment Trust Series 2024-HB1 Class A, 3% 2/25/2037 (b) | 41317 | 40185 |
| PRPM LLC Series 2024-RPL2 Class A1, 3.5% 5/25/2054 (b)(c) | 1384206 | 1333367 |
| TOTAL UNITED STATES |  | 2255194 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $2,213,147) |  | <br> **2255194** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 0.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| ALA Trust Series 2025-OANA Class A, CME Term SOFR 1 month Index + 1.7426%, 6.0426% 6/15/2030 (b)(c)(d) | 3835000 | 3851062 |
| Benchmark Mortgage Trust Series 2019-B9 Class AAB, 3.9325% 3/15/2052  | 1339428 | 1322036 |
| BLP Commercial Mortgage Trust Series 2024-IND2 Class A, CME Term SOFR 1 month Index + 1.3422%, 5.6709% 3/15/2041 (b)(c)(d) | 388070 | 388313 |
| BMP Series 2024-MF23 Class A, CME Term SOFR 1 month Index + 1.3719%, 5.7007% 6/15/2041 (b)(c)(d) | 778000 | 778486 |
| BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class A, CME Term SOFR 1 month Index + 1.3917%, 5.7204% 3/15/2041 (b)(c)(d) | 4693186 | 4696119 |
| BX Commercial Mortgage Trust 24-MDHS Series 2024-MDHS Class A, 5.97% 5/15/2041 (b)(c) | 5202192 | 5208694 |
| BX Commercial Mortgage Trust Series 2019-IMC Class A, CME Term SOFR 1 month Index + 1.0463%, 5.3753% 4/15/2034 (b)(c)(d) | 150242 | 148834 |
| BX Commercial Mortgage Trust Series 2021-PAC Class A, CME Term SOFR 1 month Index + 0.8036%, 5.1326% 10/15/2036 (b)(c)(d) | 576000 | 573484 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class A, CME Term SOFR 1 month Index + 1.0129%, 5.3416% 2/15/2039 (b)(c)(d) | 2913486 | 2908023 |
| BX Commercial Mortgage Trust Series 2023-XL3 Class A, CME Term SOFR 1 month Index + 1.7614%, 6.0901% 12/9/2040 (b)(c)(d) | 3201991 | 3215020 |
| BX Commercial Mortgage Trust Series 2024-GPA3 Class A, CME Term SOFR 1 month Index + 1.2928%, 5.6215% 12/15/2039 (b)(c)(d) | 2707180 | 2707180 |
| BX Commercial Mortgage Trust Series 2025-SPOT Class A, CME Term SOFR 1 month Index + 1.4434%, 5.7721% 4/15/2040 (b)(c)(d) | 2928000 | 2928341 |
| BX Trust 2024-CNY Series 2024-CNYN Class A, CME Term SOFR 1 month Index + 1.4419%, 5.7706% 4/15/2041 (b)(c)(d) | 1976419 | 1978890 |
| BX Trust 2025-ROIC Series 2025-ROIC Class A, CME Term SOFR 1 month Index + 1.1438%, 5.4725% 3/15/2030 (b)(c)(d) | 5394000 | 5353545 |
| BX Trust Series 2021-ACNT Class A, CME Term SOFR 1 month Index + 0.9645%, 5.2935% 11/15/2038 (b)(c)(d) | 1051048 | 1050391 |
| BX Trust Series 2021-LBA Class AJV, CME Term SOFR 1 month Index + 0.9145%, 5.2435% 2/15/2036 (b)(c)(d) | 1879000 | 1877826 |
| BX Trust Series 2021-SOAR Class A, CME Term SOFR 1 month Index + 0.7845%, 5.1135% 6/15/2038 (b)(c)(d) | 3553418 | 3551197 |
| BX Trust Series 2024-XL4 Class A, CME Term SOFR 1 month Index + 1.442%, 5.7707% 2/15/2039 (b)(c)(d) | 3603219 | 3607719 |
| BX Trust Series 2025-DIME Class A, CME Term SOFR 1 month Index + 1.15%, 5.4787% 2/15/2035 (b)(c)(d) | 1281000 | 1276196 |
| ELP Commercial Mortgage Trust Series 2021-ELP Class A, CME Term SOFR 1 month Index + 0.8155%, 5.1445% 11/15/2038 (b)(c)(d) | 5353768 | 5340384 |
| Extended Stay America Trust Series 2021-ESH Class A, CME Term SOFR 1 month Index + 1.1945%, 5.5235% 7/15/2038 (b)(c)(d) | 3087820 | 3087820 |
| GS Mortgage Securities Trust Series 2017-GS6 Class A2, 3.164% 5/10/2050  | 124723 | 120879 |
| GS Mortgage Securities Trust Series 2017-GS7 Class AAB, 3.203% 8/10/2050  | 1833365 | 1805728 |
| GS Mortgage Securities Trust Series 2021-IP Class A, CME Term SOFR 1 month Index + 1.0645%, 5.3935% 10/15/2036 (b)(c)(d) | 2300000 | 2285625 |
| Life Financial Services Trust Series 2022-BMR2 Class A1, CME Term SOFR 1 month Index + 1.2952%, 5.624% 5/15/2039 (b)(c)(d) | 2500000 | 2425000 |
| OPEN Trust Series 2023-AIR Class A, CME Term SOFR 1 month Index + 3.0891%, 7.4178% 11/15/2040 (b)(c)(d) | 105262 | 105555 |
| SREIT Trust Series 2021-FLWR Class A, CME Term SOFR 1 month Index + 0.691%, 5.02% 7/15/2036 (b)(c)(d) | 87538 | 87484 |
| SREIT Trust Series 2021-MFP Class A, CME Term SOFR 1 month Index + 0.8453%, 5.174% 11/15/2038 (b)(c)(d) | 112405 | 112264 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class A, CME Term SOFR 1 month Index + 1.2429%, 5.5716% 12/15/2039 (b)(c)(d) | 1534000 | 1533518 |
| Wells Fargo Commercial Mortgage Trust Series 2024-GRP Class A, CME Term SOFR 1 month Index + 1.7913%, 6.12% 10/15/2041 (b)(c)(d) | 1775000 | 1781037 |
| Wells Fargo Commerical Mortgage Trust Series 2025-VTT Class A, 5.1004% 3/15/2038 (b)(c) | 1017000 | 1013976 |
| TOTAL UNITED STATES |  | 67120626 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $66,807,616) |  | <br> **67120626** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 50.3%** | &nbsp;&nbsp;**Common Stocks - 50.3%** | &nbsp;&nbsp;**Common Stocks - 50.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Santos Ltd  | 3268894 | 13885981 |
| AUSTRIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Wienerberger AG  | 463813 | 17168349 |
| Containers & Packaging - 0.0% |  |  |
| Mayr Melnhof Karton AG (e) | 40600 | 3448225 |
| TOTAL AUSTRIA |  | 20616574 |
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 531500 | 10024090 |
| BAILIWICK OF GUERNSEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Super Group SGHC Ltd  | 402520 | 3518025 |
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv PLC  | 789800 | 52766538 |
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 977200 | 177418922 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bank of Nt Butterfield & Son Ltd/The (United States)  | 49522 | 2087848 |
| Insurance - 0.0% |  |  |
| Aspen Insurance Holdings Ltd (f) | 186390 | 6393177 |
| TOTAL BERMUDA |  | 8481025 |
| BRAZIL - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| MercadoLibre Inc (f) | 31171 | 79900313 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 246356 | 4769452 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Hypera SA  | 1779100 | 7900890 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Wheaton Precious Metals Corp (United States)  | 195200 | 16933600 |
| TOTAL BRAZIL |  | 109504255 |
| CAMEROON - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Golar LNG Ltd (e) | 123729 | 5092686 |
| CANADA - 0.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Mty Food Group Inc (e) | 137400 | 4287148 |
| Restaurant Brands International Inc (e) | 681000 | 48620527 |
|  |  | 52907675 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Gildan Activewear Inc  | 70000 | 3259373 |
| TOTAL CONSUMER DISCRETIONARY |  | 56167048 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Alimentation Couche-Tard Inc  | 1716000 | 88966663 |
| Metro Inc/CN  | 170100 | 13267391 |
|  |  | 102234054 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Athabasca Oil Corp (f) | 15060200 | 56625957 |
| Cameco Corp (United States)  | 228248 | 13359355 |
| Canadian Natural Resources Ltd (United States)  | 2272700 | 69021899 |
| Cenovus Energy Inc  | 986880 | 13001632 |
| Imperial Oil Ltd (e) | 3965200 | 283098551 |
| Imperial Oil Ltd (United States) (e) | 1016000 | 72491600 |
| MEG Energy Corp  | 4251825 | 74418943 |
| Meren Energy Inc (e) | 10489121 | 13757728 |
| Parex Resources Inc  | 1913900 | 18924927 |
| Parkland Corp  | 805600 | 22741242 |
| South Bow Corp (e) | 518900 | 13449392 |
|  |  | 650891226 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 38418 | 65368968 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Xenon Pharmaceuticals Inc (f) | 1670785 | 48202147 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Bombardier Inc Class B (f) | 639700 | 44767580 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Open Text Corp  | 121300 | 3434778 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Nutrien Ltd (United States) (e) | 1312100 | 77453263 |
| Metals & Mining - 0.0% |  |  |
| Teck Resources Ltd Class B (United States)  | 198700 | 7361835 |
| Paper & Forest Products - 0.0% |  |  |
| Stella-Jones Inc  | 39600 | 2238907 |
| TOTAL MATERIALS |  | 87054005 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Brookfield Infrastructure Corp (United States) (e) | 653222 | 25847995 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A (United States) (e) | 43503 | 1278553 |
| TOTAL UTILITIES |  | 27126548 |
| TOTAL CANADA |  | 1085246354 |
| CHINA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Shenzhou International Group Holdings Ltd  | 501200 | 3653005 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Hengan International Group Co Ltd  | 414000 | 1121973 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| China Petroleum & Chemical Corp H Shares  | 5988000 | 3237954 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Sinopharm Group Co Ltd H Shares  | 4280000 | 10370994 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Qingdao Port International Co Ltd H Shares (b)(g) | 4142814 | 3465950 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Kingboard Holdings Ltd  | 707000 | 2010700 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| China Resources Gas Group Ltd  | 554200 | 1477188 |
| TOTAL CHINA |  | 25337764 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mine Ltd Class A (e)(f) | 653600 | 5062679 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (f) | 132000 | 21494880 |
| Pharmaceuticals - 0.0% |  |  |
| Novo Nordisk A/S Class B ADR (e) | 554800 | 39668200 |
| TOTAL DENMARK |  | 61163080 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (f) | 515500 | 18753890 |
| FRANCE - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| IPSOS SA  | 62600 | 3194297 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| AKWEL SADIR  | 5700 | 48282 |
| Cie Generale des Etablissements Michelin SCA Series B  | 108900 | 4166408 |
|  |  | 4214690 |
| Specialty Retail - 0.0% |  |  |
| Maisons du Monde SA (b)(g) | 415000 | 1178029 |
| TOTAL CONSUMER DISCRETIONARY |  | 5392719 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Pernod Ricard SA  | 305900 | 31614355 |
| Food Products - 0.0% |  |  |
| Societe LDC SADIR  | 20718 | 1976037 |
| TOTAL CONSUMER STAPLES |  | 33590392 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Vallourec SACA  | 172300 | 2917941 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| TotalEnergies SE ADR  | 245620 | 14412982 |
| TOTAL ENERGY |  | 17330923 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| BNP Paribas SA  | 321100 | 28120173 |
| Capital Markets - 0.0% |  |  |
| Antin Infrastructure Partners SA  | 208726 | 2687556 |
| TOTAL FINANCIALS |  | 30807729 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Airbus SE  | 376298 | 69210454 |
| Ground Transportation - 0.0% |  |  |
| Stef SA  | 52034 | 7538864 |
| TOTAL INDUSTRIALS |  | 76749318 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Capgemini SE  | 94100 | 15626541 |
| Sopra Steria Group (f) | 87680 | 18895777 |
|  |  | 34522318 |
| TOTAL FRANCE |  | 201587696 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Mercedes-Benz Group AG  | 60500 | 3617763 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (f) | 345100 | 18559478 |
| TOTAL CONSUMER DISCRETIONARY |  | 22177241 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (e)(f) | 712800 | 68293368 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Takkt AG (e) | 398854 | 3174680 |
| Machinery - 0.0% |  |  |
| JOST Werke SE (b)(g) | 89100 | 5149481 |
| Norma Group SE  | 85768 | 1211473 |
|  |  | 6360954 |
| Trading Companies & Distributors - 0.0% |  |  |
| Brenntag SE  | 60200 | 4076638 |
| TOTAL INDUSTRIALS |  | 13612272 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| SAP SE ADR (h) | 650455 | 196996802 |
| TOTAL GERMANY |  | 301079683 |
| GHANA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kosmos Energy Ltd (e)(f) | 4011800 | 6659588 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Patria Investments Ltd Class A (e) | 140658 | 1791983 |
| GREECE - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| Autohellas Tourist and Trading SA  | 196880 | 2584208 |
| Specialty Retail - 0.0% |  |  |
| JUMBO SA  | 529260 | 17199139 |
| TOTAL CONSUMER DISCRETIONARY |  | 19783347 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Sarantis SA  | 278008 | 4229900 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Eurobank Ergasias Services and Holdings SA  | 14631907 | 45067066 |
| National Bank of Greece SA  | 243200 | 2899485 |
| Piraeus Financial Holdings SA  | 4264677 | 28410740 |
|  |  | 76377291 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Metlen Energy & Metals SA  | 87400 | 4435953 |
| TOTAL GREECE |  | 104826491 |
| HONG KONG - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Pico Far East Holdings Ltd  | 1026000 | 273474 |
| Financials - 0.0% |  |  |
| Consumer Finance - 0.0% |  |  |
| Aeon Credit Service Asia Co Ltd  | 3004000 | 2432745 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Dawnrays Pharmaceutical Holdings Ltd  | 1930000 | 300290 |
| TOTAL HONG KONG |  | 3006509 |
| INDIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Oil & Natural Gas Corp Ltd  | 824100 | 2306819 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| HDFC Bank Ltd/Gandhinagar (f) | 864631 | 19742578 |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| WNS Holdings Ltd ADR (f) | 759578 | 44047928 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Redington Ltd  | 2000888 | 6051713 |
| TOTAL INDIA |  | 72149038 |
| IRELAND - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| AIB Group PLC  | 3965000 | 31282768 |
| Bank of Ireland Group PLC  | 274700 | 3767850 |
|  |  | 35050618 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| AerCap Holdings NV  | 72000 | 8332559 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Accenture PLC Class A  | 316668 | 100326756 |
| TOTAL IRELAND |  | 143709933 |
| ISRAEL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Max Stock Ltd  | 367700 | 1531080 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd  | 33300 | 1971360 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Nova Ltd (e)(f) | 31760 | 6784571 |
| Software - 0.0% |  |  |
| Cellebrite DI Ltd (f) | 581320 | 9696418 |
| TOTAL INFORMATION TECHNOLOGY |  | 16480989 |
| TOTAL ISRAEL |  | 19983429 |
| ITALY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Brembo NV  | 472600 | 4325106 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Coca-Cola HBC AG  | 139200 | 7243224 |
| Davide Campari-Milano NV (e) | 1890800 | 12331845 |
|  |  | 19575069 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| MARR SpA (e) | 495000 | 5367556 |
| TOTAL CONSUMER STAPLES |  | 24942625 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Banca Generali SpA  | 128620 | 7499235 |
| Financial Services - 0.0% |  |  |
| BFF Bank SpA (b)(f)(g) | 711400 | 7334453 |
| TOTAL FINANCIALS |  | 14833688 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 89750 | 4990100 |
| TOTAL ITALY |  | 49091519 |
| JAPAN - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Daikyonishikawa Corp  | 619300 | 2771668 |
| Broadline Retail - 0.0% |  |  |
| ASKUL Corp  | 38500 | 415247 |
| Distributors - 0.0% |  |  |
| Arata Corp  | 146400 | 3087835 |
| Household Durables - 0.0% |  |  |
| FJ Next Holdings Co Ltd  | 114900 | 979758 |
| Specialty Retail - 0.0% |  |  |
| ARCLANDS CORP  | 293500 | 3485817 |
| TOTAL CONSUMER DISCRETIONARY |  | 10740325 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Belc Co Ltd  | 10700 | 525724 |
| G-7 Holdings Inc  | 439100 | 4095154 |
| YAKUODO Holdings Co Ltd  | 41300 | 589815 |
|  |  | 5210693 |
| Food Products - 0.0% |  |  |
| Pickles Holdings Co Ltd  | 132000 | 838445 |
| S Foods Inc  | 207700 | 3773083 |
|  |  | 4611528 |
| Household Products - 0.0% |  |  |
| Transaction Co Ltd  | 50400 | 860928 |
| TOTAL CONSUMER STAPLES |  | 10683149 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Zenkoku Hosho Co Ltd  | 194000 | 4308864 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| AZ-COM MARUWA Holdings Inc (e) | 665200 | 4914053 |
| Building Products - 0.0% |  |  |
| Nihon Dengi Co Ltd  | 77000 | 2140450 |
| Nihon Flush Co Ltd  | 97378 | 559655 |
|  |  | 2700105 |
| Commercial Services & Supplies - 0.0% |  |  |
| Green Cross Holdings Co Ltd  | 25600 | 191962 |
| Prestige International Inc  | 528310 | 2346087 |
|  |  | 2538049 |
| Construction & Engineering - 0.0% |  |  |
| Raiznext Corp  | 206100 | 2437764 |
| Machinery - 0.0% |  |  |
| Daiwa Industries Ltd  | 325400 | 3744831 |
| Professional Services - 0.0% |  |  |
| Altech Corp  | 59000 | 1134529 |
| Creek & River Co Ltd  | 91800 | 954395 |
| Persol Holdings Co Ltd  | 1919100 | 3599605 |
| Quick Co Ltd  | 178500 | 2792338 |
| Will Group Inc  | 187400 | 1203361 |
|  |  | 9684228 |
| Trading Companies & Distributors - 0.0% |  |  |
| Chori Co Ltd  | 70700 | 1886709 |
| ITOCHU Corp  | 189600 | 10063251 |
| Mitani Corp  | 261600 | 3801422 |
| Totech Corp  | 98000 | 1998888 |
|  |  | 17750270 |
| TOTAL INDUSTRIALS |  | 43769300 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Daiwabo Holdings Co Ltd  | 262260 | 4443448 |
| Maruwa Co Ltd/Aichi  | 15500 | 3784113 |
| Riken Keiki Co Ltd  | 36400 | 733590 |
|  |  | 8961151 |
| IT Services - 0.0% |  |  |
| Avant Group Corp  | 185100 | 1974554 |
| DTS Corp  | 112300 | 3867032 |
| TDC Soft Inc  | 291400 | 2703492 |
|  |  | 8545078 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Advantest Corp  | 196600 | 9943281 |
| Allegro MicroSystems Inc (e)(f) | 642660 | 16291432 |
| Renesas Electronics Corp  | 1043200 | 12670109 |
| SUMCO Corp (e) | 1038520 | 7019697 |
|  |  | 45924519 |
| Software - 0.0% |  |  |
| Cresco Ltd  | 579600 | 6658180 |
| System Research Co Ltd  | 294000 | 3706286 |
|  |  | 10364466 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| MCJ Co Ltd  | 689000 | 6330018 |
| TOTAL INFORMATION TECHNOLOGY |  | 80125232 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| C Uyemura & Co Ltd  | 56000 | 3584281 |
| Construction Materials - 0.0% |  |  |
| Vertex Corp/Japan  | 34500 | 504211 |
| TOTAL MATERIALS |  | 4088492 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Arealink Co Ltd  | 173000 | 2571645 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Kansai Electric Power Co Inc/The  | 953800 | 10821948 |
| TOTAL JAPAN |  | 167108955 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Household Durables - 0.0% |  |  |
| Cuckoo Holdings Co Ltd  | 41065 | 891580 |
| Consumer Staples - 0.0% |  |  |
| Tobacco - 0.0% |  |  |
| KT&G Corp  | 91269 | 7939536 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| InBody Co Ltd  | 31300 | 556113 |
| Value Added Technology Co Ltd  | 80700 | 1188517 |
| Vieworks Co Ltd  | 116600 | 1873350 |
|  |  | 3617980 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Hy-Lok Corp  | 73416 | 1506299 |
| Professional Services - 0.0% |  |  |
| e-Credible Co Ltd  | 47700 | 541292 |
| TOTAL INDUSTRIALS |  | 2047591 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| MAKUS Inc  | 287084 | 2597086 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd  | 176950 | 7197047 |
| TOTAL INFORMATION TECHNOLOGY |  | 9794133 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Soulbrain Co Ltd  | 34840 | 4024189 |
| TOTAL KOREA (SOUTH) |  | 28315009 |
| MALAYSIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Scientex BHD  | 2007400 | 1603468 |
| MEXICO - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Gruma SAB de CV Series B  | 58300 | 1098641 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Genomma Lab Internacional SAB de CV  | 1272200 | 1475138 |
| TOTAL MEXICO |  | 2573779 |
| MONACO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Scorpio Tankers Inc  | 105118 | 4177389 |
| NETHERLANDS - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Universal Music Group NV  | 1710883 | 54743932 |
| Universal Music Group NV rights (f)(i) | 1710883 | 543934 |
|  |  | 55287866 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Acomo NV  | 110100 | 2894052 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Van Lanschot Kempen NV depository receipt  | 5800 | 359574 |
| Insurance - 0.0% |  |  |
| ASR Nederland NV (e) | 84200 | 5399765 |
| NN Group NV  | 68059 | 4282724 |
|  |  | 9682489 |
| TOTAL FINANCIALS |  | 10042063 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (f) | 130300 | 74695778 |
| Merus NV (f) | 723390 | 40560477 |
| uniQure NV (f) | 279600 | 4045812 |
|  |  | 119302067 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ASML Holding NV depository receipt  | 36800 | 27113136 |
| BE Semiconductor Industries NV  | 217043 | 26258339 |
| NXP Semiconductors NV  | 636551 | 121663993 |
|  |  | 175035468 |
| TOTAL NETHERLANDS |  | 362561516 |
| NORWAY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Europris ASA (b)(g) | 984481 | 7677243 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| SpareBank 1 Nord Norge  | 45200 | 652356 |
| Sparebank 1 Oestlandet  | 266020 | 4771858 |
|  |  | 5424214 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Multiconsult ASA (b)(g) | 45600 | 893469 |
| Norconsult Norge AS  | 234600 | 1038847 |
|  |  | 1932316 |
| TOTAL NORWAY |  | 15033773 |
| PHILIPPINES - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Robinsons Land Corp (f) | 2929000 | 685299 |
| PORTUGAL - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 601400 | 9627987 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Corticeira Amorim SGPS SA  | 224580 | 1968595 |
| TOTAL PORTUGAL |  | 11596582 |
| PUERTO RICO - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class C (f) | 471320 | 2356600 |
| Financials - 0.1% |  |  |
| Banks - 0.0% |  |  |
| First BanCorp/Puerto Rico  | 686937 | 13725001 |
| Popular Inc  | 213610 | 22115043 |
|  |  | 35840044 |
| Financial Services - 0.1% |  |  |
| EVERTEC Inc  | 1309656 | 47448837 |
| TOTAL FINANCIALS |  | 83288881 |
| TOTAL PUERTO RICO |  | 85645481 |
| SINGAPORE - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Hour Glass Ltd/The  | 1687200 | 2093057 |
| SPAIN - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Cellnex Telecom SA (b)(g) | 1038400 | 39812570 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| CIE Automotive SA (e) | 441080 | 12144989 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco Santander SA  | 6453700 | 51485394 |
| Bankinter SA  | 388200 | 4998464 |
|  |  | 56483858 |
| Insurance - 0.0% |  |  |
| Grupo Catalana Occidente SA  | 41740 | 2324660 |
| TOTAL FINANCIALS |  | 58808518 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Faes Farma SA  | 112111 | 555649 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Logista Integral SA  | 260900 | 8425034 |
| TOTAL SPAIN |  | 119746760 |
| SWEDEN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Autoliv Inc  | 381653 | 39241561 |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| Inwido AB  | 67800 | 1490801 |
| Electrical Equipment - 0.0% |  |  |
| AQ Group AB  | 655700 | 11880222 |
| Machinery - 0.0% |  |  |
| Beijer Alma AB B Shares  | 232520 | 5311583 |
| Trading Companies & Distributors - 0.0% |  |  |
| Alligo AB B Shares  | 43100 | 506215 |
| Momentum Group AB B Shares  | 69800 | 1271216 |
|  |  | 1777431 |
| TOTAL INDUSTRIALS |  | 20460037 |
| TOTAL SWEDEN |  | 59701598 |
| SWITZERLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Garrett Motion Inc  | 881300 | 9341780 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| UBS Group AG (United States)  | 178440 | 5690452 |
| Vontobel Holding AG  | 27634 | 2075068 |
|  |  | 7765520 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Galderma Group AG  | 127360 | 16666673 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| Bossard Holding AG Series A  | 4612 | 1070343 |
| TOTAL SWITZERLAND |  | 34844316 |
| TAIWAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Thinking Electronic Industrial Co Ltd  | 202000 | 921204 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Silicon Motion Technology Corp ADR  | 38180 | 2336616 |
| Sitronix Technology Corp  | 21000 | 150829 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 2739000 | 87522784 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 516500 | 99849780 |
| Topco Scientific Co Ltd  | 574455 | 4971610 |
|  |  | 194831619 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| TSC Auto ID Technology Co Ltd  | 48290 | 307725 |
| TOTAL TAIWAN |  | 196060548 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (f) | 192487 | 44824448 |
| UNITED KINGDOM - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| WPP PLC  | 720000 | 5814752 |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.0% |  |  |
| B&M European Value Retail SA  | 2635100 | 12138824 |
| Distributors - 0.0% |  |  |
| Inchcape PLC  | 1685089 | 15450104 |
| Diversified Consumer Services - 0.0% |  |  |
| ME Group International PLC  | 470283 | 1359148 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Entertainment PLC (f) | 188730 | 47692071 |
| Hollywood Bowl Group PLC  | 696700 | 2487552 |
|  |  | 50179623 |
| Household Durables - 0.0% |  |  |
| Barratt Redrow PLC  | 1281125 | 7953978 |
| Berkeley Group Holdings PLC  | 434397 | 24639205 |
| Vistry Group PLC (f) | 750563 | 6358872 |
|  |  | 38952055 |
| Specialty Retail - 0.0% |  |  |
| Dunelm Group PLC  | 160500 | 2579859 |
| JD Sports Fashion PLC  | 12097554 | 13720242 |
| Pets at Home Group Plc  | 3143500 | 11291562 |
|  |  | 27591663 |
| TOTAL CONSUMER DISCRETIONARY |  | 145671417 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola Europacific Partners PLC  | 913700 | 83868523 |
| Diageo PLC  | 1741500 | 47266507 |
| Diageo PLC ADR  | 510705 | 55677059 |
|  |  | 186812089 |
| Food Products - 0.0% |  |  |
| Nomad Foods Ltd  | 581700 | 10179750 |
| Tobacco - 0.0% |  |  |
| British American Tobacco PLC ADR  | 656900 | 29691880 |
| Imperial Brands PLC  | 172700 | 6549595 |
|  |  | 36241475 |
| TOTAL CONSUMER STAPLES |  | 233233314 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TechnipFMC PLC  | 959661 | 29893440 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 184200 | 10117216 |
| London Stock Exchange Group PLC  | 201386 | 30642269 |
| Rathbones Group PLC  | 654340 | 14529180 |
|  |  | 55288665 |
| Insurance - 0.0% |  |  |
| Direct Line Insurance Group PLC  | 1544732 | 6193933 |
| Hiscox Ltd  | 1784523 | 30319195 |
|  |  | 36513128 |
| TOTAL FINANCIALS |  | 91801793 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Autolus Therapeutics PLC ADR (e)(f) | 879930 | 1539877 |
| Pharmaceuticals - 0.1% |  |  |
| Astrazeneca PLC ADR  | 2511320 | 182899436 |
| TOTAL HEALTH CARE |  | 184439313 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| QinetiQ Group PLC  | 357000 | 2391552 |
| Rolls-Royce Holdings PLC  | 4845600 | 56388161 |
|  |  | 58779713 |
| Commercial Services & Supplies - 0.0% |  |  |
| Mitie Group PLC  | 2765453 | 5834968 |
| Industrial Conglomerates - 0.0% |  |  |
| DCC PLC  | 335900 | 20981371 |
| Machinery - 0.0% |  |  |
| Bodycote PLC  | 257376 | 1962750 |
| Passenger Airlines - 0.0% |  |  |
| JET2 PLC  | 391696 | 9816180 |
| Professional Services - 0.0% |  |  |
| Wilmington PLC  | 114400 | 561057 |
| Trading Companies & Distributors - 0.0% |  |  |
| RS GROUP PLC  | 2114491 | 16224824 |
| TOTAL INDUSTRIALS |  | 114160863 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Savills PLC  | 418900 | 5497304 |
| Utilities - 0.1% |  |  |
| Multi-Utilities - 0.1% |  |  |
| National Grid PLC  | 11895020 | 167719993 |
| TOTAL UNITED KINGDOM |  | 978232189 |
| UNITED STATES - 47.3%  |  |  |
| Communication Services - 3.8% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| AT&T Inc  | 8388134 | 233190125 |
| Cogent Communications Holdings Inc  | 91990 | 4204863 |
| GCI Liberty Inc Class A (f)(j) | 206400 | 2 |
| Iridium Communications Inc  | 290600 | 7381240 |
| Verizon Communications Inc  | 2186383 | 96113397 |
|  |  | 340889627 |
| Entertainment - 0.8% |  |  |
| Cinemark Holdings Inc (e) | 270740 | 9142890 |
| Electronic Arts Inc  | 108571 | 15610338 |
| IMAX Corp (e)(f) | 812900 | 22639265 |
| Liberty Media Corp-Liberty Formula One Class C (f) | 338800 | 32704364 |
| Live Nation Entertainment Inc (f) | 448600 | 61543434 |
| Netflix Inc (f) | 348525 | 420749836 |
| Playtika Holding Corp  | 113089 | 536042 |
| ROBLOX Corp Class A (f) | 1034924 | 90017690 |
| Roku Inc Class A (f) | 444381 | 32199847 |
| Spotify Technology SA (f) | 104600 | 69573644 |
| TKO Group Holdings Inc Class A  | 106500 | 16806765 |
| Walt Disney Co/The  | 4318636 | 488178613 |
|  |  | 1259702728 |
| Interactive Media & Services - 2.4% |  |  |
| Alphabet Inc Class A  | 4600674 | 790119753 |
| Alphabet Inc Class C  | 7085286 | 1224691685 |
| Angi Inc Class A (f) | 22866 | 357853 |
| Cars.com Inc (e)(f) | 605400 | 6205350 |
| IAC Inc Class A (f) | 280660 | 10092534 |
| Meta Platforms Inc Class A (h) | 2456704 | 1590691273 |
| Reddit Inc Class A (f) | 136700 | 15358245 |
| Snap Inc Class A (f) | 3781281 | 31195568 |
| Yelp Inc Class A (f) | 172106 | 6569286 |
| ZoomInfo Technologies Inc (f) | 761600 | 7273280 |
|  |  | 3682554827 |
| Media - 0.4% |  |  |
| Comcast Corp Class A  | 13863399 | 479257703 |
| Liberty Broadband Corp Class A (f) | 359725 | 33418453 |
| Liberty Broadband Corp Class C (f) | 171500 | 16086700 |
| Magnite Inc (f) | 1880493 | 30764865 |
| New York Times Co/The Class A  | 622581 | 35561827 |
| News Corp Class A  | 125003 | 3530085 |
| News Corp Class B (e) | 28202 | 922769 |
| Nexstar Media Group Inc  | 15165 | 2584419 |
| Sirius XM Holdings Inc (e) | 175030 | 3794650 |
| TEGNA Inc  | 421315 | 7044387 |
| Thryv Holdings Inc (e)(f) | 561845 | 7472539 |
|  |  | 620438397 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Gogo Inc (e)(f) | 468000 | 4965480 |
| T-Mobile US Inc  | 43739 | 10593586 |
| Telephone and Data Systems Inc  | 6700 | 230212 |
|  |  | 15789278 |
| TOTAL COMMUNICATION SERVICES |  | 5919374857 |
| Consumer Discretionary - 3.8% |  |  |
| Automobile Components - 0.1% |  |  |
| Adient PLC (f) | 556100 | 8669599 |
| BorgWarner Inc  | 145262 | 4806720 |
| Gentex Corp  | 594706 | 12827808 |
| LCI Industries  | 107730 | 9387592 |
| Lear Corp  | 270132 | 24425335 |
| Modine Manufacturing Co (f) | 388366 | 35263633 |
| Patrick Industries Inc (e) | 264100 | 22675626 |
| Phinia Inc  | 109977 | 4773002 |
|  |  | 122829315 |
| Automobiles - 0.3% |  |  |
| Ford Motor Co  | 1315017 | 13649876 |
| General Motors Co  | 320200 | 15885122 |
| Harley-Davidson Inc  | 437500 | 10591875 |
| Rivian Automotive Inc Class A (e)(f) | 373100 | 5421143 |
| Tesla Inc (f) | 1326218 | 459481489 |
|  |  | 505029505 |
| Broadline Retail - 1.1% |  |  |
| Amazon.com Inc (f) | 7701624 | 1578909937 |
| eBay Inc  | 94867 | 6941418 |
| Etsy Inc (f) | 220447 | 12201741 |
| Macy's Inc  | 1517800 | 18046642 |
|  |  | 1616099738 |
| Distributors - 0.0% |  |  |
| LKQ Corp  | 707700 | 28640619 |
| Diversified Consumer Services - 0.3% |  |  |
| ADT Inc  | 1253383 | 10428147 |
| Adtalem Global Education Inc (f) | 39279 | 5186006 |
| Carriage Services Inc (e) | 504650 | 21952275 |
| Frontdoor Inc (f) | 198271 | 10906888 |
| Graham Holdings Co Class B  | 346 | 330225 |
| Grand Canyon Education Inc (f) | 53700 | 10624277 |
| H&R Block Inc  | 2449400 | 139493330 |
| Laureate Education Inc (f) | 3806321 | 85642223 |
| Service Corp International/US  | 1600972 | 124875816 |
|  |  | 409439187 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Airbnb Inc Class A (f) | 401241 | 51760089 |
| Aramark  | 453100 | 18350550 |
| Booking Holdings Inc (h) | 28967 | 159866845 |
| Brinker International Inc (f) | 13660 | 2358126 |
| Caesars Entertainment Inc (f) | 426300 | 11458944 |
| Carnival Corp (f) | 653145 | 15166027 |
| Cheesecake Factory Inc/The  | 3700 | 204128 |
| Chipotle Mexican Grill Inc (f) | 421500 | 21108720 |
| Churchill Downs Inc  | 419700 | 40068759 |
| Darden Restaurants Inc  | 22654 | 4852713 |
| Domino's Pizza Inc  | 76000 | 36010320 |
| DoorDash Inc Class A (f) | 76192 | 15897461 |
| DraftKings Inc Class A (f) | 872800 | 31316064 |
| Dutch Bros Inc Class A (f) | 517180 | 37340396 |
| Expedia Group Inc Class A  | 91068 | 15185589 |
| Hilton Grand Vacations Inc (e)(f) | 300300 | 11462451 |
| Hilton Worldwide Holdings Inc  | 221925 | 55135047 |
| International Game Technology PLC (e) | 987459 | 14525522 |
| Life Time Group Holdings Inc (f) | 150097 | 4292774 |
| Light & Wonder Inc Class A (f) | 44612 | 4020433 |
| Marriott International Inc/MD Class A1 (h) | 472800 | 124738824 |
| McDonald's Corp  | 72539 | 22766365 |
| MGM Resorts International (f) | 75084 | 2376409 |
| Noodles & Co Class A (f) | 369360 | 287104 |
| Red Rock Resorts Inc Class A  | 313860 | 15087250 |
| Royal Caribbean Cruises Ltd  | 18179 | 4671458 |
| Starbucks Corp  | 625302 | 52494103 |
| Wingstop Inc  | 50700 | 17324190 |
| Yum! Brands Inc  | 346158 | 49825983 |
|  |  | 839952644 |
| Household Durables - 0.4% |  |  |
| Cavco Industries Inc (f) | 147926 | 64139974 |
| DR Horton Inc  | 78779 | 9300649 |
| Garmin Ltd  | 87820 | 17824825 |
| Helen of Troy Ltd (f) | 188100 | 5058009 |
| Installed Building Products Inc (e) | 140562 | 22416828 |
| KB Home  | 65100 | 3357858 |
| Lennar Corp Class A  | 426597 | 45253410 |
| M/I Homes Inc (f) | 31366 | 3343929 |
| Meritage Homes Corp  | 82707 | 5260992 |
| Newell Brands Inc  | 427070 | 2263471 |
| PulteGroup Inc  | 872131 | 85495002 |
| SharkNinja Inc (f) | 145300 | 13357429 |
| Somnigroup International Inc  | 2662688 | 173234481 |
| Taylor Morrison Home Corp (f) | 51504 | 2898645 |
| Toll Brothers Inc  | 457996 | 47746083 |
| TopBuild Corp (f) | 151663 | 42903946 |
| Tri Pointe Homes Inc (f) | 507540 | 14962279 |
| Whirlpool Corp (e) | 205152 | 16020320 |
|  |  | 574838130 |
| Leisure Products - 0.0% |  |  |
| BRP Inc Subordinate Voting Shares (e) | 72400 | 3189114 |
| Brunswick Corp/DE  | 229500 | 11617290 |
| Hasbro Inc  | 621258 | 41444121 |
| Latham Group Inc (f) | 586300 | 3312595 |
|  |  | 59563120 |
| Specialty Retail - 0.8% |  |  |
| Abercrombie & Fitch Co Class A (f) | 73748 | 5788481 |
| Academy Sports & Outdoors Inc (e) | 1360912 | 55674910 |
| Advance Auto Parts Inc (e) | 259000 | 12413870 |
| America's Car-Mart Inc/TX (f) | 69990 | 3482702 |
| American Eagle Outfitters Inc  | 387554 | 4247592 |
| AutoNation Inc (f) | 7722 | 1419690 |
| Bath & Body Works Inc  | 1244435 | 34993512 |
| Best Buy Co Inc  | 74821 | 4959136 |
| Boot Barn Holdings Inc (f) | 84810 | 13595891 |
| Buckle Inc/The  | 70772 | 3015595 |
| Caleres Inc (e) | 637445 | 8573635 |
| Camping World Holdings Inc Class A  | 269430 | 4380932 |
| CarMax Inc (f) | 28276 | 1822671 |
| Carvana Co Class A (f) | 161089 | 52701877 |
| Chewy Inc Class A (f) | 192100 | 8692525 |
| Dick's Sporting Goods Inc  | 465838 | 83543387 |
| Floor & Decor Holdings Inc Class A (f) | 233600 | 16746784 |
| GameStop Corp Class A (e)(f) | 54466 | 1623087 |
| Gap Inc/The  | 232834 | 5194527 |
| Home Depot Inc/The  | 348268 | 128263622 |
| Lowe's Cos Inc  | 2100799 | 474213358 |
| Monro Inc  | 77189 | 1183307 |
| Murphy USA Inc  | 153443 | 65487938 |
| Restoration Hardware Inc (f) | 63535 | 11506824 |
| Ross Stores Inc  | 1335200 | 187048168 |
| Signet Jewelers Ltd (e) | 31820 | 2118257 |
| TJX Cos Inc/The  | 145413 | 18452910 |
| Ulta Beauty Inc (f) | 235100 | 110840246 |
| Urban Outfitters Inc (f) | 14270 | 997472 |
| Williams-Sonoma Inc  | 48100 | 7780656 |
|  |  | 1330763562 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Capri Holdings Ltd (f) | 736187 | 13339708 |
| Carter's Inc  | 24252 | 760785 |
| Crocs Inc (f) | 521840 | 53227680 |
| Kontoor Brands Inc  | 178201 | 12224589 |
| Levi Strauss & Co Class A  | 573803 | 9955482 |
| Lululemon Athletica Inc (f) | 15200 | 4813384 |
| NIKE Inc Class B  | 1227600 | 74380284 |
| Oxford Industries Inc (e) | 120800 | 6484544 |
| PVH Corp  | 696849 | 58375041 |
| Rocky Brands Inc (e) | 208632 | 4746378 |
| Steven Madden Ltd (e) | 665543 | 16405635 |
| Tapestry Inc  | 1482960 | 116486508 |
| VF Corp  | 622000 | 7750120 |
| Wolverine World Wide Inc  | 1114800 | 19018488 |
|  |  | 397968626 |
| TOTAL CONSUMER DISCRETIONARY |  | 5885124446 |
| Consumer Staples - 3.1% |  |  |
| Beverages - 0.8% |  |  |
| Boston Beer Co Inc/The Class A (f) | 29322 | 6739662 |
| Brown-Forman Corp Class B (e) | 476227 | 15877408 |
| Coca-Cola Co/The  | 7576472 | 546263631 |
| Coca-Cola Consolidated Inc (e) | 132110 | 15146412 |
| Constellation Brands Inc Class A  | 521642 | 93003552 |
| Keurig Dr Pepper Inc  | 11215743 | 377634067 |
| Molson Coors Beverage Co Class B  | 170104 | 9115873 |
| Monster Beverage Corp (f) | 256681 | 16414750 |
| National Beverage Corp  | 61196 | 2767895 |
| PepsiCo Inc  | 266000 | 34965700 |
| Primo Brands Corp Class A  | 1737700 | 57465739 |
|  |  | 1175394689 |
| Consumer Staples Distribution & Retail - 1.0% |  |  |
| Albertsons Cos Inc Class A  | 942400 | 20949552 |
| BJ's Wholesale Club Holdings Inc (f) | 854484 | 96736134 |
| Casey's General Stores Inc  | 31800 | 13920768 |
| Costco Wholesale Corp  | 262389 | 272931790 |
| Grocery Outlet Holding Corp (f) | 1359400 | 18460652 |
| Ingles Markets Inc Class A  | 34452 | 2146360 |
| Kroger Co/The  | 760276 | 51873631 |
| Performance Food Group Co (f) | 1949689 | 174614147 |
| PriceSmart Inc  | 61111 | 6598766 |
| Sprouts Farmers Market Inc (f) | 261464 | 45196667 |
| Sysco Corp  | 468455 | 34197215 |
| Target Corp  | 1176515 | 110604175 |
| US Foods Holding Corp (f) | 2632798 | 208306978 |
| Village Super Market Inc Class A  | 11830 | 456400 |
| Walgreens Boots Alliance Inc  | 3874930 | 43592963 |
| Walmart Inc (h) | 4615979 | 455689447 |
| Weis Markets Inc  | 39931 | 3026770 |
|  |  | 1559302415 |
| Food Products - 0.3% |  |  |
| Armanino Foods of Distinction Inc  | 472800 | 3824952 |
| Bunge Global SA  | 183500 | 14340525 |
| Calavo Growers Inc  | 43757 | 1205505 |
| Conagra Brands Inc  | 44385 | 1015972 |
| Darling Ingredients Inc (f) | 143580 | 4473953 |
| Flowers Foods Inc (e) | 430522 | 7275822 |
| Freshpet Inc (f) | 100600 | 8064096 |
| Hormel Foods Corp  | 14892 | 456886 |
| Ingredion Inc  | 30843 | 4290878 |
| JM Smucker Co  | 845318 | 95191260 |
| Lamb Weston Holdings Inc  | 351952 | 19631883 |
| Lancaster Colony Corp  | 50459 | 8446837 |
| Mondelez International Inc  | 1690391 | 114084489 |
| Post Holdings Inc (f) | 97230 | 10752666 |
| Simply Good Foods Co/The (f) | 1695830 | 58523093 |
| Smithfield Foods Inc  | 275900 | 6450542 |
| Tootsie Roll Industries Inc Class A  | 44133 | 1573341 |
| TreeHouse Foods Inc (f) | 1068566 | 23999992 |
| Tyson Foods Inc Class A  | 872950 | 49024872 |
|  |  | 432627564 |
| Household Products - 0.4% |  |  |
| Church & Dwight Co Inc  | 7807 | 767506 |
| Energizer Holdings Inc (e) | 175900 | 4096711 |
| Kimberly-Clark Corp  | 10903 | 1567415 |
| Procter & Gamble Co/The  | 3506894 | 595786223 |
| WD-40 Co  | 35442 | 8634734 |
|  |  | 610852589 |
| Personal Care Products - 0.3% |  |  |
| BellRing Brands Inc (f) | 465400 | 29296930 |
| Estee Lauder Cos Inc/The Class A  | 1538977 | 103019120 |
| Herbalife Ltd (e)(f) | 249393 | 1947759 |
| Interparfums Inc  | 8410 | 1145610 |
| Kenvue Inc  | 16521588 | 394370307 |
| USANA Health Sciences Inc (f) | 28907 | 863452 |
|  |  | 530643178 |
| Tobacco - 0.3% |  |  |
| Altria Group Inc  | 121312 | 7352720 |
| Philip Morris International Inc  | 2861767 | 516806503 |
| Turning Point Brands Inc  | 46276 | 3439232 |
|  |  | 527598455 |
| TOTAL CONSUMER STAPLES |  | 4836418890 |
| Energy - 2.2% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Cactus Inc Class A  | 834728 | 34223848 |
| Expro Group Holdings NV (f) | 487392 | 4055101 |
| Flowco Holdings Inc Class A (e) | 477370 | 8215538 |
| Kodiak Gas Services Inc  | 1514070 | 53461812 |
| NPK International Inc (f) | 226179 | 1829787 |
| Oceaneering International Inc (f) | 115636 | 2205179 |
| Solaris Energy Infrastructure Inc Class A (e) | 136110 | 3733497 |
| Tidewater Inc (e)(f) | 277900 | 11035409 |
| Weatherford International PLC  | 365500 | 15935800 |
|  |  | 134695971 |
| Oil, Gas & Consumable Fuels - 2.1% |  |  |
| Antero Midstream Corp  | 87129 | 1636283 |
| Antero Resources Corp (f) | 2202783 | 82494223 |
| APA Corp  | 735200 | 12505752 |
| Cheniere Energy Inc  | 107010 | 25360300 |
| Chevron Corp  | 170564 | 23316099 |
| Chord Energy Corp  | 390632 | 35156880 |
| Civitas Resources Inc  | 202965 | 5555152 |
| ConocoPhillips  | 2751378 | 234830112 |
| Core Natural Resources Inc  | 261465 | 18119525 |
| Coterra Energy Inc  | 52649 | 1279897 |
| CVR Energy Inc (e) | 222400 | 5201936 |
| Devon Energy Corp  | 248473 | 7518793 |
| Diamondback Energy Inc  | 317878 | 42770485 |
| Dorian LPG Ltd  | 95138 | 2036905 |
| DT Midstream Inc  | 164587 | 17238842 |
| Energy Transfer LP  | 832100 | 14545108 |
| EOG Resources Inc  | 212804 | 23104130 |
| Expand Energy Corp  | 380300 | 44164239 |
| Exxon Mobil Corp  | 16447485 | 1682577716 |
| Gulfport Energy Corp (f) | 123520 | 23654080 |
| Hess Corp  | 38400 | 5076096 |
| HF Sinclair Corp  | 24966 | 902022 |
| Kinder Morgan Inc  | 67264 | 1886083 |
| Marathon Petroleum Corp  | 211500 | 33996510 |
| Murphy Oil Corp (e) | 523400 | 10954762 |
| Northern Oil & Gas Inc (e) | 1124140 | 29879641 |
| Occidental Petroleum Corp (e) | 234244 | 9552470 |
| Ovintiv Inc  | 2084382 | 74662563 |
| Permian Resources Corp Class A  | 596600 | 7523126 |
| Range Resources Corp  | 691100 | 26289444 |
| Shell PLC  | 475646 | 15693906 |
| Shell PLC ADR  | 10554784 | 698937797 |
| Shell PLC rights (f)(i) | 475646 | 170281 |
| Sitio Royalties Corp Class A (e) | 277145 | 4730865 |
| Unit Corp  | 23700 | 609090 |
| Uranium Energy Corp (e)(f) | 298180 | 1768207 |
| Valero Energy Corp  | 485800 | 62653626 |
| Williams Cos Inc/The  | 656161 | 39704302 |
|  |  | 3328057248 |
| TOTAL ENERGY |  | 3462753219 |
| Financials - 8.7% |  |  |
| Banks - 3.7% |  |  |
| ACNB Corp  | 43900 | 1824923 |
| Ameris Bancorp  | 23944 | 1471838 |
| Associated Banc-Corp  | 1879765 | 43554155 |
| Axos Financial Inc (f) | 147411 | 10250961 |
| Bancorp Inc/The (f) | 971432 | 49640175 |
| Bank of America Corp  | 28858763 | 1273537211 |
| BankUnited Inc  | 466350 | 15846573 |
| Bar Harbor Bankshares  | 77400 | 2250792 |
| BOK Financial Corp  | 46350 | 4376367 |
| Byline Bancorp Inc  | 160440 | 4150583 |
| Cadence Bank  | 1387311 | 42035523 |
| Camden National Corp (e) | 189704 | 7462955 |
| Citigroup Inc  | 1247871 | 93989644 |
| Comerica Inc  | 747000 | 42646230 |
| Connectone Bancorp Inc  | 186810 | 4291026 |
| Cullen/Frost Bankers Inc  | 213400 | 27097532 |
| CVB Financial Corp  | 221540 | 4153875 |
| East West Bancorp Inc  | 186700 | 17027040 |
| Eastern Bankshares Inc  | 1226980 | 18404700 |
| Esquire Financial Holdings Inc (e) | 16987 | 1541400 |
| First Foundation Inc (e)(f) | 1433919 | 7399022 |
| First Hawaiian Inc  | 25300 | 604164 |
| First Horizon Corp  | 1951200 | 38789856 |
| First Interstate BancSystem Inc Class A  | 340080 | 9233172 |
| First Northwest Bancorp  | 164787 | 1450126 |
| Flagstar Financial Inc (e) | 264380 | 3045658 |
| FNB Corp/PA  | 2784913 | 38626743 |
| Hancock Whitney Corp  | 94970 | 5192010 |
| Hanmi Financial Corp (e) | 648048 | 14853260 |
| Huntington Bancshares Inc/OH  | 775867 | 12126801 |
| Independent Bank Corp/MI  | 168980 | 5327939 |
| JPMorgan Chase & Co (h) | 2718283 | 717626712 |
| KeyCorp  | 6715560 | 106508782 |
| M&T Bank Corp  | 1557075 | 284384178 |
| Nicolet Bankshares Inc  | 30000 | 3679200 |
| Old National Bancorp/IN (e) | 4348779 | 90715530 |
| Orrstown Financial Services Inc  | 142830 | 4293470 |
| Pathward Financial Inc  | 272412 | 21261757 |
| Pinnacle Financial Partners Inc  | 44380 | 4716706 |
| Plumas Bancorp  | 145000 | 6311850 |
| PNC Financial Services Group Inc/The  | 1957928 | 340307466 |
| Preferred Bank/Los Angeles CA  | 32234 | 2695085 |
| QCR Holdings Inc  | 122544 | 8247211 |
| Signature Bank/New York NY (e)(f) | 30400 | 21279 |
| Southern Missouri Bancorp Inc  | 84300 | 4439238 |
| SouthState Corp  | 81606 | 7165007 |
| Synovus Financial Corp  | 1126937 | 53901397 |
| Truist Financial Corp  | 2228760 | 88036020 |
| UMB Financial Corp  | 141641 | 14606020 |
| Union Bankshares Inc/Morrisville VT (e) | 74712 | 2203257 |
| United Bankshares Inc/WV  | 112222 | 4055703 |
| United Community Banks Inc/GA  | 861184 | 24750428 |
| Univest Financial Corp  | 639976 | 18892092 |
| US Bancorp  | 8893392 | 387662957 |
| Washington Trust Bancorp Inc  | 121300 | 3355158 |
| Webster Financial Corp  | 1256861 | 64703204 |
| Wells Fargo & Co (h) | 23037252 | 1722725705 |
| West BanCorp Inc  | 128100 | 2482578 |
| Westamerica BanCorp  | 69356 | 3332556 |
| Western Alliance Bancorp  | 111380 | 8065026 |
| Wintrust Financial Corp  | 329040 | 39290666 |
|  |  | 5842638492 |
| Capital Markets - 1.6% |  |  |
| Ares Management Corp Class A  | 191829 | 31747700 |
| Artisan Partners Asset Management Inc Class A (e) | 183222 | 7383847 |
| Bank of New York Mellon Corp/The  | 2089677 | 185166279 |
| Blackrock Inc  | 209079 | 204874421 |
| Blue Owl Capital Inc Class A  | 3007014 | 56171022 |
| Cboe Global Markets Inc  | 249667 | 57203703 |
| Charles Schwab Corp/The  | 3373594 | 298023294 |
| CME Group Inc Class A  | 154944 | 44778816 |
| Cohen & Steers Inc (e) | 70068 | 5384025 |
| Diamond Hill Investment Group Inc  | 7118 | 1005488 |
| DigitalBridge Group Inc Class A  | 550000 | 6083000 |
| Evercore Inc Class A  | 85563 | 19806979 |
| Federated Hermes Inc Class B  | 612378 | 25842352 |
| Goldman Sachs Group Inc/The  | 45626 | 27396132 |
| Hamilton Lane Inc Class A (e) | 109223 | 16274227 |
| Interactive Brokers Group Inc Class A  | 156139 | 32739226 |
| Intercontinental Exchange Inc  | 810624 | 145750195 |
| KKR & Co Inc Class A  | 893807 | 108561798 |
| Lazard Inc (e) | 839637 | 36440246 |
| LPL Financial Holdings Inc  | 197935 | 76632515 |
| MarketAxess Holdings Inc  | 532730 | 115288099 |
| Moody's Corp  | 36200 | 17351384 |
| Morgan Stanley  | 1244531 | 159337304 |
| Morningstar Inc  | 58040 | 17900697 |
| MSCI Inc  | 2600 | 1466451 |
| Northern Trust Corp  | 2819839 | 300989615 |
| P10 Inc Class A (e) | 473850 | 5146010 |
| Perella Weinberg Partners Class A  | 649170 | 11276083 |
| Piper Sandler Cos  | 31140 | 7830153 |
| PJT Partners Inc Class A (e) | 106738 | 16081147 |
| Raymond James Financial Inc  | 275899 | 40551635 |
| Robinhood Markets Inc Class A (f) | 107000 | 7078050 |
| S&P Global Inc  | 62557 | 32082983 |
| SEI Investments Co  | 353381 | 30129264 |
| State Street Corp  | 1682528 | 161993796 |
| StepStone Group Inc Class A  | 512993 | 29676645 |
| Stifel Financial Corp  | 988466 | 93133267 |
| T Rowe Price Group Inc  | 90565 | 8475978 |
| Tradeweb Markets Inc Class A  | 162074 | 23411589 |
| Virtu Financial Inc Class A  | 1371450 | 55118576 |
|  |  | 2521583991 |
| Consumer Finance - 0.2% |  |  |
| Ally Financial Inc  | 82831 | 2899085 |
| Capital One Financial Corp  | 862137 | 163073214 |
| FirstCash Holdings Inc  | 370712 | 47417772 |
| OneMain Holdings Inc  | 925599 | 47983052 |
| PROG Holdings Inc  | 108630 | 3131803 |
| SLM Corp  | 2390790 | 77389872 |
| Synchrony Financial  | 294874 | 16999486 |
|  |  | 358894284 |
| Financial Services - 1.5% |  |  |
| Affirm Holdings Inc Class A (f) | 583500 | 30283650 |
| Apollo Global Management Inc  | 948832 | 124002854 |
| AvidXchange Holdings Inc (f) | 2715225 | 26582053 |
| Berkshire Hathaway Inc Class A (f) | 67 | 50745800 |
| Berkshire Hathaway Inc Class B (f) | 1016736 | 512394275 |
| Block Inc Class A (f) | 811442 | 50106544 |
| Cannae Holdings Inc (e) | 168360 | 3139914 |
| Corebridge Financial Inc  | 337900 | 11018919 |
| Corpay Inc (f) | 109480 | 35593043 |
| Essent Group Ltd  | 28600 | 1658800 |
| Euronet Worldwide Inc (f) | 11583 | 1254207 |
| Federal Agricultural Mortgage Corp Class C  | 37900 | 7065318 |
| Fidelity National Information Services Inc  | 10982 | 874276 |
| Fiserv Inc (f) | 530223 | 86315002 |
| Global Payments Inc  | 143488 | 10849128 |
| HA Sustainable Infrastructure Capital Inc  | 522090 | 13078355 |
| International Money Express Inc (f) | 76441 | 843143 |
| Mastercard Inc Class A  | 826095 | 483761232 |
| MGIC Investment Corp  | 238057 | 6296608 |
| Mr Cooper Group Inc (f) | 202500 | 26229825 |
| PayPal Holdings Inc (f) | 1441156 | 101284444 |
| Sezzle Inc (e)(f) | 39586 | 4224222 |
| Toast Inc Class A (f) | 824122 | 34761466 |
| UWM Holdings Corp Class A  | 3258091 | 14009791 |
| Visa Inc Class A (h) | 1632459 | 596157702 |
| Voya Financial Inc  | 486941 | 32391315 |
| Walker & Dunlop Inc  | 64920 | 4446371 |
| WEX Inc (f) | 80390 | 10686243 |
|  |  | 2280054500 |
| Insurance - 1.7% |  |  |
| Allstate Corp/The  | 134517 | 28231083 |
| American Financial Group Inc/OH  | 1183719 | 146757482 |
| American International Group Inc  | 300847 | 25463690 |
| Amerisafe Inc  | 49535 | 2351426 |
| Arthur J Gallagher & Co  | 551141 | 191488429 |
| Assurant Inc  | 112360 | 22806833 |
| Axis Capital Holdings Ltd  | 201966 | 20964071 |
| Baldwin Insurance Group Inc/The Class A (e)(f) | 2197630 | 84674684 |
| Brighthouse Financial Inc (f) | 738700 | 44181647 |
| Chubb Ltd  | 1668569 | 495898708 |
| Cincinnati Financial Corp  | 69361 | 10461026 |
| CNO Financial Group Inc  | 57740 | 2191810 |
| Erie Indemnity Co Class A  | 65220 | 23382022 |
| Everest Group Ltd  | 33500 | 11630865 |
| Fidelity National Financial Inc  | 2522 | 138130 |
| First American Financial Corp  | 318591 | 17780564 |
| Globe Life Inc  | 381254 | 46463425 |
| Hartford Insurance Group Inc/The  | 1232848 | 160072984 |
| HCI Group Inc (e) | 19219 | 3243591 |
| Kemper Corp  | 31832 | 2028653 |
| Kinsale Capital Group Inc  | 57851 | 27305093 |
| Loews Corp  | 65101 | 5812868 |
| Markel Group Inc (f) | 7679 | 14910314 |
| Marsh & McLennan Cos Inc  | 603578 | 141032035 |
| MetLife Inc  | 5568 | 437533 |
| Primerica Inc  | 226690 | 61342314 |
| Principal Financial Group Inc  | 110081 | 8574209 |
| Progressive Corp/The  | 178332 | 50812137 |
| Prudential Financial Inc  | 59544 | 6186026 |
| Reinsurance Group of America Inc  | 577652 | 117430875 |
| RLI Corp  | 218066 | 16762733 |
| Selective Insurance Group Inc  | 475780 | 41878156 |
| Stewart Information Services Corp  | 206500 | 12460210 |
| The Travelers Companies, Inc.  | 1747474 | 481778582 |
| TWFG Inc Class A  | 207955 | 7280505 |
| Unum Group  | 838703 | 68530422 |
| Willis Towers Watson PLC  | 685700 | 217058335 |
|  |  | 2619803470 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.0% |  |  |
| AGNC Investment Corp (e) | 4216800 | 37698192 |
| Annaly Capital Management Inc  | 1771300 | 33566135 |
| Rithm Capital Corp  | 1179332 | 13149552 |
|  |  | 84413879 |
| TOTAL FINANCIALS |  | 13707388616 |
| Health Care - 5.0% |  |  |
| Biotechnology - 0.9% |  |  |
| AbbVie Inc  | 757430 | 140965297 |
| ADMA Biologics Inc (f) | 237970 | 4721325 |
| Alkermes PLC (f) | 100512 | 3076672 |
| Alnylam Pharmaceuticals Inc (f) | 443071 | 134941704 |
| AnaptysBio Inc (e)(f) | 29490 | 655563 |
| Annexon Inc (f) | 283900 | 579155 |
| Apogee Therapeutics Inc (e)(f) | 91180 | 3340835 |
| Arcellx Inc (e)(f) | 67750 | 4204565 |
| Arcus Biosciences Inc (f) | 329700 | 2944221 |
| Astria Therapeutics Inc (e)(f) | 692810 | 3297776 |
| Avidity Biosciences Inc (f) | 288000 | 8922240 |
| Beam Therapeutics Inc (f) | 281898 | 4462445 |
| Biogen Inc (f) | 144503 | 18755044 |
| Blueprint Medicines Corp (f) | 47550 | 4819193 |
| Cargo Therapeutics Inc (f) | 116091 | 493386 |
| Celldex Therapeutics Inc (e)(f) | 474699 | 9389546 |
| CG oncology Inc (e)(f) | 87930 | 2252767 |
| Cogent Biosciences Inc (e)(f) | 505150 | 2748016 |
| Crinetics Pharmaceuticals Inc (f) | 877510 | 26772830 |
| Cytokinetics Inc (e)(f) | 1420686 | 44069680 |
| Day One Biopharmaceuticals Inc (f) | 549190 | 3503832 |
| Disc Medicine Inc (e)(f) | 111070 | 5184748 |
| Exact Sciences Corp (f) | 2478400 | 139484352 |
| Exelixis Inc (f) | 893909 | 38473843 |
| Gilead Sciences Inc  | 3803674 | 418708434 |
| Immunovant Inc (e)(f) | 198520 | 2948022 |
| Incyte Corp (f) | 238980 | 15548039 |
| Insmed Inc (f) | 99330 | 6926281 |
| Janux Therapeutics Inc (e)(f) | 209267 | 4980555 |
| Legend Biotech Corp ADR (f) | 1793240 | 51914298 |
| Madrigal Pharmaceuticals Inc (e)(f) | 16700 | 4596842 |
| Monte Rosa Therapeutics Inc (f) | 151170 | 631891 |
| MoonLake Immunotherapeutics Class A (e)(f) | 394672 | 15396155 |
| Natera Inc (f) | 104900 | 16545877 |
| Neurocrine Biosciences Inc (f) | 301211 | 37054977 |
| Nurix Therapeutics Inc (f) | 1014093 | 10779809 |
| Nuvalent Inc Class A (f) | 100000 | 7461000 |
| Perspective Therapeutics Inc (e)(f) | 808240 | 2077177 |
| PTC Therapeutics Inc (f) | 289335 | 14038534 |
| Regeneron Pharmaceuticals Inc  | 3066 | 1503198 |
| Sarepta Therapeutics Inc (f) | 46900 | 1763440 |
| Soleno Therapeutics Inc (f) | 41500 | 3044025 |
| Spyre Therapeutics Inc (e)(f) | 141060 | 2155397 |
| Travere Therapeutics Inc (f) | 136180 | 2045424 |
| United Therapeutics Corp (f) | 116742 | 37223187 |
| Upstream Bio Inc (e) | 72960 | 673421 |
| Vaxcyte Inc (f) | 944760 | 30695252 |
| Veracyte Inc (f) | 859500 | 22871295 |
| Viking Therapeutics Inc (e)(f) | 1177996 | 31570293 |
| Vir Biotechnology Inc (f) | 516284 | 2550443 |
| Viridian Therapeutics Inc (e)(f) | 345320 | 4806854 |
|  |  | 1358569155 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Abbott Laboratories  | 560425 | 74861572 |
| Alcon AG (United States) (e) | 320000 | 27500800 |
| Align Technology Inc (f) | 7537 | 1363745 |
| AtriCure Inc (f) | 155500 | 5375635 |
| Becton Dickinson & Co  | 269941 | 46589117 |
| Boston Scientific Corp (f)(h) | 4846997 | 510194904 |
| DENTSPLY SIRONA Inc  | 41489 | 662993 |
| Edwards Lifesciences Corp (f) | 55422 | 4335109 |
| GE HealthCare Technologies Inc  | 498877 | 35190784 |
| Glaukos Corp (f) | 746126 | 70352221 |
| Haemonetics Corp (f) | 137918 | 9338428 |
| ICU Medical Inc (f) | 65000 | 8765900 |
| Inspire Medical Systems Inc (f) | 326240 | 45086368 |
| Insulet Corp (f) | 429094 | 139468423 |
| Intuitive Surgical Inc (f) | 65000 | 35902100 |
| iRadimed Corp  | 20877 | 1208360 |
| iRhythm Technologies Inc (f) | 60250 | 8465125 |
| Kestra Medical Technologies Ltd  | 600000 | 13512000 |
| Lantheus Holdings Inc (e)(f) | 515730 | 38968559 |
| Masimo Corp (f) | 754500 | 122606250 |
| Medtronic PLC  | 67203 | 5576505 |
| Merit Medical Systems Inc (f) | 524717 | 49863857 |
| Penumbra Inc (f) | 609900 | 162825003 |
| Pulmonx Corp (f) | 660300 | 2245020 |
| RxSight Inc (f) | 133400 | 2039686 |
| Solventum Corp (f) | 301048 | 22003598 |
| STERIS PLC  | 37537 | 9204448 |
| Stryker Corp  | 277903 | 106336804 |
| Tandem Diabetes Care Inc (f) | 345600 | 6849792 |
| Teleflex Inc  | 121445 | 14849080 |
| TransMedics Group Inc (e)(f) | 223472 | 28407761 |
| Utah Medical Products Inc  | 8249 | 454354 |
| ViewRay Inc (e)(f) | 788420 | 1 |
|  |  | 1610404302 |
| Health Care Providers & Services - 1.7% |  |  |
| Addus HomeCare Corp (f) | 57800 | 6410598 |
| agilon health Inc (f) | 6503000 | 14436660 |
| AMN Healthcare Services Inc (f) | 65780 | 1388616 |
| BrightSpring Health Services Inc (f) | 1907710 | 45422575 |
| Cardinal Health Inc  | 609006 | 94054887 |
| Cencora Inc  | 160000 | 46598400 |
| Centene Corp (f) | 5184944 | 292638239 |
| Chemed Corp  | 47449 | 27275583 |
| Cigna Group/The  | 1755408 | 555832389 |
| CorVel Corp (f) | 71204 | 7922869 |
| CVS Health Corp  | 5222322 | 334437501 |
| Elevance Health Inc  | 79412 | 30481502 |
| Ensign Group Inc/The (e) | 466542 | 68702975 |
| Guardant Health Inc (f) | 15564 | 632210 |
| HealthEquity Inc (f) | 64080 | 6447089 |
| Henry Schein Inc (f) | 334200 | 23390658 |
| Humana Inc  | 377684 | 88049471 |
| Labcorp Holdings Inc  | 164381 | 40925938 |
| LifeStance Health Group Inc (f) | 3176350 | 18867519 |
| McKesson Corp  | 152074 | 109418764 |
| Molina Healthcare Inc (f) | 301827 | 92069308 |
| National Research Corp Class A  | 38674 | 522485 |
| Option Care Health Inc (f) | 720783 | 23555188 |
| Pennant Group Inc/The (f) | 238020 | 6833554 |
| Privia Health Group Inc (f) | 1400000 | 31864000 |
| Progyny Inc (f) | 240290 | 5166235 |
| Quest Diagnostics Inc (e) | 77500 | 13433850 |
| Select Medical Holdings Corp  | 273215 | 4177457 |
| Surgery Partners Inc (f) | 1321750 | 31206518 |
| Tenet Healthcare Corp (f) | 532748 | 89911880 |
| UnitedHealth Group Inc  | 1801288 | 543826860 |
| Universal Health Services Inc Class B  | 265897 | 50613494 |
|  |  | 2706515272 |
| Health Care Technology - 0.1% |  |  |
| Doximity Inc Class A (f) | 335060 | 17453275 |
| HealthStream Inc  | 62830 | 1760497 |
| Phreesia Inc (f) | 540000 | 13224600 |
| Veeva Systems Inc Class A (f) | 159897 | 44723191 |
| Waystar Holding Corp (f) | 121496 | 4857410 |
|  |  | 82018973 |
| Life Sciences Tools & Services - 0.3% |  |  |
| 10X Genomics Inc Class A (f) | 428106 | 4079850 |
| Agilent Technologies Inc  | 38301 | 4286648 |
| Bruker Corp  | 473997 | 17395690 |
| Danaher Corp  | 1070523 | 203292318 |
| ICON PLC (f) | 93860 | 12228081 |
| Illumina Inc (f) | 68338 | 5620117 |
| IQVIA Holdings Inc (f) | 17891 | 2510644 |
| Medpace Holdings Inc (f) | 66646 | 19653905 |
| QIAGEN NV (United States) (e) | 78938 | 3562472 |
| Repligen Corp (f) | 71600 | 8453812 |
| Thermo Fisher Scientific Inc  | 409263 | 164859322 |
|  |  | 445942859 |
| Pharmaceuticals - 1.0% |  |  |
| Axsome Therapeutics Inc (e)(f) | 50160 | 5274826 |
| Bristol-Myers Squibb Co  | 1362918 | 65801681 |
| Elanco Animal Health Inc (f) | 9989400 | 134257536 |
| Eli Lilly & Co  | 512042 | 377718022 |
| Enliven Therapeutics Inc (e)(f) | 203985 | 3624813 |
| GSK PLC  | 370010 | 7516363 |
| GSK PLC ADR (e) | 7372027 | 302474268 |
| Haleon PLC  | 18602200 | 103843561 |
| Haleon PLC ADR  | 10764159 | 122173205 |
| Jazz Pharmaceuticals PLC (f) | 16580 | 1791801 |
| Johnson & Johnson  | 768199 | 119232167 |
| Merck & Co Inc  | 2146231 | 164916390 |
| Ocular Therapeutix Inc (e)(f) | 669150 | 5359892 |
| Organon & Co  | 68787 | 634216 |
| Pfizer Inc  | 1976611 | 46430592 |
| Prestige Consumer Healthcare Inc (f) | 124855 | 10696328 |
| Royalty Pharma PLC Class A  | 3077906 | 101201549 |
| Sanofi SA ADR  | 10000 | 493700 |
|  |  | 1573440910 |
| TOTAL HEALTH CARE |  | 7776891471 |
| Industrials - 6.9% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| ATI Inc (f) | 325730 | 25941137 |
| Boeing Co (f) | 3965874 | 822204998 |
| Cadre Holdings Inc  | 342890 | 11236505 |
| Curtiss-Wright Corp  | 84485 | 37182693 |
| GE Aerospace (h) | 5409889 | 1330345805 |
| General Dynamics Corp  | 348154 | 96957407 |
| HEICO Corp Class A  | 112646 | 26566433 |
| Howmet Aerospace Inc  | 1017835 | 172919988 |
| Huntington Ingalls Industries Inc  | 325194 | 72537774 |
| Karman Holdings Inc (e) | 23390 | 1002495 |
| Kratos Defense & Security Solutions Inc (f) | 617180 | 22767770 |
| L3Harris Technologies Inc  | 347600 | 84932584 |
| Lockheed Martin Corp  | 558890 | 269597358 |
| Northrop Grumman Corp  | 331118 | 160516073 |
| Rocket Lab Corp (e) | 141210 | 3783016 |
| RTX Corp  | 486427 | 66387557 |
| Spirit AeroSystems Holdings Inc Class A (f) | 3080085 | 115133577 |
| Standard Aero Inc  | 7200 | 211176 |
| Textron Inc  | 496353 | 36745013 |
| TransDigm Group Inc  | 109673 | 161047123 |
| V2X Inc (e)(f) | 813332 | 36827673 |
| Woodward Inc  | 155064 | 33544995 |
|  |  | 3588389150 |
| Air Freight & Logistics - 0.2% |  |  |
| CH Robinson Worldwide Inc  | 398100 | 38205657 |
| FedEx Corp  | 144438 | 31501928 |
| Radiant Logistics Inc (f) | 912800 | 5422032 |
| United Parcel Service Inc Class B  | 1783360 | 173948934 |
|  |  | 249078551 |
| Building Products - 0.5% |  |  |
| A O Smith Corp  | 327959 | 21091043 |
| Allegion plc  | 177429 | 25319118 |
| Armstrong World Industries Inc  | 113584 | 17677078 |
| AZZ Inc (e) | 513274 | 46548819 |
| Builders FirstSource Inc (f) | 386061 | 41571048 |
| Carlisle Cos Inc  | 119631 | 45481314 |
| Gibraltar Industries Inc (f) | 467025 | 27358325 |
| Hayward Holdings Inc (f) | 996700 | 13903965 |
| Janus International Group Inc (f) | 2202900 | 17997693 |
| Johnson Controls International plc  | 1434008 | 145365391 |
| Lennox International Inc  | 38070 | 21488612 |
| Owens Corning  | 4027 | 539416 |
| Simpson Manufacturing Co Inc  | 120300 | 18730710 |
| Tecnoglass Inc (e) | 356802 | 30552955 |
| Trane Technologies PLC  | 691836 | 297676276 |
| Trex Co Inc (f) | 316500 | 17682855 |
| UFP Industries Inc  | 78250 | 7634070 |
|  |  | 796618688 |
| Commercial Services & Supplies - 0.3% |  |  |
| ACV Auctions Inc Class A (f) | 438570 | 7183777 |
| Brady Corp Class A  | 1297153 | 90502365 |
| BrightView Holdings Inc (f) | 223240 | 3478079 |
| Brink's Co/The (e) | 730615 | 59954267 |
| Cintas Corp  | 397832 | 90108948 |
| Ennis Inc  | 67997 | 1269503 |
| GFL Environmental Inc Subordinate Voting Shares  | 745500 | 37678348 |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 102359 | 5161964 |
| MSA Safety Inc  | 97018 | 15811023 |
| Republic Services Inc  | 277666 | 71440685 |
| Rollins Inc  | 734512 | 42050812 |
| Tetra Tech Inc  | 266600 | 9315004 |
| Veralto Corp  | 104333 | 10540763 |
| Vestis Corp  | 242961 | 1496640 |
| VSE Corp (e) | 68450 | 8904661 |
|  |  | 454896839 |
| Construction & Engineering - 0.3% |  |  |
| Bowman Consulting Group Ltd (e)(f) | 257820 | 6463547 |
| Centuri Holdings Inc (e)(f) | 771150 | 16101612 |
| Comfort Systems USA Inc  | 149076 | 71292615 |
| Construction Partners Inc Class A (e)(f) | 114730 | 12011084 |
| EMCOR Group Inc  | 318486 | 150280804 |
| Everus Construction Group Inc  | 133286 | 7718592 |
| IES Holdings Inc (e)(f) | 226136 | 58718474 |
| Quanta Services Inc  | 191100 | 65463216 |
| Sterling Infrastructure Inc (f) | 146560 | 27554746 |
| Valmont Industries Inc  | 80055 | 25460692 |
| WillScot Holdings Corp  | 511200 | 13776840 |
|  |  | 454842222 |
| Electrical Equipment - 1.0% |  |  |
| Acuity Inc  | 205255 | 53343722 |
| Allient Inc  | 337400 | 10256960 |
| AMETEK Inc  | 739576 | 132191814 |
| Eaton Corp PLC  | 468891 | 150138898 |
| Emerson Electric Co  | 298370 | 35619411 |
| EnerSys  | 34717 | 2903382 |
| GE Vernova Inc (h) | 1878303 | 888399753 |
| Hubbell Inc  | 66260 | 25813571 |
| NEXTracker Inc Class A (f) | 131840 | 7474010 |
| nVent Electric PLC  | 263734 | 17353697 |
| Regal Rexnord Corp  | 616754 | 82299654 |
| Vertiv Holdings Co Class A (h) | 846193 | 91329610 |
|  |  | 1497124482 |
| Ground Transportation - 0.4% |  |  |
| ArcBest Corp  | 61813 | 3875057 |
| CSX Corp  | 5387591 | 170194000 |
| Heartland Express Inc  | 405000 | 3624750 |
| Knight-Swift Transportation Holdings Inc  | 881985 | 39089575 |
| Landstar System Inc  | 92149 | 12644686 |
| Lyft Inc Class A (f) | 1336362 | 20366157 |
| Norfolk Southern Corp  | 397186 | 98152604 |
| Old Dominion Freight Line Inc  | 298000 | 47730660 |
| Proficient Auto Logistics Inc (e)(f) | 672800 | 5422768 |
| Uber Technologies Inc (f) | 1820818 | 153240043 |
| Union Pacific Corp  | 338803 | 75099073 |
| Universal Logistics Holdings Inc  | 429480 | 10333289 |
| Werner Enterprises Inc (e) | 362700 | 9412065 |
| XPO Inc (f) | 227200 | 25862176 |
|  |  | 675046903 |
| Industrial Conglomerates - 0.0% |  |  |
| 3M Co  | 582269 | 86379606 |
| Honeywell International Inc  | 110580 | 25065169 |
|  |  | 111444775 |
| Machinery - 1.2% |  |  |
| Allison Transmission Holdings Inc  | 1195462 | 123754226 |
| Atmus Filtration Technologies Inc  | 164200 | 5914484 |
| Blue Bird Corp (e)(f) | 267580 | 10355346 |
| Caterpillar Inc  | 68482 | 23833790 |
| Chart Industries Inc (f) | 432026 | 67767598 |
| Crane Co  | 154700 | 26515580 |
| Cummins Inc  | 116088 | 37319970 |
| Deere & Co  | 686570 | 347582929 |
| Donaldson Co Inc  | 506427 | 35221998 |
| Dover Corp  | 701000 | 124602750 |
| Enpro Inc  | 108190 | 20030297 |
| Esab Corp  | 390382 | 48013082 |
| ESCO Technologies Inc  | 29868 | 5413276 |
| Federal Signal Corp (e) | 174168 | 16383984 |
| Flowserve Corp  | 316991 | 15821021 |
| Gates Industrial Corp PLC (f) | 1274677 | 26959419 |
| Graco Inc  | 441522 | 37379253 |
| Hillenbrand Inc  | 565800 | 11055732 |
| Hillman Solutions Corp Class A (e)(f) | 414180 | 2998663 |
| Ingersoll Rand Inc  | 729600 | 59564544 |
| ITT Inc  | 280517 | 42229029 |
| JBT Marel Corp  | 46450 | 5332925 |
| Lincoln Electric Holdings Inc  | 147308 | 28517356 |
| Middleby Corp/The (f) | 25148 | 3674877 |
| Miller Industries Inc/TN (e) | 179400 | 8132202 |
| Mueller Industries Inc  | 173590 | 13517453 |
| Mueller Water Products Inc Class A1  | 332815 | 8163952 |
| Nordson Corp  | 85900 | 18209941 |
| Oshkosh Corp  | 165559 | 16421797 |
| Otis Worldwide Corp  | 146804 | 13997761 |
| PACCAR Inc  | 190716 | 17898697 |
| Parker-Hannifin Corp  | 284320 | 188987504 |
| Pentair PLC  | 1197000 | 118718460 |
| REV Group Inc  | 723221 | 27113555 |
| Snap-on Inc  | 137300 | 44038975 |
| SPX Technologies Inc (f) | 12880 | 1958919 |
| Stanley Black & Decker Inc  | 65132 | 4261587 |
| Terex Corp (e) | 598710 | 26947937 |
| Timken Co/The  | 341510 | 23390020 |
| Toro Co/The  | 42600 | 3228228 |
| Westinghouse Air Brake Technologies Corp  | 1030401 | 208470730 |
| Xylem Inc/NY  | 55267 | 6965853 |
|  |  | 1876665700 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (f) | 497308 | 55022157 |
| Passenger Airlines - 0.0% |  |  |
| SkyWest Inc (f) | 130415 | 13230602 |
| Professional Services - 0.4% |  |  |
| Automatic Data Processing Inc  | 16984 | 5528802 |
| Barrett Business Services Inc  | 140900 | 5822693 |
| CACI International Inc (f) | 31600 | 13524800 |
| Cbiz Inc (f) | 129591 | 9361654 |
| Concentrix Corp (e) | 22110 | 1237386 |
| CRA International Inc  | 56846 | 10803582 |
| Dun & Bradstreet Holdings Inc  | 193011 | 1739029 |
| ExlService Holdings Inc (f) | 738295 | 33954187 |
| Exponent Inc  | 132742 | 10133524 |
| Franklin Covey Co (e)(f) | 29303 | 685103 |
| FTI Consulting Inc (f) | 23760 | 3900442 |
| Genpact Ltd  | 2614818 | 112567915 |
| Insperity Inc  | 92865 | 6010223 |
| KBR Inc  | 1619080 | 84499785 |
| Kforce Inc  | 388371 | 15845537 |
| Leidos Holdings Inc  | 450720 | 66940934 |
| Maximus Inc  | 1637192 | 118712792 |
| Paycom Software Inc  | 127138 | 32940184 |
| Paylocity Holding Corp (f) | 112654 | 21505649 |
| Robert Half Inc (e) | 265385 | 12151979 |
| Science Applications International Corp  | 201625 | 23295753 |
| SS&C Technologies Holdings Inc  | 223786 | 18084147 |
| Verisk Analytics Inc  | 191500 | 60157810 |
|  |  | 669403910 |
| Trading Companies & Distributors - 0.3% |  |  |
| Air Lease Corp Class A  | 22123 | 1274506 |
| Applied Industrial Technologies Inc  | 69258 | 15688322 |
| Boise Cascade Co  | 11760 | 1021709 |
| Core & Main Inc Class A (f) | 653500 | 35818335 |
| DXP Enterprises Inc/TX (f) | 62470 | 5165020 |
| Fastenal Co  | 1218724 | 50382050 |
| Ferguson Enterprises Inc  | 474400 | 86502096 |
| FTAI Aviation Ltd  | 175800 | 20594970 |
| Global Industrial Co  | 541000 | 14093050 |
| GMS Inc (f) | 512010 | 38774517 |
| Herc Holdings Inc (e) | 36650 | 4544600 |
| MSC Industrial Direct Co Inc Class A  | 116946 | 9496015 |
| Rush Enterprises Inc Class A  | 482480 | 23955132 |
| United Rentals Inc  | 33300 | 23589054 |
| Watsco Inc (e) | 150747 | 66866847 |
| Wesco International Inc  | 117262 | 19687117 |
| Xometry Inc Class A (e)(f) | 85380 | 2830347 |
|  |  | 420283687 |
| TOTAL INDUSTRIALS |  | 10862047666 |
| Information Technology - 10.4% |  |  |
| Communications Equipment - 0.7% |  |  |
| Arista Networks Inc  | 1583540 | 137197906 |
| Ciena Corp (f) | 235633 | 18864778 |
| Cisco Systems Inc  | 12318718 | 776571983 |
| Extreme Networks Inc (f) | 141626 | 2219279 |
| Juniper Networks Inc  | 802358 | 28828723 |
| Lumentum Holdings Inc (e)(f) | 785553 | 56779771 |
| Motorola Solutions Inc  | 165958 | 68935634 |
|  |  | 1089398074 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Advanced Energy Industries Inc (e) | 170550 | 19575729 |
| Amphenol Corp Class A  | 1383338 | 124403586 |
| Badger Meter Inc  | 76906 | 19089607 |
| Bel Fuse Inc Class B  | 25857 | 1908247 |
| Belden Inc  | 714403 | 75869599 |
| CDW Corp/DE  | 37700 | 6799572 |
| Coherent Corp (f) | 190600 | 14415078 |
| Crane NXT Co (e) | 696887 | 37360112 |
| ePlus Inc (f) | 181416 | 12947660 |
| Insight Enterprises Inc (f) | 429796 | 56041100 |
| IPG Photonics Corp (f) | 70115 | 4645820 |
| Itron Inc (f) | 57993 | 6703991 |
| Jabil Inc  | 435767 | 73213214 |
| Keysight Technologies Inc (f) | 4269 | 670403 |
| Methode Electronics Inc  | 397728 | 3161938 |
| Napco Security Technologies Inc  | 192574 | 5372815 |
| PAR Technology Corp (e)(f) | 119540 | 7837042 |
| PC Connection Inc  | 29377 | 1921256 |
| Sanmina Corp (f) | 670891 | 56817759 |
| TD SYNNEX Corp  | 989188 | 120028072 |
| Vontier Corp  | 874740 | 31271955 |
| Zebra Technologies Corp Class A (f) | 6668 | 1932186 |
|  |  | 681986741 |
| IT Services - 0.4% |  |  |
| Amdocs Ltd  | 1736237 | 159317107 |
| ASGN Inc (f) | 762780 | 40282412 |
| Cognizant Technology Solutions Corp Class A  | 855800 | 69311242 |
| EPAM Systems Inc (f) | 24920 | 4348290 |
| Gartner Inc (f) | 229717 | 100253093 |
| Hackett Group Inc/The  | 65659 | 1609958 |
| IBM Corporation  | 255302 | 66138536 |
| Kyndryl Holdings Inc (e)(f) | 2020977 | 78898942 |
| Okta Inc Class A (f) | 386423 | 39867261 |
| Twilio Inc Class A (f) | 163138 | 19201343 |
|  |  | 579228184 |
| Semiconductors & Semiconductor Equipment - 3.7% |  |  |
| Advanced Micro Devices Inc (f) | 216578 | 23981682 |
| Aehr Test Systems (e)(f) | 265400 | 2531916 |
| Analog Devices Inc  | 1275948 | 273027353 |
| Applied Materials Inc  | 276889 | 43402351 |
| Astera Labs Inc (f) | 11900 | 1079568 |
| Axcelis Technologies Inc (f) | 84780 | 4776505 |
| Broadcom Inc  | 3483789 | 843320803 |
| Cirrus Logic Inc (f) | 305847 | 30083111 |
| Diodes Inc (f) | 745007 | 33078311 |
| First Solar Inc (f) | 279176 | 44132142 |
| FormFactor Inc (f) | 172097 | 5137095 |
| GlobalFoundries Inc (f) | 805494 | 28836685 |
| Ichor Holdings Ltd (f) | 182940 | 2886793 |
| Intel Corp  | 2320298 | 45361826 |
| KLA Corp  | 8511 | 6441806 |
| Lam Research Corp  | 306000 | 24721740 |
| Lattice Semiconductor Corp (e)(f) | 358094 | 16092744 |
| MACOM Technology Solutions Holdings Inc (f) | 177781 | 21619947 |
| Marvell Technology Inc  | 3496069 | 210428393 |
| Micron Technology Inc  | 3591297 | 339233915 |
| MKS Inc  | 401362 | 32987943 |
| NVE Corp  | 12640 | 899462 |
| NVIDIA Corp  | 25986142 | 3511507369 |
| ON Semiconductor Corp (f) | 844271 | 35476267 |
| Onto Innovation Inc (f) | 97940 | 9004604 |
| Penguin Solutions Inc (e)(f) | 866700 | 15392592 |
| Photronics Inc (f) | 165663 | 2768229 |
| Power Integrations Inc  | 141007 | 7012278 |
| Qorvo Inc (f) | 126330 | 9603607 |
| QUALCOMM Inc  | 179910 | 26122932 |
| Rambus Inc (f) | 143300 | 7662251 |
| Skyworks Solutions Inc (e) | 14097 | 973116 |
| Teradyne Inc  | 138800 | 10909680 |
| Texas Instruments Inc  | 56823 | 10390086 |
| Ultra Clean Holdings Inc (f) | 107360 | 2079563 |
|  |  | 5682964665 |
| Software - 3.3% |  |  |
| ACI Worldwide Inc (f) | 274272 | 12687823 |
| Adobe Inc (f) | 301601 | 125191559 |
| Agilysys Inc (f) | 58960 | 6244454 |
| Alarm.com Holdings Inc (f) | 120338 | 6907401 |
| ANSYS Inc (f) | 1570 | 519386 |
| Appfolio Inc Class A (f) | 29600 | 6250632 |
| AppLovin Corp Class A (f) | 148158 | 58226094 |
| Autodesk Inc (f) | 163040 | 48279405 |
| BlackLine Inc (e)(f) | 123950 | 6932524 |
| Cadence Design Systems Inc (f) | 314000 | 90139980 |
| Clear Secure Inc Class A (e) | 245838 | 6084491 |
| Commvault Systems Inc (f) | 198068 | 36276154 |
| Core Scientific Inc (e)(f) | 248530 | 2646845 |
| CyberArk Software Ltd (f) | 24800 | 9492944 |
| Datadog Inc Class A (f) | 283612 | 33432183 |
| Dolby Laboratories Inc Class A  | 155111 | 11518543 |
| DoubleVerify Holdings Inc (f) | 9631 | 132329 |
| Dropbox Inc Class A (f) | 402351 | 11611850 |
| Dynatrace Inc (f) | 480769 | 25966334 |
| Five9 Inc (e)(f) | 9048 | 239861 |
| Gen Digital Inc  | 6559000 | 186800320 |
| Guidewire Software Inc (f) | 71200 | 15309424 |
| HubSpot Inc (f) | 132300 | 78043770 |
| I3 Verticals Inc Class A (f) | 56528 | 1396807 |
| Informatica Inc Class A (f) | 95895 | 2302439 |
| Intapp Inc (f) | 34460 | 1899435 |
| Intuit Inc  | 64500 | 48598815 |
| Manhattan Associates Inc (f) | 159704 | 30148921 |
| Microsoft Corp  | 8394550 | 3864515038 |
| Monday.com Ltd (f) | 27100 | 8061979 |
| Olo Inc Class A (f) | 5861990 | 51057933 |
| Oracle Corp  | 94800 | 15692244 |
| Palantir Technologies Inc Class A (f) | 44900 | 5916922 |
| Palo Alto Networks Inc (f) | 290876 | 55970360 |
| PTC Inc (f) | 34600 | 5823872 |
| Qualys Inc (f) | 95679 | 13256325 |
| RingCentral Inc Class A (f) | 72172 | 1871420 |
| Salesforce Inc  | 303599 | 80566067 |
| Servicenow Inc (f) | 27231 | 27532992 |
| SPS Commerce Inc (f) | 104010 | 14640448 |
| Synopsys Inc (f) | 32000 | 14847360 |
| Telos Corp (f) | 180140 | 453952 |
| Tenable Holdings Inc (f) | 379670 | 12232967 |
| Teradata Corp (f) | 737736 | 16200683 |
| Unity Software Inc (f) | 83757 | 2184383 |
| Varonis Systems Inc (f) | 294090 | 14022211 |
| Vertex Inc Class A (e)(f) | 147450 | 5834597 |
| Weave Communications Inc (f) | 758070 | 7315376 |
| Workday Inc Class A (f) | 6704 | 1660648 |
| Workiva Inc Class A (f) | 124990 | 8410577 |
| Zoom Communications Inc Class A (f) | 147439 | 11979419 |
|  |  | 5103328496 |
| Technology Hardware, Storage & Peripherals - 1.9% |  |  |
| Apple Inc (h) | 13821314 | 2776010917 |
| Dell Technologies Inc Class C  | 534441 | 59467250 |
| HP Inc  | 146320 | 3643368 |
| NetApp Inc  | 37190 | 3687760 |
| Pure Storage Inc Class A (f) | 803075 | 43036789 |
| Sandisk Corp/DE  | 723137 | 27255034 |
| Seagate Technology Holdings PLC  | 226500 | 26713410 |
| Western Digital Corp (e)(f) | 2037370 | 105026424 |
|  |  | 3044840952 |
| TOTAL INFORMATION TECHNOLOGY |  | 16181747112 |
| Materials - 1.2% |  |  |
| Chemicals - 0.5% |  |  |
| AdvanSix Inc  | 120000 | 2821200 |
| Air Products and Chemicals Inc  | 225900 | 63005769 |
| Ashland Inc  | 43668 | 2162003 |
| Axalta Coating Systems Ltd (f) | 2611144 | 80423235 |
| Balchem Corp  | 304982 | 50840499 |
| CF Industries Holdings Inc  | 423420 | 38408428 |
| Chemours Co/The  | 966200 | 9787606 |
| Corteva Inc  | 564306 | 39952865 |
| DuPont de Nemours Inc  | 287445 | 19201326 |
| Ecolab Inc  | 312855 | 83100545 |
| Element Solutions Inc  | 1148442 | 24553690 |
| FMC Corp  | 111702 | 4530633 |
| Hawkins Inc  | 12980 | 1732700 |
| Innospec Inc  | 61092 | 5197707 |
| International Flavors & Fragrances Inc  | 189832 | 14533538 |
| Intrepid Potash Inc (f) | 104600 | 3949696 |
| Linde PLC  | 422386 | 197499247 |
| Minerals Technologies Inc  | 298216 | 16932704 |
| Mosaic Co/The  | 3016000 | 108998240 |
| RPM International Inc  | 336540 | 38311714 |
| Scotts Miracle-Gro Co/The  | 33525 | 1996749 |
| Sherwin-Williams Co/The  | 65800 | 23609698 |
|  |  | 831549792 |
| Construction Materials - 0.2% |  |  |
| CRH PLC  | 1717543 | 156571221 |
| Eagle Materials Inc  | 279201 | 56457234 |
| Knife River Corp (e)(f) | 47610 | 4480101 |
| Martin Marietta Materials Inc  | 49600 | 27158480 |
| RHI Magnesita NV  | 181180 | 6798543 |
| United States Lime & Minerals Inc  | 27577 | 2834364 |
| Vulcan Materials Co  | 44242 | 11727227 |
|  |  | 266027170 |
| Containers & Packaging - 0.3% |  |  |
| Amcor PLC  | 1121527 | 10217111 |
| AptarGroup Inc  | 402268 | 63719251 |
| Avery Dennison Corp  | 51200 | 9099776 |
| Ball Corp  | 730873 | 39160175 |
| Crown Holdings Inc  | 1446522 | 142482417 |
| Graphic Packaging Holding CO (e) | 1037630 | 23056139 |
| International Paper Co  | 950100 | 45424281 |
| Packaging Corp of America  | 87200 | 16844424 |
| Silgan Holdings Inc  | 1059100 | 58324637 |
| Smurfit WestRock PLC  | 2370195 | 102700549 |
|  |  | 511028760 |
| Metals & Mining - 0.2% |  |  |
| Carpenter Technology Corp (e) | 222858 | 52371630 |
| Coeur Mining Inc (f) | 120860 | 976549 |
| Commercial Metals Co  | 104500 | 4868655 |
| Constellium SE (f) | 582910 | 7076527 |
| Freeport-McMoRan Inc  | 440200 | 16938896 |
| Hecla Mining Co  | 94053 | 483432 |
| Ivanhoe Electric Inc / US (e)(f) | 415576 | 3054484 |
| Newmont Corp  | 1676335 | 88376381 |
| Nucor Corp  | 334211 | 36549315 |
| Royal Gold Inc  | 218347 | 38891968 |
| Steel Dynamics Inc  | 65362 | 8044101 |
| Warrior Met Coal Inc  | 242890 | 11039351 |
| Worthington Steel Inc  | 9282 | 231122 |
|  |  | 268902411 |
| Paper & Forest Products - 0.0% |  |  |
| Louisiana-Pacific Corp (e) | 209743 | 18891552 |
| Magnera Corp (f) | 70411 | 846340 |
| Sylvamo Corp  | 90074 | 4771220 |
|  |  | 24509112 |
| TOTAL MATERIALS |  | 1902017245 |
| Real Estate - 1.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Armada Hoffler Properties Inc Class A  | 381840 | 2657605 |
| WP Carey Inc  | 64818 | 4067978 |
|  |  | 6725583 |
| Health Care REITs - 0.1% |  |  |
| CareTrust REIT Inc  | 2943562 | 84656844 |
| Healthpeak Properties Inc  | 634520 | 11046993 |
| Ventas Inc  | 1080682 | 69466239 |
| Welltower Inc  | 437962 | 67568777 |
|  |  | 232738853 |
| Hotel & Resort REITs - 0.0% |  |  |
| Ryman Hospitality Properties Inc  | 105600 | 10254816 |
| Industrial REITs - 0.1% |  |  |
| First Industrial Realty Trust Inc  | 135721 | 6708689 |
| LXP Industrial Trust  | 795670 | 6826849 |
| Plymouth Industrial REIT Inc  | 271430 | 4397165 |
| Prologis Inc  | 252800 | 27454080 |
| STAG Industrial Inc Class A  | 586082 | 20852798 |
| Terreno Realty Corp  | 737300 | 41598466 |
|  |  | 107838047 |
| Office REITs - 0.0% |  |  |
| COPT Defense Properties  | 468800 | 12868560 |
| Douglas Emmett Inc (e) | 1082270 | 15400702 |
| Kilroy Realty Corp (e) | 486250 | 15657251 |
| Postal Realty Trust Inc Class A  | 186260 | 2577838 |
|  |  | 46504351 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (f) | 200700 | 25091514 |
| Compass Inc Class A (f) | 1123131 | 6637704 |
| Cushman & Wakefield PLC (f) | 844502 | 8470355 |
| Jones Lang LaSalle Inc (f) | 145787 | 32466765 |
| Landbridge Co LLC Class A (e) | 45630 | 3260264 |
| Newmark Group Inc Class A  | 151847 | 1671835 |
| Zillow Group Inc Class A (f) | 57708 | 3818538 |
| Zillow Group Inc Class C (f) | 191150 | 12828077 |
|  |  | 94245052 |
| Residential REITs - 0.1% |  |  |
| American Homes 4 Rent Class A  | 183457 | 6943847 |
| Camden Property Trust  | 633775 | 74462225 |
| Equity Residential  | 132752 | 9311225 |
| Invitation Homes Inc  | 1042560 | 35134272 |
| Mid-America Apartment Communities Inc  | 55600 | 8709740 |
| Sun Communities Inc  | 662587 | 81789740 |
|  |  | 216351049 |
| Retail REITs - 0.1% |  |  |
| Brixmor Property Group Inc  | 435700 | 11071137 |
| Curbline Properties Corp  | 708044 | 16065518 |
| Kite Realty Group Trust  | 57758 | 1277607 |
| Macerich Co/The  | 3051878 | 49379387 |
| NNN REIT Inc  | 731500 | 30547440 |
| Phillips Edison & Co Inc  | 108572 | 3849963 |
| Realty Income Corp  | 43716 | 2475200 |
| Regency Centers Corp  | 116401 | 8398332 |
| Simon Property Group Inc  | 280841 | 45796742 |
| SITE Centers Corp  | 1336088 | 15926169 |
| Tanger Inc  | 867360 | 25847328 |
| Urban Edge Properties  | 367140 | 6667262 |
|  |  | 217302085 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 923420 | 198212103 |
| Crown Castle Inc  | 1445284 | 145034249 |
| CubeSmart  | 706200 | 30197112 |
| Digital Realty Trust Inc  | 306135 | 52508275 |
| Equinix Inc  | 96898 | 86124880 |
| Extra Space Storage Inc  | 21025 | 3177929 |
| Four Corners Property Trust Inc  | 510790 | 14102912 |
| Gaming and Leisure Properties Inc  | 136600 | 6379220 |
| Iron Mountain Inc  | 184600 | 18221866 |
| Lamar Advertising Co Class A  | 233600 | 28158144 |
| Outfront Media Inc  | 2911263 | 48094065 |
| Public Storage Operating Co  | 91900 | 28342879 |
| Rayonier Inc  | 39178 | 928519 |
| VICI Properties Inc  | 562058 | 17822859 |
|  |  | 677305012 |
| TOTAL REAL ESTATE |  | 1609264848 |
| Utilities - 1.2% |  |  |
| Electric Utilities - 0.9% |  |  |
| ALLETE Inc  | 7934 | 516027 |
| American Electric Power Co Inc  | 2954 | 305709 |
| Constellation Energy Corp  | 349014 | 106850636 |
| Duke Energy Corp  | 734415 | 86455334 |
| Edison International  | 2420799 | 134717464 |
| Entergy Corp  | 530700 | 44196696 |
| Evergy Inc  | 412040 | 27363576 |
| Eversource Energy  | 1112000 | 72068720 |
| Exelon Corp  | 2054888 | 90045192 |
| FirstEnergy Corp  | 1525300 | 63971082 |
| IDACORP Inc (e) | 119530 | 14218094 |
| NextEra Energy Inc  | 1601157 | 113105730 |
| NRG Energy Inc  | 251447 | 39200587 |
| OGE Energy Corp  | 257799 | 11464322 |
| PG&E Corp  | 19565863 | 330271768 |
| PPL Corp  | 746800 | 25951300 |
| Southern Co/The  | 2200037 | 198003331 |
| TXNM Energy Inc  | 294276 | 16682506 |
| Xcel Energy Inc  | 388300 | 27219830 |
|  |  | 1402607904 |
| Gas Utilities - 0.0% |  |  |
| MDU Resources Group Inc  | 157999 | 2716002 |
| New Jersey Resources Corp  | 111375 | 5110999 |
| Southwest Gas Holdings Inc  | 99191 | 7124890 |
| UGI Corp  | 1663302 | 59978670 |
|  |  | 74930561 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 4320811 | 43596983 |
| Clearway Energy Inc Class A  | 29800 | 859730 |
| Vistra Corp  | 397400 | 63810518 |
|  |  | 108267231 |
| Multi-Utilities - 0.2% |  |  |
| Ameren Corp  | 328911 | 31864898 |
| Avista Corp  | 1854 | 71397 |
| Black Hills Corp  | 6163 | 360351 |
| CenterPoint Energy Inc  | 831134 | 30951430 |
| CMS Energy Corp  | 71952 | 5053189 |
| Consolidated Edison Inc  | 28001 | 2925824 |
| DTE Energy Co  | 79941 | 10923938 |
| NiSource Inc  | 1061560 | 41974082 |
| Public Service Enterprise Group Inc  | 19260 | 1560638 |
| Sempra  | 1547203 | 121594684 |
|  |  | 247280431 |
| Water Utilities - 0.0% |  |  |
| Consolidated Water Co Ltd  | 38922 | 1052062 |
| TOTAL UTILITIES |  | 1834138189 |
| TOTAL UNITED STATES |  | 73977166559 |
| ZAMBIA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| First Quantum Minerals Ltd (e)(f) | 13864401 | 205387308 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $59,957,419,227) |  | <br> **78798115766** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 47.6%** | &nbsp;&nbsp;**Domestic Equity Funds - 47.6%** | &nbsp;&nbsp;**Domestic Equity Funds - 47.6%** |
|  | Shares | Value ($)<br>|
| Fidelity Advisor Blue Chip Growth Fund - Class Z (k) | 18550187 | 4056740504 |
| Fidelity Advisor Magellan Fund - Class Z (k) | 605683529 | 8982286742 |
| Fidelity Advisor Small Cap Growth Fund - Class Z (k) | 45176309 | 1432992521 |
| Fidelity Contrafund (k) | 256824464 | 5611614537 |
| Fidelity Extended Market Index Fund (k) | 42351327 | 3729881405 |
| Fidelity Growth Company Fund (k) | 381550982 | 14918643407 |
| Fidelity SAI Inflation-Focused Fund (k) | 14 | 1185 |
| Fidelity SAI Small-Mid Cap 500 Index Fund (k) | 107639900 | 673825773 |
| Fidelity SAI U.S. Large Cap Index Fund (k) | 78813949 | 1850551520 |
| Fidelity SAI U.S. Low Volatility Index Fund (k) | 342131493 | 7588476519 |
| Fidelity SAI U.S. Momentum Index Fund (k) | 169667359 | 3110002692 |
| Fidelity SAI U.S. Quality Index Fund (k) | 785479625 | 17139165419 |
| Fidelity SAI U.S. Value Index Fund (k) | 379783975 | 4546014185 |
| Fidelity Small Cap Index Fund (k) | 33226032 | 857231619 |
| iShares Russell 3000 ETF  | 176851 | 59223863 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $58,337,452,145) |  | **74556651891** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.6%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.6%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Glencore Funding LLC 4.907% 4/1/2028 (b) | 1201000 | 1206715 |
| Glencore Funding LLC 5.338% 4/4/2027 (b) | 3800000 | 3842293 |
| TOTAL AUSTRALIA |  | 5049008 |
| CANADA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Rogers Communications Inc 2.9% 11/15/2026  | 2000000 | 1949715 |
| Rogers Communications Inc 3.2% 3/15/2027  | 3000000 | 2934791 |
|  |  | 4884506 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Canadian Natural Resources Ltd 2.05% 7/15/2025  | 2000000 | 1993410 |
| Canadian Natural Resources Ltd 3.85% 6/1/2027  | 6000000 | 5914443 |
| Canadian Natural Resources Ltd 5% 12/15/2029 (b) | 1427000 | 1421361 |
| Cenovus Energy Inc 4.25% 4/15/2027  | 5500000 | 5456611 |
| Enbridge Inc 5.25% 4/5/2027  | 1675000 | 1694608 |
| Enbridge Inc 5.3% 4/5/2029  | 1400000 | 1430941 |
| Enbridge Inc 5.9% 11/15/2026  | 3288000 | 3343379 |
| South Bow USA Infrastructure Holdings LLC 4.911% 9/1/2027 (b) | 921000 | 921650 |
|  |  | 22176403 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bank of Montreal 4.567% 9/10/2027 (c) | 4382000 | 4378427 |
| Bank of Montreal 5.266% 12/11/2026  | 5000000 | 5057884 |
| Bank of Montreal 5.3% 6/5/2026  | 1770000 | 1784157 |
| Bank of Nova Scotia/The 1.3% 9/15/2026  | 1960000 | 1885505 |
| Bank of Nova Scotia/The 4.404% 9/8/2028 (c) | 4920000 | 4902666 |
| Bank of Nova Scotia/The 5.35% 12/7/2026  | 1945000 | 1969021 |
| Bank of Nova Scotia/The 5.45% 6/12/2025  | 2000000 | 2000418 |
| Canadian Imperial Bank of Commerce 3.945% 8/4/2025  | 2000000 | 1997228 |
| Canadian Imperial Bank of Commerce 5.926% 10/2/2026  | 2000000 | 2036596 |
| Royal Bank of Canada 5.069% 7/23/2027 (c) | 4600000 | 4630403 |
| Toronto Dominion Bank 1.2% 6/3/2026  | 1000000 | 967973 |
| Toronto Dominion Bank 4.568% 12/17/2026  | 5600000 | 5606979 |
| Toronto Dominion Bank 5.264% 12/11/2026  | 2075000 | 2098276 |
| Toronto Dominion Bank 5.532% 7/17/2026  | 3000000 | 3033165 |
|  |  | 42348698 |
| TOTAL CANADA |  | 69409607 |
| CHILE - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel Americas SA 4% 10/25/2026  | 3600000 | 3564000 |
| DENMARK - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Danske Bank A/S 1.549% 9/10/2027 (b)(c) | 2000000 | 1923938 |
| Danske Bank A/S 4.298% 4/1/2028 (b)(c) | 4600000 | 4565704 |
| Danske Bank A/S 5.427% 3/1/2028 (b)(c) | 3000000 | 3045901 |
| Danske Bank A/S 6.259% 9/22/2026 (b)(c) | 2227000 | 2235391 |
| TOTAL DENMARK |  | 11770934 |
| FRANCE - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banque Federative du Credit Mutuel SA 5.088% 1/23/2027 (b) | 1900000 | 1912949 |
| Banque Federative du Credit Mutuel SA 5.896% 7/13/2026 (b) | 2000000 | 2027613 |
| BNP Paribas SA 1.323% 1/13/2027 (b)(c) | 3610000 | 3534819 |
| BNP Paribas SA 1.675% 6/30/2027 (b)(c) | 4300000 | 4161524 |
| BNP Paribas SA 2.219% 6/9/2026 (b)(c) | 1500000 | 1499232 |
| BPCE SA 1.652% 10/6/2026 (b)(c) | 1590000 | 1571154 |
| BPCE SA 5.203% 1/18/2027 (b) | 1500000 | 1515738 |
| BPCE SA 5.975% 1/18/2027 (b)(c) | 3000000 | 3018626 |
| BPCE SA 6.612% 10/19/2027 (b)(c) | 3640000 | 3721588 |
| Credit Agricole SA 1.247% 1/26/2027 (b)(c) | 2000000 | 1953759 |
| Credit Agricole SA 5.134% 3/11/2027 (b) | 3500000 | 3541319 |
| Societe Generale SA 5.249% 5/22/2029 (b)(c) | 5280000 | 5303866 |
| Societe Generale SA 5.5% 4/13/2029 (b)(c) | 1262000 | 1277261 |
| TOTAL FRANCE |  | 35039448 |
| GERMANY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Mercedes-Benz Finance North America LLC 4.75% 8/1/2027 (b) | 4500000 | 4508830 |
| Mercedes-Benz Finance North America LLC 4.8% 1/11/2027 (b) | 1900000 | 1903551 |
| Volkswagen Group of America Finance LLC 1.25% 11/24/2025 (b) | 3000000 | 2947561 |
| Volkswagen Group of America Finance LLC 3.2% 9/26/2026 (b) | 3000000 | 2931087 |
| Volkswagen Group of America Finance LLC 3.95% 6/6/2025 (b) | 3000000 | 2999678 |
| Volkswagen Group of America Finance LLC 4.625% 11/13/2025 (b) | 1490000 | 1487559 |
| Volkswagen Group of America Finance LLC 5.7% 9/12/2026 (b) | 3550000 | 3580495 |
| Volkswagen Group of America Finance LLC 6% 11/16/2026 (b) | 3900000 | 3952631 |
|  |  | 24311392 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Deutsche Bank AG/New York NY 2.129% 11/24/2026 (c) | 4000000 | 3944039 |
| Deutsche Bank AG/New York NY 2.552% 1/7/2028 (c) | 3900000 | 3758658 |
| Deutsche Bank AG/New York NY 5.706% 2/8/2028 (c) | 6000000 | 6074310 |
| Deutsche Bank AG/New York NY 7.146% 7/13/2027 (c) | 720000 | 737091 |
|  |  | 14514098 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Daimler Truck Finance North America LLC 2% 12/14/2026 (b) | 2920000 | 2808223 |
| Daimler Truck Finance North America LLC 4.95% 1/13/2028 (b) | 1660000 | 1669963 |
| Daimler Truck Finance North America LLC 5% 1/15/2027 (b) | 2300000 | 2313809 |
| Daimler Truck Finance North America LLC 5.125% 9/25/2027 (b) | 1185000 | 1196679 |
| Daimler Truck Finance North America LLC 5.6% 8/8/2025 (b) | 1460000 | 1461844 |
|  |  | 9450518 |
| TOTAL GERMANY |  | 48276008 |
| IRELAND - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bank of Ireland Group PLC 2.029% 9/30/2027 (b)(c) | 3700000 | 3565853 |
| Consumer Finance - 0.0% |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 1.75% 1/30/2026  | 3000000 | 2939225 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.1% 1/15/2027  | 2000000 | 2039311 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.45% 4/15/2027  | 1998000 | 2056066 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 7/15/2025  | 1500000 | 1500645 |
|  |  | 8535247 |
| TOTAL FINANCIALS |  | 12101100 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Avolon Holdings Funding Ltd 2.125% 2/21/2026 (b) | 3500000 | 3420979 |
| Avolon Holdings Funding Ltd 3.25% 2/15/2027 (b) | 3800000 | 3682797 |
| Avolon Holdings Funding Ltd 4.95% 1/15/2028 (b) | 3094000 | 3085134 |
| Avolon Holdings Funding Ltd 6.375% 5/4/2028 (b) | 571000 | 591091 |
|  |  | 10780001 |
| TOTAL IRELAND |  | 22881101 |
| ITALY - 0.0%  |  |  |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel Finance International NV 1.625% 7/12/2026 (b)(l) | 3000000 | 2899881 |
| Enel Finance International NV 5.125% 6/26/2029 (b) | 4400000 | 4454551 |
| TOTAL ITALY |  | 7354432 |
| JAPAN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| NTT Finance Corp 4.372% 7/27/2027 (b) | 2000000 | 1995547 |
| NTT Finance Corp 5.104% 7/2/2027 (b) | 3000000 | 3037011 |
|  |  | 5032558 |
| Consumer Staples - 0.0% |  |  |
| Tobacco - 0.0% |  |  |
| Japan Tobacco Inc 4.892% 5/15/2028 (b) | 2296000 | 2317381 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Mitsubishi UFJ Financial Group Inc 1.538% 7/20/2027 (c) | 3620000 | 3495896 |
| Mitsubishi UFJ Financial Group Inc 4.08% 4/19/2028 (c) | 6000000 | 5938898 |
| Mizuho Financial Group Inc 1.234% 5/22/2027 (c) | 2960000 | 2864778 |
| Mizuho Financial Group Inc 1.554% 7/9/2027 (c) | 3000000 | 2900309 |
| Mizuho Financial Group Inc 2.839% 9/13/2026  | 3000000 | 2939415 |
| Mizuho Financial Group Inc 3.477% 4/12/2026 (b) | 2000000 | 1981424 |
| Mizuho Financial Group Inc 5.414% 9/13/2028 (c) | 2000000 | 2035968 |
| Sumitomo Mitsui Financial Group Inc 5.464% 1/13/2026  | 3000000 | 3013859 |
| Sumitomo Mitsui Financial Group Inc 5.88% 7/13/2026  | 1760000 | 1786115 |
|  |  | 26956662 |
| TOTAL JAPAN |  | 34306601 |
| MEXICO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Petroleos Mexicanos 6.5% 3/13/2027  | 2000000 | 1963140 |
| NETHERLANDS - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| ABN AMRO Bank NV 6.339% 9/18/2027 (b)(c) | 4000000 | 4075593 |
| Cooperatieve Rabobank UA 3.649% 4/6/2028 (b)(c) | 5800000 | 5702693 |
| ING Groep NV 1.726% 4/1/2027 (c) | 3724000 | 3634794 |
| ING Groep NV 4.858% 3/25/2029 (c) | 3679000 | 3693551 |
| ING Groep NV 6.083% 9/11/2027 (c) | 3000000 | 3053730 |
|  |  | 20160361 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| NXP BV / NXP Funding LLC / NXP USA Inc 3.875% 6/18/2026  | 2760000 | 2737568 |
| NXP BV / NXP Funding LLC 5.35% 3/1/2026  | 4000000 | 4020592 |
|  |  | 6758160 |
| TOTAL NETHERLANDS |  | 26918521 |
| NORWAY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| DNB Bank ASA 1.535% 5/25/2027 (b)(c) | 5660000 | 5490018 |
| SPAIN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco Santander SA 5.365% 7/15/2028 (c) | 3800000 | 3857235 |
| SWITZERLAND - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| UBS Group AG 1.305% 2/2/2027 (b)(c) | 3000000 | 2930598 |
| UBS Group AG 1.364% 1/30/2027 (b)(c) | 3720000 | 3637203 |
| UBS Group AG 1.494% 8/10/2027 (b)(c) | 6100000 | 5868809 |
| UBS Group AG 4.125% 4/15/2026 (b) | 3000000 | 2988948 |
| UBS Group AG 4.703% 8/5/2027 (b)(c) | 2730000 | 2727940 |
|  |  | 18153498 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Holcim Finance US LLC 4.6% 4/7/2027 (b) | 1613000 | 1614614 |
| TOTAL SWITZERLAND |  | 19768112 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Tobacco - 0.0% |  |  |
| BAT Capital Corp 3.215% 9/6/2026  | 5510000 | 5416539 |
| BAT Capital Corp 3.557% 8/15/2027  | 4000000 | 3912363 |
| BAT Capital Corp 4.7% 4/2/2027  | 2000000 | 2004072 |
| BAT International Finance PLC 1.668% 3/25/2026  | 2000000 | 1952618 |
| Imperial Brands Finance PLC 3.5% 7/26/2026 (b) | 4000000 | 3941084 |
| Imperial Brands Finance PLC 6.125% 7/27/2027 (b) | 2000000 | 2052010 |
| Reynolds American Inc 4.45% 6/12/2025  | 4000000 | 3999700 |
|  |  | 23278386 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Barclays PLC 2.279% 11/24/2027 (c) | 4200000 | 4052831 |
| Barclays PLC 5.304% 8/9/2026 (c) | 1490000 | 1491325 |
| Barclays PLC 5.501% 8/9/2028 (c) | 2000000 | 2029558 |
| Barclays PLC 5.674% 3/12/2028 (c) | 3300000 | 3349787 |
| Barclays PLC 5.829% 5/9/2027 (c) | 2670000 | 2694368 |
| Barclays PLC 6.496% 9/13/2027 (c) | 2800000 | 2858594 |
| Barclays PLC 7.325% 11/2/2026 (c) | 3500000 | 3535757 |
| HSBC Holdings PLC 4.292% 9/12/2026 (c) | 1510000 | 1507081 |
| HSBC Holdings PLC 4.899% 3/3/2029 (c) | 3998000 | 4007089 |
| HSBC Holdings PLC 5.597% 5/17/2028 (c) | 3400000 | 3450510 |
| HSBC Holdings PLC 5.887% 8/14/2027 (c) | 4660000 | 4717818 |
| HSBC Holdings PLC 7.336% 11/3/2026 (c) | 2000000 | 2020071 |
| Lloyds Banking Group PLC 1.627% 5/11/2027 (c) | 5038000 | 4895118 |
| Lloyds Banking Group PLC 5.462% 1/5/2028 (c) | 2200000 | 2225031 |
| Lloyds Banking Group PLC 5.985% 8/7/2027 (c) | 3305000 | 3351114 |
| NatWest Group PLC 1.642% 6/14/2027 (c) | 3000000 | 2906792 |
| NatWest Group PLC 3.073% 5/22/2028 (c) | 3800000 | 3685345 |
| NatWest Group PLC 5.847% 3/2/2027 (c) | 2758000 | 2780323 |
| NatWest Group PLC 7.472% 11/10/2026 (c) | 2000000 | 2022970 |
| NatWest Group PLC U.S. SOFR Index + 1.1%, 5.3842% 5/23/2029 (c)(d) | 4285000 | 4285171 |
| NatWest Markets PLC 5.416% 5/17/2027 (b) | 2400000 | 2443359 |
|  |  | 64310012 |
| Financial Services - 0.0% |  |  |
| Nationwide Building Society 6.557% 10/18/2027 (b)(c) | 2000000 | 2047891 |
| TOTAL FINANCIALS |  | 66357903 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| BAE Systems PLC 5% 3/26/2027 (b) | 1066000 | 1074755 |
| TOTAL UNITED KINGDOM |  | 90711044 |
| UNITED STATES - 0.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AT&T Inc 1.7% 3/25/2026  | 2000000 | 1953185 |
| AT&T Inc 2.95% 7/15/2026  | 3870000 | 3801817 |
| Verizon Communications Inc 4.125% 3/16/2027  | 1820000 | 1812566 |
|  |  | 7567568 |
| Media - 0.0% |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital 3.75% 2/15/2028  | 2000000 | 1951997 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.908% 7/23/2025  | 703000 | 702891 |
| Cox Communications Inc 3.35% 9/15/2026 (b) | 2000000 | 1962332 |
| Warnermedia Holdings Inc 3.755% 3/15/2027  | 5500000 | 5331544 |
|  |  | 9948764 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Sprint LLC 7.625% 3/1/2026  | 4425000 | 4473643 |
| T-Mobile USA Inc 1.5% 2/15/2026  | 3000000 | 2929998 |
| T-Mobile USA Inc 2.25% 2/15/2026  | 2840000 | 2791215 |
| T-Mobile USA Inc 2.625% 4/15/2026  | 3000000 | 2953504 |
|  |  | 13148360 |
| TOTAL COMMUNICATION SERVICES |  | 30664692 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| General Motors Financial Co Inc 1.25% 1/8/2026  | 1610000 | 1574193 |
| General Motors Financial Co Inc 1.5% 6/10/2026  | 2000000 | 1932495 |
| General Motors Financial Co Inc 5% 4/9/2027  | 1800000 | 1800987 |
| General Motors Financial Co Inc 5% 7/15/2027  | 5500000 | 5505161 |
| General Motors Financial Co Inc 5.4% 5/8/2027  | 3000000 | 3024754 |
| Hyundai Capital America 1.5% 6/15/2026 (b) | 2000000 | 1930937 |
| Hyundai Capital America 2.75% 9/27/2026 (b) | 2000000 | 1945585 |
| Hyundai Capital America 5.5% 3/30/2026 (b) | 2000000 | 2010818 |
| Hyundai Capital America 5.65% 6/26/2026 (b) | 2500000 | 2522281 |
| Hyundai Capital America 5.8% 6/26/2025 (b) | 2000000 | 2000912 |
| Hyundai Capital America 5.95% 9/21/2026 (b) | 4000000 | 4050554 |
|  |  | 28298677 |
| Specialty Retail - 0.0% |  |  |
| AutoZone Inc 3.125% 4/21/2026  | 1500000 | 1483788 |
| AutoZone Inc 5.165% 6/15/2030  | 825000 | 838034 |
| O'Reilly Automotive Inc 5.75% 11/20/2026  | 2230000 | 2267776 |
|  |  | 4589598 |
| TOTAL CONSUMER DISCRETIONARY |  | 32888275 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Mars Inc 4.45% 3/1/2027 (b) | 2307000 | 2309235 |
| Mars Inc 4.6% 3/1/2028 (b) | 3914000 | 3932218 |
| Mondelez International Holdings Netherlands BV 1.25% 9/24/2026 (b) | 1960000 | 1876775 |
|  |  | 8118228 |
| Food Products - 0.0% |  |  |
| Bunge Ltd Fin Corp 4.1% 1/7/2028  | 2243000 | 2225444 |
| Tobacco - 0.0% |  |  |
| Altria Group Inc 2.625% 9/16/2026  | 5000000 | 4883501 |
| Philip Morris International Inc 4.125% 4/28/2028  | 5100000 | 5067406 |
| Philip Morris International Inc 4.75% 2/12/2027  | 2102000 | 2117579 |
|  |  | 12068486 |
| TOTAL CONSUMER STAPLES |  | 22412158 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc 2.061% 12/15/2026  | 2930000 | 2824781 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| DCP Midstream Operating LP 5.375% 7/15/2025  | 1909000 | 1909484 |
| DCP Midstream Operating LP 5.625% 7/15/2027  | 2809000 | 2860436 |
| Devon Energy Corp 5.85% 12/15/2025  | 2000000 | 2006119 |
| Diamondback Energy Inc 5.2% 4/18/2027  | 3633000 | 3667823 |
| Energy Transfer LP 5.625% 5/1/2027 (b) | 2000000 | 2000089 |
| Energy Transfer LP 6% 2/1/2029 (b) | 3900000 | 3949545 |
| Energy Transfer LP 6.05% 12/1/2026  | 3900000 | 3974735 |
| EQT Corp 3.125% 5/15/2026 (b) | 4000000 | 3927809 |
| MPLX LP 1.75% 3/1/2026  | 5000000 | 4887478 |
| MPLX LP 4.125% 3/1/2027  | 3700000 | 3671409 |
| Northwest Pipeline LLC 4% 4/1/2027  | 3000000 | 2966213 |
| Occidental Petroleum Corp 5% 8/1/2027  | 2738000 | 2738450 |
| ONEOK Inc 4.25% 9/24/2027  | 383000 | 380492 |
| Phillips 66 Co 3.55% 10/1/2026  | 1850000 | 1826586 |
| Pioneer Natural Resources Co 1.125% 1/15/2026  | 1500000 | 1468592 |
| Plains All American Pipeline LP / PAA Finance Corp 4.5% 12/15/2026  | 5450000 | 5440961 |
| Western Gas Partners LP 4.65% 7/1/2026  | 3000000 | 2991618 |
| Williams Cos Inc/The 5.4% 3/2/2026  | 312000 | 313555 |
|  |  | 50981394 |
| TOTAL ENERGY |  | 53806175 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Bank of America Corp 1.197% 10/24/2026 (c) | 3000000 | 2957736 |
| Bank of America Corp 1.658% 3/11/2027 (c) | 3600000 | 3516843 |
| Bank of America Corp 3.559% 4/23/2027 (c) | 4000000 | 3959025 |
| Bank of America Corp 3.824% 1/20/2028 (c) | 4560000 | 4498845 |
| Bank of America Corp 4.623% 5/9/2029 (c) | 5100000 | 5098791 |
| Bank of America Corp 4.979% 1/24/2029 (c) | 5500000 | 5553872 |
| Bank of America Corp 5.08% 1/20/2027 (c) | 2000000 | 2004200 |
| Bank of America Corp 5.933% 9/15/2027 (c) | 3700000 | 3757255 |
| Citibank NA 4.929% 8/6/2026  | 4500000 | 4525342 |
| Citibank NA 5.864% 9/29/2025  | 2000000 | 2006017 |
| Citibank NA U.S. SOFR Index + 0.781%, 5.1013% 5/29/2027 (c)(d) | 5400000 | 5402511 |
| Citigroup Inc 1.122% 1/28/2027 (c) | 5000000 | 4881154 |
| Citigroup Inc 1.462% 6/9/2027 (c) | 3000000 | 2900129 |
| Citigroup Inc 4.075% 4/23/2029 (c) | 4652000 | 4578021 |
| Citigroup Inc 5.61% 9/29/2026 (c) | 2000000 | 2004605 |
| Citizens Bank NA/Providence RI 4.575% 8/9/2028 (c) | 3000000 | 2993170 |
| Huntington Bancshares Inc/OH 4.443% 8/4/2028 (c) | 3000000 | 2995383 |
| Huntington Bancshares Inc/OH 6.208% 8/21/2029 (c) | 4350000 | 4534314 |
| Huntington National Bank/The U.S. SOFR Index + 0.72%, 5.0452% 4/12/2028 (c)(d) | 4525000 | 4514231 |
| JPMorgan Chase & Co 1.47% 9/22/2027 (c) | 4100000 | 3937343 |
| JPMorgan Chase & Co 1.578% 4/22/2027 (c) | 2910000 | 2833826 |
| JPMorgan Chase & Co 2.182% 6/1/2028 (c) | 3000000 | 2862662 |
| JPMorgan Chase & Co 4.505% 10/22/2028 (c) | 5000000 | 4989731 |
| JPMorgan Chase & Co 4.915% 1/24/2029 (c) | 4560000 | 4599845 |
| JPMorgan Chase & Co 4.979% 7/22/2028 (c) | 6100000 | 6147986 |
| JPMorgan Chase & Co 5.04% 1/23/2028 (c) | 2200000 | 2215697 |
| JPMorgan Chase & Co 5.571% 4/22/2028 (c) | 2384000 | 2427577 |
| JPMorgan Chase & Co 6.07% 10/22/2027 (c) | 3400000 | 3470592 |
| Morgan Stanley Bank NA 4.754% 4/21/2026  | 941000 | 943165 |
| Morgan Stanley Bank NA 5.016% 1/12/2029 (c) | 2841000 | 2869542 |
| Morgan Stanley Bank NA 5.882% 10/30/2026  | 2000000 | 2039658 |
| PNC Financial Services Group Inc/The 5.102% 7/23/2027 (c) | 4600000 | 4627056 |
| PNC Financial Services Group Inc/The 5.3% 1/21/2028 (c) | 5595000 | 5659361 |
| PNC Financial Services Group Inc/The 6.615% 10/20/2027 (c) | 5600000 | 5757618 |
| Santander Holdings USA Inc 2.49% 1/6/2028 (c) | 3000000 | 2882650 |
| Santander Holdings USA Inc 3.244% 10/5/2026  | 4700000 | 4606787 |
| Santander Holdings USA Inc 6.124% 5/31/2027 (c) | 1162000 | 1172369 |
| Truist Financial Corp 1.267% 3/2/2027 (c) | 3000000 | 2919191 |
| Truist Financial Corp 5.9% 10/28/2026 (c) | 3900000 | 3916789 |
| Truist Financial Corp 6.047% 6/8/2027 (c) | 5460000 | 5530489 |
| US Bancorp 3.1% 4/27/2026  | 1500000 | 1480311 |
| US Bancorp 6.787% 10/26/2027 (c) | 3720000 | 3830315 |
| US Bank NA/Cincinnati OH U.S. SOFR Index + 0.91%, 5.1985% 5/15/2028 (c)(d) | 5100000 | 5108466 |
| Wells Fargo & Co 2.393% 6/2/2028 (c) | 5900000 | 5646862 |
| Wells Fargo & Co 3.196% 6/17/2027 (c) | 5350000 | 5273100 |
| Wells Fargo & Co 4.9% 1/24/2028 (c) | 3722000 | 3735755 |
| Wells Fargo & Co 4.97% 4/23/2029 (c) | 4058000 | 4088202 |
| Wells Fargo & Co 5.707% 4/22/2028 (c) | 3000000 | 3055430 |
| Wells Fargo Bank NA 5.254% 12/11/2026  | 2000000 | 2025523 |
|  |  | 183335342 |
| Capital Markets - 0.1% |  |  |
| Athene Global Funding 1.608% 6/29/2026 (b) | 2500000 | 2421193 |
| Athene Global Funding 4.86% 8/27/2026 (b) | 5300000 | 5312260 |
| Athene Global Funding 5.516% 3/25/2027 (b) | 2500000 | 2534668 |
| Bank of New York Mellon/The 4.729% 4/20/2029 (c) | 1617000 | 1630927 |
| Goldman Sachs Group Inc/The 1.093% 12/9/2026 (c) | 3000000 | 2943115 |
| Goldman Sachs Group Inc/The 1.431% 3/9/2027 (c) | 2910000 | 2836757 |
| Goldman Sachs Group Inc/The 1.542% 9/10/2027 (c) | 2000000 | 1920392 |
| Goldman Sachs Group Inc/The 1.948% 10/21/2027 (c) | 5800000 | 5586437 |
| Goldman Sachs Group Inc/The 4.387% 6/15/2027 (c) | 3000000 | 2991486 |
| Goldman Sachs Group Inc/The U.S. SOFR Index + 1.29%, 5.6072% 4/23/2028 (c)(d) | 3625000 | 3647187 |
| Intercontinental Exchange Inc 3.625% 9/1/2028  | 3700000 | 3603666 |
| LPL Holdings Inc 4.9% 4/3/2028  | 1904000 | 1906587 |
| Morgan Stanley 0.985% 12/10/2026 (c) | 3000000 | 2940011 |
| Morgan Stanley 1.512% 7/20/2027 (c) | 5860000 | 5654099 |
| Morgan Stanley 1.593% 5/4/2027 (c) | 4000000 | 3886853 |
| Morgan Stanley 3.591% 7/22/2028 (c) | 3000000 | 2933127 |
| Morgan Stanley 4.994% 4/12/2029 (c) | 3006000 | 3034148 |
| Nasdaq Inc 5.65% 6/28/2025  | 254000 | 254028 |
| Sammons Financial Group Global Funding 5.05% 1/10/2028 (b) | 4614000 | 4668478 |
|  |  | 60705419 |
| Consumer Finance - 0.0% |  |  |
| Ally Financial Inc 5.737% 5/15/2029 (c) | 320000 | 323134 |
| Ally Financial Inc 7.1% 11/15/2027  | 5120000 | 5369575 |
| American Express Co 5.098% 2/16/2028 (c) | 2850000 | 2876041 |
| American Express Co 5.389% 7/28/2027 (c) | 1700000 | 1715161 |
| American Express Co 6.338% 10/30/2026 (c) | 1694000 | 1705598 |
| Capital One Financial Corp 1.878% 11/2/2027 (c) | 3700000 | 3558666 |
| Capital One Financial Corp 4.985% 7/24/2026 (c) | 1500000 | 1499988 |
| Capital One Financial Corp 7.149% 10/29/2027 (c) | 4400000 | 4539214 |
| Ford Motor Credit Co LLC 5.8% 3/5/2027  | 2200000 | 2197558 |
| Ford Motor Credit Co LLC 5.85% 5/17/2027  | 4000000 | 3994397 |
| Ford Motor Credit Co LLC 6.95% 3/6/2026  | 65000 | 65407 |
| Ford Motor Credit Co LLC 6.95% 6/10/2026  | 2000000 | 2022747 |
|  |  | 29867486 |
| Financial Services - 0.0% |  |  |
| CNH Industrial Capital LLC 1.45% 7/15/2026  | 5700000 | 5490924 |
| CNH Industrial Capital LLC 4.5% 10/8/2027  | 3700000 | 3694585 |
| Corebridge Financial Inc 3.65% 4/5/2027  | 2810000 | 2765611 |
| Corebridge Global Funding 4.9% 1/7/2028 (b) | 2236000 | 2262462 |
| Corebridge Global Funding 5.75% 7/2/2026 (b) | 2000000 | 2025288 |
| Jackson Financial Inc 5.17% 6/8/2027  | 2000000 | 2015455 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 2.5% 1/15/2027  | 3000000 | 2892464 |
| Western Union Co/The 1.35% 3/15/2026  | 3000000 | 2916924 |
|  |  | 24063713 |
| Insurance - 0.0% |  |  |
| Aon North America Inc 5.125% 3/1/2027  | 3250000 | 3284096 |
| Arthur J Gallagher & Co 4.6% 12/15/2027  | 3068000 | 3075102 |
| Equitable Financial Life Global Funding 1% 1/9/2026 (b) | 3900000 | 3817482 |
| Equitable Financial Life Global Funding 1.3% 7/12/2026 (b) | 1000000 | 965733 |
| Fortitude Group Holdings LLC 6.25% 4/1/2030 (b) | 2924000 | 2960406 |
| Jackson National Life Global Funding 4.9% 1/13/2027 (b) | 4333000 | 4349461 |
| Jackson National Life Global Funding 5.55% 7/2/2027 (b) | 2512000 | 2553944 |
| Jackson National Life Global Funding U.S. SOFR Index + 0.97%, 5.2952% 1/14/2028 (b)(c)(d) | 2500000 | 2515403 |
| MassMutual Global Funding II 5.1% 4/9/2027 (b) | 3400000 | 3445425 |
| Metropolitan Tower Global Funding 4% 10/1/2027 (b) | 1400000 | 1385714 |
|  |  | 28352766 |
| TOTAL FINANCIALS |  | 326324726 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Amgen Inc 5.15% 3/2/2028  | 342000 | 348253 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Boston Scientific Corp 1.9% 6/1/2025  | 3000000 | 2999365 |
| Health Care Providers & Services - 0.0% |  |  |
| Cigna Group/The 1.25% 3/15/2026  | 803000 | 782183 |
| Cigna Group/The 3.4% 3/1/2027  | 3000000 | 2947210 |
| CVS Health Corp 2.875% 6/1/2026  | 3870000 | 3800528 |
| CVS Health Corp 5% 2/20/2026  | 2000000 | 2002741 |
| HCA Inc 4.5% 2/15/2027  | 4000000 | 3987770 |
| HCA Inc 5% 3/1/2028  | 2388000 | 2413172 |
| HCA Inc 5.25% 6/15/2026  | 2735000 | 2737877 |
| HCA Inc 5.875% 2/15/2026  | 2000000 | 2004154 |
| Icon Investments Six DAC 5.809% 5/8/2027  | 3353000 | 3408160 |
|  |  | 24083795 |
| Pharmaceuticals - 0.0% |  |  |
| Bristol-Myers Squibb Co 4.9% 2/22/2027  | 1624000 | 1642737 |
| Haleon US Capital LLC 3.375% 3/24/2027  | 1870000 | 1838760 |
|  |  | 3481497 |
| TOTAL HEALTH CARE |  | 30912910 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Boeing Co 6.259% 5/1/2027  | 302000 | 310415 |
| L3Harris Technologies Inc 5.4% 1/15/2027  | 2000000 | 2027495 |
|  |  | 2337910 |
| Machinery - 0.0% |  |  |
| Ingersoll Rand Inc 5.197% 6/15/2027  | 4100000 | 4151047 |
| Trading Companies & Distributors - 0.0% |  |  |
| Air Lease Corp 1.875% 8/15/2026  | 2000000 | 1933568 |
| Air Lease Corp 2.875% 1/15/2026  | 2158000 | 2132308 |
| Air Lease Corp 3.375% 7/1/2025  | 3000000 | 2996158 |
|  |  | 7062034 |
| TOTAL INDUSTRIALS |  | 13550991 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.0% |  |  |
| Cisco Systems Inc 4.8% 2/26/2027  | 3000000 | 3029721 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Amphenol Corp 5.05% 4/5/2027  | 589000 | 596912 |
| Dell International LLC / EMC Corp 4.75% 4/1/2028  | 4400000 | 4420207 |
| Dell International LLC / EMC Corp 4.9% 10/1/2026  | 3000000 | 3008118 |
| Dell International LLC / EMC Corp 6.02% 6/15/2026  | 4015000 | 4052183 |
|  |  | 12077420 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Broadcom Inc 4.15% 2/15/2028  | 3547000 | 3529620 |
| Broadcom Inc 5.05% 7/12/2027  | 3800000 | 3849010 |
| Micron Technology Inc 5.327% 2/6/2029  | 2700000 | 2739961 |
| Micron Technology Inc 6.75% 11/1/2029  | 1800000 | 1924378 |
|  |  | 12042969 |
| Software - 0.0% |  |  |
| Oracle Corp 2.65% 7/15/2026  | 4000000 | 3916193 |
| Roper Technologies Inc 1% 9/15/2025  | 2000000 | 1979091 |
| VMware LLC 1.4% 8/15/2026  | 2000000 | 1925686 |
|  |  | 7820970 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Hewlett Packard Enterprise Co 4.4% 9/25/2027  | 1832000 | 1829618 |
| Hewlett Packard Enterprise Co 4.45% 9/25/2026  | 2255000 | 2251704 |
|  |  | 4081322 |
| TOTAL INFORMATION TECHNOLOGY |  | 39052402 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Celanese US Holdings LLC 1.4% 8/5/2026  | 2904000 | 2782418 |
| Celanese US Holdings LLC 6.415% 7/15/2027 (c) | 3181000 | 3261480 |
| Mosaic Co/The 4.05% 11/15/2027  | 3700000 | 3650840 |
|  |  | 9694738 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| VICI Properties LP 4.75% 4/1/2028  | 300000 | 299876 |
| Specialized REITs - 0.0% |  |  |
| American Tower Corp 1.6% 4/15/2026  | 3000000 | 2920190 |
| American Tower Corp 3.125% 1/15/2027  | 3600000 | 3511502 |
| Crown Castle Inc 4% 3/1/2027  | 2000000 | 1974216 |
|  |  | 8405908 |
| TOTAL REAL ESTATE |  | 8705784 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Cleco Corporate Holdings LLC 3.743% 5/1/2026  | 2600000 | 2569716 |
| Duke Energy Corp 2.65% 9/1/2026  | 1000000 | 978389 |
| Eversource Energy 4.75% 5/15/2026  | 1800000 | 1802032 |
| Exelon Corp 5.15% 3/15/2029  | 586000 | 596952 |
| FirstEnergy Corp 3.9% 7/15/2027 (l) | 3800000 | 3745605 |
| FirstEnergy Pennsylvania Electric Co 5.15% 3/30/2026 (b) | 576000 | 578006 |
| Georgia Power Co 5.004% 2/23/2027  | 827000 | 837859 |
| Pacific Gas and Electric Co 2.1% 8/1/2027  | 3900000 | 3679908 |
| Pacific Gas and Electric Co 5.45% 6/15/2027  | 2000000 | 2019830 |
| Pinnacle West Capital Corp 4.9% 5/15/2028  | 795000 | 801093 |
| Southern California Edison Co 3.7% 8/1/2025  | 1500000 | 1495526 |
| Southern Co/The 5.5% 3/15/2029  | 893000 | 924897 |
| Vistra Operations Co LLC 5.05% 12/30/2026 (b) | 1265000 | 1268299 |
|  |  | 21298112 |
| Multi-Utilities - 0.0% |  |  |
| CenterPoint Energy Inc 1.45% 6/1/2026  | 3000000 | 2907856 |
| Dominion Energy Inc 2.85% 8/15/2026  | 2000000 | 1958334 |
| DTE Energy Co 4.95% 7/1/2027  | 1227000 | 1236892 |
| NiSource Inc 0.95% 8/15/2025  | 3000000 | 2976735 |
|  |  | 9079817 |
| TOTAL UTILITIES |  | 30377929 |
| TOTAL UNITED STATES |  | 598390780 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $977,275,026) |  | <br> **984749989** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd <br>(Cost $61,216,220)<br>| 1664790 | **55542800** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.3%** |
|  | Yield (%) (m) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 6/12/2025 (n) | 4.25 | 90000 | 89894 |
| US Treasury Bills 0% 6/20/2025 (n) | 4.23 | 60000 | 59873 |
| US Treasury Bills 0% 6/26/2025 (n) | 4.23 to 4.24 | 1080000 | 1076955 |
| US Treasury Bills 0% 6/5/2025 (n) | 4.23 to 4.25 | 270000 | 269904 |
| US Treasury Bills 0% 7/10/2025 (n) | 4.25 | 210000 | 209063 |
| US Treasury Bills 0% 7/24/2025 (n) | 4.25 | 710000 | 705665 |
| US Treasury Bills 0% 7/31/2025 (n) | 4.23 to 4.24 | 1280000 | 1271133 |
| US Treasury Bills 0% 8/21/2025 (n) | 4.25 | 822000 | 814266 |
| US Treasury Bills 0% 8/28/2025 (n) | 4.27 | 190000 | 188053 |
| US Treasury Notes 3.625% 5/31/2028 (q) | 3.57 to 4.27 | 105907700 | 105179585 |
| US Treasury Notes 4.125% 10/31/2027  | 3.48 to 4.85 | 39744500 | 39960300 |
| US Treasury Notes 4.25% 3/15/2027 (n) | 3.57 to 4.69 | 157069800 | 157879691 |
| US Treasury Notes 4.5% 7/15/2026  | 4.11 to 4.92 | 120442500 | 120945912 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $426,337,125) |  |  | **428650294** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (o) | 4.32 | 1480801384 | 1481097545 |
| Fidelity Securities Lending Cash Central Fund (o)(p) | 4.32 | 1458087625 | 1458233433 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,939,327,216) |  |  | **2939330978** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $123,041,379,100)<br>| <br>**158106712912** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(1389873463)** |
| **NET ASSETS - 100.0%** | **156716839449** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Russell 2000 Index Contracts (United States) | 41 | Jun 2025 | 4240015 | 201607 | 201607 |
| CME E-Mini S&P 500 Index Contracts (United States) | 4915 | Jun 2025 | 1453857000 | 57615731 | 57615731 |
| CME S&P 400 Midcap Index Contracts (United States) | 19 | Jun 2025 | 5707790 | 372847 | 372847 |
| **TOTAL EQUITY CONTRACTS** |  |  |  |  | 58190185 |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 2 Year US Treasury Note Contracts (United States) | 1014 | Sep 2025 | 210420844 | 418118 | 418118 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **58608303** |
| The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% | The notional amount of futures purchased as a percentage of Net Assets is 1.0% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| Apple Inc | Chicago Board Options Exchange | 818 | 16429530 | 215.00 | 06/20/25 | (104704) |
| Booking Holdings Inc | Chicago Board Options Exchange | 29 | 16004897 | 5000.00 | 06/20/25 | (1556720) |
| Booking Holdings Inc | Chicago Board Options Exchange | 29 | 16004897 | 5300.00 | 06/20/25 | (813595) |
| Booking Holdings Inc | Chicago Board Options Exchange | 29 | 16004897 | 5500.00 | 06/20/25 | (430650) |
| Boston Scientific Corp | Chicago Board Options Exchange | 3510 | 36946260 | 105.00 | 06/20/25 | (833625) |
| GE Aerospace | Chicago Board Options Exchange | 2004 | 49280364 | 270.00 | 07/18/25 | (582162) |
| GE Aerospace | Chicago Board Options Exchange | 4008 | 98560728 | 260.00 | 07/18/25 | (2134260) |
| GE Vernova Inc | Chicago Board Options Exchange | 2131 | 100792038 | 550.00 | 07/18/25 | (1640870) |
| JPMorgan Chase & Co | Chicago Board Options Exchange | 2233 | 58951200 | 250.00 | 06/20/25 | (3550470) |
| JPMorgan Chase & Co | Chicago Board Options Exchange | 508 | 13411200 | 260.00 | 06/20/25 | (421640) |
| Marriott International Inc/MD Class A1 | Chicago Board Options Exchange | 214 | 5645962 | 260.00 | 06/20/25 | (206510) |
| Meta Platforms Inc Class A | Chicago Board Options Exchange | 378 | 24475122 | 650.00 | 06/20/25 | (618975) |
| SAP SE ADR | Chicago Board Options Exchange | 639 | 19352754 | 280.00 | 06/20/25 | (1607085) |
| Vertiv Holdings Co Class A | Chicago Board Options Exchange | 841 | 9076913 | 90.00 | 06/20/25 | (1572670) |
| Visa Inc Class A | Chicago Board Options Exchange | 740 | 27024060 | 360.00 | 06/20/25 | (738150) |
| Walmart Inc | Chicago Board Options Exchange | 838 | 8272736 | 100.00 | 06/20/25 | (123186) |
| Wells Fargo & Co | Chicago Board Options Exchange | 6524 | 48786472 | 82.50 | 07/18/25 | (528444) |
|  |  |  |  |  |  | (17463716) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(17463716)** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** |
| Underlying Reference | Pay/<br> Receive<br> Reference | Reference<br> Payment<br> Frequency | Financing<br> Rate | Financing<br> Frequency | Counterparty | Maturity<br> Date | Units | Notional<br> Amount | Value ($)<br>| Upfront<br> Premium<br> Received/<br> (Paid) ($)<br>| Unrealized <br> Appreciation/<br> (Depreciation) ($)<br>|
| S&P 500 Index | Receives | Monthly | U.s. Sofr Index plus 107 basis points | Monthly | BNP Paribas SA | Dec 2025 | 22622 | 279469340 | 14505115 | 0 | 14505115 |
| S&P 500 Index | Receives | Monthly | U.s. Sofr Index plus 108 basis points | Monthly | Goldman Sachs International | Nov 2025 | 3835 | 47377107 | 2458404 | 0 | 2458404 |
| S&P 500 Index | Receives | Monthly | U.s. Sofr Index plus 103 basis points | Monthly | Goldman Sachs International | Nov 2025 | 19383 | 239455142 | 12435110 | 0 | 12435110 |
| **TOTAL RETURN SWAPS** |  |  |  |  |  |  |  |  | **29398629** | **0** | **29398629** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

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

(b) 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 $571,905,902 or 0.4% of net assets.

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

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

(f) Non-income producing

(g) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $65,511,195 or 0.0% of net assets.

(h) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $565,020,030.

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

(j) Level 3 security

(k) Affiliated Fund

(l) 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.

(m) 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.

(n) 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 $103,959,027.

(o) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

(q) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $52,883.

**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 | 988367069 | 11190086322 | 10697350469 | 61685971 | (5377) | - | 1481097545 | 1480801384 | 2.7% |
| Fidelity Securities Lending Cash Central Fund | 792033763 | 5828706446 | 5162506776 | 2096263 | - | - | 1458233433 | 1458087625 | 4.7% |
| Total | 1780400832 | 17018792768 | 15859857245 | 63782234 | (5377) | - | 2939330978 |  |  |

---

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.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Fidelity Advisor Blue Chip Growth Fund - Class Z | - | 612481487 | - | - | - | 1188433315 | 4056740504 | 18550187 |
| Fidelity Advisor Magellan Fund - Class Z | - | 501792649 | - | 401792649 | - | 1616877262 | 8982286742 | 605683529 |
| Fidelity Advisor Small Cap Growth Fund - Class Z | 1180230254 | 267795395 | - | 21557220 | - | (15033128) | 1432992521 | 45176309 |
| Fidelity Blue Chip Growth Fund | 2834601385 | 435962977 | 125000000 | 189857099 | 8045236 | (897783896) | - | - |
| Fidelity Contrafund | 5667816012 | 277188391 | 995290325 | 277188391 | 108831221 | 553069238 | 5611614537 | 256824464 |
| Fidelity Extended Market Index Fund | 2978386225 | 1184552727 | 695862025 | 16961435 | 24404019 | 238400459 | 3729881405 | 42351327 |
| Fidelity Growth Company Fund | 12525496474 | 2067887605 | 125000000 | 1203658940 | 818972 | 449440356 | 14918643407 | 381550982 |
| Fidelity Magellan Fund | 7343976910 | 746152605 | 125000000 | 266837517 | (8443554) | (1093069130) | - | - |
| Fidelity SAI Inflation-Focused Fund | 1222 | 54 | - | 55 | - | (91) | 1185 | 14 |
| Fidelity SAI Small-Mid Cap 500 Index Fund | 1245839035 | 88132124 | 627053714 | 88132123 | 48385054 | (81476726) | 673825773 | 107639900 |
| Fidelity SAI U.S. Large Cap Index Fund | 2695197081 | 5486728481 | 6350967366 | 203199555 | (15356106) | 34949430 | 1850551520 | 78813949 |
| Fidelity SAI U.S. Low Volatility Index Fund | 6937888747 | 2525520228 | 2643520826 | 180583820 | 64771612 | 703816758 | 7588476519 | 342131493 |
| Fidelity SAI U.S. Momentum Index Fund | 15688110 | 2906853142 | - | 32953304 | - | 187461440 | 3110002692 | 169667359 |
| Fidelity SAI U.S. Quality Index Fund | 11897911703 | 5498107136 | 375935098 | 1605222446 | (37095044) | 156176722 | 17139165419 | 785479625 |
| Fidelity SAI U.S. Value Index Fund | 2673481415 | 1838358999 | - | 209633685 | - | 34173771 | 4546014185 | 379783975 |
| Fidelity Small Cap Index Fund | 1474548882 | 13874803 | 648720334 | 13874802 | 66964069 | (49435801) | 857231619 | 33226032 |
|  | 59471063455 | 24451388803 | 12712349688 | 4711453041 | 261325479 | 3025999979 | 74497428028 |  |

---

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 May 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>** |  |  |  |  |
|  **Asset-Backed Securities** | 267637020 | - | 267637020 | - |
|  **Bank Notes** |  |  |  |  |
| Financials | 6658354 | - | 6658354 | - |
|  **Collateralized Mortgage Obligations** | 2255194 | - | 2255194 | - |
|  **Commercial Mortgage Securities** | 67120626 | - | 67120626 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 6026114416 | 5925743160 | 100371254 | 2 |
| Consumer Discretionary | 6390918800 | 6344775182 | 46143618 | - |
| Consumer Staples | 5258386526 | 5204570424 | 53816102 | - |
| Energy | 4205857212 | 4180535319 | 25321893 | - |
| Financials | 14230455906 | 13985587702 | 244868204 | - |
| Health Care | 8476597982 | 8365238058 | 111359924 | - |
| Industrials | 11254314810 | 11118652944 | 135661866 | - |
| Information Technology | 17047410997 | 16908277217 | 139133780 | - |
| Materials | 2248756155 | 2248756155 | - | - |
| Real Estate | 1618019096 | 1618019096 | - | - |
| Utilities | 2041283866 | 2030461918 | 10821948 | - |
|  **Domestic Equity Funds** | 74556651891 | 74556651891 | - | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 40581756 | - | 40581756 | - |
| Consumer Discretionary | 57199667 | - | 57199667 | - |
| Consumer Staples | 48007925 | - | 48007925 | - |
| Energy | 77945718 | - | 77945718 | - |
| Financials | 583074681 | - | 583074681 | - |
| Health Care | 30912910 | - | 30912910 | - |
| Industrials | 34856265 | - | 34856265 | - |
| Information Technology | 45810562 | - | 45810562 | - |
| Materials | 16358360 | - | 16358360 | - |
| Real Estate | 8705784 | - | 8705784 | - |
| Utilities | 41296361 | - | 41296361 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Information Technology | 55542800 | 55542800 | - | - |
|  **U.S. Treasury Obligations** | 428650294 | - | 428650294 | - |
|  **Money Market Funds** | 2939330978 | 2939330978 | - | - |
| **Total Investments in Securities:** | 158106712912 | 155482142844 | 2624570066 | 2 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 58608303 | 58608303 | - | - |
| Swaps | 29398629 | - | 29398629 | - |
| Total Assets | 88006932 | 58608303 | 29398629 | - |
|  **Liabilities** |  |  |  |  |
| Written Options | (17463716) | (17463716) | - | - |
| Total Liabilities | (17463716) | (17463716) | - | - |
| **Total Derivative Instruments:** | 70543216 | 41144587 | 29398629 | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 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)  | 58190185 | 0 |
| Swaps (b)  | 29398629 | 0 |
| Written Options (c)  | 0 | (17463716) |
| **Total Equity Risk**  | 87588814 | (17463716) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 418118 | 0 |
| **Total Interest Rate Risk**  | 418118 | 0 |
| **Total Value of Derivatives** | 88006932 | (17463716) |

---

(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).

(b)For bi-lateral over-the-counter (OTC) swaps, reflects gross value which is presented in the Statement of Assets and Liabilities in the bi-lateral OTC swaps, at value line-item(s).

(c)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of May 31, 2025** | **As of May 31, 2025** | **As of May 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,401,462,113) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $61,821,894,485) | $80669953906 |  |
| Fidelity Central Funds (cost $2,939,327,216) | 2939330978 |  |
| Other affiliated issuers (cost $58,280,157,399) | 74497428028 |  |
| Total Investment in Securities (cost $123,041,379,100) |  | $158106712912 |
| Segregated cash with brokers for derivative instruments |  | 7965906 |
| Cash |  | 199109 |
| Foreign currency held at value (cost $1,019,107) |  | 1016999 |
| Receivable for investments sold |  | 39631890 |
| Receivable for fund shares sold |  | 195879767 |
| Dividends receivable |  | 106633557 |
| Interest receivable |  | 17042278 |
| Distributions receivable from Fidelity Central Funds |  | 5696833 |
| Bi-lateral OTC swaps, at value |  | 29398629 |
| Prepaid expenses |  | 306332 |
| Other receivables |  | 673328 |
| **Total assets** |  | 158511157540 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $177879381 |  |
| Delayed delivery | 716967 |  |
| Payable for fund shares redeemed | 116645202 |  |
| Accrued management fee | 15162821 |  |
| Payable for daily variation margin on futures contracts | 1531783 |  |
| Written options, at value (premium received $11,390,946) | 17463716 |  |
| Other payables and accrued expenses | 6688416 |  |
| Collateral on securities loaned | 1458229805 |  |
| **Total liabilities** |  | 1794318091 |
| **Net Assets**  |  | $156716839449 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $119241011458 |
| Total accumulated earnings (loss) |  | 37475827991 |
| **Net Assets** |  | $156716839449 |
| **Net Asset Value**, offering price and redemption price per share ($156,716,839,449 ÷ 8,925,411,437 shares) |  | $17.56 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $1011818826 |
| Affiliated issuers |  | 504188991 |
| Interest  |  | 82360586 |
| Income from Fidelity Central Funds (including $2,096,263 from security lending)  |  | 63782234 |
| **Total income** |  | 1662150637 |
| **Expenses** |  |  |
| Management fee | $515365259 |  |
| Custodian fees and expenses | 859299 |  |
| Independent trustees' fees and expenses | 702197 |  |
| Registration fees | 9172726 |  |
| Audit fees | 193332 |  |
| Legal | 117050 |  |
| Miscellaneous | 598587 |  |
| Total expenses before reductions | 527008450 |  |
| Expense reductions | (349468849) |  |
| Total expenses after reductions |  | 177539601 |
| **Net Investment income (loss)** |  | 1484611036 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $80,891)  | 750267557 |  |
| Fidelity Central Funds | (5377) |  |
| Other affiliated issuers | 261325479 |  |
| Foreign currency transactions | (333226) |  |
| Futures contracts | 72559926 |  |
| Swaps | 1791908 |  |
| Written options | (11036095) |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 4207264050 |  |
| Total net realized gain (loss) |  | 5281834222 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $778,138)  | 4352994665 |  |
| Affiliated issuers  | 3025999979 |  |
| Assets and liabilities in foreign currencies | 534474 |  |
| Futures contracts | 44800578 |  |
| Swaps | 518345 |  |
| Written options | (3116642) |  |
| Total change in net unrealized appreciation (depreciation) |  | 7421731399 |
| **Net gain (loss)** |  | 12703565621 |
| **Net increase (decrease) in net assets resulting from operations** |  | $14188176657 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **May 31, 2025** | **Year ended**<br> **May 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1484611036 | $1033653931 |
| &nbsp;&nbsp;Net realized gain (loss) | 5281834222<br>| 2527947055<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 7421731399 | 20610702610<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 14188176657<br>| 24172303596<br>|
| Distributions to shareholders | (5793374672)<br>| (2007968736)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 58217525725 | 38744491874 |
| Reinvestment of distributions | 5744324053<br>| 1934598176<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (34338721173) | (17775994286) |
| **Net increase (decrease) in net assets resulting from share transactions** | 29623128605<br>| 22903095764<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 38017930590<br>| 45067430624<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 118698908859 | 73631478235<br>|
| &nbsp;&nbsp;End of period | $156716839449 | $118698908859 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3384391812 | 2611891127 |
| Issued in reinvestment of distributions | 333006361<br>| 134415665<br>|
| &nbsp;&nbsp;Redeemed | (1998777584) | (1215524166) |
| &nbsp;&nbsp;Net increase (decrease) | 1718620589 | 1530782626 |

---

**Financial Highlights** 

**Strategic Advisers® Fidelity® U.S. Total Stock Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended May 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.47 | $12.97 | $13.26 | $15.07 | $10.56 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .16  | .15  | .15  | .14  |
| Net realized and unrealized gain (loss)  | 1.66  | 3.67  | .24  | (.75)  | 4.73  |
| Total from investment operations  | 1.84  | 3.83  | .39  | (.60)  | 4.87  |
| Distributions from net investment income  | (.20)  | (.16)  | (.15)  | (.12)  | (.18)  |
| Distributions from net realized gain  | (.55)  | (.18)  | (.54)  | (1.09)  | (.19)  |
| Total distributions  | (.75)  | (.33) C | (.68) C | (1.21)  | (.36) C |
| Net asset value, end of period  | $17.56 | $16.47 | $12.97 | $13.26 | $15.07 |
| **Total Return** D | 11.30% <br>| 29.93%  | 3.45%  | (4.85)%  | 46.63%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .38%  | .38%  | .38%  | .38%  | .38%  |
| Expenses net of fee waivers, if any  | .13% <br>| .13%  | .13%  | .13%  | .13%  |
| Expenses net of all reductions, if any  | .13%  | .13%  | .13%  | .13%  | .13%  |
| Net investment income (loss)  | 1.06%  | 1.12%  | 1.24%  | 1.03%  | 1.11%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $156716839 | $118698909 | $73631478 | $68865016 | $60113747 |
| Portfolio turnover rate G | 33% <br>| 30%  | 39%  | 35%  | 46%  |

---

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

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended May 31, 2025

**1. Organization.**

Strategic Advisers Fidelity U.S. Total Stock Fund (the Fund) is a fund of Fidelity Rutland Square Trust II (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 Delaware statutory trust. The Fund is offered exclusively to certain managed account clients of Strategic Advisers LLC (Strategic Advisers), an affiliate of Fidelity Management & Research Company LLC (FMR).

**2. 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. Corporate bonds, bank notes and 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. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities and swaps 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. Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price 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 May 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. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Strategic Advisers Fidelity U.S. Total Stock Fund** | $142508 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.

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

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

Book-tax differences are primarily due to the short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), short-term capital gain dividends, swaps, futures and options transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales, options transactions and excise tax regulations.

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**  | $37507753498 |
| **Gross unrealized depreciation**  | <u>(3284026565)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$34223726933</u> |
| **Tax Cost**  | <u>$123863222614</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$379131395</u> |
| **Undistributed long-term capital gain**  | <u>$3351770093</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$34203508938</u> |

---

The Fund intends to elect to defer to its next fiscal year $457,437,444 of capital losses recognized during the period November 1, 2024 to May 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024** |
| **Ordinary Income**  | $2376380315 | $946565735 |
| **Long-term Capital Gains**  | <u>3416994357</u> | <u>1061403001</u> |
| **Total**  | <u>$5793374672</u> | <u>$2007968736</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 Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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

**3. 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, swaps and options. 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, to gain exposure to certain types of assets 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>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as bi-lateral swaps, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these 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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Strategic Advisers Fidelity U.S. Total Stock Fund** |  |  |
| **Equity Risk** |  |  |
| Futures Contracts | 72782464 | 44290189 |
| Written Options | (11036095) | (3116642) |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1791908</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>518345</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>63538277</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>41691892</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | <u>(222538)</u> | <u>510389</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(222538)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>510389</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>63315739</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>42202281</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**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, bond market and fluctuations in interest rates.

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

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

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

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**Swaps.** A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap.

Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any upfront premiums paid or received upon entering a bi-lateral OTC swap to compensate for differences between stated terms of the swap and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded in total accumulated earnings (loss) in the Statement of Assets and Liabilities and amortized to realized gain or (loss) ratably over the term of the swap. Any unamortized upfront premiums are presented in the Schedule of Investments.

Payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period.

**Total Return Swaps.** Total return swaps are agreements between counterparties to exchange cash flows, one based on a market-linked return of an individual asset or a basket of assets (i.e., an index), and the other on a fixed or floating rate. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting payment obligation, a fund will receive a payment from or make a payment to the counterparty. A fund enters into total return swaps to manage its market exposure.

**4. 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 ($)** | **Sales ($)** |
| **Strategic Advisers Fidelity U.S. Total Stock Fund** | 74974547782 | 45701239106 |

---

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

**Management Fee**. Strategic Advisers (the investment adviser) provides the Fund with investment management related services. For these services, the Fund pays a monthly management fee to the investment adviser. The management fee is calculated by adding the annual management fee rate of .25% of the Fund's average net assets throughout the month to the aggregate of the fee rates, payable monthly by the investment adviser, to the Fund's sub-advisers. The Fund's maximum aggregate management fee will not exceed 1.00% of the Fund's average net assets. For the reporting period, the total annual management fee rate was .37% of the Fund's average net assets.

During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

**Sub-Advisers.** FIAM LLC (an affiliate of the investment adviser), Fidelity Diversifying Solutions LLC (an affiliate of the investment adviser) and Geode Capital Management, LLC each served as a sub-adviser for the Fund during the period. Sub-advisers provide discretionary investment advisory services for their allocated portion of the Fund's assets and are paid as described in the Management Fee note.

FIL Investment Advisors (FIL) has been retained to serve as a sub-adviser for the Fund. As of the date of this report, however, FIL has not been allocated any portion of the Fund's assets. FIL in the future may provide discretionary investment advisory services for an allocated portion of the Fund's assets and will be paid by the investment adviser for providing these services.

Effective January 1, 2025, the sub-subadvisory agreements between FIAM LLC (FIAM) or Fidelity Diversifying Solutions LLC (FDS) and each of FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited (collectively, the Sub-Subadvisers) were amended. FIAM, FDS, or an affiliate, as applicable, and not the fund, pays the Sub-Subadvisers. Under the terms of the sub-subadvisory agreements, FIAM, FDS, or an affiliate, as applicable, pays each Sub-Subadviser monthly fees equal to 110% of the Sub-Subadviser's costs for providing sub-subadvisory services.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers Fidelity U.S. Total Stock Fund** | 745035 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other funds affiliated with each sub-adviser 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) ($)** |
| **Strategic Advisers Fidelity U.S. Total Stock Fund** | 2755613258 | 1509543408 | 31600999 |

---

**Prior Fiscal Year Affiliated Exchanges In-Kind.** During the prior period, the Fund redeemed shares of Fidelity Large Cap Value Enhanced Index Fund in exchange for investments and cash, if any, as noted in the following table. The Fund had a net realized gain of $10,891,114 on the Fund's redemptions of Fidelity Large Cap Value Enhanced Index Fund, which is included in "Net Realized gain (loss)" in the accompanying Statement of Changes in Net Assets. The Fund recognized a net gain on the exchanges for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Value of Investments ($)** | **Net realized gain (loss) ($)** | **Shares redeemed** |
| **Fidelity Large Cap Value Enhanced Index Fund** | 3520085005 | 10891114 | 262301416 |

---

**6. 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 are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers Fidelity U.S. Total Stock Fund** | 196243 |

---

**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. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. 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 ($)** |
| **Strategic Advisers Fidelity U.S. Total Stock Fund** | 229454 |

---

**9. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee in an amount equal to .25% of the Fund's average net assets until September 30, 2027. During the period, this waiver reduced the Fund's management fee by $349,404,580.

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 $64,269.

**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.

Funds do not invest in underlying mutual funds for the purpose of exercising management or control; however, investments by funds within their principal investment strategies may represent a significant portion of the underlying mutual fund's net assets. At the end of the period, certain Funds were the owners of record of 10% or more of the total outstanding shares of the following underlying mutual funds as shown below.

---

| | |
|:---|:---|
| **Fund**  | **Strategic Advisers Fidelity U.S. Total Stock Fund** |
| Fidelity Growth Company Fund | 23% |
| Fidelity Magellan Fund | 24% |
| Fidelity SAI Small-Mid Cap 500 Index Fund | 100% |
| Fidelity SAI U.S. Large Cap Index Fund | 14% |
| Fidelity SAI U.S. Low Volatility Index Fund | 56% |
| Fidelity SAI U.S. Quality Index Fund | 82% |
| Fidelity SAI U.S. Value Index Fund | 85% |
| Fidelity Small Cap Growth Fund | 21% |
| Fidelity SAI U.S. Momentum Index Fund | 72% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Fidelity U.S. Total Stock Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Fidelity U.S. Total Stock Fund (one of the funds constituting Fidelity Rutland Square Trust II, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 15, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2025, $5,631,296,775, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $133,077,439 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 43%, and 51% of the dividends distributed in July and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 51.64%, and 56.42% of the dividends distributed in July and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1.10%, and 3.08% of the dividends distributed in July and December, respectively during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Charles S. Morrison | Charles S. Morrison | Charles S. Morrison |
| Affirmative | 381775585183.64 | 95.17 |
| Withheld  | 19363639577.49 | 4.83 |
| TOTAL  | 401139224761.13 | 100.00 |
| Nancy D. Prior | Nancy D. Prior | Nancy D. Prior |
| Affirmative | 381252305731.53 | 95.04 |
| Withheld  | 19886919029.60 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Mary C. Farrell | Mary C. Farrell | Mary C. Farrell |
| Affirmative | 381226030239.11 | 95.04 |
| Withheld  | 19913194522.02 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Karen Kaplan | Karen Kaplan | Karen Kaplan |
| Affirmative | 381519946847.38 | 95.11 |
| Withheld  | 19619277913.75 | 4.89 |
| TOTAL  | 401139224761.13 | 100.00 |
| Christine Marcks | Christine Marcks | Christine Marcks |
| Affirmative | 380186327029.51 | 94.78 |
| Withheld  | 20952897731.62 | 5.22 |
| TOTAL  | 401139224761.13 | 100.00 |
| Harold Singleton III | Harold Singleton III | Harold Singleton III |
| Affirmative | 382499458473.65 | 95.35 |
| Withheld  | 18639766287.48 | 4.65 |
| TOTAL  | 401139224761.13 | 100.00 |
| Heidi L. Steiger | Heidi L. Steiger | Heidi L. Steiger |
| Affirmative | 380661676515.00 | 94.90 |
| Withheld  | 20477548246.13 | 5.10 |
| TOTAL  | 401139224761.13 | 100.00 |
| **Proposal 3** | **Proposal 3** | **Proposal 3** |
| To approve sub-advisory agreements among Strategic Advisers, Fidelity Diversifying Solutions LLC (FDS), and the trust, and sub-subadvisory agreements between FDS and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). | To approve sub-advisory agreements among Strategic Advisers, Fidelity Diversifying Solutions LLC (FDS), and the trust, and sub-subadvisory agreements between FDS and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). | To approve sub-advisory agreements among Strategic Advisers, Fidelity Diversifying Solutions LLC (FDS), and the trust, and sub-subadvisory agreements between FDS and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Affirmative | 19560769300.60 | 92.93 |
| Against | 658514273.07 | 3.13 |
| Abstain | 829374437.13 | 3.94 |
| TOTAL | 21048658010.80 | 100.00 |

---

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Amended Sub-Advisory and Sub-Subadvisory Agreements**

**Strategic Advisers Fidelity U.S. Total Stock Fund**

In December 2024, the Board of Trustees, including the Independent Trustees (together, the Board) voted to approve an amendment to the existing sub-advisory agreement among Strategic Advisers LLC (Strategic Advisers), FIAM LLC (FIAM or Sub-Adviser), and Fidelity Rutland Square Trust II (Trust) on behalf of the fund to add a new investment mandate and remove two existing investment mandates (Amended Sub-Advisory Agreement). The Board also approved amendments to the existing sub-subadvisory agreement between (i) FIAM and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Japan) Limited (FMR Japan), and Fidelity Management & Research (Hong Kong) Limited (FMR H.K., and together with FMR UK and FMR Japan, the Sub-Subadvisers) and (ii) Fidelity Diversifying Solutions LLC (FDS) and each Sub-Subadviser for the fund (the Amended Sub-Subadvisory Agreements and together with the Amended Sub-Advisory Agreement, the Amended Agreements).

The Board considered the Amended Sub-Subadvisory Agreements, which will be effective January 1, 2025 and simplify the calculation of the fees paid to the Sub-Subadvisers under the agreements. The Board noted that the agreements with the Sub-Subadvisers were amended to provide that FIAM or FDS, or an affiliate, as applicable, will compensate each Sub-Subadviser at a fee equal to 110% of the Sub-Subadviser's costs incurred in providing services under the agreement. The Board noted that no other material contract terms are impacted by the Amended Agreements. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

In considering whether to approve each Amended Agreement, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the approval of each Amended Agreement is in the best interests of the fund and its shareholders and does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage. The Board's decision to approve each Amended Agreement was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board. In addition, individual Trustees did not necessarily attribute the same weight or importance to each factor.

**Nature, Extent, and Quality of Services Provided.** With respect to the new FIAM mandate, the Board considered the backgrounds of the investment personnel that will provide services to the fund, the fund's investment objective, strategies and related investment philosophy, the current sub-adviser line-up, and the structure of the investment personnel compensation programs and whether such structure provides appropriate incentives to act in the best interests of the fund.

With respect to each Amended Agreement, the Board also considered that it reviewed this information regarding each Sub-Adviser and Sub-Subadviser in connection with its annual renewal of the fund's management contract, sub-advisory agreements and sub-subadvisory agreements at its September 2024 meeting.

With respect to the new FIAM mandate, the Board noted its familiarity with the nature, extent and quality of services provided by FIAM to the fund with different investment mandates, and that many of the same support staff, including compliance personnel, that currently provide services to the fund will also provide services to the fund for the new FIAM mandate. The Board also took into consideration additional information regarding the investment mandate provided by Strategic Advisers and FIAM.

The Board considered that except with respect to the new FIAM mandate and the removal of the two existing FIAM mandates that are not currently funded, the approval of the Amended Agreements will not result in any changes in the investment process or strategies employed by FIAM, FDS or their affiliates in the management of the fund's assets or their day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Amended Sub-Subadvisory Agreements would not change the obligations and services of FIAM, FDS, and their affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FIAM, FDS, and their affiliates.

<u>Resources Dedicated to Investment Management and Support Services.</u> With respect to the new FIAM mandate, the Board reviewed the general qualifications and capabilities of FIAM's investment staff, use of technology, and approach to managing and compensating investment personnel. The Board noted that FIAM's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated fundamental and/or quantitative analysis. Additionally, in its deliberations, the Board considered FIAM's trading capabilities and resources and compliance infrastructure, which are integral parts of the investment management process, and its investment in business continuity planning.

<u>Shareholder and Administrative Services.</u> With respect to the new FIAM mandate, the Board considered (i) the nature, extent, quality, and cost of advisory services to be performed by FIAM under the Amended Sub-Advisory Agreement; and (ii) the resources to be devoted to the fund's compliance policies and procedures.

<u>Investment Performance.</u> With respect to the new FIAM mandate, the Board considered the historical investment performance of FIAM and its portfolio managers in managing accounts under a similar investment mandate. With respect to the removal of the two existing FIAM mandates and Amended Sub-Subadvisory Agreements, the Board did not consider performance to be a material factor in its decision to approve each Amended Agreement because the approval of each Amended Agreement will not result in any changes (i) to the fund's investment processes or strategies; or (ii) in the persons primarily responsible for the day-to-day management of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services that will be provided to the fund under each Amended Agreement should benefit or continue to benefit the fund's shareholders.

**Competitiveness of Management Fee and Total Fund Expenses.** With respect to the new FIAM mandate, the Board considered the amount and nature of the fees to be paid by the fund to Strategic Advisers and by Strategic Advisers to FIAM, as well as the projected change in the fund's management fee and total operating expenses, if any, as a result of hiring FIAM for the new mandate.

The Board noted that each Amended Agreement will not result in changes to the maximum aggregate annual management fee payable by the fund or Strategic Advisers' portion of the management fee. The Board considered Strategic Advisers' contractual agreement to waive its portion of the fund's management fee. With respect to the new FIAM mandate, the Board noted that after allocating assets to FIAM, the fund's management fee and total net expenses are each expected to increase slightly. The Board considered that the proposed amendment to add the new FIAM mandate is not expected to result in any changes in the relationships of the fund's total management fee and total net expenses to the competitive peer group medians reported in the June 2024 management contract renewals for the fund. With respect to the removal of the two FIAM mandates, the Board considered that neither mandate is currently funded with FIAM and the management of one mandate was previously transitioned to an affiliate of FIAM. With respect to the Amended Sub-Subadvisory Agreements, the Board considered that FIAM or FDS, or an affiliate, as applicable, and not the fund, will compensate each Sub-Subadviser under the terms of each Amended Sub-Subadvisory Agreement, and that the fund and Strategic Advisers are not responsible for any such fees. The Board also considered that the Amended Sub-Subadvisory Agreements will not impact the sub-advisory fees paid under the existing sub-advisory agreements with FIAM and FDS.

Based on its review, the Board concluded that the fund's management fee structure and total expenses bear a reasonable relationship to the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** Because each Amended Agreement was negotiated at arm's length and will have no impact on the maximum management fees payable by the fund or Strategic Advisers' portion of the management fee, the Board did not consider the costs of services and profitability to be significant factors in its decision to approve each Amended Agreement.

**Potential Fall-Out Benefits.** The Board considered that it reviews information regarding the potential of direct and indirect benefits to Strategic Advisers and its affiliates from their relationships with the fund, including non-advisory fee compensation paid to affiliates of Strategic Advisers, if any, as well as information regarding potential fall-out benefits accruing to each sub-adviser, if any, as a result of its relationship with the fund, during its annual renewal of the fund's management contract, sub-advisory agreements, and sub-subadvisory agreements. The Board considered Strategic Advisers' representation that it does not anticipate that the approval of each Amended Agreement will have a significant impact on the profitability of, or potential fall-out benefits to, Strategic Advisers or its affiliates.

**Possible Economies of Scale.** The Board considered that it reviews whether there have been economies of scale in connection with the management of the fund during its annual renewal of the fund's management contract, sub-advisory agreements, and sub-subadvisory agreements. The Board noted that with respect to the new FIAM mandate, the Amended Sub-Advisory Agreement will provide for breakpoints that have the potential to reduce sub-advisory fees paid to FIAM with respect to the new mandate as assets allocated to FIAM for the new mandate grow. The Board also noted that with respect to the removal of the two existing FIAM mandates and the Amended Sub-Subadvisory Agreements, it did not consider the possible realization of economies of scale to be a significant factor in its decision to approve the Amended Agreements because the fund will not bear any additional expenses under the Amended Agreements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each Amended Agreement's fee structure bears a reasonable relationship to the services to be rendered and that each Amended Agreement is in the best interests of the fund and its shareholders and should be approved. In addition, the Board concluded that the approval each Amended Agreement does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage.

![](img109662_4.jpg)<br>

1.9887487.107 TSF-ANN-0725

**Strategic Advisers® Fidelity® Emerging Markets Fund**

*Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public*

**Annual Report**

**May 31, 2025**

![](img109663_1.jpg)

![](img109663_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_STE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Strategic Advisers® Fidelity® Emerging Markets Fund](#Sub_Sec_Fund_3310_STE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3310_STE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_STE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_STE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_STE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_STE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_STE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_STE-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Strategic Advisers® Fidelity® Emerging Markets Fund**

**Schedule of Investments May 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 56.9%** | &nbsp;&nbsp;**Common Stocks - 56.9%** | &nbsp;&nbsp;**Common Stocks - 56.9%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 3.8%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.1% |  |  |
| MercadoLibre Inc (b) | 8900 | 22813281 |
| Household Durables - 0.0% |  |  |
| Cury Construtora e Incorporadora SA  | 819400 | 4105954 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Azzas 2154 SA  | 2077000 | 16032791 |
| TOTAL CONSUMER DISCRETIONARY |  | 42952026 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Petroleo Brasileiro SA - Petrobras  | 1387850 | 7985688 |
| Petroleo Brasileiro SA - Petrobras ADR  | 5542396 | 63959250 |
| PRIO SA/Brazil (b) | 6705288 | 45663252 |
|  |  | 117608190 |
| Financials - 1.5% |  |  |
| Banks - 1.0% |  |  |
| Inter & Co Inc depository receipt  | 2694891 | 19200421 |
| Itau Unibanco Holding SA  | 17250602 | 112892742 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 9321621 | 111952668 |
|  |  | 244045831 |
| Capital Markets - 0.5% |  |  |
| Banco BTG Pactual SA unit  | 16240734 | 112303703 |
| XP Inc Class A  | 624200 | 12084512 |
|  |  | 124388215 |
| TOTAL FINANCIALS |  | 368434046 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Hapvida Participacoes e Investimentos S/A (b)(c)(d) | 87927508 | 43967597 |
| Industrials - 0.6% |  |  |
| Electrical Equipment - 0.2% |  |  |
| WEG SA  | 6538739 | 48416050 |
| Ground Transportation - 0.4% |  |  |
| Localiza Rent a Car SA  | 13141105 | 98704759 |
| TOTAL INDUSTRIALS |  | 147120809 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| TOTVS SA  | 3067400 | 22637460 |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Gerdau SA ADR  | 27390342 | 72036599 |
| Vale SA ADR  | 11803852 | 107769169 |
|  |  | 179805768 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Equatorial Energia SA  | 2989300 | 19155144 |
| TOTAL BRAZIL |  | 941681040 |
| CANADA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cameco Corp  | 396500 | 23211870 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Torex Gold Resources Inc (b) | 193673 | 6217971 |
| TOTAL CANADA |  | 29429841 |
| CHILE - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Antofagasta PLC  | 2305900 | 55006856 |
| CHINA - 16.2%  |  |  |
| Communication Services - 4.9% |  |  |
| Entertainment - 0.9% |  |  |
| NetEase Cloud Music Inc (b)(c)(d) | 542000 | 14598768 |
| Netease Inc  | 1430620 | 34793490 |
| Netease Inc ADR  | 363882 | 44306272 |
| Tencent Music Entertainment Group A Shares (e) | 7017582 | 59598691 |
| Tencent Music Entertainment Group Class A ADR  | 4578952 | 77109552 |
|  |  | 230406773 |
| Interactive Media & Services - 4.0% |  |  |
| Meitu Inc (c)(d) | 24402000 | 20508498 |
| Tencent Holdings Ltd  | 15420653 | 972158893 |
|  |  | 992667391 |
| TOTAL COMMUNICATION SERVICES |  | 1223074164 |
| Consumer Discretionary - 5.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Fuyao Glass Industry Group Co Ltd A Shares (China)  | 1337000 | 10765081 |
| Fuyao Glass Industry Group Co Ltd H Shares (c)(d) | 813600 | 5815801 |
| Zhejiang Shuanghuan Driveline Co Ltd A Shares (China)  | 1587000 | 7016106 |
|  |  | 23596988 |
| Automobiles - 0.5% |  |  |
| BYD Co Ltd A Shares (China)  | 53300 | 2608089 |
| BYD Co Ltd H Shares  | 2039208 | 101344629 |
| Li Auto Inc ADR (b)(e) | 379431 | 10753075 |
|  |  | 114705793 |
| Broadline Retail - 2.5% |  |  |
| Alibaba Group Holding Ltd  | 14517252 | 206693910 |
| Alibaba Group Holding Ltd ADR  | 1308654 | 148977171 |
| JD.com Inc ADR  | 2131416 | 69079193 |
| PDD Holdings Inc Class A ADR (b) | 2005213 | 193523107 |
|  |  | 618273381 |
| Diversified Consumer Services - 0.2% |  |  |
| New Oriental Education & Technology Group Inc  | 648520 | 3062150 |
| TAL Education Group Class A ADR (b) | 3777000 | 37127910 |
|  |  | 40190060 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| H World Group Ltd  | 857080 | 3026161 |
| Meituan B Shares (b)(c)(d) | 5751616 | 99472217 |
| Shangri-La Asia Ltd  | 35178000 | 19695122 |
| Trip.com Group Ltd  | 1171221 | 73271847 |
| Trip.com Group Ltd ADR  | 853360 | 53463004 |
| Yum China Holdings Inc  | 522100 | 22789665 |
|  |  | 271718016 |
| Household Durables - 0.3% |  |  |
| Haier Smart Home Co Ltd A Shares (China)  | 14104541 | 49054163 |
| Haier Smart Home Co Ltd H Shares  | 7758800 | 22595340 |
| Hangzhou GreatStar Industrial Co Ltd A Shares (China)  | 377400 | 1236028 |
| Midea Group Co Ltd A Shares (China) (b) | 240458 | 2640454 |
|  |  | 75525985 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| ANTA Sports Products Ltd  | 6846939 | 83348041 |
| Li Ning Co Ltd  | 11274000 | 21538371 |
|  |  | 104886412 |
| TOTAL CONSUMER DISCRETIONARY |  | 1248896635 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.5% |  |  |
| China Resources Beverage Holdings Co Ltd (b) | 2318800 | 3879896 |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 877400 | 38996910 |
| Kweichow Moutai Co Ltd A Shares (China)  | 325133 | 68731890 |
| Tsingtao Brewery Co Ltd A Shares (China)  | 56182 | 578773 |
| Tsingtao Brewery Co Ltd H Shares  | 430000 | 2985997 |
|  |  | 115173466 |
| Food Products - 0.1% |  |  |
| China Mengniu Dairy Co Ltd  | 7779000 | 17539978 |
| Personal Care Products - 0.0% |  |  |
| Chongqing Baiya Sanitary Products Co Ltd A Shares (China)  | 1111800 | 4720681 |
| Mao Geping Cosmetics Co LTD H Shares  | 226900 | 3194674 |
| Shanghai Chicmax Cosmetic Co Ltd H Shares (e) | 684400 | 5725809 |
|  |  | 13641164 |
| TOTAL CONSUMER STAPLES |  | 146354608 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| China Merchants Energy Shipping Co Ltd A Shares (China)  | 5578769 | 4687878 |
| Financials - 2.1% |  |  |
| Banks - 1.1% |  |  |
| Bank of Chengdu Co Ltd A Shares (China)  | 8371970 | 22546963 |
| China Construction Bank Corp H Shares  | 156878690 | 140850899 |
| China Merchants Bank Co Ltd H Shares  | 11548452 | 72020418 |
| Industrial & Commercial Bank of China Ltd H Shares  | 56853805 | 41401745 |
|  |  | 276820025 |
| Insurance - 1.0% |  |  |
| China Life Insurance Co Ltd H Shares  | 66701074 | 135935412 |
| PICC Property & Casualty Co Ltd H Shares  | 30905000 | 58884685 |
| Ping An Insurance Group Co of China Ltd H Shares  | 9218497 | 53841426 |
|  |  | 248661523 |
| TOTAL FINANCIALS |  | 525481548 |
| Health Care - 1.0% |  |  |
| Biotechnology - 0.1% |  |  |
| Innovent Biologics Inc (b)(c)(d) | 925500 | 7312077 |
| Zai Lab Ltd (b) | 2408349 | 7333421 |
| Zai Lab Ltd ADR (b) | 620000 | 18686800 |
|  |  | 33332298 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 385970 | 12108621 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 7542900 | 66135411 |
| Pharmaceuticals - 0.6% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 36550416 | 120496902 |
| Jiangsu Hengrui Pharmaceuticals Co Ltd H Shares  | 879200 | 6503373 |
|  |  | 127000275 |
| TOTAL HEALTH CARE |  | 238576605 |
| Industrials - 1.7% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Tuhu Car Inc A Shares (b)(c)(d)(e) | 1201800 | 2856940 |
| Electrical Equipment - 0.5% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 2523994 | 87641724 |
| Henan Pinggao Electric Co Ltd A Shares (China)  | 961400 | 2049722 |
| Sieyuan Electric Co Ltd A Shares (China)  | 4064596 | 40664308 |
|  |  | 130355754 |
| Ground Transportation - 0.4% |  |  |
| Full Truck Alliance Co Ltd ADR  | 8801850 | 102365516 |
| Machinery - 0.8% |  |  |
| Airtac International Group  | 1200330 | 36901714 |
| Huaming Power Equipment Co Ltd A Shares (China)  | 555080 | 1175731 |
| Neway Valve Suzhou Co Ltd A Shares (China)  | 2475600 | 10820811 |
| Shenzhen Inovance Technology Co Ltd A Shares (China) (b) | 11919976 | 108906007 |
| Weichai Power Co Ltd A Shares (China)  | 1407600 | 2940422 |
| Weichai Power Co Ltd H Shares  | 1383000 | 2705643 |
| Zhejiang Dingli Machinery Co Ltd A Shares (China)  | 3345200 | 21029029 |
|  |  | 184479357 |
| Passenger Airlines - 0.0% |  |  |
| Spring Airlines Co Ltd A Shares (China)  | 187000 | 1527220 |
| Trading Companies & Distributors - 0.0% |  |  |
| BOC Aviation Ltd (c)(d) | 56800 | 459623 |
| TOTAL INDUSTRIALS |  | 422044410 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 7996300 | 33763328 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 112007 | 2722642 |
| Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)  | 321400 | 7608516 |
| NAURA Technology Group Co Ltd A Shares (China)  | 288894 | 16794955 |
|  |  | 27126113 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Lenovo Group Ltd  | 4676000 | 5338210 |
| Xiaomi Corp B Shares (b)(c)(d) | 12233407 | 78746581 |
|  |  | 84084791 |
| TOTAL INFORMATION TECHNOLOGY |  | 144974232 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.0% |  |  |
| Anhui Conch Cement Co Ltd H Shares  | 1985500 | 5178288 |
| Metals & Mining - 0.3% |  |  |
| Baoshan Iron & Steel Co Ltd A Shares (China)  | 5205701 | 4873284 |
| Zhaojin Mining Industry Co Ltd H Shares  | 1063500 | 2688215 |
| Zijin Mining Group Co Ltd H Shares  | 23634608 | 52748421 |
|  |  | 60309920 |
| TOTAL MATERIALS |  | 65488208 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| China Overseas Land & Investment Ltd  | 3821500 | 6433256 |
| KE Holdings Inc A Shares  | 661434 | 4118687 |
|  |  | 10551943 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| ENN Energy Holdings Ltd  | 991700 | 7929958 |
| TOTAL CHINA |  | 4038060189 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mine Ltd Class A (b)(e) | 1500667 | 11623923 |
| COTE D'IVOIRE - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Endeavour Mining PLC  | 1738814 | 53304117 |
| FRANCE - 0.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Hermes International SCA  | 13300 | 36666405 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Gaztransport Et Technigaz SA  | 293943 | 54636116 |
| TOTAL FRANCE |  | 91302521 |
| GEORGIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| TBC Bank Group PLC  | 371727 | 22362790 |
| GERMANY - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (b)(e) | 139700 | 13384657 |
| GREECE - 0.9%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| OPAP SA  | 1198753 | 25779690 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Eurobank Ergasias Services and Holdings SA  | 25635667 | 78959242 |
| National Bank of Greece SA  | 7374900 | 87925217 |
| Piraeus Financial Holdings SA  | 6629641 | 44165832 |
|  |  | 211050291 |
| TOTAL GREECE |  | 236829981 |
| HONG KONG - 0.3%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.0% |  |  |
| Hong Kong Exchanges & Clearing Ltd  | 279200 | 13966804 |
| Insurance - 0.2% |  |  |
| AIA Group Ltd  | 4722200 | 39536855 |
| TOTAL FINANCIALS |  | 53503659 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Techtronic Industries Co Ltd  | 2391000 | 26631737 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cowell e Holdings Inc (b) | 1043000 | 2972931 |
| TOTAL HONG KONG |  | 83108327 |
| HUNGARY - 1.0%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| OTP Bank Nyrt  | 2539899 | 192630757 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Richter Gedeon Nyrt  | 2252213 | 65526511 |
| TOTAL HUNGARY |  | 258157268 |
| INDIA - 8.0%  |  |  |
| Communication Services - 0.5% |  |  |
| Wireless Telecommunication Services - 0.5% |  |  |
| Bharti Airtel Ltd  | 5493318 | 119225449 |
| Consumer Discretionary - 0.7% |  |  |
| Automobiles - 0.1% |  |  |
| Eicher Motors Ltd  | 385073 | 24014017 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Eternal Ltd (b) | 30940359 | 86213857 |
| MakeMyTrip Ltd (b)(e) | 574645 | 58401171 |
|  |  | 144615028 |
| TOTAL CONSUMER DISCRETIONARY |  | 168629045 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Reliance Industries Ltd  | 10493149 | 174332681 |
| Financials - 3.7% |  |  |
| Banks - 3.0% |  |  |
| Axis Bank Ltd  | 3172178 | 44219734 |
| HDFC Bank Ltd/Gandhinagar (b) | 13582584 | 310138341 |
| HDFC Bank Ltd/Gandhinagar ADR  | 1202641 | 90667105 |
| ICICI Bank Ltd  | 10912261 | 185197832 |
| ICICI Bank Ltd ADR  | 2696956 | 92343773 |
| Kotak Mahindra Bank Ltd  | 1129900 | 27409730 |
|  |  | 749976515 |
| Capital Markets - 0.3% |  |  |
| 360 ONE WAM Ltd  | 2840400 | 33126846 |
| HDFC Asset Management Co Ltd (c)(d) | 609319 | 34076467 |
|  |  | 67203313 |
| Consumer Finance - 0.3% |  |  |
| Bajaj Finance Ltd  | 413700 | 44408010 |
| Five-Star Business Finance Ltd (b) | 2224838 | 18450460 |
|  |  | 62858470 |
| Insurance - 0.1% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 4068588 | 36956458 |
| SBI Life Insurance Co Ltd (c)(d) | 821000 | 17396374 |
|  |  | 54352832 |
| TOTAL FINANCIALS |  | 934391130 |
| Health Care - 0.4% |  |  |
| Health Care Providers & Services - 0.4% |  |  |
| Apollo Hospitals Enterprise Ltd  | 58911 | 4739427 |
| Max Healthcare Institute Ltd  | 5954933 | 78345862 |
|  |  | 83085289 |
| Pharmaceuticals - 0.0% |  |  |
| Mankind Pharma Ltd (b) | 422243 | 12183281 |
| TOTAL HEALTH CARE |  | 95268570 |
| Industrials - 1.0% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Hindustan Aeronautics Ltd (c) | 1660877 | 96596511 |
| Construction & Engineering - 0.5% |  |  |
| Larsen & Toubro Ltd  | 2671518 | 114798634 |
| Professional Services - 0.1% |  |  |
| Computer Age Management Services Ltd  | 574405 | 26603788 |
| TOTAL INDUSTRIALS |  | 237998933 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| HCL Technologies Ltd  | 830314 | 15888919 |
| Infosys Ltd  | 1854161 | 33879150 |
| Tata Consultancy Services Ltd  | 2620154 | 106105753 |
|  |  | 155873822 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| JK Cement Ltd  | 669900 | 43061056 |
| Metals & Mining - 0.0% |  |  |
| Tata Steel Ltd  | 4670909 | 8794085 |
| TOTAL MATERIALS |  | 51855141 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.1% |  |  |
| Power Grid Corp of India Ltd  | 7023800 | 23796059 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| NTPC Ltd  | 11790452 | 46031627 |
| TOTAL UTILITIES |  | 69827686 |
| TOTAL INDIA |  | 2007402457 |
| INDONESIA - 1.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Indofood CBP Sukses Makmur Tbk PT  | 27361200 | 18284309 |
| Indofood Sukses Makmur Tbk PT  | 48203900 | 23268579 |
|  |  | 41552888 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Bank Central Asia Tbk PT  | 363560380 | 209735251 |
| Bank Mandiri Persero Tbk PT  | 53330000 | 17326953 |
| Bank Rakyat Indonesia Persero Tbk PT  | 41946013 | 11412798 |
|  |  | 238475002 |
| TOTAL INDONESIA |  | 280027890 |
| ITALY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Ferrari NV (e) | 33800 | 16182088 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Brunello Cucinelli SpA  | 84700 | 10429920 |
| TOTAL ITALY |  | 26612008 |
| KAZAKHSTAN - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Consumer Finance - 0.4% |  |  |
| Kaspi.KZ JSC ADR  | 1166204 | 93022262 |
| KOREA (SOUTH) - 4.8%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| KT Corp  | 974510 | 35583842 |
| Interactive Media & Services - 0.2% |  |  |
| Kakao Corp  | 182230 | 5631384 |
| NAVER Corp  | 183317 | 24875476 |
| Webtoon Entertainment Inc (b)(e) | 1804439 | 15861019 |
|  |  | 46367879 |
| TOTAL COMMUNICATION SERVICES |  | 81951721 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.2% |  |  |
| Hyundai Mobis Co Ltd  | 252660 | 46261999 |
| Automobiles - 0.2% |  |  |
| Hyundai Motor Co  | 202714 | 27184826 |
| Kia Corp  | 318917 | 20633959 |
|  |  | 47818785 |
| TOTAL CONSUMER DISCRETIONARY |  | 94080784 |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| KT&G Corp  | 450739 | 39210012 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Hana Financial Group Inc  | 187974 | 9890075 |
| KB Financial Group Inc  | 429495 | 32268685 |
| Shinhan Financial Group Co Ltd  | 352940 | 14740424 |
|  |  | 56899184 |
| Insurance - 0.1% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 83293 | 24383408 |
| TOTAL FINANCIALS |  | 81282592 |
| Health Care - 0.2% |  |  |
| Life Sciences Tools & Services - 0.2% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d) | 54298 | 40553740 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Hanwha Aerospace Co Ltd  | 17182 | 10084676 |
| Hanwha Aerospace Co Ltd rights 7/2/2025 (b) | 1243 | 114246 |
| Korea Aerospace Industries Ltd  | 1331732 | 80573179 |
|  |  | 90772101 |
| Industrial Conglomerates - 0.0% |  |  |
| SK Square Co Ltd (b) | 128943 | 10712900 |
| Machinery - 0.2% |  |  |
| HD HYUNDAI MIPO  | 79730 | 11165293 |
| Samsung Heavy Industries Co Ltd (b) | 3302169 | 40388096 |
|  |  | 51553389 |
| TOTAL INDUSTRIALS |  | 153038390 |
| Information Technology - 2.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| SK Hynix Inc  | 1096043 | 162213983 |
| Technology Hardware, Storage & Peripherals - 2.3% |  |  |
| Samsung Electronics Co Ltd  | 13175916 | 535900938 |
| Samsung Electronics Co Ltd GDR (c) | 21489 | 21617934 |
|  |  | 557518872 |
| TOTAL INFORMATION TECHNOLOGY |  | 719732855 |
| TOTAL KOREA (SOUTH) |  | 1209850094 |
| MACAU - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Galaxy Entertainment Group Ltd  | 6722000 | 28633074 |
| MALAYSIA - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| CIMB Group Holdings Bhd  | 48504636 | 78970311 |
| MEXICO - 2.8%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| America Movil SAB de CV ADR (e) | 3325600 | 56202640 |
| America Movil SAB de CV Series B  | 18462546 | 15601213 |
|  |  | 71803853 |
| Consumer Staples - 1.2% |  |  |
| Beverages - 0.2% |  |  |
| Fomento Economico Mexicano SAB de CV ADR  | 586822 | 62514148 |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| BBB Foods Inc Class A (b)(e) | 770695 | 22242258 |
| Wal-Mart de Mexico SAB de CV Series V  | 52496017 | 172406490 |
|  |  | 194648748 |
| Food Products - 0.2% |  |  |
| Gruma SAB de CV Series B  | 2643636 | 49818282 |
| TOTAL CONSUMER STAPLES |  | 306981178 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Banco del Bajio SA (c)(d) | 6257700 | 16347580 |
| Grupo Financiero Banorte SAB de CV  | 7980024 | 70543149 |
|  |  | 86890729 |
| Industrials - 0.3% |  |  |
| Transportation Infrastructure - 0.3% |  |  |
| Grupo Aeroportuario del Pacifico SAB de CV Series B (e) | 2699561 | 62066521 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 348263 | 11176340 |
|  |  | 73242861 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.3% |  |  |
| Cemex SAB de CV ADR  | 8569800 | 58703130 |
| Metals & Mining - 0.2% |  |  |
| Grupo Mexico SAB de CV Series B  | 10071990 | 55220428 |
| TOTAL MATERIALS |  | 113923558 |
| Real Estate - 0.2% |  |  |
| Industrial REITs - 0.1% |  |  |
| Prologis Property Mexico SA de CV  | 4270900 | 16349470 |
| Real Estate Management & Development - 0.1% |  |  |
| Corp Inmobiliaria Vesta SAB de CV ADR  | 960730 | 27707453 |
| TOTAL REAL ESTATE |  | 44056923 |
| TOTAL MEXICO |  | 696899102 |
| NETHERLANDS - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| BE Semiconductor Industries NV  | 85900 | 10392371 |
| PERU - 0.6%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Credicorp Ltd  | 529967 | 112252311 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Cia de Minas Buenaventura SAA ADR  | 2102237 | 31491510 |
| TOTAL PERU |  | 143743821 |
| PHILIPPINES - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Transportation Infrastructure - 0.2% |  |  |
| International Container Terminal Services Inc  | 4490751 | 32985326 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Ayala Land Inc  | 18446031 | 7600615 |
| TOTAL PHILIPPINES |  | 40585941 |
| POLAND - 0.9%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Allegro.eu SA (b)(c)(d) | 2511984 | 23116252 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Dino Polska SA (b)(c)(d) | 199600 | 29307693 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 8036624 | 161632107 |
| TOTAL POLAND |  | 214056052 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (Russia) (b)(f) | 5946277 | 60 |
| LUKOIL PJSC (b)(f) | 345667 | 0 |
| LUKOIL PJSC ADR (b)(f) | 499400 | 5 |
|  |  | 65 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(f) | 3314825 | 0 |
| Sberbank of Russia PJSC (Russia) (b)(f) | 617111 | 6 |
| Sberbank of Russia PJSC ADR (b)(f) | 1653549 | 17 |
|  |  | 23 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Phosagro Pjsc (b)(f) | 88909 | 0 |
| Phosagro Pjsc GDR (b)(c)(f) | 1 | 0 |
| Phosagro Pjsc GDR (b)(c)(f) | 1718 | 0 |
|  |  | 0 |
| TOTAL RUSSIA |  | 88 |
| SAUDI ARABIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Al Rajhi Bank  | 3609165 | 87640087 |
| Alinma Bank  | 413289 | 2847686 |
| Saudi National Bank/The  | 1898726 | 17561817 |
| TOTAL SAUDI ARABIA |  | 108049590 |
| SINGAPORE - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Sea Ltd Class A ADR (b) | 85000 | 13631450 |
| SOUTH AFRICA - 2.7%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| MTN Group Ltd  | 6662638 | 46313346 |
| Consumer Discretionary - 1.4% |  |  |
| Broadline Retail - 1.3% |  |  |
| Naspers Ltd Class N  | 1088765 | 312648868 |
| Specialty Retail - 0.1% |  |  |
| Pepkor Holdings Ltd (c)(d) | 15995044 | 25963872 |
| TOTAL CONSUMER DISCRETIONARY |  | 338612740 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Shoprite Holdings Ltd  | 1365558 | 22174703 |
| Food Products - 0.1% |  |  |
| Tiger Brands Ltd  | 1829986 | 35229965 |
| TOTAL CONSUMER STAPLES |  | 57404668 |
| Financials - 0.6% |  |  |
| Banks - 0.3% |  |  |
| Absa Group Ltd  | 940961 | 9069226 |
| Capitec Bank Holdings Ltd (e) | 148498 | 28460169 |
| Standard Bank Group Ltd  | 3627733 | 47053105 |
|  |  | 84582500 |
| Financial Services - 0.2% |  |  |
| FirstRand Ltd  | 11674951 | 48374842 |
| Insurance - 0.1% |  |  |
| OUTsurance Group Ltd  | 5788699 | 24448863 |
| TOTAL FINANCIALS |  | 157406205 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Impala Platinum Holdings Ltd (b) | 11410972 | 82031334 |
| TOTAL SOUTH AFRICA |  | 681768293 |
| SWEDEN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| VEF AB (b) | 25177300 | 5010800 |
| TAIWAN - 8.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| International Games System Co Ltd  | 936311 | 26123230 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Far EasTone Telecommunications Co Ltd  | 1846000 | 5310912 |
| TOTAL COMMUNICATION SERVICES |  | 31434142 |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Eclat Textile Co Ltd (b) | 4119000 | 58658021 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Uni-President Enterprises Corp  | 807000 | 2137773 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| CTBC Financial Holding Co Ltd  | 3747000 | 5067708 |
| E.Sun Financial Holding Co Ltd  | 4019000 | 3982431 |
|  |  | 9050139 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Voltronic Power Technology Corp  | 280000 | 12501259 |
| Machinery - 0.3% |  |  |
| Hiwin Technologies Corp  | 7273112 | 53521620 |
| TOTAL INDUSTRIALS |  | 66022879 |
| Information Technology - 8.0% |  |  |
| Communications Equipment - 0.1% |  |  |
| Accton Technology Corp  | 1080982 | 26427573 |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Chroma ATE Inc  | 2163660 | 23905134 |
| E Ink Holdings Inc  | 3283117 | 22946344 |
| Elite Material Co Ltd  | 1685394 | 41476645 |
| Gold Circuit Electronics Ltd  | 715000 | 6095467 |
| Hon Hai Precision Industry Co Ltd  | 11859515 | 60510314 |
| Innolux Corp  | 6047000 | 2433271 |
| Lotes Co Ltd  | 61000 | 2609955 |
| Unimicron Technology Corp  | 2230000 | 7734587 |
| Yageo Corp  | 1986854 | 31915845 |
|  |  | 199627562 |
| Semiconductors & Semiconductor Equipment - 6.9% |  |  |
| Alchip Technologies Ltd  | 138082 | 12644316 |
| ASE Technology Holding Co Ltd  | 8485531 | 38680346 |
| ASPEED Technology Inc  | 118000 | 15315172 |
| eMemory Technology Inc  | 604274 | 48149627 |
| MediaTek Inc  | 2683436 | 110386312 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 46888556 | 1498290243 |
|  |  | 1723466016 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Asustek Computer Inc  | 71000 | 1462505 |
| Wistron Corp  | 1002000 | 3825743 |
| Wiwynn Corp  | 425000 | 33499746 |
|  |  | 38787994 |
| TOTAL INFORMATION TECHNOLOGY |  | 1988309145 |
| TOTAL TAIWAN |  | 2155612099 |
| THAILAND - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| SCB X PCL  | 3725894 | 13442486 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Bumrungrad Hospital Pcl  | 157989 | 673419 |
| TOTAL THAILAND |  | 14115905 |
| TURKEY - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 17248692 | 41148955 |
| Transportation Infrastructure - 0.0% |  |  |
| TAV Havalimanlari Holding AS (b) | 2936897 | 16319423 |
| TOTAL INDUSTRIALS |  | 57468378 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Oyak Cimento Fabrikalari AS  | 596396 | 319384 |
| TOTAL TURKEY |  | 57787762 |
| UNITED ARAB EMIRATES - 1.0%  |  |  |
| Energy - 0.6% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| ADNOC Drilling Co PJSC  | 54530899 | 77943703 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Adnoc Gas PLC  | 80389700 | 71788243 |
| TOTAL ENERGY |  | 149731946 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 11820937 | 38877462 |
| Emirates NBD Bank PJSC  | 939343 | 5728637 |
|  |  | 44606099 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Emaar Properties PJSC  | 15240710 | 54564480 |
| TOTAL UNITED ARAB EMIRATES |  | 248902525 |
| UNITED KINGDOM - 0.6%  |  |  |
| Materials - 0.6% |  |  |
| Metals & Mining - 0.6% |  |  |
| Anglogold Ashanti Plc (e) | 2857026 | 125166309 |
| Anglogold Ashanti Plc (South Africa)  | 576094 | 24668004 |
| TOTAL UNITED KINGDOM |  | 149834313 |
| UNITED STATES - 0.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Samsonite Group SA (c)(d) | 5877600 | 11078921 |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| NVIDIA Corp  | 773700 | 104550081 |
| Software - 0.1% |  |  |
| Synopsys Inc (b) | 51100 | 23709378 |
| TOTAL INFORMATION TECHNOLOGY |  | 128259459 |
| TOTAL UNITED STATES |  | 139338380 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 540130 | 8001489 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $12,214,681,648) |  | <br> **14246499587** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 38.4%** | &nbsp;&nbsp;**International Equity Funds - 38.4%** | &nbsp;&nbsp;**International Equity Funds - 38.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Advisor China Region Fund - Class Z (g) | 3915650 | 159406093 |
| Fidelity SAI Emerging Markets Index Fund (g) | 167424645 | 2459468029 |
| Fidelity SAI Emerging Markets Low Volatility Index Fund (g) | 130652414 | 1516874526 |
| Fidelity SAI Emerging Markets Value Index Fund (g) | 390536542 | 5479227687 |
| <br> **TOTAL INTERNATIONAL EQUITY FUNDS**<br> (Cost $8,863,745,282) |  | **9614976335** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| RUSSIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(f) | 2462434 | 25 |
| Sberbank of Russia PJSC (b)(f) | 3791522 | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $19,998,262) |  | <br> **25** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 6/12/2025  | 4.24 to 4.25 | 21390000 | 21364744 |
| US Treasury Bills 0% 6/20/2025  | 4.23 | 730000 | 728454 |
| US Treasury Bills 0% 6/26/2025  | 4.23 to 4.24 | 980000 | 977237 |
| US Treasury Bills 0% 6/5/2025  | 4.23 to 4.25 | 7040000 | 7037506 |
| US Treasury Bills 0% 7/10/2025 (i) | 4.25 to 4.26 | 20970000 | 20876480 |
| US Treasury Bills 0% 7/3/2025 (i) | 4.19 to 4.22 | 11440000 | 11398448 |
| US Treasury Bills 0% 7/31/2025  | 4.23 to 4.26 | 3730000 | 3704157 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $66,080,799) |  |  | **66087026** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** | &nbsp;&nbsp;**Money Market Funds - 5.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.32 | 240334300 | 240382367 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.32 | 182623849 | 182642111 |
| Invesco Government & Agency Portfolio Institutional Class (l) | 4.24 | 842733612 | 842733612 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,265,737,947) |  |  | **1265758090** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $22,430,243,938)<br>| <br>**25193321063** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(156143100)** |
| **NET ASSETS - 100.0%** | **25037177963** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 |  |  |  |  |  |
| ICE MSCI Emerging Markets Index Contracts (United States) | 13590 | Jun 2025 | 780949350 | 19197614 | 19197614 |
| The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% |

---

**Legend**

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

(b) Non-income producing

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $813,382,217 or 3.2% of net assets.

(d) 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 $695,167,772 or 2.8% of net assets.

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

(f) Level 3 security

(g) Affiliated Fund

(h) 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.

(i) 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 $30,715,608.

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

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

(l) The rate quoted is the annualized seven-day yield of the fund at period end.

**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 | 209626067 | 5255350078 | 5224592998 | 14121193 | (780) | - | 240382367 | 240334300 | 0.4% |
| Fidelity Securities Lending Cash Central Fund | 76498227 | 1841224767 | 1735080883 | 828396 | - | - | 182642111 | 182623849 | 0.6% |
| Total | 286124294 | 7096574845 | 6959673881 | 14949589 | (780) | - | 423024478 |  |  |

---

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.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Fidelity Advisor China Region Fund - Class Z | 122101614 | 18348104 | - | 2348105 | - | 18956375 | 159406093 | 3915650 |
| Fidelity Advisor Emerging Markets Fund - Class Z | 1610032951 | 327000000 | 2050506768 | - | 131098030 | (17624213) | - | - |
| Fidelity SAI Emerging Markets Index Fund | 1655648109 | 1201665126 | 611991224 | 38601160 | 94335057 | 119810961 | 2459468029 | 167424645 |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 860206966 | 602077683 | - | 57077683 | - | 54589877 | 1516874526 | 130652414 |
| Fidelity SAI Emerging Markets Value Index Fund | 3078907445 | 2128739432 | - | 154739434 | - | 271580810 | 5479227687 | 390536542 |
|  | 7326897085 | 4277830345 | 2662497992 | 252766382 | 225433087 | 447313810 | 9614976335 |  |

---

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 May 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 | 1587434125 | 488658557 | 1098775568 | - |
| Consumer Discretionary | 2103715601 | 1535591326 | 568124275 | - |
| Consumer Staples | 622948820 | 579258159 | 43690661 | - |
| Energy | 524208746 | 524208681 | - | 65 |
| Financials | 3497944877 | 2517141127 | 980803727 | 23 |
| Health Care | 497951099 | 490617678 | 7333421 | - |
| Industrials | 1216553723 | 1086883147 | 129670576 | - |
| Information Technology | 3173152275 | 1100758339 | 2072393936 | - |
| Materials | 808903572 | 726872238 | 82031334 | - |
| Real Estate | 116773961 | 112655274 | 4118687 | - |
| Utilities | 96912788 | 96912788 | - | - |
|  **International Equity Funds** | 9614976335 | 9614976335 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Financials | 25 | - | - | 25 |
|  **U.S. Treasury Obligations** | 66087026 | - | 66087026 | - |
|  **Money Market Funds** | 1265758090 | 1265758090 | - | - |
| **Total Investments in Securities:** | 25193321063 | 20140291739 | 5053029211 | 113 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 19197614 | 19197614 | - | - |
| Total Assets | 19197614 | 19197614 | - | - |
| **Total Derivative Instruments:** | 19197614 | 19197614 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 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)  | 19197614 | 0 |
| **Total Equity Risk**  | 19197614 | 0 |
| **Total Value of Derivatives** | 19197614 | 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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of May 31, 2025** | **As of May 31, 2025** | **As of May 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $174,578,788) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $13,143,494,321) | $15155320250 |  |
| Fidelity Central Funds (cost $423,004,335) | 423024478 |  |
| Other affiliated issuers (cost $8,863,745,282) | 9614976335 |  |
| Total Investment in Securities (cost $22,430,243,938) |  | $25193321063 |
| Cash |  | 844 |
| Foreign currency held at value (cost $20,278,449) |  | 20258860 |
| Receivable for investments sold |  | 72377533 |
| Receivable for fund shares sold |  | 33676107 |
| Dividends receivable |  | 23941663 |
| Interest receivable |  | 2636058 |
| Distributions receivable from Fidelity Central Funds |  | 1263277 |
| Prepaid expenses |  | 42555 |
| Other receivables |  | 2364182 |
| **Total assets** |  | 25349882142 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $80380980 |  |
| Payable for fund shares redeemed | 11388627 |  |
| Accrued management fee | 4190862 |  |
| Payable for daily variation margin on futures contracts | 10611209 |  |
| Deferred taxes | 21341186 |  |
| Other payables and accrued expenses | 2150260 |  |
| Collateral on securities loaned | 182641055 |  |
| **Total liabilities** |  | 312704179 |
| **Net Assets**  |  | $25037177963 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $23517176515 |
| Total accumulated earnings (loss) |  | 1520001448 |
| **Net Assets** |  | $25037177963 |
| **Net Asset Value**, offering price and redemption price per share ($25,037,177,963 ÷ 1,911,759,578 shares) |  | $13.10 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $285591879 |
| Affiliated issuers |  | 248179782 |
| Interest  |  | 44092381 |
| Income from Fidelity Central Funds (including $828,396 from security lending)  |  | 14949589 |
| Income before foreign taxes withheld |  | $592813631 |
| Less foreign taxes withheld |  | (27129047) |
| **Total income** |  | 565684584 |
| **Expenses** |  |  |
| Management fee | $88537971 |  |
| Custodian fees and expenses | 2321033 |  |
| Independent trustees' fees and expenses | 99315 |  |
| Registration fees | 1957533 |  |
| Audit fees | 106614 |  |
| Legal | 14945 |  |
| Miscellaneous | 78204 |  |
| Total expenses before reductions | 93115615 |  |
| Expense reductions | (50503496) |  |
| Total expenses after reductions |  | 42612119 |
| **Net Investment income (loss)** |  | 523072465 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $14,483,808)  | (417592562) |  |
| Fidelity Central Funds | (780) |  |
| Other affiliated issuers | 225433087 |  |
| Foreign currency transactions | (17350667) |  |
| Futures contracts | 67720020 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 4586600 |  |
| Total net realized gain (loss) |  | (137204302) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $1,819,164)  | 1157263322 |  |
| Affiliated issuers  | 447313810 |  |
| Assets and liabilities in foreign currencies | 79927 |  |
| Futures contracts | 16953240 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1621610299 |
| **Net gain (loss)** |  | 1484405997 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2007478462 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **May 31, 2025** | **Year ended**<br> **May 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $523072465 | $295419871 |
| &nbsp;&nbsp;Net realized gain (loss) | (137204302)<br>| (212585574)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1621610299 | 1602775331<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2007478462<br>| 1685609628<br>|
| Distributions to shareholders | (456626152)<br>| (287946627)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 12332654893 | 6926016382 |
| Reinvestment of distributions | 455621044<br>| 267873293<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (4367169810) | (1906066597) |
| **Net increase (decrease) in net assets resulting from share transactions** | 8421106127<br>| 5287823078<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 9971958437<br>| 6685486079<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 15065219526 | 8379733447<br>|
| &nbsp;&nbsp;End of period | $25037177963 | $15065219526 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 981238525 | 602514563 |
| Issued in reinvestment of distributions | 37131418<br>| 23271522<br>|
| &nbsp;&nbsp;Redeemed | (343383859) | (164253174) |
| &nbsp;&nbsp;Net increase (decrease) | 674986084 | 461532911 |

---

**Financial Highlights** 

**Strategic Advisers® Fidelity® Emerging Markets Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended May 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.18 | $10.81 | $11.81 | $15.70 | $10.32 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .33  | .31  | .29  | .26  | .15  |
| Net realized and unrealized gain (loss)  | .88  | 1.39  | (1.03)  | (3.50)  | 5.34  |
| Total from investment operations  | 1.21  | 1.70  | (.74)  | (3.24)  | 5.49  |
| Distributions from net investment income  | (.29)  | (.33)  | (.26)  | (.24)  | (.11)  |
| Distributions from net realized gain  | -  | -  | -  | (.40)  | -  |
| Total distributions  | (.29)  | (.33)  | (.26)  | (.65) C | (.11)  |
| Net asset value, end of period  | $13.10 | $12.18 | $10.81 | $11.81 | $15.70 |
| **Total Return** D | 10.11% <br>| 15.88%  | (6.28)%  | (21.40)%  | 53.25%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .46%  | .45%  | .47%  | .50%  | .51%  |
| Expenses net of fee waivers, if any  | .21% <br>| .20%  | .22%  | .25%  | .25%  |
| Expenses net of all reductions, if any  | .21%  | .20%  | .22%  | .25%  | .24%  |
| Net investment income (loss)  | 2.61%  | 2.69%  | 2.72%  | 1.89%  | 1.05%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $25037178 | $15065220 | $8379733 | $8996224 | $7503942 |
| Portfolio turnover rate G | 53% <br>| 33%  | 43%  | 29%  | 47%  |

---

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

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended May 31, 2025

**1. Organization.**

Strategic Advisers Fidelity Emerging Markets Fund (the Fund) is a fund of Fidelity Rutland Square Trust II (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 Delaware statutory trust. The Fund is offered exclusively to certain managed account clients of Strategic Advisers LLC (Strategic Advisers), an affiliate of Fidelity Management & Research Company LLC (FMR). The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. 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. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 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 May 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. 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. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Strategic Advisers Fidelity Emerging Markets Fund** | $16118 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Statement of Assets and Liabilities.

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $3306378505 |
| **Gross unrealized depreciation**  | <u>(798401081)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2507977424</u> |
| **Tax Cost**  | <u>$22685343639</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$118486902</u> |
| **Capital loss carryforward**  | <u>$(1085106632)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2507962365</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(877994383) |
| Long-term | <u>(207112249)</u> |
| **Total capital loss carryforward** | <u>$(1085106632)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024** |
| **Ordinary Income**  | $456626152 | $287946627 |

---

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

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

**3. 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.

**4. 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 ($)** | **Sales ($)** |
| **Strategic Advisers Fidelity Emerging Markets Fund** | 18395951241 | 10016390237 |

---

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

**Management Fee**. Strategic Advisers (the investment adviser) provides the Fund with investment management related services. For these services, the Fund pays a monthly management fee to the investment adviser. The management fee is calculated by adding the annual management fee rate of .25% of the Fund's average net assets throughout the month to the aggregate of the fee rates, payable monthly by the investment adviser, to the Fund's sub-advisers. The Fund's maximum aggregate management fee will not exceed 1.20% of the Fund's average net assets. For the reporting period, the total annual management fee rate was .44% of the Fund's average net assets.

During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

**Sub-Advisers.** FIAM LLC (an affiliate of the investment adviser) and FIL Investment Advisors each served as a sub-adviser for the Fund during the period. Sub-advisers provide discretionary investment advisory services for their allocated portion of the Fund's assets and are paid as described in the Management Fee note.

Fidelity Diversifying Solutions LLC (an affiliate of the investment adviser) and Geode Capital Management, LLC (Geode) have been retained to serve as a sub-adviser for the Fund. As of the date of this report, however, these sub-advisers have not been allocated any portion of the Fund's assets. These sub-advisers in the future may provide discretionary investment advisory services for an allocated portion of the Fund's assets and will be paid by the investment adviser for providing these services.

Effective January 1, 2025, the sub-subadvisory agreements between FIAM LLC (FIAM) or Fidelity Diversifying Solutions LLC (FDS) and each of FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited (collectively, the Sub-Subadvisers) were amended. FIAM, FDS, or an affiliate, as applicable, and not the fund, pays the Sub-Subadvisers. Under the terms of the sub-subadvisory agreements, FIAM, FDS, or an affiliate, as applicable, pays each Sub-Subadviser monthly fees equal to 110% of the Sub-Subadviser's costs for providing sub-subadvisory services.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers Fidelity Emerging Markets Fund** | 13448 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other funds affiliated with each sub-adviser 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) ($)** |
| **Strategic Advisers Fidelity Emerging Markets Fund** | 109866013 | 90286497 | (1554967) |

---

**Affiliated Exchanges In-Kind.** During the period, the Fund redeemed shares of Fidelity Emerging Markets Fund, in exchange for investments and cash, if any, as noted in the table below. The Fund had a net realized gain of $131,098,030 on the Fund's redemptions of Fidelity Emerging Markets Fund, which is included in "Net realized gain (loss) - Other affiliated Issuers" in the accompanying Statement of Operations. The Fund recognized a net gain on the exchanges for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Value of Investments ($)** | **Net realized gain (loss) ($)** | **Shares redeemed** |
| **Fidelity Emerging Markets Fund** | 2050506768 | 131098030 | 50742558 |

---

**6. 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 are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers Fidelity Emerging Markets Fund** | 27602 |

---

**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. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. 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 ($)** |
| **Strategic Advisers Fidelity Emerging Markets Fund** | 90463 |

---

**9. Expense Reductions.**

The investment adviser has contractually agreed to waive the Fund's management fee in an amount equal to .25% of the Fund's average net assets until September 30, 2027. During the period, this waiver reduced the Fund's management fee by $50,200,992. Expense reductions also include certain voluntary fee discount arrangements, which are currently in effect for the Fund. During the period, these voluntary arrangements amounted to $266,376.

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 $36,128.

**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.

Funds do not invest in underlying mutual funds for the purpose of exercising management or control; however, investments by funds within their principal investment strategies may represent a significant portion of the underlying mutual fund's net assets. At the end of the period, certain Funds were the owners of record of 10% or more of the total outstanding shares of the following underlying mutual funds as shown below.

---

| | |
|:---|:---|
| **Fund**  | **Strategic Advisers Fidelity Emerging Markets Fund** |
| Fidelity China Region Fund | 14% |
| Fidelity SAI Emerging Markets Index Fund | 53% |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 62% |
| Fidelity SAI Emerging Markets Value Index Fund | 74% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Fidelity Emerging Markets Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Fidelity Emerging Markets Fund (one of the funds constituting Fidelity Rutland Square Trust II, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 15, 2025

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

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

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

The fund designates $22,676,055 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 34.75% and 49.40% of the dividends distributed in July and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Charles S. Morrison | Charles S. Morrison | Charles S. Morrison |
| Affirmative | 381775585183.64 | 95.17 |
| Withheld  | 19363639577.49 | 4.83 |
| TOTAL  | 401139224761.13 | 100.00 |
| Nancy D. Prior | Nancy D. Prior | Nancy D. Prior |
| Affirmative | 381252305731.53 | 95.04 |
| Withheld  | 19886919029.60 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Mary C. Farrell | Mary C. Farrell | Mary C. Farrell |
| Affirmative | 381226030239.11 | 95.04 |
| Withheld  | 19913194522.02 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Karen Kaplan | Karen Kaplan | Karen Kaplan |
| Affirmative | 381519946847.38 | 95.11 |
| Withheld  | 19619277913.75 | 4.89 |
| TOTAL  | 401139224761.13 | 100.00 |
| Christine Marcks | Christine Marcks | Christine Marcks |
| Affirmative | 380186327029.51 | 94.78 |
| Withheld  | 20952897731.62 | 5.22 |
| TOTAL  | 401139224761.13 | 100.00 |
| Harold Singleton III | Harold Singleton III | Harold Singleton III |
| Affirmative | 382499458473.65 | 95.35 |
| Withheld  | 18639766287.48 | 4.65 |
| TOTAL  | 401139224761.13 | 100.00 |
| Heidi L. Steiger | Heidi L. Steiger | Heidi L. Steiger |
| Affirmative | 380661676515.00 | 94.90 |
| Withheld  | 20477548246.13 | 5.10 |
| TOTAL  | 401139224761.13 | 100.00 |
| **Proposal 3** | **Proposal 3** | **Proposal 3** |
| To approve sub-advisory agreements among Strategic Advisers, Fidelity Diversifying Solutions LLC (FDS), and the trust, and sub-subadvisory agreements between FDS and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). | To approve sub-advisory agreements among Strategic Advisers, Fidelity Diversifying Solutions LLC (FDS), and the trust, and sub-subadvisory agreements between FDS and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). | To approve sub-advisory agreements among Strategic Advisers, Fidelity Diversifying Solutions LLC (FDS), and the trust, and sub-subadvisory agreements between FDS and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan). |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Affirmative | 19560769300.60 | 92.93 |
| Against | 658514273.07 | 3.13 |
| Abstain | 829374437.13 | 3.94 |
| TOTAL | 21048658010.80 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Amended Sub-Subadvisory Agreements**

**Strategic Advisers Fidelity Emerging Markets Fund**

In December 2024, the Board of Trustees, including the Independent Trustees (together, the Board) voted to approve amendments to the existing sub-subadvisory agreements between (i) FIAM LLC (FIAM) and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Japan) Limited (FMR Japan), and Fidelity Management & Research (Hong Kong) Limited (FMR H.K., and together with FMR UK and FMR Japan, the Sub-Subadvisers) and (ii) Fidelity Diversifying Solutions LLC (FDS) and each Sub-Subadviser for the fund (the Amended Agreements). The Amended Agreements will be effective January 1, 2025.

The Board considered the Amended Agreements, which simplified the calculation of the fees paid to the Sub-Subadvisers under the agreements. The Board noted that the agreements with the Sub-Subadvisers were amended to provide that FIAM or FDS, or an affiliate, as applicable, will compensate each Sub-Subadviser at a fee rate equal to 110% of the Sub-Subadviser's costs incurred in providing services under the agreement. The Board considered that under the Amended Agreements, FIAM, FDS, or an affiliate, as applicable, will compensate each Sub-Subadviser, and that the fund and Strategic Advisers are not responsible for any such fees. The Board also considered that the changes will not impact the sub-advisory fees paid under the existing sub-advisory agreements with FIAM and FDS. The Board noted that no other material contract terms are impacted by the Amended Agreements.

The Board considered that the approval of the Amended Agreements will not result in any changes in the investment process or strategies employed by FIAM or FDS in the management of the fund's assets or their day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Amended Agreements would not change the obligations and services of FIAM, FDS, and their affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FIAM, FDS, and their affiliates .

The Board considered that the existing sub-advisory and sub-subadvisory agreements for the fund were recently renewed by the Board in September 2024 and that the Board will consider their renewal again in September 2025. In connection with its consideration of future renewals, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Strategic Advisers funds, whether the Strategic Advisers funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each Amended Agreement's fee structure bears a reasonable relationship to the services to be rendered and each Amended Agreements is in the best interests of the fund and its shareholders and should be approved. In addition, the Board concluded that the approval of each Amended Agreement does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage.

![](img109663_4.jpg)<br>

1.9890707.106 STE-ANN-0725

**Strategic Advisers® U.S. Total Stock Fund**

*Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public*

**Annual Report**

**May 31, 2025**

![](img109678_1.jpg)

![](img109678_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_STS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Strategic Advisers® U.S. Total Stock Fund](#Sub_Sec_Fund_7609_STS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7609_STS-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_STS-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_STS-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_STS-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_STS-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_STS-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_STS-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Strategic Advisers® U.S. Total Stock Fund**

**Schedule of Investments May 31, 2025**

Showing Percentage of Net Assets

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** | &nbsp;&nbsp;**Asset-Backed Securities - 0.4%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.1%  |  |  |  |
| 522 Funding CLO Ltd Series 2024-6A Class A1R2, CME Term SOFR 3 month Index + 1.2%, 5.4793% 10/23/2034 (b)(c)(d) |  | 3250000 | 3243695 |
| Agl Clo 5 Ltd / Agl Clo 5 LLC Series 2024-5A Class BRR, CME Term SOFR 3 month Index + 1.3884%, 5.6579% 7/20/2034 (b)(c)(d) |  | 3000000 | 3002505 |
| Ammc Cdo Series 2024-24A Class AR, CME Term SOFR 3 month Index + 1.2%, 5.4695% 1/20/2035 (b)(c)(d) |  | 3500000 | 3491775 |
| Anchorage Cr Fdg 2 Ltd / LLC Series 2020-2A Class ARV, 3.928% 4/25/2038 (b) |  | 600000 | 586877 |
| Anchorage Credit Funding 12 Ltd Series 2020-12A Class A1, 3.177% 10/25/2038 (b) |  | 600000 | 573367 |
| Anchorage Credit Funding 13 Ltd Series 2021-13A Class A1, 2.875% 7/27/2039 (b) |  | 300000 | 281207 |
| Anchorage Credit Funding 3 Ltd Series 2021-3A Class A1R, 2.871% 1/28/2039 (b) |  | 500000 | 471864 |
| Anchorage Credit Funding 4 Ltd Series 2021-4A Class AR, 2.723% 4/27/2039 (b) |  | 300000 | 280784 |
| Anchorage Credit Funding 6 Ltd Series 2020-6A Class A, 4.3% 7/25/2036 (b) |  | 262149 | 259422 |
| Anchorage Credit Funding 7 Ltd Series 2019-7A Class A, 4.62% 4/25/2037 (b) |  | 241444 | 239652 |
| Apidos Clo Xxx Series 2024-XXXA Class A2R, CME Term SOFR 3 month Index + 1.5%, 5.7695% 10/18/2031 (b)(c)(d) |  | 1550000 | 1550586 |
| Ares Xxvii Clo Ltd Series 2024-2A Class AR3, CME Term SOFR 3 month Index + 1.15%, 5.4326% 10/28/2034 (b)(c)(d) |  | 3000000 | 2996994 |
| Ares XXXIV CLO Ltd Series 2024-2A Class AR3, CME Term SOFR 3 month Index + 1.32%, 5.5998% 4/17/2033 (b)(c)(d) |  | 500000 | 501365 |
| Atlantic Ave Ltd / Atlantic Ave LLC Series 2024-3A Class A, CME Term SOFR 3 month Index + 1.26%, 5.5761% 1/20/2035 (b)(c)(d) |  | 2500000 | 2494108 |
| Atlas Senior Loan Fund Xv Ltd Series 2024-15A Class A1R, CME Term SOFR 3 month Index + 1.22%, 5.4993% 10/23/2032 (b)(c)(d) |  | 401600 | 401581 |
| Bain Cap Cr CLO Ltd / Bain Cap Cr CLO LLC Series 2024-4A Class A2R, CME Term SOFR 3 month Index + 1.45%, 5.7195% 10/20/2034 (b)(c)(d) |  | 800000 | 798373 |
| Bain Cap Cr CLO Ltd / Bain Cap Cr CLO LLC Series 2024-4A Class BR, CME Term SOFR 3 month Index + 1.65%, 5.9195% 10/20/2034 (b)(c)(d) |  | 800000 | 800007 |
| Bain Capital Credit Clo Ltd Series 2024-2A Class A2R, CME Term SOFR 3 month Index + 1.48%, 5.7405% 7/16/2034 (b)(c)(d) |  | 2000000 | 1996870 |
| Bain Capital Credit Clo Ltd Series 2024-2A Class BR, CME Term SOFR 3 month Index + 1.65%, 5.9105% 7/16/2034 (b)(c)(d) |  | 2000000 | 2001444 |
| Bain Capital Credit CLO Ltd Series 2024-5A Class A1R, CME Term SOFR 3 month Index + 1.15%, 5.4224% 10/23/2034 (b)(c)(d) |  | 4000000 | 3990012 |
| Bain Capital Credit CLO Series 2024-3A Class A1RR, CME Term SOFR 3 month Index + 1.21%, 5.4893% 10/23/2034 (b)(c)(d) |  | 4300000 | 4296302 |
| Bain Capital Credit CLO Series 2024-3A Class BRR, CME Term SOFR 3 month Index + 1.6%, 5.8793% 10/23/2034 (b)(c)(d) |  | 2000000 | 2001572 |
| Carlyle Global Market Strategies CLO Ltd Series 2024-3A Class ARRR, CME Term SOFR 3 month Index + 1.09%, 5.3595% 7/20/2034 (b)(c)(d) |  | 4600000 | 4586264 |
| Crown Point Clo 7 Ltd Series 2024-7A Class AR, CME Term SOFR 3 month Index + 1.23%, 5.4995% 10/20/2031 (b)(c)(d) |  | 190918 | 190943 |
| Dryden 55 Clo Ltd Series 2018-55A Class A1, CME Term SOFR 3 month Index + 1.2816%, 5.5377% 4/15/2031 (b)(c)(d) |  | 198237 | 198317 |
| Elevation CLO Ltd Series 2024-3A Class A2R2, CME Term SOFR 3 month Index + 1.6%, 5.8818% 1/25/2035 (b)(c)(d) |  | 2000000 | 2000968 |
| Elevation CLO Ltd Series 2024-3A Class BR2, CME Term SOFR 3 month Index + 1.85%, 6.1318% 1/25/2035 (b)(c)(d) |  | 2000000 | 2001316 |
| Fortress Credit Bsl VII Ltd Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.09%, 5.3693% 7/23/2032 (b)(c)(d) |  | 1608286 | 1607191 |
| Greywolf Clo III Ltd Series 2024-3RA Class A2R2, CME Term SOFR 3 month Index + 1.85%, 6.1224% 4/22/2033 (b)(c)(d) |  | 1200000 | 1201025 |
| ICG US CLO Ltd Series 2024-3A Class AR, CME Term SOFR 3 month Index + 1.15%, 5.4195% 10/20/2034 (b)(c)(d) |  | 4800000 | 4781861 |
| Jamestown Clo Xvi Ltd Series 2024-16A Class AR, CME Term SOFR 3 month Index + 1.12%, 5.4018% 7/25/2034 (b)(c)(d) |  | 4800000 | 4804594 |
| Kkr Clo 28 Ltd Series 2024-28A Class AR, CME Term SOFR 3 month Index + 1.44%, 5.7005% 2/9/2035 (b)(c)(d) |  | 2100000 | 2101172 |
| Lcm Loan Income Fund I Ltd Series 2018-1A Class B, CME Term SOFR 3 month Index + 1.7116%, 5.9811% 4/20/2031 (b)(c)(d) |  | 2325000 | 2327888 |
| Mountain View Clo Xiv Ltd Series 2021-1A Class A1R, CME Term SOFR 3 month Index + 1.159%, 5.4151% 10/15/2034 (b)(c)(d) |  | 1000000 | 996706 |
| Octagon Investment Partners Xvii Ltd Series 2018-1A Class A1R2, CME Term SOFR 3 month Index + 1.2616%, 5.5434% 1/25/2031 (b)(c)(d) |  | 25163 | 25181 |
| Ofsi Bsl Xi Ltd Series 2024-10A Class AR, CME Term SOFR 3 month Index + 1.27%, 5.5395% 4/20/2034 (b)(c)(d) |  | 1100000 | 1097920 |
| Palmer Square CLO Series 2025-1A Class A2R5, CME Term SOFR 3 month Index + 1.6%, 5.9215% 5/21/2034 (b)(c)(d) |  | 4200000 | 4200722 |
| Pikes Peak Clo 4 Series 2024-4A Class ARR, CME Term SOFR 3 month Index + 1.21%, 5.4661% 7/15/2034 (b)(c)(d) |  | 4500000 | 4500000 |
| Romark Credit Funding II Ltd Series 2021-2A Class A, 2.625% 10/25/2039 (b) |  | 400000 | 372406 |
| Sandstone Peak Ltd Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.28%, 5.5361% 10/15/2034 (b)(c)(d) |  | 1500000 | 1499927 |
| Sandstone Peak Ltd Series 2024-1A Class B1R, CME Term SOFR 3 month Index + 1.83%, 6.0861% 10/15/2034 (b)(c)(d) |  | 4000000 | 4002864 |
| Sound Point CLO XXVIII Ltd Series 2024-3A Class A1R, CME Term SOFR 3 month Index + 1.28%, 5.5618% 1/25/2032 (b)(c)(d) |  | 436905 | 436954 |
| Trysail CLO Ltd Series 2022-1A Class A, CME Term SOFR 3 month Index + 1.239%, 5.5114% 10/20/2033 (b)(c)(d) |  | 4000000 | 3995544 |
| Ventr Series 2021-17-29A Class AR, CME Term SOFR 3 month Index + 1.2516%, 5.5779% 9/7/2030 (b)(c)(d) |  | 71971 | 71987 |
| Voya CLO Ltd Series 2020-2A Class A1RR, CME Term SOFR 3 month Index + 1.2816%, 5.5614% 4/17/2030 (b)(c)(d) |  | 1282 | 1281 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  |  | 83263393 |
| IRELAND - 0.0%  |  |  |  |
| Arbour Clo VII DAC Series 2024-7A Class BR, 3 month EURIBOR + 2.05%, 4.551% 12/15/2038 (b)(c)(d) | EUR | 3200000 | 3638545 |
| Ares European CLO XIV DAC Series 2024-14A Class AR, 3 month EURIBOR + 1.03%, 3.266% 10/21/2034 (b)(c)(d) | EUR | 3275331 | 3721053 |
| Avoca Static CLO I DAC Series 2024-1A Class BR, 3 month EURIBOR + 1.7%, 3.979% 1/15/2035 (b)(c)(d) | EUR | 2700000 | 3032544 |
| BBAM European CLO I DAC Series 2021-1A Class AR, 3 month EURIBOR + 0.87%, 3.106% 7/22/2034 (b)(c)(d) | EUR | 1000000 | 1128176 |
| BBAM European CLO Series 2022-3A Class A, 3 month EURIBOR + 0.92%, 3.199% 1/15/2036 (b)(c)(d) | EUR | 1500000 | 1689882 |
| CVC Cordatus Loan Fund XIV DAC Series 2021-14A Class A1R, 3 month EURIBOR + 0.85%, 2.91% 5/22/2032 (b)(c)(d) | EUR | 3516774 | 3986976 |
| Dryden 73 Euro CLO Series 2020-74A Class A, 3 month EURIBOR + 1%, 3.236% 4/18/2033 (b)(c)(d) | EUR | 1466840 | 1663413 |
| Grosvenor Place Clo Dac Series 2024-2A Class A, 3 month EURIBOR + 1.24%, 3.8452% 1/15/2039 (b)(c)(d) | EUR | 2200000 | 2498595 |
| Hayfin Emerald CLO V DAC Series 2024-5A Class AR, 3 month EURIBOR + 1.21%, 3.337% 11/17/2037 (b)(c)(d) | EUR | 1400000 | 1586557 |
| Indigo Credit Management II DAC Series 2024-2A Class B, 3 month EURIBOR + 2.1%, 4.379% 7/15/2038 (b)(c)(d) | EUR | 2500000 | 2843871 |
| Palmer Square European Loan Funding DAC Series 2024-3A Class B, 3 month EURIBOR + 1.85%, 3.993% 5/15/2034 (b)(c)(d) | EUR | 2000000 | 2256691 |
| Palmer Square European Loan Funding DAC Series 2024-3A Class BR, 3 month EURIBOR + 1.65%, 3.793% 5/15/2033 (b)(c)(d) | EUR | 3000000 | 3401183 |
| Tikehau Clo IX DAC Series 2024-9A Class AR, 3 month EURIBOR + 1.22%, 3.456% 1/20/2037 (b)(c)(d) | EUR | 900000 | 1022875 |
| TOTAL IRELAND |  |  | 32470361 |
| UNITED STATES - 0.3%  |  |  |  |
| ABFC Series 2006-HE1 Class A2B, CME Term SOFR 1 month Index + 0.3345%, 4.6592% 1/25/2037 (d) |  | 7283166 | 3965703 |
| ABFC Series 2007-WMC1 Class A1A, CME Term SOFR 1 month Index + 1.3645%, 5.6892% 6/25/2037 (c)(d) |  | 837390 | 592105 |
| Accredited Mortgage Loan Trust Series 2004-4 Class A2D, CME Term SOFR 1 month Index + 0.7%, 4.5245% 1/25/2035 (c)(d) |  | 747711 | 734453 |
| Affirm Asset Securitization Trust Series 2024-X2 Class A, 5.22% 12/17/2029 (b) |  | 1689867 | 1690402 |
| Ally Auto Receivables Trust Series 2024-2 Class A3, 4.14% 7/16/2029  |  | 1500000 | 1495482 |
| Ameriquest Mortgage Securities, Inc. Series 2004-R5 Class M2, CME Term SOFR 1 month Index + 1.9895%, 6.3142% 7/25/2034 (d) |  | 1488647 | 1465569 |
| Ameriquest Mortgage Securities, Inc. Series 2004-R6 Class M4, CME Term SOFR 1 month Index + 5.3645%, 4.2607% 7/25/2034 (d) |  | 1370857 | 1133944 |
| Argent Securities Inc Series 2004-W10 Class M1, CME Term SOFR 1 month Index + 1.1945%, 3.3002% 1/25/2034 (d) |  | 288733 | 273554 |
| Asset Backed Securities Corp Home Equity Loan Trust Series 2007-HE2 Class A4, CME Term SOFR 1 month Index + 0.3445%, 4.6692% 5/25/2037 (d) |  | 1276075 | 896801 |
| Bear Stearns Asset Backed Securities I Trust Series 2005-EC1 Class M4, CME Term SOFR 1 month Index + 1.1645%, 4.488% 11/25/2035 (c)(d) |  | 2619968 | 2461495 |
| Bear Stearns Asset Backed Securities I Trust Series 2006-EC2 Class M4, CME Term SOFR 1 month Index + 0.9845%, 4.9237% 2/25/2036 (d) |  | 6244096 | 5636652 |
| Bear Stearns Asset Backed Securities I Trust Series 2007-HE3 Class 1A4, CME Term SOFR 1 month Index + 0.35%, 5.1392% 4/25/2037 (c)(d) |  | 3654479 | 3411195 |
| Bridgecrest Lending Auto Securitization Trust Series 2023-1 Class B, 6.8% 8/15/2029  |  | 4515000 | 4563302 |
| Bridgecrest Lending Auto Securitization Trust Series 2024-4 Class A3, 4.72% 9/15/2028  |  | 3100000 | 3100417 |
| Cascade MH Asset Trust Series 2024-MH1 Class A1, 5.695% 11/25/2056 (b) |  | 946661 | 959998 |
| Centex Home Equity Loan Trust Series 2004-D Class MV5, CME Term SOFR 1 month Index + 1.9145%, 6.2392% 9/25/2034 (d) |  | 573882 | 513138 |
| Cps Auto Receivables Trust Series 2022-A Class D, 2.84% 4/16/2029 (b) |  | 5421293 | 5363055 |
| Equifirst Loan Securitization Trust Series 2007-1 Class A1, CME Term SOFR 1 month Index + 0.2845%, 4.6092% 4/25/2037 (b)(d) |  | 1011242 | 929420 |
| Exeter Automobile Receivables Trust Series 2024-5A Class A2, 4.79% 4/15/2027  |  | 345699 | 345643 |
| Exeter Automobile Receivables Trust Series 2024-5A Class A3, 4.45% 3/15/2028  |  | 750000 | 748343 |
| Exeter Automobile Receivables Trust Series 2024-5A Class B, 4.48% 4/16/2029  |  | 750000 | 745663 |
| Exeter Automobile Receivables Trust Series 2024-5A Class C, 4.64% 1/15/2030  |  | 750000 | 745683 |
| FHF Issuer Trust Series 2024-1A Class A2, 5.69% 2/15/2030 (b) |  | 2348598 | 2369385 |
| FHF Issuer Trust Series 2024-3A Class A2, 5.04% 11/15/2030 (b) |  | 925741 | 926382 |
| FHF Trust Series 2023-1A Class A2, 6.57% 6/15/2028 (b) |  | 135925 | 137111 |
| Fieldstone Mortgage Investment Trust Series 2004-3 Series 2004-5 Class M4, CME Term SOFR 1 month Index + 2.8145%, 7.1392% 2/25/2035 (d) |  | 4000000 | 2293501 |
| Fieldstone Mortgage Investment Trust Series 2006-2 Class 2A3, CME Term SOFR 1 month Index + 0.6545%, 4.9792% 7/25/2036 (d) |  | 3445937 | 1813454 |
| First Franklin Mortgage Loan Trust Series 2004-FFH3 Class M3, CME Term SOFR 1 month Index + 1.1645%, 5.4892% 10/25/2034 (d) |  | 1162404 | 1030112 |
| Flagship Credit Auto Trust Series 2023-2 Class B, 5.21% 5/15/2028 (b) |  | 2354000 | 2356936 |
| GLS Auto Receivables Issuer Trust Series 2024-3A Class B, 5.08% 1/16/2029 (b) |  | 1500000 | 1503917 |
| GLS Auto Receivables Issuer Trust Series 2024-3A Class C, 5.21% 2/18/2031 (b) |  | 1500000 | 1503150 |
| Gls Auto Select Receivables Trust Series 2024-4A Class A2, 4.43% 12/17/2029 (b) |  | 3628161 | 3616241 |
| Gls Auto Select Receivables Trust Series 2024-4A Class B, 4.5% 11/15/2030 (b) |  | 2000000 | 1992608 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-1 Class A3, 4.66% 2/16/2028  |  | 1744039 | 1744222 |
| Gm Finl Consumer Automobile Receivables Trust Series 2024-4 Class A3, 4.4% 8/16/2029  |  | 3000000 | 3000359 |
| Greensky Home Improvement Trust Series 2024-2 Class A4, 5.15% 10/27/2059 (b) |  | 1460246 | 1467223 |
| GSAMP Trust Series 2007-FM1 Class A1, CME Term SOFR 1 month Index + 0.2545%, 4.5792% 12/25/2036 (d) |  | 752690 | 398051 |
| Honda Auto Receivables Owner Trust Series 2024-4 Class A2, 4.56% 3/15/2027  |  | 1866568 | 1865731 |
| HSI Asset Securitization Corp Trust Series 2007-NC1 Class A3, CME Term SOFR 1 month Index + 0.18%, 4.7992% 4/25/2037 (c)(d) |  | 240607 | 155742 |
| Hyundai Auto Receivables Trust Series 2024-C Class A3, 4.41% 5/15/2029  |  | 4000000 | 4001613 |
| Lendmark Fdg Trust Series 2024-2A Class A, 4.47% 2/21/2034 (b) |  | 700000 | 693149 |
| Marlette Funding Trust Series 2022-3A Class C, 6.89% 11/15/2032 (b) |  | 1106721 | 1110394 |
| Marlette Funding Trust Series 2023-3A Class B, 6.71% 9/15/2033 (b) |  | 2300244 | 2306115 |
| Merrill Lynch Mortgage Investors Trust Series 2004-WMC3 Class M3, CME Term SOFR 1 month Index + 2.2145%, 6.5392% 1/25/2035 (d) |  | 3334542 | 2975488 |
| Merrill Lynch Mortgage Investors Trust Series 2004-WMC5 Class M1, CME Term SOFR 1 month Index + 1.0445%, 5.3692% 7/25/2035 (d) |  | 5994575 | 5979409 |
| MF1 LLC Series 2025-FL17 Class AS, CME Term SOFR 1 month Index + 1.572%, 5.8987% 2/18/2040 (b)(c)(d) |  | 5000000 | 4949991 |
| Morgan Stanley Abs Cap I Inc Trust Series 2007-HE3 Class A2A, CME Term SOFR 1 month Index + 0.1745%, 4.4992% 12/25/2036 (d) |  | 241367 | 119897 |
| Morgan Stanley ABS Capital I Inc Series 2004-HE8 Class A4, CME Term SOFR 1 month Index + 0.8745%, 5.1992% 9/25/2034 (c)(d) |  | 715454 | 718707 |
| Morgan Stanley ABS Capital I Inc Series 2004-NC8 Class M1, CME Term SOFR 1 month Index + 1.0295%, 5.3542% 9/25/2034 (d) |  | 314072 | 311908 |
| Morgan Stanley ABS Capital I Inc Series 2005-WMC6 Class M5, CME Term SOFR 1 month Index + 1.0895%, 5.4142% 7/25/2035 (d) |  | 2500000 | 2191503 |
| Morgan Stanley ABS Capital I Inc Trust Series 2007-HE4 Class A2A, CME Term SOFR 1 month Index + 0.11%, 4.5492% 2/25/2037 (c)(d) |  | 244472 | 71892 |
| Nationstar Home Equity Loan Trust Series 2007-B Class 2AV4, CME Term SOFR 1 month Index + 0.4345%, 5.0792% 4/25/2037 (c)(d) |  | 87500 | 86136 |
| Navient Private Education Loan Trust Series 2017-A Class B, 3.91% 12/16/2058 (b) |  | 1286402 | 1271732 |
| Navient Student Loan Trust Series 2021-DA Class C, 3.48% 4/15/2060 (b) |  | 2000000 | 1850419 |
| Oportun Issuance Trust Series 2024-2 Class C, 6.61% 2/9/2032 (b) |  | 1777000 | 1790329 |
| Option One Mortgage Loan Trust Series 2007-4 Class 2A4, CME Term SOFR 1 month Index + 0.4245%, 4.7492% 4/25/2037 (d) |  | 6915097 | 3888835 |
| Pagaya Ai Dbt Selection Trust Series 2023-7 Class B, 7.549% 7/15/2031 (b) |  | 1604483 | 1606805 |
| Pagaya Ai Dbt Selection Trust Series 2023-7 Class C, 8.798% 7/15/2031 (b) |  | 9796350 | 9918658 |
| Pagaya Ai Debt Grantor Trust Series 2024-11 Class A, 5.092% 7/15/2032 (b) |  | 1544616 | 1541525 |
| Pagaya Ai Debt Grantor Trust Series 2024-11 Class B, 5.637% 7/15/2032 (b) |  | 999885 | 1001620 |
| Pagaya Ai Debt Grantor Trust Series 2024-8 Class A, 5.331% 1/15/2032 (b) |  | 1178957 | 1181110 |
| Pagaya Ai Debt Selection Trust Series 2024-1 Class B, 7.109% 7/15/2031 (b) |  | 2834735 | 2859120 |
| Pagaya Ai Debt Trust Series 2023-3 Class B, 9.57% 12/16/2030 (b) |  | 1999601 | 2012554 |
| Pagaya Ai Debt Trust Series 2023-5 Class C, 9.099% 4/15/2031 (b) |  | 4586998 | 4607162 |
| Pagaya Ai Debt Trust Series 2023-6 Class C, 8.491% 6/16/2031 (b) |  | 6743271 | 6773428 |
| Pagaya Ai Debt Trust Series 2023-8 Class C, 9.538% 6/16/2031 (b) |  | 2937256 | 3005062 |
| Pagaya Ai Debt Trust Series 2024-2 Class A, 6.319% 8/15/2031 (b) |  | 1896698 | 1910597 |
| Pagaya Ai Debt Trust Series 2024-3 Class A, 6.258% 10/15/2031 (b) |  | 2662196 | 2680239 |
| Pagaya Ai Debt Trust Series 2024-3 Class C, 7.297% 10/15/2031 (b) |  | 3166520 | 3203986 |
| Park Place Securities Inc Asset-Backed Pass-Through Certificates Series 2004-WHQ1 Class M5, CME Term SOFR 1 month Index + 1.9145%, 6.2392% 9/25/2034 (d) |  | 435047 | 415639 |
| PRET LLC Series 2021-NPL5 Class A1, 5.487% 10/25/2051 (b)(c) |  | 2289854 | 2288202 |
| PRET LLC Series 2021-RN2 Class A1, 4.7436% 7/25/2051 (b)(e) |  | 740561 | 734959 |
| Pret LLC Series 2024-NPL6 Class A1, 5.9256% 10/25/2054 (b)(c) |  | 2182947 | 2197729 |
| PRET LLC Series 2024-NPL7 Class A1, 5.9251% 10/25/2054 (b)(c) |  | 1038668 | 1046327 |
| PRET LLC Series 2024-NPL9 Class A1, 5.8514% 12/25/2054 (b) |  | 2717491 | 2714150 |
| RASC Series 2005-EMX2 Trust Series 2004-KS5 Class MII2, CME Term SOFR 1 month Index + 1.2145%, 5.2982% 6/25/2034 (d) |  | 2521707 | 2300689 |
| Renaissance Home Equity Loan Trust Series 2005-3 Class AV3, CME Term SOFR 1 month Index + 0.8745%, 5.1992% 11/25/2035 (d) |  | 177208 | 160292 |
| Renaissance Home Equity Loan Trust Series 2007-1 Class AF3, 5.612% 4/25/2037 (e) |  | 4153493 | 1039377 |
| Research-Driven Pagaya Motor Asset Trust Series 2023-3A Class A, 7.13% 1/26/2032 (b) |  | 633893 | 636792 |
| Rocket Mortgage Trust Series 2025-CES3 Class A1A, 5.553% 3/25/2055 (b) |  | 2982014 | 2977539 |
| Santander Drive Auto Receivables Trust Series 2024-5 Class A3, 4.62% 11/15/2028  |  | 1500000 | 1498952 |
| Saxon Asset Secs Trust Series 2007-2 Class A2C, CME Term SOFR 1 month Index + 0.3545%, 4.6792% 5/25/2047 (d) |  | 483192 | 348724 |
| Saxon Asset Securities Trust Series 2004-2 Class MF2, 2.8057% 8/25/2035 (e) |  | 1978080 | 1746231 |
| Securitized Asset Backed Receivables LLC Trust Series 2006-WM4 Class A2C, CME Term SOFR 1 month Index + 0.16%, 4.7592% 11/25/2036 (c)(d) |  | 6505348 | 1796845 |
| SMB Private Education Loan Trust Series 2015-B Class B, 3.5% 12/17/2040 (b) |  | 1069634 | 1061923 |
| SMB Private Education Loan Trust Series 2015-C Class B, 3.5% 9/15/2043 (b) |  | 2323062 | 2306926 |
| SMB Private Education Loan Trust Series 2016-C Class B, 3.25% 11/15/2040 (b) |  | 584013 | 574669 |
| SMB Private Education Loan Trust Series 2021-D Class A1A, 1.34% 3/17/2053 (b) |  | 712877 | 646991 |
| SMB Private Education Loan Trust Series 2024-C Class A1A, 5.5% 6/17/2052 (b) |  | 2718318 | 2764105 |
| SMB Private Education Loan Trust Series 2024-E Class A1A, 5.09% 10/16/2056 (b) |  | 4506517 | 4513970 |
| Smb Private Education Loan Trust Series 2024-F Class A1A, 5.06% 3/16/2054 (b) |  | 553904 | 554171 |
| Soundview Home Loan Trust Series 2006-EQ1 Class A4, CME Term SOFR 1 month Index + 0.5%, 4.9392% 10/25/2036 (c)(d) |  | 984634 | 939993 |
| Specialty Underwriting & Residential Finance Trust Series 2003-BC1 Series 2004-BC1 Class M1, CME Term SOFR 1 month Index + 0.8795%, 5.2042% 2/25/2035 (d) |  | 441827 | 454786 |
| Towd Point Mortgage Trust Series 2017-3 Class B2, 3.8635% 7/25/2057 (b)(c) |  | 2000000 | 1761034 |
| TOWD Point Mortgage Trust Series 2017-6 Class A2, 3% 10/25/2057 (b) |  | 2300000 | 2160307 |
| Upstart Securitization Trust Series 2023-2 Class B, 7.92% 6/20/2033 (b) |  | 4700000 | 4753132 |
| WaMu Asset-Backed Certificates Series 2007-HE4 Class 1A, CME Term SOFR 1 month Index + 0.2845%, 4.6092% 7/25/2047 (d) |  | 3893785 | 2898522 |
| Washington Mut Asset Backed Ctfs Wmabs Trust Series 2006-HE3 Class 2A3, CME Term SOFR 1 month Index + 0.4345%, 4.7592% 8/25/2036 (d) |  | 2809141 | 1762632 |
| Westlake Automobile Receivables Trust Series 2023-2A Class D, 7.01% 11/15/2028 (b) |  | 475000 | 485372 |
| Westlake Automobile Receivables Trust Series 2024-3A Class A3, 4.71% 4/17/2028 (b) |  | 3000000 | 2999143 |
| TOTAL UNITED STATES |  |  | 199105648 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $314,390,609) |  |  | <br> **314839402** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.1%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.1%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.1%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.1%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| IRELAND - 0.0%  |  |  |  |
| KINBN Series 2024-RPL2A Class A, 1 month EURIBOR + 1.1%, 3.201% 1/24/2063 (b)(d) | EUR | 3542456 | 4019912 |
| SPAIN - 0.0%  |  |  |  |
| Lugo Funding Dac Series 2024-1A Class A, 3 month EURIBOR + 0%, 3.049% 5/26/2066 (b)(c)(d) | EUR | 1281786 | 1441968 |
| UNITED STATES - 0.1%  |  |  |  |
| ACRA Trust Series 2024-NQM1 Class A1, 5.608% 10/25/2064 (b) |  | 469750 | 468997 |
| Atlx Trust Series 2024-RPL2 Class A1, 3.85% 4/25/2063 (b) |  | 3814564 | 3656687 |
| Bear Stearns Trust Series 2006-1 Class 21A2, 4.5719% 2/25/2036 (c) |  | 3790074 | 2704218 |
| Chase Home Lending Mortgage Trust Series 2024-RPL4 Class A1A, 3.375% 12/25/2064 (b) |  | 2846009 | 2505994 |
| Cim Tr 2023-R3 Series 2023-R3 Class A1A, 4.5% 1/25/2063 (b) |  | 496254 | 463168 |
| Citimortgage Alternative Loan Trust Series 2007-A7 Class 2A1, CME Term SOFR 1 month Index + 0.5145%, 4.8392% 7/25/2037 (c)(d) |  | 2620734 | 2058529 |
| CSMC Trust Series 2017-RPL3 Class B1, 4.4872% 8/1/2057 (b)(c) |  | 629484 | 611775 |
| EFMT Series 2025-CES1 Class A1A, 5.726% 1/25/2060 (b) |  | 1939940 | 1957612 |
| EFMT Trust Series 2025-CES2 Class A1A, 5.655% 2/25/2060 (b) |  | 1961938 | 1965836 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5473 Class FA, U.S. 30-Day Avg. SOFR Index + 1.1%, 5.422% 11/25/2054 (c)(d) |  | 538195 | 533063 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5480 Class FG, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.472% 12/25/2054 (c)(d) |  | 1706463 | 1704156 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5484 Class FD, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.472% 12/25/2054 (c)(d) |  | 4503855 | 4498260 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5513 Class MF, U.S. 30-Day Avg. SOFR Index + 0.94%, 5.262% 11/25/2054 (c)(d) |  | 3832224 | 3809954 |
| GreenPoint Mortgage Funding Trust Series 2005-AR4 Class 3A1, 5.8972% 10/25/2045 (c) |  | 8085445 | 6049678 |
| GreenPoint Mortgage Funding Trust Series 2005-AR4 Class 4A1A, CME Term SOFR 1 month Index + 0.7345%, 5.0592% 10/25/2045 (d) |  | 1303312 | 1191939 |
| HarborView Mortgage Loan Trust 2004-5 Series 2005-9 Class 2A1A, CME Term SOFR 1 month Index + 0.7945%, 5.1189% 6/20/2035 (c)(d) |  | 489426 | 440049 |
| JP Morgan Mortgage Trust Series 2024-10 Class A11, 5.572% 3/25/2055 (b)(c) |  | 2298580 | 2280051 |
| JP Morgan Resecuritization Trust Series 2014-6 Class 1A2, CME Term SOFR 1 month Index + 0.3245%, 3.3727% 7/27/2036 (b)(c)(d) |  | 5125818 | 4493076 |
| JP Morgan Seasoned Mortgage Trust Series 2024-1 Class A4, 4.4603% 1/25/2063 (b)(c) |  | 1892341 | 1840930 |
| MASTR Adjustable Rate Mortgages Trust Series 2006-OA2 Class 1A1, 12 month Average U.S. Treasury Maturity + 0.8%, 5.2972% 12/25/2046 (c)(d) |  | 512956 | 373846 |
| Mill City Mortgage Loan Trust Series 2017-1 Class M3, 3.25% 11/25/2058 (b) |  | 4560000 | 4348659 |
| Morgan Stanley Mortgage Loan Trust Series 2005-9AR Class 1A, CME Term SOFR 1 month Index + 0.4045%, 4.7292% 12/25/2035 (c)(d) |  | 1210989 | 879947 |
| Morgan Stanley Resecuritization Trust Series 2015-R6 Class 1A2, CME Term SOFR 1 month Index + 0.3745%, 4.0824% 7/26/2045 (b)(d) |  | 2587816 | 2542518 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2024-NQM3 Class A1, 5.044% 7/25/2069 (b)(c) |  | 2462564 | 2438107 |
| Morgan Stanley Residential Mortgage Loan Trust Series 2024-RPL1 Class A1, 4% 6/25/2064  |  | 2879471 | 2765331 |
| Nymt Loan Trust Series 2024-INV1 Class A1, 5.379% 6/25/2069 (b) |  | 1900278 | 1891360 |
| PRET LLC Series 2022-RN1 Class A1, 6.721% 7/25/2051 (b)(e) |  | 543963 | 544293 |
| PRET LLC Series 2022-RN2 Class A1, 5% 6/25/2052 (b) |  | 233697 | 233346 |
| PRET LLC Series 2024-NPL8 Class A1, 5.9632% 11/25/2054 (b) |  | 4142094 | 4127015 |
| Prpm 2025-Rpl2 LLC Series 2025-RPL2 Class A1, 3.75% 4/25/2055 (b) |  | 1980059 | 1906911 |
| PRPM LLC Series 2024-7 Class A1, 5.87% 11/25/2029 (b)(c) |  | 2577679 | 2573870 |
| PRPM LLC Series 2024-8 Class A1, 5.897% 12/25/2029 (b) |  | 3724753 | 3747660 |
| PRPM LLC Series 2024-RPL3 Class A1, 4% 11/25/2054 (b) |  | 2925515 | 2827881 |
| RCKT Mortgage Trust Series 2025-CES1 Class A1A, 5.653% 1/25/2045 (b) |  | 4463840 | 4464057 |
| Sequoia Mortgage Trust Series 2024-HYB1 Class A1A, 4.5248% 11/25/2063 (b)(c) |  | 1132965 | 1103986 |
| Structured Asset Mortgage Investments II Trust Series 2006-AR3 Class 12A1, CME Term SOFR 1 month Index + 0.5545%, 4.8792% 5/25/2036 (c)(d) |  | 3580268 | 2876394 |
| Towd Point Mortgage Trust Series 2024-5 Class A1A, 4.5112% 10/25/2064 (b)(c) |  | 3299368 | 3329973 |
| Towd Point Mortgage Trust Series 2024-CES6 Class A1, 5.725% 11/25/2064 (b) |  | 3267801 | 3280482 |
| Verus Securitization Trust Series 2024-8 Class A1, 5.364% 10/25/2069 (b)(c) |  | 906062 | 903435 |
| Verus Securitization Trust Series 2024-R1 Class A1, 5.218% 9/25/2069 (b)(c) |  | 1806684 | 1798520 |
| TOTAL UNITED STATES |  |  | 92191563 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $97,549,983) |  |  | <br> **97653443** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 81.4%** | &nbsp;&nbsp;**Common Stocks - 81.4%** | &nbsp;&nbsp;**Common Stocks - 81.4%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv PLC  | 108649 | 7258840 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Coinshares International Ltd  | 482288 | 4980365 |
| TOTAL BAILIWICK OF JERSEY |  | 12239205 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (f) | 40328 | 388359 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| UCB SA  | 29500 | 5355974 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Titan America SA  | 208987 | 2988514 |
| TOTAL BELGIUM |  | 8732847 |
| BERMUDA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| Hamilton Insurance Group Ltd Class B (f) | 191358 | 4163950 |
| RenaissanceRe Holdings Ltd  | 158548 | 39545042 |
| TOTAL BERMUDA |  | 43708992 |
| BRAZIL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| MercadoLibre Inc (f) | 1900 | 4870251 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| XP Inc Class A  | 126542 | 2449853 |
| Financial Services - 0.0% |  |  |
| Pagseguro Digital Ltd Class A  | 165314 | 1472948 |
| StoneCo Ltd Class A (f) | 46073 | 628896 |
|  |  | 2101844 |
| TOTAL FINANCIALS |  | 4551697 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Wheaton Precious Metals Corp (United States)  | 21772 | 1888721 |
| TOTAL BRAZIL |  | 11310669 |
| CANADA - 0.5%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Restaurant Brands International Inc  | 75500 | 5390381 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (United States) (f)(g) | 656656 | 7925838 |
| TOTAL CONSUMER DISCRETIONARY |  | 13316219 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alimentation Couche-Tard Inc  | 34300 | 1778296 |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (f) | 845229 | 5274229 |
| TOTAL CONSUMER STAPLES |  | 7052525 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Athabasca Oil Corp (f) | 1043200 | 3922405 |
| Cameco Corp (United States)  | 368582 | 21573104 |
| Imperial Oil Ltd  | 114500 | 8174817 |
| MEG Energy Corp  | 347800 | 6087482 |
| Meren Energy Inc  | 1064600 | 1396349 |
| South Bow Corp  | 53000 | 1373709 |
| Whitecap Resources Inc (OTC)  | 1183116 | 7370813 |
|  |  | 49898679 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Brookfield Asset Management Ltd Class A (United States)  | 73195 | 4106240 |
| Brookfield Corp Class A (United States)  | 1021014 | 58932928 |
|  |  | 63039168 |
| Insurance - 0.0% |  |  |
| Brookfield Wealth Solutions Ltd Class A (United States) (g) | 6440 | 372875 |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 4382 | 7456058 |
|  |  | 7828933 |
| TOTAL FINANCIALS |  | 70868101 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Repare Therapeutics Inc (f) | 7699 | 10548 |
| Xenon Pharmaceuticals Inc (f)(g) | 60000 | 1731000 |
|  |  | 1741548 |
| Industrials - 0.0% |  |  |
| Ground Transportation - 0.0% |  |  |
| Canadian National Railway Co (United States)  | 139448 | 14633673 |
| Industrial Conglomerates - 0.0% |  |  |
| Brookfield Business Corp Class A (United States) (g) | 7424 | 211807 |
| TOTAL INDUSTRIALS |  | 14845480 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (United States) (f) | 279877 | 32292208 |
| IT Services - 0.0% |  |  |
| Shopify Inc Class A (United States) (f) | 288416 | 30923964 |
| Software - 0.1% |  |  |
| Constellation Software Inc/Canada (OTC)  | 2157 | 7816386 |
| Descartes Systems Group Inc/The (United States) (f)(g) | 223912 | 25960358 |
| Hut 8 Corp (United States) (f)(g) | 243526 | 3718642 |
|  |  | 37495386 |
| TOTAL INFORMATION TECHNOLOGY |  | 100711558 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Nutrien Ltd (United States)  | 13576 | 801391 |
| Metals & Mining - 0.1% |  |  |
| Franco-Nevada Corp (United States)  | 128513 | 21692995 |
| Ssr Mining Inc (United States) (f) | 6929 | 81970 |
| Teck Resources Ltd Class B (United States)  | 22222 | 823325 |
|  |  | 22598290 |
| Paper & Forest Products - 0.0% |  |  |
| West Fraser Timber Co Ltd (United States) (g) | 201147 | 14800396 |
| TOTAL MATERIALS |  | 38200077 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Real Brokerage Inc/The (f) | 1219368 | 5023796 |
| Real Matters Inc (f) | 8867 | 36893 |
| Real Matters Inc (OTC) (f) | 201619 | 838887 |
|  |  | 5899576 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Brookfield Infrastructure Corp (United States) (g) | 6080 | 240586 |
| TOTAL CANADA |  | 302774349 |
| CHINA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Alibaba Group Holding Ltd ADR  | 69853 | 7952066 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Yum China Holdings Inc  | 95074 | 4149980 |
| Household Durables - 0.0% |  |  |
| Midea Group Co Ltd H Shares  | 276627 | 2906998 |
| TOTAL CONSUMER DISCRETIONARY |  | 15009044 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| GDS Holdings Ltd A Shares (f) | 1083930 | 3209922 |
| TOTAL CHINA |  | 18218966 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mine Ltd Class A (f) | 13062 | 101176 |
| COSTA RICA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Establishment Labs Holdings Inc (f)(g) | 78263 | 2693812 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (f) | 35374 | 5760302 |
| Pharmaceuticals - 0.0% |  |  |
| Novo Nordisk A/S Class B ADR (g) | 329494 | 23558821 |
| TOTAL DENMARK |  | 29319123 |
| FINLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Amer Sports Inc (f) | 30400 | 1105952 |
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Criteo SA ADR (f) | 278879 | 7100259 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| BNP Paribas SA  | 35442 | 3103816 |
| TOTAL FRANCE |  | 10204075 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Schaeffler AG  | 340440 | 1638983 |
| Specialty Retail - 0.0% |  |  |
| LuxExperience BV ADR (f)(g) | 1609627 | 15050012 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (f) | 8600 | 462508 |
| TOTAL CONSUMER DISCRETIONARY |  | 17151503 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (f) | 20800 | 1992848 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Gerresheimer AG  | 33574 | 2415003 |
| TOTAL HEALTH CARE |  | 4407851 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| SAP SE ADR  | 67669 | 20494234 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Mercer International Inc  | 38534 | 137952 |
| TOTAL GERMANY |  | 42191540 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Patria Investments Ltd Class A (g) | 12678 | 161518 |
| GREECE - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Eurobank Ergasias Services and Holdings SA  | 1506068 | 4638771 |
| Piraeus Financial Holdings SA  | 482615 | 3215120 |
| TOTAL GREECE |  | 7853891 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| GigaCloud Technology Inc Class A (f)(g) | 251440 | 4415286 |
| INDIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 35900 | 2706501 |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| WNS Holdings Ltd ADR (f)(g) | 105714 | 6130355 |
| TOTAL INDIA |  | 8836856 |
| IRELAND - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| AIB Group PLC  | 429228 | 3386492 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| AerCap Holdings NV  | 13149 | 1521734 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Accenture PLC Class A  | 308581 | 97764632 |
| TOTAL IRELAND |  | 102672858 |
| ISRAEL - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Taboola.com Ltd (f) | 96667 | 357668 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd  | 26583 | 1573714 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Tower Semiconductor Ltd (United States) (f) | 90586 | 3572712 |
| Software - 0.0% |  |  |
| Cellebrite DI Ltd (f) | 569964 | 9507000 |
| Nice Ltd ADR (f) | 49440 | 8203579 |
| Sapiens International Corp NV  | 1281 | 36764 |
| SimilarWeb Ltd (f) | 278812 | 2068785 |
|  |  | 19816128 |
| TOTAL INFORMATION TECHNOLOGY |  | 23388840 |
| TOTAL ISRAEL |  | 25320222 |
| ITALY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Ermenegildo Zegna Holditalia Spa (g) | 706848 | 6078893 |
| JAPAN - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Chugai Pharmaceutical Co Ltd ADR  | 1370825 | 35751116 |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| Daikin Industries Ltd ADR (g) | 239228 | 2724807 |
| TOTAL JAPAN |  | 38475923 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Coupang Inc Class A (f) | 334400 | 9379920 |
| MEXICO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Southern Copper Corp  | 14239 | 1294467 |
| MONACO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Scorpio Tankers Inc (g) | 164857 | 6551417 |
| NETHERLANDS - 0.3%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Argenx SE ADR (f) | 13000 | 7452380 |
| Merus NV (f) | 84144 | 4717954 |
| Newamsterdam Pharma Co NV (f)(g) | 100253 | 1815582 |
|  |  | 13985916 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| NXP Semiconductors NV  | 778981 | 148886639 |
| TOTAL NETHERLANDS |  | 162872555 |
| NORWAY - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Opera Ltd ADR  | 562355 | 10319214 |
| PANAMA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Banco Latinoamericano de Comercio Exterior SA Class E (g) | 6362 | 260969 |
| PORTUGAL - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 61400 | 982970 |
| PUERTO RICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| First BanCorp/Puerto Rico  | 653832 | 13063563 |
| Popular Inc  | 83945 | 8690826 |
|  |  | 21754389 |
| Financial Services - 0.0% |  |  |
| EVERTEC Inc  | 198324 | 7185279 |
| TOTAL PUERTO RICO |  | 28939668 |
| SINGAPORE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Grindr Inc Class A (f)(g) | 107179 | 2617311 |
| Industrials - 0.0% |  |  |
| Ground Transportation - 0.0% |  |  |
| Grab Holdings Ltd Class A (f) | 836717 | 4074812 |
| TOTAL SINGAPORE |  | 6692123 |
| SPAIN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Cellnex Telecom SA (b)(h) | 27900 | 1069694 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco Santander SA  | 719200 | 5737530 |
| TOTAL SPAIN |  | 6807224 |
| SWEDEN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Autoliv Inc  | 202982 | 20870609 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| SiriusPoint Ltd (f) | 263149 | 5155089 |
| TOTAL SWEDEN |  | 26025698 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Garrett Motion Inc  | 768626 | 8147436 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| UBS Group AG (United States)  | 19790 | 631102 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Lonza Group AG ADR  | 103828 | 7189051 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| TE Connectivity PLC  | 186153 | 29797511 |
| TOTAL SWITZERLAND |  | 45765100 |
| TAIWAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 556920 | 107663775 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (f) | 82222 | 19147037 |
| UNITED KINGDOM - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Flutter Entertainment PLC (f) | 34117 | 8621366 |
| Genius Sports Ltd Class A (f) | 2143013 | 20551495 |
| Soho House & Co Inc Class A (f)(g) | 1600 | 10096 |
|  |  | 29182957 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Diageo PLC  | 32300 | 876662 |
| Food Products - 0.1% |  |  |
| Nomad Foods Ltd  | 1038799 | 18178983 |
| Personal Care Products - 0.0% |  |  |
| Unilever PLC ADR  | 273032 | 17430363 |
| TOTAL CONSUMER STAPLES |  | 36486008 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TechnipFMC PLC  | 411492 | 12817976 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| London Stock Exchange Group PLC  | 22131 | 3367384 |
| Marex Group PLC  | 146561 | 6325573 |
|  |  | 9692957 |
| Insurance - 0.0% |  |  |
| Direct Line Insurance Group PLC  | 16051 | 64360 |
| Fidelis Insurance Holdings Ltd  | 34409 | 601469 |
| Hiscox Ltd  | 200600 | 3408211 |
|  |  | 4074040 |
| TOTAL FINANCIALS |  | 13766997 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Smith & Nephew PLC ADR (g) | 337782 | 9782167 |
| Pharmaceuticals - 0.1% |  |  |
| Astrazeneca PLC ADR  | 125935 | 9171846 |
| Verona Pharma PLC ADR (f) | 209884 | 17042581 |
|  |  | 26214427 |
| TOTAL HEALTH CARE |  | 35996594 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Rentokil Initial PLC ADR  | 458175 | 10890820 |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 6180 | 70637 |
| TOTAL INDUSTRIALS |  | 10961457 |
| TOTAL UNITED KINGDOM |  | 139211989 |
| UNITED STATES - 79.8%  |  |  |
| Communication Services - 7.5% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Anterix Inc (f) | 400 | 10636 |
| AT&T Inc  | 15584433 | 433247237 |
| Atn International Inc  | 28004 | 397937 |
| Bandwidth Inc Class A (f) | 17122 | 240050 |
| Frontier Communications Parent Inc (f) | 55250 | 2001708 |
| GCI Liberty Inc Class A (f)(i) | 105502 | 1 |
| Globalstar Inc (f) | 9200 | 169832 |
| IDT Corp Class B  | 1800 | 110862 |
| Lumen Technologies Inc (f) | 135500 | 531160 |
| Verizon Communications Inc  | 2510700 | 110370372 |
|  |  | 547079795 |
| Entertainment - 1.5% |  |  |
| Cinemark Holdings Inc (g) | 40500 | 1367685 |
| Electronic Arts Inc  | 123002 | 17685228 |
| Eventbrite Inc Class A (f) | 283200 | 668352 |
| Liberty Media Corp-Liberty Formula One Class C (f) | 37900 | 3658487 |
| Live Nation Entertainment Inc (f) | 62200 | 8533218 |
| Madison Square Garden Entertainment Corp Class A (f) | 3000 | 111330 |
| Madison Square Garden Sports Corp Class A (f) | 790 | 150013 |
| Marcus Corp/The  | 55919 | 1033383 |
| Netflix Inc (f) | 497426 | 600507590 |
| Playstudios Inc Class A (f) | 15535 | 20817 |
| Playtika Holding Corp  | 48892 | 231748 |
| ROBLOX Corp Class A (f) | 84000 | 7306320 |
| Roku Inc Class A (f) | 72996 | 5289290 |
| Skillz Inc Class A (f) | 3653 | 22977 |
| Spotify Technology SA (f) | 39127 | 26024933 |
| Take-Two Interactive Software Inc (f) | 65362 | 14790113 |
| TKO Group Holdings Inc Class A  | 92636 | 14618887 |
| Walt Disney Co/The  | 3439953 | 388852287 |
| Warner Bros Discovery Inc (f) | 593683 | 5919020 |
| Warner Music Group Corp Class A  | 1666056 | 43850594 |
|  |  | 1140642272 |
| Interactive Media & Services - 4.5% |  |  |
| Alphabet Inc Class A  | 4880248 | 838133792 |
| Alphabet Inc Class C  | 5377124 | 929435883 |
| Cars.com Inc (f)(g) | 13747 | 140907 |
| EverQuote Inc Class A (f) | 80640 | 1858752 |
| Match Group Inc  | 332600 | 9958044 |
| MediaAlpha Inc Class A (f) | 37439 | 381878 |
| Meta Platforms Inc Class A  | 2479596 | 1605513614 |
| Nextdoor Holdings Inc Class A (f) | 354151 | 541851 |
| QuinStreet Inc (f) | 222906 | 3403775 |
| Reddit Inc Class A (f) | 15300 | 1718955 |
| Rumble Inc Class A (f)(g) | 3100 | 27931 |
| Shutterstock Inc  | 6988 | 128929 |
| Snap Inc Class A (f) | 90800 | 749100 |
| TripAdvisor Inc Class A  | 350864 | 4996303 |
| TrueCar Inc (f) | 1100 | 1594 |
| Yelp Inc Class A (f)(g) | 268493 | 10248378 |
| ZipRecruiter Inc Class A (f)(g) | 165033 | 985247 |
|  |  | 3408224933 |
| Media - 0.5% |  |  |
| Altice USA Inc Class A (f) | 44600 | 103026 |
| AMC Networks Inc Class A (f) | 19899 | 131532 |
| Charter Communications Inc Class A (f) | 386077 | 152990733 |
| Comcast Corp Class A  | 3021645 | 104458268 |
| Entravision Communications Corp Class A  | 5073 | 10500 |
| EW Scripps Co/The Class A (f) | 78000 | 173160 |
| Fox Corp Class A  | 518300 | 28475402 |
| Fox Corp Class B  | 264789 | 13313591 |
| Gannett Co Inc (f)(g) | 170800 | 604632 |
| Gray Media Inc  | 36878 | 146406 |
| iHeartMedia Inc Class A (f) | 9600 | 12576 |
| Integral Ad Science Holding Corp (f) | 15928 | 129654 |
| Interpublic Group of Cos Inc/The  | 256566 | 6147321 |
| John Wiley & Sons Inc Class A  | 206 | 8058 |
| Liberty Broadband Corp Class A (f) | 40500 | 3762450 |
| Liberty Broadband Corp Class C (f) | 1700 | 159460 |
| MNTN Inc Class A  | 11700 | 295191 |
| New York Times Co/The Class A  | 581092 | 33191975 |
| News Corp Class A  | 290478 | 8203099 |
| News Corp Class B (g) | 10335 | 338161 |
| Nexstar Media Group Inc (g) | 121604 | 20723754 |
| Omnicom Group Inc  | 126654 | 9301470 |
| Paramount Global Class B (g) | 180175 | 2180118 |
| PubMatic Inc Class A (f) | 15900 | 186030 |
| Scholastic Corp  | 7191 | 124189 |
| Sinclair Inc Class A (g) | 12500 | 175375 |
| Sirius XM Holdings Inc (g) | 321400 | 6967952 |
| TechTarget Inc/old  | 4189 | 33889 |
| TEGNA Inc (g) | 615833 | 10296728 |
| Thryv Holdings Inc (f)(g) | 18844 | 250625 |
| WideOpenWest Inc (f) | 3138 | 13211 |
|  |  | 402908536 |
| Wireless Telecommunication Services - 0.3% |  |  |
| Gogo Inc (f)(g) | 791436 | 8397136 |
| T-Mobile US Inc  | 834274 | 202061163 |
| Telephone and Data Systems Inc  | 43240 | 1485726 |
| United States Cellular Corp (f) | 9600 | 594912 |
|  |  | 212538937 |
| TOTAL COMMUNICATION SERVICES |  | 5711394473 |
| Consumer Discretionary - 8.9% |  |  |
| Automobile Components - 0.1% |  |  |
| Adient PLC (f) | 262131 | 4086622 |
| BorgWarner Inc  | 1027249 | 33991670 |
| Cooper-Standard Holdings Inc (f) | 20103 | 463173 |
| Dana Inc (g) | 20080 | 333930 |
| Dorman Products Inc (f) | 6286 | 812843 |
| Gentex Corp  | 500016 | 10785345 |
| Gentherm Inc (f) | 1718 | 47013 |
| Goodyear Tire & Rubber Co/The (f) | 731395 | 8345217 |
| Lear Corp  | 78594 | 7106469 |
| Modine Manufacturing Co (f) | 321638 | 29204731 |
| Motorcar Parts of America Inc (f) | 3215 | 35815 |
| Phinia Inc (g) | 158085 | 6860889 |
| Standard Motor Products Inc  | 29833 | 903940 |
| Stoneridge Inc (f) | 42500 | 213350 |
| Visteon Corp (f) | 379 | 31997 |
| XPEL Inc (f)(h) | 100 | 3597 |
|  |  | 103226601 |
| Automobiles - 1.2% |  |  |
| Ford Motor Co  | 2559400 | 26566572 |
| General Motors Co  | 1407380 | 69820122 |
| Harley-Davidson Inc  | 358600 | 8681706 |
| Tesla Inc (f) | 2358217 | 817027862 |
| Winnebago Industries Inc  | 3590 | 121808 |
|  |  | 922218070 |
| Broadline Retail - 3.1% |  |  |
| Amazon.com Inc (f) | 11362036 | 2329331000 |
| eBay Inc  | 822051 | 60149472 |
| Etsy Inc (f) | 29532 | 1634596 |
| Macy's Inc  | 450738 | 5359275 |
| QVC Group Inc Class A (f) | 322 | 1320 |
|  |  | 2396475663 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 46500 | 5883180 |
| LKQ Corp  | 714502 | 28915896 |
| Pool Corp (g) | 143412 | 43108213 |
|  |  | 77907289 |
| Diversified Consumer Services - 0.2% |  |  |
| ADT Inc (g) | 4137231 | 34421762 |
| Bright Horizons Family Solutions Inc (f) | 213738 | 27614950 |
| Coursera Inc (f) | 237911 | 2105512 |
| Duolingo Inc Class A (f) | 10775 | 5598798 |
| Frontdoor Inc (f)(g) | 146184 | 8041582 |
| Grand Canyon Education Inc (f) | 95567 | 18907453 |
| H&R Block Inc  | 51700 | 2944315 |
| Laureate Education Inc (f) | 351518 | 7909155 |
| Lincoln Educational Services Corp (f) | 229095 | 5452461 |
| Service Corp International/US  | 334962 | 26127036 |
| Strategic Education Inc  | 1874 | 170965 |
| Stride Inc (f)(g) | 73141 | 11072816 |
|  |  | 150366805 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Airbnb Inc Class A (f) | 560630 | 72321270 |
| Aramark  | 4866 | 197073 |
| Bloomin' Brands Inc  | 104700 | 798861 |
| Booking Holdings Inc  | 32966 | 181937047 |
| Brinker International Inc (f) | 42842 | 7395814 |
| Caesars Entertainment Inc (f) | 47000 | 1263360 |
| Carnival Corp (f) | 245701 | 5705177 |
| Chipotle Mexican Grill Inc (f) | 3498550 | 175207385 |
| Churchill Downs Inc  | 180383 | 17221165 |
| Domino's Pizza Inc  | 40548 | 19212453 |
| DoorDash Inc Class A (f) | 230600 | 48114690 |
| DraftKings Inc Class A (f) | 646310 | 23189603 |
| Dutch Bros Inc Class A (f) | 58101 | 4194892 |
| El Pollo Loco Holdings Inc (f) | 47891 | 502856 |
| Everi Holdings Inc (f) | 13633 | 192362 |
| Expedia Group Inc Class A  | 178235 | 29720686 |
| Hilton Worldwide Holdings Inc  | 673966 | 167440113 |
| Hyatt Hotels Corp Class A (g) | 148517 | 19608700 |
| Krispy Kreme Inc (g) | 421038 | 1216800 |
| Kura Sushi USA Inc Class A (f)(g) | 91439 | 6040460 |
| Las Vegas Sands Corp  | 473465 | 19487819 |
| Life Time Group Holdings Inc (f) | 111144 | 3178718 |
| Light & Wonder Inc Class A (f) | 1411 | 127159 |
| Lindblad Expeditions Holdings Inc (f) | 21468 | 225414 |
| Marriott International Inc/MD Class A1  | 232603 | 61367649 |
| McDonald's Corp  | 764563 | 239958099 |
| MGM Resorts International (f) | 180500 | 5712825 |
| Monarch Casino & Resort Inc  | 3517 | 294514 |
| Norwegian Cruise Line Holdings Ltd (f) | 110662 | 1953184 |
| Papa John's International Inc (g) | 112176 | 5075964 |
| Planet Fitness Inc Class A (f) | 10433 | 1072825 |
| PlayAGS Inc (f) | 7704 | 94143 |
| Potbelly Corp (f)(g) | 907503 | 9683057 |
| Red Robin Gourmet Burgers Inc (f)(g) | 23664 | 120686 |
| Red Rock Resorts Inc Class A  | 22400 | 1076768 |
| Royal Caribbean Cruises Ltd  | 142466 | 36609488 |
| Rush Street Interactive Inc Class A (f) | 213593 | 2710495 |
| Shake Shack Inc Class A (f) | 20358 | 2642265 |
| Sportradar Holding AG Class A (f) | 127366 | 3045321 |
| Starbucks Corp  | 513748 | 43129145 |
| Sweetgreen Inc Class A (f) | 153545 | 2060574 |
| Texas Roadhouse Inc  | 101182 | 19751738 |
| Travel + Leisure Co  | 246300 | 11962791 |
| United Parks & Resorts Inc (f)(g) | 191208 | 8564206 |
| Vail Resorts Inc  | 77272 | 12376656 |
| Wingstop Inc (g) | 59526 | 20340034 |
| Wynn Resorts Ltd (g) | 35000 | 3168900 |
| Yum! Brands Inc  | 902402 | 129891744 |
|  |  | 1427162948 |
| Household Durables - 0.3% |  |  |
| Cavco Industries Inc (f) | 14883 | 6453194 |
| Century Communities Inc  | 18182 | 943100 |
| Champion Homes Inc (f) | 159211 | 10412399 |
| Cricut Inc Class A (g) | 10100 | 61206 |
| DR Horton Inc  | 65422 | 7723721 |
| Garmin Ltd  | 2300 | 466831 |
| Hovnanian Enterprises Inc Class A (f) | 905 | 81703 |
| Installed Building Products Inc (g) | 44770 | 7139920 |
| Leggett & Platt Inc (g) | 195700 | 1773042 |
| Lennar Corp Class A  | 134410 | 14258213 |
| LGI Homes Inc (f)(g) | 93663 | 4692516 |
| M/I Homes Inc (f) | 35481 | 3782629 |
| Mohawk Industries Inc (f) | 18202 | 1831303 |
| Newell Brands Inc  | 459556 | 2435647 |
| NVR Inc (f) | 6244 | 44431868 |
| PulteGroup Inc  | 293900 | 28811018 |
| SharkNinja Inc (f) | 153741 | 14133410 |
| Somnigroup International Inc  | 24900 | 1619994 |
| Sonos Inc (f) | 232538 | 2390491 |
| Taylor Morrison Home Corp (f) | 16601 | 934304 |
| Toll Brothers Inc  | 256472 | 26737206 |
| TopBuild Corp (f) | 56529 | 15991489 |
| Traeger Inc (f) | 145 | 200 |
| Tri Pointe Homes Inc (f) | 213852 | 6304357 |
| Universal Electronics Inc (f) | 582 | 3847 |
| Whirlpool Corp (g) | 74800 | 5841132 |
|  |  | 209254740 |
| Leisure Products - 0.0% |  |  |
| Acushnet Holdings Corp (g) | 415 | 28319 |
| Brunswick Corp/DE  | 145548 | 7367640 |
| Hasbro Inc  | 98690 | 6583610 |
| JAKKS Pacific Inc  | 10186 | 205043 |
| Mattel Inc (f) | 534768 | 10128506 |
| Peloton Interactive Inc Class A (f) | 41776 | 296610 |
|  |  | 24609728 |
| Specialty Retail - 1.8% |  |  |
| Abercrombie & Fitch Co Class A (f) | 15662 | 1229310 |
| Academy Sports & Outdoors Inc (g) | 566092 | 23158824 |
| Asbury Automotive Group Inc (f)(g) | 35815 | 8162597 |
| AutoNation Inc (f) | 135481 | 24908182 |
| AutoZone Inc (f) | 8842 | 33007540 |
| BARK Inc (f) | 3800 | 4902 |
| Bath & Body Works Inc  | 579079 | 16283701 |
| Best Buy Co Inc  | 320930 | 21271240 |
| Boot Barn Holdings Inc (f) | 63554 | 10188342 |
| Buckle Inc/The  | 52180 | 2223390 |
| Burlington Stores Inc (f) | 578485 | 132050771 |
| Camping World Holdings Inc Class A  | 100 | 1626 |
| CarMax Inc (f) | 71600 | 4615336 |
| Carparts Com Inc (f) | 50611 | 44431 |
| Carvana Co Class A (f) | 119145 | 38979478 |
| Cato Corp/The Class A  | 500 | 1280 |
| Chewy Inc Class A (f) | 44247 | 2002177 |
| Dick's Sporting Goods Inc  | 50100 | 8984934 |
| Duluth Holdings Inc Class B (f) | 257 | 478 |
| Five Below Inc (f) | 38800 | 4522916 |
| Floor & Decor Holdings Inc Class A (f) | 25939 | 1859567 |
| Foot Locker Inc (f) | 16384 | 389284 |
| GameStop Corp Class A (f)(g) | 39245 | 1169501 |
| Gap Inc/The  | 179946 | 4014595 |
| Genesco Inc (f)(g) | 44423 | 965312 |
| Group 1 Automotive Inc  | 31994 | 13562896 |
| Home Depot Inc/The  | 802577 | 295581083 |
| J Jill Inc  | 177 | 2832 |
| Lithia Motors Inc Class A  | 73771 | 23378768 |
| LL Flooring Holdings Inc (f)(i) | 7900 | 0 |
| Lowe's Cos Inc  | 1308843 | 295445130 |
| MarineMax Inc (f)(g) | 159463 | 3380616 |
| Monro Inc  | 56911 | 872446 |
| Murphy USA Inc  | 84036 | 35865724 |
| O'Reilly Automotive Inc (f) | 59739 | 81693083 |
| ODP Corp/The (f) | 5300 | 87185 |
| Penske Automotive Group Inc (g) | 101854 | 16722390 |
| Petco Health & Wellness Co Inc Class A (f) | 127776 | 468938 |
| RealReal Inc/The (f) | 86600 | 489290 |
| Restoration Hardware Inc (f) | 25212 | 4566145 |
| Revolve Group Inc Class A (f)(g) | 756355 | 15580913 |
| Ross Stores Inc  | 298350 | 41795852 |
| Sally Beauty Holdings Inc (f)(g) | 247200 | 2153112 |
| Signet Jewelers Ltd (g) | 88908 | 5918606 |
| Sleep Number Corp (f) | 5600 | 60256 |
| Sportsman's Warehouse Holdings Inc (f) | 11200 | 21168 |
| Stitch Fix Inc Class A (f)(g) | 99534 | 439940 |
| TJX Cos Inc/The  | 758738 | 96283852 |
| Tractor Supply Co (g) | 94426 | 4570218 |
| Ulta Beauty Inc (f) | 40867 | 19267156 |
| Upbound Group Inc (g) | 32497 | 745481 |
| Urban Outfitters Inc (f) | 22213 | 1552689 |
| Victoria's Secret & Co (f)(g) | 29555 | 626862 |
| Warby Parker Inc Class A (f) | 511411 | 10826571 |
| Wayfair Inc Class A (f)(g) | 31131 | 1283842 |
| Williams-Sonoma Inc  | 144543 | 23381276 |
| Winmark Corp  | 90 | 38234 |
| Zumiez Inc (f) | 43308 | 540917 |
|  |  | 1337243185 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Capri Holdings Ltd (f) | 29300 | 530916 |
| Carter's Inc  | 1557 | 48843 |
| Crocs Inc (f)(g) | 282904 | 28856208 |
| Deckers Outdoor Corp (f) | 268758 | 28359344 |
| G-III Apparel Group Ltd (f) | 94021 | 2731310 |
| Hanesbrands Inc (f) | 111100 | 549945 |
| Kontoor Brands Inc  | 95677 | 6563442 |
| Lululemon Athletica Inc (f) | 118289 | 37458578 |
| Movado Group Inc  | 4100 | 66420 |
| NIKE Inc Class B  | 250853 | 15199183 |
| PVH Corp  | 46000 | 3853420 |
| Ralph Lauren Corp Class A  | 94965 | 26287262 |
| Rocky Brands Inc  | 98717 | 2245812 |
| Samsonite Group SA (b)(h) | 987000 | 1860435 |
| Skechers USA Inc Class A (f) | 58705 | 3642058 |
| Tapestry Inc  | 236112 | 18546598 |
| VF Corp  | 145645 | 1814737 |
|  |  | 178614511 |
| TOTAL CONSUMER DISCRETIONARY |  | 6827079540 |
| Consumer Staples - 4.3% |  |  |
| Beverages - 1.2% |  |  |
| Boston Beer Co Inc/The Class A (f) | 13360 | 3070796 |
| Brown-Forman Corp Class B (g) | 655965 | 21869873 |
| Celsius Holdings Inc (f) | 67631 | 2561862 |
| Coca-Cola Co/The  | 4279159 | 308527364 |
| Coca-Cola Consolidated Inc  | 163710 | 18769352 |
| Constellation Brands Inc Class A  | 20400 | 3637116 |
| Keurig Dr Pepper Inc  | 4641266 | 156271426 |
| Molson Coors Beverage Co Class B (g) | 720518 | 38612560 |
| Monster Beverage Corp (f) | 947780 | 60610531 |
| National Beverage Corp (g) | 64206 | 2904037 |
| PepsiCo Inc  | 2031023 | 266977973 |
| Primo Brands Corp Class A  | 515159 | 17036308 |
| Vita Coco Co Inc/The (f) | 96100 | 3420199 |
|  |  | 904269397 |
| Consumer Staples Distribution & Retail - 1.3% |  |  |
| Albertsons Cos Inc Class A  | 1473206 | 32749369 |
| Andersons Inc/The  | 5900 | 209509 |
| BJ's Wholesale Club Holdings Inc (f) | 386533 | 43759401 |
| Casey's General Stores Inc  | 8100 | 3545856 |
| Costco Wholesale Corp  | 313648 | 326250378 |
| Dollar General Corp  | 860 | 83635 |
| Dollar Tree Inc (f) | 169043 | 15257821 |
| Ingles Markets Inc Class A (g) | 106278 | 6621119 |
| Kroger Co/The  | 1247188 | 85095637 |
| Maplebear Inc (f) | 227913 | 10408787 |
| Performance Food Group Co (f) | 278845 | 24973358 |
| PriceSmart Inc  | 113683 | 12275490 |
| SpartanNash Co  | 4440 | 86402 |
| Sprouts Farmers Market Inc (f) | 271708 | 46967445 |
| Sysco Corp  | 443202 | 32353746 |
| Target Corp  | 209270 | 19673473 |
| United Natural Foods Inc (f) | 199453 | 6097278 |
| US Foods Holding Corp (f) | 340552 | 26944474 |
| Walgreens Boots Alliance Inc  | 250701 | 2820386 |
| Walmart Inc  | 3300012 | 325777186 |
| Weis Markets Inc (g) | 29594 | 2243225 |
|  |  | 1024193975 |
| Food Products - 0.4% |  |  |
| BRC Inc Class A (f)(g) | 35200 | 63008 |
| Bunge Global SA (g) | 139000 | 10862850 |
| Cal-Maine Foods Inc  | 21142 | 2028152 |
| Calavo Growers Inc  | 36162 | 996263 |
| Conagra Brands Inc  | 297700 | 6814353 |
| Darling Ingredients Inc (f) | 20598 | 641834 |
| Dole PLC  | 335662 | 4752974 |
| Flowers Foods Inc (g) | 317421 | 5364415 |
| Fresh Del Monte Produce Inc  | 15324 | 541244 |
| Freshpet Inc (f) | 128639 | 10311702 |
| General Mills Inc  | 354500 | 19235170 |
| Hain Celestial Group Inc (f) | 20151 | 37682 |
| Hershey Co/The  | 29557 | 4749514 |
| Hormel Foods Corp  | 95700 | 2936076 |
| Ingredion Inc  | 187921 | 26143570 |
| JM Smucker Co  | 90600 | 10202466 |
| John B Sanfilippo & Son Inc  | 524 | 32561 |
| Kellanova  | 8400 | 694092 |
| Kraft Heinz Co/The  | 935530 | 25006717 |
| Lamb Weston Holdings Inc  | 206411 | 11513606 |
| Lancaster Colony Corp  | 95589 | 16001599 |
| Lifeway Foods Inc (f) | 2100 | 47450 |
| Limoneira Co  | 600 | 9473 |
| Mama's Creations Inc (f)(g) | 1217190 | 10114849 |
| McCormick & Co Inc/MD  | 1000 | 72730 |
| Mission Produce Inc (f) | 1700 | 19006 |
| Mondelez International Inc  | 1776161 | 119873106 |
| Pilgrim's Pride Corp  | 17400 | 855384 |
| Seaboard Corp  | 39 | 104410 |
| Simply Good Foods Co/The (f) | 352173 | 12153490 |
| The Campbell's Company  | 234800 | 7992592 |
| Tootsie Roll Industries Inc Class A  | 32539 | 1160015 |
| Tyson Foods Inc Class A  | 368831 | 20713549 |
| WK Kellogg Co (g) | 201280 | 3405658 |
|  |  | 335451560 |
| Household Products - 0.7% |  |  |
| Central Garden & Pet Co Class A (f) | 28707 | 917763 |
| Church & Dwight Co Inc  | 15198 | 1494115 |
| Clorox Co/The  | 134190 | 17696977 |
| Colgate-Palmolive Co  | 727351 | 67600002 |
| Energizer Holdings Inc (g) | 320000 | 7452800 |
| Kimberly-Clark Corp  | 685206 | 98505215 |
| Procter & Gamble Co/The  | 1750536 | 297398561 |
| Reynolds Consumer Products Inc  | 2261 | 49922 |
| Spectrum Brands Holdings Inc (g) | 50200 | 2900054 |
| WD-40 Co (g) | 64928 | 15818409 |
|  |  | 509833818 |
| Personal Care Products - 0.2% |  |  |
| BellRing Brands Inc (f) | 379906 | 23915083 |
| Coty Inc Class A (f) | 26074 | 128544 |
| elf Beauty Inc (f)(g) | 241860 | 27206831 |
| Estee Lauder Cos Inc/The Class A  | 72100 | 4826374 |
| Herbalife Ltd (f) | 183876 | 1436072 |
| Honest Co Inc/The (f) | 1624174 | 8169595 |
| Interparfums Inc  | 29031 | 3954603 |
| Kenvue Inc  | 3182510 | 75966514 |
| Medifast Inc (f) | 25025 | 352102 |
| Nu Skin Enterprises Inc Class A  | 61700 | 532471 |
| USANA Health Sciences Inc (f)(g) | 21313 | 636619 |
|  |  | 147124808 |
| Tobacco - 0.5% |  |  |
| Altria Group Inc  | 2428382 | 147184233 |
| Philip Morris International Inc  | 1246027 | 225020016 |
| Turning Point Brands Inc  | 34119 | 2535724 |
|  |  | 374739973 |
| TOTAL CONSUMER STAPLES |  | 3295613531 |
| Energy - 2.5% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Aris Water Solutions Inc Class A  | 1500 | 33059 |
| Baker Hughes Co Class A  | 3200944 | 118594975 |
| Cactus Inc Class A  | 125242 | 5134922 |
| ChampionX Corp  | 4400 | 105908 |
| Halliburton Co  | 983900 | 19274601 |
| Liberty Energy Inc Class A  | 17293 | 200426 |
| Noble Corp PLC (g) | 19434 | 481380 |
| NOV Inc (g) | 54220 | 650640 |
| NPK International Inc (f)(g) | 167239 | 1352964 |
| Oceaneering International Inc (f) | 28536 | 544182 |
| Oil States International Inc (f) | 106900 | 465015 |
| Schlumberger NV  | 1061349 | 35077584 |
| Solaris Energy Infrastructure Inc Class A (g) | 349073 | 9575072 |
| TETRA Technologies Inc (f) | 30000 | 80400 |
| Tidewater Inc (f) | 4114 | 163367 |
| Transocean Ltd (f)(g) | 609233 | 1516990 |
| Weatherford International PLC  | 108106 | 4713422 |
|  |  | 197964907 |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Antero Midstream Corp  | 278000 | 5220840 |
| Antero Resources Corp (f) | 426672 | 15978866 |
| APA Corp  | 182200 | 3099222 |
| Berry Corp  | 78500 | 187615 |
| California Resources Corp  | 106153 | 4688778 |
| Cheniere Energy Inc  | 86656 | 20536605 |
| Chevron Corp  | 1077780 | 147332526 |
| Chord Energy Corp  | 57478 | 5173020 |
| Civitas Resources Inc  | 75181 | 2057704 |
| Clean Energy Fuels Corp (f) | 261709 | 468459 |
| CNX Resources Corp (f)(g) | 203800 | 6578664 |
| Comstock Resources Inc (f)(g) | 31500 | 733950 |
| ConocoPhillips  | 1257928 | 107364155 |
| Coterra Energy Inc  | 50434 | 1226051 |
| Delek US Holdings Inc (g) | 304443 | 5860528 |
| Devon Energy Corp  | 99516 | 3011354 |
| Diamondback Energy Inc  | 153521 | 20656251 |
| Dorian LPG Ltd (g) | 70145 | 1501804 |
| DT Midstream Inc  | 121349 | 12710094 |
| EOG Resources Inc  | 1813345 | 196874867 |
| EQT Corp  | 522517 | 28806362 |
| Expand Energy Corp  | 162138 | 18829086 |
| Exxon Mobil Corp  | 5997887 | 613583840 |
| FutureFuel Corp  | 28400 | 112180 |
| Green Plains Inc (f)(g) | 23900 | 99424 |
| Gulfport Energy Corp (f) | 26977 | 5166096 |
| Hess Corp  | 74696 | 9874064 |
| HF Sinclair Corp  | 531153 | 19190558 |
| Kinder Morgan Inc  | 833900 | 23382556 |
| Magnolia Oil & Gas Corp Class A (g) | 355027 | 7633081 |
| Marathon Petroleum Corp  | 247280 | 39747787 |
| Matador Resources Co (g) | 739781 | 31817981 |
| Murphy Oil Corp (g) | 653302 | 13673611 |
| Navigator Holdings Ltd (g) | 118577 | 1680236 |
| NextDecade Corp (f) | 400 | 3311 |
| Northern Oil & Gas Inc (g) | 244237 | 6491819 |
| ONEOK Inc  | 15900 | 1285356 |
| Ovintiv Inc  | 416919 | 14934039 |
| Par Pacific Holdings Inc (f) | 96925 | 2092611 |
| PBF Energy Inc Class A (g) | 46836 | 892226 |
| Permian Resources Corp Class A  | 1259929 | 15887705 |
| Phillips 66  | 268691 | 30491055 |
| Plains GP Holdings LP Class A  | 11588 | 203949 |
| Range Resources Corp (g) | 139800 | 5317992 |
| REX American Resources Corp (f) | 29804 | 1255941 |
| SandRidge Energy Inc  | 800 | 7847 |
| Shell PLC ADR  | 518315 | 34322819 |
| Sitio Royalties Corp Class A  | 4100 | 69987 |
| SM Energy Co  | 328759 | 7699536 |
| Targa Resources Corp  | 294086 | 46445002 |
| Texas Pacific Land Corp (g) | 7784 | 8671610 |
| Valero Energy Corp  | 588087 | 75845580 |
| Viper Energy Inc Class A  | 21055 | 835673 |
| Williams Cos Inc/The  | 757233 | 45820169 |
|  |  | 1673432442 |
| TOTAL ENERGY |  | 1871397349 |
| Financials - 13.2% |  |  |
| Banks - 3.5% |  |  |
| 1st Source Corp  | 21010 | 1272366 |
| Amalgamated Financial Corp (g) | 6124 | 185067 |
| Ameris Bancorp  | 13462 | 827509 |
| Associated Banc-Corp  | 255305 | 5915417 |
| Axos Financial Inc (f)(g) | 113518 | 7894042 |
| Banc of California Inc  | 596 | 8177 |
| Bancorp Inc/The (f)(g) | 92810 | 4742591 |
| Bank of America Corp  | 12141242 | 535793009 |
| Bank OZK (g) | 117362 | 5202657 |
| Bank7 Corp  | 3615 | 139611 |
| BankUnited Inc (g) | 138507 | 4706468 |
| Banner Corp  | 182342 | 11241384 |
| BOK Financial Corp  | 4091 | 386272 |
| Brookline Bancorp Inc  | 971 | 10030 |
| Byline Bancorp Inc  | 400 | 10348 |
| Cadence Bank  | 249936 | 7573061 |
| Camden National Corp  | 6790 | 267119 |
| Capitol Federal Financial Inc  | 40894 | 233505 |
| Cathay General Bancorp  | 400 | 17142 |
| Citigroup Inc  | 2400006 | 180768452 |
| Citizens Financial Group Inc  | 1016122 | 41000523 |
| Columbia Banking System Inc (g) | 275800 | 6448204 |
| Comerica Inc  | 178127 | 10169270 |
| Commerce Bancshares Inc/MO  | 90600 | 5708706 |
| Community Trust Bancorp Inc  | 12295 | 627660 |
| Connectone Bancorp Inc  | 35680 | 819570 |
| Cullen/Frost Bankers Inc (g) | 42145 | 5351572 |
| Customers Bancorp Inc (f) | 21126 | 1076581 |
| Dime Community Bancshares Inc (g) | 4690 | 120345 |
| East West Bancorp Inc  | 160795 | 14664504 |
| Enterprise Financial Services Corp  | 12896 | 682714 |
| Esquire Financial Holdings Inc (g) | 12525 | 1136519 |
| FB Financial Corp  | 12408 | 541609 |
| Fifth Third Bancorp  | 3850834 | 147063350 |
| First Busey Corp  | 6895 | 152517 |
| First Business Financial Services Inc  | 5976 | 291450 |
| First Citizens BancShares Inc/NC Class A (g) | 8549 | 15806075 |
| First Financial Bankshares Inc  | 81411 | 2870552 |
| First Hawaiian Inc  | 414044 | 9887371 |
| First Horizon Corp  | 1285318 | 25552122 |
| First Interstate Bank of Calif  | 11302 | 274074 |
| First of Long Island Corp/The  | 10889 | 129252 |
| Flagstar Financial Inc (g) | 437553 | 5040611 |
| Flushing Financial Corp (g) | 41290 | 496719 |
| FNB Corp/PA  | 306328 | 4248769 |
| Hancock Whitney Corp (g) | 57927 | 3166869 |
| Harborone Northeast Bancorp Inc  | 63533 | 723006 |
| Heritage Commerce Corp  | 25350 | 234741 |
| Hilltop Holdings Inc  | 500 | 14910 |
| HomeStreet Inc (f) | 2203 | 28705 |
| HomeTrust Bancshares Inc  | 5547 | 200191 |
| Hope Bancorp Inc  | 228 | 2288 |
| Horizon Bancorp Inc/IN  | 13660 | 202714 |
| Huntington Bancshares Inc/OH  | 1823298 | 28498148 |
| Independent Bank Corp (g) | 123614 | 7602261 |
| Independent Bank Corp/MI  | 29571 | 932374 |
| JPMorgan Chase & Co  | 2526413 | 666973032 |
| Kearny Financial Corp/MD  | 164960 | 994709 |
| KeyCorp  | 981645 | 15568890 |
| Live Oak Bancshares Inc  | 14497 | 397943 |
| M&T Bank Corp  | 62090 | 11340118 |
| Mercantile Bank Corp  | 1987 | 87746 |
| Metropolitan Bank Holding Corp (f)(g) | 15056 | 973672 |
| Midland States Bancorp Inc  | 9557 | 161322 |
| MVB Financial Corp  | 3997 | 78181 |
| National Bank Holdings Corp Class A  | 100 | 3615 |
| NB Bancorp Inc (f)(g) | 57846 | 974705 |
| Nicolet Bankshares Inc  | 11116 | 1363266 |
| Northfield Bancorp Inc  | 202489 | 2365072 |
| Northwest Bancshares Inc  | 13200 | 162096 |
| OceanFirst Financial Corp  | 162542 | 2732331 |
| Old National Bancorp/IN (g) | 589876 | 12304813 |
| Pacific Premier Bancorp Inc  | 5294 | 112233 |
| Park National Corp  | 8509 | 1383223 |
| Pathward Financial Inc  | 75503 | 5893009 |
| Peoples Bancorp Inc/OH  | 4251 | 124639 |
| Pinnacle Financial Partners Inc  | 96754 | 10283015 |
| PNC Financial Services Group Inc/The  | 202700 | 35231287 |
| Preferred Bank/Los Angeles CA (g) | 23766 | 1987075 |
| Prosperity Bancshares Inc  | 84810 | 5907017 |
| Provident Financial Services Inc  | 31432 | 524914 |
| RBB Bancorp  | 7747 | 131544 |
| Regions Financial Corp  | 1602842 | 34364932 |
| ServisFirst Bancshares Inc  | 9074 | 675378 |
| Southside Bancshares Inc  | 368 | 10374 |
| Synovus Financial Corp  | 47773 | 2284983 |
| Texas Capital Bancshares Inc (f) | 82865 | 5940592 |
| Tompkins Financial Corp  | 854 | 52436 |
| Truist Financial Corp  | 698813 | 27603114 |
| UMB Financial Corp  | 113497 | 11703811 |
| United Bankshares Inc/WV  | 34667 | 1252865 |
| United Community Banks Inc/GA  | 18354 | 527494 |
| Unity Bancorp Inc  | 4511 | 199409 |
| Univest Financial Corp  | 3494 | 103143 |
| US Bancorp  | 1482414 | 64618426 |
| Valley National Bancorp  | 78059 | 685358 |
| Veritex Holdings Inc  | 2588 | 62630 |
| Washington Trust Bancorp Inc  | 20812 | 575660 |
| Webster Financial Corp  | 207192 | 10666244 |
| Wells Fargo & Co  | 8016416 | 599467588 |
| WesBanco Inc  | 23571 | 725515 |
| Westamerica BanCorp  | 51136 | 2457085 |
| Western Alliance Bancorp  | 287855 | 20843581 |
| Wintrust Financial Corp  | 74673 | 8916703 |
| Zions Bancorp NA  | 378462 | 17923960 |
|  |  | 2698681821 |
| Capital Markets - 2.7% |  |  |
| Acadian Asset Management Inc  | 26213 | 789273 |
| Affiliated Managers Group Inc  | 51000 | 8976000 |
| Ameriprise Financial Inc  | 278034 | 141586034 |
| Ares Management Corp Class A (g) | 226099 | 37419385 |
| Artisan Partners Asset Management Inc Class A (g) | 135088 | 5444046 |
| Bank of New York Mellon Corp/The  | 1066350 | 94489274 |
| Blackrock Inc  | 62802 | 61539052 |
| Blackstone Inc  | 10800 | 1498608 |
| Bridge Investment Group Holdings Inc Class A  | 820 | 7543 |
| Carlyle Group Inc/The  | 457773 | 20691340 |
| Cboe Global Markets Inc  | 158088 | 36221123 |
| Charles Schwab Corp/The  | 3855461 | 340591425 |
| CME Group Inc Class A  | 254626 | 73586914 |
| Cohen & Steers Inc (g) | 51660 | 3969554 |
| Coinbase Global Inc Class A (f) | 1000 | 246620 |
| Diamond Hill Investment Group Inc (g) | 5248 | 741332 |
| DigitalBridge Group Inc Class A  | 1858242 | 20552157 |
| Evercore Inc Class A  | 129613 | 30004113 |
| FactSet Research Systems Inc  | 30922 | 14170316 |
| Federated Hermes Inc Class B  | 401944 | 16962037 |
| Franklin Resources Inc  | 69300 | 1499652 |
| GCM Grosvenor Inc Class A  | 1996 | 25169 |
| Goldman Sachs Group Inc/The  | 304977 | 183123440 |
| Hamilton Lane Inc Class A (g) | 80530 | 11998970 |
| Houlihan Lokey Inc Class A  | 153068 | 26737918 |
| Interactive Brokers Group Inc Class A  | 130182 | 27296562 |
| Intercontinental Exchange Inc  | 507169 | 91188986 |
| Invesco Ltd  | 1161746 | 16798847 |
| Janus Henderson Group PLC  | 46787 | 1699772 |
| Jefferies Financial Group Inc  | 928128 | 45107021 |
| KKR & Co Inc Class A  | 780621 | 94814227 |
| Lazard Inc (g) | 217405 | 9435377 |
| LPL Financial Holdings Inc  | 13056 | 5054761 |
| MarketAxess Holdings Inc  | 146000 | 31595860 |
| Moelis & Co Class A  | 100 | 5710 |
| Moody's Corp  | 104827 | 50245678 |
| Morgan Stanley  | 1348283 | 172620672 |
| Morningstar Inc  | 55955 | 17257641 |
| MSCI Inc  | 13881 | 7829162 |
| Nasdaq Inc  | 209182 | 17475064 |
| Northern Trust Corp  | 299340 | 31951552 |
| Open Lending Corp (f) | 1000 | 1789 |
| P10 Inc Class A (g) | 511638 | 5556389 |
| Perella Weinberg Partners Class A  | 168911 | 2933984 |
| PJT Partners Inc Class A (g) | 73406 | 11059348 |
| Raymond James Financial Inc  | 67100 | 9862358 |
| Robinhood Markets Inc Class A (f) | 232660 | 15390459 |
| S&P Global Inc  | 160225 | 82172994 |
| SEI Investments Co (g) | 455124 | 38803872 |
| State Street Corp  | 859408 | 82743802 |
| StepStone Group Inc Class A  | 41428 | 2396610 |
| Stifel Financial Corp  | 128408 | 12098602 |
| T Rowe Price Group Inc  | 61100 | 5718349 |
| TPG Inc Class A (g) | 419492 | 20190150 |
| Tradeweb Markets Inc Class A (g) | 120188 | 17361157 |
| Virtu Financial Inc Class A  | 447899 | 18001061 |
| WisdomTree Inc  | 386792 | 3651316 |
|  |  | 2081190427 |
| Consumer Finance - 0.6% |  |  |
| Ally Financial Inc  | 78600 | 2751000 |
| American Express Co  | 615484 | 180983071 |
| Atlanticus Holdings Corp (f) | 685 | 33599 |
| Capital One Financial Corp  | 753543 | 142532658 |
| Encore Capital Group Inc (f) | 43179 | 1636484 |
| Enova International Inc (f) | 59182 | 5484396 |
| EZCORP Inc Class A (f)(g) | 108964 | 1465566 |
| FirstCash Holdings Inc  | 38184 | 4884115 |
| Green Dot Corp Class A (f) | 1077783 | 9958715 |
| Lendingtree Inc (f) | 7438 | 260479 |
| Navient Corp (g) | 434900 | 5845056 |
| Nelnet Inc Class A  | 1700 | 197506 |
| NerdWallet Inc Class A (f) | 2587 | 27267 |
| OneMain Holdings Inc  | 159933 | 8290927 |
| Oportun Financial Corp (f) | 503681 | 3349479 |
| PRA Group Inc (f) | 98017 | 1390861 |
| PROG Holdings Inc  | 91192 | 2629065 |
| SLM Corp  | 645539 | 20896097 |
| SoFi Technologies Inc Class A (f)(g) | 240400 | 3197320 |
| Synchrony Financial  | 435872 | 25128021 |
| Upstart Holdings Inc (f)(g) | 4664 | 220001 |
| World Acceptance Corp (f) | 400 | 61792 |
|  |  | 421223475 |
| Financial Services - 4.0% |  |  |
| Affirm Holdings Inc Class A (f) | 174865 | 9075494 |
| Apollo Global Management Inc  | 630473 | 82396516 |
| AvidXchange Holdings Inc (f) | 286359 | 2803455 |
| Berkshire Hathaway Inc Class A (f) | 8 | 6059200 |
| Berkshire Hathaway Inc Class B (f) | 1373200 | 692037872 |
| Block Inc Class A (f) | 822729 | 50803516 |
| Cannae Holdings Inc  | 544939 | 10163112 |
| Corebridge Financial Inc (g) | 1505101 | 49081344 |
| Corpay Inc (f) | 461576 | 150062973 |
| Enact Holdings Inc (g) | 24275 | 859335 |
| Equitable Holdings Inc  | 653109 | 34529873 |
| Essent Group Ltd  | 46927 | 2721766 |
| Euronet Worldwide Inc (f) | 2905 | 314553 |
| Federal Agricultural Mortgage Corp Class C  | 1500 | 279630 |
| Fidelity National Information Services Inc  | 1857960 | 147912196 |
| Fiserv Inc (f) | 369978 | 60228719 |
| Flywire Corp (f) | 15400 | 165549 |
| Global Payments Inc  | 86038 | 6505333 |
| International Money Express Inc (f) | 56359 | 621640 |
| Jack Henry & Associates Inc  | 13506 | 2446882 |
| Mastercard Inc Class A  | 1433001 | 839165386 |
| MGIC Investment Corp  | 595500 | 15750975 |
| NCR Atleos Corp (f)(g) | 494763 | 13116167 |
| NMI Holdings Inc (f) | 53781 | 2136181 |
| Payoneer Global Inc (f) | 896649 | 6106180 |
| PayPal Holdings Inc (f) | 1023279 | 71916048 |
| Radian Group Inc  | 427731 | 14607014 |
| Remitly Global Inc (f) | 280653 | 5994748 |
| Rocket Cos Inc Class A (g) | 1100 | 14024 |
| Sezzle Inc (f)(g) | 29187 | 3114545 |
| Shift4 Payments Inc Class A (f)(g) | 262957 | 24925694 |
| Toast Inc Class A (f) | 1046876 | 44157230 |
| UWM Holdings Corp Class A  | 368739 | 1585578 |
| Velocity Financial Inc (f)(g) | 39750 | 665813 |
| Visa Inc Class A  | 1631629 | 595854595 |
| Voya Financial Inc  | 533130 | 35463808 |
| Walker & Dunlop Inc  | 81809 | 5603098 |
| Waterstone Financial Inc  | 20699 | 267431 |
| Western Union Co/The  | 565100 | 5244128 |
| WEX Inc (f)(g) | 113437 | 15079180 |
|  |  | 3009836781 |
| Insurance - 2.4% |  |  |
| AFLAC Inc  | 264200 | 27355268 |
| Allstate Corp/The  | 388392 | 81511829 |
| Ambac Financial Group Inc/Old (f) | 68367 | 535314 |
| American Financial Group Inc/OH  | 302297 | 37478782 |
| American International Group Inc  | 1041303 | 88135886 |
| Amerisafe Inc  | 82638 | 3922826 |
| Aon PLC  | 353492 | 131527303 |
| Arch Capital Group Ltd  | 98800 | 9389952 |
| Arthur J Gallagher & Co  | 461531 | 160354331 |
| Assurant Inc  | 21031 | 4268872 |
| Assured Guaranty Ltd  | 129766 | 10971715 |
| Axis Capital Holdings Ltd  | 477353 | 49549241 |
| Baldwin Insurance Group Inc/The Class A (f)(g) | 391238 | 15074400 |
| Brighthouse Financial Inc (f) | 39549 | 2365426 |
| Brown & Brown Inc  | 300 | 33870 |
| Chubb Ltd  | 809794 | 240670777 |
| Cincinnati Financial Corp  | 53642 | 8090286 |
| CNA Financial Corp (g) | 147983 | 7089866 |
| CNO Financial Group Inc  | 15640 | 593694 |
| Donegal Group Inc Class A  | 16150 | 326230 |
| eHealth Inc (f) | 5600 | 22960 |
| Erie Indemnity Co Class A  | 48086 | 17239312 |
| Everest Group Ltd  | 118275 | 41063897 |
| Fidelity National Financial Inc  | 86900 | 4759513 |
| First American Financial Corp  | 28374 | 1583553 |
| Genworth Financial Inc Class A (f) | 1816249 | 12804555 |
| Globe Life Inc  | 220086 | 26821881 |
| Hanover Insurance Group Inc/The  | 99320 | 17478334 |
| Hartford Insurance Group Inc/The  | 811052 | 105306992 |
| HCI Group Inc (g) | 14170 | 2391471 |
| Kemper Corp  | 130416 | 8311412 |
| Kinsale Capital Group Inc (g) | 69918 | 33000597 |
| Lemonade Inc (f)(g) | 9000 | 301500 |
| Lincoln National Corp  | 293100 | 9713334 |
| Loews Corp  | 69800 | 6232442 |
| Markel Group Inc (f) | 2970 | 5766849 |
| Marsh & McLennan Cos Inc  | 469805 | 109774636 |
| MBIA Inc (f)(g) | 200 | 882 |
| MetLife Inc  | 871395 | 68474219 |
| Old Republic International Corp  | 144600 | 5465880 |
| Oscar Health Inc Class A (f)(g) | 156804 | 2163895 |
| Palomar Hldgs Inc (f) | 5575 | 955945 |
| Primerica Inc  | 87913 | 23789258 |
| Principal Financial Group Inc  | 112700 | 8778203 |
| Progressive Corp/The  | 787102 | 224268973 |
| Prudential Financial Inc  | 100500 | 10440945 |
| Reinsurance Group of America Inc  | 48211 | 9800814 |
| RLI Corp (g) | 260378 | 20015257 |
| Selective Insurance Group Inc  | 6202 | 545900 |
| Stewart Information Services Corp  | 65720 | 3965545 |
| The Travelers Companies, Inc.  | 247569 | 68254773 |
| TWFG Inc Class A  | 23987 | 839785 |
| United Fire Group Inc  | 4127 | 117413 |
| Universal Insurance Holdings Inc  | 31812 | 863378 |
| Unum Group  | 437468 | 35745510 |
| W R Berkley Corp  | 267959 | 20013858 |
| White Mountains Insurance Group Ltd  | 11823 | 21101690 |
| Willis Towers Watson PLC  | 54867 | 17368149 |
|  |  | 1824789378 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.0% |  |  |
| AGNC Investment Corp (g) | 101100 | 903834 |
| Angel Oak Mortgage REIT Inc  | 185 | 1685 |
| Annaly Capital Management Inc  | 552100 | 10462295 |
| Apollo Commercial Real Estate Finance Inc  | 200 | 1966 |
| Brightspire Capital Inc Class A  | 2000 | 10120 |
| Chimera Investment Corp  | 10184 | 134225 |
| Claros Mortgage Trust Inc  | 8700 | 22359 |
| Granite Point Mortgage Trust Inc  | 12700 | 32893 |
| Kkr Real Estate Finance Trust Inc (g) | 27300 | 243789 |
| Ladder Capital Corp Class A  | 36828 | 387431 |
| Nexpoint Real Estate Finance Inc  | 400 | 5908 |
| Pennymac Mortgage Investment Trust  | 900 | 11052 |
| Rithm Capital Corp  | 7500 | 83625 |
| Rithm Property Trust Inc  | 7500 | 20475 |
| Starwood Property Trust Inc  | 90700 | 1791325 |
| TPG RE Finance Trust Inc  | 12893 | 99018 |
|  |  | 14212000 |
| TOTAL FINANCIALS |  | 10049933882 |
| Health Care - 8.3% |  |  |
| Biotechnology - 2.0% |  |  |
| AbbVie Inc  | 2841673 | 528863763 |
| ACADIA Pharmaceuticals Inc (f) | 168859 | 3642289 |
| Agios Pharmaceuticals Inc (f)(g) | 250309 | 8032416 |
| Akero Therapeutics Inc (f) | 24622 | 1222482 |
| Alkermes PLC (f) | 9239 | 282806 |
| Alnylam Pharmaceuticals Inc (f) | 42731 | 13014153 |
| Amgen Inc  | 364185 | 104950833 |
| Amicus Therapeutics Inc (f) | 459038 | 2786361 |
| AnaptysBio Inc (f) | 400 | 8892 |
| Anika Therapeutics Inc (f) | 701 | 7816 |
| Apellis Pharmaceuticals Inc (f) | 52398 | 887098 |
| Arcturus Therapeutics Holdings Inc (f)(g) | 42484 | 532325 |
| Arcus Biosciences Inc (f) | 12611 | 112616 |
| Arcutis Biotherapeutics Inc (f) | 8500 | 110840 |
| Ardelyx Inc (f)(g) | 387272 | 1421288 |
| Astria Therapeutics Inc (f) | 3735 | 17779 |
| Avidity Biosciences Inc (f)(g) | 47785 | 1480379 |
| BioCryst Pharmaceuticals Inc (f) | 355950 | 3826463 |
| Biogen Inc (f) | 51900 | 6736101 |
| Blueprint Medicines Corp (f)(g) | 38218 | 3873394 |
| Bridgebio Pharma Inc (f) | 12902 | 441894 |
| Candel Therapeutics Inc (f)(g) | 621094 | 3384962 |
| CareDx Inc (f) | 297775 | 5059197 |
| Catalyst Pharmaceuticals Inc (f) | 98914 | 2468893 |
| Celldex Therapeutics Inc (f)(g) | 28729 | 568260 |
| Crinetics Pharmaceuticals Inc (f)(g) | 349562 | 10665137 |
| Cytokinetics Inc (f)(g) | 169205 | 5248739 |
| Day One Biopharmaceuticals Inc (f)(g) | 76300 | 486794 |
| Denali Therapeutics Inc (f)(g) | 71890 | 951824 |
| Design Therapeutics Inc (f)(g) | 2900 | 10817 |
| Dynavax Technologies Corp (f)(g) | 77500 | 758725 |
| Dyne Therapeutics Inc (f)(g) | 22846 | 273238 |
| Emergent BioSolutions Inc (f)(g) | 43500 | 274920 |
| Enanta Pharmaceuticals Inc (f) | 14574 | 86424 |
| Exact Sciences Corp (f)(g) | 340153 | 19143811 |
| Exelixis Inc (f) | 1128953 | 48590137 |
| Gilead Sciences Inc  | 1751992 | 192859279 |
| Halozyme Therapeutics Inc (f) | 252823 | 14175786 |
| Heron Therapeutics Inc (f) | 15600 | 29328 |
| Ideaya Biosciences Inc (f) | 107678 | 2141715 |
| Incyte Corp (f) | 287500 | 18704750 |
| Insmed Inc (f) | 180088 | 12557536 |
| Intellia Therapeutics Inc (f)(g) | 72699 | 499442 |
| Ionis Pharmaceuticals Inc (f)(g) | 335521 | 11243309 |
| Iovance Biotherapeutics Inc (f)(g) | 59139 | 103493 |
| Ironwood Pharmaceuticals Inc Class A (f) | 30600 | 18332 |
| iTeos Therapeutics Inc (f) | 57394 | 575088 |
| Janux Therapeutics Inc (f) | 18300 | 435540 |
| Kiniksa Pharmaceuticals International Plc Class A (f) | 45012 | 1231528 |
| Kodiak Sciences Inc (f) | 6700 | 22780 |
| Kura Oncology Inc (f) | 19029 | 108275 |
| Kymera Therapeutics Inc (f)(g) | 6148 | 182227 |
| Legend Biotech Corp ADR (f) | 195000 | 5645250 |
| MacroGenics Inc (f) | 7464 | 10151 |
| MannKind Corp (f) | 42296 | 175528 |
| Metsera Inc (g) | 26900 | 718768 |
| MiMedx Group Inc (f) | 263690 | 1695527 |
| Mirum Pharmaceuticals Inc (f)(g) | 44256 | 1967622 |
| Moderna Inc (f) | 327800 | 8706368 |
| MoonLake Immunotherapeutics Class A (f) | 39600 | 1544796 |
| Myriad Genetics Inc (f) | 847945 | 3552890 |
| Natera Inc (f) | 98109 | 15474733 |
| Neurocrine Biosciences Inc (f) | 97862 | 12038983 |
| Nurix Therapeutics Inc (f)(g) | 120000 | 1275600 |
| Nuvalent Inc Class A (f) | 12800 | 955008 |
| Organogenesis Holdings Inc Class A (f) | 11100 | 30414 |
| ORIC Pharmaceuticals Inc (f)(g) | 23808 | 194511 |
| PMV Pharmaceuticals Inc (f) | 11100 | 9748 |
| PTC Therapeutics Inc (f) | 114643 | 5562478 |
| Puma Biotechnology Inc (f) | 70700 | 231896 |
| PureTech Health PLC (f)(g) | 5609005 | 10293033 |
| PureTech Health PLC ADR (f) | 1279 | 23521 |
| Regeneron Pharmaceuticals Inc  | 231015 | 113262034 |
| REGENXBIO Inc (f) | 152704 | 1351430 |
| Revolution Medicines Inc (f) | 39682 | 1563471 |
| Sage Therapeutics Inc (f)(g) | 142500 | 920550 |
| Sarepta Therapeutics Inc (f)(g) | 113005 | 4248988 |
| Scholar Rock Holding Corp (f) | 28651 | 831166 |
| SpringWorks Therapeutics Inc (f) | 192044 | 8970375 |
| Syndax Pharmaceuticals Inc (f)(g) | 63136 | 665453 |
| TG Therapeutics Inc (f) | 90134 | 3164605 |
| Travere Therapeutics Inc (f) | 87259 | 1310630 |
| Twist Bioscience Corp (f)(g) | 53926 | 1580032 |
| Ultragenyx Pharmaceutical Inc (f) | 369335 | 12568470 |
| United Therapeutics Corp (f) | 189550 | 60438018 |
| Vanda Pharmaceuticals Inc (f) | 201610 | 874987 |
| Vaxcyte Inc (f)(g) | 50000 | 1624500 |
| Veracyte Inc (f) | 395217 | 10516724 |
| Vericel Corp (f)(g) | 124707 | 5149776 |
| Vertex Pharmaceuticals Inc (f) | 394315 | 174306946 |
| Verve Therapeutics Inc (f)(g) | 33096 | 147277 |
| Viking Therapeutics Inc (f)(g) | 89619 | 2401789 |
| Vir Biotechnology Inc (f)(g) | 21613 | 106768 |
| Voyager Therapeutics Inc (f) | 12873 | 35272 |
|  |  | 1511258360 |
| Health Care Equipment & Supplies - 1.8% |  |  |
| Abbott Laboratories  | 1142285 | 152586430 |
| ABIOMED Inc (f)(i) | 14700 | 32634 |
| Alcon AG (United States)  | 36000 | 3093840 |
| Align Technology Inc (f) | 57840 | 10465570 |
| AngioDynamics Inc (f)(g) | 41514 | 423443 |
| Avanos Medical Inc (f) | 42400 | 532968 |
| Axogen Inc (f) | 400 | 4355 |
| Bausch + Lomb Corp (United States) (f)(g) | 252846 | 2900144 |
| Baxter International Inc  | 222000 | 6771000 |
| Becton Dickinson & Co  | 106232 | 18334581 |
| Boston Scientific Corp (f) | 1881436 | 198039953 |
| Cerus Corp (f) | 21814 | 27704 |
| ClearPoint Neuro Inc (f) | 4656 | 54987 |
| Cooper Cos Inc/The (f) | 351100 | 23973108 |
| DENTSPLY SIRONA Inc  | 61724 | 986350 |
| Dexcom Inc (f) | 28800 | 2471040 |
| Edwards Lifesciences Corp (f) | 1119464 | 87564474 |
| Embecta Corp  | 955457 | 10060962 |
| Enovis Corp (f) | 121231 | 3794530 |
| Envista Holdings Corp (f)(g) | 521646 | 9530472 |
| GE HealthCare Technologies Inc  | 133139 | 9391625 |
| Glaukos Corp (f)(g) | 38000 | 3583020 |
| Globus Medical Inc Class A (f) | 165295 | 9782158 |
| Haemonetics Corp (f)(g) | 167233 | 11323346 |
| Hologic Inc (f) | 32255 | 2005293 |
| ICU Medical Inc (f)(g) | 42575 | 5741665 |
| IDEXX Laboratories Inc (f) | 29537 | 15163114 |
| Inmode Ltd (f)(g) | 199694 | 2927514 |
| Inspire Medical Systems Inc (f)(g) | 30871 | 4266372 |
| Insulet Corp (f) | 67619 | 21978204 |
| Integer Holdings Corp (f) | 80694 | 9583219 |
| Integra LifeSciences Holdings Corp (f)(g) | 221942 | 2809786 |
| Intuitive Surgical Inc (f) | 294968 | 162922625 |
| iRadimed Corp  | 17181 | 994436 |
| Kestra Medical Technologies Ltd (g) | 70000 | 1576400 |
| Lantheus Holdings Inc (f)(g) | 94733 | 7158025 |
| LeMaitre Vascular Inc  | 12838 | 1055284 |
| LivaNova PLC (f) | 20653 | 893242 |
| Masimo Corp (f)(g) | 67000 | 10887500 |
| Medtronic PLC  | 1975565 | 163932384 |
| Merit Medical Systems Inc (f) | 105352 | 10011601 |
| Neogen Corp (f)(g) | 603020 | 3533697 |
| NeuroPace Inc (f) | 23981 | 317029 |
| Novocure Ltd (f) | 96865 | 1851090 |
| Omnicell Inc (f) | 75453 | 2291508 |
| OraSure Technologies Inc (f) | 30195 | 86962 |
| OrthoPediatrics Corp (f) | 60223 | 1202051 |
| Penumbra Inc (f) | 51800 | 13829046 |
| Pulmonx Corp (f)(g) | 12000 | 40800 |
| QuidelOrtho Corp (f) | 44700 | 1370949 |
| ResMed Inc  | 105719 | 25878954 |
| RxSight Inc (f) | 52442 | 801838 |
| Sight Sciences Inc (f) | 2045 | 7546 |
| Solventum Corp (f) | 17300 | 1264457 |
| STERIS PLC  | 37730 | 9251773 |
| Stryker Corp  | 676168 | 258728924 |
| Surmodics Inc (f) | 7560 | 219391 |
| Tandem Diabetes Care Inc (f) | 39186 | 776667 |
| Teleflex Inc  | 127141 | 15545530 |
| TransMedics Group Inc (f)(g) | 59706 | 7589827 |
| Utah Medical Products Inc  | 6082 | 334997 |
| Varex Imaging Corp (f) | 12801 | 98184 |
| Zimmer Biomet Holdings Inc  | 306760 | 28274069 |
| Zimvie Inc (f) | 7983 | 72965 |
|  |  | 1363003612 |
| Health Care Providers & Services - 1.8% |  |  |
| Acadia Healthcare Co Inc (f)(g) | 281013 | 6362134 |
| AdaptHealth Corp (f) | 4200 | 37716 |
| Addus HomeCare Corp (f) | 7817 | 866983 |
| agilon health Inc (f) | 1353993 | 3005864 |
| Alignment Healthcare Inc (f) | 195118 | 2998964 |
| AMN Healthcare Services Inc (f) | 23605 | 498302 |
| BrightSpring Health Services Inc (f) | 180673 | 4301824 |
| Cardinal Health Inc  | 277340 | 42832390 |
| Castle Biosciences Inc (f)(g) | 728965 | 11641571 |
| Cencora Inc  | 249173 | 72569145 |
| Centene Corp (f) | 552525 | 31184511 |
| Chemed Corp  | 72520 | 41687397 |
| Cigna Group/The  | 263240 | 83352314 |
| Clover Health Investments Corp Class A (f) | 49256 | 154664 |
| CorVel Corp (f) | 56563 | 6293765 |
| Cross Country Healthcare Inc (f) | 5788 | 76286 |
| CVS Health Corp  | 1654387 | 105946943 |
| DaVita Inc (f) | 145421 | 19815065 |
| Elevance Health Inc  | 99044 | 38017049 |
| Encompass Health Corp  | 246766 | 29834009 |
| Ensign Group Inc/The  | 22801 | 3357675 |
| Fulgent Genetics Inc (f) | 2500 | 51800 |
| GeneDx Holdings Corp Class A (f)(g) | 180290 | 12840254 |
| Guardant Health Inc (f) | 26118 | 1060913 |
| HCA Healthcare Inc  | 330674 | 126115757 |
| HealthEquity Inc (f)(g) | 107036 | 10768892 |
| Henry Schein Inc (f) | 40800 | 2855592 |
| Hims & Hers Health Inc Class A (f)(g) | 43735 | 2473652 |
| Humana Inc  | 81791 | 19067936 |
| Labcorp Holdings Inc  | 37145 | 9247991 |
| LifeStance Health Group Inc (f) | 364542 | 2165379 |
| McKesson Corp  | 110907 | 79798696 |
| Molina Healthcare Inc (f) | 114401 | 34896881 |
| National Research Corp Class A (g) | 28514 | 385224 |
| Oncology Institute Inc/The (f) | 445971 | 1422647 |
| Option Care Health Inc (f) | 4600 | 150328 |
| Owens & Minor Inc (f) | 77300 | 510180 |
| PACS Group Inc (f) | 400 | 3967 |
| Pennant Group Inc/The (f) | 10216 | 293301 |
| Privia Health Group Inc (f) | 217384 | 4947660 |
| Progyny Inc (f) | 143736 | 3090324 |
| Quest Diagnostics Inc  | 152300 | 26399682 |
| RadNet Inc (f)(g) | 192928 | 11091431 |
| Select Medical Holdings Corp (g) | 479878 | 7337335 |
| Surgery Partners Inc (f)(g) | 92307 | 2179368 |
| Tenet Healthcare Corp (f) | 423667 | 71502280 |
| UnitedHealth Group Inc  | 1210048 | 365325592 |
| Universal Health Services Inc Class B  | 342088 | 65116451 |
| Viemed Healthcare Inc (f) | 19686 | 130912 |
|  |  | 1366064996 |
| Health Care Technology - 0.0% |  |  |
| Definitive Healthcare Corp Class A (f) | 7590 | 25123 |
| Doximity Inc Class A (f) | 611902 | 31873976 |
| Evolent Health Inc Class A (f)(g) | 25861 | 192664 |
| Health Catalyst Inc (f) | 967515 | 3676557 |
| HealthStream Inc (g) | 46324 | 1297998 |
| LifeMD Inc (f) | 36200 | 442002 |
| Phreesia Inc (f) | 88017 | 2155536 |
| Veeva Systems Inc Class A (f) | 35195 | 9844042 |
| Waystar Holding Corp (f) | 317346 | 12687493 |
|  |  | 62195391 |
| Life Sciences Tools & Services - 0.8% |  |  |
| 10X Genomics Inc Class A (f)(g) | 18000 | 171540 |
| Agilent Technologies Inc  | 179668 | 20108443 |
| Avantor Inc (f) | 579680 | 7483669 |
| Azenta Inc (f)(g) | 260283 | 6954762 |
| Bio-Rad Laboratories Inc Class A (f)(g) | 48507 | 11007694 |
| Bio-Techne Corp  | 8039 | 389088 |
| Charles River Laboratories International Inc (f) | 11652 | 1580361 |
| CryoPort Inc (f) | 2600 | 15625 |
| Danaher Corp  | 806008 | 153060919 |
| Fortrea Holdings Inc (f) | 21317 | 91662 |
| ICON PLC (f) | 81359 | 10599451 |
| Illumina Inc (f) | 91798 | 7549468 |
| IQVIA Holdings Inc (f) | 53963 | 7572628 |
| Medpace Holdings Inc (f)(g) | 86961 | 25644799 |
| Mettler-Toledo International Inc (f) | 24854 | 28719294 |
| Niagen Bioscience Inc (f) | 209816 | 2270209 |
| QIAGEN NV (United States)  | 30807 | 1390320 |
| Quanterix Corp (f)(g) | 1824188 | 9485778 |
| Repligen Corp (f)(g) | 88644 | 10466197 |
| Sotera Health Co (f)(g) | 863 | 10562 |
| Thermo Fisher Scientific Inc  | 664691 | 267750829 |
| Waters Corp (f) | 25252 | 8819008 |
| West Pharmaceutical Services Inc  | 800 | 168680 |
|  |  | 581310986 |
| Pharmaceuticals - 1.9% |  |  |
| Aclaris Therapeutics Inc (f) | 700 | 1022 |
| Amneal Intermediate Inc Class A (f) | 19500 | 142740 |
| Amphastar Pharmaceuticals Inc (f) | 800 | 20568 |
| Atea Pharmaceuticals Inc (f) | 113648 | 337535 |
| Axsome Therapeutics Inc (f)(g) | 5014 | 527272 |
| Bristol-Myers Squibb Co  | 2980664 | 143906458 |
| Corcept Therapeutics Inc (f)(g) | 45409 | 3521922 |
| Edgewise Therapeutics Inc (f) | 7082 | 101131 |
| Eli Lilly & Co  | 732563 | 540389749 |
| Evolus Inc (f) | 2146 | 19722 |
| Fulcrum Therapeutics Inc (f) | 51823 | 356283 |
| GSK PLC ADR (g) | 156266 | 6411594 |
| Haleon PLC ADR  | 1579209 | 17924022 |
| Harmony Biosciences Holdings Inc (f) | 22809 | 786911 |
| Innoviva Inc (f)(g) | 6439 | 126011 |
| Jazz Pharmaceuticals PLC (f) | 170454 | 18420964 |
| Johnson & Johnson  | 2500628 | 388122472 |
| Merck & Co Inc  | 1830926 | 140688354 |
| Novartis AG ADR  | 117365 | 13586172 |
| Nuvation Bio Inc Class A (f)(g) | 42169 | 89398 |
| Organon & Co  | 176000 | 1622720 |
| Pacira BioSciences Inc (f) | 40496 | 1046417 |
| Paratek Pharmaceuticals Inc rights (f)(g)(i) | 2400 | 0 |
| Pfizer Inc  | 2747705 | 64543590 |
| Phathom Pharmaceuticals Inc (f)(g) | 632612 | 2688601 |
| Phibro Animal Health Corp Class A  | 4917 | 120073 |
| Prestige Consumer Healthcare Inc (f)(g) | 133380 | 11426665 |
| Roche Holding AG ADR (g) | 266971 | 10758931 |
| Royalty Pharma PLC Class A  | 86000 | 2827680 |
| SIGA Technologies Inc  | 984 | 5884 |
| Structure Therapeutics Inc ADR (f)(g) | 60209 | 1310148 |
| Supernus Pharmaceuticals Inc (f)(g) | 47147 | 1494560 |
| Tarsus Pharmaceuticals Inc (f) | 14835 | 637163 |
| Theravance Biopharma Inc (f) | 8124 | 74416 |
| Third Harmonic Bio Inc (f)(g) | 19206 | 100063 |
| Trevi Therapeutics Inc (f)(g) | 155199 | 1010345 |
| Viatris Inc  | 2811832 | 24716003 |
| Zoetis Inc Class A  | 297416 | 50153260 |
|  |  | 1450016819 |
| TOTAL HEALTH CARE |  | 6333850164 |
| Industrials - 8.4% |  |  |
| Aerospace & Defense - 2.0% |  |  |
| AeroVironment Inc (f)(g) | 104388 | 18584196 |
| ATI Inc (f) | 107291 | 8544655 |
| Axon Enterprise Inc (f) | 5606 | 4206518 |
| Boeing Co (f) | 968453 | 200779676 |
| BWX Technologies Inc  | 106946 | 13432418 |
| Curtiss-Wright Corp  | 97167 | 42764168 |
| Ducommun Inc (f) | 34005 | 2393272 |
| GE Aerospace  | 757166 | 186194691 |
| General Dynamics Corp  | 121375 | 33801724 |
| HEICO Corp Class A  | 97643 | 23028125 |
| Hexcel Corp  | 18318 | 968839 |
| Howmet Aerospace Inc  | 955604 | 162347564 |
| Huntington Ingalls Industries Inc  | 129286 | 28838535 |
| Kratos Defense & Security Solutions Inc (f)(g) | 604700 | 22307383 |
| L3Harris Technologies Inc  | 214437 | 52395537 |
| Leonardo DRS Inc (g) | 17328 | 732974 |
| Lockheed Martin Corp  | 268179 | 129364186 |
| Mercury Systems Inc (f)(g) | 273677 | 13478592 |
| Moog Inc Class A  | 31417 | 5821884 |
| Northrop Grumman Corp  | 262259 | 127135295 |
| Park Aerospace Corp  | 2355 | 32146 |
| Rocket Lab Corp (g) | 77200 | 2068188 |
| RTX Corp  | 1275396 | 174066046 |
| Standard Aero Inc  | 289999 | 8505671 |
| Textron Inc  | 390934 | 28940844 |
| TransDigm Group Inc  | 133707 | 196339370 |
| Triumph Group Inc (f) | 15444 | 398301 |
| V2X Inc (f) | 49221 | 2228727 |
| Woodward Inc (g) | 114328 | 24732576 |
|  |  | 1514432101 |
| Air Freight & Logistics - 0.2% |  |  |
| CH Robinson Worldwide Inc  | 334974 | 32147455 |
| Expeditors International of Washington Inc  | 211017 | 23787946 |
| FedEx Corp  | 150914 | 32914344 |
| GXO Logistics Inc (f)(g) | 620359 | 25521569 |
| Hub Group Inc Class A (g) | 19174 | 646356 |
| United Parcel Service Inc Class B  | 278447 | 27159720 |
|  |  | 142177390 |
| Building Products - 0.6% |  |  |
| A O Smith Corp  | 331896 | 21344232 |
| Advanced Drainage Systems Inc (g) | 13621 | 1497765 |
| Allegion plc  | 194744 | 27789969 |
| Apogee Enterprises Inc  | 100 | 3864 |
| Armstrong World Industries Inc  | 124694 | 19406127 |
| AZEK Co Inc/The Class A (f) | 165709 | 8204253 |
| Builders FirstSource Inc (f) | 14749 | 1588172 |
| Carrier Global Corp  | 513611 | 36569103 |
| Fortune Brands Innovations Inc (g) | 14019 | 706558 |
| Gibraltar Industries Inc (f) | 67951 | 3980570 |
| Griffon Corp  | 36832 | 2532200 |
| Janus International Group Inc (f)(g) | 469496 | 3835782 |
| Johnson Controls International plc  | 197462 | 20016723 |
| Lennox International Inc  | 29679 | 16752312 |
| Masco Corp  | 136204 | 8501854 |
| Masterbrand Inc (f) | 400 | 4080 |
| Owens Corning  | 243593 | 32629282 |
| Resideo Technologies Inc (f) | 206728 | 4279270 |
| Tecnoglass Inc (g) | 140846 | 12060643 |
| Trane Technologies PLC  | 524332 | 225604330 |
| Trex Co Inc (f) | 213046 | 11902880 |
| UFP Industries Inc  | 19700 | 1921932 |
| Zurn Elkay Water Solutions Corp (g) | 116759 | 4225508 |
|  |  | 465357409 |
| Commercial Services & Supplies - 0.4% |  |  |
| ACV Auctions Inc Class A (f) | 710100 | 11631438 |
| Brady Corp Class A  | 1000 | 69770 |
| BrightView Holdings Inc (f) | 169151 | 2635373 |
| Brink's Co/The (g) | 170767 | 14013140 |
| Casella Waste Systems Inc Class A (f)(g) | 88292 | 10348705 |
| Cintas Corp  | 231786 | 52499530 |
| Clean Harbors Inc (f) | 99151 | 22486455 |
| Copart Inc (f) | 784211 | 40371183 |
| CoreCivic Inc (f) | 999343 | 21945572 |
| Deluxe Corp (g) | 215300 | 3072331 |
| Ennis Inc  | 50134 | 936002 |
| Enviri Corp (f)(g) | 45800 | 373270 |
| GEO Group Inc/The (f) | 19216 | 521522 |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 11400 | 574902 |
| Healthcare Services Group Inc (f) | 28912 | 407659 |
| Interface Inc  | 614786 | 12351051 |
| MillerKnoll Inc  | 384213 | 6481673 |
| MSA Safety Inc (g) | 72869 | 11875461 |
| OPENLANE Inc (f) | 380512 | 8725140 |
| Pitney Bowes Inc  | 16500 | 169950 |
| Pursuit Attractions and Hospitality Inc (f) | 142991 | 3988019 |
| Republic Services Inc  | 26900 | 6921101 |
| Rollins Inc  | 541550 | 31003738 |
| Steelcase Inc Class A  | 77 | 794 |
| Tetra Tech Inc  | 29114 | 1017243 |
| UniFirst Corp/MA  | 90877 | 17135767 |
| Veralto Corp  | 63316 | 6396815 |
| Vestis Corp  | 16500 | 101640 |
| Waste Connections Inc (United States)  | 114079 | 22483830 |
| Waste Management Inc  | 101685 | 24503034 |
|  |  | 335042108 |
| Construction & Engineering - 0.3% |  |  |
| Ameresco Inc Class A (f) | 28400 | 391351 |
| API Group Corp (f) | 399759 | 18656753 |
| Comfort Systems USA Inc  | 101311 | 48449960 |
| Dycom Industries Inc (f) | 4182 | 961525 |
| EMCOR Group Inc  | 110072 | 51938574 |
| Everus Construction Group Inc (g) | 98271 | 5690874 |
| Fluor Corp (f) | 674912 | 28062841 |
| Granite Construction Inc (g) | 7200 | 644040 |
| Great Lakes Dredge & Dock Corp (f) | 1000 | 11179 |
| IES Holdings Inc (f)(g) | 16080 | 4175333 |
| MasTec Inc (f) | 125632 | 19589798 |
| Primoris Services Corp  | 203480 | 14672943 |
| Quanta Services Inc  | 21700 | 7433552 |
| Sterling Infrastructure Inc (f)(g) | 133656 | 25128665 |
| Tutor Perini Corp (f) | 17156 | 632713 |
| WillScot Holdings Corp  | 903597 | 24351939 |
|  |  | 250792040 |
| Electrical Equipment - 0.8% |  |  |
| Acuity Inc  | 68823 | 17886409 |
| AMETEK Inc  | 245240 | 43834198 |
| Array Technologies Inc (f) | 400 | 2640 |
| Atkore Inc (g) | 78648 | 5119985 |
| Bloom Energy Corp Class A (f)(g) | 132956 | 2455697 |
| Eaton Corp PLC  | 519268 | 166269614 |
| Emerson Electric Co  | 750410 | 89583946 |
| EnerSys  | 6000 | 501780 |
| GE Vernova Inc  | 194185 | 91845621 |
| Generac Holdings Inc (f) | 71202 | 8695900 |
| Hubbell Inc (g) | 90382 | 35211020 |
| Hyliion Holdings Corp Class A (f)(g) | 3600 | 5544 |
| NEXTracker Inc Class A (f) | 68668 | 3892789 |
| NuScale Power Corp Class A (f)(g) | 43400 | 1388366 |
| nVent Electric PLC  | 141374 | 9302409 |
| Powell Industries Inc (g) | 75688 | 12835928 |
| Regal Rexnord Corp  | 89073 | 11885901 |
| Rockwell Automation Inc  | 136684 | 43130636 |
| Sensata Technologies Holding PLC (g) | 26662 | 694812 |
| Shoals Technologies Group Inc (f) | 61009 | 287962 |
| Sunrun Inc (f) | 8400 | 62916 |
| Vertiv Holdings Co Class A  | 353857 | 38191786 |
|  |  | 583085859 |
| Ground Transportation - 0.7% |  |  |
| ArcBest Corp  | 132148 | 8284358 |
| Covenant Logistics Group Inc Class A  | 8228 | 186776 |
| CSX Corp  | 6172339 | 194984189 |
| Heartland Express Inc  | 700 | 6265 |
| Knight-Swift Transportation Holdings Inc  | 430124 | 19063096 |
| Landstar System Inc  | 67941 | 9322864 |
| Lyft Inc Class A (f) | 278117 | 4238503 |
| Marten Transport Ltd  | 3495 | 45575 |
| Norfolk Southern Corp  | 254874 | 62984463 |
| Old Dominion Freight Line Inc  | 294085 | 47103594 |
| Saia Inc (f)(g) | 100630 | 26607578 |
| U-Haul Holding Co (f)(g) | 5000 | 320000 |
| U-Haul Holding Co Class N (g) | 64100 | 3656264 |
| Uber Technologies Inc (f) | 566665 | 47690526 |
| Union Pacific Corp  | 507336 | 112456098 |
| XPO Inc (f) | 26087 | 2969483 |
|  |  | 539919632 |
| Industrial Conglomerates - 0.5% |  |  |
| 3M Co  | 1733814 | 257211307 |
| Honeywell International Inc  | 707191 | 160298984 |
|  |  | 417510291 |
| Machinery - 1.8% |  |  |
| 3D Systems Corp (f) | 4800 | 7440 |
| AGCO Corp  | 218500 | 21408630 |
| Allison Transmission Holdings Inc  | 368611 | 38158611 |
| Atmus Filtration Technologies Inc  | 109152 | 3931655 |
| Blue Bird Corp (f)(g) | 9052 | 350312 |
| Caterpillar Inc  | 380620 | 132467179 |
| Chart Industries Inc (f) | 79023 | 12395548 |
| CNH Industrial NV Class A (g) | 2666939 | 33363407 |
| Columbus McKinnon Corp/NY  | 1489 | 21680 |
| Commercial Vehicle Group Inc (f) | 3400 | 4419 |
| Crane Co  | 4954 | 849116 |
| Cummins Inc  | 238154 | 76561748 |
| Deere & Co  | 195038 | 98739938 |
| Donaldson Co Inc (g) | 279205 | 19418708 |
| Dover Corp  | 254171 | 45178895 |
| Energy Recovery Inc (f) | 19223 | 242402 |
| Enerpac Tool Group Corp Class A  | 200 | 8576 |
| Esab Corp  | 187181 | 23021391 |
| Federal Signal Corp  | 119325 | 11224903 |
| Flowserve Corp  | 384269 | 19178866 |
| Fortive Corp  | 478283 | 33570684 |
| Franklin Electric Co Inc  | 700 | 60473 |
| Gates Industrial Corp PLC (f) | 374753 | 7926026 |
| Gorman-Rupp Co/The  | 458 | 16717 |
| Graco Inc  | 422336 | 35754966 |
| Greenbrier Cos Inc/The  | 31086 | 1401046 |
| Helios Technologies Inc  | 300 | 9096 |
| Hyster-Yale Inc Class A  | 6900 | 277104 |
| IDEX Corp  | 110218 | 19939538 |
| Illinois Tool Works Inc  | 152266 | 37317351 |
| Ingersoll Rand Inc  | 1450605 | 118427392 |
| ITT Inc  | 164004 | 24689162 |
| JBT Marel Corp (g) | 165462 | 18996692 |
| Kennametal Inc (g) | 17735 | 381835 |
| Lincoln Electric Holdings Inc  | 108609 | 21025616 |
| Manitowoc Co Inc/The (f) | 47912 | 503555 |
| Middleby Corp/The (f)(g) | 114195 | 16687315 |
| Mueller Industries Inc (g) | 207774 | 16179361 |
| Mueller Water Products Inc Class A1  | 2500 | 61325 |
| Nordson Corp  | 29000 | 6147710 |
| Oshkosh Corp  | 149400 | 14818986 |
| Otis Worldwide Corp  | 851485 | 81189095 |
| PACCAR Inc  | 467148 | 43841840 |
| Parker-Hannifin Corp  | 190501 | 126626015 |
| Pentair PLC  | 267082 | 26489193 |
| RBC Bearings Inc (f) | 45039 | 16478419 |
| REV Group Inc (g) | 100251 | 3758410 |
| Shyft Group Inc/The (g) | 23438 | 245865 |
| Snap-on Inc  | 177124 | 56812523 |
| SPX Technologies Inc (f) | 13880 | 2111009 |
| Stanley Black & Decker Inc (g) | 554315 | 36268830 |
| Taylor Devices Inc (f) | 200 | 7385 |
| Tennant CO  | 2038 | 151668 |
| Timken Co/The (g) | 51300 | 3513537 |
| Toro Co/The  | 90091 | 6827096 |
| Trinity Industries Inc  | 4118 | 105997 |
| Wabash National Corp (g) | 138400 | 1199928 |
| Watts Water Technologies Inc Class A  | 23921 | 5791753 |
| Westinghouse Air Brake Technologies Corp  | 39021 | 7894729 |
| Worthington Enterprises Inc  | 49161 | 2896075 |
| Xylem Inc/NY  | 126317 | 15920995 |
|  |  | 1348855736 |
| Marine Transportation - 0.0% |  |  |
| Kirby Corp (f) | 52144 | 5769211 |
| Passenger Airlines - 0.1% |  |  |
| Alaska Air Group Inc (f) | 67087 | 3416741 |
| Delta Air Lines Inc  | 512700 | 24809553 |
| SkyWest Inc (f) | 37871 | 3842013 |
| Southwest Airlines Co  | 194000 | 6475720 |
| United Airlines Holdings Inc (f) | 557496 | 44290270 |
|  |  | 82834297 |
| Professional Services - 0.6% |  |  |
| Alight Inc Class A (g) | 1183144 | 6459966 |
| Amentum Holdings Inc  | 133 | 2747 |
| Automatic Data Processing Inc  | 88385 | 28771969 |
| Booz Allen Hamilton Holding Corp Class A  | 58476 | 6213075 |
| Broadridge Financial Solutions Inc  | 18682 | 4536550 |
| CACI International Inc (f) | 131486 | 56276008 |
| CSG Systems International Inc  | 145700 | 9624942 |
| Dayforce Inc (f) | 245994 | 14533326 |
| Equifax Inc  | 44304 | 11704674 |
| ExlService Holdings Inc (f) | 435772 | 20041154 |
| Exponent Inc  | 97870 | 7471396 |
| First Advantage Corp (f)(g) | 424193 | 7262184 |
| Forrester Research Inc (f) | 218458 | 2322209 |
| Franklin Covey Co (f)(g) | 21605 | 505125 |
| FTI Consulting Inc (f) | 200 | 32832 |
| Genpact Ltd  | 490719 | 21125453 |
| IBEX Holdings Ltd (f) | 11697 | 336757 |
| ICF International Inc  | 28504 | 2449064 |
| Innodata Inc (f)(g) | 6300 | 248661 |
| Insperity Inc  | 149844 | 9697904 |
| Jacobs Solutions Inc  | 3500 | 442050 |
| KBR Inc  | 213121 | 11122785 |
| Kelly Services Inc Class A  | 5974 | 70015 |
| Kforce Inc (g) | 33168 | 1353254 |
| Legalzoom.com Inc (f) | 85290 | 778698 |
| Leidos Holdings Inc  | 126777 | 18828920 |
| ManpowerGroup Inc  | 285488 | 11976222 |
| Maximus Inc  | 10461 | 758527 |
| Parsons Corp (f)(g) | 37034 | 2401285 |
| Paycom Software Inc  | 93738 | 24286578 |
| Paylocity Holding Corp (f) | 198819 | 37954547 |
| Robert Half Inc  | 369605 | 16924213 |
| Science Applications International Corp  | 78240 | 9039850 |
| SS&C Technologies Holdings Inc  | 160262 | 12950772 |
| TransUnion  | 160197 | 13717669 |
| TriNet Group Inc (g) | 27824 | 2315235 |
| TrueBlue Inc (f) | 22200 | 133200 |
| TTEC Holdings Inc (f) | 3409 | 16737 |
| UL Solutions Inc Class A (g) | 129112 | 9231508 |
| Upwork Inc (f)(g) | 940484 | 14568097 |
| Verisk Analytics Inc  | 90871 | 28546216 |
| Verra Mobility Corp Class A (f) | 408828 | 9668782 |
| Willdan Group Inc (f) | 122853 | 6640205 |
|  |  | 443341361 |
| Trading Companies & Distributors - 0.4% |  |  |
| Applied Industrial Technologies Inc  | 76107 | 17239758 |
| BlueLinx Holdings Inc (f)(g) | 21104 | 1412280 |
| Boise Cascade Co  | 38394 | 3335671 |
| Core & Main Inc Class A (f) | 157030 | 8606814 |
| DNOW Inc (f) | 194171 | 2799946 |
| DXP Enterprises Inc/TX (f) | 1113 | 92022 |
| Fastenal Co  | 114440 | 4730950 |
| Ferguson Enterprises Inc  | 140855 | 25683501 |
| FTAI Aviation Ltd  | 14512 | 1700081 |
| Global Industrial Co  | 2100 | 54704 |
| GMS Inc (f)(g) | 175020 | 13254265 |
| Herc Holdings Inc (g) | 73345 | 9094780 |
| Hudson Technologies Inc (f)(g) | 79201 | 566287 |
| McGrath RentCorp  | 184560 | 20740853 |
| Mrc Global Inc (f) | 38272 | 474955 |
| MSC Industrial Direct Co Inc Class A (g) | 86223 | 7001308 |
| Rush Enterprises Inc Class A (g) | 2489 | 123578 |
| SiteOne Landscape Supply Inc (f)(g) | 132790 | 15511200 |
| United Rentals Inc  | 106633 | 75536685 |
| Watsco Inc (g) | 65240 | 28938507 |
| Wesco International Inc  | 188591 | 31662543 |
| WW Grainger Inc  | 934 | 1015781 |
|  |  | 269576469 |
| TOTAL INDUSTRIALS |  | 6398693904 |
| Information Technology - 21.5% |  |  |
| Communications Equipment - 0.7% |  |  |
| ADTRAN Holdings Inc (f) | 64545 | 518296 |
| Applied Optoelectronics Inc (f)(g) | 246120 | 3795170 |
| Arista Networks Inc  | 969702 | 84014981 |
| Calix Inc (f) | 130955 | 6055359 |
| Ciena Corp (f) | 187335 | 14998040 |
| Cisco Systems Inc  | 4965717 | 313038800 |
| F5 Inc (f) | 81978 | 23394882 |
| Harmonic Inc (f) | 20500 | 184910 |
| Juniper Networks Inc  | 797903 | 28668655 |
| KVH Industries Inc (f) | 1756 | 9500 |
| Lumentum Holdings Inc (f)(g) | 126787 | 9164164 |
| Motorola Solutions Inc  | 90736 | 37689920 |
| Netgear Inc (f) | 367420 | 10776429 |
| NetScout Systems Inc (f) | 25479 | 581940 |
| Ubiquiti Inc (g) | 469 | 185391 |
| Viasat Inc (f) | 2100 | 18333 |
|  |  | 533094770 |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Amphenol Corp Class A  | 1049276 | 94361392 |
| Arlo Technologies Inc (f) | 32500 | 465400 |
| Arrow Electronics Inc (f)(g) | 99200 | 11743296 |
| Avnet Inc  | 320938 | 16050109 |
| Badger Meter Inc (g) | 65092 | 16157136 |
| Bel Fuse Inc Class B (g) | 82387 | 6080161 |
| Belden Inc  | 52050 | 5527710 |
| Benchmark Electronics Inc  | 17200 | 628144 |
| CDW Corp/DE  | 99532 | 17951592 |
| Cognex Corp  | 362929 | 10876982 |
| Coherent Corp (f) | 298537 | 22578353 |
| Corning Inc  | 82185 | 4075554 |
| Crane NXT Co (g) | 20955 | 1123398 |
| ePlus Inc (f) | 146290 | 10440717 |
| Flex Ltd (f) | 1115463 | 47184085 |
| Identiv Inc (f) | 666297 | 2178791 |
| Insight Enterprises Inc (f) | 31078 | 4052260 |
| IPG Photonics Corp (f)(g) | 168385 | 11157190 |
| Jabil Inc  | 175630 | 29507596 |
| Keysight Technologies Inc (f) | 309162 | 48550800 |
| Lightwave Logic Inc (f)(g) | 8199 | 8035 |
| M-Tron Industries Inc warrants 3/11/2028 (f) | 300 | 243 |
| Methode Electronics Inc  | 59155 | 470282 |
| Mirion Technologies Inc Class A (f) | 285607 | 5455094 |
| Napco Security Technologies Inc  | 70724 | 1973200 |
| PC Connection Inc (g) | 27813 | 1818970 |
| Plexus Corp (f) | 14886 | 1953936 |
| Sanmina Corp (f) | 142956 | 12106944 |
| SmartRent Inc Class A (f) | 28319 | 23910 |
| TD SYNNEX Corp  | 313314 | 38017521 |
| Teledyne Technologies Inc (f) | 89738 | 44766699 |
| Trimble Inc (f) | 60712 | 4326944 |
| TTM Technologies Inc (f)(g) | 627691 | 18742853 |
| Vishay Precision Group Inc (f)(g) | 423867 | 10901859 |
| Vontier Corp  | 336321 | 12023476 |
| Zebra Technologies Corp Class A (f) | 85613 | 24808079 |
|  |  | 538088711 |
| IT Services - 0.4% |  |  |
| Amdocs Ltd  | 367392 | 33711890 |
| ASGN Inc (f)(g) | 85215 | 4500204 |
| Cognizant Technology Solutions Corp Class A  | 1099884 | 89079605 |
| DXC Technology Co (f) | 219749 | 3340185 |
| EPAM Systems Inc (f) | 37935 | 6619278 |
| Fastly Inc Class A (f) | 2300 | 16744 |
| Gartner Inc (f) | 69065 | 30141347 |
| Globant SA (f)(g) | 52428 | 5142663 |
| GoDaddy Inc Class A (f) | 43551 | 7932815 |
| Hackett Group Inc/The  | 48410 | 1187013 |
| IBM Corporation  | 318931 | 82622265 |
| Kyndryl Holdings Inc (f)(g) | 14300 | 558272 |
| MongoDB Inc Class A (f) | 46617 | 8802688 |
| Okta Inc Class A (f) | 58741 | 6060309 |
| Snowflake Inc Class A (f) | 62178 | 12788149 |
| TSS Inc/MD (f)(g) | 2800 | 40432 |
| Unisys Corp (f) | 52500 | 250425 |
| VeriSign Inc  | 11631 | 3169099 |
|  |  | 295963383 |
| Semiconductors & Semiconductor Equipment - 7.7% |  |  |
| ACM Research Inc Class A (f) | 9940 | 224147 |
| Advanced Micro Devices Inc (f) | 1311207 | 145189951 |
| Ambarella Inc (f) | 19686 | 1036271 |
| Amkor Technology Inc  | 55900 | 1007318 |
| Analog Devices Inc  | 759104 | 162433074 |
| Applied Materials Inc  | 759620 | 119070435 |
| Astera Labs Inc (f) | 23541 | 2135640 |
| Axcelis Technologies Inc (f)(g) | 62508 | 3521701 |
| AXT Inc (f) | 1800 | 2718 |
| Broadcom Inc  | 4548865 | 1101143751 |
| Cirrus Logic Inc (f) | 207859 | 20445011 |
| Credo Technology Group Holding Ltd (f) | 54119 | 3299094 |
| Diodes Inc (f) | 90517 | 4018955 |
| Enphase Energy Inc (f) | 500 | 20695 |
| Entegris Inc  | 143375 | 9855598 |
| Everspin Technologies Inc (f)(g) | 10350 | 58064 |
| First Solar Inc (f) | 242867 | 38392415 |
| FormFactor Inc (f)(g) | 300926 | 8982641 |
| Intel Corp  | 603189 | 11792345 |
| inTEST Corp (f) | 369 | 2232 |
| KLA Corp  | 78706 | 59570997 |
| Lam Research Corp  | 731778 | 59120345 |
| Lattice Semiconductor Corp (f)(g) | 289617 | 13015388 |
| MACOM Technology Solutions Holdings Inc (f) | 126865 | 15428053 |
| Marvell Technology Inc  | 501000 | 30155190 |
| Maxeon Solar Technologies Ltd (f)(g) | 232 | 708 |
| MaxLinear Inc Class A (f) | 42583 | 485020 |
| Microchip Technology Inc  | 142500 | 8270700 |
| Micron Technology Inc  | 1077724 | 101801809 |
| MKS Inc  | 98823 | 8122262 |
| Monolithic Power Systems Inc  | 63327 | 41916141 |
| NVE Corp  | 9320 | 663211 |
| NVIDIA Corp  | 25952524 | 3506964569 |
| Onto Innovation Inc (f) | 25222 | 2318911 |
| PDF Solutions Inc (f) | 5209 | 92199 |
| Photronics Inc (f) | 138842 | 2320050 |
| Power Integrations Inc (g) | 128119 | 6371358 |
| QUALCOMM Inc  | 1506150 | 218692980 |
| Rambus Inc (f) | 21222 | 1134740 |
| Semtech Corp (f)(g) | 264446 | 9871769 |
| Silicon Laboratories Inc (f) | 7697 | 927719 |
| SiTime Corp (f)(g) | 16361 | 3207901 |
| SkyWater Technology Inc (f)(g) | 3900 | 35256 |
| Skyworks Solutions Inc (g) | 85027 | 5869414 |
| Synaptics Inc (f)(g) | 61244 | 3598697 |
| Teradyne Inc  | 9000 | 707400 |
| Texas Instruments Inc  | 841507 | 153869555 |
| Ultra Clean Holdings Inc (f) | 7900 | 153023 |
|  |  | 5887317421 |
| Software - 8.1% |  |  |
| 8x8 Inc (f) | 45465 | 74563 |
| ACI Worldwide Inc (f) | 445444 | 20606239 |
| Adobe Inc (f) | 381898 | 158522041 |
| Agilysys Inc (f) | 61163 | 6477773 |
| Alarm.com Holdings Inc (f) | 47853 | 2746762 |
| AppLovin Corp Class A (f) | 4300 | 1689900 |
| Asana Inc Class A (f) | 87938 | 1574970 |
| Aurora Innovation Inc Class A (f)(g) | 123900 | 750834 |
| Autodesk Inc (f) | 221472 | 65582289 |
| AvePoint Inc Class A (f) | 27500 | 512875 |
| Box Inc Class A (f) | 54000 | 2042280 |
| Braze Inc Class A (f) | 13078 | 481270 |
| C3.ai Inc Class A (f) | 12490 | 332109 |
| Cadence Design Systems Inc (f) | 344639 | 98935518 |
| Ccc Intelligent Solutions Holdings Inc Class A (f) | 1021747 | 8970939 |
| Cerence Inc (f)(g) | 39400 | 335294 |
| Clear Secure Inc Class A (g) | 181255 | 4486061 |
| Clearwater Analytics Holdings Inc Class A (f) | 431259 | 9962083 |
| Commvault Systems Inc (f) | 118472 | 21698147 |
| Confluent Inc Class A (f)(g) | 554876 | 12778794 |
| Consensus Cloud Solutions Inc (f)(g) | 13200 | 290004 |
| Crowdstrike Holdings Inc Class A (f) | 58715 | 27676490 |
| CyberArk Software Ltd (f) | 36180 | 13848980 |
| Digital Turbine Inc (f) | 19372 | 91436 |
| Dolby Laboratories Inc Class A  | 114362 | 8492522 |
| Domo Inc Class B (f) | 662161 | 8409445 |
| DoubleVerify Holdings Inc (f) | 76255 | 1047744 |
| Dropbox Inc Class A (f) | 521900 | 15062034 |
| Dynatrace Inc (f) | 467086 | 25227315 |
| Elastic NV (f) | 99009 | 8006858 |
| Fair Isaac Corp (f) | 31266 | 53973870 |
| Five9 Inc (f) | 166802 | 4421921 |
| Fortinet Inc (f) | 595610 | 60621186 |
| Freshworks Inc Class A (f) | 114510 | 1748568 |
| Gen Digital Inc  | 2578928 | 73447869 |
| Gitlab Inc Class A (f) | 217798 | 9911987 |
| Guidewire Software Inc (f) | 12296 | 2643886 |
| HubSpot Inc (f) | 52863 | 31183884 |
| I3 Verticals Inc Class A (f)(g) | 627787 | 15512617 |
| Informatica Inc Class A (f)(g) | 70703 | 1697579 |
| Intapp Inc (f) | 200 | 11024 |
| Intuit Inc  | 224155 | 168894068 |
| Jamf Holding Corp (f) | 3300 | 34650 |
| JFrog Ltd (f) | 24235 | 1040651 |
| Klaviyo Inc Class A (f) | 53000 | 1802000 |
| Life360 Inc (f) | 200 | 12710 |
| LiveRamp Holdings Inc (f) | 73892 | 2407401 |
| Manhattan Associates Inc (f) | 186591 | 35224649 |
| Microsoft Corp  | 8248725 | 3797383041 |
| Monday.com Ltd (f) | 20401 | 6069093 |
| N-able Inc/US (f) | 101400 | 789906 |
| NCR Voyix Corp (f)(g) | 284958 | 3160184 |
| Nutanix Inc Class A (f) | 40807 | 3129489 |
| Ooma Inc (f) | 22185 | 302825 |
| Oracle Corp  | 2203628 | 364766543 |
| Palantir Technologies Inc Class A (f) | 987718 | 130161478 |
| Palo Alto Networks Inc (f) | 307650 | 59198013 |
| Porch Group Inc (f)(g) | 1496431 | 13647451 |
| Procore Technologies Inc (f)(g) | 161100 | 10821087 |
| PROS Holdings Inc (f) | 6624 | 116516 |
| PTC Inc (f) | 21002 | 3535057 |
| Q2 Holdings Inc (f) | 6031 | 527833 |
| Qualys Inc (f) | 121951 | 16896311 |
| Rapid7 Inc (f) | 64132 | 1471829 |
| Rimini Street Inc (f) | 512429 | 1562908 |
| RingCentral Inc Class A (f) | 70826 | 1836518 |
| Roper Technologies Inc  | 103711 | 59143272 |
| Rubrik Inc Class A (f) | 3036 | 289483 |
| SailPoint Inc (g) | 380786 | 6709449 |
| Salesforce Inc  | 1268461 | 336611496 |
| SEMrush Holdings Inc Class A (f) | 3600 | 35424 |
| SentinelOne Inc Class A (f) | 12400 | 218364 |
| Servicenow Inc (f) | 122550 | 123909080 |
| SoundThinking Inc (f)(g) | 2480 | 38465 |
| Synopsys Inc (f) | 93718 | 43483278 |
| Tenable Holdings Inc (f) | 99101 | 3193034 |
| Teradata Corp (f) | 202280 | 4442069 |
| Tyler Technologies Inc (f) | 45600 | 26310744 |
| UiPath Inc Class A (f) | 486800 | 6479308 |
| Unity Software Inc (f)(g) | 88991 | 2320885 |
| Upland Software Inc (f) | 19212 | 41498 |
| Varonis Systems Inc (f) | 73374 | 3498472 |
| Verint Systems Inc (f)(g) | 25489 | 447077 |
| Weave Communications Inc (f) | 681099 | 6572605 |
| Workday Inc Class A (f) | 114115 | 28267427 |
| Workiva Inc Class A (f) | 44994 | 3027646 |
| Xperi Inc (f) | 68300 | 532057 |
| Yext Inc (f) | 6700 | 44957 |
| Zeta Global Holdings Corp Class A (f) | 664051 | 8725630 |
| Zscaler Inc (f) | 49479 | 13641360 |
|  |  | 6084663251 |
| Technology Hardware, Storage & Peripherals - 3.9% |  |  |
| Apple Inc  | 13632486 | 2738084813 |
| Dell Technologies Inc Class C  | 368682 | 41023246 |
| Diebold Nixdorf Inc (f)(g) | 255345 | 12299969 |
| Hewlett Packard Enterprise Co  | 855500 | 14783040 |
| HP Inc  | 593600 | 14780640 |
| Immersion Corp  | 14305 | 107574 |
| IonQ Inc (f)(g) | 42780 | 1725745 |
| NetApp Inc  | 183315 | 18177515 |
| Pure Storage Inc Class A (f) | 1018907 | 54603226 |
| Sandisk Corp/DE  | 103762 | 3910790 |
| Seagate Technology Holdings PLC  | 799769 | 94324756 |
| Super Micro Computer Inc (f)(g) | 19700 | 788394 |
| Western Digital Corp (f) | 223804 | 11537096 |
|  |  | 3006146804 |
| TOTAL INFORMATION TECHNOLOGY |  | 16345274340 |
| Materials - 1.7% |  |  |
| Chemicals - 1.0% |  |  |
| Air Products and Chemicals Inc  | 26660 | 7435741 |
| Albemarle Corp (g) | 37100 | 2068696 |
| Alto Ingredients Inc (f) | 40000 | 37119 |
| American Vanguard Corp  | 26288 | 129337 |
| Ashland Inc  | 16400 | 811964 |
| Avient Corp  | 432035 | 15609425 |
| Axalta Coating Systems Ltd (f) | 119626 | 3684481 |
| Balchem Corp  | 73782 | 12299459 |
| Cabot Corp  | 46243 | 3453890 |
| Celanese Corp  | 88801 | 4691357 |
| CF Industries Holdings Inc  | 279908 | 25390455 |
| Chemours Co/The (g) | 60277 | 610606 |
| Corteva Inc  | 506438 | 35855810 |
| DuPont de Nemours Inc  | 126767 | 8468036 |
| Eastman Chemical Co  | 110200 | 8636374 |
| Ecolab Inc  | 100607 | 26723231 |
| Element Solutions Inc  | 109144 | 2333499 |
| FMC Corp  | 129107 | 5236580 |
| Huntsman Corp (g) | 309413 | 3446861 |
| Ingevity Corp (f)(g) | 52692 | 2179868 |
| Innospec Inc  | 45142 | 3840681 |
| International Flavors & Fragrances Inc  | 1700 | 130152 |
| Intrepid Potash Inc (f) | 3800 | 143488 |
| Koppers Holdings Inc  | 1950 | 59903 |
| Linde PLC  | 682525 | 319135040 |
| LyondellBasell Industries NV Class A1  | 60300 | 3406347 |
| Mativ Holdings Inc (g) | 83093 | 475292 |
| Minerals Technologies Inc (g) | 107644 | 6112026 |
| Mosaic Co/The  | 949569 | 34317424 |
| NewMarket Corp  | 13357 | 8602709 |
| Olin Corp  | 25699 | 498818 |
| Perimeter Solutions Inc  | 12469 | 150501 |
| PPG Industries Inc  | 300522 | 33297838 |
| Rayonier Advanced Materials Inc (f) | 36612 | 140956 |
| RPM International Inc  | 467001 | 53163394 |
| Sherwin-Williams Co/The  | 268607 | 96378878 |
| Tronox Holdings PLC  | 55934 | 317705 |
|  |  | 729273941 |
| Construction Materials - 0.2% |  |  |
| Eagle Materials Inc  | 146146 | 29552183 |
| James Hardie Industries PLC ADR (f)(g) | 367856 | 8571045 |
| Martin Marietta Materials Inc (g) | 176132 | 96441077 |
| United States Lime & Minerals Inc  | 20632 | 2120556 |
| Vulcan Materials Co  | 145233 | 38496911 |
|  |  | 175181772 |
| Containers & Packaging - 0.2% |  |  |
| Amcor PLC  | 940024 | 8563619 |
| AptarGroup Inc  | 196683 | 31154587 |
| Avery Dennison Corp  | 45275 | 8046726 |
| Ball Corp  | 254697 | 13646665 |
| Crown Holdings Inc  | 167581 | 16506729 |
| Graphic Packaging Holding CO (g) | 582144 | 12935240 |
| International Paper Co  | 562506 | 26893412 |
| Myers Industries Inc  | 3700 | 46952 |
| O-I Glass Inc (f) | 223200 | 2926151 |
| Packaging Corp of America  | 119863 | 23153936 |
| Smurfit WestRock PLC (g) | 1038842 | 45013024 |
|  |  | 188887041 |
| Metals & Mining - 0.3% |  |  |
| Alcoa Corp  | 38276 | 1024649 |
| Alpha Metallurgical Resources Inc (f)(g) | 22613 | 2533561 |
| Carpenter Technology Corp  | 24604 | 5781940 |
| Century Aluminum Co (f) | 97679 | 1513048 |
| Cleveland-Cliffs Inc (f)(g) | 532837 | 3106440 |
| Coeur Mining Inc (f)(g) | 238733 | 1928963 |
| Compass Minerals International Inc (f) | 36907 | 708983 |
| Freeport-McMoRan Inc  | 1023974 | 39402520 |
| Kaiser Aluminum Corp (g) | 9590 | 696138 |
| Materion Corp  | 8561 | 662878 |
| Newmont Corp  | 971667 | 51226284 |
| Nucor Corp  | 83508 | 9132435 |
| Olympic Steel Inc  | 38023 | 1127382 |
| Piedmont Lithium Inc (f)(g) | 8411 | 51980 |
| Ramaco Resources Inc Class A (g) | 401651 | 3658539 |
| Ramaco Resources Inc Class B (j) | 3706 | 27609 |
| Reliance Inc (g) | 46715 | 13679086 |
| Royal Gold Inc  | 132427 | 23587897 |
| Ryerson Holding Corp  | 12353 | 256448 |
| Steel Dynamics Inc  | 272758 | 33568327 |
| SunCoke Energy Inc  | 157687 | 1283572 |
| United States Steel Corp (g) | 33639 | 1810451 |
| Warrior Met Coal Inc (g) | 85365 | 3879839 |
| Worthington Steel Inc  | 2600 | 64740 |
|  |  | 200713709 |
| Paper & Forest Products - 0.0% |  |  |
| Clearwater Paper Corp (f) | 2399 | 69067 |
| Louisiana-Pacific Corp  | 64072 | 5770965 |
| Magnera Corp (f) | 12394 | 148976 |
| Sylvamo Corp  | 95501 | 5058688 |
|  |  | 11047696 |
| TOTAL MATERIALS |  | 1305104159 |
| Real Estate - 1.5% |  |  |
| Diversified REITs - 0.0% |  |  |
| Alexander & Baldwin Inc  | 68030 | 1218417 |
| Alpine Income Property Trust Inc  | 5400 | 82728 |
| American Assets Trust Inc  | 16500 | 329010 |
| Armada Hoffler Properties Inc Class A  | 7600 | 52895 |
| Broadstone Net Lease Inc Class A  | 269993 | 4295589 |
| Essential Properties Realty Trust Inc  | 26400 | 858000 |
| Gladstone Commercial Corp  | 12002 | 172229 |
|  |  | 7008868 |
| Health Care REITs - 0.3% |  |  |
| Alexandria Real Estate Equities Inc  | 592737 | 41604210 |
| American Healthcare REIT Inc  | 284320 | 9934141 |
| CareTrust REIT Inc  | 158248 | 4551212 |
| Community Healthcare Trust Inc  | 7300 | 119281 |
| Healthcare Realty Trust Inc  | 680513 | 9867439 |
| Healthpeak Properties Inc  | 237885 | 4141578 |
| LTC Properties Inc  | 7800 | 276042 |
| Omega Healthcare Investors Inc  | 263871 | 9763227 |
| Sabra Health Care REIT Inc  | 71700 | 1253316 |
| Ventas Inc  | 1233014 | 79258140 |
| Welltower Inc  | 479828 | 74027864 |
|  |  | 234796450 |
| Hotel & Resort REITs - 0.0% |  |  |
| Chatham Lodging Trust  | 23186 | 165316 |
| DiamondRock Hospitality Co  | 59622 | 455512 |
| Host Hotels & Resorts Inc  | 422600 | 6546074 |
| Park Hotels & Resorts Inc  | 84095 | 871224 |
| RLJ Lodging Trust  | 146703 | 1070932 |
| Ryman Hospitality Properties Inc  | 61279 | 5950804 |
|  |  | 15059862 |
| Industrial REITs - 0.2% |  |  |
| Americold Realty Trust Inc  | 622218 | 10310152 |
| EastGroup Properties Inc  | 53400 | 9053970 |
| First Industrial Realty Trust Inc  | 413692 | 20448796 |
| Industrial Logistics Properties Trust  | 36800 | 121072 |
| LXP Industrial Trust  | 600 | 5148 |
| Prologis Inc  | 436769 | 47433114 |
| Rexford Industrial Realty Inc  | 981437 | 34585840 |
| STAG Industrial Inc Class A  | 248618 | 8845828 |
| Terreno Realty Corp  | 29600 | 1670032 |
|  |  | 132473952 |
| Office REITs - 0.0% |  |  |
| Brandywine Realty Trust  | 656800 | 2778264 |
| BXP Inc  | 200 | 13466 |
| City Office Reit Inc  | 19010 | 92769 |
| COPT Defense Properties  | 511705 | 14046302 |
| Cousins Properties Inc  | 7200 | 202104 |
| Douglas Emmett Inc  | 1400 | 19922 |
| Empire State Realty Trust Inc Class A  | 19106 | 146352 |
| Franklin Street Properties Corp  | 18574 | 33805 |
| Highwoods Properties Inc  | 600 | 17820 |
| Hudson Pacific Properties Inc  | 26000 | 48360 |
| Kilroy Realty Corp  | 36300 | 1168860 |
| Office Properties Income Trust  | 83006 | 16020 |
| Orion Properties Inc  | 17000 | 32470 |
| Paramount Group Inc  | 1100 | 6655 |
| Piedmont Office Realty Trust Inc Class A1  | 784400 | 5584928 |
| SL Green Realty Corp  | 100 | 5677 |
| Vornado Realty Trust  | 3595 | 135424 |
|  |  | 24349198 |
| Real Estate Management & Development - 0.1% |  |  |
| Anywhere Real Estate Inc (f) | 344034 | 1200679 |
| CBRE Group Inc Class A (f) | 201662 | 25211783 |
| CoStar Group Inc (f) | 370273 | 27237282 |
| Douglas Elliman Inc (f)(g) | 934810 | 2542683 |
| Forestar Group Inc (f) | 8000 | 153200 |
| Howard Hughes Holdings Inc (f) | 63221 | 4318627 |
| Jones Lang LaSalle Inc (f) | 101796 | 22669969 |
| Kennedy-Wilson Holdings Inc  | 62985 | 401214 |
| Newmark Group Inc Class A  | 422 | 4646 |
| RE/MAX Holdings Inc Class A (f) | 17700 | 133635 |
| Seritage Growth Properties Class A (f) | 30600 | 86292 |
| St Joe Co/The  | 20891 | 934037 |
| Zillow Group Inc Class A (f) | 5973 | 395233 |
|  |  | 85289280 |
| Residential REITs - 0.2% |  |  |
| American Homes 4 Rent Class A  | 1732 | 65556 |
| Apartment Investment and Management Co Class A  | 47500 | 379050 |
| AvalonBay Communities Inc  | 151120 | 31247083 |
| Camden Property Trust  | 165057 | 19392547 |
| Equity LifeStyle Properties Inc  | 195477 | 12426473 |
| Equity Residential  | 183281 | 12855329 |
| Essex Property Trust Inc  | 59652 | 16935203 |
| Independence Realty Trust Inc  | 570325 | 10602342 |
| Invitation Homes Inc  | 118400 | 3990080 |
| NexPoint Residential Trust Inc  | 35360 | 1202240 |
| Sun Communities Inc  | 205930 | 25419999 |
| UDR Inc  | 4680 | 193892 |
| Veris Residential Inc  | 21760 | 330752 |
|  |  | 135040546 |
| Retail REITs - 0.1% |  |  |
| Agree Realty Corp (g) | 187151 | 14092470 |
| Brixmor Property Group Inc  | 285303 | 7249549 |
| Curbline Properties Corp  | 54600 | 1238874 |
| Federal Realty Investment Trust  | 2599 | 248153 |
| InvenTrust Properties Corp  | 21700 | 609553 |
| Kimco Realty Corp  | 1808353 | 38445585 |
| Kite Realty Group Trust  | 75621 | 1672737 |
| Macerich Co/The  | 100700 | 1629326 |
| NNN REIT Inc  | 309927 | 12942552 |
| Realty Income Corp  | 38900 | 2202518 |
| Regency Centers Corp  | 122579 | 8844075 |
| Saul Centers Inc  | 5900 | 198712 |
| Simon Property Group Inc  | 118392 | 19306183 |
| SITE Centers Corp  | 120173 | 1432462 |
| Tanger Inc  | 79346 | 2364511 |
| Urban Edge Properties  | 49534 | 899537 |
|  |  | 113376797 |
| Specialized REITs - 0.6% |  |  |
| American Tower Corp  | 712246 | 152883604 |
| Crown Castle Inc  | 142993 | 14349348 |
| CubeSmart  | 692336 | 29604287 |
| Digital Realty Trust Inc  | 254068 | 43577743 |
| Equinix Inc  | 151101 | 134301591 |
| Extra Space Storage Inc  | 56532 | 8544812 |
| Four Corners Property Trust Inc  | 62057 | 1713394 |
| Iron Mountain Inc  | 20000 | 1974200 |
| PotlatchDeltic Corp  | 741 | 29151 |
| Public Storage Operating Co  | 65293 | 20137014 |
| Rayonier Inc  | 19400 | 459780 |
| VICI Properties Inc  | 43538 | 1380590 |
|  |  | 408955514 |
| TOTAL REAL ESTATE |  | 1156350467 |
| Utilities - 2.0% |  |  |
| Electric Utilities - 1.4% |  |  |
| Alliant Energy Corp  | 1575 | 98012 |
| American Electric Power Co Inc  | 207845 | 21509879 |
| Constellation Energy Corp  | 406564 | 124469569 |
| Duke Energy Corp  | 346003 | 40731473 |
| Edison International  | 533953 | 29714484 |
| Entergy Corp  | 873277 | 72726509 |
| Evergy Inc  | 142896 | 9489723 |
| Exelon Corp  | 915353 | 40110768 |
| FirstEnergy Corp  | 1028040 | 43115998 |
| IDACORP Inc (g) | 220432 | 26220386 |
| NextEra Energy Inc  | 3369780 | 238041259 |
| NRG Energy Inc  | 377858 | 58908062 |
| OGE Energy Corp  | 63000 | 2801610 |
| Otter Tail Corp  | 100 | 7718 |
| PG&E Corp  | 3258451 | 55002653 |
| Pinnacle West Capital Corp  | 616 | 56198 |
| Portland General Electric Co  | 57627 | 2443385 |
| PPL Corp  | 2625121 | 91222955 |
| Southern Co/The  | 1710272 | 153924480 |
| TXNM Energy Inc  | 514278 | 29154420 |
| Xcel Energy Inc  | 793736 | 55640894 |
|  |  | 1095390435 |
| Gas Utilities - 0.1% |  |  |
| Atmos Energy Corp (g) | 282883 | 43756342 |
| National Fuel Gas Co  | 149200 | 12314968 |
| New Jersey Resources Corp  | 153893 | 7062150 |
| ONE Gas Inc (g) | 84139 | 6290232 |
| Southwest Gas Holdings Inc  | 173706 | 12477302 |
| UGI Corp  | 415000 | 14964900 |
|  |  | 96865894 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 403000 | 4066270 |
| Clearway Energy Inc Class C  | 1300 | 40001 |
| Montauk Renewables Inc (f)(g) | 5579 | 10265 |
| Talen Energy Corp (f) | 97401 | 23760975 |
| Vistra Corp  | 131999 | 21195079 |
|  |  | 49072590 |
| Multi-Utilities - 0.4% |  |  |
| Ameren Corp  | 222084 | 21515498 |
| Avista Corp  | 47167 | 1816401 |
| Black Hills Corp  | 3523 | 205990 |
| CenterPoint Energy Inc (g) | 82747 | 3081498 |
| CMS Energy Corp  | 370304 | 26006450 |
| Consolidated Edison Inc  | 582033 | 60816628 |
| Dominion Energy Inc  | 586057 | 33211850 |
| DTE Energy Co  | 324727 | 44373945 |
| NiSource Inc  | 271554 | 10737245 |
| Northwestern Energy Group Inc  | 234141 | 12955022 |
| Public Service Enterprise Group Inc  | 261600 | 21197448 |
| Sempra  | 385811 | 30320886 |
| WEC Energy Group Inc  | 77200 | 8294368 |
|  |  | 274533229 |
| Water Utilities - 0.0% |  |  |
| California Water Service Group  | 7766 | 366943 |
| Consolidated Water Co Ltd  | 28697 | 775680 |
| H2O America  | 14645 | 768570 |
|  |  | 1911193 |
| TOTAL UTILITIES |  | 1517773341 |
| TOTAL UNITED STATES |  | 60812465150 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (f) | 130222 | 1929109 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $30,196,882,927) |  | <br> **62062724538** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 16.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 16.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 16.4%** |
|  | Shares | Value ($)<br>|
| Fidelity Advisor Blue Chip Growth Fund - Class Z (k) | 479977 | 104966204 |
| Fidelity Advisor Small Cap Growth Fund - Class Z (k) | 17559200 | 556977809 |
| Fidelity Extended Market Index Fund (k) | 26435245 | 2328152049 |
| Fidelity Growth Company Fund (k) | 88189463 | 3448208019 |
| Fidelity Mid Cap Index Fund (k) | 88961 | 3035349 |
| Fidelity SAI Inflation-Focused Fund (k) | 14 | 1185 |
| Fidelity SAI Real Estate Index Fund (k) | 445223 | 2275090 |
| Fidelity SAI U.S. Large Cap Index Fund (k) | 61191766 | 1436782664 |
| Fidelity SAI U.S. Low Volatility Index Fund (k) | 16057742 | 356160722 |
| Fidelity SAI U.S. Momentum Index Fund (k) | 23707370 | 434556084 |
| Fidelity SAI U.S. Quality Index Fund (k) | 127276899 | 2777181933 |
| iShares Core S&P 500 ETF (v) | 1717262 | 1016876693 |
| SPDR S&P 500 ETF  | 44200 | 26051038 |
| <br> **TOTAL DOMESTIC EQUITY FUNDS**<br> (Cost $9,208,244,186) |  | **12491224839** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.0%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.0%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.0%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.0%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| JAPAN - 0.0%  |  |  |  |
| Japan Government 2.4% 3/20/2055  | JPY | 620000000 | 3922121 |
| MEXICO - 0.0%  |  |  |  |
| United Mexican States 6% 5/13/2030  |  | 200000 | 206000 |
| United Mexican States 6.875% 5/13/2037  |  | 700000 | 708400 |
| United Mexican States 7.375% 5/13/2055  |  | 300000 | 296550 |
| United Mexican States 8% 11/7/2047  | MXN | 20700000 | 872173 |
| United Mexican States 8.5% 3/1/2029  | MXN | 18000000 | 923662 |
| TOTAL MEXICO |  |  | 3006785 |
| PERU - 0.0%  |  |  |  |
| Peruvian Republic 5.4% 8/12/2034 (h) | PEN | 23900000 | 6122104 |
| Peruvian Republic 6.15% 8/12/2032 (b) | PEN | 11600000 | 3264993 |
| Peruvian Republic 6.95% 8/12/2031 (h) | PEN | 4100000 | 1228530 |
| Peruvian Republic 7.3% 8/12/2033 (b)(h) | PEN | 1000000 | 295890 |
| TOTAL PERU |  |  | 10911517 |
| POLAND - 0.0%  |  |  |  |
| Republic of Poland 4.75% 7/25/2029  | PLN | 6800000 | 1808961 |
| SAUDI ARABIA - 0.0%  |  |  |  |
| Kingdom of Saudi Arabia 5.625% 1/13/2035 (b) |  | 5200000 | 5356052 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $23,935,604) |  |  | <br> **25005436** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CPPIB Capital Inc 4.3% 6/2/2034 (h)<br> CAD | 1900000 | 1444006 |
| ITALY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Intesa Sanpaolo SpA 6.625% 6/20/2033 (b) | 300000 | 319488 |
| JAPAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Norinchukin Bank/The 5.094% 10/16/2029 (b) | 900000 | 902882 |
| SWITZERLAND - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| UBS Group AG 6.537% 8/12/2033 (b)(c) | 9150000 | 9822939 |
| UNITED KINGDOM - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Barclays PLC 6.224% 5/9/2034 (c) | 4780000 | 4990337 |
| UNITED STATES - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| T-Mobile USA Inc 5.75% 1/15/2034  | 800000 | 829560 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Hyatt Hotels Corp 5.75% 3/30/2032  | 100000 | 100947 |
| Las Vegas Sands Corp 6.2% 8/15/2034  | 400000 | 396690 |
|  |  | 497637 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Mars Inc 5.2% 3/1/2035 (b) | 200000 | 199250 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bank of America Corp 2.592% 4/29/2031 (c) | 5540000 | 4998433 |
| Bank of America Corp 5.288% 4/25/2034 (c) | 4860000 | 4868476 |
| JPMorgan Chase & Co 4.946% 10/22/2035 (c) | 600000 | 582216 |
| JPMorgan Chase & Co 4.995% 7/22/2030 (c) | 4910000 | 4955845 |
| JPMorgan Chase & Co 5.766% 4/22/2035 (c) | 4700000 | 4860698 |
| Wells Fargo & Co 5.198% 1/23/2030 (c) | 4880000 | 4959764 |
| Wells Fargo & Co 5.557% 7/25/2034 (c) | 4820000 | 4881689 |
|  |  | 30107121 |
| Capital Markets - 0.0% |  |  |
| GA Global Funding Trust 5.5% 4/1/2032 (b) | 200000 | 200622 |
| GA Global Funding Trust 5.9% 1/13/2035 (b) | 400000 | 399852 |
| Goldman Sachs Group Inc/The 5.851% 4/25/2035 (c) | 9430000 | 9704719 |
| Morgan Stanley 5.042% 7/19/2030 (c) | 4910000 | 4958763 |
| Morgan Stanley 5.424% 7/21/2034 (c) | 4840000 | 4883635 |
|  |  | 20147591 |
| Insurance - 0.0% |  |  |
| F&G Global Funding 5.875% 1/16/2030 (b) | 200000 | 203293 |
| Jackson National Life Global Funding 5.35% 1/13/2030 (b) | 2400000 | 2447892 |
| Jackson National Life Global Funding U.S. SOFR Index + 0.97%, 5.2952% 1/14/2028 (b)(c)(d) | 200000 | 201232 |
|  |  | 2852417 |
| TOTAL FINANCIALS |  | 53107129 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| HCA Inc 5.45% 9/15/2034  | 900000 | 891024 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| CDW LLC / CDW Finance Corp 5.55% 8/22/2034  | 900000 | 886567 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Broadcom Inc 3.419% 4/15/2033 (b) | 1000000 | 892032 |
| TOTAL INFORMATION TECHNOLOGY |  | 1778599 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Edison International 6.25% 3/15/2030  | 300000 | 303857 |
| Pacific Gas and Electric Co 3.3% 12/1/2027  | 200000 | 192282 |
| Pacific Gas and Electric Co 4.5% 7/1/2040  | 699000 | 572648 |
| Pacific Gas and Electric Co 5.45% 6/15/2027  | 100000 | 100991 |
| Pacific Gas and Electric Co 5.7% 3/1/2035  | 300000 | 294968 |
| Pacific Gas and Electric Co 6.15% 1/15/2033  | 800000 | 813524 |
| Pacific Gas and Electric Co 6.15% 3/1/2055  | 400000 | 370505 |
| Pacific Gas and Electric Co 6.7% 4/1/2053  | 1984000 | 1964829 |
| Southern California Edison Co 3.45% 2/1/2052  | 200000 | 123338 |
| Southern California Edison Co 4.65% 10/1/2043  | 700000 | 555251 |
| Southern California Edison Co 4.7% 6/1/2027  | 800000 | 798149 |
| Southern California Edison Co 4.875% 3/1/2049  | 600000 | 470493 |
| Southern California Edison Co 5.2% 6/1/2034  | 900000 | 861930 |
|  |  | 7422765 |
| TOTAL UNITED STATES |  | 64725964 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $83,185,327) |  | <br> **82205616** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Repurchase Agreements - 0.6%** | &nbsp;&nbsp;**Repurchase Agreements - 0.6%** | &nbsp;&nbsp;**Repurchase Agreements - 0.6%** |
|  | Maturity<br> Amount ($)<br>| Value ($)<br>|
| Citigroup Global Markets, Inc. 4.43%, dated 6/2/2025 due 6/3/2025 (l) | 223327478 | 223300000 |
| Repurchase Agreements\*  | 224282767 | 224200000 |
| <br> **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $447,500,000) |  | **447500000** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 1.1%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 1.1%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 1.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Fannie Mae 4.705% 9/1/2031 (c) | 3900000 | 3916602 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2054  | 676553 | 620885 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2053  | 641312 | 588493 |
| Fannie Mae Mortgage pass-thru certificates 4.01% 11/1/2029  | 2000000 | 1967430 |
| Fannie Mae Mortgage pass-thru certificates 4.045% 12/1/2029  | 2000000 | 1970238 |
| Fannie Mae Mortgage pass-thru certificates 4.3% 11/1/2029  | 2000000 | 1992670 |
| Fannie Mae Mortgage pass-thru certificates 4.3% 12/1/2029  | 1704000 | 1697294 |
| Fannie Mae Mortgage pass-thru certificates 4.45% 1/1/2030  | 10000000 | 10022573 |
| Fannie Mae Mortgage pass-thru certificates 4.72% 10/1/2028  | 1000000 | 1013787 |
| Fannie Mae Mortgage pass-thru certificates 4.72% 8/1/2030  | 685504 | 692164 |
| Fannie Mae Mortgage pass-thru certificates 4.77% 10/1/2028  | 500000 | 507680 |
| Fannie Mae Mortgage pass-thru certificates 4.86% 8/1/2030  | 600000 | 606149 |
| Fannie Mae Mortgage pass-thru certificates 5.24% 1/1/2034  | 6106000 | 6152576 |
| Fannie Mae Mortgage pass-thru certificates 5.34% 10/1/2032  | 3114772 | 3201994 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2054  | 192530 | 190721 |
| Fannie Mae Mortgage pass-thru certificates 5.65% 10/1/2030  | 1913798 | 2002011 |
| Fannie Mae Mortgage pass-thru certificates 5.73% 11/1/2030  | 1998000 | 2089660 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 4/1/2054  | 578467 | 595282 |
| Freddie Mac Gold Pool 6% 12/1/2053  | 54333 | 55008 |
| Ginnie Mae II Pool 4.5% 6/1/2055 (j) | 3220000 | 3039863 |
| Uniform Mortgage Backed Securities 4% 6/1/2055 (j) | 55580000 | 50959885 |
| Uniform Mortgage Backed Securities 4% 7/1/2055 (j) | 2330000 | 2135771 |
| Uniform Mortgage Backed Securities 4.5% 6/1/2055 (j) | 62260000 | 58748175 |
| Uniform Mortgage Backed Securities 4.5% 7/1/2055 (j) | 43960000 | 41463230 |
| Uniform Mortgage Backed Securities 5% 6/1/2055 (j) | 52810000 | 51132855 |
| Uniform Mortgage Backed Securities 5% 7/1/2055 (j) | 51710000 | 50035470 |
| Uniform Mortgage Backed Securities 5.5% 6/1/2055 (j) | 60000 | 59419 |
| Uniform Mortgage Backed Securities 6% 6/1/2055 (j) | 126805000 | 128078008 |
| Uniform Mortgage Backed Securities 6% 7/1/2055 (j) | 103005000 | 103906305 |
| Uniform Mortgage Backed Securities 6.5% 6/1/2055 (j) | 174400000 | 179086911 |
| Uniform Mortgage Backed Securities 6.5% 7/1/2055 (j) | 96900000 | 99413295 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES**<br> (Cost $808,026,379) |  | **807942404** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 0.0%** | &nbsp;&nbsp;**Commercial Paper - 0.0%** | &nbsp;&nbsp;**Commercial Paper - 0.0%** | &nbsp;&nbsp;**Commercial Paper - 0.0%** |
|  | Yield (%) (n) | Principal<br> Amount (a)<br>| Value ($)<br>|
| AbbVie Inc 0% 6/10/2025  | 4.61 | 6070000 | 6061480 |
| AbbVie Inc 0% 6/13/2025  | 4.61 | 490000 | 489122 |
| Alimentation Couche-Tard Inc 0% 7/2/2025  | 4.69 | 4860000 | 4839097 |
| CBRE Services Inc 0% 6/4/2025  | 4.72 | 4890000 | 4886779 |
| Intel Corp 0% 7/3/2025  | 4.61 | 4780000 | 4759471 |
| Oracle Corp 0% 6/20/2025  | 4.64 | 4870000 | 4857210 |
| Quanta Services Inc 0% 6/3/2025  | 4.90 | 2000000 | 1998935 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $27,898,883) |  |  | **27892094** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  |  | Yield (%) (n) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Brazilian Federative Republic Treasury Bills 0% 10/1/2025 (o) | BRL | 12.80 | 54000000 | 9013312 |
| United Mexican States Inflation-Indexed 4% 8/24/2034  | MXN | 4.44 to 4.51 | 93292280 | 4434281 |
| US Treasury Bills 0% 6/20/2025  |  | 4.23 | 20000 | 19958 |
| US Treasury Bills 0% 6/26/2025 (m)(p)(t)(u) |  | 4.23 to 4.24 | 12775000 | 12738985 |
| US Treasury Bills 0% 6/3/2025  |  | 4.25 | 1087000 | 1086872 |
| US Treasury Bills 0% 6/5/2025  |  | 4.24 | 3713000 | 3711685 |
| US Treasury Bills 0% 7/10/2025 (m)(p)(u) |  | 4.19 to 4.26 | 7975000 | 7939434 |
| US Treasury Bills 0% 7/17/2025 (p) |  | 4.25 | 20000 | 19894 |
| US Treasury Bills 0% 7/24/2025 (p) |  | 4.24 | 20000 | 19878 |
| US Treasury Bills 0% 7/3/2025 (m)(p) |  | 4.19 to 4.25 | 40530000 | 40382788 |
| US Treasury Bills 0% 8/21/2025 (p) |  | 4.25 | 211000 | 209015 |
| US Treasury Bonds 4.625% 11/15/2044  |  | 4.78 | 7980000 | 7664541 |
| US Treasury Bonds Inflation-Indexed 1% 2/15/2046 (p)(t) |  | 1.91 to 2.32 | 9204818 | 6906258 |
| US Treasury Notes Inflation-Indexed 1.375% 7/15/2033 (p)(t) |  | 1.49 to 2.03 | 18269203 | 17584344 |
| US Treasury Notes Inflation-Indexed 1.875% 7/15/2034  |  | 1.73 to 1.78 | 9987866 | 9912567 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $122,022,694) |  |  |  | **121643812** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (q) | 4.32 | 40563661 | 40571773 |
| Fidelity Securities Lending Cash Central Fund (q)(r) | 4.32 | 995032526 | 995132029 |
| Invesco Government & Agency Portfolio Institutional Class (s) | 4.24 | 642566517 | 644106699 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,679,810,501) |  |  | **1679810501** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchased Swaptions - 0.0%** | &nbsp;&nbsp;**Purchased Swaptions - 0.0%** | &nbsp;&nbsp;**Purchased Swaptions - 0.0%** | &nbsp;&nbsp;**Purchased Swaptions - 0.0%** |
|  | Expiration<br> Date | Notional<br> Amount  | Value ($) |
| Put Swaptions - 0.0% |  |  |  |
| Option on an interest rate swap with Barclays Bank PLC to receive at maturity a fixed rate of 3.75% and pay at maturity a floating rate based on US SOFR Index, expiring November 2026 | 10/30/25 | 64400000 | 185917 |
| Call Swaptions - 0.0% |  |  |  |
| Option on an interest rate swap with Citibank NA to receive at maturity a fixed rate of 5.85% and pay at maturity a floating rate based on US SOFR Index, expiring November 2026 | 11/21/25 | 20900000 | 59 |
| Option on an interest rate swap with Citibank NA to receive at maturity a fixed rate of 5.85% and pay at maturity a floating rate based on US SOFR Index, expiring November 2026 | 11/24/25 | 8000000 | 25 |
| TOTAL CALL SWAPTIONS |  |  | 84 |
| **TOTAL PURCHASED SWAPTIONS**<br> (Cost $320,820) |  |  | <br> **186001** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Options - 0.0** | **Purchased Options - 0.0** | **Purchased Options - 0.0** | **Purchased Options - 0.0** | **Purchased Options - 0.0** | **Purchased Options - 0.0** | **Purchased Options - 0.0** |
|  | Counterparty | Number<br> of Contracts | Notional Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Put Options |  |  |  |  |  |  |
| S&P 500 Index | Chicago Board Options Exchange | 66 | 39017154 | 5100 | 06/04/25 | 660 |
| S&P 500 Index | Chicago Board Options Exchange | 67 | 39608323 | 5300 | 06/04/25 | 1005 |
| S&P 500 Index | Chicago Board Options Exchange | 62 | 36652478 | 5275 | 06/04/25 | 930 |
| S&P 500 Index | Chicago Board Options Exchange | 75 | 44337675 | 5300 | 06/11/25 | 10313 |
| S&P 500 Index | Chicago Board Options Exchange | 65 | 38425985 | 5350 | 06/11/25 | 10725 |
| S&P 500 Index | Chicago Board Options Exchange | 58 | 34287802 | 5275 | 06/11/25 | 7250 |
| S&P 500 Index | Chicago Board Options Exchange | 65 | 38425985 | 5275 | 06/18/25 | 30550 |
| S&P 500 Index | Chicago Board Options Exchange | 68 | 40199492 | 5350 | 06/18/25 | 41140 |
| S&P 500 Index | Chicago Board Options Exchange | 69 | 40790661 | 5350 | 06/25/25 | 71760 |
|  |  |  |  |  |  | **174333** |
| **TOTAL PURCHASED OPTIONS**<br> (Cost $569628) |  |  |  |  |  | **174333** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.5%**<br> (Cost $43,010,337,541)<br>| <br>**78158802419** |
| **NET OTHER ASSETS (LIABILITIES) - (2.5)%**  | **(1868329636)** |
| **NET ASSETS - 100.0%** | **76290472783** |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal<br> Amount (a) | Value ($) |
| U.S. Government Agency - Mortgage Securities |  |  |
| Uniform Mortgage Backed Securities 4% 6/1/2055 | (2330000) | (2136318) |
| Uniform Mortgage Backed Securities 4.5% 6/1/2055 | (62260000) | (58748175) |
| Uniform Mortgage Backed Securities 5% 6/1/2055 | (52810000) | (51132857) |
| Uniform Mortgage Backed Securities 5.5% 6/1/2055 | (60000) | (59419) |
| Uniform Mortgage Backed Securities 5.5% 7/1/2055 | (30000) | (29681) |
| Uniform Mortgage Backed Securities 6% 6/1/2055 | (126805000) | (128078007) |
| Uniform Mortgage Backed Securities 6.5% 6/1/2055 | (96900000) | (99504139) |
| TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES  |  | (339688596) |
| **TOTAL TBA SALE COMMITMENTS**<br> (Proceeds $339,588,393) |  | <br> **(339688596)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Written Swaptions** | &nbsp;&nbsp;**Written Swaptions** | &nbsp;&nbsp;**Written Swaptions** | &nbsp;&nbsp;**Written Swaptions** | &nbsp;&nbsp;**Written Swaptions** |
|  | Expiration<br> Date | Notional<br> Amount  | Notional<br> Amount  | Value ($) |
| Put Swaptions |  |  |  |  |
| Option on an interest rate swap with Barclays Bank PLC to receive at maturity a fixed rate of 2.83% and pay at maturity a floating rate based on US SOFR Index, expiring November 2026 | 10/30/25 |  | 64400000 | (37289) |
| Option on an interest rate swap with Barclays Bank PLC to receive at maturity a fixed rate of 3.29% and pay at maturity a floating rate based on US SOFR Index, expiring November 2026 | 10/30/25 |  | 64400000 | (82775) |
| TOTAL PUT SWAPTIONS |  |  |  | (120064) |
| Call Swaptions |  |  |  |  |
| Option on a credit default swap with JPMorgan Chase Bank NA to buy protection on 5Y CDX IG Series 44 Index, paying 1% quarterly expiring June 2030 | 7/16/25 |  | 1200000 | (227) |
| Option on a credit default swap with JPMorgan Chase Bank NA to buy protection on 5Y CDX ITRAXX Main Series 43 Index, paying 1% quarterly expiring June 2030 | 6/18/25 | EUR | 1200000 | (94) |
| Option on a credit default swap with Royal Bank of Canada to buy protection on 5Y CDX IG Series 44 Index, paying 1% quarterly expiring June 2030 | 7/16/25 |  | 400000 | (95) |
| Option on a credit default swap with Royal Bank of Canada to buy protection on 5Y CDX IG Series 44 Index, paying 1% quarterly expiring June 2030 | 6/18/25 |  | 1600000 | (276) |
| Option on a credit default swap with Royal Bank of Canada to buy protection on 5Y CDX IG Series 44 Index, paying 1% quarterly expiring June 2030 | 7/16/25 |  | 1000000 | (274) |
| Option on a credit default swap with Royal Bank of Canada to buy protection on 5Y CDX IG Series 44 Index, paying 1% quarterly expiring June 2030 | 6/18/25 |  | 1000000 | (108) |
| Option on a credit default swap with Goldman Sachs International to buy protection on 5Y CDX IG Series 43 Index, paying 1% quarterly expiring December 2029 | 6/18/25 |  | 2700000 | (310) |
| Option on a credit default swap with Goldman Sachs International to buy protection on 5Y CDX IG Series 43 Index, paying 1% quarterly expiring December 2029 | 6/18/25 |  | 1300000 | (170) |
| Option on a credit default swap with Goldman Sachs International to buy protection on 5Y CDX IG Series 44 Index, paying 1% quarterly expiring June 2030 | 7/16/25 |  | 2500000 | (594) |
| Option on a credit default swap with Goldman Sachs International to buy protection on 5Y CDX IG Series 44 Index, paying 1% quarterly expiring June 2030 | 6/18/25 |  | 2700000 | (362) |
| Option on a credit default swap with Goldman Sachs International to buy protection on 5Y CDX IG Series 44 Index, paying 1% quarterly expiring June 2030 | 7/16/25 |  | 1100000 | (302) |
| TOTAL CALL SWAPTIONS |  |  |  | (2812) |
| **TOTAL WRITTEN SWAPTIONS** |  |  |  | **(122876)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Russell 2000 Index Contracts (United States) | 58 | Jun 2025 | 5998070 | 361590 | 361590 |
| CME E-Mini S&P 500 Index Contracts (United States) | 1834 | Jun 2025 | 542497200 | 26999104 | 26999104 |
| CME S&P 400 Midcap Index Contracts (United States) | 13 | Jun 2025 | 3905330 | 219279 | 219279 |
| **TOTAL EQUITY CONTRACTS** |  |  |  |  | 27579973 |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10 Year Ultra US Treasury Bond Contracts (United States) | 148 | Sep 2025 | 16696250 | 60105 | 60105 |
| CBOT 2 Year US Treasury Note Contracts (United States) | 515 | Sep 2025 | 106870547 | 122315 | 122315 |
| CBOT 5 Year US Treasury Note Contracts (United States) | 63 | Sep 2025 | 6823195 | 30434 | 30434 |
| CBOT US Treasury Ultra Bond Contracts (United States) | 122 | Sep 2025 | 14186313 | 325780 | 325780 |
| **TOTAL INTEREST RATE CONTRACTS** |  |  |  |  | 538634 |
| TOTAL PURCHASED |  |  |  |  | 28118607 |
| Sold |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10 Year US Treasury Bond Contracts (United States) | 723 | Sep 2025 | 80185219 | (414842) | (414842) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **27703765** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% |
| The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% | The notional amount of futures sold as a percentage of Net Assets is 0.1% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Put Options |  |  |  |  |  |  |
| S&P 500 Index | Chicago Board Options Exchange | 62 | 36652478 | 5755.00 | 06/04/25 | (29760) |
| S&P 500 Index | Chicago Board Options Exchange | 66 | 39017154 | 5550.00 | 06/04/25 | (2310) |
| S&P 500 Index | Chicago Board Options Exchange | 67 | 39608323 | 5760.00 | 06/04/25 | (34505) |
| S&P 500 Index | Chicago Board Options Exchange | 133 | 78625477 | 5740.00 | 06/11/25 | (258020) |
| S&P 500 Index | Chicago Board Options Exchange | 65 | 38425985 | 5835.00 | 06/11/25 | (250250) |
| S&P 500 Index | Chicago Board Options Exchange | 65 | 38425985 | 5725.00 | 06/18/25 | (213850) |
| S&P 500 Index | Chicago Board Options Exchange | 68 | 40199492 | 5820.00 | 06/18/25 | (355640) |
| S&P 500 Index | Chicago Board Options Exchange | 69 | 40790661 | 5800.00 | 06/25/25 | (401235) |
|  |  |  |  |  |  | (1545570) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(1545570)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date | Unrealized <br> Appreciation/<br> (Depreciation) ($)  |
| AUD | 2650000 | USD | 1698841 | BNP Paribas SA | 6/03/25 | 9349 |
| AUD | 9452000 | USD | 6088978 | Barclays Bank PLC | 6/03/25 | 3781 |
| BRL | 11891848 | USD | 2083110 | BNP Paribas SA | 6/03/25 | (3933) |
| BRL | 2385730 | USD | 420000 | BNP Paribas SA | 6/03/25 | (2878) |
| BRL | 2152356 | USD | 380000 | BNP Paribas SA | 6/03/25 | (3681) |
| BRL | 81591903 | USD | 14292554 | Bank of America NA | 6/03/25 | (26988) |
| BRL | 2983132 | USD | 524000 | Citibank NA | 6/03/25 | (2428) |
| BRL | 84029017 | USD | 14788634 | Citibank NA | 6/03/25 | (96962) |
| BRL | 1685563 | USD | 298000 | Goldman Sachs Bank USA | 6/03/25 | (3295) |
| BRL | 3033093 | USD | 538000 | Goldman Sachs Bank USA | 6/03/25 | (7693) |
| BRL | 1633664 | USD | 287000 | JPMorgan Chase Bank NA | 6/03/25 | (1369) |
| BRL | 2271212 | USD | 400000 | JPMorgan Chase Bank NA | 6/03/25 | (2900) |
| BRL | 219279 | USD | 38456 | BNP Paribas SA | 7/02/25 | (375) |
| BRL | 114721638 | USD | 19764599 | Citibank NA | 7/02/25 | 158390 |
| BRL | 34168335 | USD | 5843338 | Citibank NA | 7/02/25 | 90463 |
| BRL | 63300000 | USD | 10369060 | BNP Paribas SA | 10/02/25 | 373493 |
| CAD | 15916796 | USD | 11497252 | Citibank NA | 6/03/25 | 100952 |
| CAD | 27497 | USD | 19972 | BNP Paribas SA | 7/02/25 | 94 |
| CHF | 1642000 | USD | 1992459 | Barclays Bank PLC | 6/03/25 | 2681 |
| CHF | 322595 | USD | 393174 | JPMorgan Chase Bank NA | 6/03/25 | (1200) |
| CHF | 2744386 | USD | 3334369 | Royal Bank of Canada | 6/03/25 | 243 |
| CNY | 16013000 | USD | 2218528 | BNP Paribas SA | 6/18/25 | 8318 |
| CNY | 4638000 | USD | 642504 | BNP Paribas SA | 6/18/25 | 2479 |
| CNY | 3666000 | USD | 507164 | BNP Paribas SA | 6/18/25 | 2648 |
| CNY | 4661000 | USD | 648363 | BNP Paribas SA | 6/18/25 | (182) |
| CNY | 2945000 | USD | 403512 | Barclays Bank PLC | 6/18/25 | 6034 |
| CNY | 1407000 | USD | 194447 | Goldman Sachs Bank USA | 6/18/25 | 1218 |
| CNY | 15527000 | USD | 2143195 | BNP Paribas SA | 8/20/25 | 26389 |
| CNY | 6517000 | USD | 898532 | BNP Paribas SA | 8/20/25 | 12087 |
| CNY | 37596000 | USD | 5199180 | BNP Paribas SA | 8/20/25 | 54101 |
| CNY | 2735000 | USD | 378395 | Barclays Bank PLC | 8/20/25 | 3766 |
| CNY | 7073000 | USD | 974329 | Barclays Bank PLC | 8/20/25 | 13980 |
| CNY | 11022000 | USD | 1513565 | Canadian Imperial Bank of Commerce | 8/20/25 | 26536 |
| CNY | 2677000 | USD | 369463 | Deutsche Bank AG | 8/20/25 | 4594 |
| CNY | 6028000 | USD | 841442 | Deutsche Bank AG | 8/20/25 | 849 |
| CNY | 17569000 | USD | 2427820 | Deutsche Bank AG | 8/20/25 | 27093 |
| CNY | 5329000 | USD | 738742 | Goldman Sachs Bank USA | 8/20/25 | 5878 |
| CNY | 2535000 | USD | 354713 | JPMorgan Chase Bank NA | 8/20/25 | (498) |
| EUR | 666000 | USD | 749009 | Bank of America NA | 6/03/25 | 7201 |
| EUR | 25995449 | USD | 29502235 | Bank of America NA | 6/03/25 | 14297 |
| EUR | 713000 | USD | 805730 | Citibank NA | 6/03/25 | 3846 |
| EUR | 175551 | USD | 200096 | Citibank NA | 6/03/25 | (767) |
| EUR | 565874 | USD | 642381 | Deutsche Bank AG | 6/03/25 | 141 |
| EUR | 4266000 | USD | 4865800 | JPMorgan Chase Bank NA | 6/03/25 | (21970) |
| EUR | 325751 | USD | 369695 | Morgan Stanley Capital Services LLC | 6/03/25 | 179 |
| GBP | 3041000 | USD | 4048252 | Citibank NA | 6/03/25 | 49039 |
| GBP | 3041000 | USD | 4096774 | JPMorgan Chase Bank NA | 7/02/25 | 1075 |
| IDR | 3347200000 | USD | 205918 | Goldman Sachs Bank USA | 6/02/25 | (442) |
| IDR | 3347199970 | USD | 205287 | Goldman Sachs Bank USA | 6/02/25 | 189 |
| IDR | 29766051900 | USD | 1800000 | BNP Paribas SA | 6/10/25 | 26713 |
| IDR | 26028214073 | USD | 1583958 | BNP Paribas SA | 6/18/25 | 12795 |
| IDR | 34046626040 | USD | 2048780 | Citibank NA | 6/18/25 | 39878 |
| IDR | 26486420500 | USD | 1623440 | BNP Paribas SA | 7/16/25 | (537) |
| ILS | 2884595 | USD | 820744 | Barclays Bank PLC | 6/04/25 | 267 |
| ILS | 495000 | USD | 139969 | Citibank NA | 6/04/25 | 918 |
| ILS | 2811390 | USD | 800054 | JPMorgan Chase Bank NA | 6/04/25 | 121 |
| INR | 34158317 | USD | 399524 | Deutsche Bank AG | 6/02/25 | (126) |
| INR | 34147200 | USD | 400000 | Goldman Sachs Bank USA | 6/02/25 | (732) |
| INR | 22926863 | USD | 267000 | BNP Paribas SA | 6/30/25 | 686 |
| INR | 28245558 | USD | 330000 | BNP Paribas SA | 6/30/25 | (214) |
| INR | 25824807 | USD | 301000 | Bank of America NA | 6/30/25 | 522 |
| INR | 43154533 | USD | 503000 | Bank of America NA | 6/30/25 | 858 |
| INR | 50730092 | USD | 589693 | Bank of America NA | 6/30/25 | 2615 |
| INR | 222411688 | USD | 2617279 | Bank of America NA | 6/30/25 | (20475) |
| INR | 1422154 | USD | 16605 | Citibank NA | 6/30/25 | (1) |
| INR | 109758275 | USD | 1265422 | Citibank NA | 6/30/25 | 16079 |
| INR | 50966355 | USD | 595724 | Citibank NA | 6/30/25 | (658) |
| INR | 88361973 | USD | 1029290 | Citibank NA | 6/30/25 | 2395 |
| INR | 209504052 | USD | 2424114 | Deutsche Bank AG | 6/30/25 | 21985 |
| INR | 34219858 | USD | 397037 | Deutsche Bank AG | 6/30/25 | 2502 |
| INR | 104099179 | USD | 1209123 | Deutsche Bank AG | 6/30/25 | 6304 |
| INR | 102406002 | USD | 1194455 | Deutsche Bank AG | 6/30/25 | 1203 |
| INR | 23439024 | USD | 276000 | Goldman Sachs Bank USA | 6/30/25 | (2334) |
| INR | 120618107 | USD | 1408876 | Goldman Sachs Bank USA | 6/30/25 | (579) |
| INR | 89051349 | USD | 1039518 | JPMorgan Chase Bank NA | 6/30/25 | 216 |
| INR | 52738260 | USD | 617000 | JPMorgan Chase Bank NA | 6/30/25 | (1246) |
| INR | 165187438 | USD | 1923087 | JPMorgan Chase Bank NA | 6/30/25 | 5586 |
| INR | 123784016 | USD | 1446751 | JPMorgan Chase Bank NA | 6/30/25 | (1490) |
| JPY | 704612313 | USD | 4919601 | BNP Paribas SA | 6/03/25 | (22889) |
| JPY | 718996673 | USD | 5031837 | BNP Paribas SA | 6/03/25 | (35161) |
| JPY | 216600000 | USD | 1486465 | BNP Paribas SA | 6/03/25 | 18799 |
| JPY | 774200000 | USD | 5444296 | Bank of America NA | 6/03/25 | (63984) |
| JPY | 119359233 | USD | 839808 | Barclays Bank PLC | 6/03/25 | (10320) |
| JPY | 172910984 | USD | 1219680 | UBS AG | 6/03/25 | (18033) |
| JPY | 971822267 | USD | 6757142 | Barclays Bank PLC | 7/02/25 | 18751 |
| JPY | 1057966970 | USD | 7309279 | UBS AG | 7/02/25 | 67245 |
| KRW | 2417483496 | USD | 1732352 | JPMorgan Chase Bank NA | 6/05/25 | 17476 |
| KRW | 1487079165 | USD | 1065533 | JPMorgan Chase Bank NA | 6/05/25 | 10848 |
| KRW | 3900107949 | USD | 2800000 | BNP Paribas SA | 6/09/25 | 23815 |
| KRW | 8702604644 | USD | 6161485 | Deutsche Bank AG | 6/12/25 | 140898 |
| KRW | 3830856830 | USD | 2699060 | JPMorgan Chase Bank NA | 6/12/25 | 75227 |
| KRW | 1407497839 | USD | 992034 | JPMorgan Chase Bank NA | 6/12/25 | 27269 |
| KRW | 71439314 | USD | 51022 | JPMorgan Chase Bank NA | 6/12/25 | 714 |
| KRW | 61281368 | USD | 44373 | Citibank NA | 6/13/25 | 10 |
| KRW | 259738907 | USD | 175777 | BNP Paribas SA | 6/18/25 | 12408 |
| KRW | 274056073 | USD | 187294 | Bank of America NA | 6/18/25 | 11264 |
| KRW | 437355390 | USD | 317000 | Bank of America NA | 6/18/25 | (129) |
| KRW | 585989822 | USD | 410970 | Bank of America NA | 6/18/25 | 13589 |
| KRW | 449790922 | USD | 307863 | Bank of America NA | 6/18/25 | 18018 |
| KRW | 68304183 | USD | 49459 | Barclays Bank PLC | 6/18/25 | 29 |
| KRW | 1633140500 | USD | 1115000 | Citibank NA | 6/18/25 | 68236 |
| KRW | 900270162 | USD | 623000 | Citibank NA | 6/18/25 | 29260 |
| KRW | 3719946657 | USD | 2701094 | Citibank NA | 6/18/25 | (5933) |
| KRW | 666924249 | USD | 455000 | Citibank NA | 6/18/25 | 28197 |
| KRW | 1481836820 | USD | 1046000 | Deutsche Bank AG | 6/18/25 | 27614 |
| KRW | 1746473693 | USD | 1226775 | Deutsche Bank AG | 6/18/25 | 38573 |
| KRW | 272193603 | USD | 186291 | Goldman Sachs Bank USA | 6/18/25 | 10918 |
| KRW | 412628412 | USD | 282019 | Goldman Sachs Bank USA | 6/18/25 | 16937 |
| KRW | 61564128 | USD | 44669 | JPMorgan Chase Bank NA | 6/18/25 | (65) |
| KRW | 1463430212 | USD | 1006000 | JPMorgan Chase Bank NA | 6/18/25 | 54279 |
| KRW | 670011552 | USD | 472000 | JPMorgan Chase Bank NA | 6/18/25 | 13434 |
| KRW | 322707793 | USD | 220913 | JPMorgan Chase Bank NA | 6/18/25 | 12894 |
| KRW | 311346090 | USD | 212943 | JPMorgan Chase Bank NA | 6/18/25 | 12632 |
| KRW | 2406991167 | USD | 1765705 | Bank of America NA | 7/16/25 | (18364) |
| MXN | 11729000 | USD | 594843 | BNP Paribas SA | 6/18/25 | 8717 |
| MXN | 15661000 | USD | 795207 | Bank of America NA | 6/18/25 | 10689 |
| MXN | 75592000 | USD | 3676465 | Barclays Bank PLC | 6/18/25 | 213408 |
| MXN | 9039000 | USD | 446858 | Barclays Bank PLC | 6/18/25 | 18278 |
| MXN | 3919000 | USD | 198566 | JPMorgan Chase Bank NA | 6/18/25 | 3101 |
| MXN | 10463000 | USD | 504693 | JPMorgan Chase Bank NA | 6/18/25 | 33720 |
| NOK | 195067 | USD | 19151 | Barclays Bank PLC | 6/03/25 | (40) |
| NOK | 1842977 | USD | 181488 | UBS AG | 6/03/25 | (935) |
| NZD | 818594 | USD | 487718 | JPMorgan Chase Bank NA | 6/03/25 | 1433 |
| PEN | 9429000 | USD | 2551205 | Bank of America NA | 6/18/25 | 53527 |
| PEN | 14039283 | USD | 3851655 | Barclays Bank PLC | 6/18/25 | 26654 |
| PEN | 5682333 | USD | 1557230 | Citibank NA | 6/30/25 | 12150 |
| PEN | 9488953 | USD | 2559394 | Bank of America NA | 9/17/25 | 56305 |
| PLN | 903809 | USD | 232702 | BNP Paribas SA | 6/06/25 | 8744 |
| PLN | 5214000 | USD | 1382331 | BNP Paribas SA | 6/06/25 | 10550 |
| PLN | 1350383 | USD | 340297 | BNP Paribas SA | 6/06/25 | 20448 |
| PLN | 14149049 | USD | 3657219 | BNP Paribas SA | 6/06/25 | 122594 |
| PLN | 14716000 | USD | 3808696 | Bank of America NA | 6/06/25 | 122574 |
| PLN | 1487000 | USD | 394568 | Barclays Bank PLC | 6/06/25 | 2673 |
| PLN | 1180000 | USD | 312800 | Barclays Bank PLC | 6/06/25 | 2428 |
| PLN | 1731571 | USD | 446918 | Barclays Bank PLC | 6/06/25 | 15659 |
| PLN | 1540000 | USD | 397670 | JPMorgan Chase Bank NA | 6/06/25 | 13730 |
| PLN | 1897173 | USD | 486265 | JPMorgan Chase Bank NA | 6/06/25 | 20551 |
| PLN | 1196000 | USD | 316782 | JPMorgan Chase Bank NA | 6/06/25 | 2721 |
| PLN | 1531169 | USD | 396743 | UBS AG | 6/06/25 | 12298 |
| PLN | 2167000 | USD | 555141 | UBS AG | 6/06/25 | 23757 |
| PLN | 15192390 | USD | 3934303 | Goldman Sachs Bank USA | 6/13/25 | 123548 |
| PLN | 9274355 | USD | 2392925 | JPMorgan Chase Bank NA | 6/13/25 | 84233 |
| SGD | 262375 | USD | 203187 | Bank of America NA | 6/03/25 | 244 |
| SGD | 254349 | USD | 197078 | Deutsche Bank AG | 6/03/25 | 130 |
| SGD | 9804093 | USD | 7618380 | JPMorgan Chase Bank NA | 6/03/25 | (16835) |
| THB | 3930864 | USD | 120000 | Goldman Sachs Bank USA | 7/16/25 | 95 |
| TRY | 19770307 | USD | 501390 | Barclays Bank PLC | 6/05/25 | 1710 |
| TRY | 24736340 | USD | 617981 | BNP Paribas SA | 6/10/25 | 8162 |
| TRY | 525019 | USD | 13009 | Barclays Bank PLC | 6/18/25 | 168 |
| TRY | 11929052 | USD | 294022 | Barclays Bank PLC | 7/07/25 | (763) |
| TRY | 4263542 | USD | 104625 | Barclays Bank PLC | 7/10/25 | (163) |
| TRY | 4254932 | USD | 104308 | Barclays Bank PLC | 7/11/25 | (174) |
| TRY | 4103003 | USD | 100215 | Barclays Bank PLC | 7/14/25 | (137) |
| TRY | 4300243 | USD | 104309 | Barclays Bank PLC | 7/21/25 | (246) |
| TRY | 3985892 | USD | 96485 | Barclays Bank PLC | 7/23/25 | (248) |
| TWD | 29924072 | USD | 1000000 | BNP Paribas SA | 6/09/25 | 920 |
| TWD | 3366738 | USD | 119067 | BNP Paribas SA | 6/09/25 | (6454) |
| TWD | 26092451 | USD | 874064 | BNP Paribas SA | 6/09/25 | (1307) |
| TWD | 1164425 | USD | 38936 | BNP Paribas SA | 6/09/25 | 12 |
| TWD | 5024190 | USD | 177981 | Citibank NA | 6/09/25 | (9929) |
| TWD | 4095619 | USD | 144952 | Goldman Sachs Bank USA | 6/09/25 | (7959) |
| TWD | 384128 | USD | 12749 | Citibank NA | 6/13/25 | 104 |
| TWD | 142218064 | USD | 4697852 | Citibank NA | 6/13/25 | 60788 |
| TWD | 68757088 | USD | 2311862 | JPMorgan Chase Bank NA | 6/13/25 | (11239) |
| TWD | 40807978 | USD | 1360856 | BNP Paribas SA | 6/18/25 | 5173 |
| TWD | 66759628 | USD | 2228962 | JPMorgan Chase Bank NA | 6/18/25 | 5786 |
| TWD | 36222165 | USD | 1113671 | Goldman Sachs Bank USA | 7/16/25 | 101861 |
| TWD | 36401007 | USD | 1110000 | BNP Paribas SA | 8/20/25 | 115295 |
| TWD | 12898606 | USD | 394006 | BNP Paribas SA | 8/20/25 | 40174 |
| TWD | 18989051 | USD | 594000 | BNP Paribas SA | 8/20/25 | 45191 |
| TWD | 27034592 | USD | 832000 | BNP Paribas SA | 8/20/25 | 78012 |
| TWD | 27867508 | USD | 856000 | BNP Paribas SA | 8/20/25 | 82049 |
| TWD | 16757858 | USD | 509000 | BNP Paribas SA | 8/20/25 | 55087 |
| TWD | 31019220 | USD | 981000 | Bank of America NA | 8/20/25 | 63139 |
| TWD | 48612740 | USD | 1483000 | JPMorgan Chase Bank NA | 8/20/25 | 153354 |
| TWD | 28069125 | USD | 867000 | JPMorgan Chase Bank NA | 8/20/25 | 77835 |
| TWD | 9097994 | USD | 311000 | JPMorgan Chase Bank NA | 8/20/25 | (4752) |
| USD | 498466 | AUD | 779000 | Bank of America NA | 6/03/25 | (3678) |
| USD | 238396 | AUD | 372000 | Bank of America NA | 6/03/25 | (1395) |
| USD | 223022 | AUD | 347000 | Barclays Bank PLC | 6/03/25 | (654) |
| USD | 6800430 | AUD | 10604000 | JPMorgan Chase Bank NA | 6/03/25 | (34908) |
| USD | 6091389 | AUD | 9452000 | Barclays Bank PLC | 7/02/25 | (3906) |
| USD | 38456 | BRL | 217820 | BNP Paribas SA | 6/03/25 | 372 |
| USD | 2800000 | BRL | 16212115 | BNP Paribas SA | 6/03/25 | (34534) |
| USD | 14241910 | BRL | 81591903 | Bank of America NA | 6/03/25 | (23656) |
| USD | 14860404 | BRL | 84833588 | Citibank NA | 6/03/25 | 28061 |
| USD | 385000 | BRL | 2178561 | Citibank NA | 6/03/25 | 4099 |
| USD | 826573 | BRL | 4718656 | Goldman Sachs Bank USA | 6/03/25 | 1561 |
| USD | 684022 | BRL | 3904876 | JPMorgan Chase Bank NA | 6/03/25 | 1292 |
| USD | 14788634 | BRL | 84588767 | Citibank NA | 7/02/25 | 98632 |
| USD | 19067187 | BRL | 117300000 | Goldman Sachs Bank USA | 10/02/25 | (839628) |
| USD | 89292 | CAD | 122670 | Bank of America NA | 6/02/25 | (94) |
| USD | 5085 | CAD | 6986 | Bank of America NA | 6/02/25 | (5) |
| USD | 19972 | CAD | 27537 | BNP Paribas SA | 6/03/25 | (94) |
| USD | 10546202 | CAD | 14597167 | BNP Paribas SA | 6/03/25 | (90419) |
| USD | 14492 | CAD | 20035 | BNP Paribas SA | 6/03/25 | (107) |
| USD | 617799 | CAD | 860000 | Bank of America NA | 6/03/25 | (8864) |
| USD | 298020 | CAD | 412000 | Citibank NA | 6/03/25 | (2195) |
| USD | 11497252 | CAD | 15893284 | Citibank NA | 7/02/25 | (100686) |
| USD | 5130683 | CHF | 4207448 | BNP Paribas SA | 6/03/25 | 18353 |
| USD | 301516 | CHF | 251000 | Bank of America NA | 6/03/25 | (3466) |
| USD | 307693 | CHF | 253000 | Royal Bank of Canada | 6/03/25 | 281 |
| USD | 3334369 | CHF | 2734609 | Royal Bank of Canada | 7/02/25 | (292) |
| USD | 694879 | CNY | 5053765 | BNP Paribas SA | 6/18/25 | (7922) |
| USD | 2313432 | CNY | 16878453 | BNP Paribas SA | 6/18/25 | (33768) |
| USD | 1949963 | CNY | 14261444 | BNP Paribas SA | 6/18/25 | (33303) |
| USD | 359463 | CNY | 2598900 | BNP Paribas SA | 6/18/25 | (1953) |
| USD | 201195 | CNY | 1462000 | BNP Paribas SA | 6/18/25 | (2118) |
| USD | 1097327 | CNY | 7935000 | Bank of America NA | 6/18/25 | (6153) |
| USD | 201883 | CNY | 1455000 | Bank of America NA | 6/18/25 | (457) |
| USD | 368383 | CNY | 2671000 | Bank of America NA | 6/18/25 | (3059) |
| USD | 904193 | CNY | 6602000 | Bank of America NA | 6/18/25 | (13913) |
| USD | 5054958 | CNY | 36938244 | Bank of America NA | 6/18/25 | (81854) |
| USD | 1117638 | CNY | 8099000 | Citibank NA | 6/18/25 | (8649) |
| USD | 568087 | CNY | 4146297 | JPMorgan Chase Bank NA | 6/18/25 | (8517) |
| USD | 824963 | CNY | 5963410 | JPMorgan Chase Bank NA | 7/16/25 | (6114) |
| USD | 835004 | CNY | 6016872 | JPMorgan Chase Bank NA | 7/16/25 | (3524) |
| USD | 298632 | CNY | 2137000 | BNP Paribas SA | 8/20/25 | 30 |
| USD | 520735 | CNY | 3770000 | BNP Paribas SA | 8/20/25 | (6047) |
| USD | 302461 | CNY | 2169000 | BNP Paribas SA | 8/20/25 | (613) |
| USD | 343115 | CNY | 2459000 | Bank of America NA | 8/20/25 | (480) |
| USD | 1770168 | CNY | 12852000 | Barclays Bank PLC | 8/20/25 | (25639) |
| USD | 811018 | CNY | 5809000 | Barclays Bank PLC | 8/20/25 | (672) |
| USD | 379928 | CNY | 2747000 | Canadian Imperial Bank of Commerce | 8/20/25 | (3909) |
| USD | 2198982 | CNY | 15807000 | Citibank NA | 8/20/25 | (9726) |
| USD | 5653498 | CNY | 40638000 | Deutsche Bank AG | 8/20/25 | (24841) |
| USD | 1947702 | CNY | 14088021 | JPMorgan Chase Bank NA | 8/20/25 | (20814) |
| USD | 446467 | CNY | 3191000 | JPMorgan Chase Bank NA | 8/20/25 | 589 |
| USD | 3039096 | CNY | 21862041 | JPMorgan Chase Bank NA | 8/20/25 | (15682) |
| USD | 1004375 | CNY | 7234000 | UBS AG | 8/20/25 | (6430) |
| USD | 305367 | EUR | 271000 | Bank of America NA | 6/03/25 | (2340) |
| USD | 35834805 | EUR | 31545000 | Bank of America NA | 6/03/25 | 17034 |
| USD | 29558099 | EUR | 25995449 | Bank of America NA | 7/02/25 | (13529) |
| USD | 4096227 | GBP | 3041000 | JPMorgan Chase Bank NA | 6/03/25 | (1064) |
| USD | 200000 | IDR | 3347200000 | Goldman Sachs Bank USA | 6/02/25 | (5476) |
| USD | 205918 | IDR | 3347199970 | Goldman Sachs Bank USA | 6/02/25 | 442 |
| USD | 1623440 | IDR | 26451516544 | BNP Paribas SA | 6/10/25 | 137 |
| USD | 205287 | IDR | 3347815830 | Goldman Sachs Bank USA | 6/10/25 | (165) |
| USD | 920100 | ILS | 3258000 | JPMorgan Chase Bank NA | 6/04/25 | (7189) |
| USD | 1531559 | ILS | 5472735 | JPMorgan Chase Bank NA | 6/04/25 | (26086) |
| USD | 820744 | ILS | 2884513 | Barclays Bank PLC | 6/11/25 | (295) |
| USD | 800054 | ILS | 2811390 | JPMorgan Chase Bank NA | 6/11/25 | (172) |
| USD | 397037 | INR | 34158317 | Deutsche Bank AG | 6/02/25 | (2361) |
| USD | 399394 | INR | 34147200 | Goldman Sachs Bank USA | 6/02/25 | 126 |
| USD | 930489 | INR | 79600699 | BNP Paribas SA | 6/30/25 | 1098 |
| USD | 315000 | INR | 26955873 | Bank of America NA | 6/30/25 | 272 |
| USD | 380000 | INR | 32496916 | Bank of America NA | 6/30/25 | 577 |
| USD | 87542 | INR | 7431845 | Citibank NA | 6/30/25 | 770 |
| USD | 1683045 | INR | 144301602 | Citibank NA | 6/30/25 | (1772) |
| USD | 545937 | INR | 46750848 | JPMorgan Chase Bank NA | 6/30/25 | 90 |
| USD | 461000 | INR | 39564357 | JPMorgan Chase Bank NA | 6/30/25 | (940) |
| USD | 294330 | JPY | 42400000 | Bank of America NA | 6/03/25 | (329) |
| USD | 6757142 | JPY | 975021804 | Barclays Bank PLC | 6/03/25 | (18784) |
| USD | 495200 | JPY | 70900000 | Citibank NA | 6/03/25 | 2479 |
| USD | 3859595 | JPY | 559100000 | JPMorgan Chase Bank NA | 6/03/25 | (25877) |
| USD | 7309279 | JPY | 1061453496 | UBS AG | 6/03/25 | (67305) |
| USD | 1765705 | KRW | 2414336499 | Bank of America NA | 6/05/25 | 18155 |
| USD | 1038336 | KRW | 1490932437 | Deutsche Bank AG | 6/05/25 | (40834) |
| USD | 49459 | KRW | 68349685 | Barclays Bank PLC | 6/09/25 | (29) |
| USD | 2699060 | KRW | 3831639557 | JPMorgan Chase Bank NA | 6/09/25 | (75181) |
| USD | 3286388 | KRW | 4681624025 | BNP Paribas SA | 6/12/25 | (104021) |
| USD | 44373 | KRW | 61285485 | Citibank NA | 6/12/25 | (10) |
| USD | 3820931 | KRW | 5461333097 | Citibank NA | 6/12/25 | (134139) |
| USD | 2662199 | KRW | 3808013975 | Deutsche Bank AG | 6/12/25 | (95546) |
| USD | 44669 | KRW | 61585123 | JPMorgan Chase Bank NA | 6/13/25 | 66 |
| USD | 968000 | KRW | 1411619744 | BNP Paribas SA | 6/18/25 | (54741) |
| USD | 1358000 | KRW | 1960586630 | BNP Paribas SA | 6/18/25 | (62476) |
| USD | 485000 | KRW | 696811950 | BNP Paribas SA | 6/18/25 | (19851) |
| USD | 1822877 | KRW | 2614661854 | Citibank NA | 6/18/25 | (71487) |
| USD | 197493 | KRW | 284693734 | Citibank NA | 6/18/25 | (8772) |
| USD | 2354792 | KRW | 3349795372 | Citibank NA | 6/18/25 | (72188) |
| USD | 280000 | KRW | 398290301 | Citibank NA | 6/18/25 | (8568) |
| USD | 1128034 | KRW | 1622361059 | Citibank NA | 6/18/25 | (47393) |
| USD | 316000 | KRW | 441239206 | Citibank NA | 6/18/25 | (3685) |
| USD | 2281916 | KRW | 3298281386 | Citibank NA | 6/18/25 | (107742) |
| USD | 1048926 | KRW | 1493167140 | Deutsche Bank AG | 6/18/25 | (32897) |
| USD | 2047202 | KRW | 2968340438 | Deutsche Bank AG | 6/18/25 | (103408) |
| USD | 2362323 | KRW | 3344288700 | JPMorgan Chase Bank NA | 6/18/25 | (60668) |
| USD | 10502 | KRW | 14930303 | Royal Bank of Canada | 6/18/25 | (315) |
| USD | 210000 | KRW | 292105800 | Bank of America NA | 6/23/25 | (1713) |
| USD | 2701094 | KRW | 3712410605 | Citibank NA | 7/16/25 | 6092 |
| USD | 369659 | MXN | 7604000 | Citibank NA | 6/18/25 | (21633) |
| USD | 7662235 | MXN | 158129000 | JPMorgan Chase Bank NA | 6/18/25 | (474890) |
| USD | 2419387 | MXN | 48900000 | JPMorgan Chase Bank NA | 6/18/25 | (96948) |
| USD | 196870 | NOK | 2037964 | Barclays Bank PLC | 6/03/25 | (2786) |
| USD | 19151 | NOK | 195071 | Barclays Bank PLC | 7/02/25 | 41 |
| USD | 130321 | NOK | 1325000 | Barclays Bank PLC | 7/02/25 | 518 |
| USD | 181488 | NOK | 1843031 | UBS AG | 7/02/25 | 935 |
| USD | 487462 | NZD | 817855 | Barclays Bank PLC | 6/03/25 | (1247) |
| USD | 487718 | NZD | 817784 | JPMorgan Chase Bank NA | 7/02/25 | (1472) |
| USD | 2559394 | PEN | 9467198 | Bank of America NA | 6/18/25 | (55890) |
| USD | 3329853 | PEN | 12157959 | Citibank NA | 6/18/25 | (28746) |
| USD | 506395 | PEN | 1862065 | Citibank NA | 6/18/25 | (7995) |
| USD | 1545913 | PEN | 5679530 | Citibank NA | 6/30/25 | (22693) |
| USD | 3824414 | PEN | 14175957 | BNP Paribas SA | 8/25/25 | (85386) |
| USD | 3851655 | PEN | 14070096 | Barclays Bank PLC | 9/17/25 | (26870) |
| USD | 1962570 | PEN | 7162203 | Deutsche Bank AG | 9/22/25 | (11532) |
| USD | 859085 | PEN | 3153187 | Barclays Bank PLC | 11/10/25 | (9109) |
| USD | 1557230 | PEN | 5702577 | Citibank NA | 11/28/25 | (12303) |
| USD | 732183 | PEN | 2710175 | Citibank NA | 12/05/25 | (13713) |
| USD | 366091 | PEN | 1355452 | Citibank NA | 12/05/25 | (6957) |
| USD | 463079 | PEN | 1702741 | Goldman Sachs Bank USA | 12/12/25 | (5550) |
| USD | 200589 | PLN | 775000 | BNP Paribas SA | 6/06/25 | (6447) |
| USD | 1782376 | PLN | 6751521 | Bank of America NA | 6/06/25 | (21243) |
| USD | 729606 | PLN | 2745000 | Bank of America NA | 6/06/25 | (3700) |
| USD | 1396957 | PLN | 5297000 | Bank of America NA | 6/06/25 | (18097) |
| USD | 399136 | PLN | 1546000 | Bank of America NA | 6/06/25 | (13867) |
| USD | 1507380 | PLN | 5714000 | Bank of America NA | 6/06/25 | (19072) |
| USD | 395895 | PLN | 1500000 | Bank of America NA | 6/06/25 | (4819) |
| USD | 304918 | PLN | 1142000 | Barclays Bank PLC | 6/06/25 | (159) |
| USD | 960301 | PLN | 3770000 | Barclays Bank PLC | 6/06/25 | (46826) |
| USD | 4606 | PLN | 17353 | Barclays Bank PLC | 6/06/25 | (30) |
| USD | 1797917 | PLN | 6748000 | JPMorgan Chase Bank NA | 6/06/25 | (4761) |
| USD | 1026076 | PLN | 3962000 | JPMorgan Chase Bank NA | 6/06/25 | (32343) |
| USD | 990987 | PLN | 3824000 | JPMorgan Chase Bank NA | 6/06/25 | (30566) |
| USD | 579352 | PLN | 2178000 | JPMorgan Chase Bank NA | 6/06/25 | (2485) |
| USD | 3280739 | PLN | 12360414 | JPMorgan Chase Bank NA | 6/06/25 | (21253) |
| USD | 121388 | SEK | 1160000 | Citibank NA | 6/03/25 | 390 |
| USD | 138022 | SEK | 1332525 | Citibank NA | 6/03/25 | (972) |
| USD | 140365 | SEK | 1350000 | BNP Paribas SA | 7/02/25 | (696) |
| USD | 319497 | SGD | 417471 | Bank of America NA | 6/03/25 | (4187) |
| USD | 2594888 | SGD | 3361000 | Bank of America NA | 6/03/25 | (11043) |
| USD | 1057061 | SGD | 1383271 | Bank of America NA | 6/03/25 | (15450) |
| USD | 395063 | SGD | 515059 | Barclays Bank PLC | 6/03/25 | (4285) |
| USD | 336054 | SGD | 440540 | Deutsche Bank AG | 6/03/25 | (5516) |
| USD | 312548 | SGD | 405000 | Goldman Sachs Bank USA | 6/03/25 | (1467) |
| USD | 706838 | SGD | 924774 | JPMorgan Chase Bank NA | 6/03/25 | (10180) |
| USD | 2190890 | SGD | 2873357 | JPMorgan Chase Bank NA | 6/03/25 | (36950) |
| USD | 203187 | SGD | 261902 | Bank of America NA | 7/02/25 | (248) |
| USD | 197078 | SGD | 253884 | Deutsche Bank AG | 7/02/25 | (128) |
| USD | 7618380 | SGD | 9785923 | JPMorgan Chase Bank NA | 7/02/25 | 17089 |
| USD | 58775 | THB | 1942593 | BNP Paribas SA | 7/16/25 | (575) |
| USD | 724639 | THB | 24197508 | Citibank NA | 7/16/25 | (14641) |
| USD | 1319682 | THB | 43701269 | Citibank NA | 7/16/25 | (15475) |
| USD | 211362 | THB | 7022925 | UBS AG | 7/16/25 | (3202) |
| USD | 59746 | TRY | 2397873 | BNP Paribas SA | 6/05/25 | (1273) |
| USD | 616219 | TRY | 25221844 | Barclays Bank PLC | 6/10/25 | (22213) |
| USD | 29633 | TRY | 1238363 | Barclays Bank PLC | 6/11/25 | (1680) |
| USD | 198000 | TRY | 8297982 | Barclays Bank PLC | 6/18/25 | (10257) |
| USD | 370902 | TRY | 15292592 | Barclays Bank PLC | 6/18/25 | (12900) |
| USD | 32367 | TRY | 1372037 | Barclays Bank PLC | 6/25/25 | (1809) |
| USD | 583083 | TRY | 23796184 | Barclays Bank PLC | 7/09/25 | (607) |
| USD | 110000 | TWD | 3299241 | BNP Paribas SA | 6/23/25 | (488) |
| USD | 1161346 | TWD | 37793683 | BNP Paribas SA | 7/16/25 | (106923) |
| USD | 1239332 | TWD | 40218802 | BNP Paribas SA | 7/16/25 | (110319) |
| USD | 1187443 | TWD | 38629896 | Citibank NA | 7/16/25 | (108888) |
| USD | 1263831 | TWD | 41126325 | Citibank NA | 7/16/25 | (116274) |
| USD | 1263662 | TWD | 41077861 | Citibank NA | 7/16/25 | (114817) |
| USD | 870909 | TWD | 28328932 | Goldman Sachs Bank USA | 7/16/25 | (79745) |
| USD | 1168944 | TWD | 38060817 | JPMorgan Chase Bank NA | 7/16/25 | (108290) |
| USD | 1258956 | TWD | 40894668 | JPMorgan Chase Bank NA | 7/16/25 | (113375) |
| USD | 1133000 | TWD | 37090681 | BNP Paribas SA | 8/20/25 | (115510) |
| USD | 592000 | TWD | 19016046 | BNP Paribas SA | 8/20/25 | (48099) |
| USD | 367000 | TWD | 11762901 | BNP Paribas SA | 8/20/25 | (28951) |
| USD | 1291173 | TWD | 41966996 | BNP Paribas SA | 8/20/25 | (121479) |
| USD | 5686369 | TWD | 185995444 | BNP Paribas SA | 8/20/25 | (574427) |
| USD | 2061000 | TWD | 66758263 | BNP Paribas SA | 8/20/25 | (186151) |
| USD | 280000 | TWD | 8304436 | BNP Paribas SA | 8/20/25 | 464 |
| USD | 21385 | TWD | 697190 | Bank of America NA | 8/20/25 | (2084) |
| USD | 1297543 | TWD | 42351804 | Citibank NA | 8/20/25 | (128062) |
| USD | 608167 | TWD | 19405747 | Citibank NA | 8/20/25 | (45050) |
| USD | 1328644 | TWD | 43345682 | Citibank NA | 8/20/25 | (130416) |
| USD | 610000 | TWD | 18203046 | Citibank NA | 8/20/25 | (2733) |
| USD | 1495045 | TWD | 48898437 | Citibank NA | 8/20/25 | (150926) |
| USD | 2002055 | TWD | 64914637 | JPMorgan Chase Bank NA | 8/20/25 | (183038) |
| USD | 907990 | TWD | 29615910 | JPMorgan Chase Bank NA | 8/20/25 | (88912) |
| USD | 2246519 | TWD | 73667863 | JPMorgan Chase Bank NA | 8/20/25 | (233216) |
| USD | 2003288 | TWD | 65529554 | JPMorgan Chase Bank NA | 8/20/25 | (202504) |
| USD | 404420 | ZAR | 7684000 | Bank of America NA | 6/23/25 | (22254) |
| USD | 1585681 | ZAR | 29791000 | Bank of America NA | 6/23/25 | (68543) |
| USD | 280294 | ZAR | 5248000 | Bank of America NA | 6/23/25 | (11115) |
| USD | 197967 | ZAR | 3711000 | Bank of America NA | 6/23/25 | (8096) |
| USD | 2401187 | ZAR | 45598781 | Bank of America NA | 6/23/25 | (130806) |
| USD | 130100 | ZAR | 2332000 | Bank of America NA | 6/23/25 | 610 |
| USD | 1616132 | ZAR | 30653179 | Citibank NA | 6/23/25 | (85967) |
| USD | 289208 | ZAR | 5200000 | Citibank NA | 6/23/25 | 464 |
| USD | 5902 | ZAR | 111608 | Deutsche Bank AG | 6/23/25 | (295) |
| USD | 667479 | ZAR | 12651704 | Goldman Sachs Bank USA | 6/23/25 | (35040) |
| ZAR | 32802000 | USD | 1791732 | Bank of America NA | 6/23/25 | 29686 |
| ZAR | 3639000 | USD | 199547 | Bank of America NA | 6/23/25 | 2518 |
| ZAR | 307581 | USD | 16169 | Deutsche Bank AG | 6/23/25 | 910 |
| ZAR | 665312 | USD | 34975 | Deutsche Bank AG | 6/23/25 | 1968 |
| ZAR | 140298438 | USD | 7274890 | JPMorgan Chase Bank NA | 6/23/25 | 515552 |
| **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** |  | **(3332141)** |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation |  |  |  | 4613892 |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation |  |  |  | (7946033) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** |
| Underlying Reference | Rating(1) | Maturity <br> Date | Clearinghouse / <br> Counterparty(4) | Fixed<br> Payment<br> Received/<br> (Paid) | Payment<br> Frequency | Notional<br> Amount(2)(3) | Notional<br> Amount(2)(3) | Value ($)(1) | Upfront<br> Premium<br> Received/<br> (Paid) ($)(5) | Unrealized <br> Appreciation/<br> (Depreciation) ($) |
| Sell Protection |  |  |  |  |  |  |  |  |  |  |
| 5-Year iTraxx Europe Crossover Series 42 | NR | Dec 2029 | BNP Paribas SA | 5% | Quarterly | EUR | 13092708 | 2854147 | (2487371) | 366776 |
| Turkish Republic 11.875% 1/15/2030 | NR | Jun 2025 | Barclays Bank PLC | 1% | Quarterly |  | 800000 | 1717 | (170) | 1547 |
| 5-Year iTraxx Europe Crossover Series 42 | NR | Dec 2029 | Bank of America NA | 5% | Quarterly | EUR | 10631673 | 2317653 | (1927598) | 390055 |
| 5-Year iTraxx Europe Crossover Series 42 | NR | Dec 2029 | JPMorgan Chase Bank NA | 5% | Quarterly | EUR | 8859727 | 1931378 | (1744215) | 187163 |
| 5-Year iTraxx Europe Crossover Series 42 | NR | Dec 2029 | Goldman Sachs International | 5% | Quarterly | EUR | 2953242 | 643793 | (563795) | 79998 |
| SoftBank Group Corp 2.84% 12/14/2029 | NR | Jun 2026 | Goldman Sachs International | 1% | Quarterly |  | 100000 | (246) | 510 | 264 |
| 5-Year CDX N.A. IG Series 44 | NR | Jun 2030 | ICE | 1% | Quarterly |  | 21600000 | (1720) | 0 | (1720) |
| 5-Year CDX N.A. IG Series 43 | NR | Dec 2029 | ICE | 1% | Quarterly |  | 25630000 | 16822 | 0 | 16822 |
| 10-Year CDX N.A. IG Series 43 | NR | Dec 2034 | ICE | 1% | Quarterly |  | 6710000 | 14565 | 0 | 14565 |
| 5-Year CDX N.A. HY Series 43 | NR | Dec 2029 | ICE | 5% | Quarterly |  | 2760000 | (7619) | 0 | (7619) |
| 5-Year CDX N.A. IG Series 44 | NR | Dec 2025 | ICE | 1% | Quarterly | EUR | 500000 | 135 | 0 | 135 |
| 5-Year CDX N.A. HY Series 44 | NR | Jun 2030 | ICE | 5% | Quarterly |  | 4100000 | 86594 | 0 | 86594 |
| 10-Year CDX N.A. HY Series 44 | NR | Jun 2035 | ICE | 1% | Quarterly |  | 10500000 | 54827 | 0 | 54827 |
| **TOTAL CREDIT DEFAULT SWAPS** |  |  |  |  |  |  |  | **7912046** | **(6722639)** | **1189407** |

---

(1)Ratings are presented for credit default swaps in which the Fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent a weighted average of the ratings of all securities included in the index. The credit rating or value can be measures of the current payment/performance risk. Ratings are from Moody's Investors Service, Inc. Where Moody's® ratings are not available, S&P® ratings are disclosed and are indicated as such. All ratings are as of the report date and do not reflect subsequent changes.

(2)The notional amount of each credit default swap where the Fund has sold protection approximates the maximum potential amount of future payments that the Fund could be required to make if a credit event were to occur.

(3)Notional amount is stated in U.S. Dollars unless otherwise noted.

(4)Swaps with Intercontinental Exchange (ICE) are centrally cleared swaps.

(5)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| Payment Received | Payment<br> Frequency | Payment Paid | Payment<br> Frequency | Clearinghouse /<br> Counterparty(3) | Maturity<br> Date | Notional<br> Amount(2) | Notional<br> Amount(2) | Value ($)<br>| Upfront<br> Premium<br> Received/<br> (Paid) ($)(4) | Unrealized <br> Appreciation/<br> (Depreciation) ($)<br>|
| 28D TIIE(1) | Monthly | 9.43% | Monthly | CME | Dec 2025 | MXN | 10700000 | (3205) | 0 | (3205) |
| 28D TIIE(1) | Monthly | 9.39% | Monthly | CME | Dec 2025 | MXN | 12200000 | (3640) | 0 | (3640) |
| 1D TIIE(1) | Monthly | 9.39% | Monthly | CME | Nov 2034 | MXN | 12200000 | (36371) | 0 | (36371) |
| U.S. SOFR Index(1) | Annual | 3.75% | Annual | CME | Dec 2029 |  | 104600000 | 560223 | 0 | 560223 |
| U.S. SOFR Index(1) | Annual | 3.5% | Annual | CME | Dec 2054 |  | 17310000 | 751293 | 0 | 751293 |
| U.S. SOFR Index(1) | Annual | 3.75% | Annual | CME | Dec 2034 |  | 61510000 | 946554 | 0 | 946554 |
| U.S. SOFR Index(1) | Annual | 3.75% | Annual | CME | Dec 2044 |  | 260000 | 28392 | 0 | 28392 |
| U.S. SOFR Index(1) | Annual | 3.75% | Annual | CME | Dec 2026 |  | 11690000 | 182087 | 0 | 182087 |
| 6M WIBID(1) | Semi-Annual | 4.93% | Annual | CME | Jul 2029 | PLN | 6800000 | (72416) | 0 | (72416) |
| 1D TIIE(1) | Monthly | 9.43% | Monthly | CME | Oct 2034 | MXN | 10700000 | (32945) | 0 | (32945) |
| 1D TIIE(1) | Annual | 9% | Annual | CME | Mar 2029 | MXN | 26300000 | (58323) | 0 | (58323) |
| U.S. SOFR Index(1) | Annual | 3.25% | Annual | CME | Mar 2032 |  | 24960000 | (612449) | 0 | (612449) |
| U.S. SOFR Index(1) | Annual | 3% | Annual | CME | Mar 2027 |  | 11680000 | (52507) | 0 | (52507) |
| U.S. SOFR Index(1) | Annual | 3.25% | Annual | CME | Mar 2055 |  | 30710000 | 338662 | 0 | 338662 |
| U.S. SOFR Index(1) | Annual | 3.25% | Annual | CME | Mar 2035 |  | 19940000 | (352832) | 0 | (352832) |
| U.S. SOFR Index(1) | Annual | 3.75157% | Annual | CME | Nov 2048 |  | 7030000 | (37207) | 0 | (37207) |
| 7.76% | Monthly | 1D TIIE(1) | Monthly | CME | Mar 2029 | MXN | 9500000 | 2038 | 0 | 2038 |
| 8.27% | Monthly | 1D TIIE(1) | Monthly | CME | Mar 2035 | MXN | 600000 | 201 | 0 | 201 |
| 13.32% | At Maturity | Brazil CETIP Interbank Deposit Overnight Rate(1) | At Maturity | CME | Jan 2029 | BRL | 2200000 | (1546) | 0 | (1546) |
| 13.9271% | At Maturity | Brazil CETIP Interbank Deposit Overnight Rate(1) | At Maturity | CME | Jan 2027 | BRL | 37800000 | (16648) | 0 | (16648) |
| 13.9255% | At Maturity | Brazil CETIP Interbank Deposit Overnight Rate(1) | At Maturity | CME | Jan 2027 | BRL | 4000000 | (1750) | 0 | (1750) |
| 13.2914% | At Maturity | Brazil CETIP Interbank Deposit Overnight Rate(1) | At Maturity | CME | Jan 2029 | BRL | 28300000 | (22535) | 0 | (22535) |
| 13.3537% | At Maturity | Brazil CETIP Interbank Deposit Overnight Rate(1) | At Maturity | CME | Jan 2029 | BRL | 64400000 | (48688) | 0 | (48688) |
| 14.0087% | At Maturity | Brazil CETIP Interbank Deposit Overnight Rate(1) | At Maturity | CME | Jan 2027 | BRL | 7800000 | (1984) | 0 | (1984) |
| 4.5% | Semi-Annual | 6M BBSW(1) | Semi-Annual | LCH | Sep 2033 | AUD | 25470000 | 318316 | 0 | 318316 |
| 3.481% | Annual | U.S. SOFR Index(1) | Annual | LCH | Oct 2034 |  | 900000 | (25750) | 0 | (25750) |
| 3.465% | Annual | U.S. SOFR Index(1) | Annual | LCH | Oct 2034 |  | 200000 | (5974) | 0 | (5974) |
| 3.515% | Annual | U.S. SOFR Index(1) | Annual | LCH | Nov 2034 |  | 1600000 | (41667) | 0 | (41667) |
| 3.865% | Annual | U.S. SOFR Index(1) | Annual | LCH | Nov 2034 |  | 2000000 | 3035 | 0 | 3035 |
| 6M EURIBOR(1) | Semi-Annual | 2.4% | Annual | LCH | Feb 2035 | EUR | 400000 | 3588 | 0 | 3588 |
| U.S. SOFR Index(1) | Annual | 4% | Annual | LCH | Feb 2035 |  | 650000 | (7481) | 0 | (7481) |
| U.S. SOFR Index(1) | Annual | 3.89% | Annual | LCH | Mar 2035 |  | 350000 | (875) | 0 | (875) |
| U.S. SOFR Index(1) | Annual | 3.9075% | Annual | LCH | Mar 2035 |  | 800000 | (3141) | 0 | (3141) |
| U.S. SOFR Index(1) | Annual | 3.87% | Annual | LCH | Mar 2035 |  | 800000 | (701) | 0 | (701) |
| 2.25% | Annual | 6M EURIBOR(1) | Semi-Annual | LCH | Sep 2030 | EUR | 370000 | (59) | 0 | (59) |
| 2.42% | Annual | 6M EURIBOR(1) | Semi-Annual | LCH | Mar 2035 | EUR | 500000 | (3614) | 0 | (3614) |
| U.S. SOFR Index(1) | Annual | 3.905% | Annual | LCH | Mar 2035 |  | 700000 | (2566) | 0 | (2566) |
| 3.5% | Annual | SONIA(1) | Annual | LCH | Mar 2030 | GBP | 68968000 | 161417 | 0 | 161417 |
| 6M EURIBOR(1) | Semi-Annual | 2.25% | Annual | LCH | Sep 2055 | EUR | 11410000 | 40929 | 0 | 40929 |
| 2.25% | Annual | 6M EURIBOR(1) | Semi-Annual | LCH | Sep 2035 | EUR | 27750000 | 602831 | 0 | 602831 |
| 2.46% | Annual | 6M EURIBOR(1) | Semi-Annual | LCH | Mar 2035 | EUR | 500000 | (1969) | 0 | (1969) |
| U.S. SOFR Index(1) | Annual | 3.93% | Annual | LCH | Mar 2035 |  | 2200000 | (12286) | 0 | (12286) |
| 2.61% | Annual | 6M EURIBOR(1) | Semi-Annual | LCH | Mar 2035 | EUR | 400000 | 4032 | 0 | 4032 |
| U.S. SOFR Index(1) | Annual | 3.884% | Annual | LCH | Mar 2035 |  | 700000 | (1277) | 0 | (1277) |
| US CPI Urban Consumer NSA Index(1) | At Maturity | 2.5025% | At Maturity | LCH | Mar 2030 |  | 15400000 | 24871 | 0 | 24871 |
| US CPI Urban Consumer NSA Index(1) | At Maturity | 2.515% | At Maturity | LCH | Mar 2030 |  | 20100000 | 17203 | 0 | 17203 |
| 2.52% | Annual | 6M EURIBOR(1) | Semi-Annual | LCH | Mar 2035 | EUR | 400000 | 675 | 0 | 675 |
| 6M EURIBOR(1) | Semi-Annual | 2.4% | Annual | LCH | Apr 2030 | EUR | 1800000 | (19048) | 0 | (19048) |
| 6M EURIBOR(1) | Semi-Annual | 2.51% | Annual | LCH | Apr 2035 | EUR | 300000 | (168) | 0 | (168) |
| 6M EURIBOR(1) | Semi-Annual | 2.55% | Annual | LCH | Apr 2035 | EUR | 300000 | (1339) | 0 | (1339) |
| 6M EURIBOR(1) | Semi-Annual | 2.35% | Annual | LCH | Apr 2030 | EUR | 900000 | (7806) | 0 | (7806) |
| 6M EURIBOR(1) | Semi-Annual | 2.45% | Annual | LCH | May 2035 | EUR | 200000 | 1098 | 0 | 1098 |
| 3.75% | Annual | U.S. SOFR Index(1) | Annual | LCH | May 2035 |  | 2500000 | (24015) | 0 | (24015) |
| 4.5% | Semi-Annual | 6M BBSW(1) | Semi-Annual | LCH | Jun 2035 | AUD | 12800000 | (9787) | 0 | (9787) |
| 2.58125% | At Maturity | US CPI Urban Consumer NSA Index(1) | At Maturity | LCH | May 2030 |  | 600000 | 1239 | 0 | 1239 |
| **TOTAL INTEREST RATE SWAPS** |  |  |  |  |  |  |  | **2464115** | **0** | **2464115** |

---

(1)Represents floating rate.

(2)Notional amount is stated in U.S. Dollars unless otherwise noted.

(3)Swaps with CME Group (CME) and LCH Clearnet Group (LCH) are centrally cleared swaps.

(4)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** |
| Underlying Reference | Pay/<br> Receive<br> Reference | Reference<br> Payment<br> Frequency | Financing<br> Rate | Financing<br> Frequency | Counterparty | Maturity<br> Date | Units | Notional<br> Amount | Value ($)<br>| Upfront<br> Premium<br> Received/<br> (Paid) ($)<br>| Unrealized <br> Appreciation/<br> (Depreciation) ($)<br>|
| S&P 500 Index | Receives | Monthly | Federal Funds Daily Rate plus 75 basis points | Monthly | Canadian Imperial Bank of Commerce | Jun 2025 | 4003 | 49142401 | 2884931 | 0 | 2884931 |
| S&P 500 Index | Receives | Monthly | Federal Funds Daily Rate plus 75 basis points | Monthly | Canadian Imperial Bank of Commerce | Jun 2025 | 3972 | 48761833 | 2862590 | 0 | 2862590 |
| S&P 500 Index | Receives | Monthly | Federal Funds Daily Rate plus 75 basis points | Monthly | Canadian Imperial Bank of Commerce | Jun 2025 | 7786 | 95583996 | 5611310 | 0 | 5611310 |
| S&P 500 Index | Receives | Monthly | Federal Funds Daily Rate plus 75 basis points | Monthly | Canadian Imperial Bank of Commerce | Jun 2025 | 5356 | 65752361 | 3860028 | 0 | 3860028 |
| S&P 500 Index | Receives | Monthly | Federal Funds Daily Rate plus 72 basis points | Monthly | Canadian Imperial Bank of Commerce | Jan 2026 | 3262 | 40045594 | 2351899 | 0 | 2351899 |
| S&P 500 Index | Receives | Monthly | Federal Funds Daily Rate plus 72 basis points | Monthly | Canadian Imperial Bank of Commerce | Jan 2026 | 13792 | 169316012 | 9944021 | 0 | 9944021 |
| S&P 500 Index | Receives | Monthly | U.s. Sofr Index plus 43 basis points | Monthly | Canadian Imperial Bank of Commerce | Jul 2025 | 2184 | 26811642 | 1583911 | 0 | 1583911 |
| S&P 500 Index | Receives | Monthly | U.s. Sofr Index plus 43 basis points | Monthly | Citibank NA | Nov 2025 | 841 | 10501565 | 443833 | 0 | 443833 |
| S&P 500 Index | Receives | Monthly | Federal Funds Daily Rate plus 82 basis points | Monthly | Royal Bank of Canada | Oct 2025 | 3998 | 49081019 | 2878465 | 0 | 2878465 |
| S&P 500 Index | Receives | Monthly | Federal Funds Daily Rate plus 82 basis points | Monthly | Royal Bank of Canada | Oct 2025 | 3903 | 47914762 | 2810067 | 0 | 2810067 |
| S&P 500 Index | Receives | Monthly | Federal Funds Daily Rate plus 90 basis points | Monthly | Royal Bank of Canada | Oct 2025 | 2692 | 33048050 | 1935973 | 0 | 1935973 |
| S&P 500 Index | Receives | Monthly | U.s. Sofr Index plus 0 basis points | Monthly | Royal Bank of Canada | Apr 2026 | 1078 | 13233952 | 780506 | 0 | 780506 |
| S&P 500 Index | Receives | Monthly | U.s. Sofr Index plus 53 basis points | Monthly | Royal Bank of Canada | Jan 2026 | 1057 | 13198757 | 557055 | 0 | 557055 |
| S&P 500 Index | Receives | Monthly | U.s. Sofr Index plus 42 basis points | Monthly | Goldman Sachs International | Oct 2025 | 841 | 10501565 | 443894 | 0 | 443894 |
| S&P 500 Index | Receives | Monthly | U.s. Sofr Index plus 40 basis points | Monthly | Goldman Sachs International | Sep 2025 | 841 | 10501565 | 444016 | 0 | 444016 |
| **TOTAL RETURN SWAPS** |  |  |  |  |  |  |  |  | **39392499** | **0** | **39392499** |

---

**Currency Abbreviations**

---

| | | |
|:---|:---|:---|
| AUD | - | Australian Dollar |
| BRL | - | Brazilian Real |
| CAD | - | Canadian Dollar |
| CHF | - | Swiss Franc |
| CNY | - | Chinese (Peoples Rep) Yuan |
| EUR | - | European Monetary Unit (Euro) |
| GBP | - | United Kingdom Pound |
| IDR | - | Indonesia Rupiatt |
| ILS | - | Israel Sheckel |
| INR | - | Indian Rupee |
| JPY | - | Japanese Yen |
| KRW | - | Korean Won |
| MXN | - | Mexican Peso |
| NOK | - | Norwegian Krone |
| NZD | - | New Zealand Dollar |
| PEN | - | Peruvian New Sol |
| PLN | - | Polish Zloty |
| SEK | - | Swedish Krona |
| SGD | - | Singapore Dollar |
| THB | - | Thailand Baht |
| TRY | - | New Turkish Lira |
| TWD | - | Taiwan Dollar |
| USD | - | United States Dollar |
| ZAR | - | South African Rand |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

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

(b) 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 $329,205,643 or 0.4% of net assets.

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

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

(f) Non-income producing

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

(h) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $12,024,256 or 0.0% of net assets.

(i) Level 3 security

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

(k) Affiliated Fund

(l) Represents a forward settling transaction and therefore no collateral securities had been allocated as of period end. The agreement contemplated the delivery of U.S. Treasury Obligations as collateral on settlement date.

(m) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $1,257,016.

(n) 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.

(o) 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.

(p) 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 $21,699,847.

(q) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

(s) The rate quoted is the annualized seven-day yield of the fund at period end.

(t) Security or a portion of the security was pledged to cover margin requirements for centrally cleared swaps. At period end, the value of securities pledged amounted to $5,366,553.

(u) Security or a portion of the security has been segregated as collateral for mortgage-backed or asset-backed securities purchased on a delayed delivery or when-issued basis. At period end, the value of securities pledged amounted to $1,376,638.

(v) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $85,861,750.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** | **\* Repurchase Agreements** |
| **Counterparty** | **Lending Rate (%)** | **Settlement Date** | **Maturity Date** | **Repurchase Agreement**<br> **Value ($)** | **Repurchase Agreement Proceeds ($)** | **Collateralized By** | **Collateral Coupon (%)** | **Collateral Maturity Date** | **Collateral Value Received ($)** |
| BNP Paribas, SA | 4.43 | 5/30/2025 | 6/2/2025 | 224200000 | 224282767 | U.S. Treasuries (including strips) | 3.5 | 1/31/2028 | 228895249 |
| **Total Repurchase Agreements** |  |  |  | 224200000 | 224282767 |  |  |  | 228895249 |

---

**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 | 43574257 | 457785192 | 462188224 | 2034671 | 190 | - | 40571773 | 40563661 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 196003648 | 3448232989 | 2649104608 | 1698005 | - | - | 995132029 | 995032526 | 3.2% |
| Total | 239577905 | 3906018181 | 3111292832 | 3732676 | 190 | - | 1035703802 |  |  |

---

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.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Fidelity Advisor Blue Chip Growth Fund - Class Z | - | 78000000 | - | - | - | 21822134 | 104966204 | 479977 |
| Fidelity Advisor Small Cap Growth Fund - Class Z | - | 8728211 | - | 8728211 | - | (15566759) | 556977809 | 17559200 |
| Fidelity Blue Chip Growth Fund | 13284245 | 525050 | 5000000 | 525050 | 1940255 | (5605480) | - | - |
| Fidelity Extended Market Index Fund | - | 344762986 | 1040446829 | 14458178 | (20101526) | 145457560 | 2328152049 | 26435245 |
| Fidelity Growth Company Fund | 3454782809 | 362532017 | 536156839 | 282944663 | 327448591 | (160398559) | 3448208019 | 88189463 |
| Fidelity Mid Cap Index Fund | 849271975 | 347471 | 845580580 | 336517 | 29494271 | (30497788) | 3035349 | 88961 |
| Fidelity SAI Inflation-Focused Fund | 1222 | 55 | - | 55 | - | (92) | 1185 | 14 |
| Fidelity SAI Real Estate Index Fund | - | 786268 | - | 786267 | - | (772245) | 2275090 | 445223 |
| Fidelity SAI U.S. Large Cap Index Fund | 1875967702 | 3383520297 | 3877257202 | 89744440 | 137759001 | (83207134) | 1436782664 | 61191766 |
| Fidelity SAI U.S. Low Volatility Index Fund | 1827748091 | 15783504 | 1673880975 | 15783503 | 292642477 | (106132375) | 356160722 | 16057742 |
| Fidelity SAI U.S. Momentum Index Fund | 9225278 | 446517256 | 50000000 | 6399357 | 526900 | 28286650 | 434556084 | 23707370 |
| Fidelity SAI U.S. Quality Index Fund | 729949523 | 2077585444 | 100000000 | 150388083 | (4425274) | 74072240 | 2777181933 | 127276899 |
|  | 8760230845 | 6719088559 | 8128322425 | 570094324 | 765284695 | (132541848) | 11448297108 |  |

---

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.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 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>** |  |  |  |  |
|  **Asset-Backed Securities** | 314839402 | - | 314839402 | - |
|  **Collateralized Mortgage Obligations** | 97653443 | - | 97653443 | - |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 5722927764 | 5721858069 | 1069694 | 1 |
| Consumer Discretionary | 6963866450 | 6963866450 | - | - |
| Consumer Staples | 3339152064 | 3338275402 | 876662 | - |
| Energy | 1941648391 | 1940665421 | 982970 | - |
| Financials | 10247320324 | 10223871211 | 23449113 | - |
| Health Care | 6470291149 | 6470258515 | - | 32634 |
| Industrials | 6438952549 | 6438952549 | - | - |
| Information Technology | 16906657702 | 16903447780 | 3209922 | - |
| Materials | 1351644175 | 1351644175 | - | - |
| Real Estate | 1162250043 | 1162250043 | - | - |
| Utilities | 1518013927 | 1518013927 | - | - |
|  **Domestic Equity Funds** | 12491224839 | 12491224839 | - | - |
|  **Foreign Government and Government Agency Obligations** | 25005436 | - | 25005436 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 829560 | - | 829560 | - |
| Consumer Discretionary | 497637 | - | 497637 | - |
| Consumer Staples | 199250 | - | 199250 | - |
| Financials | 70586781 | - | 70586781 | - |
| Health Care | 891024 | - | 891024 | - |
| Information Technology | 1778599 | - | 1778599 | - |
| Utilities | 7422765 | - | 7422765 | - |
|  **Repurchase Agreements** | 447500000 | - | 447500000 | - |
|  **U.S. Government Agency - Mortgage Securities** | 807942404 | - | 807942404 | - |
|  **Commercial Paper** | 27892094 | - | 27892094 | - |
|  **U.S. Treasury Obligations** | 121643812 | - | 121643812 | - |
|  **Money Market Funds** | 1679810501 | 1679810501 | - | - |
|  **Purchased Options** | 174333 | 174333 | - | - |
|  **Purchased Swaptions** | 186001 | - | 186001 | - |
| **Total Investments in Securities:** | 78158802419 | 76204313215 | 1954456569 | 32635 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 28118607 | 28118607 | - | - |
| Forward Foreign Currency Contracts | 4613892 | - | 4613892 | - |
| Swaps | 51302814 | - | 51302814 | - |
| Total Assets | 84035313 | 28118607 | 55916706 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (414842) | (414842) | - | - |
| Forward Foreign Currency Contracts | (7946033) | - | (7946033) | - |
| Swaps | (1534154) | - | (1534154) | - |
| Written Swaptions | (122876) | - | (122876) | - |
| Written Options | (1545570) | (1545570) | - | - |
| Total Liabilities | (11563475) | (1960412) | (9603063) | - |
| **Total Derivative Instruments:** | 72471838 | 26158195 | 46313643 | - |
|  **<u>Other Financial Instruments:</u>** |  |  |  |  |
|  **TBA Sale Commitments** | (339688596) | - | (339688596) | - |
| **Total Other Financial Instruments:** | (339688596) | - | (339688596) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 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 ($)** | **Liability ($)** |
| **Credit Risk** |  |  |
| Swaps (a)(b)  | 7921631 | (9585) |
| Written Swaptions (c)  | 0 | (2812) |
| **Total Credit Risk**  | 7921631 | (12397) |
| **Equity Risk** |  |  |
| Futures Contracts (d)  | 27579973 | 0 |
| Purchased Options  | 174333 | 0 |
| Swaps (b)  | 39392499 | 0 |
| Written Options (c)  | 0 | (1545570) |
| **Total Equity Risk**  | 67146805 | (1545570) |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts (e)  | 4613892 | (7946033) |
| **Total Foreign Exchange Risk**  | 4613892 | (7946033) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (d)  | 538634 | (414842) |
| Purchased Swaptions (f)  | 186001 | 0 |
| Swaps (a)  | 3988684 | (1524569) |
| Written Swaptions (c)  | 0 | (120064) |
| **Total Interest Rate Risk**  | 4713319 | (2059475) |
| **Total Value of Derivatives** | 84395647 | (11563475) |

---

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

(b)For bi-lateral over-the-counter (OTC) swaps, reflects gross value which is presented in the Statement of Assets and Liabilities in the bi-lateral OTC swaps, at value line-item(s).

(c)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

(d)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).

(e)Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-item(s).

(f)Gross value is included in the Statement of Assets and Liabilities in the investments in securities, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of May 31, 2025** | **As of May 31, 2025** | **As of May 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $967,722,672 and repurchase agreements of $447,500,000) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $33,509,569,699) | $65674801509 |  |
| Fidelity Central Funds (cost $1,035,703,802) | 1035703802 |  |
| Other affiliated issuers (cost $8,465,064,040) | 11448297108 |  |
| Total Investment in Securities (cost $43,010,337,541) |  | $78158802419 |
| Segregated cash with brokers for derivative instruments |  | 35801752 |
| Cash |  | 840 |
| Foreign currency held at value (cost $2,312,461) |  | 2314385 |
| Receivable for investments sold |  | 128628118 |
| Receivable for TBA sale commitments |  | 339588393 |
| Unrealized appreciation on forward foreign currency contracts |  | 4613892 |
| Receivable for fund shares sold |  | 44265553 |
| Dividends receivable |  | 66348772 |
| Interest receivable |  | 42945951 |
| Distributions receivable from Fidelity Central Funds |  | 223757 |
| Receivable for daily variation margin on futures contracts |  | 916029 |
| Receivable for daily variation margin on centrally cleared swaps |  | 84232 |
| Bi-lateral OTC swaps, at value |  | 47141187 |
| Prepaid expenses |  | 163652 |
| Other receivables |  | 1201215 |
| **Total assets** |  | 78873040147 |
| **Liabilities** |  |  |
| Segregated cash from brokers for derivative instruments | $45121000 |  |
| Payable for investments purchased |  |  |
| Regular delivery | 341110209 |  |
| Delayed delivery | 768297480 |  |
| TBA sale commitments, at value | 339688596 |  |
| Unrealized depreciation on forward foreign currency contracts | 7946033 |  |
| Payable for fund shares redeemed | 67538571 |  |
| Bi-lateral OTC swaps, at value | 246 |  |
| Accrued management fee | 10613706 |  |
| Written options, at value (premium received $3,685,427) | 1668446 |  |
| Other payables and accrued expenses | 5451048 |  |
| Collateral on securities loaned | 995132029 |  |
| **Total liabilities** |  | 2582567364 |
| **Net Assets**  |  | $76290472783 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $38279662371 |
| Total accumulated earnings (loss) |  | 38010810412 |
| **Net Assets** |  | $76290472783 |
| **Net Asset Value**, offering price and redemption price per share ($76,290,472,783 ÷ 7,385,633,463 shares) |  | $10.33 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $837857832 |
| Affiliated issuers |  | 68101128 |
| Interest  |  | 27675765 |
| Income from Fidelity Central Funds (including $1,698,005 from security lending)  |  | 3732676 |
| **Total income** |  | 937367401 |
| **Expenses** |  |  |
| Management fee | $312342461 |  |
| Custodian fees and expenses | 1224729 |  |
| Independent trustees' fees and expenses | 360603 |  |
| Registration fees | 4826634 |  |
| Audit fees | 180105 |  |
| Legal | 118504 |  |
| Miscellaneous | 262308 |  |
| Total expenses before reductions | 319315344 |  |
| Expense reductions | (189846992) |  |
| Total expenses after reductions |  | 129468352 |
| **Net Investment income (loss)** |  | 807899049 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $19,000)  | 3755130532 |  |
| Fidelity Central Funds | 190 |  |
| Other affiliated issuers | 765284695 |  |
| Forward foreign currency contracts | (1868744) |  |
| Foreign currency transactions | 632768 |  |
| Futures contracts | (3606642) |  |
| Swaps | (11359033) |  |
| Written options | 12763539 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 501993196 |  |
| Total net realized gain (loss) |  | 5018970501 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $2,063)  | 2332488209 |  |
| Affiliated issuers  | (132541848) |  |
| Forward foreign currency contracts | (3332141) |  |
| Assets and liabilities in foreign currencies | (65664) |  |
| Futures contracts | 26875956 |  |
| Swaps | 43046021 |  |
| Written options | 1589315 |  |
| TBA sale commitments | (100203) |  |
| Total change in net unrealized appreciation (depreciation) |  | 2267959645 |
| **Net gain (loss)** |  | 7286930146 |
| **Net increase (decrease) in net assets resulting from operations** |  | $8094829195 |

---

See Organization and Reorganization Information notes regarding reorganization.

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **May 31, 2025** | **Year ended**<br> **May 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $807899049 | $687462380 |
| &nbsp;&nbsp;Net realized gain (loss) | 5018970501<br>| 3365082715<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2267959645 | 10675645127<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 8094829195<br>| 14728190222<br>|
| Distributions to shareholders | (4957907284)<br>| (2409925982)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 16441644496 | 11250343159 |
| Net asset value of shares issued in exchange for the net assets of the Acquired Fund(s) (see Reorganization Information note) | 10121024443<br>| -<br>|
| Reinvestment of distributions | 4786097906<br>| 2206709434<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (21517421941) | (12884136586) |
| **Net increase (decrease) in net assets resulting from share transactions** | 9831344904<br>| 572916007<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 12968266815<br>| 12891180247<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 63322205968 | 50431025721<br>|
| &nbsp;&nbsp;End of period | $76290472783 | $63322205968 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 1611865628 | 1254170990 |
| Issued in exchange for the shares of the Acquired Fund(s) (see Reorganization Information note) | 1022328897<br>| -<br>|
| Issued in reinvestment of distributions | 480186637<br>| 257258386<br>|
| &nbsp;&nbsp;Redeemed | (2102733832) | (1456819189) |
| &nbsp;&nbsp;Net increase (decrease) | 1011647330 | 54610187 |

---

See Organization and Reorganization Information notes regarding reorganization.

Share activity is further described in Organization and Reorganization Information notes. Amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization. All financial information prior to the reorganization is that of the Predecessor Fund.

**Financial Highlights** 

**Strategic Advisers® U.S. Total Stock Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended May 31,** | **2025** A  | **2024** A | **2023** A  | **2022** A | **2021** B |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.93 | $7.98 | $8.12 | $9.14 | $6.63 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) C,D | .11  | .11  | .11  | .11  | .11  |
| Net realized and unrealized gain (loss)  | 1.04  | 2.23  | .15  | (.25)  | 2.77  |
| Total from investment operations  | 1.15  | 2.34  | .26  | (.14)  | 2.88  |
| Distributions from net investment income  | (.11)  | (.11)  | (.11)  | (.11)  | (.11)  |
| Distributions from net realized gain  | (.64)  | (.28)  | (.29)  | (.77)  | (.26)  |
| Total distributions  | (.75)  | (.39)  | (.40)  | (.88)  | (.37)  |
| Net asset value, end of period  | $10.33 | $9.93 | $7.98 | $8.12 | $9.14 |
| **Total Return** E,F | 11.97% <br>| 30.24%  | 3.57%  | (2.43)%  | 44.55%  |
| **Ratios to Average Net Assets** D,G,H |  |  |  |  |  |
| Expenses before reductions  | .43%  | .43%  | .43%  | .43%  | .44%  |
| Expenses net of fee waivers, if any  | .17% <br>| .18%  | .18%  | .18%  | .19%  |
| Expenses net of all reductions, if any  | .17%  | .18%  | .18%  | .18%  | .19%  |
| Net investment income (loss)  | 1.09%  | 1.23%  | 1.44%  | 1.21%  | 1.29%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $76290473 | $63322206 | $50431026 | $55747821 | $60191843 |
| Portfolio turnover rate I | 74% J<br>| 61%  | 67%  | 59%  | 74% J |

---

A*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganization that occurred on August 16, 2024. All financial information prior to the reorganization is that of the Strategic Advisers Large Cap Fund. See Organization and Reorganization Information note.*

B*Per share amounts have been adjusted to reflect the impact of the change in capital structure associated with the reorganizations that occurred on August 16, 2024 and November 20, 2020. All financial information prior to the November 20, 2020 reorganization is that of the Strategic Advisers Core Fund. See Organization and Reorganization Information note regarding the August 16, 2024 reorganization.*

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

D*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.*

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

F*Total returns are that of the Predecessor Fund for all periods prior to the reorganization that occurred on August 16, 2024. The Predecessor Fund's total returns includes the total returns of Strategic Advisers Core Fund for periods prior to November 20, 2020.*

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*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.* 

J*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Notes to Financial Statements**

For the period ended May 31, 2025

**1. Organization.**

Strategic Advisers U.S. Total Stock Fund (the Fund) is a fund of Fidelity Rutland Square Trust II (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 Delaware statutory trust. The Fund is offered exclusively to certain managed account clients of Strategic Advisers LLC (Strategic Advisers), an affiliate of Fidelity Management & Research Company LLC (FMR).

Effective August 16, 2024, Strategic Advisers Large Cap Fund (Predecessor Fund) and Strategic Advisers Small-Mid Cap Fund (Acquired Fund) were reorganized into the Fund (see Reorganization Information note).

**2. Reorganization Information.**

On August 16, 2024 the Predecessor Fund and Acquired Fund reorganized into a newly created Strategic Advisers U.S. Total Stock Fund pursuant to an Agreement and Plan of Reorganization (the Agreement) approved by its Board of Trustees. Per the Agreement, shareholders of the Predecessor Fund and the Acquired Fund received the Fund shares equal in value to the shares of the Predecessor Fund and Acquired Fund, respectively, they owned on the day the reorganization was effective. The securities held by the Acquired and Predecessor Funds were the primary assets acquired by the Fund. The reorganization provides shareholders of the Acquired Fund and the Predecessor Fund access to a larger portfolio with a similar investment objective and lower projected expenses. The Predecessor Fund was the accounting survivor after the reorganization. As such, performance and financial history prior to the reorganization is that of the Predecessor Fund. Historical share transactions and per share information for the Predecessor Fund was retroactively adjusted to reflect the change in capital structure due to the reorganization.

For financial reporting purposes, the assets and liabilities of the Predecessor Fund and the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund and the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders. Costs incurred in connection with the reorganization were paid by the Predecessor Fund.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Predecessor and Acquired Funds** | **Investments ($)** | **Unrealized appreciation (depreciation) ($)** | **Net Assets ($)** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Strategic Advisers Large Cap Fund A** | 65755575732 | 34126932117<br>| 65820837914 | 6648568417 | 1.3286464646 |
| **Strategic Advisers Small-Mid Cap Fund** | 10119202405 | 1239000726 | 10121024443 | 1022328897 | 1.4731919192 |

---

*A Predecessor Fund/Accounting Survivor*

---

| | | |
|:---|:---|:---|
| **Legal Acquiring Fund** | **Net Assets ($)** | **Total net assets after the acquisition ($)** |
| **Strategic Advisers U.S. Total Stock Fund** | 495100 | 75942357457 |

---

Pro forma results of operations of the combined entity for the entire period ended May 31, 2025, as though each acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $845556955 |
| **Total net realized gain (loss)** | 5808782774 |
| **Total change in net unrealized appreciation (depreciation)** | <u>1646524012</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$8300863741</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since each acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's accompanying Statement of Operations since August 16, 2024.

**3. 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.

**4. 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. Corporate bonds, foreign government and government agency obligations, U.S. government and government agency obligations and commercial paper 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. Asset backed securities, collateralized mortgage obligations and U.S. government agency mortgage securities, are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. Independent prices obtained from a single source or broker are evaluated by management and may be categorized as Level 3 in the hierarchy. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities and swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy. 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. Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Options traded over-the-counter are valued using service or broker-supplied valuations and are categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 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 May 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Strategic Advisers U.S. Total Stock Fund** | $781539 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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

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

Book-tax differences are primarily due to swap agreements, futures and options transactions, partnerships, short-term gain distributions from the underlying mutual funds or exchange-traded funds (ETFs), short-term capital gain dividends, foreign currency transactions, certain foreign taxes, 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**  | $36166542392 |
| **Gross unrealized depreciation**  | <u>(1510163502)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$34656378890</u> |
| **Tax Cost**  | <u>$43545416875</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$291520118</u> |
| **Undistributed long-term capital gain**  | <u>$3062720922</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$34656569371</u> |

---

The tax character of distributions paid by the Fund during the period August 16, 2024 through May 31, 2025 was as follows:

---

| | |
|:---|:---|
| **Ordinary Income** | $641108748 |
| **Long-term Capital Gains** | <u>910665857</u> |
| **Total** | <u>$1551774605</u> |

---

The tax character of distributions paid by the Predecessor Fund was as follows:

---

| | | |
|:---|:---|:---|
|  | **June 1, 2024 to August 15, 2024** | **May 31, 2024** |
| **Ordinary Income** | $716331525 | $708032671 |
| **Long-term Capital Gains** | <u>2689801154</u> | <u>1701893311</u> |
| **Total** | <u>$3406132679</u> | <u>$2409925982</u> |

---

**Repurchase Agreements.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, funds and other registered investment companies having management contracts with Fidelity Management and Research Company LLC, or its affiliates are permitted to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. Funds may also invest directly with institutions in repurchase agreements. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The collateral balance is monitored on a daily basis to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

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

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

**5. 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, forward foreign currency contracts, options and swaps. 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, to gain exposure to certain types of assets, to facilitate transactions in foreign-denominated securities 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):

---

| | |
|:---|:---|
| Credit Risk | Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund.<br>|
| 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>|
| Foreign Exchange Risk  | Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.<br>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as forward foreign currency contracts, options and bi-lateral swaps, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. For OTC written options with upfront premiums received, a fund is obligated to perform and therefore does not have counterparty risk. For OTC written options with premiums to be received at a future date, the maximum risk of loss from counterparty credit risk is the amount of the premium in excess of any collateral pledged by the counterparty. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared swaps may be mitigated by the protection provided by the clearinghouse.

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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Strategic Advisers U.S. Total Stock Fund** |  |  |
| **Credit Risk** |  |  |
| Written Options | 1788 | 19450 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1515681)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1189407</u> |
| **Total Credit Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1513893)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1208857</u> |
| **Equity Risk** |  |  |
| Futures Contracts | (5331287) | 26752164 |
| Purchased Options | (6075342) | (331290) |
| Written Options | 12339306 | 1383262 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; <u>(9520345)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>39392499</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(8587668)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>67196635</u> |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1868744)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(3332141)</u> |
| **Total Foreign Exchange Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1868744)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(3332141)</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | 1724645 | 123792 |
| Purchased Options | - | (134818) |
| Written Options | 422445 | 186603 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(323007)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2464115</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1824083</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2639692</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>(10146222)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>67713043</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**Forward Foreign Currency Contracts.** Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Forward foreign currency contracts were used to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When the contract is closed, a gain or loss is realized equal to the difference between the closing value and the value at the time it was opened. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.

Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end, and is representative of volume of activity during the period.

**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, bond market and fluctuations in interest rates.

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

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

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

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. OTC options, such as swaptions, which are options where the underlying instrument is a swap, were used to manage exposure to fluctuations in interest rates and potential credit events.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**Swaps.** A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. A centrally cleared swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any upfront premiums paid or received upon entering a bi-lateral OTC swap to compensate for differences between stated terms of the swap and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded in total accumulated earnings (loss) in the Statement of Assets and Liabilities and amortized to realized gain or (loss) ratably over the term of the swap. Any unamortized upfront premiums are presented in the Schedule of Investments.

Centrally cleared swaps require a fund to deposit either cash or securities (initial margin) with the FCM, at the instruction of and for the benefit of the clearinghouse. 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 in segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities. Centrally cleared swaps are marked-to-market daily and subsequent payments (variation margin) are made or received depending on the daily fluctuations in the value of the swaps and are recorded as unrealized appreciation or (depreciation). These daily payments, if any, are included in receivable or payable for daily variation margin on centrally cleared swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in total accumulated earnings (loss) in the Statement of Assets and Liabilities. Any premiums are recognized as realized gain (loss) upon termination or maturity of the swap.

For both bi-lateral and centrally cleared swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period.

**Credit Default Swaps.** Credit default swaps enable a fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. A fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs.

For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index.

As a seller, if an underlying credit event occurs, a fund will pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to take delivery of the reference obligation or underlying securities comprising an index and pay an amount equal to the notional amount of the swap.

As a buyer, if an underlying credit event occurs, a fund will receive a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to deliver the reference obligation or underlying securities comprising an index in exchange for payment of an amount equal to the notional amount of the swap.

Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where a fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, the investment adviser monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/performance risk.

**Interest Rate Swaps.** Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. A fund enters into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.

**Total Return Swaps.** Total return swaps are agreements between counterparties to exchange cash flows, one based on a market-linked return of an individual asset or a basket of assets (i.e., an index), and the other on a fixed or floating rate. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting payment obligation, a fund will receive a payment from or make a payment to the counterparty. A fund enters into total return swaps to manage its market exposure.

**6. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Strategic Advisers U.S. Total Stock Fund** | 54166125895 | 58072883869 |

---

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

**Management Fee**. Strategic Advisers (the investment adviser) provides the Fund with investment management related services. For these services, the Fund pays a monthly management fee to the investment adviser.

Effective August 17, 2024, the management fee is calculated by adding the annual management fee rate of .25% of the Fund's average net assets throughout the month to the aggregate of the fee rates, payable monthly by the investment adviser, to the Fund's sub-advisers. The Fund's maximum aggregate management fee will not exceed .65% of the Fund's average net assets. For the period August 17, 2024 through May 31, 2025, the total annualized management fee rate was .42% of the Fund's average net assets, and the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

During the period June 1, 2024 through August 16, 2024, the management fee was calculated by adding the annual management fee rate of .25% of the Predecessor Fund's average net assets throughout the month payable to the investment adviser to the aggregate of the fee rates, payable monthly, to the Predecessor Fund's sub-advisers (not to exceed .65%). For the period June 1, 2024 through August 16, 2024, the total annualized management fee rate was .42% of the Predecessor Fund's average net assets, and the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

**Sub-Advisers.** AllianceBernstein, L.P. (AB), ArrowMark Colorado Holdings, LLC (assets managed through July 19, 2024), BlackRock Investment Management, LLC, Boston Partners Global Investors, Inc. (assets managed through July 19, 2024), Brandywine Global Investment Management, LLC, D.E. Shaw Investment Management LLC, FIAM LLC (an affiliate of the investment adviser), Geode Capital Management, LLC, GW&K Investment Management, LLC, J.P. Morgan Investment Management, Inc., Loomis Sayles & Company, L.P., LSV Asset Management, Neuberger Berman Investment Management, LLC, Pacific Investment Management Company LLC, PineBridge Investments LLC, Portolan Capital Management, LLC, Principal Global Investors, LLC, River Road Asset Management LLC, T. Rowe Price Associates, Inc., Wellington Management Company LLP and William Blair Investment Management, LLC each served as a sub-adviser for the Fund during the period. Sub-advisers provide discretionary investment advisory services for their allocated portion of the Fund's assets and are paid as described in the Management Fee note.

Fidelity Diversifying Solutions LLC (an affiliate of the investment adviser) and FIL Investment Advisors (FIL) have been retained to serve as a sub-adviser for the Fund. As of the date of this report, however, these sub-advisers have not been allocated any portion of the Fund's assets. These sub-advisers in the future may provide discretionary investment advisory services for an allocated portion of the Fund's assets and will be paid by the investment adviser for providing these services.

Effective January 1, 2025, the sub-subadvisory agreements between FIAM LLC (FIAM) or Fidelity Diversifying Solutions LLC (FDS) and each of FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited (collectively, the Sub-Subadvisers) were amended. FIAM, FDS, or an affiliate, as applicable, and not the fund, pays the Sub-Subadvisers. Under the terms of the sub-subadvisory agreements, FIAM, FDS, or an affiliate, as applicable, pays each Sub-Subadviser monthly fees equal to 110% of the Sub-Subadviser's costs for providing sub-subadvisory services.

In June 2025, the Board approved the appointment of Arrowstreet Capital, Limited Partnership as an additional sub-adviser for the Fund.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers U.S. Total Stock Fund** | 80455 |

---

**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) ($)** |
| **Strategic Advisers U.S. Total Stock Fund** | 101805357 | 126437836 | 6114032 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers U.S. Total Stock Fund** | 1747334 |

---

**8. 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 ($)** |
| **Strategic Advisers U.S. Total Stock Fund** | 14410 |

---

**9. 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. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. 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 of the Fund and the Predecessor Fund, if any, was as follows:

---

| | |
|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** |
| **Strategic Advisers U.S. Total Stock Fund** | 186683 |

---

**10. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee in an amount equal to .25% of the Fund's average net assets until September 30, 2027. During the period August 17, 2024 through May 31, 2025, this waiver reduced the Fund's management fee by $151,545,287. Expense reductions also include certain voluntary fee discount arrangements, which are currently in effect for the Fund. During the period, these voluntary arrangements amounted to $3,076,915.

The investment adviser contractually waived the Predecessor Fund's management fee in an amount equal to .25% of the Predecessor Fund's average net assets. During the period June 1, 2024 through August 16, 2024, this waiver reduced the Predecessor Fund's management fee by $34,267,505. Expense reductions also include certain voluntary fee discount arrangements, which were in effect for the Predecessor Fund. During the period, these voluntary arrangements amounted to $790,264.

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 $167,021.

**11. Other.**

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

Funds do not invest in underlying mutual funds for the purpose of exercising management or control; however, investments by funds within their principal investment strategies may represent a significant portion of the underlying mutual fund's net assets. At the end of the period, certain Funds were the owners of record of 10% or more of the total outstanding shares of the following underlying mutual funds as shown below.

---

| | |
|:---|:---|
| **Fund**  | **Strategic Advisers U.S Total Stock Fund** |
| Fidelity SAI U.S. Quality Index Fund | 13% |
| Fidelity SAI U.S. Large Cap Index Fund | 11% |
| Fidelity SAI U.S. Momentum Index Fund | 10% |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers U.S. Total Stock Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers U.S. Total Stock Fund (one of the funds constituting Fidelity Rutland Square Trust II, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 18, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended May 31, 2025, $4,381,655,069, or, if subsequently determined to be different, the net capital gain of such year.

The Strategic Advisers Small-Mid Cap Fund designates as a capital gain dividend with respect to the taxable year ended August 16, 2024, $720,010,828, or, if subsequently determined to be different, the net capital gain of such year.

The Strategic Advisers Large Cap Fund designates as a capital gain dividend with respect to the taxable year ended August 16, 2024, $631,705,151, or, if subsequently determined to be different, the net capital gain of such year.

A total of 1.03% of the dividends distributed during the fiscal year of Strategic Advisers Small-Mid Cap Fund was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $8,767,241 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 59% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The Strategic Advisers Small-Mid Cap Fund designates 16%, and 12% of the dividends distributed in April and August, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The Strategic Advisers Large Cap Fund designates 56% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 61.70% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The Strategic Advisers Small-Mid Cap Fund designates 15.91%, and 16.65% of the dividends distributed in April and August, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The Strategic Advisers Large Cap Fund designates 57.47% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 3.12% of the dividend distributed during the fiscal year as a section 199A dividend.

The Strategic Advisers Small-Mid Cap Fund designates 0.02%, and 2.19% of the dividends distributed in April and August, respectively during the fiscal year as a section 199A dividend.

The Strategic Advisers Large Cap Fund designates 3.38% of the dividend distributed during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Amended Sub-Advisory and Sub-Subadvisory Agreements**

**Strategic Advisers U.S. Total Stock Fund**

In December 2024, the Board of Trustees, including the Independent Trustees (together, the Board) voted to approve an amendment to the existing sub-advisory agreement among Strategic Advisers LLC (Strategic Advisers), FIAM LLC (FIAM or Sub-Adviser), and Fidelity Rutland Square Trust II (Trust) on behalf of the fund to add a new investment mandate and update the address for notice of Strategic Advisers (Amended Sub-Advisory Agreement). The Board also approved amendments to the existing sub-subadvisory agreements between (i) FIAM and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Japan) Limited (FMR Japan), and Fidelity Management & Research (Hong Kong) Limited (FMR H.K., and together with FMR UK and FMR Japan, the Sub-Subadvisers) and (ii) Fidelity Diversifying Solutions LLC (FDS) and each Sub-Subadviser for the fund (the Amended Sub-Subadvisory Agreements and together with the Amended Sub-Advisory Agreement, the Amended Agreements).

The Board considered the Amended Sub-Subadvisory Agreements, which will be effective January 1, 2025 and simplify the calculation of the fees paid to the Sub-Subadvisers under the agreements. The Board noted that the agreements with the Sub-Subadvisers were amended to provide that FIAM or FDS, or an affiliate, as applicable, will compensate each Sub-Subadviser at a fee rate equal to 110% of the Sub-Subadviser's costs incurred in providing services under the agreement. The Board noted that no other material contract terms are impacted by the Amended Agreements. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

In considering whether to approve each Amended Agreement, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the approval of each Amended Agreement is in the best interests of the fund and its shareholders and does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage. The Board's decision to approve each Amended Agreement was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board. In addition, individual Trustees did not necessarily attribute the same weight or importance to each factor.

**Nature, Extent, and Quality of Services Provided.** With respect to the new FIAM mandate, the Board considered the backgrounds of the investment personnel that will provide services to the fund, the fund's investment objective, strategies and related investment philosophy, the current sub-adviser line-up, and the structure of the investment personnel compensation programs and whether such structure provides appropriate incentives to act in the best interests of the fund.

With respect to each Amended Agreement, the Board also considered that it reviewed this information regarding each Sub-Adviser and Sub-Subadviser in connection with its initial approval of the fund's management contract, sub-advisory agreements and sub-subadvisory agreements at its March 2024 meeting.

With respect to the new FIAM mandate, the Board noted its familiarity with the nature, extent and quality of services provided by FIAM to the fund with different investment mandates, and that many of the same support staff, including compliance personnel, that currently provide services to the fund will also provide services to the fund for the new FIAM mandate. The Board also took into consideration additional information regarding the investment mandate provided by Strategic Advisers and FIAM.

With respect to the Amended Sub-Subadvisory Agreements, the Board considered that the approval of the Amended Sub-Subadvisory Agreements will not result in any changes in the investment process or strategies employed by FIAM, FDS or their affiliates in the management of the fund's assets or their day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Amended Sub-Subadvisory Agreements would not change the obligations and services of FIAM, FDS, and their affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FIAM, FDS, and their affiliates.

<u>Resources Dedicated to Investment Management and Support Services.</u> With respect to the new FIAM mandate, the Board reviewed the general qualifications and capabilities of FIAM's investment staff, use of technology, and approach to managing and compensating investment personnel. The Board noted that FIAM's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated fundamental and/or quantitative analysis. Additionally, in its deliberations, the Board considered FIAM's trading capabilities and resources and compliance infrastructure, which are integral parts of the investment management process, and its investment in business continuity planning.

<u>Shareholder and Administrative Services.</u> With respect to the new FIAM mandate, the Board considered (i) the nature, extent, quality, and cost of advisory services to be performed by FIAM under the Amended Sub-Advisory Agreement; and (ii) the resources to be devoted to the fund's compliance policies and procedures.

<u>Investment Performance.</u> With respect to the new FIAM mandate, the Board considered the historical investment performance of FIAM and its portfolio managers in managing accounts under a similar investment mandate. With respect to the Amended Sub-Subadvisory Agreements, the Board did not consider performance to be a material factor in its decision to approve each Amended Sub-Subadvisory Agreement because the approval of each Amended Sub-Subadvisory Agreement will not result in any changes (i) to the fund's investment processes or strategies; or (ii) in the persons primarily responsible for the day-to-day management of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services that will be provided to the fund under each Amended Agreement should benefit or continue to benefit the fund's shareholders.

**Competitiveness of Management Fee and Total Fund Expenses.** With respect to the new FIAM mandate, the Board considered the amount and nature of the fees to be paid by the fund to Strategic Advisers and by Strategic Advisers to FIAM, as well as the projected change in the fund's management fee and total operating expenses, if any, as a result of hiring FIAM for the new mandate.

The Board noted that each Amended Agreement will not result in changes to the maximum aggregate annual management fee payable by the fund or Strategic Advisers' portion of the management fee. The Board considered Strategic Advisers' contractual agreement to waive its portion of the fund's management fee. With respect to the new FIAM mandate, the Board noted that the approval of the Amended Sub-Advisory Agreement will not initially result in any changes to the fund's management fee or total net expenses because Strategic Advisers does not expect to allocate assets to the new mandate at this time. With respect to the Amended Sub-Subadvisory Agreements, the Board considered that FIAM or FDS, or an affiliate, as applicable, will compensate each Sub-Subadviser under the terms of each Amended Sub-Subadvisory Agreement, and that the fund and Strategic Advisers are not responsible for any such fees. The Board also considered that the Amended Sub-Subadvisory Agreements will not impact the sub-advisory fees paid under the existing sub-advisory agreements with FIAM and FDS.

Based on its review, the Board concluded that the fund's management fee structure and any changes to projected total expenses bear a reasonable relationship to the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** Because each Amended Agreement was negotiated at arm's length and will have no impact on the maximum management fees payable by the fund or Strategic Advisers' portion of the management fee, the Board did not consider the costs of services and profitability to be significant factors in its decision to approve each Amended Agreement.

**Potential Fall-Out Benefits.** The Board considered that it reviews information regarding the potential of direct and indirect benefits to Strategic Advisers and its affiliates from their relationships with the fund, including non-advisory fee compensation paid to affiliates of Strategic Advisers, if any, as well as information regarding potential fall-out benefits accruing to each sub-adviser, if any, as a result of its relationship with the fund, during its annual renewal of the fund's management contract, sub-advisory agreements, and sub-subadvisory agreements. The Board considered Strategic Advisers' representation that it does not anticipate that the approval of each Amended Agreement will have a significant impact on the profitability of, or potential fall-out benefits to, Strategic Advisers or its affiliates.

**Possible Economies of Scale.** The Board considered that it reviews whether there have been economies of scale in connection with the management of the fund during its annual renewal of the fund's management contract, sub-advisory agreements, and sub-subadvisory agreements. The Board noted that with respect to the new FIAM mandate, the Amended Sub-Advisory Agreement will provide for breakpoints that have the potential to reduce sub-advisory fees paid to FIAM with respect to the new mandate as assets allocated to FIAM for the new mandate grow. The Board also noted that it did not consider the possible realization of economies of scale to be a significant factor in its decision to approve the Sub-Subadvisory Agreements because the fund will not bear any additional expenses under the Sub-Subadvisory Agreements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each Amended Agreement's fee structure bears a reasonable relationship to the services to be rendered and that each Amended Agreement is in the best interests of the fund and its shareholders and should be approved. In addition, the Board concluded that the approval each Amended Agreement does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage.

![](img109678_4.jpg)<br>

1.9911782.100 STS-ANN-0725

**Strategic Advisers® Fidelity® Core Income Fund**

*Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public*

**Annual Report**

**May 31, 2025**

![](img109664_1.jpg)

![](img109664_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_COI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Strategic Advisers® Fidelity® Core Income Fund](#Sub_Sec_Fund_3306_COI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3306_COI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_COI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_COI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_COI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_COI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_COI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_COI-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Strategic Advisers® Fidelity® Core Income Fund**

**Schedule of Investments May 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 4.3%** | &nbsp;&nbsp;**Asset-Backed Securities - 4.3%** | &nbsp;&nbsp;**Asset-Backed Securities - 4.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Aimco Clo 22 Ltd / Aimco Clo 22 LLC Series 2024-22A Class A, CME Term SOFR 3 month Index + 1.5%, 5.7695% 4/19/2037 (b)(c)(d) | 23550000 | 23619355 |
| Blueberry Park Clo Ltd Series 2024-1A Class A, CME Term SOFR 3 month Index + 1.35%, 5.6195% 10/20/2037 (b)(c)(d) | 12672000 | 12658327 |
| Hartwick Park Clo Ltd Series 2024-1A Class AR, CME Term SOFR 3 month Index + 1.16%, 5.4295% 1/20/2037 (b)(c)(d) | 5740000 | 5731413 |
| Invesco US CLO Ltd Series 2024-3A Class A, CME Term SOFR 3 month Index + 1.51%, 5.7795% 7/20/2037 (b)(c)(d) | 12220000 | 12201328 |
| Neuberger Berman Ln Advisers Nbla Clo 50 Ltd / Neuberger Berman Ln Series 2024-50A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.5293% 7/23/2036 (b)(c)(d) | 6704000 | 6705294 |
| OCP Aegis CLO Ltd Series 2024-39A Class D1, CME Term SOFR 3 month Index + 2.8%, 7.0605% 1/16/2037 (b)(c)(d) | 250000 | 250195 |
| Valley Stream Pk Clo Ltd / Vy Stream Pk Clo LLC Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.19%, 5.4595% 1/20/2037 (b)(c)(d) | 8500000 | 8490701 |
| TOTAL BAILIWICK OF JERSEY |  | 69656613 |
| BERMUDA - 0.0%  |  |  |
| SYMP Series 2022-32A Class A1, CME Term SOFR 3 month Index + 1.32%, 5.5993% 4/23/2035 (b)(c)(d) | 13875000 | 13877109 |
| CANADA - 0.0%  |  |  |
| Chesapeake Funding II LLC Series 2023-2A Class A1, 6.16% 10/15/2035 (b) | 4135137 | 4185173 |
| Chesapeake Funding II LLC Series 2024-1A Class A1, 5.52% 5/15/2036 (b) | 12599820 | 12714409 |
| Evergreen Cr Card Tr Series 2025-CRT5 Class B, 5.24% 5/15/2029 (b) | 980000 | 985987 |
| TOTAL CANADA |  | 17885569 |
| GRAND CAYMAN (UK OVERSEAS TER) - 1.3%  |  |  |
| Aimco CLO 11 Ltd Series 2024-11A Class A1R2, CME Term SOFR 3 month Index + 1.34%, 5.6198% 7/17/2037 (b)(c)(d) | 25100000 | 25102359 |
| AIMCO CLO Series 2024-BA Class ARR, CME Term SOFR 3 month Index + 1.5%, 5.7605% 4/16/2037 (b)(c)(d) | 18732000 | 18786885 |
| Allegro Clo Ltd Series 2021-1A Class A, CME Term SOFR 3 month Index + 1.4016%, 5.6711% 7/20/2034 (b)(c)(d) | 8250000 | 8254158 |
| Ammc Clo 24 Ltd Series 2024-24A Class ER, CME Term SOFR 3 month Index + 6.5%, 10.7695% 1/20/2035 (b)(c)(d) | 150000 | 148139 |
| Ares Lii Clo Ltd Series 2025-52A Class A1RR, CME Term SOFR 3 month Index + 0.88%, 5.1524% 4/22/2031 (b)(c)(d) | 4128692 | 4122499 |
| Ares LIV CLO Ltd Series 2024-54A Class AR, CME Term SOFR 3 month Index + 1.27%, 5.5261% 10/15/2032 (b)(c)(d) | 15942678 | 15947014 |
| Ares Lv Clo Ltd Series 2024-55A Class A1R2, CME Term SOFR 3 month Index + 1.37%, 5.6261% 10/15/2037 (b)(c)(d) | 7566000 | 7568005 |
| Ares Lviii Clo Ltd / Ares Lviii Clo LLC Series 2025-58A Class A1R2, CME Term SOFR 3 month Index + 1.24%, 5.5279% 4/15/2038 (b)(c)(d) | 11529000 | 11542120 |
| Ares XLI Clo Ltd Series 2021-41A Class AR2, CME Term SOFR 3 month Index + 1.3316%, 5.5877% 4/15/2034 (b)(c)(d) | 24780000 | 24791424 |
| Ares XXXIV CLO Ltd Series 2024-2A Class AR3, CME Term SOFR 3 month Index + 1.32%, 5.5998% 4/17/2033 (b)(c)(d) | 12800000 | 12834944 |
| Babson CLO Ltd/Cayman Islands Series 2025-1A Class A1R2, CME Term SOFR 3 month Index + 1.26%, 5.5161% 1/15/2038 (b)(c)(d) | 7970000 | 7973108 |
| Barings Clo Ltd Series 2024-4A Class A, CME Term SOFR 3 month Index + 1.75%, 6.0195% 1/20/2037 (b)(c)(d) | 21860000 | 21925602 |
| Barings Clo Ltd Series 2024-4A Class AR, CME Term SOFR 3 month Index + 1.37%, 5.6395% 10/20/2037 (b)(c)(d) | 11089000 | 11097239 |
| Bbam US Clo I Ltd Series 2025-1A Class D1R, CME Term SOFR 3 month Index + 3%, 7.2561% 3/30/2038 (b)(c)(d) | 125000 | 122714 |
| BCRED BSL Static Clo Ltd / LLC Series 2025-1A Class AR, CME Term SOFR 3 month Index + 1.25%, 5.5413% 7/24/2035 (b)(c)(d) | 11631000 | 11643655 |
| Beechwood Park Clo Ltd Series 2022-1A Class A1R, CME Term SOFR 3 month Index + 1.3%, 5.5798% 1/17/2035 (b)(c)(d) | 16732000 | 16771019 |
| Buckhorn Park Clo Ltd Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.07%, 5.3395% 7/18/2034 (b)(c)(d) | 6900000 | 6888305 |
| Carlyle US CLO Ltd Series 2024-10A Class A1R, CME Term SOFR 3 month Index + 1.31%, 5.5795% 1/20/2038 (b)(c)(d) | 16231000 | 16235837 |
| Carlyle US Clo Ltd Series 2024-6A Class E, CME Term SOFR 3 month Index + 5.75%, 10.2067% 10/25/2037 (b)(c)(d) | 150000 | 151815 |
| Cedar Fdg Xii Clo Ltd / Cedar Fdg Xii Clo LLC Series 2025-12A Class ARR, CME Term SOFR 3 month Index + 1.2%, 5.4566% 1/25/2038 (b)(c)(d) | 10548000 | 10547262 |
| Cedar Fdg Xvii Clo Ltd Series 2023-17A Class A, CME Term SOFR 3 month Index + 1.85%, 6.1195% 7/20/2036 (b)(c)(d) | 21114000 | 21156587 |
| Cedar Funding Ltd Series 2024-10A Class AR2, CME Term SOFR 3 month Index + 1.36%, 5.6295% 10/20/2037 (b)(c)(d) | 9231000 | 9240794 |
| CIFC Funding Ltd Series 2025-4A Class D2R, CME Term SOFR 3 month Index + 3.75%, 8.0205% 1/17/2038 (b)(c)(d) | 100000 | 99490 |
| Clover Clo Ltd Series 2025-1A Class ARR, CME Term SOFR 3 month Index + 1%, 5.3091% 4/18/2035 (b)(c)(d) | 13065000 | 12993234 |
| Columbia Cent Clo 29 Ltd / Columbia Cent Clo 29 Corp Series 2021-29A Class AR, CME Term SOFR 3 month Index + 1.4316%, 5.7011% 10/20/2034 (b)(c)(d) | 11410000 | 11398556 |
| Dryden 104 Clo Ltd / Dryden 104 Clo LLC Series 2024-104A Class A1R, CME Term SOFR 3 month Index + 1.29%, 5.612% 8/20/2034 (b)(c)(d) | 6800000 | 6801652 |
| Dryden 68 Clo Ltd Series 2024-68A Class ARR, CME Term SOFR 3 month Index + 1.1%, 5.3561% 7/15/2035 (b)(c)(d) | 5800000 | 5778749 |
| Dryden 70 Clo Ltd Series 2018-70A Class A1, CME Term SOFR 3 month Index + 1.4316%, 5.6922% 1/16/2032 (b)(c)(d) | 1909527 | 1911072 |
| Dryden 86 Clo Ltd / Dryden 86 Clo LLC Series 2021-86A Class A1R, CME Term SOFR 3 month Index + 1.3616%, 5.6414% 7/17/2034 (b)(c)(d) | 40316000 | 40332771 |
| Dryden CLO Ltd Series 2022-98A Class A, CME Term SOFR 3 month Index + 1.3%, 5.5695% 4/20/2035 (b)(c)(d) | 9710000 | 9711437 |
| Dryden CLO Ltd Series 2024-83A Class AR, CME Term SOFR 3 month Index + 1.53%, 5.7995% 4/18/2037 (b)(c)(d) | 12450000 | 12481125 |
| Dryden CLO Ltd Series 2024-85A Class A1R2, CME Term SOFR 3 month Index + 1.38%, 5.6361% 7/15/2037 (b)(c)(d) | 17132000 | 17172466 |
| Dryden Senior Loan Fund Series 2021-90A Class A1A, CME Term SOFR 3 month Index + 1.3916%, 5.7136% 2/20/2035 (b)(c)(d) | 6930000 | 6934186 |
| Eaton Vance CLO Ltd Series 2021-1A Class A13R, CME Term SOFR 3 month Index + 1.5116%, 5.7677% 1/15/2034 (b)(c)(d) | 2000000 | 2001834 |
| Eaton Vance CLO Ltd Series 2024-1A Class ARR, CME Term SOFR 3 month Index + 1.39%, 5.6461% 10/15/2037 (b)(c)(d) | 11494000 | 11504724 |
| Eaton Vance CLO Ltd Series 2024-2A Class AR2, CME Term SOFR 3 month Index + 1.38%, 5.6361% 10/15/2037 (b)(c)(d) | 11970000 | 11980629 |
| Flat Series 2025-30A Class A1, CME Term SOFR 3 month Index + 1.16%, 5.4434% 4/15/2038 (b)(c)(d) | 11507000 | 11508024 |
| Flatiron Clo 20 Ltd / Flatiron Clo 20 LLC Series 2024-1A Class AR, CME Term SOFR 3 month Index + 1.38%, 5.702% 5/20/2036 (b)(c)(d) | 31066000 | 31119931 |
| Flatiron Clo 28 Ltd / Flatiron Clo 28 LLC Series 2024-1A Class A1, CME Term SOFR 3 month Index + 1.32%, 5.5761% 7/15/2036 (b)(c)(d) | 9000000 | 9002961 |
| Flatiron Clo Ltd Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.36%, 5.6295% 10/19/2037 (b)(c)(d) | 15193000 | 15228278 |
| Flatiron Rr Clo 30 Ltd Series 2025-30A Class E, CME Term SOFR 3 month Index + 5.25%, 9.5334% 4/15/2038 (b)(c)(d) | 200000 | 201934 |
| Horizon Aircraft Finance Ltd Series 2019-1 Class A, 3.721% 7/15/2039 (b) | 7955028 | 7684461 |
| Invesco Clo Ltd Series 2021-3A Class A, CME Term SOFR 3 month Index + 1.3916%, 5.664% 10/22/2034 (b)(c)(d) | 9130000 | 9136491 |
| Invesco US CLO Series 2024-1RA Class AR, CME Term SOFR 3 month Index + 1.55%, 5.8061% 4/15/2037 (b)(c)(d) | 10990000 | 11014596 |
| Kkr Clo 41 Ltd Series 2022-41A Class A1, CME Term SOFR 3 month Index + 1.33%, 5.5861% 4/15/2035 (b)(c)(d) | 6065000 | 6070622 |
| Lakeside Pk Clo Ltd / Lakeside Pk Clo LLC Series 2025-1A Class A, CME Term SOFR 3 month Index + 1.15%, 5.4061% 4/15/2038 (b)(c)(d) | 8302000 | 8277094 |
| Madison Park Funding 2015 Series 2024-19A Class AR3, CME Term SOFR 3 month Index + 1.6%, 5.8724% 1/22/2037 (b)(c)(d) | 1913000 | 1917113 |
| Madison Park Funding Xxiii Ltd Series 2021-23A Class AR, CME Term SOFR 3 month Index + 1.2316%, 5.5142% 7/27/2031 (b)(c)(d) | 1352596 | 1351870 |
| Madison Pk Fdg L Ltd / Madison Pk Fdg L LLC Series 2021-50A Class A, CME Term SOFR 3 month Index + 1.4016%, 5.6711% 4/19/2034 (b)(c)(d) | 9810000 | 9815297 |
| Madison Pk Fdg Lii Ltd / Madison Pk Fdg Lii LLC Series 2021-52A Class A, CME Term SOFR 3 month Index + 1.3616%, 5.634% 1/22/2035 (b)(c)(d) | 13837000 | 13846852 |
| Madison Pk Fdg Lxvii Ltd / Madison Pk Fdg Lxvii LLC Series 2024-67A Class A1, CME Term SOFR 3 month Index + 1.51%, 5.7918% 4/25/2037 (b)(c)(d) | 21830000 | 21895163 |
| Madison Pk Fdg Xlv Ltd / Madison Pk Fdg Xlv LLC Series 2024-45A Class ARR, CME Term SOFR 3 month Index + 1.08%, 5.3361% 7/15/2034 (b)(c)(d) | 13160000 | 13116375 |
| MAGNE AR Series 2021-27A Class AR, CME Term SOFR 3 month Index + 1.4016%, 5.6711% 10/20/2034 (b)(c)(d) | 3092000 | 3094164 |
| Magnetite CLO LTD Series 2025-36A Class AR, CME Term SOFR 3 month Index + 1.32%, 1.32% 7/25/2038 (b)(c)(d) | 11611000 | 11611000 |
| Magnetite CLO Ltd Series 2023-36A Class A, CME Term SOFR 3 month Index + 1.8%, 6.0724% 4/22/2036 (b)(c)(d) | 10440000 | 10440000 |
| Magnetite Clo Ltd Series 2025-45A Class A1, CME Term SOFR 3 month Index + 1.15%, 5.435% 4/15/2038 (b)(c)(d) | 8033000 | 8041523 |
| Magnetite Xli Ltd Series 2024-41A Class A, CME Term SOFR 3 month Index + 1.29%, 5.603% 1/25/2038 (b)(c)(d) | 9690000 | 9708702 |
| Magnetite Xxiii Ltd Series 2021-23A Class AR, CME Term SOFR 3 month Index + 1.3916%, 5.6734% 1/25/2035 (b)(c)(d) | 9420000 | 9432368 |
| Magnetite Xxix Ltd / Magnetite Xxix LLC Series 2024-29A Class AR, CME Term SOFR 3 month Index + 1.35%, 5.6061% 7/15/2037 (b)(c)(d) | 13105000 | 13130699 |
| Magnetite Xxvi Ltd / Magnetite Xxvi LLC Series 2025-26A Class AR2, CME Term SOFR 3 month Index + 1.15%, 5.4163% 1/25/2038 (b)(c)(d) | 10650000 | 10618050 |
| Magnetite Xxviii Ltd Series 2025-28A Class A1RR, CME Term SOFR 3 month Index + 1.24%, 5.4961% 1/15/2038 (b)(c)(d) | 17202000 | 17164895 |
| Milos CLO Ltd Series 2020-1A Class AR, CME Term SOFR 3 month Index + 1.3316%, 5.6011% 10/20/2030 (b)(c)(d) | 4847012 | 4850464 |
| Morgan Stanley Eaton Vance CLO Ltd / LLC Series 2025-21A Class A1, CME Term SOFR 3 month Index + 1.17%, 5.2849% 4/15/2038 (b)(c)(d) | 13700000 | 13668449 |
| Neuberger Berman Loan Advisers Clo 25 Ltd Series 2024-25A Class AR2, CME Term SOFR 3 month Index + 1.4%, 5.6695% 7/18/2038 (b)(c)(d) | 14150000 | 14181767 |
| Oha Cr Fdg 4 Ltd / Oha Cr Fdg 4 LLC Series 2024-4A Class AR2, CME Term SOFR 3 month Index + 1.29%, 5.5624% 1/22/2038 (b)(c)(d) | 16000000 | 15990832 |
| Oha Credit Funding 14-R Ltd Series 2025-14RA Class A, CME Term SOFR 3 month Index + 1.23%, 5.6252% 4/20/2038 (b)(c)(d) | 7584000 | 7557684 |
| Oha Credit Funding 22 Ltd Series 2025-22A Class A1, CME Term SOFR 3 month Index + 1.33%, 0% 7/20/2038 (b)(c)(d) | 6319000 | 6325875 |
| OHA Credit Funding 6 Ltd Series 2024-6A Class AR2, CME Term SOFR 3 month Index + 1.33%, 5.5995% 10/20/2037 (b)(c)(d) | 16110000 | 16101059 |
| OHA Credit Partners Ltd Series 2024-18A Class A1, CME Term SOFR 3 month Index + 1.5%, 5.7695% 4/20/2037 (b)(c)(d) | 18840000 | 18891414 |
| OHA Credit Partners Ltd Series 2024-18A Class A2, CME Term SOFR 3 month Index + 1.65%, 5.9195% 4/20/2037 (b)(c)(d) | 1300000 | 1302817 |
| Oha Credit Partners VII Ltd Series 2025-7A Class AR4, CME Term SOFR 3 month Index + 1.14%, 5.462% 2/20/2038 (b)(c)(d) | 10336000 | 10299824 |
| Oha Credit Partners VII Ltd Series 2025-7A Class D1R4, CME Term SOFR 3 month Index + 2.5%, 6.822% 2/20/2038 (b)(c)(d) | 150000 | 147870 |
| OHA Credit Partners XVII Ltd Series 2024-17A Class A, CME Term SOFR 3 month Index + 1.32%, 5.7215% 1/18/2038 (b)(c)(d) | 9640000 | 9658181 |
| Palmer Square Clo Ltd Series 2025-2A Class DR2, CME Term SOFR 3 month Index + 4.14%, 8.3961% 2/15/2038 (b)(c)(d) | 100000 | 99784 |
| Palmer Square Loan Funding Ltd / Palmer Square Loan Funding LLC Series 2022-1A Class A1, CME Term SOFR 3 month Index + 1.05%, 5.3061% 4/15/2030 (b)(c)(d) | 863449 | 863492 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class A1N, CME Term SOFR 3 month Index + 1%, 5.2561% 1/15/2033 (b)(c)(d) | 12764789 | 12766844 |
| Palmer Square Loan Funding Ltd Series 2024-2A Class D, CME Term SOFR 3 month Index + 4.7%, 8.9561% 1/15/2033 (b)(c)(d) | 250000 | 247645 |
| Palmer Square Loan Funding Ltd Series 2024-3A Class A1, CME Term SOFR 3 month Index + 1.08%, 5.3873% 8/8/2032 (b)(c)(d) | 8136552 | 8137659 |
| Palmer Square Loan Funding Ltd Series 2025-1A Class A1, CME Term SOFR 3 month Index + 0.8%, 5.1206% 2/15/2033 (b)(c)(d) | 13070000 | 13026098 |
| Peace Park Clo Ltd Series 2021-1A Class A, CME Term SOFR 3 month Index + 1.3916%, 5.6611% 10/20/2034 (b)(c)(d) | 14148000 | 14158470 |
| Project Silver Series 2019-1 Class A, 3.967% 7/15/2044 (b) | 4653365 | 4490679 |
| Rockland Park Clo Ltd Series 2021-1A Class A, CME Term SOFR 3 month Index + 1.3816%, 5.6511% 4/20/2034 (b)(c)(d) | 12190000 | 12212881 |
| Rr 16 Ltd Series 2021-16A Class A1, CME Term SOFR 3 month Index + 1.3716%, 5.6277% 7/15/2036 (b)(c)(d) | 10300000 | 10318252 |
| Rr 34 Ltd Series 2024-34RA Class A1R, CME Term SOFR 3 month Index + 1.35%, 5.6061% 10/15/2039 (b)(c)(d) | 13007000 | 13063828 |
| Rr 7 Ltd Series 2022-7A Class A1AB, CME Term SOFR 3 month Index + 1.34%, 5.5961% 1/15/2037 (b)(c)(d) | 15740000 | 15755284 |
| Symphony Clo 43 Ltd Series 2024-43A Class A1, CME Term SOFR 3 month Index + 1.52%, 5.7761% 4/15/2037 (b)(c)(d) | 14100000 | 14169245 |
| Symphony Clo Xxvi Ltd / Symphony Clo Xxvi LLC Series 2021-26A Class AR, CME Term SOFR 3 month Index + 1.3416%, 5.6111% 4/20/2033 (b)(c)(d) | 11790917 | 11795256 |
| TCI-Symphony CLO Ltd Series 2021-1A Class AR, CME Term SOFR 3 month Index + 1.1916%, 5.4477% 7/15/2030 (b)(c)(d) | 1662880 | 1662983 |
| Thunderbolt Aircraft Lease Series 2018-A Class A, 4.147% 9/15/2038 (b)(d) | 3506943 | 3489482 |
| Thunderbolt III Aircraft Lease Ltd Series 2019-1 Class A, 3.671% 11/15/2039 (b) | 17315714 | 16757260 |
| Trapeza Cdo Xii Ltd Series 2007-12A Class B, CME Term SOFR 3 month Index + 0.8216%, 5.1063% 4/6/2042 (b)(c)(d) | 1380000 | 1084774 |
| Voya Clo 2022-1 Ltd / Voya Clo 2022-1 LLC Series 2024-1A Class A1R, CME Term SOFR 3 month Index + 1.25%, 5.5195% 4/20/2035 (b)(c)(d) | 8170000 | 8162149 |
| Voya CLO Ltd Series 2023-1A Class A1, CME Term SOFR 3 month Index + 1.8%, 6.0695% 1/20/2037 (b)(c)(d) | 14610000 | 14669711 |
| Voya Clo Ltd Series 2024-1A Class A1, CME Term SOFR 3 month Index + 1.52%, 5.7761% 4/15/2037 (b)(c)(d) | 6280000 | 6298488 |
| Voya CLO Ltd/Voya CLO LLC Series 2025-2A Class A1RR, CME Term SOFR 3 month Index + 1.31%, 5.5904% 1/20/2038 (b)(c)(d) | 3951000 | 3951158 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 984539530 |
| IRELAND - 0.0%  |  |  |
| Volofin Finance Designated Activity Co Series 2024-1A Class A, 5.935% 6/15/2037 (b) | 11673497 | 11709709 |
| MULTI-NATIONAL - 0.0%  |  |  |
| Allegro Clo Xv Ltd / Allegro Clo Vx LLC Series 2025-1A Class A1R, CME Term SOFR 3 month Index + 1.18%, 5.4911% 4/20/2038 (b)(c)(d) | 12690000 | 12654620 |
| UNITED STATES - 2.9%  |  |  |
| Aaset 2024-1 US Ltd / Aaset 2024-1 Intl Ltd Series 2024-1A Class A1, 6.261% 5/16/2049 (b) | 18166604 | 18291796 |
| Aaset 2024-1 US Ltd / Aaset 2024-1 Intl Ltd Series 2024-1A Class A2, 6.261% 5/16/2049 (b) | 16552048 | 16666113 |
| Aaset 2025-1 Ltd / Aaset 2025-1 LLC Series 2025-1A Class A, 5.943% 2/16/2050 (b) | 11841425 | 11861431 |
| AASET Trust Series 2019-2 Class A, 3.376% 10/16/2039 (b) | 3071537 | 2979425 |
| AASET Trust Series 2019-2 Class B, 4.458% 10/16/2039 (b) | 408345 | 381818 |
| AASET Trust Series 2021-1A Class A, 2.95% 11/16/2041 (b) | 6778076 | 6377052 |
| AASET Trust Series 2021-2A Class A, 2.798% 1/15/2047 (b) | 15786522 | 14513200 |
| AASET Trust Series 2022-1A Class A, 6% 5/16/2047 (b) | 5039630 | 5044694 |
| Achv Abs Trust Series 2024-3AL Class A, 5.01% 12/26/2031 (b) | 2644253 | 2640855 |
| Affirm Asset Securitization Trust Series 2024-A Class 1A, 5.61% 2/15/2029 (b) | 25000000 | 25103190 |
| Affirm Asset Securitization Trust Series 2024-X1 Class A, 6.27% 5/15/2029 (b) | 1470815 | 1472429 |
| Affirm Asset Securitization Trust Series 2025-X1 Class A, 5.08% 4/15/2030 (b) | 21775000 | 21770351 |
| Aimco Clo 17 Ltd / Aimco Clo 17 LLC Series 2024-17A Class A1R, CME Term SOFR 3 month Index + 1.35%, 5.6224% 7/20/2037 (b)(c)(d) | 14150000 | 14151217 |
| Ally Auto Receivables Trust Series 2024-1 Class A3, 5.08% 12/15/2028  | 16200000 | 16287059 |
| Altde Trust Series 2025-1A Class A, 5.9% 8/15/2050 (b) | 12870225 | 12846962 |
| American Express Credit Account Master Trust Series 2022-3 Class A, 3.75% 8/15/2027  | 2575000 | 2570854 |
| American Express Credit Account Master Trust Series 2023-1 Class A, 4.87% 5/15/2028  | 32320000 | 32457341 |
| American Express Credit Account Master Trust Series 2024-2 Class A, 5.24% 4/15/2031  | 7800000 | 8065555 |
| American Tower Trust #1 Series 2023, 5.49% 3/15/2053 (b) | 5029000 | 5092748 |
| Amur Equip Fin Receivables Xv LLC Series 2025-1A Class A2, 4.7% 9/22/2031 (b) | 12695000 | 12721508 |
| Apollo Aviation Securitization Equity Trust Series 2020-1A Class A, 3.351% 1/16/2040 (b) | 1131932 | 1097981 |
| Apollo Aviation Securitization Equity Trust Series 2020-1A Class B, 4.335% 1/16/2040 (b) | 207992 | 191358 |
| Ari Fleet Lease Trust 2024-B Series 2024-B Class A2, 5.54% 4/15/2033 (b) | 5810839 | 5841153 |
| Ari Fleet Lease Trust 2024-B Series 2024-B Class A3, 5.26% 4/15/2033 (b) | 7820000 | 7884060 |
| ARI Fleet Lease Trust Series 2023-A Class A3, 5.33% 2/17/2032 (b) | 5000000 | 5034031 |
| Ari Fleet Lease Trust Series 2025-A Class A2, 4.38% 1/17/2034 (b) | 5935000 | 5907114 |
| Ari Fleet Lease Trust Series 2025-A Class B, 4.7% 1/17/2034 (b) | 1250000 | 1238015 |
| Autonation Finance Trust Series 2025-1A Class A2, 4.72% 4/10/2028 (b) | 9250000 | 9252063 |
| Avis Budget Rental Car Funding AESOP LLC Series 2025-1A Class A, 4.8% 8/20/2029 (b) | 4510000 | 4514754 |
| Avis Budget Rental Car Funding AESOP LLC Series 2025-2A Class A, 5.12% 8/20/2031 (b) | 9745000 | 9773064 |
| Bankers Healthcare Group Securitization Trust Series 2025-1CON Class A, 4.82% 4/17/2036 (b) | 2792533 | 2786538 |
| BETHP Series 2021-1A Class A, CME Term SOFR 3 month Index + 1.3916%, 5.6477% 1/15/2035 (b)(c)(d) | 9332000 | 9352997 |
| Blackbird Cap II Aircraft Lease Ltd / Blackbird Cap II Aircraft Lease Us L Series 2021-1A Class A, 2.443% 7/15/2046 (b) | 23185357 | 21574331 |
| Blackbird Capital Aircraft Lease Securitization Ltd Series 2016-1A Class A, 4.213% 12/16/2041 (b)(e) | 2574898 | 2570486 |
| BMW Vehicle Owner Trust Series 2025-A Class A3, 4.56% 9/25/2029  | 4800000 | 4824856 |
| BofA Auto Trust Series 2024-1A Class A3, 5.35% 11/15/2028 (b) | 6012000 | 6070963 |
| BofA Auto Trust Series 2025-1A Class A2A, 4.52% 11/22/2027 (b) | 17620000 | 17606880 |
| BofA Auto Trust Series 2025-1A Class A3, 4.35% 11/20/2029 (b) | 10700000 | 10693721 |
| CarMax Auto Owner Trust Series 2023-4 Class A3, 6% 7/17/2028  | 14679000 | 14886674 |
| CarMax Auto Owner Trust Series 2024-2 Class A3, 5.5% 1/16/2029  | 11479000 | 11629569 |
| Carmax Auto Owner Trust Series 2024-4 Class A2A, 4.67% 12/15/2027  | 9467112 | 9468793 |
| Carmax Auto Owner Trust Series 2024-4 Class A3, 4.6% 10/15/2029  | 5440000 | 5473866 |
| Carmax Auto Owner Trust Series 2025-2 Class A2A, 4.59% 7/17/2028  | 5160000 | 5162259 |
| CarMax Select Receivables Trust Series 2024-A Class A2A, 5.78% 9/15/2027  | 3005808 | 3016625 |
| CarMax Select Receivables Trust Series 2024-A Class A3, 5.4% 11/15/2028  | 4084000 | 4123922 |
| Castlelake Aircraft Securitization Series 2018-1 Class A, 4.125% 6/15/2043 (b) | 867236 | 843035 |
| Castlelake Aircraft Securitization Trust Series 2019-1A Class A, 3.967% 4/15/2039 (b) | 7037333 | 6667903 |
| Castlelake Aircraft Securitization Trust Series 2019-1A Class B, 5.095% 4/15/2039 (b) | 3098041 | 2571393 |
| Castlelake Aircraft Securitization Trust Series 2021-1R Class A, 2.741% 8/15/2041 (b) | 6365294 | 6113897 |
| Castlelake Aircraft Structured Trust Series 2021-1A Class A, 3.474% 1/15/2046 (b) | 1387333 | 1352824 |
| Castlelake Aircraft Structured Trust Series 2021-1A Class B, 6.656% 1/15/2046 (b) | 157307 | 157279 |
| Ccg Receivables Trust. Series 2025-1 Class A2, 4.48% 10/14/2032 (b) | 5510000 | 5509533 |
| Cedar Funding Ltd Series 2022-15A Class A, CME Term SOFR 3 month Index + 1.32%, 5.5924% 4/20/2035 (b)(c)(d) | 14430000 | 14429856 |
| CFMT LLC Series 2023-HB12 Class A, 4.25% 4/25/2033 (b) | 4322350 | 4277345 |
| Chase Auto Owner Trust Series 2024-1A Class A3, 5.13% 5/25/2029 (b) | 15195000 | 15302362 |
| Chase Issuance Trust Series 2023-A2 Class A, 5.08% 9/15/2030  | 11940000 | 12229011 |
| Citibank Credit Card Issuance Trust Series 2018-A7 Class A7, 3.96% 10/13/2030  | 9000000 | 8883900 |
| Citizens Auto Receivables Trust Series 2024-2 Class A3, 5.33% 8/15/2028 (b) | 14161000 | 14252061 |
| DB Master Finance LLC Series 2017-1A Class A2II, 4.03% 11/20/2047 (b) | 33251803 | 32725054 |
| DB Master Finance LLC Series 2019-1A Class A23, 4.352% 5/20/2049 (b) | 8015963 | 7801889 |
| DB Master Finance LLC Series 2019-1A Class A2II, 4.021% 5/20/2049 (b) | 6838780 | 6765084 |
| DB Master Finance LLC Series 2021-1A Class A23, 2.791% 11/20/2051 (b) | 28691380 | 24730463 |
| DB Master Finance LLC Series 2021-1A Class A2I, 2.045% 11/20/2051 (b) | 9273650 | 8885853 |
| DB Master Finance LLC Series 2021-1A Class A2II, 2.493% 11/20/2051 (b) | 16705115 | 15331931 |
| Dell Equip Fin Trust Series 2025-1 Class A2, 4.68% 7/22/2027 (b) | 9720000 | 9738635 |
| Dell Equip Fin Trust Series 2025-1 Class A3, 4.61% 2/24/2031 (b) | 1600000 | 1607810 |
| DLLAA Series 2023-1A Class A2, 5.93% 7/20/2026 (b) | 970377 | 971889 |
| DLLAA Series 2023-1A Class A3, 5.64% 2/22/2028 (b) | 6112000 | 6181073 |
| DLLAD Series 2023-1A Class A3, 4.79% 1/20/2028 (b) | 10250592 | 10265829 |
| DLLAD Series 2024-1A Class A3, 5.3% 7/20/2029 (b) | 4988000 | 5057503 |
| DLLMT LLC Series 2024-1A Class A3, 4.84% 8/21/2028 (b) | 5572000 | 5608331 |
| Domino's Pizza Master Issuer LLC Series 2015-1A Class A2II, 4.474% 10/25/2045 (b) | 5662388 | 5644277 |
| Domino's Pizza Master Issuer LLC Series 2017-1A Class A23, 4.118% 7/25/2047 (b) | 27886980 | 27376208 |
| Domino's Pizza Master Issuer LLC Series 2018-1A Class A2I, 4.116% 7/25/2048 (b) | 11594558 | 11540905 |
| Domino's Pizza Master Issuer LLC Series 2019-1A Class A2, 3.668% 10/25/2049 (b) | 34443840 | 32511531 |
| Domino's Pizza Master Issuer LLC Series 2021-1A Class A2I, 2.662% 4/25/2051 (b) | 14110975 | 13082972 |
| Domino's Pizza Master Issuer LLC Series 2021-1A Class A2II, 3.151% 4/25/2051 (b) | 6660653 | 5937366 |
| Eaton Vance CLO Ltd Series 2024-1A Class AR2, CME Term SOFR 3 month Index + 1.51%, 5.7661% 7/15/2037 (b)(c)(d) | 12310000 | 12339926 |
| Enterprise Fleet Financing LLC Series 2023-3 Class A2, 6.4% 3/20/2030 (b) | 15466974 | 15692468 |
| Enterprise Fleet Financing LLC Series 2024-3 Class A3, 4.98% 8/21/2028 (b) | 8040000 | 8106078 |
| Enterprise Fleet Financing LLC Series 2024-4 Class A3, 4.56% 11/20/2028 (b) | 17233000 | 17256759 |
| Enterprise Fleet Financing Series 2024-2 Class A2, 5.74% 12/20/2026 (b) | 11725219 | 11776258 |
| Enterprise Fleet Financing Series 2024-2 Class A3, 5.61% 4/20/2028 (b) | 10461000 | 10620275 |
| Exeter Select Automobile Receivables Trust Series 2025-1 Class A2, 4.83% 10/16/2028  | 3120000 | 3117335 |
| Exeter Select Automobile Receivables Trust Series 2025-1 Class A3, 4.69% 4/15/2030  | 2235000 | 2231839 |
| Flatiron Clo 23 LLC Series 2025-1A, CME Term SOFR 3 month Index + 1.24%, 0% 4/17/2036 (b)(c)(d) | 8102000 | 8102000 |
| Flatiron Clo 26 Ltd / Flatiron Clo 26 LLC Series 2024-4A Class A, CME Term SOFR 3 month Index + 1.33%, 5.5861% 1/15/2038 (b)(c)(d) | 11218000 | 11205627 |
| Flatiron Rr Clo 22 LLC Series 2025-2A Class AR, CME Term SOFR 3 month Index + 0.91%, 5.1661% 10/15/2034 (b)(c)(d) | 4400000 | 4366529 |
| Ford Cr Floorplan Mast Own Tr Series 2018-4 Class A, 4.06% 11/15/2030  | 5400000 | 5329153 |
| Ford Credit Auto Lease Trust Series 2024-B Class A3, 4.99% 12/15/2027  | 6500000 | 6535281 |
| Ford Credit Auto Owner Trust Series 2020-2 Class A, 1.06% 4/15/2033 (b) | 5000000 | 4933605 |
| Ford Credit Auto Owner Trust Series 2021-1 Class A, 1.37% 10/17/2033 (b) | 5000000 | 4862089 |
| Ford Credit Auto Owner Trust Series 2022-D Class A3, 5.27% 5/17/2027  | 446419 | 447751 |
| Ford Credit Auto Owner Trust Series 2023-1 Class A, 4.85% 8/15/2035 (b) | 2600000 | 2626477 |
| Ford Credit Auto Owner Trust Series 2023-2 Class A, 5.28% 2/15/2036 (b) | 10800000 | 11046377 |
| Ford Credit Auto Owner Trust Series 2024-1 Class A, 4.87% 8/15/2036 (b) | 7820000 | 7912274 |
| Ford Credit Floorplan Master Owner Trust A Series 2023-1 Class A1, 4.92% 5/15/2028 (b) | 43730000 | 43867959 |
| Ford Credit Floorplan Master Owner Trust A Series 2024-1 Class A1, 5.29% 4/15/2029 (b) | 28100000 | 28500192 |
| Ford Credit Floorplan Master Owner Trust A Series 2024-1 Class B, 5.48% 4/15/2029 (b) | 6500000 | 6580971 |
| Fordf Series 2025-1 Class A1, 4.63% 4/15/2030  | 4985000 | 5007004 |
| Fordf Series 2025-1 Class B, 4.84% 4/15/2030  | 2515000 | 2516865 |
| Gilead Aviation LLC Series 2025-1A Class A, 5.789% 3/15/2050 (b) | 21734779 | 21536886 |
| GM Financial Consumer Automobile Receivables Trust Series 2022-2 Class A3, 3.1% 2/16/2027  | 13260884 | 13204023 |
| GM Financial Consumer Automobile Receivables Trust Series 2023-3 Class A3, 5.45% 6/16/2028  | 12114630 | 12189305 |
| GM Financial Leasing Trust Series 2023-3 Class A3, 5.38% 11/20/2026  | 4385247 | 4393972 |
| GM Financial Revolving Receivables Trust Series 2021-1 Class A, 1.17% 6/12/2034 (b) | 5000000 | 4791475 |
| GM Financial Revolving Receivables Trust Series 2023-1 Class A, 5.12% 4/11/2035 (b) | 6600000 | 6707203 |
| GM Financial Revolving Receivables Trust Series 2023-2 Class A, 5.77% 8/11/2036 (b) | 9800000 | 10184335 |
| GM Financial Revolving Receivables Trust Series 2024-1 Class A, 4.98% 12/11/2036 (b) | 3961000 | 4028518 |
| GM Financial Revolving Receivables Trust Series 2025-1 Class B, 4.8% 12/11/2037 (b) | 750000 | 751255 |
| GMF Floorplan Owner Revolving Trust Series 2023-1 Class A1, 5.34% 6/15/2028 (b) | 18500000 | 18641501 |
| GMF Floorplan Owner Revolving Trust Series 2023-1 Class B, 5.73% 6/15/2028 (b) | 5700000 | 5737654 |
| GMF Floorplan Owner Revolving Trust Series 2024-1A Class A1, 5.13% 3/15/2029 (b) | 7800000 | 7882756 |
| GMF Floorplan Owner Revolving Trust Series 2024-1A Class B, 5.33% 3/15/2029 (b) | 3650000 | 3682726 |
| GMF Floorplan Owner Revolving Trust Series 2024-2A Class A, 5.06% 3/15/2031 (b) | 9100000 | 9276097 |
| GMF Floorplan Owner Revolving Trust Series 2024-2A Class B, 5.35% 3/15/2031 (b) | 2600000 | 2643093 |
| GMF Floorplan Owner Revolving Trust Series 2024-4A Class A1, 4.73% 11/15/2029 (b) | 20800000 | 20922923 |
| Great America Leasing Receivables Funding LLC Series 2025-1 Series 2025-1 Class A2, 4.52% 10/15/2027 (b) | 10550000 | 10535214 |
| Great America Leasing Receivables Funding LLC Series 2025-1 Series 2025-1 Class A3, 4.49% 4/16/2029 (b) | 8800000 | 8780957 |
| Green Lakes Park Clo LLC Series 2025-1A Class ARR, CME Term SOFR 3 month Index + 1.18%, 5.4688% 1/25/2038 (b)(c)(d) | 23950000 | 23933954 |
| Greensky Home Improvement Trust Series 2024-2 Class A2, 5.25% 10/27/2059 (b) | 4080772 | 4086137 |
| Hamlin Pk Clo Ltd / Hamlin Pk Clo LLC Series 2024-1A Class A, CME Term SOFR 3 month Index + 1.34%, 5.6095% 10/20/2037 (b)(c)(d) | 11370000 | 11334696 |
| Honda Auto Receivables 2023-3 Owner Tr Series 2023-3 Class A3, 5.41% 2/18/2028  | 10351469 | 10414730 |
| Horizon Aircraft Finance I Limited Series 2018-1 Class A, 4.458% 12/15/2038 (b) | 9331394 | 8911357 |
| HPEFS Equipment Trust Series 2024-2A Class A3, 5.36% 10/20/2031 (b) | 9600000 | 9663581 |
| Hyundai Auto Lease Securitization Trust Series 2024-B Class A3, 5.41% 5/17/2027 (b) | 7243000 | 7301289 |
| Hyundai Auto Lease Securitization Trust Series 2024-C Class A3, 4.62% 4/17/2028 (b) | 36200000 | 36280860 |
| Hyundai Auto Lease Securitization Trust Series 2025-B Class A2A, 4.58% 9/15/2027 (b) | 23500000 | 23532315 |
| Hyundai Auto Receivables Trust Series 2023-B Class A3, 5.48% 4/17/2028  | 1990562 | 2002921 |
| Hyundai Auto Receivables Trust Series 2024-A Class A3, 4.99% 2/15/2029  | 1845000 | 1858537 |
| Jersey Mike's Funding Series 2024-1A Class A2, 5.636% 2/15/2055 (b) | 22109588 | 22276272 |
| John Deere Owner Trust Series 2025-A Class A2A, 4.23% 3/15/2028  | 16550000 | 16514916 |
| Kubota Credit Owner Trust Series 2024-2A Class A3, 5.26% 11/15/2028 (b) | 2483000 | 2523177 |
| MAPS Trust Series 2021-1A Class A, 2.521% 6/15/2046 (b) | 9512804 | 8915670 |
| Marlette Funding Trust Series 2024-1A Class A, 5.95% 7/17/2034 (b) | 1345264 | 1347376 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A2A, 5.44% 2/16/2027  | 909706 | 911912 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A3, 5.32% 1/18/2028  | 17761000 | 17947855 |
| Mercedes-Benz Auto Lease Trust Series 2024-A Class A4, 5.32% 2/15/2030  | 7800000 | 7918501 |
| Mercedes-Benz Auto Lease Trust Series 2024-B Class A3, 4.23% 2/15/2028  | 33100000 | 32991114 |
| Mercedes-Benz Auto Receivables Series 2023-1 Class A4, 4.31% 4/16/2029  | 4500000 | 4487666 |
| Mercedes-Benz Auto Receivables Trust Series 2023-2 Class A3, 5.95% 11/15/2028  | 7200000 | 7292281 |
| Merchants Fleet Funding LLC Series 2023-1A Class A, 7.21% 5/20/2036 (b) | 11957588 | 12060746 |
| Merchants Fleet Funding LLC Series 2024-1A Class A, 5.82% 4/20/2037 (b) | 14895592 | 14986555 |
| MetLife Securitization Trust Series 2019-1A Class A1A, 3.75% 4/25/2058 (b) | 69619 | 68285 |
| Morgan Stanley ABS Capital I Inc Series 2004-HE7 Class B3, CME Term SOFR 1 month Index + 5.3645%, 9.6892% 8/25/2034 (c)(d) | 50161 | 71540 |
| Nissan Auto Receivables Owner Trust Series 2023-B Class A3, 5.93% 3/15/2028  | 7200000 | 7262694 |
| Nissan Master Owner Tr Receivable Series 2024-B Class A, 5.05% 2/15/2029 (b) | 22189000 | 22326132 |
| OneMain Financial Issuance Trust Series 2020-2A Class A, 1.75% 9/14/2035 (b) | 3000000 | 2917918 |
| Oportun Funding Trust Series 2024-3 Class A, 5.26% 8/15/2029 (b) | 4667666 | 4667337 |
| Oportun Funding Trust Series 2025-1 Class A, 4.96% 8/16/2032 (b) | 3231694 | 3224404 |
| OWN Equipment Fund I LLC Series 2024-2M Class A, 5.7% 12/20/2032 (b) | 28480029 | 28691450 |
| Park Place Securities Inc Asset-Backed Pass-Through Certificates Series 2005-WCH1 Class M4, CME Term SOFR 1 month Index + 1.3595%, 5.6842% 1/25/2036 (c)(d) | 1402 | 1399 |
| Peac Solutions Receivables Series 2025-1A Class A2, 4.94% 10/20/2028 (b) | 7420000 | 7429178 |
| Pk Alift Loan Funding 3 LP Series 2024-1 Class A1, 5.842% 9/15/2039 (b) | 4841669 | 4878865 |
| Planet Fitness Master Issuer LLC Series 2019-1A Class A2, 3.858% 12/5/2049 (b) | 37970115 | 35883627 |
| Planet Fitness Master Issuer LLC Series 2022-1A Class A2I, 3.251% 12/5/2051 (b) | 9428400 | 9146721 |
| Planet Fitness Master Issuer LLC Series 2022-1A Class A2II, 4.008% 12/5/2051 (b) | 9428400 | 8591805 |
| Post Road Equipment Finance LLC Series 2025-1A Class A2, 4.9% 5/15/2031 (b) | 6010000 | 6028193 |
| PRMI Securitization Trust Series 2024-CMG1 Class A1, U.S. 30-Day Avg. SOFR Index + 1.3%, 5.8% 7/25/2054 (b)(c)(d) | 1443976 | 1435262 |
| PRPM Trust Series 2023-RCF2 Class A1, 4% 11/25/2053 (b) | 9662949 | 9417954 |
| Santander Drive Auto Receivables Trust Series 2025-1 Class A3, 4.74% 1/16/2029  | 11300000 | 11308978 |
| Santander Drive Auto Receivables Trust Series 2025-2 Class A3, 4.67% 8/15/2029  | 14300000 | 14342856 |
| SAPPHIRE AVIATION FINANCE Series 2020-1A Class A, 3.228% 3/15/2040 (b) | 13316931 | 12610069 |
| SAPPHIRE AVIATION FINANCE Series 2020-1A Class B, 4.335% 3/15/2040 (b) | 479909 | 436404 |
| SBA Tower Trust Series 2020, 1.884% 7/15/2050 (b) | 4645000 | 4548789 |
| SBA Tower Trust Series 2020, 2.328% 7/15/2052 (b) | 3269000 | 3040264 |
| SBA Tower Trust Series 2021, 1.631% 5/15/2051 (b) | 5173000 | 4916062 |
| SBNA Auto Lease Trust Series 2024-B Class A3, 5.56% 11/22/2027 (b) | 15775000 | 15906071 |
| SBNA Auto Lease Trust Series 2024-C Class A3, 4.56% 2/22/2028 (b) | 13950000 | 13936321 |
| SFS Auto Receivables Securitization Trust Series 2024-2A Class A3, 5.33% 11/20/2029 (b) | 8985000 | 9079893 |
| SLAM Ltd Series 2025-1A Class A, 5.807% 5/15/2050 (b) | 11090000 | 11311800 |
| Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA Class A2, 4.63% 7/20/2027 (b) | 26000000 | 26005213 |
| Store Master Funding Series 2021-1A Class A1, 2.12% 6/20/2051 (b) | 10784583 | 9918812 |
| Subway Funding LLC Series 2024-1A Class A23, 6.505% 7/30/2054 (b) | 17498070 | 17762839 |
| Subway Funding LLC Series 2024-1A Class A2I, 6.028% 7/30/2054 (b) | 40458690 | 40829466 |
| Subway Funding LLC Series 2024-1A Class A2II, 6.268% 7/30/2054 (b) | 21199470 | 21585279 |
| Subway Funding LLC Series 2024-3A Class A23, 5.914% 7/30/2054 (b) | 18387600 | 17947318 |
| Subway Funding LLC Series 2024-3A Class A2I, 5.246% 7/30/2054 (b) | 18387600 | 18057390 |
| Subway Funding LLC Series 2024-3A Class A2II, 5.566% 7/30/2054 (b) | 9193800 | 9023198 |
| Terwin Mortgage Trust Series 2003-4HE Class A1, CME Term SOFR 1 month Index + 0.9745%, 5.2992% 9/25/2034 (c)(d) | 43426 | 44582 |
| Tesla Auto Lease Trust 23-A Series 2023-A Class A3, 5.89% 6/22/2026 (b) | 4212432 | 4218082 |
| Tesla Series 2024-A Class A2A, 5.37% 6/22/2026 (b) | 1312459 | 1313484 |
| Toyota Auto Loan Extended Note Trust Series 2021-1A Class A, 1.07% 2/27/2034 (b) | 72900000 | 71071981 |
| Toyota Auto Receivables 2022-C Owner Tr Series 2022-C Class A3, 3.76% 4/15/2027  | 14271971 | 14220677 |
| Toyota Auto Receivables Owner Trust Series 2023-A Class A4, 4.42% 8/15/2028  | 4000000 | 3998697 |
| Toyota Auto Receivables Owner Trust Series 2025-B Class A3, 4.34% 11/15/2029  | 7800000 | 7804827 |
| Toyota Lease Owner Trust Series 2023-A Class A3, 4.93% 4/20/2026 (b) | 1509432 | 1509748 |
| Toyota Lease Owner Trust Series 2024-A Class A3, 5.25% 4/20/2027 (b) | 1595456 | 1602974 |
| Upgrade Receivables Trust Series 2024-1A Class A, 5.37% 2/18/2031 (b) | 4911690 | 4914278 |
| USAA Auto Owner Trust Series 2024-A Class A3, 5.03% 3/15/2029 (b) | 17100000 | 17208392 |
| Verd Series 2025-1A Class A2, 4.85% 3/13/2028 (b) | 3825000 | 3828329 |
| Verizon Master Trust Series 2023-4 Class A1A, 5.16% 6/20/2029  | 10390000 | 10464563 |
| Verizon Master Trust Series 2024-2 Class A, 4.83% 12/22/2031 (b) | 7800000 | 7904414 |
| Volkswagen Auto Lease Trust Series 2024-A Class A3, 5.21% 6/21/2027  | 1577000 | 1589883 |
| Volkswagen Auto Loan Enhanced Trust 2023-2 Series 2023-2 Class A3, 5.48% 12/20/2028  | 7500000 | 7603238 |
| Volkswagen Auto Loan Enhanced Trust Series 2023-1 Class A3, 5.02% 6/20/2028  | 5600000 | 5617254 |
| Volvo Financial Equipment LLC Series 2024-1A Class A3, 4.29% 10/16/2028 (b) | 1236000 | 1233363 |
| Volvo Financial Equipment LLC Series 2025-1A Class A2, 4.41% 11/15/2027 (b) | 1500000 | 1497725 |
| Wheels Fleet Lease Funding 1 LLC Series 2023-2A Class A, 6.46% 8/18/2038 (b) | 10975904 | 11119643 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-1A Class A1, 5.49% 2/18/2039 (b) | 18065304 | 18222987 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-2A Class A1, 4.87% 6/21/2039 (b) | 23983000 | 24047837 |
| Wheels Fleet Lease Funding 1 LLC Series 2024-3A Class A1, 4.8% 9/19/2039 (b) | 8600000 | 8610980 |
| Wheels Fleet Lease Funding 1 LLC Series 2025-1A Class A1, 4.57% 1/18/2040 (b) | 9640000 | 9649145 |
| Willis Engine Structured Tr VII Series 2023-A Class A, 8% 10/15/2048 (b) | 14089028 | 14386111 |
| World Omni Auto Receivables Trust 2023-B Series 2023-B Class A3, 4.66% 5/15/2028  | 12153886 | 12157713 |
| World Omni Auto Receivables Trust 2023-C Series 2023-C Class A3, 5.15% 11/15/2028  | 7684000 | 7710078 |
| World Omni Automobile Lease Securitization Trust Series 2024-A Class A3, 5.26% 10/15/2027  | 7800000 | 7873836 |
| TOTAL UNITED STATES |  | 2122026683 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $3,217,264,827) |  | <br> **3232349833** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 0.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 0.0%** | &nbsp;&nbsp;**Bank Loan Obligations - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED KINGDOM - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| EG America LLC Tranche B2 1LN, term loan CME Term SOFR 3 month Index + 4.25%, 8.5827% 2/7/2028 (c)(d)(f) | 14925 | 14957 |
| UNITED STATES - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Level 3 Financing Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4.25%, 0% 3/27/2032 (c)(d)(f)(g) | 145000 | 145724 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Clarios Global LP Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.0768% 1/28/2032 (c)(d)(f) | 145000 | 144501 |
| Broadline Retail - 0.0% |  |  |
| Great Outdoors Group LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 1/23/2032 (c)(d)(f) | 1029738 | 1019955 |
| Distributors - 0.0% |  |  |
| Solenis Holdings Ltd Tranche B6 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.2992% 6/20/2031 (c)(d)(f) | 1522138 | 1510539 |
| Diversified Consumer Services - 0.0% |  |  |
| Spin Holdco Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5618% 3/4/2028 (c)(d)(f) | 803721 | 684336 |
| TKC Holdings Inc 1LN, term loan 13.5% 2/15/2027 (d)(f) | 574794 | 528092 |
|  |  | 1212428 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Bulldog Purchaser Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0347% 6/27/2031 (c)(d)(f) | 452725 | 452159 |
| MajorDrive Holdings IV LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5608% 6/1/2028 (c)(d)(f) | 428451 | 416403 |
| United PF Holdings LLC 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5413% 12/30/2026 (c)(d)(f) | 977285 | 938683 |
|  |  | 1807245 |
| Household Durables - 0.0% |  |  |
| TGP Holdings III LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6768% 6/29/2028 (c)(d)(f) | 619858 | 545122 |
| Weber-Stephen Products LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.6913% 10/30/2027 (c)(d)(f) | 417330 | 413353 |
|  |  | 958475 |
| Specialty Retail - 0.0% |  |  |
| Valvoline Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 0% 3/19/2032 (c)(d)(f)(g) | 605000 | 605756 |
| TOTAL CONSUMER DISCRETIONARY |  | 7258899 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| CVR CHC LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.2992% 12/30/2027 (c)(d)(f) | 79800 | 79435 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.7948% 10/30/2028 (c)(d)(f) | 1085000 | 587104 |
|  |  | 666539 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Nexus Buyer LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.5%, 7.8268% 7/31/2031 (c)(d)(f) | 658350 | 658600 |
| WH Borrower LLC Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4.75%, 9.072% 2/20/2032 (c)(d)(f) | 625000 | 618944 |
|  |  | 1277544 |
| Insurance - 0.0% |  |  |
| Acrisure LLC Tranche B6 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3268% 11/6/2030 (c)(d)(f) | 4988 | 4951 |
| Asurion LLC Tranche B10 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.4268% 8/19/2028 (c)(d)(f) | 397959 | 395639 |
|  |  | 400590 |
| TOTAL FINANCIALS |  | 1678134 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC 1LN, term loan CME Term SOFR 3 month Index + 1%, 13.7992% 6/28/2029 (c)(d)(f) | 138714 | 122762 |
| Pharmaceuticals - 0.0% |  |  |
| 1261229 BC Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 6.25%, 10.5869% 10/8/2030 (c)(d)(f) | 645000 | 611228 |
| TOTAL HEALTH CARE |  | 733990 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Goat Holdco LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3%, 7.3285% 1/27/2032 (c)(d)(f) | 45000 | 44803 |
| Ground Transportation - 0.0% |  |  |
| Genesee & Wyoming Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 6.0492% 4/10/2031 (c)(d)(f) | 796000 | 791869 |
| Passenger Airlines - 0.0% |  |  |
| AAdvantage Loyalty IP Ltd Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 0% 5/7/2032 (c)(d)(f)(g) | 35000 | 35124 |
| Vista Management Holding Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.75%, 8.0476% 4/1/2031 (c)(d)(f) | 25000 | 24979 |
|  |  | 60103 |
| Professional Services - 0.0% |  |  |
| Cast & Crew LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.75%, 8.0768% 12/29/2028 (c)(d)(f) | 317866 | 293629 |
| TOTAL INDUSTRIALS |  | 1190404 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Constant Contact Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 4%, 8.5177% 2/10/2028 (c)(d)(f) | 826396 | 774234 |
| Kaseya Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 3.25%, 7.5768% 3/20/2032 (c)(d)(f) | 170000 | 169879 |
| X Corp 1LN, term loan 9.5% 10/26/2029 (f) | 815000 | 810795 |
|  |  | 1754908 |
| Software - 0.0% |  |  |
| Avalara Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.5527% 3/26/2032 (c)(d)(f) | 365000 | 364934 |
| Ellucian Holdings Inc 2LN, term loan CME Term SOFR 1 month Index + 4.75%, 9.0768% 11/22/2032 (c)(d)(f) | 200000 | 202250 |
| Leia Finco US LLC 1LN, term loan CME Term SOFR 3 month Index + 3.25%, 7.4576% 10/9/2031 (c)(d)(f) | 880000 | 879296 |
|  |  | 1446480 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Sandisk Corp/DE Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3%, 7.3215% 2/20/2032 (c)(d)(f) | 600000 | 591000 |
| TOTAL INFORMATION TECHNOLOGY |  | 3792388 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| American Rock Salt Co LLC Tranche 1ST OUT DD TL 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 2% 6/9/2028 (c)(d)(f)(h) | 244321 | 244321 |
| American Rock Salt Co LLC Tranche 1ST OUT TL B 1LN, term loan CME Term SOFR 3 month Index + 6.5%, 11.5943% 6/9/2028 (c)(d)(f) | 385111 | 385112 |
| Herens US Holdco Corp Tranche B 1LN, term loan CME Term SOFR 3 month Index + 3.925%, 8.3242% 7/3/2028 (c)(d)(f) | 402978 | 382281 |
| Hexion Holdings Corp 1LN, term loan CME Term SOFR 1 month Index + 4%, 8.3252% 3/15/2029 (c)(d)(f) | 184075 | 182727 |
|  |  | 1194441 |
| Containers & Packaging - 0.0% |  |  |
| Clydesdale Acquisition Holdings Inc 1LN, term loan CME Term SOFR 1 month Index + 3.175%, 7.5018% 4/13/2029 (c)(d)(f) | 1127576 | 1122322 |
| TOTAL MATERIALS |  | 2316763 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| WEC US Holdings Ltd Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 6.5742% 1/27/2031 (c)(d)(f) | 235223 | 234670 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Natgasoline LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 5.5%, 9.7992% 3/29/2030 (c)(d)(f) | 538895 | 532159 |
| Win Waste Innovations Holdings Inc Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.1913% 3/24/2028 (c)(d)(f) | 407918 | 404475 |
|  |  | 936634 |
| TOTAL UTILITIES |  | 1171304 |
| TOTAL UNITED STATES |  | 18954145 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $19,451,816) |  | <br> **18969102** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Notes - 0.0%** | &nbsp;&nbsp;**Bank Notes - 0.0%** | &nbsp;&nbsp;**Bank Notes - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Capital One NA USD SOFR Spread-Adj ICE Swap Rate 5Y + 1.73%, 5.974% 8/9/2028 (c)(d) | 2954000 | 3012264 |
| KeyBank NA/Cleveland OH 6.95% 2/1/2028  | 619000 | 649757 |
| Regions Bank/Birmingham AL 6.45% 6/26/2037  | 5877000 | 5972928 |
| <br> **TOTAL BANK NOTES**<br> (Cost $10,012,630) |  | <br> **9634949** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 2.1%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 2.1%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 2.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 2.1%  |  |  |
| Ajax Mortgage Loan Trust Series 2021-C Class A, 5.115% 1/25/2061 (b) | 2018883 | 2017994 |
| Ajax Mortgage Loan Trust Series 2021-E Class A1, 1.74% 12/25/2060 (b) | 11793732 | 10174007 |
| Angel Oak Mortgage Trust Series 2021-8 Class A1, 1.82% 11/25/2066 (b) | 1590348 | 1399638 |
| Binom Securitization Trust Series 2022-RPL1 Class A1, 3% 2/25/2061 (b) | 11533912 | 10580330 |
| Bravo Residential Fdg Tr 2025-Nqm5 Series 2025-NQM5 Class A1, 5.496% 2/25/2065 (b)(e) | 12350000 | 12356227 |
| Bravo Residential Funding Trust Series 2020-RPL2 Class A1, 2% 5/25/2059 (b) | 666529 | 614644 |
| Bravo Residential Funding Trust Series 2022-RPL1 Class A1, 2.75% 9/25/2061 (b) | 14873097 | 13427949 |
| CFMT LLC Series 2022-HB10 Class A, 3.25% 11/25/2035 (b) | 5589801 | 5545189 |
| CFMT LLC Series 2024-HB13 Class A, 3% 5/25/2034 (b)(d) | 8966071 | 8791968 |
| CFMT LLC Series 2024-HB15 Class A, 4% 8/25/2034 (b)(d) | 4630540 | 4581191 |
| CFMT Series 2025-HB16 Class A, 3% 3/25/2035 (b)(d) | 2686069 | 2618913 |
| Cim Trust Series 2021-R3 Class A1A, 1.951% 6/25/2057 (b) | 3246641 | 2946138 |
| Cross Mortgage Trust Series 2025-H4 Class A1, 5.596% 6/25/2070 (b)(d) | 15100000 | 15122458 |
| CSMC Trust Series 2014-3R Class 2A1, CME Term SOFR 1 month Index + 0.8145%, 0% 5/27/2037 (b)(c)(d)(l) | 556406 | 55 |
| CSMC Trust Series 2014-3R Class 4A1, CME Term SOFR 1 month Index + 0.3945%, 4.3314% 5/27/2037 (b)(c)(d) | 423088 | 406968 |
| CSMC Trust Series 2015-1R Class 6A1, CME Term SOFR 1 month Index + 0.3945%, 4.3314% 5/27/2037 (b)(c)(d) | 14324 | 14188 |
| CSMC Trust Series 2020-RPL4 Class A1, 2% 1/25/2060 (b) | 209705 | 185275 |
| CSMC Trust Series 2021-RPL9 Class A1, 3.742% 2/25/2061 (b)(d) | 2799079 | 2838852 |
| Fannie Mae Guaranteed REMIC Series 1999-17 Class PG, 6% 4/25/2029  | 11935 | 12103 |
| Fannie Mae Guaranteed REMIC Series 1999-25 Class Z, 6% 6/25/2029  | 10563 | 10610 |
| Fannie Mae Guaranteed REMIC Series 1999-32 Class PL, 6% 7/25/2029  | 17489 | 17791 |
| Fannie Mae Guaranteed REMIC Series 1999-33 Class PK, 6% 7/25/2029  | 12647 | 12853 |
| Fannie Mae Guaranteed REMIC Series 2001-20 Class Z, 6% 5/25/2031  | 17050 | 17289 |
| Fannie Mae Guaranteed REMIC Series 2001-31 Class ZC, 6.5% 7/25/2031  | 6829 | 6912 |
| Fannie Mae Guaranteed REMIC Series 2001-52 Class YZ, 6.5% 10/25/2031  | 2596 | 2676 |
| Fannie Mae Guaranteed REMIC Series 2002-16 Class ZD, 6.5% 4/25/2032  | 7542 | 7756 |
| Fannie Mae Guaranteed REMIC Series 2002-18 Class FD, U.S. 30-Day Avg. SOFR Index + 0.9145%, 5.2365% 2/25/2032 (c)(d) | 1360 | 1363 |
| Fannie Mae Guaranteed REMIC Series 2002-39 Class FD, U.S. 30-Day Avg. SOFR Index + 1.1145%, 5.4444% 3/18/2032 (c)(d) | 2478 | 2499 |
| Fannie Mae Guaranteed REMIC Series 2002-60 Class FV, U.S. 30-Day Avg. SOFR Index + 1.1145%, 5.4365% 4/25/2032 (c)(d) | 2618 | 2635 |
| Fannie Mae Guaranteed REMIC Series 2002-63 Class FN, U.S. 30-Day Avg. SOFR Index + 1.1145%, 5.4365% 10/25/2032 (c)(d) | 3091 | 3111 |
| Fannie Mae Guaranteed REMIC Series 2002-7 Class FC, U.S. 30-Day Avg. SOFR Index + 0.8645%, 5.1865% 1/25/2032 (c)(d) | 1280 | 1281 |
| Fannie Mae Guaranteed REMIC Series 2002-74 Class SV, 7.4355% - U.S. 30-Day Avg. SOFR Index 3.1136% 11/25/2032 (d)(i) | 3437 | 90 |
| Fannie Mae Guaranteed REMIC Series 2003-118 Class S, 7.9855% - U.S. 30-Day Avg. SOFR Index 3.6636% 12/25/2033 (d)(i) | 55933 | 6455 |
| Fannie Mae Guaranteed REMIC Series 2003-21 Class SK, 7.9855% - U.S. 30-Day Avg. SOFR Index 3.6636% 3/25/2033 (d)(i) | 3637 | 375 |
| Fannie Mae Guaranteed REMIC Series 2005-102 Class CO, 0% 11/25/2035 (j) | 7141 | 6158 |
| Fannie Mae Guaranteed REMIC Series 2005-39 Class TE, 5% 5/25/2035  | 9606 | 9694 |
| Fannie Mae Guaranteed REMIC Series 2005-47 Class SW, 6.6055% - U.S. 30-Day Avg. SOFR Index 2.2836% 6/25/2035 (d)(i) | 72743 | 5378 |
| Fannie Mae Guaranteed REMIC Series 2005-72 Class ZC, 5.5% 8/25/2035  | 200566 | 206562 |
| Fannie Mae Guaranteed REMIC Series 2005-73 Class SA, U.S. 30-Day Avg. SOFR Index + 17.2524%, 6.0152% 8/25/2035 (c)(d) | 1552 | 1612 |
| Fannie Mae Guaranteed REMIC Series 2005-79 Class ZC, 5.9% 9/25/2035  | 138205 | 135707 |
| Fannie Mae Guaranteed REMIC Series 2005-81 Class PC, 5.5% 9/25/2035  | 25778 | 26318 |
| Fannie Mae Guaranteed REMIC Series 2006-104 Class GI, 6.5655% - U.S. 30-Day Avg. SOFR Index 2.2436% 11/25/2036 (d)(i) | 39148 | 3770 |
| Fannie Mae Guaranteed REMIC Series 2006-116 Class SG, 6.5255% - U.S. 30-Day Avg. SOFR Index 2.2036% 12/25/2036 (d)(i) | 25998 | 2595 |
| Fannie Mae Guaranteed REMIC Series 2006-12 Class BO, 0% 10/25/2035 (j) | 31453 | 27996 |
| Fannie Mae Guaranteed REMIC Series 2006-15 Class OP, 0% 3/25/2036 (j) | 51061 | 43419 |
| Fannie Mae Guaranteed REMIC Series 2006-37 Class OW, 0% 5/25/2036 (j) | 5478 | 4463 |
| Fannie Mae Guaranteed REMIC Series 2007-40 Class SE, 6.3255% - U.S. 30-Day Avg. SOFR Index 2.0036% 5/25/2037 (d)(i) | 14577 | 1597 |
| Fannie Mae Guaranteed REMIC Series 2007-57 Class SA, U.S. 30-Day Avg. SOFR Index + 39.9331%, 14.0013% 6/25/2037 (c)(d) | 15123 | 18679 |
| Fannie Mae Guaranteed REMIC Series 2007-66 Class SA, U.S. 30-Day Avg. SOFR Index + 38.9131%, 12.9813% 7/25/2037 (c)(d) | 15733 | 19572 |
| Fannie Mae Guaranteed REMIC Series 2007-66 Class SB, U.S. 30-Day Avg. SOFR Index + 38.9131%, 12.9813% 7/25/2037 (c)(d) | 2987 | 3311 |
| Fannie Mae Guaranteed REMIC Series 2010-135 Class ZA, 4.5% 12/25/2040  | 65758 | 62861 |
| Fannie Mae Guaranteed REMIC Series 2010-150 Class ZC, 4.75% 1/25/2041  | 566922 | 557293 |
| Fannie Mae Guaranteed REMIC Series 2011-39 Class ZA, 6% 11/25/2032  | 58722 | 60105 |
| Fannie Mae Guaranteed REMIC Series 2011-4 Class PZ, 5% 2/25/2041  | 217163 | 215081 |
| Fannie Mae Guaranteed REMIC Series 2011-67 Class AI, 4% 7/25/2026 (i) | 519 | 1 |
| Fannie Mae Guaranteed REMIC Series 2012-100 Class WI, 3% 9/25/2027 (i) | 100384 | 2227 |
| Fannie Mae Guaranteed REMIC Series 2012-149 Class DA, 1.75% 1/25/2043  | 61478 | 56929 |
| Fannie Mae Guaranteed REMIC Series 2012-149 Class GA, 1.75% 6/25/2042  | 79457 | 73433 |
| Fannie Mae Guaranteed REMIC Series 2012-154 Class F, U.S. 30-Day Avg. SOFR Index + 0.4145%, 4.7365% 1/25/2043 (c)(d) | 395084 | 385343 |
| Fannie Mae Guaranteed REMIC Series 2012-67 Class AI, 4.5% 7/25/2027 (i) | 600 | 8 |
| Fannie Mae Guaranteed REMIC Series 2012-9 Class SH, 6.4355% - U.S. 30-Day Avg. SOFR Index 2.1136% 6/25/2041 (d)(i) | 1474 | 2 |
| Fannie Mae Guaranteed REMIC Series 2013-100 Class PJ, 3% 3/25/2043  | 6972086 | 6642968 |
| Fannie Mae Guaranteed REMIC Series 2013-123 Class PZ, 2.7% 3/25/2043  | 7601945 | 6818950 |
| Fannie Mae Guaranteed REMIC Series 2013-133 Class IB, 3% 4/25/2032 (i) | 5448 | 18 |
| Fannie Mae Guaranteed REMIC Series 2013-134 Class SA, 5.9355% - U.S. 30-Day Avg. SOFR Index 1.6136% 1/25/2044 (d)(i) | 66340 | 7194 |
| Fannie Mae Guaranteed REMIC Series 2013-16 Class GP, 3% 3/25/2033  | 191508 | 187855 |
| Fannie Mae Guaranteed REMIC Series 2013-44 Class DJ, 1.85% 5/25/2033  | 4858270 | 4450527 |
| Fannie Mae Guaranteed REMIC Series 2015-42 Class IL, 6% 6/25/2045 (i) | 372057 | 54107 |
| Fannie Mae Guaranteed REMIC Series 2015-70 Class JC, 3% 10/25/2045  | 441956 | 417442 |
| Fannie Mae Guaranteed REMIC Series 2016-3 Class PL, 2.5% 2/25/2046  | 9998765 | 8514706 |
| Fannie Mae Guaranteed REMIC Series 2017-30 Class AI, 5.5% 5/25/2047 (i) | 196246 | 28119 |
| Fannie Mae Guaranteed REMIC Series 2017-32 Class PA, 2.7% 5/25/2047  | 7498960 | 6756137 |
| Fannie Mae Guaranteed REMIC Series 2017-36 Class FB, U.S. 30-Day Avg. SOFR Index + 0.4645%, 4.7865% 5/25/2047 (c)(d) | 847587 | 820108 |
| Fannie Mae Guaranteed REMIC Series 2017-37 Class AB, 2.55% 9/25/2046  | 1452260 | 1321867 |
| Fannie Mae Guaranteed REMIC Series 2018-32 Class FB, U.S. 30-Day Avg. SOFR Index + 0.4145%, 4.7365% 5/25/2048 (c)(d) | 456503 | 439985 |
| Fannie Mae Guaranteed REMIC Series 2018-38 Class FG, U.S. 30-Day Avg. SOFR Index + 0.4145%, 4.7365% 6/25/2048 (c)(d) | 1096862 | 1053320 |
| Fannie Mae Guaranteed REMIC Series 2019-23 Class FC, U.S. 30-Day Avg. SOFR Index + 0.5645%, 4.8865% 5/25/2049 (c)(d) | 7216055 | 7058034 |
| Fannie Mae Guaranteed REMIC Series 2020-39 Class MG, 1.5% 6/25/2040  | 20679246 | 17179034 |
| Fannie Mae Guaranteed REMIC Series 2020-45 Class JC, 1.5% 7/25/2040  | 21136373 | 17437728 |
| Fannie Mae Guaranteed REMIC Series 2021-21 Class HG, 2% 11/25/2047  | 5060369 | 4472678 |
| Fannie Mae Guaranteed REMIC Series 2021-45 Class DA, 3% 7/25/2051  | 8347287 | 7241514 |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DA, 2% 1/25/2048  | 5881709 | 4810305 |
| Fannie Mae Guaranteed REMIC Series 2021-66 Class DM, 2% 1/25/2048  | 6250571 | 5111976 |
| Fannie Mae Guaranteed REMIC Series 2021-69 Class JK, 1.5% 10/25/2051  | 4594652 | 3865794 |
| Fannie Mae Guaranteed REMIC Series 2021-77 Class CH, 1.5% 8/25/2050  | 1836587 | 1485997 |
| Fannie Mae Guaranteed REMIC Series 2021-85 Class L, 2.5% 8/25/2048  | 5074776 | 4393807 |
| Fannie Mae Guaranteed REMIC Series 2021-95 Class BA, 2.5% 6/25/2049  | 15123917 | 12962007 |
| Fannie Mae Guaranteed REMIC Series 2021-95, 2.5% 9/25/2048  | 10146762 | 8808126 |
| Fannie Mae Guaranteed REMIC Series 2021-96 Class AH, 2.5% 3/25/2049  | 20929294 | 17990736 |
| Fannie Mae Guaranteed REMIC Series 2021-96 Class HA, 2.5% 2/25/2050  | 8134528 | 6931329 |
| Fannie Mae Guaranteed REMIC Series 2022-1 Class KA, 3% 5/25/2048  | 5237788 | 4756032 |
| Fannie Mae Guaranteed REMIC Series 2022-11 Class B, 3% 6/25/2049  | 5735172 | 5254128 |
| Fannie Mae Guaranteed REMIC Series 2022-12 Class EA, 2.25% 9/25/2046  | 6193292 | 5574659 |
| Fannie Mae Guaranteed REMIC Series 2022-13 Class HA, 3% 8/25/2046  | 7317964 | 6790736 |
| Fannie Mae Guaranteed REMIC Series 2022-13 Class JA, 3% 5/25/2048  | 3964278 | 3601633 |
| Fannie Mae Guaranteed REMIC Series 2022-15 Class GC, 3% 1/25/2047  | 6418154 | 5942228 |
| Fannie Mae Guaranteed REMIC Series 2022-17 Class BH, 3% 5/25/2047  | 6959113 | 6539896 |
| Fannie Mae Guaranteed REMIC Series 2022-2 Class TH, 2.5% 2/25/2052  | 2640689 | 2393645 |
| Fannie Mae Guaranteed REMIC Series 2022-3 Class D, 2% 2/25/2048  | 14993194 | 13108400 |
| Fannie Mae Guaranteed REMIC Series 2022-3 Class N, 2% 10/25/2047  | 62669148 | 54133516 |
| Fannie Mae Guaranteed REMIC Series 2022-4 Class B, 2.5% 5/25/2049  | 5974833 | 5129422 |
| Fannie Mae Guaranteed REMIC Series 2022-49 Class TC, 4% 12/25/2048  | 4557460 | 4423670 |
| Fannie Mae Guaranteed REMIC Series 2022-5 Class DA, 2.25% 11/25/2047  | 17100722 | 14952615 |
| Fannie Mae Guaranteed REMIC Series 2022-53 Class FG, U.S. 30-Day Avg. SOFR Index + 0.8%, 5.122% 8/25/2052 (c)(d) | 18566187 | 18002345 |
| Fannie Mae Guaranteed REMIC Series 2022-56 Class FJ, U.S. 30-Day Avg. SOFR Index + 0.8%, 5.122% 9/25/2052 (c)(d) | 39844613 | 38634560 |
| Fannie Mae Guaranteed REMIC Series 2022-64 Class GF, U.S. 30-Day Avg. SOFR Index + 0.8%, 5.122% 10/25/2052 (c)(d) | 13150505 | 12887467 |
| Fannie Mae Guaranteed REMIC Series 2022-67 Class FA, U.S. 30-Day Avg. SOFR Index + 0.8%, 5.122% 10/25/2052 (c)(d) | 46622136 | 45228288 |
| Fannie Mae Guaranteed REMIC Series 2022-7 Class A, 3% 5/25/2048  | 7421834 | 6741347 |
| Fannie Mae Guaranteed REMIC Series 2022-7 Class E, 2.5% 11/25/2047  | 14625924 | 12945552 |
| Fannie Mae Guaranteed REMIC Series 2023-51 Class FB, U.S. 30-Day Avg. SOFR Index + 1.55%, 5.872% 11/25/2053 (c)(d) | 35826199 | 36102272 |
| Fannie Mae Guaranteed REMIC Series 2023-53 Class FD, U.S. 30-Day Avg. SOFR Index + 1.5%, 5.822% 11/25/2053 (c)(d) | 22068332 | 22215859 |
| Fannie Mae Guaranteed REMIC Series 2023-54 Class FD, U.S. 30-Day Avg. SOFR Index + 1.45%, 5.772% 11/25/2053 (c)(d) | 6135643 | 6179249 |
| Fannie Mae Guaranteed REMIC Series 2023-56 Class FC, U.S. 30-Day Avg. SOFR Index + 1.5%, 5.822% 11/25/2053 (c)(d) | 30766103 | 30973664 |
| Fannie Mae Guaranteed REMIC Series 2024-41 Class FB, U.S. 30-Day Avg. SOFR Index + 1.53%, 5.852% 7/25/2054 (c)(d) | 8864716 | 8866390 |
| Fannie Mae Guaranteed REMIC Series 2024-70 Class FA, U.S. 30-Day Avg. SOFR Index + 1.05%, 5.372% 10/25/2054 (c)(d) | 22580898 | 22393185 |
| Fannie Mae Guaranteed REMIC Series 2024-90 Class FD, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.522% 12/25/2054 (c)(d) | 47344071 | 47208648 |
| Fannie Mae Guaranteed REMIC Series 2024-93 Class FG, U.S. 30-Day Avg. SOFR Index + 1.1%, 5.422% 12/25/2054 (c)(d) | 11707279 | 11692731 |
| Fannie Mae Mortgage pass-thru certificates Series 1997-41 Class J, 7.5% 6/18/2027  | 1163 | 1185 |
| Fannie Mae Mortgage pass-thru certificates Series 2006-45 Class OP, 0% 6/25/2036 (j) | 16397 | 13684 |
| Fannie Mae Mortgage pass-thru certificates Series 2006-62 Class KP, 0% 4/25/2036 (j) | 25835 | 21633 |
| Fannie Mae Mortgage pass-thru certificates Series 2013-51 Class GI, 3% 10/25/2032 (i) | 45628 | 1815 |
| Fannie Mae Mortgage pass-thru certificates Series 2020-59 Class MC, 1.5% 8/25/2040  | 23299037 | 19207838 |
| Fannie Mae Mortgage pass-thru certificates Series 2024-100 Class EF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.522% 6/25/2054 (c)(d) | 24625626 | 24522572 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-33 Class FC, U.S. 30-Day Avg. SOFR Index + 1.6%, 5.922% 8/25/2054 (c)(d) | 24394763 | 24515361 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-4 Class FH, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.522% 9/25/2054 (c)(d) | 10607499 | 10574689 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class AF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.722% 2/25/2055 (c)(d) | 17296239 | 17259649 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class DF, U.S. 30-Day Avg. SOFR Index + 1.4%, 5.722% 9/25/2054 (c)(d) | 17519521 | 17465673 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FB, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.522% 2/25/2055 (c)(d) | 22095880 | 22029436 |
| Fannie Mae Mortgage pass-thru certificates Series 2025-7 Class FE, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.472% 2/25/2055 (c)(d) | 9410617 | 9385108 |
| Fannie Mae Series 2010-95 Class ZC, 5% 9/25/2040  | 1197395 | 1128991 |
| Fannie Mae Series 2022-28 Class A, 2.5% 2/25/2052  | 13355737 | 12538339 |
| Fannie Mae Series 2022-30 Class E, 4.5% 7/25/2048  | 14644894 | 14393655 |
| Fannie Mae Series 2022-9 Class BA, 3% 5/25/2048  | 6188290 | 5619772 |
| Fannie Mae Stripped Mortgage-Backed Securities Series 2003-339 Class 5, 5.5% 7/25/2033 (i) | 13167 | 1873 |
| Fannie Mae Stripped Mortgage-Backed Securities Series 2003-343 Class 16, 5.5% 5/25/2034 (i) | 12040 | 1770 |
| Fannie Mae Stripped Mortgage-Backed Securities Series 2003-348 Class 14, 6.5% 8/25/2034 (d)(i) | 10335 | 1854 |
| Fannie Mae Stripped Mortgage-Backed Securities Series 2004-351 Class 12, 5.5% 4/25/2034 (d)(i) | 6296 | 962 |
| Fannie Mae Stripped Mortgage-Backed Securities Series 2004-351 Class 13, 6% 3/25/2034 (i) | 9584 | 1621 |
| Fannie Mae Stripped Mortgage-Backed Securities Series 2005-359 Class 19, 6% 7/25/2035 (d)(i) | 5623 | 992 |
| Fannie Mae Stripped Mortgage-Backed Securities Series 2007-384 Class 6, 5% 7/25/2037 (i) | 55560 | 8934 |
| Freddie Mac Manufactured Housing participation certificates Series 1998-2043 Class CJ, 6.5% 4/15/2028  | 1390 | 1404 |
| Freddie Mac Manufactured Housing participation certificates Series 1998-2043 Class ZH, 6% 4/15/2028  | 3359 | 3407 |
| Freddie Mac Manufactured Housing participation certificates Series 1998-2056 Class Z, 6% 5/15/2028  | 9851 | 10006 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2014-4386 Class AZ, 4.5% 11/15/2040  | 655907 | 638296 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2018-4795 Class FA, U.S. 30-Day Avg. SOFR Index + 0.4145%, 4.7468% 5/15/2048 (c)(d) | 749595 | 720508 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5148 Class D, 1.75% 10/25/2051  | 11307772 | 8728501 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5159 Class EA, 2.5% 8/25/2048  | 4393711 | 3804604 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5159 Class GC, 2% 11/25/2047  | 4729148 | 4069477 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5164 Class M, 2.5% 7/25/2048  | 4487944 | 3891474 |
| Freddie Mac Multiclass Mortgage participation certificates Series 2021-5165 Class PC, 1.5% 11/25/2051  | 5794120 | 4872214 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 1999-2121 Class MG, 6% 2/15/2029  | 6411 | 6535 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 1999-2131 Class BG, 6% 3/15/2029  | 37009 | 37744 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 1999-2135 Class JE, 6% 3/15/2029  | 3945 | 4029 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 1999-2137 Class PG, 6% 3/15/2029  | 5682 | 5786 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 1999-2154 Class PT, 6% 5/15/2029  | 13572 | 13836 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2000-2218 Class ZB, 6% 3/15/2030  | 7120 | 7259 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2001-2274 Class ZM, 6.5% 1/15/2031  | 4715 | 4772 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2001-2303 Class ZV, 6% 4/15/2031  | 3521 | 3605 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2001-2357 Class ZB, 6.5% 9/15/2031  | 40252 | 41252 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2001-2380 Class SY, 8.0855% - U.S. 30-Day Avg. SOFR Index 3.7532% 11/15/2031 (d)(i) | 1712 | 78 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2002-2412 Class FK, U.S. 30-Day Avg. SOFR Index + 0.9145%, 5.2468% 1/15/2032 (c)(d) | 1013 | 1014 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2002-2423 Class FA, U.S. 30-Day Avg. SOFR Index + 1.0145%, 5.3468% 3/15/2032 (c)(d) | 1426 | 1432 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2002-2424 Class FM, U.S. 30-Day Avg. SOFR Index + 1.1145%, 5.4468% 3/15/2032 (c)(d) | 1374 | 1382 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2002-2432 Class FE, U.S. 30-Day Avg. SOFR Index + 1.0145%, 5.3468% 6/15/2031 (c)(d) | 2217 | 2225 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2002-2432 Class FG, U.S. 30-Day Avg. SOFR Index + 1.0145%, 5.3468% 3/15/2032 (c)(d) | 777 | 780 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2002-2502 Class ZC, 6% 9/15/2032  | 12784 | 13083 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2002-2519 Class ZD, 5.5% 11/15/2032  | 13368 | 13503 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2002-2520 Class BE, 6% 11/15/2032  | 29980 | 30796 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2003-2587 Class IM, 6.5% 3/15/2033 (i) | 1580 | 235 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2003-2693 Class MD, 5.5% 10/15/2033  | 120552 | 122154 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2004-2802 Class OB, 6% 5/15/2034  | 18891 | 19255 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2005-2933 Class ZM, 5.75% 2/15/2035  | 297031 | 294041 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2005-2947 Class XZ, 6% 3/15/2035  | 119340 | 122168 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2005-2996 Class ZD, 5.5% 6/15/2035  | 187100 | 184376 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2005-2998 Class LY, 5.5% 7/15/2025  | 49 | 49 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2005-3002 Class NE, 5% 7/15/2035  | 63148 | 64330 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2006-3110 Class OP, 0% 9/15/2035 (j) | 3029 | 2986 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2006-3115 Class SM, 6.4855% - U.S. 30-Day Avg. SOFR Index 2.1532% 2/15/2036 (d)(i) | 19798 | 1782 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2006-3119 Class PO, 0% 2/15/2036 (j) | 61524 | 50381 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2006-3121 Class KO, 0% 3/15/2036 (j) | 9014 | 7841 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2006-3123 Class LO, 0% 3/15/2036 (j) | 33343 | 27635 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2006-3145 Class GO, 0% 4/15/2036 (j) | 37072 | 30894 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2006-3189 Class PD, 6% 7/15/2036  | 63875 | 66153 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2006-3237 Class C, 5.5% 11/15/2036  | 256068 | 261627 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2006-3244 Class SG, 6.5455% - U.S. 30-Day Avg. SOFR Index 2.2132% 11/15/2036 (d)(i) | 90071 | 7899 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2006-3258 Class PM, 5.5% 12/15/2036  | 17718 | 18151 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2007-3336 Class LI, 6.4655% - U.S. 30-Day Avg. SOFR Index 2.1332% 6/15/2037 (d)(i) | 60943 | 6793 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2007-3366 Class FD, U.S. 30-Day Avg. SOFR Index + 0.3645%, 4.6968% 5/15/2037 (c)(d) | 64671 | 63857 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2008-3415 Class PC, 5% 12/15/2037  | 28628 | 28752 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2010-3711 Class B, 4% 8/15/2025  | 17432 | 17394 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2010-3720 Class EB, 4% 9/15/2025  | 40059 | 39946 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2011-3832 Class PE, 5% 3/15/2041  | 298020 | 298699 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2011-3949 Class MK, 4.5% 10/15/2034  | 112694 | 111167 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2012-4116 Class AP, 1.35% 8/15/2042  | 10226334 | 8931202 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2012-4135 Class AB, 1.75% 6/15/2042  | 59930 | 55725 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2013-4149 Class IO, 3% 1/15/2033 (i) | 26803 | 1767 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2013-4281 Class AI, 4% 12/15/2028 (i) | 37 | 0 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2014-4314 Class AI, 5% 3/15/2034 (i) | 237 | 1 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2015-4427 Class LI, 3.5% 2/15/2034 (i) | 147387 | 5310 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2015-4471 Class PA, 4% 12/15/2040  | 130647 | 129027 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-4683 Class LM, 3% 5/15/2047  | 522391 | 498027 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-4709 Class FE, U.S. 30-Day Avg. SOFR Index + 0.4645%, 4.7968% 8/15/2047 (c)(d) | 422363 | 409208 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-4954 Class KE, 1.5% 2/25/2050  | 2601011 | 2078237 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5000 Class BA, 2% 4/25/2045  | 12912352 | 11624325 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5001 Class A, 2% 1/25/2045  | 7900298 | 7197203 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5002 Class TJ, 2% 7/25/2050  | 6374087 | 5343671 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5018 Class LC, 3% 10/25/2040  | 2553968 | 2275920 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5041 Class LA, 1.5% 11/25/2040  | 3158501 | 2598050 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5046 Class PT, 1.5% 11/25/2040  | 2401275 | 1973034 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-5066 Class A, 1.5% 11/25/2044  | 3362471 | 2877590 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5077 Class ME, 2% 8/15/2048  | 4203264 | 3546179 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5083 Class VA, 1% 8/15/2038  | 9492479 | 8978041 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5141 Class JM, 1.5% 4/25/2051  | 4605107 | 3814110 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5148 Class AD, 1.5% 10/25/2051  | 4563759 | 3829032 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5148 Class PC, 1.5% 10/25/2051  | 4506278 | 3738215 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5169 Class TP, 2.5% 6/25/2049  | 4458258 | 3811850 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5175 Class CB, 2.5% 4/25/2050  | 29828948 | 25558367 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5180 Class KA, 2.5% 10/25/2047  | 5906848 | 5207509 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-5182 Class A, 2.5% 10/25/2048  | 39395870 | 34196485 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5189 Class DA, 2.5% 5/25/2049  | 4141171 | 3549268 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5189 Class TP, 2.5% 5/25/2049  | 4035393 | 3458106 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5190 Class BA, 2.5% 11/25/2047  | 3922067 | 3454898 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5190 Class CA, 2.5% 5/25/2049  | 3381544 | 2896981 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5191 Class CA, 2.5% 4/25/2050  | 6951562 | 5861671 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5196 Class ME, 1.75% 2/25/2052  | 22257350 | 19445423 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5197 Class A, 2.5% 6/25/2049  | 3381557 | 2896982 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5197 Class DA, 2.5% 11/25/2047  | 2975854 | 2624190 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5198 Class BA, 2.5% 11/25/2047  | 14076059 | 12497288 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5201 Class EB, 3% 2/25/2048  | 7758897 | 7084122 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5202 Class AG, 3% 1/25/2049  | 3231986 | 2920443 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5202 Class LB, 2.5% 10/25/2047  | 3189857 | 2817109 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5202 Class UA, 3% 4/25/2050  | 5635795 | 4972984 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5207 Class PA, 3% 6/25/2051  | 10080889 | 8728188 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5210 Class AB, 3% 1/25/2042  | 7506272 | 6961428 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5210 Class TA, 3.5% 11/25/2046  | 4275674 | 4001189 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5214 Class CB, 3.25% 4/25/2052  | 17929398 | 16722314 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5236 Class P, 5% 4/25/2048  | 5673771 | 5668521 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-5266 Class CD, 4.5% 10/25/2044  | 10418474 | 10291773 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-5354 Class FC, U.S. 30-Day Avg. SOFR Index + 1.45%, 5.772% 10/25/2053 (c)(d) | 16975713 | 17078649 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-5459 Class FD, U.S. 30-Day Avg. SOFR Index + 1%, 5.322% 10/25/2054 (c)(d) | 8351157 | 8303267 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class NF, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.472% 2/25/2055 (c)(d) | 34830316 | 34679634 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5499 Class WF, U.S. 30-Day Avg. SOFR Index + 1.2%, 5.522% 2/25/2055 (c)(d) | 9005430 | 8928140 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5500 Class FV, U.S. 30-Day Avg. SOFR Index + 1.25%, 5.572% 10/25/2054 (c)(d) | 16430905 | 16400107 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5509 Class FB, U.S. 30-Day Avg. SOFR Index + 1.15%, 5.472% 2/25/2055 (c)(d) | 13646151 | 13606567 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2025-5517 Class HF, U.S. 30-Day Avg. SOFR Index + 1.35%, 5.672% 3/25/2055 (c)(d) | 12998875 | 12952300 |
| Freddie Mac Non Gold Pool Series 1998-2095 Class PE, 6% 11/15/2028  | 15715 | 16000 |
| Freddie Mac Non Gold Pool Series 1998-2101 Class PD, 6% 11/15/2028  | 1149 | 1168 |
| Freddie Mac Non Gold Pool Series 1998-2104 Class PG, 6% 12/15/2028  | 1237 | 1260 |
| Freddie Mac Non Gold Pool Series 1999-2114 Class ZM, 6% 1/15/2029  | 524 | 534 |
| Freddie Mac Non Gold Pool Series 1999-2162 Class PH, 6% 6/15/2029  | 2144 | 2178 |
| Freddie Mac Non Gold Pool Series 2006-3225 Class EO, 0% 10/15/2036 (j) | 18949 | 15529 |
| Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-3 Class M55D, 4% 8/25/2057  | 267120 | 245504 |
| Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-3 Class MA, 3.5% 8/25/2057  | 4440874 | 4226350 |
| Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-4 Class MA, 3.5% 3/25/2058  | 1797588 | 1706652 |
| Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1 Class MA, 3.5% 7/25/2058  | 3099515 | 2933204 |
| Gcat 2021-Nqm7 Tr Series 2021-NQM7 Class A1, 1.915% 8/25/2066 (b) | 787553 | 718877 |
| Ginnie Mae Mortgage pass-thru certificates Series 2010-H10 Class FA, CME Term SOFR 1 month Index + 0.4445%, 4.7663% 5/20/2060 (c)(d)(k) | 99479 | 99582 |
| Ginnie Mae Mortgage pass-thru certificates Series 2010-H19 Class FG, CME Term SOFR 1 month Index + 0.4145%, 4.7334% 8/20/2060 (c)(d)(k) | 23161 | 23184 |
| Ginnie Mae Mortgage pass-thru certificates Series 2010-H27 Class FA, CME Term SOFR 1 month Index + 0.38%, 4.8134% 12/20/2060 (c)(d)(k) | 63764 | 63910 |
| Ginnie Mae Mortgage pass-thru certificates Series 2011-H05 Class FA, CME Term SOFR 1 month Index + 0.6145%, 4.9334% 12/20/2060 (c)(d)(k) | 57767 | 57974 |
| Ginnie Mae Mortgage pass-thru certificates Series 2011-H07 Class FA, CME Term SOFR 1 month Index + 0.6145%, 4.9334% 2/20/2061 (c)(d)(k) | 56971 | 57205 |
| Ginnie Mae Mortgage pass-thru certificates Series 2011-H12 Class FA, CME Term SOFR 1 month Index + 0.6045%, 4.9234% 2/20/2061 (c)(d)(k) | 70401 | 70682 |
| Ginnie Mae Mortgage pass-thru certificates Series 2011-H13 Class FA, CME Term SOFR 1 month Index + 0.6145%, 4.9334% 4/20/2061 (c)(d)(k) | 62740 | 62959 |
| Ginnie Mae Mortgage pass-thru certificates Series 2011-H14 Class FB, CME Term SOFR 1 month Index + 0.6145%, 4.9334% 5/20/2061 (c)(d)(k) | 58496 | 58752 |
| Ginnie Mae Mortgage pass-thru certificates Series 2011-H14 Class FC, CME Term SOFR 1 month Index + 0.6145%, 4.9334% 5/20/2061 (c)(d)(k) | 57485 | 57704 |
| Ginnie Mae Mortgage pass-thru certificates Series 2011-H17 Class FA, CME Term SOFR 1 month Index + 0.6445%, 4.9634% 6/20/2061 (c)(d)(k) | 60349 | 60598 |
| Ginnie Mae Mortgage pass-thru certificates Series 2011-H20 Class FA, CME Term SOFR 1 month Index + 0.6645%, 4.9834% 9/20/2061 (c)(d)(k) | 180679 | 181414 |
| Ginnie Mae Mortgage pass-thru certificates Series 2011-H21 Class FA, CME Term SOFR 1 month Index + 0.7145%, 5.0334% 10/20/2061 (c)(d)(k) | 73573 | 73954 |
| Ginnie Mae Mortgage pass-thru certificates Series 2012-H01 Class FA, CME Term SOFR 1 month Index + 0.8145%, 5.1334% 11/20/2061 (c)(d)(k) | 81008 | 81493 |
| Ginnie Mae Mortgage pass-thru certificates Series 2012-H03 Class FA, CME Term SOFR 1 month Index + 0.8145%, 5.1334% 1/20/2062 (c)(d)(k) | 43912 | 44175 |
| Ginnie Mae Mortgage pass-thru certificates Series 2012-H06 Class FA, CME Term SOFR 1 month Index + 0.7445%, 5.0634% 1/20/2062 (c)(d)(k) | 86116 | 86622 |
| Ginnie Mae Mortgage pass-thru certificates Series 2012-H07 Class FA, CME Term SOFR 1 month Index + 0.7445%, 5.0634% 3/20/2062 (c)(d)(k) | 44671 | 44904 |
| Ginnie Mae Mortgage pass-thru certificates Series 2012-H21 Class DF, CME Term SOFR 1 month Index + 0.7645%, 5.0834% 5/20/2061 (c)(d)(k) | 4574 | 4574 |
| Ginnie Mae Mortgage pass-thru certificates Series 2014-H03 Class FA, CME Term SOFR 1 month Index + 0.7145%, 5.0334% 1/20/2064 (c)(d)(k) | 36157 | 36355 |
| Ginnie Mae Mortgage pass-thru certificates Series 2014-H05 Class FB, CME Term SOFR 1 month Index + 0.7145%, 5.0334% 12/20/2063 (c)(d)(k) | 72025 | 72426 |
| Ginnie Mae Mortgage pass-thru certificates Series 2014-H11 Class BA, CME Term SOFR 1 month Index + 0.6145%, 4.9334% 6/20/2064 (c)(d)(k) | 55153 | 55346 |
| Ginnie Mae Mortgage pass-thru certificates Series 2015-H13 Class FL, CME Term SOFR 1 month Index + 0.3945%, 4.7134% 5/20/2063 (c)(d)(k) | 2600 | 2587 |
| Ginnie Mae Mortgage pass-thru certificates Series 2015-H13 Class HA, 2.5% 8/20/2064 (k) | 2220 | 2089 |
| Ginnie Mae Mortgage pass-thru certificates Series 2015-H19 Class FA, CME Term SOFR 1 month Index + 0.3145%, 4.6334% 4/20/2063 (c)(d)(k) | 3220 | 3190 |
| Ginnie Mae Mortgage pass-thru certificates Series 2016-H13 Class FB, 1 year U.S. Treasury Index + 0.5%, 4.59% 5/20/2066 (c)(d)(k) | 160738 | 160203 |
| Ginnie Mae Mortgage pass-thru certificates Series 2016-H20 Class FM, CME Term SOFR 1 month Index + 0.5145%, 4.8334% 12/20/2062 (c)(d)(k) | 9889 | 9836 |
| Ginnie Mae Mortgage pass-thru certificates Series 2017-134 Class BA, 2.5% 11/20/2046  | 91635 | 82502 |
| Ginnie Mae Mortgage pass-thru certificates Series 2017-H06 Class FA, 1 year U.S. Treasury Index + 0.35%, 4.44% 8/20/2066 (c)(d)(k) | 216581 | 215509 |
| Ginnie Mae REMIC pass-thru certificates Series 2004-24 Class ZM, 5% 4/20/2034  | 98137 | 97342 |
| Ginnie Mae REMIC pass-thru certificates Series 2004-32 Class GS, 6.3855% - CME Term SOFR 1 month Index 2.0569% 5/16/2034 (d)(i) | 23427 | 1520 |
| Ginnie Mae REMIC pass-thru certificates Series 2004-73 Class AL, 7.0855% - CME Term SOFR 1 month Index 2.7569% 8/17/2034 (d)(i) | 18033 | 1567 |
| Ginnie Mae REMIC pass-thru certificates Series 2007-37 Class TS, 6.5755% - CME Term SOFR 1 month Index 2.2469% 6/16/2037 (d)(i) | 36907 | 3613 |
| Ginnie Mae REMIC pass-thru certificates Series 2010-116 Class QB, 4% 9/16/2040  | 58041 | 54978 |
| Ginnie Mae REMIC pass-thru certificates Series 2010-160 Class DY, 4% 12/20/2040  | 835034 | 808427 |
| Ginnie Mae REMIC pass-thru certificates Series 2010-170 Class B, 4% 12/20/2040  | 184152 | 178112 |
| Ginnie Mae REMIC pass-thru certificates Series 2010-H03 Class FA, CME Term SOFR 1 month Index + 0.6645%, 4.9863% 3/20/2060 (c)(d)(k) | 115995 | 116573 |
| Ginnie Mae REMIC pass-thru certificates Series 2011-136 Class WI, 4.5% 5/20/2040 (i) | 7709 | 331 |
| Ginnie Mae REMIC pass-thru certificates Series 2011-52 Class HI, 7% 4/16/2041 (i) | 17652 | 2159 |
| Ginnie Mae REMIC pass-thru certificates Series 2011-94 Class SA, 5.9855% - CME Term SOFR 1 month Index 1.6611% 7/20/2041 (d)(i) | 71391 | 6791 |
| Ginnie Mae REMIC pass-thru certificates Series 2013-149 Class MA, 2.5% 5/20/2040  | 339905 | 333243 |
| Ginnie Mae REMIC pass-thru certificates Series 2014-2 Class BA, 3% 1/20/2044  | 1520990 | 1362901 |
| Ginnie Mae REMIC pass-thru certificates Series 2014-21 Class HA, 3% 2/20/2044  | 574301 | 528338 |
| Ginnie Mae REMIC pass-thru certificates Series 2014-25 Class HC, 3% 2/20/2044  | 973071 | 865587 |
| Ginnie Mae REMIC pass-thru certificates Series 2014-5 Class A, 3% 1/20/2044  | 777995 | 698459 |
| Ginnie Mae REMIC pass-thru certificates Series 2016-69 Class WA, 3% 2/20/2046  | 244451 | 222776 |
| Ginnie Mae REMIC pass-thru certificates Series 2017-139 Class BA, 3% 9/20/2047  | 2502687 | 2199948 |
| Ginnie Mae REMIC pass-thru certificates Series 2017-153 Class GA, 3% 9/20/2047  | 818674 | 730003 |
| Ginnie Mae REMIC pass-thru certificates Series 2017-182 Class KA, 3% 10/20/2047  | 667349 | 597371 |
| Ginnie Mae REMIC pass-thru certificates Series 2017-186 Class HK, 3% 11/16/2045  | 832332 | 765448 |
| Ginnie Mae REMIC pass-thru certificates Series 2018-13 Class Q, 3% 4/20/2047  | 750820 | 694881 |
| Ginnie Mae REMIC pass-thru certificates Series 2019-23 Class NF, CME Term SOFR 1 month Index + 0.5645%, 4.8889% 2/20/2049 (c)(d) | 1731172 | 1699657 |
| Ginnie Mae REMIC Trust Series 2015-H17 Class GZ, 4.2558% 5/20/2065 (d)(k) | 25904 | 25695 |
| GS Mortgage-Backed Securities Trust Series 2024-RPL2 Class A1, 3.75% 7/25/2061 (b) | 7308904 | 7081632 |
| JPMorgan Mortgage Trust Series 2025-NQM2 Class A1, 5.567% 9/25/2065 (b)(d) | 11500000 | 11512901 |
| Legacy Mortgage Asset Trust Series 2021-GS5 Class A1, 5.25% 7/25/2067 (b)(d) | 1878752 | 1867620 |
| MFA Trust Series 2022-RPL1 Class A1, 3.3% 8/25/2061 (b) | 40386754 | 37489045 |
| MFRA Trust Series 2024-RPL1 Class A1, 4.25% 2/25/2066 (b)(d) | 735132 | 680445 |
| Morgan Stanley Residential Mortgage Loan Trust 2025-NQM3 Series 2025-NQM3 Class A1, 5.53% 5/25/2070 (b)(d) | 24099000 | 24124292 |
| New Residential Mortgage Loan Trust Series 2019-1A Class A1B, 3.5% 10/25/2059 (b) | 2964859 | 2758159 |
| New Residential Mortgage Loan Trust Series 2019-5A Class A1B, 3.5% 8/25/2059 (b) | 292987 | 269087 |
| New York Mortgage Trust Series 2021-SP1 Class A1, 4.6696% 8/25/2061 (b) | 7989773 | 7950309 |
| NYMT Loan Trust Series 2021-CP1 Class A1, 2.0424% 7/25/2061 (b) | 12324865 | 11379135 |
| NYMT Loan Trust Series 2024-CP1 Class A1, 3.75% 2/25/2068 (b) | 8169063 | 7522498 |
| Oceanview Mortgage Loan Trust Series 2020-1 Class A1A, 1.7329% 5/28/2050 (b) | 29621 | 27638 |
| Ocwen Loan Investment Trust Series 2023-HB1 Class A, 3% 6/25/2036 (b) | 1267297 | 1250666 |
| Ocwen Loan Investment Trust Series 2024-HB1 Class A, 3% 2/25/2037 (b) | 1422103 | 1383128 |
| Onity Loan Investment Trust 2024-Hb2 Series 2024-HB2 Class A, 5% 8/25/2037 (b) | 5059916 | 5040319 |
| PRET LLC Series 2022-RN1 Class A1, 6.721% 7/25/2051 (b)(e) | 1297357 | 1298144 |
| PRET Trust Series 2024-RPL1 Class A1, 3.9% 10/25/2063 (b) | 1502053 | 1408828 |
| Prpm 2023-Rcf1 LLC Series 2023-RCF1 Class A1, 4% 6/25/2053 (b) | 5353451 | 5233553 |
| PRPM LLC Series 2024-RCF4 Class A1, 4% 7/25/2054 (b) | 4197189 | 4094137 |
| PRPM LLC Series 2024-RCF6 Class A1, 4% 10/25/2054 (b)(d) | 7891512 | 7630393 |
| PRPM LLC Series 2024-RPL2 Class A1, 3.5% 5/25/2054 (b)(d) | 20412657 | 19662945 |
| RCO VIII Mortgage LLC Series 2025-3 Class A1, 6.4345% 5/25/2030 (b)(d) | 8677000 | 8666291 |
| RMF Buyout Issuance Trust Series 2020-HB1 Class A1, 1.7188% 10/25/2050 (b) | 1928207 | 1780254 |
| RMF Buyout Issuance Trust Series 2021-HB1 Class A, 1.2586% 11/25/2031 (b) | 321913 | 320774 |
| Santander Mortgage Asset Receivable Trust 2025-Nqm2 Series 2025-NQM2 Class A1, 5.732% 2/25/2065 (b)(d) | 6632078 | 6648494 |
| Sequoia Mortgage Trust Series 2004-6 Class A3B, CME Term SOFR 6 month Index + 1.3083%, 5.5914% 7/20/2034 (c)(d) | 1430 | 1317 |
| Thornburg Mortgage Securities Trust Series 2003-4 Class A1, CME Term SOFR 1 month Index + 0.7545%, 5.0792% 9/25/2043 (c)(d) | 37198 | 35865 |
| TOWD Point Mortgage Trust Series 2018-1 Class A2, 3.25% 1/25/2058 (b) | 4549920 | 4364984 |
| Towd Point Mortgage Trust Series 2020-1 Class A1, 2.71% 1/25/2060 (b) | 602275 | 571024 |
| Towd Point Mortgage Trust Series 2021-1 Class A1, 2.25% 11/25/2061 (b)(d) | 23346649 | 21551075 |
| Towd Point Mortgage Trust Series 2022-1 Class A1, 3.75% 7/25/2062 (b) | 39495099 | 37202851 |
| Verus Securitization Trust Series 2025-4 Class A1, 5.448% 5/25/2070 (b) | 17300000 | 17266443 |
| Wells Fargo Mortgage Backed Securities Trust Series 2003-I Class A1, 6.9199% 9/25/2033 (d) | 4034 | 3986 |
| TOTAL UNITED STATES |  | 1572257939 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $1,582,072,355) |  | <br> **1572257939** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 3.4%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 3.4%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 3.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 3.4%  |  |  |
| 3650r Commercial Mortgage Trust Series 2021-PF1 Class A1, 1.122% 11/15/2054  | 2287215 | 2223154 |
| ALA Trust Series 2025-OANA Class A, CME Term SOFR 1 month Index + 1.7426%, 6.0426% 6/15/2030 (b)(c)(d) | 39635000 | 39800999 |
| BAMLL Commercial Mortgage Securities Trust Series 2019-BPR Class ANM, 3.112% 11/5/2032 (b) | 4966201 | 4728083 |
| BAMLL Commercial Mortgage Securities Trust Series 2019-BPR Class BNM, 3.465% 11/5/2032 (b) | 858000 | 794628 |
| BAMLL Commercial Mortgage Securities Trust Series 2019-BPR Class CNM, 3.7186% 11/5/2032 (b)(d) | 536000 | 477795 |
| BAMLL Commercial Mortgage Securities Trust Series 2022-DKLX Class A, CME Term SOFR 1 month Index + 1.15%, 5.479% 1/15/2039 (b)(c)(d) | 11766074 | 11721952 |
| BAMLL Commercial Mortgage Securities Trust Series 2022-DKLX Class B, CME Term SOFR 1 month Index + 1.55%, 5.879% 1/15/2039 (b)(c)(d) | 1871854 | 1856645 |
| BAMLL Commercial Mortgage Securities Trust Series 2022-DKLX Class C, CME Term SOFR 1 month Index + 2.15%, 6.479% 1/15/2039 (b)(c)(d) | 1336780 | 1323829 |
| BANK Series 2017-BNK5 Class A4, 3.131% 6/15/2060  | 2699975 | 2628724 |
| BANK Series 2017-BNK5 Class A5, 3.39% 6/15/2060  | 10059000 | 9794191 |
| BANK Series 2017-BNK6 Class ASB, 3.289% 7/15/2060  | 1422898 | 1408160 |
| BANK Series 2017-BNK8 Class A3, 3.229% 11/15/2050  | 3740736 | 3653627 |
| BANK Series 2018-BN10 Class A4, 3.428% 2/15/2061  | 7271931 | 7067580 |
| BANK Series 2018-BN10 Class A5, 3.688% 2/15/2061  | 40101000 | 39171483 |
| BANK Series 2018-BN13 Class A4, 3.953% 8/15/2061  | 6489939 | 6348177 |
| BANK Series 2018-BN14 Class A4, 4.231% 9/15/2060  | 10750000 | 10562268 |
| BANK Series 2018-BN14 Class ASB, 4.185% 9/15/2060  | 3770892 | 3743744 |
| BANK Series 2018-BN15 Class ASB, 4.285% 11/15/2061  | 845738 | 839363 |
| BANK Series 2019-BN21 Class A5, 2.851% 10/17/2052  | 1112000 | 1014519 |
| BANK Series 2019-BN21 Class ASB, 2.808% 10/17/2052  | 5704510 | 5504918 |
| BANK Series 2019-BN23 Class ASB, 2.846% 12/15/2052  | 3017067 | 2894393 |
| BANK Series 2020-BN25 Class XB, 0.4364% 1/15/2063 (d)(i) | 30600000 | 554769 |
| BANK Series 2020-BN26 Class ASB, 2.313% 3/15/2063  | 21521755 | 20494171 |
| BANK Series 2021-BN33 Class XA, 1.0438% 5/15/2064 (d)(i) | 102086929 | 4312948 |
| BANK Series 2021-BN35 Class ASB, 2.067% 6/15/2064  | 1200000 | 1096620 |
| BANK Series 2022-BNK44 Class A5, 5.7439% 11/15/2055 (d) | 5700000 | 5912485 |
| BANK Series 2023-BNK45 Class A5, 5.203% 2/15/2056 (d) | 8201000 | 8197918 |
| BANK Series 2025-BNK49 Class A5, 5.623% 3/15/2058  | 13100000 | 13459976 |
| BANK5 Series 2023-5YR1 Class A2, 5.779% 4/15/2056  | 14200000 | 14491775 |
| Bayview Commercial Asset Trust Series 2005-3A Class A2, CME Term SOFR 1 month Index + 0.7145%, 5.0392% 11/25/2035 (b)(c)(d) | 19366 | 18618 |
| Bayview Commercial Asset Trust Series 2005-3A Class M1, CME Term SOFR 1 month Index + 0.7745%, 5.0992% 11/25/2035 (b)(c)(d) | 5180 | 5092 |
| Bayview Commercial Asset Trust Series 2005-4A Class A2, CME Term SOFR 1 month Index + 0.6995%, 5.0242% 1/25/2036 (b)(c)(d) | 45903 | 43191 |
| Bayview Commercial Asset Trust Series 2005-4A Class M1, CME Term SOFR 1 month Index + 0.7895%, 5.1142% 1/25/2036 (b)(c)(d) | 14819 | 13997 |
| Bayview Commercial Asset Trust Series 2005-4A Class M2, CME Term SOFR 1 month Index + 0.8195%, 5.1442% 1/25/2036 (b)(c)(d) | 5588 | 5300 |
| Bayview Commercial Asset Trust Series 2005-4A Class M3, CME Term SOFR 1 month Index + 0.8645%, 5.1892% 1/25/2036 (b)(c)(d) | 8133 | 7655 |
| Bayview Commercial Asset Trust Series 2006-1A Class A2, CME Term SOFR 1 month Index + 0.6545%, 4.9792% 4/25/2036 (b)(c)(d) | 7550 | 7035 |
| Bayview Commercial Asset Trust Series 2006-1A Class M1, CME Term SOFR 1 month Index + 0.6845%, 5.0092% 4/25/2036 (b)(c)(d) | 4565 | 4224 |
| Bayview Commercial Asset Trust Series 2006-1A Class M2, CME Term SOFR 1 month Index + 0.7145%, 5.0392% 4/25/2036 (b)(c)(d) | 4829 | 4448 |
| Bayview Commercial Asset Trust Series 2006-1A Class M6, CME Term SOFR 1 month Index + 1.0745%, 5.3992% 4/25/2036 (b)(c)(d) | 4565 | 3945 |
| Bayview Commercial Asset Trust Series 2006-2A Class M1, CME Term SOFR 1 month Index + 0.5795%, 4.9042% 7/25/2036 (b)(c)(d) | 6772 | 6373 |
| Bayview Commercial Asset Trust Series 2006-2A Class M2, CME Term SOFR 1 month Index + 0.6095%, 4.9342% 7/25/2036 (b)(c)(d) | 4812 | 4455 |
| Bayview Commercial Asset Trust Series 2006-2A Class M4, CME Term SOFR 1 month Index + 0.7445%, 5.0692% 7/25/2036 (b)(c)(d) | 4545 | 4232 |
| Bayview Commercial Asset Trust Series 2006-4A Class A2, CME Term SOFR 1 month Index + 0.5195%, 4.8442% 12/25/2036 (b)(c)(d) | 100167 | 93699 |
| Bayview Commercial Asset Trust Series 2006-4A Class M1, CME Term SOFR 1 month Index + 0.5495%, 4.8742% 12/25/2036 (b)(c)(d) | 8050 | 7725 |
| Bayview Commercial Asset Trust Series 2006-4A Class M3, CME Term SOFR 1 month Index + 0.6245%, 4.9492% 12/25/2036 (b)(c)(d) | 5457 | 5445 |
| Bayview Commercial Asset Trust Series 2007-1 Class A2, CME Term SOFR 1 month Index + 0.5195%, 4.8442% 3/25/2037 (b)(c)(d) | 24493 | 23078 |
| Bayview Commercial Asset Trust Series 2007-2A Class A1, CME Term SOFR 1 month Index + 0.3845%, 4.8442% 7/25/2037 (b)(c)(d) | 83144 | 76353 |
| Bayview Commercial Asset Trust Series 2007-2A Class A2, CME Term SOFR 1 month Index + 0.4345%, 4.9192% 7/25/2037 (b)(c)(d) | 77822 | 71545 |
| Bayview Commercial Asset Trust Series 2007-2A Class M1, CME Term SOFR 1 month Index + 0.4845%, 4.9942% 7/25/2037 (b)(c)(d) | 26510 | 24972 |
| Bayview Commercial Asset Trust Series 2007-2A Class M2, CME Term SOFR 1 month Index + 0.5245%, 5.0542% 7/25/2037 (b)(c)(d) | 17271 | 16228 |
| Bayview Commercial Asset Trust Series 2007-2A Class M3, CME Term SOFR 1 month Index + 0.6045%, 5.1742% 7/25/2037 (b)(c)(d) | 26039 | 22104 |
| Bayview Commercial Asset Trust Series 2007-3 Class A2, CME Term SOFR 1 month Index + 0.5495%, 4.8742% 7/25/2037 (b)(c)(d) | 26931 | 25212 |
| Bayview Commercial Asset Trust Series 2007-3 Class M1, CME Term SOFR 1 month Index + 0.5795%, 4.9042% 7/25/2037 (b)(c)(d) | 14286 | 12958 |
| Bayview Commercial Asset Trust Series 2007-3 Class M2, CME Term SOFR 1 month Index + 0.6245%, 4.9492% 7/25/2037 (b)(c)(d) | 15243 | 13668 |
| Bayview Commercial Asset Trust Series 2007-3 Class M3, CME Term SOFR 1 month Index + 0.6695%, 4.9942% 7/25/2037 (b)(c)(d) | 24607 | 22651 |
| Bayview Commercial Asset Trust Series 2007-3 Class M4, CME Term SOFR 1 month Index + 0.8645%, 5.1892% 7/25/2037 (b)(c)(d) | 38687 | 35559 |
| Bayview Commercial Asset Trust Series 2007-3 Class M5, CME Term SOFR 1 month Index + 1.0145%, 5.3392% 7/25/2037 (b)(c)(d) | 24945 | 26814 |
| BBCMS Mortgage Trust Series 2019-C3 Class ASB, 3.458% 5/15/2052  | 3415518 | 3340724 |
| BBCMS Mortgage Trust Series 2019-C5 Class ASB, 2.99% 11/15/2052  | 1637988 | 1592641 |
| BBCMS Mortgage Trust Series 2021-C11 Class ASB, 2.108% 9/15/2054  | 2000000 | 1850070 |
| BBCMS Mortgage Trust Series 2023-C21 Class A3, 6.2958% 9/15/2056 (d) | 13794000 | 14660978 |
| Bbcms Mtg Tr Series 2025-5C34 Class A3, 5.659% 5/15/2058  | 4000000 | 4130513 |
| BCP Trust Series 2021-330N Class A, CME Term SOFR 1 month Index + 0.9135%, 5.2425% 6/15/2038 (b)(c)(d) | 4207067 | 3774950 |
| Benchmark Mortgage Trust Series 2018-B1 Class ASB, 3.602% 1/15/2051  | 1845063 | 1820717 |
| Benchmark Mortgage Trust Series 2018-B2 Class ASB, 3.7802% 2/15/2051  | 1788040 | 1768916 |
| Benchmark Mortgage Trust Series 2018-B4 Class A5, 4.121% 7/15/2051  | 1260000 | 1231696 |
| Benchmark Mortgage Trust Series 2018-B6 Class A3, 3.995% 10/10/2051  | 4700000 | 4596332 |
| Benchmark Mortgage Trust Series 2018-B7 Class A2, 4.377% 5/15/2053  | 888617 | 883467 |
| Benchmark Mortgage Trust Series 2018-B7 Class A4, 4.51% 5/15/2053  | 3112512 | 3065799 |
| Benchmark Mortgage Trust Series 2018-B8 Class A5, 4.2317% 1/15/2052  | 15369000 | 14926290 |
| Benchmark Mortgage Trust Series 2019-B10 Class A4, 3.717% 3/15/2062  | 2683000 | 2576499 |
| Benchmark Mortgage Trust Series 2019-B10 Class ASB, 3.615% 3/15/2062  | 6986404 | 6863433 |
| Benchmark Mortgage Trust Series 2019-B12 Class XA, 1.0654% 8/15/2052 (d)(i) | 77134967 | 2204471 |
| Benchmark Mortgage Trust Series 2019-B13 Class A4, 2.952% 8/15/2057  | 12263000 | 11363406 |
| Benchmark Mortgage Trust Series 2019-B14 Class XA, 0.75% 12/15/2062 (d)(i) | 118842245 | 2536973 |
| Benchmark Mortgage Trust Series 2020-B17 Class XA, 1.3724% 3/15/2053 (d)(i) | 25337067 | 1125179 |
| Benchmark Mortgage Trust Series 2020-B18 Class XA, 1.7969% 7/15/2053 (d)(i) | 18298589 | 917041 |
| Benchmark Mortgage Trust Series 2020-B19 Class XA, 1.7445% 9/15/2053 (d)(i) | 10559157 | 516189 |
| Benchmark Mortgage Trust Series 2020-B21 Class AAB, 1.7975% 12/17/2053  | 7966000 | 7441777 |
| Benchmark Mortgage Trust Series 2021-B27 Class XA, 1.2337% 7/15/2054 (d)(i) | 34522747 | 1835467 |
| Benchmark Mortgage Trust Series 2021-B31 Class A5, 2.669% 12/15/2054  | 3205000 | 2768000 |
| Benchmark Mortgage Trust Series 2023-V2 Class A3, 5.8118% 5/15/2055  | 7200000 | 7381603 |
| Benchmark Mortgage Trust Series 2024-V9 Class A3, 5.6019% 8/15/2057  | 15300000 | 15711012 |
| BLOX Trust Series 2021-BLOX Class A, CME Term SOFR 1 month Index + 1.1145%, 5.4435% 9/15/2026 (b)(c)(d) | 21008136 | 20735060 |
| BLP Commercial Mortgage Trust Series 2024-IND2 Class A, CME Term SOFR 1 month Index + 1.3422%, 5.6709% 3/15/2041 (b)(c)(d) | 13894628 | 13903312 |
| BMO Mortgage Trust Series 2023-C6 Class XA, 0.7892% 9/15/2056 (d)(i) | 221789232 | 11640076 |
| BMO Mortgage Trust Series 2024-5C5 Class A3, 5.8574% 2/15/2057  | 5100000 | 5281367 |
| BMO Mortgage Trust Series 2025-5C10 Class A3, 5.5784% 5/15/2058  | 13690000 | 14104934 |
| BMO Mortgage Trust Series 2025-5C9 Class A3, 5.7785% 4/15/2058 (d) | 36150000 | 37465921 |
| BMP Series 2024-MF23 Class A, CME Term SOFR 1 month Index + 1.3719%, 5.7007% 6/15/2041 (b)(c)(d) | 19211000 | 19223007 |
| BMP Series 2024-MF23 Class B, CME Term SOFR 1 month Index + 1.6416%, 5.9703% 6/15/2041 (b)(c)(d) | 5310000 | 5313319 |
| BMP Series 2024-MF23 Class C, CME Term SOFR 1 month Index + 1.8413%, 6.17% 6/15/2041 (b)(c)(d) | 3540000 | 3542212 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class A, 5.218% 11/5/2039 (b)(d) | 13519000 | 13586680 |
| BPR Trust Series 2022-OANA Class A, CME Term SOFR 1 month Index + 1.898%, 6.2267% 4/15/2037 (b)(c)(d) | 50588622 | 50572813 |
| BPR Trust Series 2022-OANA Class B, CME Term SOFR 1 month Index + 2.447%, 6.7757% 4/15/2037 (b)(c)(d) | 11281000 | 11273951 |
| BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class A, CME Term SOFR 1 month Index + 1.3917%, 5.7204% 3/15/2041 (b)(c)(d) | 83566208 | 83618437 |
| BX Commercial Mortgage Trust 21-SOAR Series 2021-SOAR Class D, CME Term SOFR 1 month Index + 1.5145%, 5.8435% 6/15/2038 (b)(c)(d) | 1315107 | 1313873 |
| BX Commercial Mortgage Trust 21-SOAR Series 2021-SOAR Class E, CME Term SOFR 1 month Index + 1.9145%, 6.2435% 6/15/2038 (b)(c)(d) | 4945678 | 4939496 |
| BX Commercial Mortgage Trust 21-SOAR Series 2022-IND Class A, CME Term SOFR 1 month Index + 1.491%, 5.8197% 4/15/2037 (b)(c)(d) | 13706699 | 13706699 |
| BX Commercial Mortgage Trust 24-MDHS Series 2024-MDHS Class A, 5.97% 5/15/2041 (b)(d) | 35143871 | 35187801 |
| BX Commercial Mortgage Trust Series 2019-IMC Class A, CME Term SOFR 1 month Index + 1.0463%, 5.3753% 4/15/2034 (b)(c)(d) | 6654469 | 6592083 |
| BX Commercial Mortgage Trust Series 2019-IMC Class B, CME Term SOFR 1 month Index + 1.3463%, 5.6753% 4/15/2034 (b)(c)(d) | 4437000 | 4364899 |
| BX Commercial Mortgage Trust Series 2019-IMC Class C, CME Term SOFR 1 month Index + 1.6463%, 5.9753% 4/15/2034 (b)(c)(d) | 2933000 | 2881672 |
| BX Commercial Mortgage Trust Series 2019-IMC Class D, CME Term SOFR 1 month Index + 1.9463%, 6.2753% 4/15/2034 (b)(c)(d) | 3079000 | 3021269 |
| BX Commercial Mortgage Trust Series 2020-VIV4 Class A, 2.843% 3/9/2044 (b) | 8497000 | 7675927 |
| BX Commercial Mortgage Trust Series 2021-PAC Class A, CME Term SOFR 1 month Index + 0.8036%, 5.1326% 10/15/2036 (b)(c)(d) | 33219512 | 33074403 |
| BX Commercial Mortgage Trust Series 2021-PAC Class B, CME Term SOFR 1 month Index + 1.0133%, 5.3423% 10/15/2036 (b)(c)(d) | 9701000 | 9646432 |
| BX Commercial Mortgage Trust Series 2021-PAC Class C, CME Term SOFR 1 month Index + 1.2131%, 5.5421% 10/15/2036 (b)(c)(d) | 10186000 | 10115971 |
| BX Commercial Mortgage Trust Series 2021-PAC Class D, CME Term SOFR 1 month Index + 1.4128%, 5.7418% 10/15/2036 (b)(c)(d) | 3579000 | 3547683 |
| BX Commercial Mortgage Trust Series 2021-PAC Class E, CME Term SOFR 1 month Index + 2.062%, 6.391% 10/15/2036 (b)(c)(d) | 11390000 | 11311694 |
| BX Commercial Mortgage Trust Series 2021-VINO Class A, CME Term SOFR 1 month Index + 0.7668%, 5.0958% 5/15/2038 (b)(c)(d) | 3506148 | 3503957 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class A, CME Term SOFR 1 month Index + 1.0129%, 5.3416% 2/15/2039 (b)(c)(d) | 6604607 | 6592223 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class B, CME Term SOFR 1 month Index + 1.3123%, 5.641% 2/15/2039 (b)(c)(d) | 7546700 | 7523117 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class C, CME Term SOFR 1 month Index + 1.5617%, 5.8904% 2/15/2039 (b)(c)(d) | 5089000 | 5066735 |
| BX Commercial Mortgage Trust Series 2022-LP2 Class D, CME Term SOFR 1 month Index + 1.9608%, 6.2895% 2/15/2039 (b)(c)(d) | 5089000 | 5063555 |
| BX Commercial Mortgage Trust Series 2023-XL3 Class A, CME Term SOFR 1 month Index + 1.7614%, 6.0901% 12/9/2040 (b)(c)(d) | 18464435 | 18539567 |
| BX Commercial Mortgage Trust Series 2023-XL3 Class B, CME Term SOFR 1 month Index + 2.1908%, 6.5195% 12/9/2040 (b)(c)(d) | 3586488 | 3596575 |
| BX Commercial Mortgage Trust Series 2023-XL3 Class C, CME Term SOFR 1 month Index + 2.6402%, 6.9689% 12/9/2040 (b)(c)(d) | 1943248 | 1948713 |
| BX Commercial Mortgage Trust Series 2024-5C6 Class A3, 5.3161% 9/15/2057  | 22700000 | 23054336 |
| BX Commercial Mortgage Trust Series 2024-GPA3 Class A, CME Term SOFR 1 month Index + 1.2928%, 5.6215% 12/15/2039 (b)(c)(d) | 15035306 | 15035306 |
| BX Commercial Mortgage Trust Series 2025-SPOT Class A, CME Term SOFR 1 month Index + 1.4434%, 5.7721% 4/15/2040 (b)(c)(d) | 35427000 | 35431120 |
| Bx Tr 2025-Tail Series 2025-TAIL Class A, CME Term SOFR 1 month Index + 1.4%, 5.7% 6/15/2035 (b)(c)(d) | 8702000 | 8713740 |
| BX Trust 2024-CNY Series 2024-CNYN Class A, CME Term SOFR 1 month Index + 1.4419%, 5.7706% 4/15/2041 (b)(c)(d) | 43285677 | 43339785 |
| BX Trust 2024-CNY Series 2024-CNYN Class B, CME Term SOFR 1 month Index + 1.6915%, 6.0202% 4/15/2041 (b)(c)(d) | 6857461 | 6866033 |
| BX Trust 2024-CNY Series 2024-CNYN Class C, CME Term SOFR 1 month Index + 1.9412%, 6.2699% 4/15/2041 (b)(c)(d) | 5727000 | 5734158 |
| BX Trust 2025-ROIC Series 2025-ROIC Class A, CME Term SOFR 1 month Index + 1.1438%, 5.4725% 3/15/2030 (b)(c)(d) | 70866000 | 70334505 |
| BX Trust 2025-ROIC Series 2025-ROIC Class B, CME Term SOFR 1 month Index + 1.3935%, 5.7222% 3/15/2030 (b)(c)(d) | 6582000 | 6516180 |
| BX Trust 2025-ROIC Series 2025-ROIC Class C, CME Term SOFR 1 month Index + 1.69%, 5.872% 3/15/2030 (b)(c)(d) | 7863000 | 7725398 |
| BX Trust Series 2021-ACNT Class A, CME Term SOFR 1 month Index + 0.9645%, 5.2935% 11/15/2038 (b)(c)(d) | 1328867 | 1328036 |
| BX Trust Series 2021-BXMF Class A, CME Term SOFR 1 month Index + 0.7504%, 5.0794% 10/15/2026 (b)(c)(d) | 4415129 | 4398572 |
| BX Trust Series 2021-LBA Class AJV, CME Term SOFR 1 month Index + 0.9145%, 5.2435% 2/15/2036 (b)(c)(d) | 12055000 | 12047466 |
| BX Trust Series 2021-MFM1 Class A, CME Term SOFR 1 month Index + 0.8145%, 5.1435% 1/15/2034 (b)(c)(d) | 3226657 | 3224640 |
| BX Trust Series 2021-SOAR Class A, CME Term SOFR 1 month Index + 0.7845%, 5.1135% 6/15/2038 (b)(c)(d) | 35148590 | 35126622 |
| BX Trust Series 2021-XL2 Class A, CME Term SOFR 1 month Index + 0.803%, 5.132% 10/15/2038 (b)(c)(d) | 539220 | 538883 |
| BX Trust Series 2022-IND Class B, CME Term SOFR 1 month Index + 1.94%, 6.2687% 4/15/2037 (b)(c)(d) | 8004500 | 8004500 |
| BX Trust Series 2022-IND Class C, CME Term SOFR 1 month Index + 2.29%, 6.6187% 4/15/2037 (b)(c)(d) | 2241400 | 2241400 |
| BX Trust Series 2022-IND Class D, CME Term SOFR 1 month Index + 2.839%, 7.1677% 4/15/2037 (b)(c)(d) | 1512000 | 1512000 |
| BX Trust Series 2024-XL4 Class A, CME Term SOFR 1 month Index + 1.442%, 5.7707% 2/15/2039 (b)(c)(d) | 54051126 | 54118626 |
| BX Trust Series 2024-XL4 Class B, CME Term SOFR 1 month Index + 1.7915%, 6.1203% 2/15/2039 (b)(c)(d) | 4093749 | 4097587 |
| BX Trust Series 2024-XL5 Class B, CME Term SOFR 1 month Index + 1.6912%, 6.0199% 3/15/2041 (b)(c)(d) | 11528021 | 11535226 |
| BX Trust Series 2024-XL5 Class C, CME Term SOFR 1 month Index + 1.9409%, 6.2696% 3/15/2041 (b)(c)(d) | 14978967 | 14988329 |
| BX Trust Series 2025-DIME Class A, CME Term SOFR 1 month Index + 1.15%, 5.4787% 2/15/2035 (b)(c)(d) | 23170000 | 23083113 |
| CAMB Commercial Mortgage Trust Series 2019-LIFE Class A, CME Term SOFR 1 month Index + 1.367%, 5.696% 12/15/2037 (b)(c)(d) | 20276000 | 20263328 |
| CCUBS Commercial Mortgage Trust Series 2017-C1 Class ASB, 3.462% 11/15/2050  | 657677 | 648305 |
| CD Mortgage Trust Series 2017-CD5 Class A3, 3.171% 8/15/2050  | 17950000 | 17353818 |
| CD Mortgage Trust Series 2017-CD5 Class AAB, 3.22% 8/15/2050  | 356112 | 351261 |
| CD Mortgage Trust Series 2017-CD6 Class ASB, 3.332% 11/13/2050  | 8285530 | 8155822 |
| CF Hippolyta Issuer LLC Series 2020-1 Class A1, 1.69% 7/15/2060 (b) | 28296507 | 28086830 |
| CF Hippolyta Issuer LLC Series 2020-1 Class A2, 1.99% 7/15/2060 (b) | 10032726 | 9208589 |
| CF Hippolyta Issuer LLC Series 2021-1A Class A1, 1.53% 3/15/2061 (b) | 15360984 | 14789311 |
| CFCRE Commercial Mortgage Trust Series 2016-C7 Class A2, 3.5853% 12/10/2054  | 8445777 | 8292574 |
| CFCRE Commercial Mortgage Trust Series 2017-C8 Class A3, 3.3048% 6/15/2050  | 19302898 | 18759365 |
| CGMS Commercial Mortgage Trust Series 2017-B1 Class A3, 3.197% 8/15/2050  | 766953 | 743271 |
| CGMS Commercial Mortgage Trust Series 2017-B1 Class A4, 3.458% 8/15/2050  | 2800000 | 2721224 |
| Citigroup Commercial Mortgage Trust Series 2015-GC33 Class AAB, 3.522% 9/10/2058  | 144522 | 144335 |
| Citigroup Commercial Mortgage Trust Series 2015-GC33 Class XA, 0.8231% 9/10/2058 (d)(i) | 977238 | 490 |
| Citigroup Commercial Mortgage Trust Series 2016-GC37 Class AAB, 3.098% 4/10/2049  | 47775 | 47550 |
| Citigroup Commercial Mortgage Trust Series 2016-P6 Class XA, 0.5476% 12/10/2049 (d)(i) | 1139762 | 6827 |
| Citigroup Commercial Mortgage Trust Series 2017-P7 Class AAB, 3.509% 4/14/2050  | 2976772 | 2949930 |
| Citigroup Commercial Mortgage Trust Series 2019-C7 Class A4, 3.102% 12/15/2072  | 9335374 | 8681841 |
| Citigroup Commercial Mortgage Trust Series 2019-GC41 Class XA, 1.0317% 8/10/2056 (d)(i) | 18930583 | 602666 |
| Citigroup Commercial Mortgage Trust Series 2020-GC46 Class AAB, 2.614% 2/15/2053  | 1045014 | 998029 |
| COMM Mortgage Trust Series 2015-CR24 Class A5, 3.696% 8/10/2048  | 6540227 | 6524512 |
| COMM Mortgage Trust Series 2015-LC21 Class A4, 3.708% 7/10/2048  | 179558 | 179319 |
| COMM Mortgage Trust Series 2017-CD4 Class A4, 3.514% 5/10/2050  | 1969000 | 1918566 |
| COMM Mortgage Trust Series 2017-COR2 Class ASB, 3.317% 9/10/2050  | 484433 | 478330 |
| Computershare Corporate Trust Series 2018-C48 Class A5, 4.302% 1/15/2052  | 3836000 | 3780648 |
| Computershare Corporate Trust Series 2018-C48 Class ASB, 4.245% 1/15/2052  | 4858257 | 4827509 |
| CSAIL Commercial Mortgage Trust Series 2016-C6 Class A5, 3.0898% 1/15/2049  | 2625000 | 2580168 |
| CSAIL Commercial Mortgage Trust Series 2020-C19 Class ASB, 2.5501% 3/15/2053  | 6356104 | 6064032 |
| CSMC Trust Series 2020-NET Class A, 2.2569% 8/15/2037 (b) | 1536202 | 1518682 |
| DBJPM Mortgage Trust Series 2017-C6 Class ASB, 3.121% 6/10/2050  | 1849878 | 1822588 |
| DTP Commercial Mortgage Trust Series 2023-STE2 Class A, 5.8433% 1/15/2041 (b)(d) | 9373000 | 9570723 |
| ELP Commercial Mortgage Trust Series 2021-ELP Class A, CME Term SOFR 1 month Index + 0.8155%, 5.1445% 11/15/2038 (b)(c)(d) | 66059128 | 65893980 |
| ELP Commercial Mortgage Trust Series 2021-ELP Class B, CME Term SOFR 1 month Index + 1.2347%, 5.5637% 11/15/2038 (b)(c)(d) | 29739384 | 29637155 |
| EQT Trust Series 2024-EXTR Class A, 5.3308% 7/5/2041 (b)(d) | 7260000 | 7349927 |
| Extended Stay America Trust Series 2021-ESH Class A, CME Term SOFR 1 month Index + 1.1945%, 5.5235% 7/15/2038 (b)(c)(d) | 8355984 | 8355984 |
| Extended Stay America Trust Series 2021-ESH Class B, CME Term SOFR 1 month Index + 1.4945%, 5.8235% 7/15/2038 (b)(c)(d) | 3619611 | 3619610 |
| Extended Stay America Trust Series 2021-ESH Class C, CME Term SOFR 1 month Index + 1.8145%, 6.1435% 7/15/2038 (b)(c)(d) | 4769824 | 4769824 |
| Extended Stay America Trust Series 2021-ESH Class D, CME Term SOFR 1 month Index + 2.3645%, 6.6935% 7/15/2038 (b)(c)(d) | 18856287 | 18856287 |
| Fannie Mae Guaranteed REMIC Series 2018-M10 Class A2, 3.3548% 7/25/2028 (d) | 976403 | 952152 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2015-K049 Class A2, 3.01% 7/25/2025  | 1237177 | 1233400 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2016-K054 Class A2, 2.745% 1/25/2026  | 23849854 | 23561504 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K063 Class A2, 3.43% 1/25/2027  | 6124002 | 6034473 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K067 Class A2, 3.194% 7/25/2027  | 6723000 | 6574016 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K068 Class A2, 3.244% 8/25/2027  | 21500000 | 21036937 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K069 Class A2, 3.187% 9/25/2027  | 12258958 | 11972934 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K070 Class A2, 3.303% 11/25/2027  | 27454000 | 26855324 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2017-K071 Class A2, 3.286% 11/25/2027  | 13265000 | 12963605 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K072 Class A2, 3.444% 12/25/2027  | 28327000 | 27769046 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K073 Class A2, 3.35% 1/25/2028  | 22090000 | 21600587 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K074 Class A2, 3.6% 1/25/2028  | 51490000 | 50641508 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K076 Class A2, 3.9% 4/25/2028  | 9900000 | 9803671 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K077 Class A2, 3.85% 5/25/2028  | 33650000 | 33273558 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K081 Class A2, 3.9% 8/25/2028  | 7532000 | 7457580 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K083 Class A2, 4.05% 9/25/2028  | 9405000 | 9339861 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2018-K086 Class A2, 3.859% 11/25/2028  | 4600000 | 4538915 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2019-K087 Class A2, 3.771% 12/25/2028  | 1125000 | 1106856 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2020-K740 Class A2, 1.47% 9/25/2027  | 19600000 | 18424341 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2021-K746 Class A2, 2.031% 9/25/2028  | 3140000 | 2929286 |
| GS Mortgage Securities Trust Series 2011-GC5 Class AS, 5.148% 8/10/2044 (b)(d) | 6619043 | 6467248 |
| GS Mortgage Securities Trust Series 2013-GC13 Class AS, 3.8787% 7/10/2046 (b)(d) | 1392929 | 1368539 |
| GS Mortgage Securities Trust Series 2015-GC30 Class AS, 3.777% 5/10/2050  | 1327772 | 1297923 |
| GS Mortgage Securities Trust Series 2015-GC34 Class A3, 3.244% 10/10/2048  | 2046034 | 2041144 |
| GS Mortgage Securities Trust Series 2015-GC34 Class AAB, 3.278% 10/10/2048  | 56784 | 56705 |
| GS Mortgage Securities Trust Series 2017-GS6 Class A2, 3.164% 5/10/2050  | 3972643 | 3850225 |
| GS Mortgage Securities Trust Series 2018-GS10 Class A4, 3.89% 7/10/2051  | 15685681 | 15134279 |
| GS Mortgage Securities Trust Series 2018-GS10 Class A5, 4.155% 7/10/2051  | 5912000 | 5703687 |
| GS Mortgage Securities Trust Series 2018-GS10 Class AAB, 4.106% 7/10/2051  | 1200929 | 1187421 |
| GS Mortgage Securities Trust Series 2018-GS9 Class A4, 3.992% 3/10/2051  | 20920000 | 20466373 |
| GS Mortgage Securities Trust Series 2019-GSA1 Class A4, 3.0479% 11/10/2052  | 1000000 | 932004 |
| GS Mortgage Securities Trust Series 2020-GC45 Class AAB, 2.8428% 2/13/2053  | 5950740 | 5723260 |
| GS Mortgage Securities Trust Series 2021-IP Class A, CME Term SOFR 1 month Index + 1.0645%, 5.3935% 10/15/2036 (b)(c)(d) | 24827106 | 24671937 |
| GS Mortgage Securities Trust Series 2021-IP Class B, CME Term SOFR 1 month Index + 1.2645%, 5.5935% 10/15/2036 (b)(c)(d) | 1654000 | 1641595 |
| GS Mortgage Securities Trust Series 2021-IP Class C, CME Term SOFR 1 month Index + 1.6645%, 5.9935% 10/15/2036 (b)(c)(d) | 1363000 | 1352777 |
| ILPT Trust Series 2019-SURF Class A, 4.145% 2/11/2041 (b) | 7494000 | 7230213 |
| JPMDB Commercial Mortgage Securities Trust Series 2016-C4 Class ASB, 2.9941% 12/15/2049  | 546783 | 539549 |
| JPMDB Commercial Mortgage Securities Trust Series 2017-C5 Class ASB, 3.4919% 3/15/2050  | 1462021 | 1441406 |
| JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class ASB, 4.145% 6/15/2051  | 5206674 | 5165012 |
| JPMDB Commercial Mortgage Securities Trust Series 2019-COR6 Class A4, 3.0565% 11/13/2052  | 2872000 | 2527157 |
| JPMDB Commercial Mortgage Securities Trust Series 2020-COR7 Class A5, 2.1798% 5/13/2053  | 1500000 | 1230484 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class D, 4.6132% 7/5/2031 (b)(d) | 1846000 | 876851 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class AFX, 4.2475% 7/5/2033 (b) | 1167147 | 1106087 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class CFX, 4.9498% 7/5/2033 (b) | 767000 | 585004 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-WPT Class DFX, 5.3503% 7/5/2033 (b) | 1370000 | 873728 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-BKWD Class A, CME Term SOFR 1 month Index + 1.6145%, 5.9435% 9/15/2029 (b)(c)(d) | 2806374 | 2659200 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2021-2NU Class A, 1.9739% 1/5/2040 (b) | 24200000 | 21713665 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2022-NLP Class A, CME Term SOFR 1 month Index + 0.8465%, 5.1752% 4/15/2037 (b)(c)(d) | 18158800 | 17841021 |
| LCCM Mortgage Trust Series 2017-LC26 Class A3, 3.289% 7/12/2050 (b) | 4874074 | 4722566 |
| Life Financial Services Trust Series 2022-BMR2 Class A1, CME Term SOFR 1 month Index + 1.2952%, 5.624% 5/15/2039 (b)(c)(d) | 41080997 | 39848567 |
| Life Financial Services Trust Series 2022-BMR2 Class B, CME Term SOFR 1 month Index + 1.7939%, 6.1226% 5/15/2039 (b)(c)(d) | 22757000 | 20708870 |
| Life Financial Services Trust Series 2022-BMR2 Class C, CME Term SOFR 1 month Index + 2.0931%, 6.4218% 5/15/2039 (b)(c)(d) | 8790000 | 7911000 |
| Life Financial Services Trust Series 2022-BMR2 Class D, CME Term SOFR 1 month Index + 2.5419%, 6.8706% 5/15/2039 (b)(c)(d) | 8790000 | 7866346 |
| LIFE Mortgage Trust Series 2021-BMR Class C, CME Term SOFR 1 month Index + 1.2145%, 5.5435% 3/15/2038 (b)(c)(d) | 217658 | 216161 |
| LIFE Mortgage Trust Series 2021-BMR Class D, CME Term SOFR 1 month Index + 1.5145%, 5.8435% 3/15/2038 (b)(c)(d) | 1983800 | 1966442 |
| LIFE Mortgage Trust Series 2021-BMR Class E, CME Term SOFR 1 month Index + 1.8645%, 6.1935% 3/15/2038 (b)(c)(d) | 1733200 | 1711535 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class A, CME Term SOFR 1 month Index + 0.9154%, 5.2444% 4/15/2038 (b)(c)(d) | 1482814 | 1481887 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class A, CME Term SOFR 1 month Index + 0.8145%, 5.1435% 7/15/2038 (b)(c)(d) | 11210236 | 11196223 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25 Class XA, 0.9793% 10/15/2048 (d)(i) | 458235 | 261 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28 Class A3, 3.272% 1/15/2049  | 5124962 | 5080672 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class A4, 3.259% 6/15/2050  | 15100000 | 14735193 |
| Morgan Stanley Capital I Trust Series 2017-HR2 Class A3, 3.33% 12/15/2050  | 6536286 | 6304995 |
| Morgan Stanley Capital I Trust Series 2017-HR2 Class A4, 3.587% 12/15/2050  | 7467886 | 7238188 |
| Morgan Stanley Capital I Trust Series 2018-BOP Class A, CME Term SOFR 1 month Index + 0.897%, 5.226% 8/15/2033 (b)(c)(d) | 134441 | 109839 |
| Morgan Stanley Capital I Trust Series 2018-H4 Class A4, 4.31% 12/15/2051  | 4191000 | 4118807 |
| Morgan Stanley Capital I Trust Series 2019-L2 Class A3, 3.806% 3/15/2052  | 17904493 | 17204408 |
| Morgan Stanley Capital I Trust Series 2019-NUGS Class A, CME Term SOFR 1 month Index + 1.0645%, 5.3935% 12/15/2036 (b)(c)(d) | 9700000 | 8383843 |
| Morgan Stanley Capital I Trust Series 2021-L6 Class XA, 1.1728% 6/15/2054 (d)(i) | 27609309 | 1214315 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class A, 3.9% 9/24/2057 (b)(d) | 40268020 | 38809536 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class XD, 3.0181% 12/15/2056 (b)(d)(i) | 12148000 | 2344275 |
| Natixis Commercial Mortgage Securities Trust Series 2020-2PAC Class A, 2.966% 12/15/2038 (b) | 8714563 | 8212881 |
| NYT Mortgage Trust Series 2019-NYT Class A, CME Term SOFR 1 month Index + 1.497%, 5.826% 12/15/2035 (b)(c)(d) | 20822000 | 20409156 |
| OPEN Trust Series 2023-AIR Class A, CME Term SOFR 1 month Index + 3.0891%, 7.4178% 11/15/2040 (b)(c)(d) | 5180766 | 5195139 |
| OPEN Trust Series 2023-AIR Class B, CME Term SOFR 1 month Index + 3.838%, 8.1667% 11/15/2040 (b)(c)(d) | 9703200 | 9703200 |
| RLGH Trust Series 2021-TROT Class A, CME Term SOFR 1 month Index + 0.9145%, 5.2435% 4/15/2036 (b)(c)(d) | 23000000 | 22931331 |
| SLG Office Trust Series 2021-OVA Class X, 0.258% 7/15/2041 (b)(d)(i) | 213942750 | 2652120 |
| SPGN Mortgage Trust Series 2022-TFLM Class B, CME Term SOFR 1 month Index + 2%, 6.3287% 2/15/2039 (b)(c)(d) | 4954000 | 4855325 |
| SPGN Mortgage Trust Series 2022-TFLM Class C, CME Term SOFR 1 month Index + 2.65%, 6.9787% 2/15/2039 (b)(c)(d) | 2576000 | 2499032 |
| SREIT Trust Series 2021-FLWR Class A, CME Term SOFR 1 month Index + 0.691%, 5.02% 7/15/2036 (b)(c)(d) | 10276192 | 10269769 |
| SREIT Trust Series 2021-MFP Class A, CME Term SOFR 1 month Index + 0.8453%, 5.174% 11/15/2038 (b)(c)(d) | 40908730 | 40857594 |
| SREIT Trust Series 2021-MFP Class B, CME Term SOFR 1 month Index + 1.1943%, 5.523% 11/15/2038 (b)(c)(d) | 21261276 | 21194835 |
| SREIT Trust Series 2021-MFP Class C, CME Term SOFR 1 month Index + 1.4435%, 5.7722% 11/15/2038 (b)(c)(d) | 5225983 | 5206385 |
| SREIT Trust Series 2021-MFP Class D, CME Term SOFR 1 month Index + 1.6927%, 6.0214% 11/15/2038 (b)(c)(d) | 3607019 | 3593493 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class A, CME Term SOFR 1 month Index + 1.2429%, 5.5716% 12/15/2039 (b)(c)(d) | 33555000 | 33544464 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class B, CME Term SOFR 1 month Index + 1.5924%, 5.9211% 12/15/2039 (b)(c)(d) | 7289000 | 7261647 |
| TCO Commercial Mortgage Trust Series 2024-DPM Class C, CME Term SOFR 1 month Index + 1.9919%, 6.3206% 12/15/2039 (b)(c)(d) | 5436000 | 5401776 |
| UBS Commercial Mortgage Trust Series 2017-C1 Class A3, 3.196% 6/15/2050  | 1011591 | 979949 |
| UBS Commercial Mortgage Trust Series 2017-C5 Class ASB, 3.345% 11/15/2050  | 1089148 | 1072807 |
| UBS Commercial Mortgage Trust Series 2017-C7 Class ASB, 3.586% 12/15/2050  | 484011 | 478084 |
| UBS Commercial Mortgage Trust Series 2017-C7 Class XA, 0.9712% 12/15/2050 (d)(i) | 25258413 | 529421 |
| UBS Commercial Mortgage Trust Series 2018-C12 Class ASB, 4.1945% 8/15/2051  | 860257 | 854629 |
| UBS Commercial Mortgage Trust Series 2018-C8 Class ASB, 3.903% 2/15/2051  | 1407596 | 1395770 |
| UBS Commercial Mortgage Trust Series 2018-C9 Class A4, 4.117% 3/15/2051  | 9714061 | 9488867 |
| UBS Commercial Mortgage Trust Series 2019-C17 Class ASB, 2.8655% 10/15/2052  | 10143222 | 9787392 |
| VLS Commercial Mortgage Trust Series 2020-LAB Class A, 2.13% 10/10/2042 (b) | 14678994 | 12166241 |
| VLS Commercial Mortgage Trust Series 2020-LAB Class B, 2.453% 10/10/2042 (b) | 470000 | 375055 |
| VLS Commercial Mortgage Trust Series 2020-LAB Class X, 0.4294% 10/10/2042 (b)(d) | 58746457 | 1134030 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C32 Class A3, 3.294% 1/15/2059  | 2850637 | 2829253 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C32 Class A3FL, CME Term SOFR 1 month Index + 1.5345%, 5.8632% 1/15/2059 (c)(d) | 3534790 | 3540295 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C35 Class A4, 2.931% 7/15/2048  | 4200000 | 4109744 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C35 Class A4FL, CME Term SOFR 1 month Index + 1.1645%, 5.4932% 7/15/2048 (b)(c)(d) | 5200000 | 5200739 |
| Wells Fargo Commercial Mortgage Trust Series 2016-C37 Class A4, 3.525% 12/15/2049  | 3091762 | 3043324 |
| Wells Fargo Commercial Mortgage Trust Series 2016-LC25 Class A3, 3.374% 12/15/2059  | 16050081 | 15744303 |
| Wells Fargo Commercial Mortgage Trust Series 2017-C40 Class ASB, 3.395% 10/15/2050  | 447681 | 441620 |
| Wells Fargo Commercial Mortgage Trust Series 2017-C41 Class ASB, 3.39% 11/15/2050  | 75090 | 74219 |
| Wells Fargo Commercial Mortgage Trust Series 2017-C42 Class XA, 0.8551% 12/15/2050 (d)(i) | 1277501 | 22378 |
| Wells Fargo Commercial Mortgage Trust Series 2017-RC1 Class ASB, 3.453% 1/15/2060  | 245702 | 244065 |
| Wells Fargo Commercial Mortgage Trust Series 2018-C44 Class ASB, 4.167% 5/15/2051  | 586705 | 582703 |
| Wells Fargo Commercial Mortgage Trust Series 2018-C46 Class XA, 0.9005% 8/15/2051 (d)(i) | 27724608 | 534749 |
| Wells Fargo Commercial Mortgage Trust Series 2018-C47 Class ASB, 4.365% 9/15/2061  | 6060883 | 6041096 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C49 Class ASB, 3.933% 3/15/2052  | 6213432 | 6142835 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class A5, 2.892% 8/15/2052  | 3829000 | 3531528 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C54 Class A4, 3.146% 12/15/2052  | 2390000 | 2224806 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C54 Class ASB, 3.063% 12/15/2052  | 1675866 | 1625086 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C54 Class XA, 0.8304% 12/15/2052 (d)(i) | 57568351 | 1834847 |
| Wells Fargo Commercial Mortgage Trust Series 2020-C55 Class ASB, 2.651% 2/15/2053  | 753635 | 722732 |
| Wells Fargo Commercial Mortgage Trust Series 2020-C56 Class ASB, 2.422% 6/15/2053  | 2156721 | 2041429 |
| Wells Fargo Commercial Mortgage Trust Series 2021-C61 Class ASB, 2.525% 11/15/2054  | 4475000 | 4118013 |
| Wells Fargo Commercial Mortgage Trust Series 2021-FCMT Class A, CME Term SOFR 1 month Index + 1.3145%, 5.6435% 5/15/2031 (b)(c)(d) | 16435000 | 16312725 |
| Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A3, 5.928% 7/15/2057  | 11703000 | 12131162 |
| Wells Fargo Commercial Mortgage Trust Series 2024-GRP Class A, CME Term SOFR 1 month Index + 1.7913%, 6.12% 10/15/2041 (b)(c)(d) | 7200000 | 7224489 |
| Wells Fargo Commercial Mortgage Trust Series 2024-GRP Class B, CME Term SOFR 1 month Index + 2.2906%, 6.6193% 10/15/2041 (b)(c)(d) | 3750000 | 3766178 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP Class A11, CME Term SOFR 1 month Index + 1.9907%, 6.3194% 8/15/2041 (b)(c)(d) | 8200000 | 8179987 |
| Wells Fargo Commercial Mortgage Trust Series 2024-MGP Class A12, CME Term SOFR 1 month Index + 1.6912%, 6.0199% 8/15/2041 (b)(c)(d) | 20000000 | 19899940 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class XA, 1.3461% 5/15/2058 (d)(i) | 16000000 | 775214 |
| Wells Fargo Commercial Mortgage Trust Series 2025-5C4 Class XB, 0.7388% 5/15/2058 (d)(i) | 40000000 | 998636 |
| Wells Fargo Commerical Mortgage Trust Series 2025-VTT Class A, 5.1004% 3/15/2038 (b)(d) | 8466000 | 8440825 |
| TOTAL UNITED STATES |  | 2597951106 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $2,604,314,730) |  | <br> **2597951106** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 0.0%** | &nbsp;&nbsp;**Common Stocks - 0.0%** | &nbsp;&nbsp;**Common Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| New Fortress Energy Inc  | 6213 | 15470 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Cano Health LLC (l)(m) | 22175 | 280071 |
| Cano Health LLC warrants (l)(m) | 681 | 3051 |
|  |  | 283122 |
| TOTAL UNITED STATES |  | 298592 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $495,885) |  | <br> **298592** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 47.2%** | &nbsp;&nbsp;**Fixed-Income Funds - 47.2%** | &nbsp;&nbsp;**Fixed-Income Funds - 47.2%** |
|  | Shares | Value ($)<br>|
| Fidelity Advisor Floating Rate High Income Fund - Class Z (n) | 117491316 | 1073870624 |
| Fidelity Advisor New Markets Income Fund - Class Z (n) | 98514364 | 1252117564 |
| Fidelity Advisor Real Estate Income Fund - Class Z (n) | 115260639 | 1390043301 |
| Fidelity SAI Enhanced Core Bond Fund (n) | 95862001 | 949992434 |
| Fidelity SAI High Income Fund (n) | 33121039 | 303057509 |
| Fidelity SAI Inflation-Protected Bond Index Fund (n) | 38750467 | 393317240 |
| Fidelity SAI Intermediate Treasury Bond Index Fund (n) | 331434288 | 3228169963 |
| Fidelity SAI International Credit Fund (n) | 124391657 | 1327258977 |
| Fidelity SAI Long-Term Treasury Bond Index Fund (n) | 336288419 | 2222866450 |
| Fidelity SAI Municipal Income Fund (n) | 8056133 | 77338879 |
| Fidelity SAI Short-Term Treasury Bond Index Fund (n) | 23075581 | 231217323 |
| Fidelity SAI Total Bond Fund (n) | 1914501263 | 17173076332 |
| Fidelity SAI U.S. Treasury Bond Index Fund (n) | 617919795 | 5412977406 |
| Fidelity Sustainability Bond Index Fund (n) | 2633188 | 24251662 |
| Fidelity U.S. Bond Index Fund (n) | 70590496 | 727788008 |
| <br> **TOTAL FIXED-INCOME FUNDS**<br> (Cost $38,474,992,877) |  | **35787343672** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.1%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.1%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.1%** | &nbsp;&nbsp;**Foreign Government and Government Agency Obligations - 0.1%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.0%  |  |  |  |
| Canadian Government 1.5% 12/1/2031  | CAD | 580000 | 385984 |
| Canadian Government 2.75% 6/1/2033  | CAD | 690000 | 490193 |
| Canadian Government 3% 6/1/2034  | CAD | 435000 | 312816 |
| Canadian Government 3.25% 12/1/2033  | CAD | 5700000 | 4188813 |
| TOTAL CANADA |  |  | 5377806 |
| COLOMBIA - 0.1%  |  |  |  |
| Colombian Republic 7.375% 4/25/2030  |  | 14080000 | 14500992 |
| Colombian Republic 8% 11/14/2035  |  | 4590000 | 4594590 |
| Colombian Republic 8.5% 4/25/2035  |  | 15780000 | 16283382 |
| Colombian Republic 8.75% 11/14/2053  |  | 6175000 | 6023713 |
| TOTAL COLOMBIA |  |  | 41402677 |
| GERMANY - 0.0%  |  |  |  |
| German Federal Republic 3.25% 7/4/2042 (o) | EUR | 95000 | 113385 |
| JAPAN - 0.0%  |  |  |  |
| Japan Government 0.9% 9/20/2034  | JPY | 170000000 | 1125997 |
| MEXICO - 0.0%  |  |  |  |
| United Mexican States 3.25% 4/16/2030  |  | 1247000 | 1137264 |
| United Mexican States 3.5% 2/12/2034  |  | 1035000 | 850253 |
| United Mexican States 4.5% 4/22/2029  |  | 3114000 | 3045492 |
| United Mexican States 6% 5/13/2030  |  | 3370000 | 3471100 |
| TOTAL MEXICO |  |  | 8504109 |
| MULTI-NATIONAL - 0.0%  |  |  |  |
| European Union 0% 10/4/2028 (o) | EUR | 1080000 | 1141942 |
| European Union 4% 4/4/2044 (o) | EUR | 1980000 | 2369519 |
| TOTAL MULTI-NATIONAL |  |  | 3511461 |
| PANAMA - 0.0%  |  |  |  |
| Panamanian Republic 3.298% 1/19/2033  |  | 18075000 | 14245359 |
| <br> **TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS**<br> (Cost $77,063,346) |  |  | <br> **74280794** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 0.0%** | &nbsp;&nbsp;**Municipal Securities - 0.0%** | &nbsp;&nbsp;**Municipal Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| California - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| State of California 7.625% 3/1/2040  | 190000 | 223478 |
| Illinois - 0.0%  |  |  |
| General Obligations - 0.0% |  |  |
| Chicago IL Brd Ed Series 2009G, 1.75% 12/15/2025  | 15640000 | 15311041 |
| Ohio - 0.0%  |  |  |
| Electric Utilities - 0.0% |  |  |
| American Mun Pwr Rev 8.084% 2/15/2050  | 870000 | 1069666 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $16,827,052) |  | <br> **16604185** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 12.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 12.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 12.9%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 12.9%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| ANGOLA - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Azule Energy Finance Plc 8.125% 1/23/2030 (b) |  | 285000 | 277497 |
| AUSTRALIA - 0.1%  |  |  |  |
| Financials - 0.1% |  |  |  |
| Banks - 0.1% |  |  |  |
| Commonwealth Bank of Australia 2.688% 3/11/2031 (b) |  | 4532000 | 3972099 |
| Commonwealth Bank of Australia 3.61% 9/12/2034 (b)(d) |  | 3723000 | 3491213 |
| Commonwealth Bank of Australia 3.784% 3/14/2032 (b) |  | 16472000 | 15045949 |
| Westpac Banking Corp 4.11% 7/24/2034 (d) |  | 5791000 | 5545016 |
| Westpac Banking Corp 5.405% 8/10/2033 (d) |  | 12205000 | 12180979 |
|  |  |  | 40235256 |
| Financial Services - 0.0% |  |  |  |
| Cimic Finance Ltd 1.5% 5/28/2029 (o) | EUR | 1075000 | 1130388 |
| Insurance - 0.0% |  |  |  |
| QBE Insurance Group Ltd 2.5% 9/13/2038 (d)(o) | GBP | 1405000 | 1723938 |
| TOTAL FINANCIALS |  |  | 43089582 |
| Materials - 0.0% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| Nufarm Australia Ltd / Nufarm Americas Inc 5% 1/27/2030 (b) |  | 1125000 | 1031985 |
| Metals & Mining - 0.0% |  |  |  |
| FMG Resources August 2006 Pty Ltd 4.5% 9/15/2027 (b) |  | 2215000 | 2170231 |
| Glencore Funding LLC 5.186% 4/1/2030 (b) |  | 4520000 | 4571407 |
| Glencore Funding LLC 6.125% 10/6/2028 (b) |  | 2000000 | 2080058 |
| Glencore Funding LLC 6.375% 10/6/2030 (b) |  | 5000000 | 5303182 |
| Mineral Resources Ltd 8% 11/1/2027 (b) |  | 2075000 | 2073021 |
|  |  |  | 16197899 |
| TOTAL MATERIALS |  |  | 17229884 |
| Utilities - 0.0% |  |  |  |
| Electric Utilities - 0.0% |  |  |  |
| AusNet Services Holdings Pty Ltd 6.134% 5/31/2033  | AUD | 1090000 | 740822 |
| TOTAL AUSTRALIA |  |  | 61060288 |
| BELGIUM - 0.1%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Telenet Finance Luxembourg Notes Sarl 5.5% 3/1/2028 (b) |  | 600000 | 591000 |
| Consumer Staples - 0.0% |  |  |  |
| Food Products - 0.0% |  |  |  |
| Barry Callebaut Services NV 4.25% 8/19/2031 (o) | EUR | 1500000 | 1715315 |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Fluxys SA 4% 11/28/2030 (o) | EUR | 1200000 | 1376428 |
| Financials - 0.1% |  |  |  |
| Banks - 0.1% |  |  |  |
| KBC Group NV 3.5% 1/21/2032 (d)(o) | EUR | 1400000 | 1608046 |
| KBC Group NV 4.932% 10/16/2030 (b)(d) |  | 22400000 | 22476987 |
| KBC Group NV 5.796% 1/19/2029 (b)(d) |  | 6314000 | 6485998 |
| KBC Group NV 6.324% 9/21/2034 (b)(d) |  | 10657000 | 11255939 |
|  |  |  | 41826970 |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| Shurgard Luxembourg Sarl 4% 5/27/2035 (o) | EUR | 1300000 | 1483305 |
| TOTAL BELGIUM |  |  | 46993018 |
| BRAZIL - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Sitios Latinoamerica SAB de CV 6% 11/25/2029 (b) |  | 400000 | 404200 |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| ERO Copper Corp 6.5% 2/15/2030 (b) |  | 1160000 | 1141150 |
| Vale Overseas Ltd 6.4% 6/28/2054  |  | 11975000 | 11403553 |
|  |  |  | 12544703 |
| TOTAL BRAZIL |  |  | 12948903 |
| CANADA - 0.3%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| Rogers Communications Inc 3.2% 3/15/2027  |  | 2876000 | 2813486 |
| Rogers Communications Inc 3.8% 3/15/2032  |  | 7438000 | 6811774 |
| Rogers Communications Inc 4.55% 3/15/2052  |  | 9856000 | 7730950 |
|  |  |  | 17356210 |
| Consumer Discretionary - 0.0% |  |  |  |
| Automobiles - 0.0% |  |  |  |
| New Flyer Holdings Inc 0% 7/1/2030 (b)(p) |  | 215000 | 220643 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |  |
| 1011778 BC ULC / New Red Finance Inc 6.125% 6/15/2029 (b) |  | 2190000 | 2233426 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 2454069 |
| Consumer Staples - 0.0% |  |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |  |
| Alimentation Couche-Tard Inc 2.95% 1/25/2030 (b) |  | 3940000 | 3642995 |
| Household Products - 0.0% |  |  |  |
| Kronos Acquisition Holdings Inc 8.25% 6/30/2031 (b) |  | 435000 | 380481 |
| TOTAL CONSUMER STAPLES |  |  | 4023476 |
| Energy - 0.2% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |  |
| Baytex Energy Corp 7.375% 3/15/2032 (b) |  | 560000 | 508344 |
| Canadian Natural Resources Ltd 2.95% 7/15/2030  |  | 8571000 | 7768045 |
| Canadian Natural Resources Ltd 5% 12/15/2029 (b) |  | 7200000 | 7171549 |
| Canadian Natural Resources Ltd 5.4% 12/15/2034 (b) |  | 12500000 | 12143658 |
| Canadian Natural Resources Ltd 5.85% 2/1/2035  |  | 296000 | 294391 |
| Canadian Natural Resources Ltd 6.25% 3/15/2038  |  | 2434000 | 2442909 |
| Cenovus Energy Inc 2.65% 1/15/2032  |  | 768000 | 651187 |
| Cenovus Energy Inc 3.75% 2/15/2052  |  | 2379000 | 1551558 |
| Cenovus Energy Inc 4.25% 4/15/2027  |  | 5693000 | 5648089 |
| Cenovus Energy Inc 5.25% 6/15/2037  |  | 657000 | 608283 |
| Cenovus Energy Inc 5.4% 6/15/2047  |  | 1485000 | 1277847 |
| Cenovus Energy Inc 6.75% 11/15/2039  |  | 3025000 | 3186226 |
| Enbridge Inc 4.25% 12/1/2026  |  | 1500000 | 1493001 |
| Enbridge Inc 5.7% 3/8/2033  |  | 8000000 | 8159328 |
| Enbridge Inc 6% 11/15/2028  |  | 6027000 | 6297380 |
| Enbridge Inc 6.7% 11/15/2053  |  | 2200000 | 2305913 |
| Enbridge Inc 7.2% 6/27/2054 (d) |  | 5400000 | 5424852 |
| Parkland Corp 6.625% 8/15/2032 (b) |  | 1120000 | 1122485 |
| South Bow Canadian Infrastructure Holdings Ltd 7.5% 3/1/2055 (b)(d) |  | 157000 | 156556 |
| South Bow USA Infrastructure Holdings LLC 4.911% 9/1/2027 (b) |  | 8200000 | 8205785 |
|  |  |  | 76417386 |
| Financials - 0.1% |  |  |  |
| Banks - 0.0% |  |  |  |
| Bank of Nova Scotia/The 3.375% 3/5/2033 (d)(o) | EUR | 3700000 | 4170043 |
| Bank of Nova Scotia/The 4.5% 12/16/2025  |  | 2207000 | 2202908 |
| Canadian Imperial Bank of Commerce 3.6% 4/7/2032  |  | 5114000 | 4694477 |
| Canadian Imperial Bank of Commerce 6.092% 10/3/2033  |  | 11192000 | 11872682 |
| Toronto Dominion Bank 2.8% 3/10/2027  |  | 2626000 | 2553529 |
|  |  |  | 25493639 |
| Insurance - 0.1% |  |  |  |
| Empower Finance 2020 LP 1.357% 9/17/2027 (b) |  | 1474000 | 1370913 |
| Empower Finance 2020 LP 3.075% 9/17/2051 (b) |  | 3522000 | 2154998 |
| Fairfax Financial Holdings Ltd 3.375% 3/3/2031  |  | 3434000 | 3136925 |
| Fairfax Financial Holdings Ltd 5.625% 8/16/2032  |  | 11067000 | 11243647 |
| Fairfax Financial Holdings Ltd 5.75% 5/20/2035 (b) |  | 7000000 | 6988892 |
| Fairfax Financial Holdings Ltd 6.5% 5/20/2055 (b) |  | 5000000 | 4954693 |
| Intact Financial Corp 5.459% 9/22/2032 (b) |  | 7368000 | 7365483 |
|  |  |  | 37215551 |
| TOTAL FINANCIALS |  |  | 62709190 |
| Industrials - 0.0% |  |  |  |
| Aerospace & Defense - 0.0% |  |  |  |
| Bombardier Inc 6.75% 6/15/2033 (b) |  | 365000 | 370114 |
| Commercial Services & Supplies - 0.0% |  |  |  |
| Wrangler Holdco Corp 6.625% 4/1/2032 (b) |  | 1970000 | 2031819 |
| TOTAL INDUSTRIALS |  |  | 2401933 |
| Information Technology - 0.0% |  |  |  |
| Software - 0.0% |  |  |  |
| Open Text Corp 3.875% 12/1/2029 (b) |  | 3115000 | 2899141 |
| Open Text Corp 3.875% 2/15/2028 (b) |  | 420000 | 402321 |
|  |  |  | 3301462 |
| Materials - 0.0% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| Methanex Corp 5.125% 10/15/2027  |  | 1065000 | 1055945 |
| Methanex Corp 5.25% 12/15/2029  |  | 90000 | 87292 |
| NOVA Chemicals Corp 5.25% 6/1/2027 (b) |  | 949000 | 947503 |
| NOVA Chemicals Corp 8.5% 11/15/2028 (b) |  | 1400000 | 1474682 |
|  |  |  | 3565422 |
| Metals & Mining - 0.0% |  |  |  |
| Capstone Copper Corp 6.75% 3/31/2033 (b) |  | 655000 | 654880 |
| Hudbay Minerals Inc 4.5% 4/1/2026 (b) |  | 135000 | 133801 |
| New Gold Inc 6.875% 4/1/2032 (b) |  | 405000 | 413714 |
|  |  |  | 1202395 |
| TOTAL MATERIALS |  |  | 4767817 |
| Utilities - 0.0% |  |  |  |
| Gas Utilities - 0.0% |  |  |  |
| Superior Plus LP / Superior General Partner Inc 4.5% 3/15/2029 (b) |  | 185000 | 175874 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| Emera US Finance LP 2.639% 6/15/2031  |  | 7893000 | 6796318 |
| Emera US Finance LP 3.55% 6/15/2026  |  | 9123000 | 9001779 |
| Emera US Finance LP 4.75% 6/15/2046  |  | 5449000 | 4397391 |
| TransAlta Corp 6.5% 3/15/2040  |  | 655000 | 596902 |
|  |  |  | 20792390 |
| TOTAL UTILITIES |  |  | 20968264 |
| TOTAL CANADA |  |  | 194399807 |
| CHINA - 0.0%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Broadline Retail - 0.0% |  |  |  |
| Alibaba Group Holding Ltd 2.125% 2/9/2031  |  | 2350000 | 2067083 |
| Alibaba Group Holding Ltd 2.7% 2/9/2041  |  | 12255000 | 8352273 |
| TOTAL CHINA |  |  | 10419356 |
| COLOMBIA - 0.0%  |  |  |  |
| Utilities - 0.0% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| Enfragen Energia Sur SA 5.375% 12/30/2030 (b) |  | 695000 | 601001 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Ivanhoe Mine Ltd 7.875% 1/23/2030 (b) |  | 400000 | 389451 |
| CZECH REPUBLIC - 0.0%  |  |  |  |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| CPI Property Group SA 1.5% 1/27/2031 (o) | EUR | 400000 | 364661 |
| DENMARK - 0.0%  |  |  |  |
| Consumer Staples - 0.0% |  |  |  |
| Beverages - 0.0% |  |  |  |
| Carlsberg Breweries A/S 3.25% 2/28/2032 (o) | EUR | 925000 | 1048816 |
| Tobacco - 0.0% |  |  |  |
| Scandinavian Tobacco Group A/S 4.875% 9/12/2029 (o) | EUR | 425000 | 498237 |
| TOTAL CONSUMER STAPLES |  |  | 1547053 |
| Financials - 0.0% |  |  |  |
| Banks - 0.0% |  |  |  |
| Danske Bank A/S 3.875% 1/9/2032 (d)(o) | EUR | 2840000 | 3322708 |
| Jyske Bank A/S 3.625% 4/29/2031 (d)(o) | EUR | 760000 | 873454 |
| Jyske Bank A/S 5.125% 5/1/2035 (d)(o) | EUR | 665000 | 794832 |
|  |  |  | 4990994 |
| Health Care - 0.0% |  |  |  |
| Pharmaceuticals - 0.0% |  |  |  |
| Novo Nordisk Finance Netherlands BV 3.625% 5/27/2037 (o) | EUR | 2025000 | 2310277 |
| TOTAL DENMARK |  |  | 8848324 |
| FINLAND - 0.0%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Leisure Products - 0.0% |  |  |  |
| Amer Sports Co 6.75% 2/16/2031 (b) |  | 435000 | 452276 |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| Citycon Treasury BV 5% 3/11/2030 (o) | EUR | 300000 | 345973 |
| Citycon Treasury BV 5.375% 7/8/2031 (o) | EUR | 300000 | 346852 |
|  |  |  | 692825 |
| TOTAL FINLAND |  |  | 1145101 |
| FRANCE - 0.2%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Altice France SA 5.125% 7/15/2029 (b) |  | 1325000 | 1118053 |
| Iliad Holding SASU 7% 4/15/2032 (b) |  | 275000 | 276767 |
|  |  |  | 1394820 |
| Consumer Discretionary - 0.0% |  |  |  |
| Automobiles - 0.0% |  |  |  |
| RCI Banque SA 4.75% 3/24/2037 (d)(o) | EUR | 400000 | 455291 |
| RCI Banque SA 5.5% 10/9/2034 (d)(o) | EUR | 600000 | 715625 |
|  |  |  | 1170916 |
| Consumer Staples - 0.0% |  |  |  |
| Personal Care Products - 0.0% |  |  |  |
| Opal Bidco SAS 6.5% 3/31/2032 (b) |  | 735000 | 734407 |
| Energy - 0.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Vallourec SACA 7.5% 4/15/2032 (b) |  | 975000 | 1017227 |
| Viridien 10% 10/15/2030 (b) |  | 470000 | 443525 |
|  |  |  | 1460752 |
| Financials - 0.2% |  |  |  |
| Banks - 0.2% |  |  |  |
| BNP Paribas SA 1.323% 1/13/2027 (b)(d) |  | 7967000 | 7801081 |
| BNP Paribas SA 1.904% 9/30/2028 (b)(d) |  | 7317000 | 6837907 |
| BNP Paribas SA 2.159% 9/15/2029 (b)(d) |  | 7271000 | 6673098 |
| BNP Paribas SA 2.219% 6/9/2026 (b)(d) |  | 14952000 | 14944347 |
| BNP Paribas SA 2.591% 1/20/2028 (b)(d) |  | 2740000 | 2644774 |
| BNP Paribas SA 3.945% 2/18/2037 (d)(o) | EUR | 2600000 | 2933129 |
| BNP Paribas SA 5.786% 1/13/2033 (b)(d) |  | 28396000 | 29085774 |
| BPCE SA 2.277% 1/20/2032 (b)(d) |  | 7519000 | 6384173 |
| BPCE SA 3.116% 10/19/2032 (b)(d) |  | 6103000 | 5236682 |
| BPCE SA 4.25% 7/16/2035 (d)(o) | EUR | 400000 | 463313 |
| BPCE SA 4.875% 4/1/2026 (b) |  | 7383000 | 7385912 |
| BPCE SA 5.716% 1/18/2030 (b)(d) |  | 750000 | 766412 |
| BPCE SA 7.003% 10/19/2034 (b)(d) |  | 1150000 | 1245692 |
| Credit Agricole SA 2.811% 1/11/2041 (b) |  | 2228000 | 1492367 |
| Credit Agricole SA 6.251% 1/10/2035 (b)(d) |  | 8000000 | 8210900 |
| Societe Generale SA 1.488% 12/14/2026 (b)(d) |  | 18551000 | 18202922 |
| Societe Generale SA 1.792% 6/9/2027 (b)(d) |  | 2160000 | 2092241 |
| Societe Generale SA 4.677% 6/15/2027 (b) |  | 4831000 | 4840764 |
| Societe Generale SA 4.75% 11/24/2025 (b) |  | 6537000 | 6532359 |
| Societe Generale SA 5.5% 4/13/2029 (b)(d) |  | 24956000 | 25257795 |
| Societe Generale SA 5.634% 1/19/2030 (b)(d) |  | 7780000 | 7911733 |
| Societe Generale SA 6.446% 1/10/2029 (b)(d) |  | 6850000 | 7087909 |
| Societe Generale SA 6.691% 1/10/2034 (b)(d) |  | 550000 | 579404 |
|  |  |  | 174610688 |
| Industrials - 0.0% |  |  |  |
| Transportation Infrastructure - 0.0% |  |  |  |
| Holding d'Infrastructures des Metiers de l'Environnement 0.625% 9/16/2028 (o) | EUR | 700000 | 722346 |
| Materials - 0.0% |  |  |  |
| Chemicals - 0.0% |  |  |  |
| SPCM SA 3.125% 3/15/2027 (b) |  | 485000 | 465671 |
| Utilities - 0.0% |  |  |  |
| Electric Utilities - 0.0% |  |  |  |
| Electricite de France SA 5.5% 1/25/2035 (o) | GBP | 1500000 | 1935768 |
| Multi-Utilities - 0.0% |  |  |  |
| Engie SA 3.875% 3/6/2036 (o) | EUR | 800000 | 924593 |
| Engie SA 4.25% 9/6/2034 (o) | EUR | 600000 | 714688 |
|  |  |  | 1639281 |
| TOTAL UTILITIES |  |  | 3575049 |
| TOTAL FRANCE |  |  | 184134649 |
| GERMANY - 0.2%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Automobile Components - 0.0% |  |  |  |
| Robert Bosch GmbH 4.375% 6/2/2043 (o) | EUR | 500000 | 579049 |
| Schaeffler AG 4.75% 8/14/2029 (o) | EUR | 1000000 | 1146759 |
| Schaeffler AG 5.375% 4/1/2031 (o) | EUR | 400000 | 460993 |
| ZF Europe Finance BV 4.75% 1/31/2029 (o) | EUR | 1500000 | 1625161 |
| ZF North America Capital Inc 6.875% 4/14/2028 (b) |  | 630000 | 624374 |
|  |  |  | 4436336 |
| Automobiles - 0.0% |  |  |  |
| Volkswagen Group of America Finance LLC 1.25% 11/24/2025 (b) |  | 4238000 | 4163921 |
| Volkswagen Group of America Finance LLC 4.35% 6/8/2027 (b) |  | 3394000 | 3349175 |
| Volkswagen Group of America Finance LLC 5.7% 9/12/2026 (b) |  | 8400000 | 8472157 |
|  |  |  | 15985253 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 20421589 |
| Consumer Staples - 0.0% |  |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |  |
| METRO AG 4% 3/5/2030 (o) | EUR | 675000 | 775473 |
| Financials - 0.1% |  |  |  |
| Banks - 0.0% |  |  |  |
| Commerzbank AG 3.625% 1/14/2032 (d)(o) | EUR | 800000 | 914679 |
| Commerzbank AG 4.875% 10/16/2034 (d)(o) | EUR | 900000 | 1063219 |
| Commerzbank AG 8.625% 2/28/2033 (d)(o) | GBP | 200000 | 287587 |
|  |  |  | 2265485 |
| Capital Markets - 0.1% |  |  |  |
| Deutsche Bank AG 6.125% 12/12/2030 (d)(o) | GBP | 1900000 | 2628040 |
| Deutsche Bank AG/New York NY 2.129% 11/24/2026 (d) |  | 3386000 | 3338629 |
| Deutsche Bank AG/New York NY 2.311% 11/16/2027 (d) |  | 27513000 | 26484471 |
| Deutsche Bank AG/New York NY 3.035% 5/28/2032 (d) |  | 4028000 | 3556417 |
| Deutsche Bank AG/New York NY 3.729% 1/14/2032 (d) |  | 10000000 | 9007358 |
| Deutsche Bank AG/New York NY 4.1% 1/13/2026  |  | 8332000 | 8288749 |
| Deutsche Bank AG/New York NY 5.373% 1/10/2029 (d) |  | 5700000 | 5764483 |
| Deutsche Bank AG/New York NY 5.706% 2/8/2028 (d) |  | 11000000 | 11136234 |
| Deutsche Bank AG/New York NY 6.72% 1/18/2029 (d) |  | 550000 | 573983 |
| Deutsche Bank AG/New York NY 7.146% 7/13/2027 (d) |  | 11860000 | 12141527 |
|  |  |  | 82919891 |
| Financial Services - 0.0% |  |  |  |
| KfW 0.125% 1/9/2032 (o) | EUR | 645000 | 625397 |
| KfW 0.375% 4/23/2030 (o) | EUR | 1243000 | 1283935 |
| KfW 0.75% 1/15/2029 (o) | EUR | 5910000 | 6378756 |
| KfW 1.125% 6/15/2037 (o) | EUR | 665000 | 613015 |
| KfW 2.75% 1/17/2035 (o) | EUR | 2355000 | 2659112 |
|  |  |  | 11560215 |
| Insurance - 0.0% |  |  |  |
| Allianz SE 5.6% 9/3/2054 (b)(d) |  | 7200000 | 7046466 |
| TOTAL FINANCIALS |  |  | 103792057 |
| Health Care - 0.1% |  |  |  |
| Pharmaceuticals - 0.1% |  |  |  |
| Bayer AG 4.625% 5/26/2033 (o) | EUR | 850000 | 1016564 |
| Bayer US Finance II LLC 4.875% 6/25/2048 (b) |  | 5321000 | 4180992 |
| Bayer US Finance LLC 6.25% 1/21/2029 (b) |  | 5290000 | 5500032 |
| Bayer US Finance LLC 6.375% 11/21/2030 (b) |  | 1480000 | 1557731 |
| Bayer US Finance LLC 6.5% 11/21/2033 (b) |  | 9800000 | 10203857 |
| Bayer US Finance LLC 6.875% 11/21/2053 (b) |  | 16200000 | 16389930 |
|  |  |  | 38849106 |
| Industrials - 0.0% |  |  |  |
| Air Freight & Logistics - 0.0% |  |  |  |
| Deutsche Post AG 3.125% 6/5/2032 (o) | EUR | 1550000 | 1760159 |
| Machinery - 0.0% |  |  |  |
| TK Elevator US Newco Inc 5.25% 7/15/2027 (b) |  | 1715000 | 1698762 |
| TOTAL INDUSTRIALS |  |  | 3458921 |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| ACCENTRO 2 Wohneigentum GmbH 20% 6/30/2025 (l) | EUR | 100000 | 113545 |
| ACCENTRO 2 Wohneigentum GmbH 20% 6/30/2025 (l) | EUR | 100000 | 113545 |
| Accentro Real Estate AG 5.625% 2/13/2026 (e)(o) | EUR | 1314000 | 552033 |
| LEG Immobilien SE 3.875% 1/20/2035 (o) | EUR | 500000 | 555513 |
| Sirius Real Estate Ltd 4% 1/22/2032 (o) | EUR | 800000 | 896023 |
|  |  |  | 2230659 |
| Utilities - 0.0% |  |  |  |
| Electric Utilities - 0.0% |  |  |  |
| Amprion GmbH 3.125% 8/27/2030 (o) | EUR | 1400000 | 1593159 |
| Amprion GmbH 3.625% 5/21/2031 (o) | EUR | 300000 | 348195 |
| Amprion GmbH 3.875% 6/5/2036 (o) | EUR | 900000 | 1024204 |
| EnBW International Finance BV 3.5% 7/22/2031 (o) | EUR | 1400000 | 1625416 |
| EnBW International Finance BV 3.75% 11/20/2035 (o) | EUR | 1525000 | 1735240 |
|  |  |  | 6326214 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| RWE Finance US LLC 5.875% 4/16/2034 (b) |  | 2235000 | 2269532 |
| Multi-Utilities - 0.0% |  |  |  |
| E.ON SE 3.5% 4/16/2033 (o) | EUR | 1525000 | 1745628 |
| TOTAL UTILITIES |  |  | 10341374 |
| TOTAL GERMANY |  |  | 179869179 |
| GUATEMALA - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| Millicom International Cellular SA 4.5% 4/27/2031 (b) |  | 6146000 | 5469940 |
| Millicom International Cellular SA 5.125% 1/15/2028 (b) |  | 1170000 | 1145138 |
| TOTAL GUATEMALA |  |  | 6615078 |
| HONG KONG - 0.0%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |  |
| Melco Resorts Finance Ltd 4.875% 6/6/2025 (b) |  | 1200000 | 1196596 |
| Financials - 0.0% |  |  |  |
| Insurance - 0.0% |  |  |  |
| AIA Group Ltd 0.88% 9/9/2033 (d)(o) | EUR | 705000 | 737545 |
| AIA Group Ltd 3.9% 4/6/2028 (b) |  | 2931000 | 2891343 |
| AIA Group Ltd 5.375% 4/5/2034 (b) |  | 4500000 | 4542921 |
| Prudential Funding Asia PLC 2.95% 11/3/2033 (d)(o) |  | 3700000 | 3417716 |
|  |  |  | 11589525 |
| TOTAL HONG KONG |  |  | 12786121 |
| IRELAND - 0.4%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |  |
| Flutter Treasury DAC 5.875% 6/4/2031 (b)(p) |  | 1215000 | 1221075 |
| Financials - 0.3% |  |  |  |
| Banks - 0.0% |  |  |  |
| Bank of Ireland Group PLC 5.601% 3/20/2030 (b)(d) |  | 6500000 | 6637639 |
| Consumer Finance - 0.3% |  |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 1.75% 1/30/2026  |  | 16619000 | 16282327 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.45% 10/29/2026  |  | 14854000 | 14396414 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3% 10/29/2028  |  | 28306000 | 26719904 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.3% 1/30/2032  |  | 15939000 | 14153164 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.4% 10/29/2033  |  | 2691000 | 2317109 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 3.85% 10/29/2041  |  | 4396000 | 3421761 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.45% 4/3/2026  |  | 4254000 | 4240432 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.95% 9/10/2034  |  | 8350000 | 8013670 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 5.1% 1/19/2029  |  | 5200000 | 5249272 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 5.75% 6/6/2028  |  | 16700000 | 17160870 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.1% 1/15/2027  |  | 4800000 | 4894346 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.15% 9/30/2030  |  | 10400000 | 10981990 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.45% 4/15/2027  |  | 1866000 | 1920230 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust 6.5% 7/15/2025  |  | 7188000 | 7191092 |
|  |  |  | 136942581 |
| Financial Services - 0.0% |  |  |  |
| GGAM Finance Ltd 5.875% 3/15/2030 (b) |  | 1065000 | 1058663 |
| GGAM Finance Ltd 6.875% 4/15/2029 (b) |  | 545000 | 555186 |
| GGAM Finance Ltd 7.75% 5/15/2026 (b) |  | 1335000 | 1347832 |
| GGAM Finance Ltd 8% 2/15/2027 (b) |  | 390000 | 401305 |
|  |  |  | 3362986 |
| TOTAL FINANCIALS |  |  | 146943206 |
| Industrials - 0.1% |  |  |  |
| Passenger Airlines - 0.0% |  |  |  |
| SMBC Aviation Capital Finance DAC 5.7% 7/25/2033 (b) |  | 6000000 | 6061211 |
| Transportation Infrastructure - 0.1% |  |  |  |
| Avolon Holdings Funding Ltd 2.528% 11/18/2027 (b) |  | 5500000 | 5184162 |
| Avolon Holdings Funding Ltd 3.25% 2/15/2027 (b) |  | 11688000 | 11327507 |
| Avolon Holdings Funding Ltd 4.25% 4/15/2026 (b) |  | 874000 | 867615 |
| Avolon Holdings Funding Ltd 4.375% 5/1/2026 (b) |  | 8375000 | 8318571 |
| Avolon Holdings Funding Ltd 4.95% 1/15/2028 (b) |  | 10100000 | 10071058 |
| Avolon Holdings Funding Ltd 5.15% 1/15/2030 (b) |  | 14620000 | 14567844 |
| Avolon Holdings Funding Ltd 5.375% 5/30/2030 (b) |  | 8950000 | 8951611 |
| Avolon Holdings Funding Ltd 5.5% 1/15/2026 (b) |  | 1754000 | 1756222 |
| Avolon Holdings Funding Ltd 5.75% 3/1/2029 (b) |  | 14000000 | 14254314 |
| Avolon Holdings Funding Ltd 6.375% 5/4/2028 (b) |  | 28614000 | 29620850 |
|  |  |  | 104919754 |
| TOTAL INDUSTRIALS |  |  | 110980965 |
| Materials - 0.0% |  |  |  |
| Containers & Packaging - 0.0% |  |  |  |
| Smurfit Kappa Treasury ULC 5.438% 4/3/2034  |  | 10500000 | 10513020 |
| Smurfit Westrock Financing DAC 5.418% 1/15/2035  |  | 6624000 | 6595569 |
|  |  |  | 17108589 |
| TOTAL IRELAND |  |  | 276253835 |
| ISRAEL - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Energean PLC 6.5% 4/30/2027 (b) |  | 620000 | 606050 |
| Health Care - 0.0% |  |  |  |
| Pharmaceuticals - 0.0% |  |  |  |
| Teva Pharmaceutical Finance Netherlands III BV 6% 12/1/2032  |  | 810000 | 817245 |
| Teva Pharmaceutical Finance Netherlands IV BV 5.75% 12/1/2030  |  | 1050000 | 1060445 |
|  |  |  | 1877690 |
| TOTAL ISRAEL |  |  | 2483740 |
| ITALY - 0.2%  |  |  |  |
| Financials - 0.2% |  |  |  |
| Banks - 0.2% |  |  |  |
| Intesa Sanpaolo SpA 4.198% 6/1/2032 (b)(d) |  | 17320000 | 15604837 |
| Intesa Sanpaolo SpA 5.71% 1/15/2026 (b) |  | 94108000 | 94322435 |
| Intesa Sanpaolo SpA 6.625% 6/20/2033 (b) |  | 805000 | 857293 |
| UniCredit SpA 1.982% 6/3/2027 (b)(d) |  | 6165000 | 5986715 |
|  |  |  | 116771280 |
| Utilities - 0.0% |  |  |  |
| Electric Utilities - 0.0% |  |  |  |
| Enel Finance International NV 5.125% 6/26/2029 (b) |  | 9300000 | 9415300 |
| Enel Finance International NV 5.5% 6/26/2034 (b) |  | 9385000 | 9397393 |
| Enel Finance International NV 7.5% 10/14/2032 (b) |  | 1105000 | 1243464 |
| Enel SpA 3.375% (d)(o)(q) | EUR | 671000 | 761848 |
|  |  |  | 20818005 |
| Gas Utilities - 0.0% |  |  |  |
| Snam SpA 5.75% 5/28/2035 (b) |  | 977000 | 977973 |
| TOTAL UTILITIES |  |  | 21795978 |
| TOTAL ITALY |  |  | 138567258 |
| JAPAN - 0.1%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| NTT Finance Corp 1.591% 4/3/2028 (b) |  | 3586000 | 3314989 |
| Consumer Staples - 0.0% |  |  |  |
| Tobacco - 0.0% |  |  |  |
| Japan Tobacco Inc 4.892% 5/15/2028 (b) |  | 4109000 | 4147264 |
| Japan Tobacco Inc 5.21% 6/15/2030 (b) |  | 10408000 | 10621732 |
| Japan Tobacco Inc 5.856% 6/15/2035 (b) |  | 8260000 | 8516573 |
|  |  |  | 23285569 |
| Financials - 0.1% |  |  |  |
| Banks - 0.1% |  |  |  |
| Mitsubishi UFJ Financial Group Inc 1.412% 7/17/2025  |  | 2000000 | 1991991 |
| Mitsubishi UFJ Financial Group Inc 1.538% 7/20/2027 (d) |  | 3276000 | 3163689 |
| Mitsubishi UFJ Financial Group Inc 1.64% 10/13/2027 (d) |  | 4211000 | 4044089 |
| Mitsubishi UFJ Financial Group Inc 5.017% 7/20/2028 (d) |  | 4690000 | 4730007 |
| Mitsubishi UFJ Financial Group Inc 5.258% 4/17/2030 (d) |  | 6000000 | 6111327 |
| Mizuho Financial Group Inc 1.234% 5/22/2027 (d) |  | 5448000 | 5272740 |
| Mizuho Financial Group Inc 1.554% 7/9/2027 (d) |  | 2200000 | 2126893 |
| Mizuho Financial Group Inc 4.254% 9/11/2029 (d) |  | 1035000 | 1020769 |
|  |  |  | 28461505 |
| TOTAL JAPAN |  |  | 55062063 |
| LUXEMBOURG - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Financial Services - 0.0% |  |  |  |
| CBRE Global Investors Open-Ended Funds SCA SICAV-SIF-Pan European Core Fund 4.75% 3/27/2034 (o) | EUR | 450000 | 534264 |
| Titanium 2l Bondco Sarl 6.25% 1/14/2031 pay-in-kind  | EUR | 6558500 | 2191235 |
|  |  |  | 2725499 |
| Industrials - 0.0% |  |  |  |
| Ground Transportation - 0.0% |  |  |  |
| Alpha Trains Finance SA 2.064% 6/30/2030 (o) | EUR | 1740000 | 1973784 |
| Real Estate - 0.0% |  |  |  |
| Industrial REITs - 0.0% |  |  |  |
| Prologis International Funding II SA 4.375% 7/1/2036 (o) | EUR | 400000 | 469151 |
| Real Estate Management & Development - 0.0% |  |  |  |
| Blackstone Property Partners Europe Holdings Sarl 1% 5/4/2028 (o) | EUR | 3796000 | 4051989 |
| Blackstone Property Partners Europe Holdings Sarl 2.625% 10/20/2028 (o) | GBP | 650000 | 803084 |
| Logicor Financing Sarl 0.875% 1/14/2031 (o) | EUR | 600000 | 584131 |
| Logicor Financing Sarl 4.25% 7/18/2029 (o) | EUR | 1200000 | 1400705 |
| P3 Group Sarl 4% 4/19/2032 (o) | EUR | 800000 | 912642 |
|  |  |  | 7752551 |
| TOTAL REAL ESTATE |  |  | 8221702 |
| TOTAL LUXEMBOURG |  |  | 12920985 |
| MEXICO - 0.2%  |  |  |  |
| Energy - 0.2% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |  |
| Petroleos Mexicanos 4.5% 1/23/2026  |  | 4359000 | 4269030 |
| Petroleos Mexicanos 5.95% 1/28/2031  |  | 17450000 | 15083780 |
| Petroleos Mexicanos 6.35% 2/12/2048  |  | 1560000 | 1015560 |
| Petroleos Mexicanos 6.49% 1/23/2027  |  | 4247000 | 4172678 |
| Petroleos Mexicanos 6.5% 3/13/2027  |  | 9594000 | 9417183 |
| Petroleos Mexicanos 6.625% 6/15/2035  |  | 17000000 | 13561750 |
| Petroleos Mexicanos 6.7% 2/16/2032  |  | 8760000 | 7821804 |
| Petroleos Mexicanos 6.75% 9/21/2047  |  | 22490000 | 15212236 |
| Petroleos Mexicanos 6.84% 1/23/2030  |  | 1434000 | 1340718 |
| Petroleos Mexicanos 6.95% 1/28/2060  |  | 32166000 | 21734566 |
| Petroleos Mexicanos 7.69% 1/23/2050  |  | 75606000 | 55676258 |
| TOTAL MEXICO |  |  | 149305563 |
| MULTI-NATIONAL - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Banks - 0.0% |  |  |  |
| European Investment Bank 0.625% 1/22/2029 (o) | EUR | 4100000 | 4400474 |
| NETHERLANDS - 0.1%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Koninklijke KPN NV 3.875% 2/16/2036 (o) | EUR | 300000 | 344109 |
| Media - 0.0% |  |  |  |
| Ziggo Bond Co BV 5.125% 2/28/2030 (b) |  | 745000 | 631480 |
| Ziggo BV 4.875% 1/15/2030 (b) |  | 265000 | 241850 |
|  |  |  | 873330 |
| TOTAL COMMUNICATION SERVICES |  |  | 1217439 |
| Consumer Staples - 0.0% |  |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |  |
| REWE International Finance BV 4.875% 9/13/2030 (o) | EUR | 300000 | 365555 |
| Food Products - 0.0% |  |  |  |
| JDE Peet's NV 1.375% 1/15/2027 (b) |  | 3516000 | 3319859 |
| JDE Peet's NV 2.25% 9/24/2031 (b) |  | 2660000 | 2225246 |
| Viterra Finance BV 4.9% 4/21/2027 (b) |  | 8282000 | 8279943 |
|  |  |  | 13825048 |
| TOTAL CONSUMER STAPLES |  |  | 14190603 |
| Financials - 0.1% |  |  |  |
| Banks - 0.1% |  |  |  |
| ABN AMRO Bank NV 3.875% 1/15/2032 (o) | EUR | 1100000 | 1283305 |
| ABN AMRO Bank NV 4.988% 12/3/2028 (b)(d) |  | 7500000 | 7551063 |
| ABN AMRO Bank NV 5.515% 12/3/2035 (b)(d) |  | 17600000 | 17638097 |
| Cooperatieve Rabobank UA 1.125% 5/7/2031 (o) | EUR | 1700000 | 1722192 |
| Cooperatieve Rabobank UA 1.98% 12/15/2027 (b)(d) |  | 3614000 | 3467970 |
| Cooperatieve Rabobank UA 3.649% 4/6/2028 (b)(d) |  | 6943000 | 6826516 |
| Cooperatieve Rabobank UA 3.75% 7/21/2026  |  | 4206000 | 4162955 |
| Cooperatieve Rabobank UA 4.375% 8/4/2025  |  | 4789000 | 4782783 |
| ING Groep NV 1.726% 4/1/2027 (d) |  | 1250000 | 1220056 |
| ING Groep NV 3% 8/17/2031 (d)(o) | EUR | 4700000 | 5274027 |
| ING Groep NV 4.5% 5/23/2029 (d)(o) | EUR | 1200000 | 1427588 |
| ING Groep NV 5.335% 3/19/2030 (d) |  | 6500000 | 6625450 |
|  |  |  | 61982002 |
| Information Technology - 0.0% |  |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |  |
| NXP BV / NXP Funding LLC / NXP USA Inc 2.65% 2/15/2032  |  | 5300000 | 4515800 |
| TOTAL NETHERLANDS |  |  | 81905844 |
| NIGERIA - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| IHS Holding Ltd 7.875% 5/29/2030 (b) |  | 280000 | 276150 |
| IHS Holding Ltd 8.25% 11/29/2031 (b) |  | 280000 | 278337 |
| TOTAL NIGERIA |  |  | 554487 |
| NORWAY - 0.1%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Seadrill Finance Ltd 8.375% 8/1/2030 (b) |  | 1275000 | 1249167 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Equinor ASA 1.75% 1/22/2026  |  | 380000 | 373202 |
| TOTAL ENERGY |  |  | 1622369 |
| Financials - 0.1% |  |  |  |
| Banks - 0.1% |  |  |  |
| DNB Bank ASA 0.25% 2/23/2029 (d)(o) | EUR | 500000 | 530732 |
| DNB Bank ASA 1.535% 5/25/2027 (b)(d) |  | 51990000 | 50428631 |
| DNB Bank ASA 1.605% 3/30/2028 (b)(d) |  | 3208000 | 3040216 |
| DNB Bank ASA 3% 11/29/2030 (d)(o) | EUR | 700000 | 795488 |
|  |  |  | 54795067 |
| TOTAL NORWAY |  |  | 56417436 |
| PANAMA - 0.0%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Sable International Finance Ltd 7.125% 10/15/2032 (b) |  | 690000 | 676415 |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| C&W Senior Finance Ltd 9% 1/15/2033 (b) |  | 820000 | 816046 |
| TOTAL PANAMA |  |  | 1492461 |
| POLAND - 0.0%  |  |  |  |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| GTC Aurora Luxembourg SA 2.25% 6/23/2026 (o) | EUR | 1390000 | 1433279 |
| PORTUGAL - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Insurance - 0.0% |  |  |  |
| Fidelidade - Co De Seguros SA/Portugal 4.25% 9/4/2031 (d)(o) | EUR | 800000 | 911327 |
| QATAR - 0.0%  |  |  |  |
| Utilities - 0.0% |  |  |  |
| Gas Utilities - 0.0% |  |  |  |
| Nakilat Inc 6.067% 12/31/2033 (b) |  | 933925 | 971824 |
| SOUTH AFRICA - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| Anglo American Capital PLC 3.875% 3/16/2029 (b) |  | 6227000 | 5985486 |
| SPAIN - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Banks - 0.0% |  |  |  |
| Banco Bilbao Vizcaya Argentaria SA 6.033% 3/13/2035 (d) |  | 1400000 | 1430962 |
| Banco Santander SA 2.749% 12/3/2030  |  | 10800000 | 9503757 |
| CaixaBank SA 3.625% 9/19/2032 (d)(o) | EUR | 1700000 | 1948757 |
| CaixaBank SA 5.673% 3/15/2030 (b)(d) |  | 9690000 | 9952082 |
| CaixaBank SA 6.037% 6/15/2035 (b)(d) |  | 11757000 | 12116518 |
|  |  |  | 34952076 |
| Health Care - 0.0% |  |  |  |
| Biotechnology - 0.0% |  |  |  |
| Grifols SA 4.75% 10/15/2028 (b) |  | 210000 | 199765 |
| Health Care Equipment & Supplies - 0.0% |  |  |  |
| Werfen SA/Spain 4.625% 6/6/2028 (o) | EUR | 700000 | 831055 |
| TOTAL HEALTH CARE |  |  | 1030820 |
| Utilities - 0.0% |  |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| Atlantica Sustainable Infrastructure Ltd 4.125% 6/15/2028 (b) |  | 6227000 | 5960730 |
| TOTAL SPAIN |  |  | 41943626 |
| SWEDEN - 0.0%  |  |  |  |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| Heimstaden AB 4.375% 3/6/2027 (o) | EUR | 1400000 | 1527202 |
| Samhallsbyggnadsbolaget I Norden Holding AB 2.25% 7/12/2027 (o) | EUR | 650000 | 658703 |
| TOTAL SWEDEN |  |  | 2185905 |
| SWITZERLAND - 0.1%  |  |  |  |
| Financials - 0.1% |  |  |  |
| Capital Markets - 0.1% |  |  |  |
| UBS Group AG 1.305% 2/2/2027 (b)(d) |  | 3100000 | 3028285 |
| UBS Group AG 1.494% 8/10/2027 (b)(d) |  | 11792000 | 11345081 |
| UBS Group AG 2.125% 11/15/2029 (d)(o) | GBP | 1300000 | 1594782 |
| UBS Group AG 3.091% 5/14/2032 (b)(d) |  | 5293000 | 4738258 |
| UBS Group AG 3.126% 8/13/2030 (b)(d) |  | 5359000 | 5007628 |
| UBS Group AG 4.125% 6/9/2033 (d)(o) | EUR | 730000 | 860417 |
| UBS Group AG 4.194% 4/1/2031 (b)(d) |  | 43154000 | 41820370 |
| UBS Group AG 4.55% 4/17/2026  |  | 1724000 | 1723393 |
| UBS Group AG 4.75% 3/17/2032 (d)(o) | EUR | 3450000 | 4212460 |
| UBS Group AG 6.246% 9/22/2029 (b)(d) |  | 8000000 | 8370402 |
| UBS Group AG 6.373% 7/15/2026 (b)(d) |  | 2345000 | 2348274 |
| UBS Group AG 6.537% 8/12/2033 (b)(d) |  | 11161000 | 11981839 |
| UBS Group AG 9.016% 11/15/2033 (b)(d) |  | 2086000 | 2547819 |
|  |  |  | 99579008 |
| Insurance - 0.0% |  |  |  |
| Argentum Netherlands BV for Swiss Re Ltd 5.625% 8/15/2052 (d)(o) |  | 5775000 | 5753344 |
| Swiss Re Finance Luxembourg SA 5% 4/2/2049 (b)(d) |  | 1000000 | 986345 |
| Zurich Finance Ireland Designated Activity Co 3.5% 5/2/2052 (d)(o) |  | 1650000 | 1431210 |
|  |  |  | 8170899 |
| TOTAL FINANCIALS |  |  | 107749907 |
| Materials - 0.0% |  |  |  |
| Construction Materials - 0.0% |  |  |  |
| Holcim Finance US LLC 4.7% 4/7/2028 (b) |  | 1949000 | 1958969 |
| Containers & Packaging - 0.0% |  |  |  |
| SIG Combibloc PurchaseCo Sarl 3.75% 3/19/2030 (o) | EUR | 350000 | 403186 |
| TOTAL MATERIALS |  |  | 2362155 |
| TOTAL SWITZERLAND |  |  | 110112062 |
| TANZANIA - 0.0%  |  |  |  |
| Information Technology - 0.0% |  |  |  |
| Communications Equipment - 0.0% |  |  |  |
| HTA Group Ltd/Mauritius 7.5% 6/4/2029 (b) |  | 1200000 | 1219836 |
| UNITED KINGDOM - 0.7%  |  |  |  |
| Communication Services - 0.0% |  |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |  |
| Connect Finco Sarl / Connect Us Finco LLC 9% 9/15/2029 (b) |  | 530000 | 505088 |
| Virgin Media Finance PLC 5% 7/15/2030 (b) |  | 1336000 | 1211512 |
|  |  |  | 1716600 |
| Media - 0.0% |  |  |  |
| Virgin Media Secured Finance PLC 5.5% 5/15/2029 (b) |  | 415000 | 403581 |
| Wireless Telecommunication Services - 0.0% |  |  |  |
| Vmed O2 UK Financing I PLC 4.25% 1/31/2031 (b) |  | 1895000 | 1714931 |
| Vodafone Group PLC 4.875% 10/3/2078 (d)(o) | GBP | 1100000 | 1478379 |
|  |  |  | 3193310 |
| TOTAL COMMUNICATION SERVICES |  |  | 5313491 |
| Consumer Discretionary - 0.0% |  |  |  |
| Automobile Components - 0.0% |  |  |  |
| Macquarie Airfinance Holdings Ltd 6.4% 3/26/2029 (b) |  | 140000 | 144754 |
| Macquarie Airfinance Holdings Ltd 8.125% 3/30/2029 (b) |  | 635000 | 664510 |
|  |  |  | 809264 |
| Broadline Retail - 0.0% |  |  |  |
| John Lewis PLC 4.25% 12/18/2034 (o) | GBP | 600000 | 639966 |
| Marks & Spencer PLC 4.5% 7/10/2027 (e)(o) | GBP | 1800000 | 2340163 |
|  |  |  | 2980129 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |  |
| InterContinental Hotels Group PLC 3.375% 10/8/2028 (o) | GBP | 875000 | 1115957 |
| Whitbread Group PLC 2.375% 5/31/2027 (o) | GBP | 1260000 | 1605486 |
|  |  |  | 2721443 |
| Household Durables - 0.0% |  |  |  |
| Berkeley Group PLC/The 2.5% 8/11/2031 (o) | GBP | 1820000 | 2001918 |
| Specialty Retail - 0.0% |  |  |  |
| Belron UK Finance PLC 5.75% 10/15/2029 (b) |  | 690000 | 691857 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 9204611 |
| Consumer Staples - 0.1% |  |  |  |
| Tobacco - 0.1% |  |  |  |
| BAT Capital Corp 2.125% 8/15/2025 (o) | GBP | 221000 | 295868 |
| BAT Capital Corp 2.259% 3/25/2028  |  | 7192000 | 6762949 |
| BAT Capital Corp 2.726% 3/25/2031  |  | 9590000 | 8524159 |
| BAT Capital Corp 4.7% 4/2/2027  |  | 2181000 | 2185440 |
| BAT Capital Corp 5.834% 2/20/2031  |  | 11500000 | 11981752 |
| BAT Capital Corp 6.421% 8/2/2033  |  | 8000000 | 8576045 |
| BAT Capital Corp 7.75% 10/19/2032  |  | 5978000 | 6824712 |
| BAT International Finance PLC 1.668% 3/25/2026  |  | 4276000 | 4174698 |
| BAT International Finance PLC 4.125% 4/12/2032 (o) | EUR | 2615000 | 3046437 |
| BAT International Finance PLC 4.448% 3/16/2028  |  | 4764000 | 4748991 |
| BAT International Finance PLC 5.931% 2/2/2029  |  | 6000000 | 6266680 |
| Imperial Brands Finance Netherlands BV 5.25% 2/15/2031 (o) | EUR | 1845000 | 2266499 |
| Imperial Brands Finance PLC 3.875% 2/12/2034 (o) | EUR | 1000000 | 1117714 |
| Imperial Brands Finance PLC 5.5% 2/1/2030 (b) |  | 8000000 | 8173444 |
| Imperial Brands Finance PLC 6.125% 7/27/2027 (b) |  | 1197000 | 1228128 |
| Reynolds American Inc 5.7% 8/15/2035  |  | 171000 | 171548 |
|  |  |  | 76345064 |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| EG Global Finance PLC 12% 11/30/2028 (b) |  | 1280000 | 1411287 |
| Financials - 0.6% |  |  |  |
| Banks - 0.5% |  |  |  |
| Barclays PLC 2.279% 11/24/2027 (d) |  | 31514000 | 30409739 |
| Barclays PLC 3.811% 3/10/2042 (d) |  | 7473000 | 5686223 |
| Barclays PLC 4.375% 1/12/2026  |  | 4468000 | 4457245 |
| Barclays PLC 4.836% 5/9/2028  |  | 6102000 | 6112876 |
| Barclays PLC 5.088% 6/20/2030 (d) |  | 35939000 | 35800438 |
| Barclays PLC 5.2% 5/12/2026  |  | 1556000 | 1559937 |
| Barclays PLC 5.262% 1/29/2034 (d)(o) | EUR | 1355000 | 1693318 |
| Barclays PLC 5.304% 8/9/2026 (d) |  | 1387000 | 1388234 |
| Barclays PLC 5.367% 2/25/2031 (d) |  | 17084000 | 17231756 |
| Barclays PLC 5.501% 8/9/2028 (d) |  | 3000000 | 3044336 |
| Barclays PLC 5.746% 8/9/2033 (d) |  | 2074000 | 2116883 |
| Barclays PLC 5.785% 2/25/2036 (d) |  | 9000000 | 9019750 |
| Barclays PLC 5.829% 5/9/2027 (d) |  | 4720000 | 4763077 |
| Barclays PLC 6.224% 5/9/2034 (d) |  | 5000000 | 5220018 |
| Barclays PLC 6.49% 9/13/2029 (d) |  | 8000000 | 8395949 |
| Barclays PLC 6.692% 9/13/2034 (d) |  | 12500000 | 13425834 |
| Barclays PLC 8.407% 11/14/2032 (d)(o) | GBP | 750000 | 1070664 |
| HSBC Holdings PLC 2.357% 8/18/2031 (d) |  | 15444000 | 13536726 |
| HSBC Holdings PLC 2.848% 6/4/2031 (d) |  | 6103000 | 5502193 |
| HSBC Holdings PLC 4.292% 9/12/2026 (d) |  | 1724000 | 1720667 |
| HSBC Holdings PLC 4.787% 3/10/2032 (d)(o) | EUR | 1270000 | 1546847 |
| HSBC Holdings PLC 4.856% 5/23/2033 (d)(o) | EUR | 1600000 | 1960496 |
| HSBC Holdings PLC 4.899% 3/3/2029 (d) |  | 6458000 | 6472682 |
| HSBC Holdings PLC 4.95% 3/31/2030  |  | 262000 | 264233 |
| HSBC Holdings PLC 5.21% 8/11/2028 (d) |  | 8310000 | 8395713 |
| HSBC Holdings PLC 5.24% 5/13/2031 (d) |  | 9220000 | 9261589 |
| HSBC Holdings PLC 5.813% 5/22/2033 (d)(o) | GBP | 925000 | 1251388 |
| HSBC Holdings PLC 6.254% 3/9/2034 (d) |  | 200000 | 210278 |
| HSBC Holdings PLC 6.8% 9/14/2031 (d) | GBP | 320000 | 457103 |
| HSBC Holdings PLC 8.201% 11/16/2034 (d)(o) | GBP | 1000000 | 1458736 |
| Lloyds Banking Group PLC 4.375% 3/22/2028  |  | 4320000 | 4293056 |
| Lloyds Banking Group PLC 4.5% 1/11/2029 (d)(o) | EUR | 630000 | 748328 |
| Lloyds Banking Group PLC 4.75% 9/21/2031 (d)(o) | EUR | 1550000 | 1884865 |
| Lloyds Banking Group PLC 4.976% 8/11/2033 (d) |  | 6227000 | 6109300 |
| Lloyds Banking Group PLC 5.087% 11/26/2028 (d) |  | 5700000 | 5751307 |
| Lloyds Banking Group PLC 5.985% 8/7/2027 (d) |  | 4700000 | 4765578 |
| Lloyds Banking Group PLC 7.953% 11/15/2033 (d) |  | 6196000 | 7042885 |
| NatWest Group PLC 1.642% 6/14/2027 (d) |  | 1207000 | 1169499 |
| NatWest Group PLC 3.073% 5/22/2028 (d) |  | 9914000 | 9614870 |
| NatWest Group PLC 4.8% 4/5/2026  |  | 19815000 | 19859017 |
| NatWest Group PLC 4.964% 8/15/2030 (d) |  | 8200000 | 8215725 |
| NatWest Group PLC 5.115% 5/23/2031 (d) |  | 9410000 | 9446568 |
| NatWest Group PLC 5.808% 9/13/2029 (d) |  | 30000000 | 30928722 |
| NatWest Group PLC 5.847% 3/2/2027 (d) |  | 6200000 | 6250182 |
| NatWest Group PLC 7.416% 6/6/2033 (d)(o) | GBP | 850000 | 1201034 |
| Standard Chartered PLC 3.864% 3/17/2033 (d)(o) | EUR | 900000 | 1035011 |
| Standard Chartered PLC 5.005% 10/15/2030 (b)(d) |  | 6204000 | 6198917 |
| Standard Chartered PLC 5.545% 1/21/2029 (b)(d) |  | 5880000 | 5975389 |
| Virgin Money UK PLC 7.625% 8/23/2029 (d)(o) | GBP | 1600000 | 2311178 |
|  |  |  | 336236359 |
| Consumer Finance - 0.0% |  |  |  |
| Motability Operations Group PLC 3.625% 1/22/2033 (o) | EUR | 1275000 | 1456767 |
| Financial Services - 0.1% |  |  |  |
| Nationwide Building Society 4% 7/30/2035 (d)(o) | EUR | 500000 | 572612 |
| Nationwide Building Society 6.557% 10/18/2027 (b)(d) |  | 6000000 | 6143673 |
|  |  |  | 6716285 |
| Insurance - 0.0% |  |  |  |
| Admiral Group PLC 8.5% 1/6/2034 (o) | GBP | 800000 | 1205107 |
| TOTAL FINANCIALS |  |  | 345614518 |
| Health Care - 0.0% |  |  |  |
| Health Care Providers & Services - 0.0% |  |  |  |
| 180 Medical Inc 3.875% 10/15/2029 (b) |  | 1520000 | 1443736 |
| Industrials - 0.0% |  |  |  |
| Aerospace & Defense - 0.0% |  |  |  |
| BAE Systems PLC 3.4% 4/15/2030 (b) |  | 11997000 | 11336175 |
| BAE Systems PLC 5.25% 3/26/2031 (b) |  | 7319000 | 7490469 |
| BAE Systems PLC 5.3% 3/26/2034 (b) |  | 11900000 | 12015282 |
| BAE Systems PLC 5.5% 3/26/2054 (b) |  | 1703000 | 1636131 |
|  |  |  | 32478057 |
| Ground Transportation - 0.0% |  |  |  |
| Mobico Group PLC 4.875% 9/26/2031 (o) | EUR | 1300000 | 1350997 |
| Passenger Airlines - 0.0% |  |  |  |
| British Airways 2021-1 Class A Pass Through Trust equipment trust certificate 2.9% 9/15/2036 (b) |  | 1206469 | 1076796 |
| Trading Companies & Distributors - 0.0% |  |  |  |
| Travis Perkins PLC 3.75% 2/17/2026 (o) | GBP | 467000 | 616628 |
| Transportation Infrastructure - 0.0% |  |  |  |
| Heathrow Funding Ltd 6% 3/5/2032 (o) | GBP | 1250000 | 1677395 |
| TOTAL INDUSTRIALS |  |  | 37199873 |
| Real Estate - 0.0% |  |  |  |
| Office REITs - 0.0% |  |  |  |
| Great Portland Estates PLC 5.375% 9/25/2031 (o) | GBP | 500000 | 663084 |
| Real Estate Management & Development - 0.0% |  |  |  |
| Tritax EuroBox PLC 0.95% 6/2/2026 (o) | EUR | 1300000 | 1447347 |
| TOTAL REAL ESTATE |  |  | 2110431 |
| Utilities - 0.0% |  |  |  |
| Electric Utilities - 0.0% |  |  |  |
| NGG Finance PLC 2.125% 9/5/2082 (d)(o) | EUR | 1960000 | 2165185 |
| Scottish Hydro Electric Transmission PLC 3.375% 9/4/2032 (o) | EUR | 1050000 | 1188385 |
|  |  |  | 3353570 |
| Gas Utilities - 0.0% |  |  |  |
| Southern Gas Networks PLC 3.5% 10/16/2030 (o) | EUR | 1075000 | 1223471 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |  |
| California Buyer Ltd / Atlantica Sustainable Infrastructure PLC 6.375% 2/15/2032 (b) |  | 740000 | 731694 |
| ContourGlobal Power Holdings SA 6.75% 2/28/2030 (b) |  | 470000 | 476128 |
|  |  |  | 1207822 |
| Water Utilities - 0.0% |  |  |  |
| Anglian Water Services Financing PLC 5.875% 6/20/2031 (o) | GBP | 990000 | 1340177 |
| Anglian Water Services Financing PLC 6.25% 9/12/2044 (o) | GBP | 450000 | 568189 |
| Anglian Water Services Financing PLC 6.293% 7/30/2030 (o) | GBP | 1000000 | 1383486 |
| Severn Trent Utilities Finance PLC 3.875% 8/4/2035 (o) | EUR | 1400000 | 1595393 |
| Severn Trent Utilities Finance PLC 4.625% 11/30/2034 (o) | GBP | 380000 | 471335 |
| South West Water Finance PLC 5.75% 12/11/2032 (o) | GBP | 225000 | 304529 |
| Southern Water Services Finance Ltd 2.375% 5/28/2028 (o) | GBP | 870000 | 1020424 |
| SW Finance I PLC 7.375% 12/12/2041 (o) | GBP | 431000 | 557784 |
| United Utilities Water Finance PLC 3.5% 2/27/2033 (o) | EUR | 825000 | 925478 |
| Wessex Water Services Finance PLC 6.125% 9/19/2034 (o) | GBP | 850000 | 1131844 |
|  |  |  | 9298639 |
| TOTAL UTILITIES |  |  | 15083502 |
| TOTAL UNITED KINGDOM |  |  | 493726513 |
| UNITED STATES - 10.1%  |  |  |  |
| Communication Services - 0.7% |  |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |  |
| AT&T Inc 1.65% 2/1/2028  |  | 2253000 | 2096769 |
| AT&T Inc 2.25% 2/1/2032  |  | 8095000 | 6868042 |
| AT&T Inc 2.55% 12/1/2033  |  | 18825000 | 15482655 |
| AT&T Inc 2.75% 6/1/2031  |  | 7200000 | 6443502 |
| AT&T Inc 3.55% 9/15/2055  |  | 11426000 | 7553524 |
| AT&T Inc 3.65% 9/15/2059  |  | 9376000 | 6160785 |
| AT&T Inc 3.8% 12/1/2057  |  | 49962000 | 34205864 |
| AT&T Inc 4.3% 2/15/2030  |  | 7106000 | 7031123 |
| AT&T Inc 4.5% 5/15/2035  |  | 2388000 | 2246350 |
| AT&T Inc 4.75% 5/15/2046  |  | 41310000 | 35231866 |
| AT&T Inc 5.4% 2/15/2034  |  | 5000000 | 5067957 |
| Cogent Communications Group LLC 7% 6/15/2027 (b) |  | 1010000 | 1015436 |
| Frontier Communications Holdings LLC 5.875% 10/15/2027 (b) |  | 435000 | 436134 |
| Level 3 Financing Inc 10.5% 5/15/2030 (b) |  | 154000 | 168438 |
| Level 3 Financing Inc 11% 11/15/2029 (b) |  | 46903 | 53207 |
| Level 3 Financing Inc 3.875% 10/15/2030 (b) |  | 85000 | 71612 |
| Sprint Capital Corp 8.75% 3/15/2032  |  | 2165000 | 2593236 |
| Verizon Communications Inc 2.1% 3/22/2028  |  | 2703000 | 2542384 |
| Verizon Communications Inc 2.355% 3/15/2032  |  | 21895000 | 18673453 |
| Verizon Communications Inc 2.55% 3/21/2031  |  | 3016000 | 2671262 |
| Verizon Communications Inc 2.987% 10/30/2056  |  | 1378000 | 806900 |
| Verizon Communications Inc 3% 11/20/2060  |  | 5215000 | 2983928 |
| Verizon Communications Inc 3.15% 3/22/2030  |  | 449000 | 421009 |
| Verizon Communications Inc 3.7% 3/22/2061  |  | 7473000 | 5034701 |
| Verizon Communications Inc 4.4% 11/1/2034  |  | 8120000 | 7604484 |
| Verizon Communications Inc 4.78% 2/15/2035  |  | 7000000 | 6736712 |
| Verizon Communications Inc 4.862% 8/21/2046  |  | 5000000 | 4362648 |
|  |  |  | 184563981 |
| Entertainment - 0.0% |  |  |  |
| ROBLOX Corp 3.875% 5/1/2030 (b) |  | 1070000 | 995200 |
| Walt Disney Co/The 6.65% 11/15/2037  |  | 5862000 | 6604174 |
|  |  |  | 7599374 |
| Interactive Media & Services - 0.0% |  |  |  |
| Alphabet Inc 3.375% 5/6/2037  | EUR | 290000 | 326732 |
| Alphabet Inc 3.875% 5/6/2045  | EUR | 300000 | 340993 |
| Alphabet Inc 4% 5/6/2054  | EUR | 300000 | 338689 |
| Snap Inc 6.875% 3/1/2033 (b) |  | 385000 | 389984 |
|  |  |  | 1396398 |
| Media - 0.4% |  |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 5/1/2032  |  | 4180000 | 3804400 |
| CCO Holdings LLC / CCO Holdings Capital Corp 4.5% 8/15/2030 (b) |  | 8220000 | 7707490 |
| CCO Holdings LLC / CCO Holdings Capital Corp 5% 2/1/2028 (b) |  | 4201000 | 4120453 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 2.3% 2/1/2032  |  | 16509000 | 13608474 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 2.8% 4/1/2031  |  | 25100000 | 22039099 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 3.7% 4/1/2051  |  | 4546000 | 2926327 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 3.75% 2/15/2028  |  | 7200000 | 7027190 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.2% 3/15/2028  |  | 1724000 | 1702273 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.4% 12/1/2061  |  | 5290000 | 3563641 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.8% 3/1/2050  |  | 3801000 | 2939163 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 4.908% 7/23/2025  |  | 384000 | 383941 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.05% 3/30/2029  |  | 11340000 | 11392014 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.25% 4/1/2053  |  | 12482000 | 10289056 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.375% 5/1/2047  |  | 49708000 | 41756255 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 5.5% 4/1/2063  |  | 2304000 | 1885773 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.1% 6/1/2029  |  | 17861000 | 18593321 |
| Charter Communications Operating LLC / Charter Communications Operating Capital 6.55% 6/1/2034  |  | 12270000 | 12836497 |
| Comcast Corp 2.937% 11/1/2056  |  | 1612000 | 921740 |
| Comcast Corp 2.987% 11/1/2063  |  | 6248000 | 3439818 |
| Comcast Corp 3.75% 4/1/2040  |  | 1000000 | 809683 |
| Comcast Corp 3.999% 11/1/2049  |  | 889000 | 659568 |
| Discovery Communications LLC 3.625% 5/15/2030  |  | 16019000 | 14166478 |
| Discovery Communications LLC 3.95% 3/20/2028  |  | 8095000 | 7729811 |
| Discovery Communications LLC 4.125% 5/15/2029  |  | 524000 | 487909 |
| Lamar Media Corp 3.625% 1/15/2031  |  | 815000 | 740408 |
| Nexstar Media Inc 5.625% 7/15/2027 (b) |  | 1940000 | 1932243 |
| Scripps Escrow II Inc 3.875% 1/15/2029 (b) |  | 425000 | 363375 |
| Sirius XM Radio LLC 4.125% 7/1/2030 (b) |  | 10000000 | 9085687 |
| Sirius XM Radio LLC 5% 8/1/2027 (b) |  | 1705000 | 1687356 |
| TEGNA Inc 4.625% 3/15/2028  |  | 1615000 | 1565652 |
| TEGNA Inc 5% 9/15/2029  |  | 115000 | 109539 |
| Time Warner Cable LLC 4.5% 9/15/2042  |  | 886000 | 681832 |
| Time Warner Cable LLC 5.5% 9/1/2041  |  | 13379000 | 11791235 |
| Time Warner Cable LLC 5.875% 11/15/2040  |  | 12748000 | 11921830 |
| Time Warner Cable LLC 6.55% 5/1/2037  |  | 7048000 | 7094858 |
| Time Warner Cable LLC 6.75% 6/15/2039  |  | 5390000 | 5454668 |
| Time Warner Cable LLC 7.3% 7/1/2038  |  | 8091000 | 8622239 |
| Univision Communications Inc 8% 8/15/2028 (b) |  | 650000 | 650416 |
| Warnermedia Holdings Inc 3.755% 3/15/2027  |  | 8052000 | 7805381 |
| Warnermedia Holdings Inc 4.054% 3/15/2029  |  | 5687000 | 5295749 |
| Warnermedia Holdings Inc 4.279% 3/15/2032  |  | 21377000 | 18139866 |
| Warnermedia Holdings Inc 4.693% 5/17/2033  | EUR | 1100000 | 1163768 |
| Warnermedia Holdings Inc 5.05% 3/15/2042  |  | 7412000 | 5331656 |
| Warnermedia Holdings Inc 5.141% 3/15/2052  |  | 31750000 | 20582195 |
|  |  |  | 314810327 |
| Wireless Telecommunication Services - 0.1% |  |  |  |
| T-Mobile USA Inc 2.4% 3/15/2029  |  | 1208000 | 1116825 |
| T-Mobile USA Inc 2.625% 4/15/2026  |  | 2931000 | 2885574 |
| T-Mobile USA Inc 2.7% 3/15/2032  |  | 13401000 | 11646111 |
| T-Mobile USA Inc 2.875% 2/15/2031  |  | 1445000 | 1300401 |
| T-Mobile USA Inc 3.75% 4/15/2027  |  | 10840000 | 10700120 |
| T-Mobile USA Inc 3.875% 4/15/2030  |  | 22877000 | 22059541 |
| T-Mobile USA Inc 5.65% 1/15/2053  |  | 2491000 | 2356580 |
|  |  |  | 52065152 |
| TOTAL COMMUNICATION SERVICES |  |  | 560435232 |
| Consumer Discretionary - 0.5% |  |  |  |
| Automobile Components - 0.0% |  |  |  |
| Clarios Global LP / Clarios US Finance Co 6.75% 5/15/2028 (b) |  | 460000 | 468677 |
| Dana Inc 4.5% 2/15/2032  |  | 475000 | 444363 |
| Patrick Industries Inc 6.375% 11/1/2032 (b) |  | 685000 | 675172 |
| Phinia Inc 6.75% 4/15/2029 (b) |  | 330000 | 337297 |
|  |  |  | 1925509 |
| Automobiles - 0.1% |  |  |  |
| Ford Motor Co 3.25% 2/12/2032  |  | 6850000 | 5652669 |
| General Motors Co 5% 4/1/2035  |  | 1419000 | 1310758 |
| General Motors Co 5.2% 4/1/2045  |  | 1619000 | 1346204 |
| General Motors Co 5.4% 4/1/2048  |  | 654000 | 550351 |
| General Motors Co 5.6% 10/15/2032  |  | 3114000 | 3098896 |
| General Motors Co 5.95% 4/1/2049  |  | 3089000 | 2787551 |
| General Motors Co 6.125% 10/1/2025  |  | 1078000 | 1081225 |
| General Motors Financial Co Inc 1.25% 1/8/2026  |  | 5114000 | 5000265 |
| General Motors Financial Co Inc 2.35% 2/26/2027  |  | 1414000 | 1352785 |
| General Motors Financial Co Inc 3.1% 1/12/2032  |  | 7510000 | 6472906 |
| General Motors Financial Co Inc 4.3% 4/6/2029  |  | 6975000 | 6756282 |
| General Motors Financial Co Inc 5.4% 4/6/2026  |  | 7700000 | 7722696 |
| General Motors Financial Co Inc 5.4% 5/8/2027  |  | 12300000 | 12401492 |
| General Motors Financial Co Inc 5.55% 7/15/2029  |  | 8500000 | 8591752 |
| General Motors Financial Co Inc 5.85% 4/6/2030  |  | 10453000 | 10677558 |
| General Motors Financial Co Inc 6% 1/9/2028  |  | 1900000 | 1947277 |
| General Motors Financial Co Inc 6.4% 1/9/2033  |  | 5000000 | 5163568 |
| Stellantis Finance US Inc 2.691% 9/15/2031 (b) |  | 6943000 | 5755765 |
| Stellantis Finance US Inc 5.75% 3/18/2030 (b) |  | 9223000 | 9244571 |
| Thor Industries Inc 4% 10/15/2029 (b) |  | 555000 | 513017 |
|  |  |  | 97427588 |
| Broadline Retail - 0.0% |  |  |  |
| Kohl's Corp 4.25% 7/17/2025  |  | 35000 | 34738 |
| Match Group Holdings II LLC 4.125% 8/1/2030 (b) |  | 170000 | 156895 |
| Nordstrom Inc 4.375% 4/1/2030  |  | 1935000 | 1745833 |
| Wayfair LLC 7.25% 10/31/2029 (b) |  | 395000 | 384703 |
| Wayfair LLC 7.75% 9/15/2030 (b) |  | 605000 | 592750 |
|  |  |  | 2914919 |
| Distributors - 0.0% |  |  |  |
| Genuine Parts Co 2.75% 2/1/2032  |  | 3756000 | 3225689 |
| Diversified Consumer Services - 0.0% |  |  |  |
| Massachusetts Institute of Technology 3.885% 7/1/2116  |  | 4116000 | 2773154 |
| Service Corp International/US 5.125% 6/1/2029  |  | 1570000 | 1550753 |
| Service Corp International/US 5.75% 10/15/2032  |  | 680000 | 675742 |
| Sotheby's 7.375% 10/15/2027 (b) |  | 825000 | 812384 |
| Trane Technologies Global Holding Co Ltd 5.75% 6/15/2043  |  | 223000 | 220760 |
|  |  |  | 6032793 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |  |
| Aramark Services Inc 5% 2/1/2028 (b) |  | 975000 | 964624 |
| Caesars Entertainment Inc 6% 10/15/2032 (b) |  | 920000 | 882545 |
| Caesars Entertainment Inc 6.5% 2/15/2032 (b) |  | 1230000 | 1239895 |
| Carnival Corp 5.75% 3/15/2030 (b) |  | 405000 | 405950 |
| Carnival Corp 5.875% 6/15/2031 (b) |  | 810000 | 810486 |
| Carnival Corp 6.125% 2/15/2033 (b) |  | 4420000 | 4431899 |
| Churchill Downs Inc 6.75% 5/1/2031 (b) |  | 810000 | 824941 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (b) |  | 660000 | 587433 |
| Hilton Domestic Operating Co Inc 5.875% 4/1/2029 (b) |  | 500000 | 504926 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 6.625% 1/15/2032 (b) |  | 850000 | 848920 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  |  | 164000 | 163479 |
| Life Time Inc 6% 11/15/2031 (b) |  | 915000 | 917044 |
| McDonald's Corp 3.5% 5/21/2032 (o) | EUR | 1225000 | 1409082 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC 8.25% 4/15/2030 (b) |  | 520000 | 529172 |
| NCL Corp Ltd 6.75% 2/1/2032 (b) |  | 600000 | 600726 |
| Neogen Food Safety Corp 8.625% 7/20/2030 (b) |  | 110000 | 114700 |
| Royal Caribbean Cruises Ltd 5.375% 7/15/2027 (b) |  | 245000 | 245222 |
| Royal Caribbean Cruises Ltd 5.5% 4/1/2028 (b) |  | 1555000 | 1558764 |
| Royal Caribbean Cruises Ltd 5.625% 9/30/2031 (b) |  | 910000 | 899431 |
| Royal Caribbean Cruises Ltd 6% 2/1/2033 (b) |  | 3125000 | 3136217 |
| Royal Caribbean Cruises Ltd 6.25% 3/15/2032 (b) |  | 430000 | 435805 |
| Station Casinos LLC 6.625% 3/15/2032 (b) |  | 645000 | 645884 |
| Wyndham Hotels & Resorts Inc 4.375% 8/15/2028 (b) |  | 490000 | 474144 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 6.25% 3/15/2033 (b) |  | 990000 | 979152 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp 7.125% 2/15/2031 (b) |  | 630000 | 660780 |
| Yum! Brands Inc 3.625% 3/15/2031  |  | 3568000 | 3243061 |
|  |  |  | 27514282 |
| Household Durables - 0.0% |  |  |  |
| Century Communities Inc 3.875% 8/15/2029 (b) |  | 525000 | 475893 |
| LGI Homes Inc 7% 11/15/2032 (b) |  | 705000 | 654691 |
| LGI Homes Inc 8.75% 12/15/2028 (b) |  | 405000 | 416805 |
| Newell Brands Inc 6.375% 5/15/2030  |  | 455000 | 426955 |
| Newell Brands Inc 6.625% 5/15/2032  |  | 390000 | 359730 |
| Newell Brands Inc 6.625% 9/15/2029  |  | 1160000 | 1121359 |
| Somnigroup International Inc 3.875% 10/15/2031 (b) |  | 880000 | 783179 |
| Somnigroup International Inc 4% 4/15/2029 (b) |  | 590000 | 555699 |
| Toll Brothers Finance Corp 4.875% 11/15/2025  |  | 1517000 | 1517562 |
| Toll Brothers Finance Corp 4.875% 3/15/2027  |  | 739000 | 739513 |
| TopBuild Corp 4.125% 2/15/2032 (b) |  | 930000 | 843410 |
|  |  |  | 7894796 |
| Leisure Products - 0.0% |  |  |  |
| Brunswick Corp/DE 5.85% 3/18/2029  |  | 34500000 | 35051576 |
| Mattel Inc 3.75% 4/1/2029 (b) |  | 680000 | 641465 |
| Mattel Inc 6.2% 10/1/2040  |  | 475000 | 449786 |
|  |  |  | 36142827 |
| Specialty Retail - 0.3% |  |  |  |
| Advance Auto Parts Inc 1.75% 10/1/2027  |  | 3120000 | 2876129 |
| Advance Auto Parts Inc 5.95% 3/9/2028  |  | 5301000 | 5384279 |
| Asbury Automotive Group Inc 4.625% 11/15/2029 (b) |  | 175000 | 166362 |
| Asbury Automotive Group Inc 5% 2/15/2032 (b) |  | 390000 | 364178 |
| AutoNation Inc 1.95% 8/1/2028  |  | 7691000 | 7073636 |
| AutoNation Inc 2.4% 8/1/2031  |  | 26621000 | 22497917 |
| AutoNation Inc 3.85% 3/1/2032  |  | 3363000 | 3038779 |
| AutoNation Inc 4.75% 6/1/2030  |  | 1430000 | 1403773 |
| AutoZone Inc 4% 4/15/2030  |  | 19121000 | 18552370 |
| AutoZone Inc 5.165% 6/15/2030  |  | 1476000 | 1499319 |
| AutoZone Inc 6.25% 11/1/2028  |  | 8000000 | 8458426 |
| Bath & Body Works Inc 6.625% 10/1/2030 (b) |  | 2220000 | 2267504 |
| Bath & Body Works Inc 6.875% 11/1/2035  |  | 885000 | 891301 |
| Gap Inc/The 3.875% 10/1/2031 (b) |  | 475000 | 420472 |
| Group 1 Automotive Inc 6.375% 1/15/2030 (b) |  | 425000 | 432816 |
| Home Depot Inc/The 2.5% 4/15/2027  |  | 123000 | 119344 |
| Home Depot Inc/The 4.95% 6/25/2034  |  | 15500000 | 15507028 |
| Home Depot Inc/The 5.95% 4/1/2041  |  | 527000 | 545823 |
| Hudson Automotive Group 8% 5/15/2032 (b) |  | 265000 | 278350 |
| LCM Investments Holdings II LLC 8.25% 8/1/2031 (b) |  | 360000 | 381690 |
| Lowe's Cos Inc 1.7% 9/15/2028  |  | 1724000 | 1582433 |
| Lowe's Cos Inc 3% 10/15/2050  |  | 7286000 | 4423515 |
| Lowe's Cos Inc 3.75% 4/1/2032  |  | 19417000 | 18070000 |
| Lowe's Cos Inc 4.25% 4/1/2052  |  | 14990000 | 11373611 |
| Lowe's Cos Inc 5.625% 4/15/2053  |  | 12017000 | 11268690 |
| O'Reilly Automotive Inc 4.2% 4/1/2030  |  | 193000 | 189371 |
| Specialty Building Products Holdings LLC / SBP Finance Corp 7.75% 10/15/2029 (b) |  | 180000 | 172463 |
| Wand NewCo 3 Inc 7.625% 1/30/2032 (b) |  | 545000 | 566965 |
|  |  |  | 139806544 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |  |
| Crocs Inc 4.125% 8/15/2031 (b) |  | 485000 | 430491 |
| Kontoor Brands Inc 4.125% 11/15/2029 (b) |  | 95000 | 87404 |
| Levi Strauss & Co 3.5% 3/1/2031 (b) |  | 555000 | 495979 |
| Tapestry Inc 3.05% 3/15/2032  |  | 45138000 | 39388338 |
| William Carter Co/The 5.625% 3/15/2027 (b) |  | 746000 | 740915 |
|  |  |  | 41143127 |
| TOTAL CONSUMER DISCRETIONARY |  |  | 364028074 |
| Consumer Staples - 0.2% |  |  |  |
| Beverages - 0.0% |  |  |  |
| Constellation Brands Inc 2.875% 5/1/2030  |  | 5370000 | 4917999 |
| Molson Coors Beverage Co 3% 7/15/2026  |  | 1552000 | 1525956 |
|  |  |  | 6443955 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |  |
| 7-Eleven Inc 0.95% 2/10/2026 (b) |  | 797000 | 775649 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 3.5% 3/15/2029 (b) |  | 1415000 | 1329434 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 4.625% 1/15/2027 (b) |  | 925000 | 915901 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC 6.5% 2/15/2028 (b) |  | 2910000 | 2968727 |
| C&S Group Enterprises LLC 5% 12/15/2028 (b) |  | 495000 | 421240 |
| Dollar General Corp 3.5% 4/3/2030  |  | 6956000 | 6508947 |
| Dollar General Corp 4.625% 11/1/2027  |  | 2000000 | 1999841 |
| Dollar Tree Inc 2.65% 12/1/2031  |  | 7473000 | 6463290 |
| Dollar Tree Inc 4.2% 5/15/2028  |  | 3971000 | 3906192 |
| KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc 9% 2/15/2029 (b) |  | 745000 | 776660 |
| Mars Inc 4.8% 3/1/2030 (b) |  | 17853000 | 17963177 |
| Mars Inc 5% 3/1/2032 (b) |  | 13403000 | 13448072 |
| Mars Inc 5.2% 3/1/2035 (b) |  | 15827000 | 15767632 |
| Mars Inc 5.65% 5/1/2045 (b) |  | 9555000 | 9373764 |
| Mars Inc 5.7% 5/1/2055 (b) |  | 19056000 | 18486226 |
| Mars Inc 5.8% 5/1/2065 (b) |  | 388000 | 376438 |
| Performance Food Group Inc 6.125% 9/15/2032 (b) |  | 680000 | 685471 |
| US Foods Inc 4.625% 6/1/2030 (b) |  | 130000 | 125042 |
| US Foods Inc 5.75% 4/15/2033 (b) |  | 405000 | 397872 |
| US Foods Inc 7.25% 1/15/2032 (b) |  | 560000 | 585270 |
|  |  |  | 103274845 |
| Food Products - 0.0% |  |  |  |
| Darling Ingredients Inc 5.25% 4/15/2027 (b) |  | 1115000 | 1107179 |
| Darling Ingredients Inc 6% 6/15/2030 (b) |  | 160000 | 160268 |
| Fiesta Purchaser Inc 7.875% 3/1/2031 (b) |  | 395000 | 414539 |
| Lamb Weston Holdings Inc 4.375% 1/31/2032 (b) |  | 855000 | 788696 |
| Lamb Weston Holdings Inc 4.875% 5/15/2028 (b) |  | 1825000 | 1802505 |
| Pilgrim's Pride Corp 4.25% 4/15/2031  |  | 1190000 | 1125905 |
| Post Holdings Inc 4.625% 4/15/2030 (b) |  | 1455000 | 1376985 |
| Post Holdings Inc 6.25% 10/15/2034 (b) |  | 415000 | 409928 |
| Post Holdings Inc 6.25% 2/15/2032 (b) |  | 515000 | 523608 |
| Smithfield Foods Inc 3% 10/15/2030 (b) |  | 1317000 | 1173346 |
| TreeHouse Foods Inc 4% 9/1/2028  |  | 640000 | 582900 |
|  |  |  | 9465859 |
| Household Products - 0.0% |  |  |  |
| Resideo Funding Inc 6.5% 7/15/2032 (b) |  | 685000 | 690634 |
| Personal Care Products - 0.0% |  |  |  |
| BellRing Brands Inc 7% 3/15/2030 (b) |  | 470000 | 488421 |
| Prestige Brands Inc 3.75% 4/1/2031 (b) |  | 540000 | 490142 |
|  |  |  | 978563 |
| Tobacco - 0.0% |  |  |  |
| Altria Group Inc 4.8% 2/14/2029  |  | 2374000 | 2382494 |
| Philip Morris International Inc 4.375% 11/15/2041  |  | 1174000 | 1001009 |
| Philip Morris International Inc 5.125% 2/13/2031  |  | 5200000 | 5288983 |
| Philip Morris International Inc 5.125% 2/15/2030  |  | 6162000 | 6294531 |
| Philip Morris International Inc 5.75% 11/17/2032  |  | 5790000 | 6062328 |
| Turning Point Brands Inc 7.625% 3/15/2032 (b) |  | 405000 | 425863 |
|  |  |  | 21455208 |
| TOTAL CONSUMER STAPLES |  |  | 142309064 |
| Energy - 1.0% |  |  |  |
| Energy Equipment & Services - 0.0% |  |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp 6.625% 9/1/2032 (b) |  | 670000 | 673524 |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc 2.061% 12/15/2026  |  | 656000 | 632442 |
| Kodiak Gas Services LLC 7.25% 2/15/2029 (b) |  | 640000 | 655880 |
| Nabors Industries Inc 8.875% 8/15/2031 (b) |  | 565000 | 386656 |
| Transocean Inc 8.25% 5/15/2029 (b) |  | 860000 | 775519 |
| Valaris Ltd 8.375% 4/30/2030 (b) |  | 805000 | 808130 |
|  |  |  | 3932151 |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |  |
| Aethon United BR LP / Aethon United Finance Corp 7.5% 10/1/2029 (b) |  | 565000 | 578994 |
| APA Corp 5.25% 2/1/2042 (b) |  | 465000 | 360117 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp 6.625% 10/15/2032 (b) |  | 185000 | 186068 |
| California Resources Corp 8.25% 6/15/2029 (b) |  | 1310000 | 1312375 |
| CNX Midstream Partners LP 4.75% 4/15/2030 (b) |  | 115000 | 106606 |
| CNX Resources Corp 7.25% 3/1/2032 (b) |  | 785000 | 799976 |
| Columbia Pipelines Holding Co LLC 5.097% 10/1/2031 (b) |  | 8090000 | 7933522 |
| Columbia Pipelines Holding Co LLC 6.042% 8/15/2028 (b) |  | 5000000 | 5152991 |
| Columbia Pipelines Operating Co LLC 5.695% 10/1/2054 (b) |  | 5090000 | 4554098 |
| Columbia Pipelines Operating Co LLC 5.927% 8/15/2030 (b) |  | 4337000 | 4506121 |
| Columbia Pipelines Operating Co LLC 5.962% 2/15/2055 (b) |  | 7300000 | 6793079 |
| Columbia Pipelines Operating Co LLC 6.036% 11/15/2033 (b) |  | 11691000 | 12033630 |
| Columbia Pipelines Operating Co LLC 6.497% 8/15/2043 (b) |  | 10495000 | 10544287 |
| Columbia Pipelines Operating Co LLC 6.544% 11/15/2053 (b) |  | 6291000 | 6322446 |
| Columbia Pipelines Operating Co LLC 6.714% 8/15/2063 (b) |  | 3766000 | 3822551 |
| CVR Energy Inc 5.75% 2/15/2028 (b) |  | 90000 | 85681 |
| CVR Energy Inc 8.5% 1/15/2029 (b) |  | 750000 | 732032 |
| DCP Midstream Operating LP 5.125% 5/15/2029  |  | 5091000 | 5136051 |
| DCP Midstream Operating LP 5.375% 7/15/2025  |  | 1661000 | 1661421 |
| DCP Midstream Operating LP 5.6% 4/1/2044  |  | 2894000 | 2547939 |
| DCP Midstream Operating LP 6.45% 11/3/2036 (b) |  | 410000 | 414351 |
| DCP Midstream Operating LP 6.75% 9/15/2037 (b) |  | 1198000 | 1230159 |
| DCP Midstream Operating LP 8.125% 8/16/2030  |  | 15000 | 17280 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp 8.625% 3/15/2029 (b) |  | 860000 | 890674 |
| Eastern Gas Transmission & Storage Inc 3% 11/15/2029  |  | 6572000 | 6140524 |
| Eastern Gas Transmission & Storage Inc 3.9% 11/15/2049  |  | 4359000 | 3079096 |
| Energy Transfer LP 3.75% 5/15/2030  |  | 40278000 | 38108959 |
| Energy Transfer LP 4.95% 6/15/2028  |  | 7927000 | 7980940 |
| Energy Transfer LP 5% 5/15/2050  |  | 42639000 | 34467697 |
| Energy Transfer LP 5.25% 4/15/2029  |  | 2564000 | 2603108 |
| Energy Transfer LP 5.25% 7/1/2029  |  | 7622000 | 7746884 |
| Energy Transfer LP 5.4% 10/1/2047  |  | 3324000 | 2865964 |
| Energy Transfer LP 5.6% 9/1/2034  |  | 2230000 | 2219281 |
| Energy Transfer LP 5.625% 5/1/2027 (b) |  | 773000 | 773035 |
| Energy Transfer LP 5.75% 2/15/2033  |  | 7491000 | 7639338 |
| Energy Transfer LP 5.8% 6/15/2038  |  | 2595000 | 2540807 |
| Energy Transfer LP 6% 6/15/2048  |  | 2491000 | 2312952 |
| Energy Transfer LP 6.125% 12/15/2045  |  | 650000 | 619185 |
| Energy Transfer LP 6.25% 4/15/2049  |  | 1761000 | 1676733 |
| Energy Transfer LP 7.375% 2/1/2031 (b) |  | 275000 | 288012 |
| EQT Corp 3.9% 10/1/2027  |  | 1262000 | 1241097 |
| EQT Corp 5.7% 4/1/2028  |  | 2186000 | 2232214 |
| EQT Corp 5.75% 2/1/2034  |  | 21624000 | 21768304 |
| EQT Corp 7.5% 6/1/2027 (b) |  | 515000 | 524586 |
| Expand Energy Corp 5.375% 2/1/2029  |  | 1940000 | 1933682 |
| Florida Gas Transmission Co LLC 5.75% 7/15/2035 (b)(p) |  | 13350000 | 13433400 |
| Genesis Energy LP / Genesis Energy Finance Corp 7.875% 5/15/2032  |  | 215000 | 217718 |
| Global Partners LP / GLP Finance Corp 7% 8/1/2027  |  | 3910000 | 3919521 |
| Harvest Midstream I LP 7.5% 5/15/2032 (b) |  | 815000 | 837352 |
| Hess Corp 4.3% 4/1/2027  |  | 8399000 | 8365309 |
| Hess Corp 5.6% 2/15/2041  |  | 72976000 | 70736946 |
| Hess Corp 5.8% 4/1/2047  |  | 11931000 | 11500452 |
| Hess Corp 7.125% 3/15/2033  |  | 1403000 | 1563641 |
| Hess Corp 7.3% 8/15/2031  |  | 3686000 | 4122434 |
| Hess Corp 7.875% 10/1/2029  |  | 8241000 | 9220058 |
| Hess Midstream Operations LP 5.5% 10/15/2030 (b) |  | 115000 | 113702 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6% 4/15/2030 (b) |  | 1020000 | 967614 |
| Hilcorp Energy I LP / Hilcorp Finance Co 6.25% 11/1/2028 (b) |  | 185000 | 182725 |
| Howard Midstream Energy Partners LLC 7.375% 7/15/2032 (b) |  | 440000 | 455349 |
| Kimmeridge Texas Gas LLC 8.5% 2/15/2030 (b) |  | 375000 | 370691 |
| Kinder Morgan Inc 3.6% 2/15/2051  |  | 26000000 | 17257236 |
| Kinetik Holdings LP 5.875% 6/15/2030 (b) |  | 445000 | 442355 |
| Kinetik Holdings LP 6.625% 12/15/2028 (b) |  | 1095000 | 1116739 |
| Matador Resources Co 6.5% 4/15/2032 (b) |  | 730000 | 714770 |
| MPLX LP 1.75% 3/1/2026  |  | 1690000 | 1651967 |
| MPLX LP 4% 3/15/2028  |  | 3724000 | 3671443 |
| MPLX LP 4.8% 2/15/2029  |  | 1376000 | 1380570 |
| MPLX LP 4.95% 9/1/2032  |  | 13900000 | 13522036 |
| MPLX LP 5% 3/1/2033  |  | 7000000 | 6793282 |
| MPLX LP 5.5% 2/15/2049  |  | 4129000 | 3627283 |
| Murphy Oil Corp 6% 10/1/2032  |  | 460000 | 428885 |
| Murphy Oil USA Inc 3.75% 2/15/2031 (b) |  | 110000 | 99641 |
| Northern Oil & Gas Inc 8.125% 3/1/2028 (b) |  | 820000 | 823340 |
| Northern Oil & Gas Inc 8.75% 6/15/2031 (b) |  | 385000 | 388069 |
| Occidental Petroleum Corp 3.5% 8/15/2029  |  | 465000 | 427347 |
| Occidental Petroleum Corp 5.2% 8/1/2029  |  | 21326000 | 21184289 |
| Occidental Petroleum Corp 5.375% 1/1/2032  |  | 28900000 | 27896947 |
| Occidental Petroleum Corp 5.55% 10/1/2034  |  | 7000000 | 6616498 |
| Occidental Petroleum Corp 6.125% 1/1/2031  |  | 30000000 | 30542131 |
| Occidental Petroleum Corp 6.45% 9/15/2036  |  | 4300000 | 4225660 |
| Occidental Petroleum Corp 6.6% 3/15/2046  |  | 4886000 | 4628793 |
| Occidental Petroleum Corp 7.5% 5/1/2031  |  | 7400000 | 7965197 |
| Occidental Petroleum Corp 7.875% 9/15/2031  |  | 100000 | 109959 |
| ONEOK Inc 4.25% 9/24/2027  |  | 7582000 | 7532353 |
| ONEOK Inc 4.4% 10/15/2029  |  | 9257000 | 9108934 |
| ONEOK Inc 4.75% 10/15/2031  |  | 17905000 | 17477626 |
| ONEOK Inc 5.6% 4/1/2044  |  | 490000 | 437219 |
| ONEOK Inc 5.625% 1/15/2028 (b) |  | 105000 | 106778 |
| ONEOK Inc 5.65% 9/1/2034  |  | 10746000 | 10673811 |
| Ovintiv Inc 5.15% 11/15/2041  |  | 4009000 | 3229905 |
| Ovintiv Inc 7.375% 11/1/2031  |  | 648000 | 692047 |
| Ovintiv Inc 8.125% 9/15/2030  |  | 2895000 | 3229260 |
| PBF Holding Co LLC / PBF Finance Corp 7.875% 9/15/2030 (b) |  | 1735000 | 1508240 |
| PBF Holding Co LLC / PBF Finance Corp 9.875% 3/15/2030 (b) |  | 350000 | 334629 |
| Permian Resources Operating LLC 5.875% 7/1/2029 (b) |  | 445000 | 438325 |
| Permian Resources Operating LLC 6.25% 2/1/2033 (b) |  | 890000 | 878116 |
| Permian Resources Operating LLC 7% 1/15/2032 (b) |  | 1100000 | 1128375 |
| Plains All American Pipeline LP / PAA Finance Corp 3.55% 12/15/2029  |  | 10415000 | 9849413 |
| Plains All American Pipeline LP / PAA Finance Corp 3.8% 9/15/2030  |  | 3658000 | 3454162 |
| Plains All American Pipeline LP / PAA Finance Corp 5.7% 9/15/2034  |  | 17170000 | 17039745 |
| Rockies Express Pipeline LLC 4.95% 7/15/2029 (b) |  | 276000 | 266551 |
| Rockies Express Pipeline LLC 6.75% 3/15/2033 (b) |  | 345000 | 355332 |
| Rockies Express Pipeline LLC 6.875% 4/15/2040 (b) |  | 105000 | 100543 |
| Sabine Pass Liquefaction LLC 4.5% 5/15/2030  |  | 14626000 | 14410220 |
| Sitio Royalties Operating Partnership LP / Sitio Finance Corp 7.875% 11/1/2028 (b) |  | 783000 | 807535 |
| Spectra Energy Partners LP 4.5% 3/15/2045  |  | 543000 | 434131 |
| Summit Midstream Holdings LLC 8.625% 10/31/2029 (b) |  | 355000 | 355797 |
| Sunoco LP / Sunoco Finance Corp 4.5% 5/15/2029  |  | 635000 | 608327 |
| Sunoco LP / Sunoco Finance Corp 5.875% 3/15/2028  |  | 1335000 | 1331895 |
| Sunoco LP / Sunoco Finance Corp 6% 4/15/2027  |  | 1005000 | 1004463 |
| Sunoco LP 6.25% 7/1/2033 (b) |  | 200000 | 199998 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 5.5% 1/15/2028 (b) |  | 125000 | 124223 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 12/31/2030 (b) |  | 1355000 | 1298342 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp 6% 9/1/2031 (b) |  | 270000 | 257318 |
| Talos Production Inc 9% 2/1/2029 (b) |  | 185000 | 183739 |
| Targa Resources Corp 5.5% 2/15/2035  |  | 10286000 | 10063109 |
| Targa Resources Corp 5.55% 8/15/2035  |  | 10800000 | 10589946 |
| Transcontinental Gas Pipe Line Co LLC 3.25% 5/15/2030  |  | 279000 | 259967 |
| Venture Global Calcasieu 3.875% 11/1/2033 (b) |  | 675000 | 576561 |
| Venture Global Calcasieu 3.875% 8/15/2029 (b) |  | 1140000 | 1059454 |
| Venture Global Calcasieu 4.125% 8/15/2031 (b) |  | 325000 | 294022 |
| Venture Global Calcasieu 6.25% 1/15/2030 (b) |  | 380000 | 385234 |
| Venture Global LNG Inc 7% 1/15/2030 (b) |  | 2670000 | 2658185 |
| Venture Global LNG Inc 8.125% 6/1/2028 (b) |  | 505000 | 516817 |
| Venture Global Plaquemines LNG LLC 7.5% 5/1/2033 (b) |  | 405000 | 423001 |
| Western Gas Partners LP 4.05% 2/1/2030 (e) |  | 20164000 | 19168594 |
| Western Gas Partners LP 4.65% 7/1/2026  |  | 1823000 | 1817907 |
| Western Gas Partners LP 4.75% 8/15/2028  |  | 1236000 | 1227476 |
| Western Gas Partners LP 5.3% 3/1/2048  |  | 2900000 | 2341777 |
| Western Gas Partners LP 6.15% 4/1/2033  |  | 4400000 | 4494234 |
| Western Gas Partners LP 6.35% 1/15/2029  |  | 11247000 | 11677224 |
| Williams Cos Inc/The 2.6% 3/15/2031  |  | 7660000 | 6778162 |
| Williams Cos Inc/The 3.5% 11/15/2030  |  | 18113000 | 16949443 |
| Williams Cos Inc/The 4.65% 8/15/2032  |  | 22370000 | 21649623 |
| Williams Cos Inc/The 4.8% 11/15/2029  |  | 8200000 | 8245687 |
| Williams Cos Inc/The 5.1% 9/15/2045  |  | 9765000 | 8546703 |
| Williams Cos Inc/The 5.3% 8/15/2052  |  | 5092000 | 4504533 |
| Williams Cos Inc/The 5.4% 3/2/2026  |  | 6100000 | 6130398 |
| Williams Cos Inc/The 5.75% 6/24/2044  |  | 2747000 | 2613959 |
|  |  |  | 759835564 |
| TOTAL ENERGY |  |  | 763767715 |
| Financials - 4.3% |  |  |  |
| Banks - 2.0% |  |  |  |
| Bank of America Corp 1.197% 10/24/2026 (d) |  | 6035000 | 5949979 |
| Bank of America Corp 1.319% 6/19/2026 (d) |  | 1966000 | 1962178 |
| Bank of America Corp 1.734% 7/22/2027 (d) |  | 25000000 | 24182435 |
| Bank of America Corp 1.898% 7/23/2031 (d) |  | 6975000 | 6038080 |
| Bank of America Corp 2.299% 7/21/2032 (d) |  | 50000000 | 42898927 |
| Bank of America Corp 2.496% 2/13/2031 (d) |  | 6724000 | 6064366 |
| Bank of America Corp 2.592% 4/29/2031 (d) |  | 7784000 | 7023070 |
| Bank of America Corp 2.884% 10/22/2030 (d) |  | 8000000 | 7411487 |
| Bank of America Corp 2.972% 2/4/2033 (d) |  | 38682000 | 34094205 |
| Bank of America Corp 3.194% 7/23/2030 (d) |  | 10561000 | 9949089 |
| Bank of America Corp 3.97% 3/5/2029 (d) |  | 3624000 | 3559084 |
| Bank of America Corp 3.974% 2/7/2030 (d) |  | 2345000 | 2286998 |
| Bank of America Corp 4.183% 11/25/2027  |  | 6909000 | 6849314 |
| Bank of America Corp 4.25% 10/22/2026  |  | 40217000 | 40045318 |
| Bank of America Corp 4.271% 7/23/2029 (d) |  | 1207000 | 1193432 |
| Bank of America Corp 4.376% 4/27/2028 (d) |  | 3650000 | 3632188 |
| Bank of America Corp 4.45% 3/3/2026  |  | 1202000 | 1200075 |
| Bank of America Corp 4.571% 4/27/2033 (d) |  | 8718000 | 8456142 |
| Bank of America Corp 4.623% 5/9/2029 (d) |  | 38563000 | 38553857 |
| Bank of America Corp 4.948% 7/22/2028 (d) |  | 5000000 | 5031436 |
| Bank of America Corp 5.015% 7/22/2033 (d) |  | 35614000 | 35490214 |
| Bank of America Corp 5.162% 1/24/2031 (d) |  | 8600000 | 8727421 |
| Bank of America Corp 5.288% 4/25/2034 (d) |  | 17000000 | 17029647 |
| Bank of America Corp 5.468% 1/23/2035 (d) |  | 29000000 | 29303304 |
| Bank of America Corp 5.819% 9/15/2029 (d) |  | 24000000 | 24864702 |
| Bank of America Corp 6.11% 1/29/2037  |  | 1340000 | 1387768 |
| Citibank NA 5.803% 9/29/2028  |  | 8000000 | 8325609 |
| Citigroup Inc 1.122% 1/28/2027 (d) |  | 2000000 | 1952462 |
| Citigroup Inc 3.07% 2/24/2028 (d) |  | 13000000 | 12649744 |
| Citigroup Inc 4.075% 4/23/2029 (d) |  | 4606000 | 4532752 |
| Citigroup Inc 4.125% 7/25/2028  |  | 6909000 | 6811336 |
| Citigroup Inc 4.3% 11/20/2026  |  | 1766000 | 1757059 |
| Citigroup Inc 4.412% 3/31/2031 (d) |  | 40428000 | 39529596 |
| Citigroup Inc 4.45% 9/29/2027  |  | 21445000 | 21356777 |
| Citigroup Inc 4.6% 3/9/2026  |  | 18593000 | 18575322 |
| Citigroup Inc 4.786% 3/4/2029 (d) |  | 4400000 | 4405983 |
| Citigroup Inc 5.3% 5/6/2044  |  | 9501000 | 8696833 |
| Citigroup Inc 6.174% 5/25/2034 (d) |  | 17301000 | 17728544 |
| Citigroup Inc 6.27% 11/17/2033 (d) |  | 17166000 | 18211929 |
| Citigroup Inc 8.125% 7/15/2039  |  | 1076000 | 1324759 |
| Citizens Financial Group Inc 2.638% 9/30/2032  |  | 11627000 | 9526602 |
| Citizens Financial Group Inc 5.253% 3/5/2031 (d) |  | 8950000 | 8959327 |
| Citizens Financial Group Inc 5.718% 7/23/2032 (d) |  | 15200000 | 15517083 |
| Citizens Financial Group Inc 5.841% 1/23/2030 (d) |  | 6700000 | 6872673 |
| Citizens Financial Group Inc 6.645% 4/25/2035 (d) |  | 12968000 | 13749457 |
| Fifth Third Bancorp 8.25% 3/1/2038  |  | 2155000 | 2516664 |
| First-Citizens Bank & Trust Co 6.125% 3/9/2028  |  | 40920000 | 42371445 |
| HAT Holdings I LLC / HAT Holdings II LLC 3.375% 6/15/2026 (b) |  | 550000 | 535423 |
| HAT Holdings I LLC / HAT Holdings II LLC 8% 6/15/2027 (b) |  | 500000 | 514625 |
| Huntington Bancshares Inc/OH 2.487% 8/15/2036 (d) |  | 4490000 | 3722062 |
| Huntington Bancshares Inc/OH 4.443% 8/4/2028 (d) |  | 3628000 | 3622417 |
| JPMorgan Chase & Co 1.47% 9/22/2027 (d) |  | 3410000 | 3274717 |
| JPMorgan Chase & Co 2.069% 6/1/2029 (d) |  | 7286000 | 6776490 |
| JPMorgan Chase & Co 2.522% 4/22/2031 (d) |  | 4724000 | 4263119 |
| JPMorgan Chase & Co 2.58% 4/22/2032 (d) |  | 1300000 | 1147435 |
| JPMorgan Chase & Co 2.739% 10/15/2030 (d) |  | 9341000 | 8610520 |
| JPMorgan Chase & Co 2.947% 2/24/2028 (d) |  | 6239000 | 6073496 |
| JPMorgan Chase & Co 2.956% 5/13/2031 (d) |  | 11536000 | 10503630 |
| JPMorgan Chase & Co 2.963% 1/25/2033 (d) |  | 9341000 | 8262710 |
| JPMorgan Chase & Co 3.761% 3/21/2034 (d)(o) | EUR | 750000 | 868514 |
| JPMorgan Chase & Co 4.125% 12/15/2026  |  | 1748000 | 1740081 |
| JPMorgan Chase & Co 4.25% 10/1/2027  |  | 3379000 | 3379015 |
| JPMorgan Chase & Co 4.586% 4/26/2033 (d) |  | 50039000 | 48776852 |
| JPMorgan Chase & Co 4.603% 10/22/2030 (d) |  | 17730000 | 17625018 |
| JPMorgan Chase & Co 4.912% 7/25/2033 (d) |  | 112454000 | 111445635 |
| JPMorgan Chase & Co 4.946% 10/22/2035 (d) |  | 13540000 | 13138675 |
| JPMorgan Chase & Co 4.995% 7/22/2030 (d) |  | 7000000 | 7065358 |
| JPMorgan Chase & Co 5.012% 1/23/2030 (d) |  | 8700000 | 8803161 |
| JPMorgan Chase & Co 5.103% 4/22/2031 (d) |  | 14073000 | 14277175 |
| JPMorgan Chase & Co 5.299% 7/24/2029 (d) |  | 19000000 | 19385206 |
| JPMorgan Chase & Co 5.35% 6/1/2034 (d) |  | 20000000 | 20228510 |
| JPMorgan Chase & Co 5.502% 1/24/2036 (d) |  | 7000000 | 7083032 |
| JPMorgan Chase & Co 5.572% 4/22/2036 (d) |  | 16715000 | 17006164 |
| JPMorgan Chase & Co 5.717% 9/14/2033 (d) |  | 65636000 | 67492733 |
| PNC Financial Services Group Inc/The 4.812% 10/21/2032 (d) |  | 13500000 | 13331619 |
| PNC Financial Services Group Inc/The 5.068% 1/24/2034 (d) |  | 15132000 | 14951730 |
| PNC Financial Services Group Inc/The 5.222% 1/29/2031 (d) |  | 6900000 | 7011226 |
| PNC Financial Services Group Inc/The 5.575% 1/29/2036 (d) |  | 7000000 | 7046582 |
| PNC Financial Services Group Inc/The 5.582% 6/12/2029 (d) |  | 7240000 | 7449615 |
| Santander Holdings USA Inc 2.49% 1/6/2028 (d) |  | 5300000 | 5092682 |
| Truist Financial Corp 4.123% 6/6/2028 (d) |  | 2000000 | 1984525 |
| Truist Financial Corp 4.26% 7/28/2026 (d) |  | 3031000 | 3027533 |
| Truist Financial Corp 5.071% 5/20/2031 (d) |  | 7367000 | 7399802 |
| Truist Financial Corp 5.122% 1/26/2034 (d) |  | 4235000 | 4151960 |
| Truist Financial Corp 5.711% 1/24/2035 (d) |  | 15000000 | 15241736 |
| Wells Fargo & Co 2.879% 10/30/2030 (d) |  | 2200000 | 2030227 |
| Wells Fargo & Co 3.068% 4/30/2041 (d) |  | 7784000 | 5704109 |
| Wells Fargo & Co 3.526% 3/24/2028 (d) |  | 25667000 | 25174107 |
| Wells Fargo & Co 4.3% 7/22/2027  |  | 28701000 | 28568809 |
| Wells Fargo & Co 4.478% 4/4/2031 (d) |  | 19300000 | 18977663 |
| Wells Fargo & Co 4.897% 7/25/2033 (d) |  | 106510000 | 104681953 |
| Wells Fargo & Co 4.97% 4/23/2029 (d) |  | 7235000 | 7288847 |
| Wells Fargo & Co 5.15% 4/23/2031 (d) |  | 19061000 | 19289181 |
| Wells Fargo & Co 5.244% 1/24/2031 (d) |  | 27390000 | 27797871 |
| Wells Fargo & Co 5.389% 4/24/2034 (d) |  | 8000000 | 8034197 |
| Wells Fargo & Co 5.499% 1/23/2035 (d) |  | 25000000 | 25141855 |
| Wells Fargo & Co 5.557% 7/25/2034 (d) |  | 18660000 | 18898820 |
| Wells Fargo & Co 5.574% 7/25/2029 (d) |  | 25500000 | 26160152 |
| Wells Fargo & Co 5.605% 4/23/2036 (d) |  | 16834000 | 17030646 |
| Wells Fargo & Co 6.303% 10/23/2029 (d) |  | 12800000 | 13432194 |
|  |  |  | 1489078086 |
| Capital Markets - 1.0% |  |  |  |
| Ares Capital Corp 3.25% 7/15/2025  |  | 42000000 | 41907091 |
| Ares Capital Corp 3.875% 1/15/2026  |  | 22188000 | 22040783 |
| Athene Global Funding 1.73% 10/2/2026 (b) |  | 4975000 | 4782137 |
| Athene Global Funding 2.5% 3/24/2028 (b) |  | 6975000 | 6554638 |
| Athene Global Funding 2.646% 10/4/2031 (b) |  | 3414000 | 2925487 |
| Athene Global Funding 4.721% 10/8/2029 (b) |  | 7000000 | 6908059 |
| Athene Global Funding 5.339% 1/15/2027 (b) |  | 26112000 | 26346966 |
| Athene Global Funding 5.516% 3/25/2027 (b) |  | 7800000 | 7908165 |
| Athene Global Funding 5.583% 1/9/2029 (b) |  | 18210000 | 18585997 |
| Blackstone Holdings Finance Co LLC 2.8% 9/30/2050 (b) |  | 1245000 | 723129 |
| Blackstone Holdings Finance Co LLC 3.5% 9/10/2049 (b) |  | 4614000 | 3108031 |
| Blackstone Private Credit Fund 4.875% 4/14/2026 (o) | GBP | 1155000 | 1544586 |
| Blackstone Private Credit Fund 7.05% 9/29/2025  |  | 20620000 | 20750787 |
| GA Global Funding Trust 5.4% 1/13/2030 (b) |  | 22280000 | 22648523 |
| GA Global Funding Trust 5.9% 1/13/2035 (b) |  | 8700000 | 8696776 |
| Goldman Sachs Group Inc/The 2.383% 7/21/2032 (d) |  | 29132000 | 25068707 |
| Goldman Sachs Group Inc/The 3.102% 2/24/2033 (d) |  | 40000000 | 35327312 |
| Goldman Sachs Group Inc/The 4.25% 10/21/2025  |  | 12215000 | 12195191 |
| Goldman Sachs Group Inc/The 4.482% 8/23/2028 (d) |  | 3138000 | 3127600 |
| Goldman Sachs Group Inc/The 6.484% 10/24/2029 (d) |  | 18000000 | 18989418 |
| Goldman Sachs Group Inc/The 6.75% 10/1/2037  |  | 59592000 | 64097328 |
| Hightower Holding LLC 6.75% 4/15/2029 (b) |  | 1385000 | 1365781 |
| Intercontinental Exchange Inc 3.625% 9/1/2028  |  | 6900000 | 6720350 |
| Intercontinental Exchange Inc 4.35% 6/15/2029  |  | 3724000 | 3712956 |
| Jane Street Group / JSG Finance Inc 4.5% 11/15/2029 (b) |  | 155000 | 149258 |
| Jane Street Group / JSG Finance Inc 6.125% 11/1/2032 (b) |  | 1880000 | 1883112 |
| Jane Street Group / JSG Finance Inc 6.75% 5/1/2033 (b) |  | 575000 | 589681 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp 6.625% 10/15/2031 (b) |  | 685000 | 678097 |
| LPL Holdings Inc 4% 3/15/2029 (b) |  | 1190000 | 1144665 |
| LPL Holdings Inc 4.9% 4/3/2028  |  | 3189000 | 3193333 |
| Morgan Stanley 1.794% 2/13/2032 (d) |  | 7317000 | 6162184 |
| Morgan Stanley 2.239% 7/21/2032 (d) |  | 4900000 | 4172919 |
| Morgan Stanley 2.475% 1/21/2028 (d) |  | 5000000 | 4827076 |
| Morgan Stanley 2.699% 1/22/2031 (d) |  | 6227000 | 5680578 |
| Morgan Stanley 3.622% 4/1/2031 (d) |  | 47370000 | 44914733 |
| Morgan Stanley 3.955% 3/21/2035 (d) | EUR | 800000 | 925577 |
| Morgan Stanley 4.099% 5/22/2036 (d) | EUR | 400000 | 464728 |
| Morgan Stanley 4.21% 4/20/2028 (d) |  | 6115000 | 6069010 |
| Morgan Stanley 4.654% 10/18/2030 (d) |  | 29950000 | 29750260 |
| Morgan Stanley 4.889% 7/20/2033 (d) |  | 49499000 | 48758556 |
| Morgan Stanley 4.994% 4/12/2029 (d) |  | 5345000 | 5395051 |
| Morgan Stanley 5.164% 4/20/2029 (d) |  | 16000000 | 16223289 |
| Morgan Stanley 5.192% 4/17/2031 (d) |  | 12756000 | 12942284 |
| Morgan Stanley 5.23% 1/15/2031 (d) |  | 8629000 | 8756481 |
| Morgan Stanley 5.424% 7/21/2034 (d) |  | 20251000 | 20433574 |
| Morgan Stanley 5.449% 7/20/2029 (d) |  | 16012000 | 16377895 |
| Morgan Stanley 5.664% 4/17/2036 (d) |  | 10117000 | 10282246 |
| Morgan Stanley 6.342% 10/18/2033 (d) |  | 39945000 | 42717616 |
| Nasdaq Inc 5.95% 8/15/2053  |  | 1132000 | 1123339 |
| Nasdaq Inc 6.1% 6/28/2063  |  | 6000000 | 5938694 |
| Nuveen LLC 5.55% 1/15/2030 (b) |  | 16339000 | 16871029 |
| Nuveen LLC 5.85% 4/15/2034 (b) |  | 4000000 | 4082699 |
| S&P Global Inc 3.9% 3/1/2062  |  | 2414000 | 1751904 |
| Sammons Financial Group Global Funding 5.05% 1/10/2028 (b) |  | 5760000 | 5828009 |
| Sammons Financial Group Global Funding 5.1% 12/10/2029 (b) |  | 32950000 | 33351231 |
| VFH Parent LLC / Valor Co-Issuer Inc 7.5% 6/15/2031 (b) |  | 515000 | 536935 |
|  |  |  | 728011841 |
| Consumer Finance - 0.5% |  |  |  |
| Ally Financial Inc 4.75% 6/9/2027  |  | 3759000 | 3763388 |
| Ally Financial Inc 5.543% 1/17/2031 (d) |  | 5554000 | 5543398 |
| Ally Financial Inc 5.737% 5/15/2029 (d) |  | 12854000 | 12979898 |
| Ally Financial Inc 5.75% 11/20/2025  |  | 703000 | 704199 |
| Ally Financial Inc 6.992% 6/13/2029 (d) |  | 43000000 | 44925564 |
| Ally Financial Inc 7.1% 11/15/2027  |  | 17330000 | 18174752 |
| Ally Financial Inc 8% 11/1/2031  |  | 17833000 | 19954247 |
| American Express Co 5.085% 1/30/2031 (d) |  | 7596000 | 7711286 |
| American Express Co 5.532% 4/25/2030 (d) |  | 5000000 | 5166427 |
| Capital One Financial Corp 1.878% 11/2/2027 (d) |  | 5931000 | 5704445 |
| Capital One Financial Corp 2.359% 7/29/2032 (d) |  | 8448000 | 6994413 |
| Capital One Financial Corp 3.273% 3/1/2030 (d) |  | 12200000 | 11515810 |
| Capital One Financial Corp 3.65% 5/11/2027  |  | 21700000 | 21349956 |
| Capital One Financial Corp 3.8% 1/31/2028  |  | 10723000 | 10512344 |
| Capital One Financial Corp 4.1% 2/9/2027  |  | 13375000 | 13269549 |
| Capital One Financial Corp 4.5% 1/30/2026  |  | 6750000 | 6740631 |
| Capital One Financial Corp 4.927% 5/10/2028 (d) |  | 6900000 | 6921516 |
| Capital One Financial Corp 4.985% 7/24/2026 (d) |  | 17135000 | 17134866 |
| Capital One Financial Corp 5.247% 7/26/2030 (d) |  | 19853000 | 20033020 |
| Capital One Financial Corp 5.7% 2/1/2030 (d) |  | 1100000 | 1129302 |
| Capital One Financial Corp 6.312% 6/8/2029 (d) |  | 12000000 | 12497863 |
| Capital One Financial Corp 7.624% 10/30/2031 (d) |  | 22914000 | 25554665 |
| Capstone Borrower Inc 8% 6/15/2030 (b) |  | 240000 | 247866 |
| Encore Capital Group Inc 9.25% 4/1/2029 (b) |  | 315000 | 335869 |
| Ford Motor Credit Co LLC 2.7% 8/10/2026  |  | 5665000 | 5480339 |
| Ford Motor Credit Co LLC 2.9% 2/10/2029  |  | 275000 | 246174 |
| Ford Motor Credit Co LLC 3.375% 11/13/2025  |  | 9760000 | 9682633 |
| Ford Motor Credit Co LLC 3.625% 6/17/2031  |  | 5000000 | 4302322 |
| Ford Motor Credit Co LLC 4% 11/13/2030  |  | 16400000 | 14605187 |
| Ford Motor Credit Co LLC 4.125% 8/17/2027  |  | 19335000 | 18652979 |
| Ford Motor Credit Co LLC 4.445% 2/14/2030  | EUR | 700000 | 812043 |
| Ford Motor Credit Co LLC 4.687% 6/9/2025  |  | 430000 | 429955 |
| Ford Motor Credit Co LLC 4.95% 5/28/2027  |  | 20213000 | 19914484 |
| Ford Motor Credit Co LLC 5.125% 6/16/2025  |  | 1020000 | 1019959 |
| Ford Motor Credit Co LLC 5.85% 5/17/2027  |  | 6500000 | 6490895 |
| Ford Motor Credit Co LLC 5.875% 11/7/2029  |  | 15700000 | 15503202 |
| Ford Motor Credit Co LLC 6.8% 5/12/2028  |  | 6000000 | 6125664 |
| Ford Motor Credit Co LLC 6.86% 6/5/2026  | GBP | 1150000 | 1570630 |
| Ford Motor Credit Co LLC 6.95% 3/6/2026  |  | 195000 | 196220 |
| Ford Motor Credit Co LLC 6.95% 6/10/2026  |  | 9500000 | 9608049 |
| Navient Corp 6.75% 6/15/2026  |  | 1050000 | 1063255 |
| OneMain Finance Corp 3.5% 1/15/2027  |  | 2190000 | 2121873 |
| OneMain Finance Corp 3.875% 9/15/2028  |  | 650000 | 609485 |
| OneMain Finance Corp 6.625% 5/15/2029  |  | 455000 | 460072 |
| OneMain Finance Corp 6.75% 3/15/2032  |  | 2025000 | 2012757 |
| OneMain Finance Corp 7.125% 9/15/2032 (p) |  | 1015000 | 1021315 |
| Synchrony Financial 3.95% 12/1/2027  |  | 8239000 | 8012223 |
|  |  |  | 408806989 |
| Financial Services - 0.3% |  |  |  |
| Aircastle Ltd / Aircastle Ireland DAC 5.25% 3/15/2030 (b) |  | 12185000 | 12129514 |
| Aon Corp / Aon Global Holdings PLC 2.6% 12/2/2031  |  | 2057000 | 1798502 |
| Aon Corp / Aon Global Holdings PLC 5.35% 2/28/2033  |  | 6000000 | 6101914 |
| Aviation Capital Group LLC 6.25% 4/15/2028 (b) |  | 6500000 | 6717991 |
| Aviation Capital Group LLC 6.75% 10/25/2028 (b) |  | 6500000 | 6866295 |
| Block Inc 2.75% 6/1/2026  |  | 465000 | 453435 |
| Block Inc 6.5% 5/15/2032  |  | 870000 | 889129 |
| Corebridge Financial Inc 3.65% 4/5/2027  |  | 1888000 | 1858176 |
| Corebridge Financial Inc 3.85% 4/5/2029  |  | 1514000 | 1469060 |
| Corebridge Financial Inc 3.9% 4/5/2032  |  | 21473000 | 19765373 |
| Corebridge Financial Inc 4.35% 4/5/2042  |  | 2247000 | 1842147 |
| Corebridge Financial Inc 4.4% 4/5/2052  |  | 12648000 | 9815684 |
| Corebridge Financial Inc 6.05% 9/15/2033  |  | 9870000 | 10232677 |
| Corebridge Global Funding 4.9% 12/3/2029 (b) |  | 1750000 | 1761500 |
| Corebridge Global Funding 5.9% 9/19/2028 (b) |  | 18426000 | 19149121 |
| Equitable Holdings Inc 4.35% 4/20/2028  |  | 5724000 | 5685288 |
| Equitable Holdings Inc 4.572% 2/15/2029 (b) |  | 1989000 | 1960604 |
| Equitable Holdings Inc 5% 4/20/2048  |  | 10215000 | 8760933 |
| Essent Group Ltd 6.25% 7/1/2029  |  | 8400000 | 8658959 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 5/15/2026  |  | 2884000 | 2856979 |
| Jackson Financial Inc 3.125% 11/23/2031  |  | 15333000 | 13314185 |
| Jackson Financial Inc 4% 11/23/2051  |  | 3736000 | 2466430 |
| Jackson Financial Inc 5.17% 6/8/2027  |  | 10297000 | 10376572 |
| Jackson Financial Inc 5.67% 6/8/2032  |  | 14050000 | 14040992 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 2.5% 1/15/2027  |  | 23449000 | 22608464 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 3% 2/2/2029  |  | 6524000 | 6136746 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 3% 5/15/2032  |  | 21344000 | 18346884 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 3.625% 1/15/2032  |  | 24530000 | 22051881 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 5.125% 2/1/2028  |  | 11858000 | 11977078 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 5.5% 1/15/2030  |  | 2562000 | 2592908 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 5.75% 4/1/2033  |  | 11999000 | 12154267 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl 6.5% 12/1/2052  |  | 4982000 | 5048873 |
| Jefferson Capital Holdin 8.25% 5/15/2030 (b) |  | 615000 | 629496 |
| Nationstar Mortgage Holdings Inc 6.5% 8/1/2029 (b) |  | 670000 | 682411 |
| NFE Financing LLC 12% 11/15/2029 (b) |  | 294395 | 126303 |
| PennyMac Financial Services Inc 6.875% 5/15/2032 (b) |  | 1205000 | 1210664 |
| Pine Street Trust II 5.568% 2/15/2049 (b) |  | 7700000 | 6901828 |
| Rexford Industrial Realty LP 2.15% 9/1/2031  |  | 2886000 | 2429911 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc 3.625% 3/1/2029 (b) |  | 1055000 | 984296 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub Inc 6.75% 8/15/2032 (b) |  | 150000 | 153045 |
| Voya Financial Inc 4.7% 1/23/2048 (d) |  | 3132000 | 2964268 |
| Walker & Dunlop Inc 6.625% 4/1/2033 (b) |  | 305000 | 308839 |
|  |  |  | 286279622 |
| Insurance - 0.5% |  |  |  |
| 200 Park Funding Trust 5.74% 2/15/2055 (b) |  | 8900000 | 8582621 |
| AFLAC Inc 3.6% 4/1/2030  |  | 387000 | 373180 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 4.25% 10/15/2027 (b) |  | 1320000 | 1282831 |
| AmFam Holdings Inc 2.805% 3/11/2031 (b) |  | 5464000 | 4585558 |
| Aon Corp 6.25% 9/30/2040  |  | 142000 | 148621 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves 7.875% 11/1/2029 (b) |  | 455000 | 450182 |
| Arthur J Gallagher & Co 5% 2/15/2032  |  | 11066000 | 11092088 |
| Arthur J Gallagher & Co 5.15% 2/15/2035  |  | 7400000 | 7282993 |
| Arthur J Gallagher & Co 5.55% 2/15/2055  |  | 5362000 | 4970981 |
| Assurant Inc 2.65% 1/15/2032  |  | 7753000 | 6486713 |
| Athene Holding Ltd 3.45% 5/15/2052  |  | 6850000 | 4207791 |
| Athene Holding Ltd 3.95% 5/25/2051  |  | 1604000 | 1089953 |
| Athene Holding Ltd 5.875% 1/15/2034  |  | 2662000 | 2695901 |
| Athene Holding Ltd 6.65% 2/1/2033  |  | 2378000 | 2522062 |
| Brown & Brown Inc 4.2% 3/17/2032  |  | 3550000 | 3318489 |
| Equitable Financial Life Global Funding 1.3% 7/12/2026 (b) |  | 1724000 | 1664924 |
| Equitable Financial Life Global Funding 1.4% 8/27/2027 (b) |  | 1724000 | 1605567 |
| Equitable Financial Life Global Funding 1.7% 11/12/2026 (b) |  | 4197000 | 4032340 |
| Equitable Financial Life Global Funding 5% 3/27/2030 (b) |  | 7465000 | 7510657 |
| Five Corners Funding Trust II 2.85% 5/15/2030 (b) |  | 21030000 | 19375163 |
| Fortitude Group Holdings LLC 6.25% 4/1/2030 (b) |  | 10817000 | 10951678 |
| Hartford Insurance Group Inc/The 4.3% 4/15/2043  |  | 679000 | 560242 |
| Jackson National Life Global Funding 4.6% 10/1/2029 (b) |  | 11326000 | 11203703 |
| Jackson National Life Global Funding 5.35% 1/13/2030 (b) |  | 5750000 | 5864740 |
| Jackson National Life Global Funding 5.55% 7/2/2027 (b) |  | 3874000 | 3938686 |
| Liberty Mutual Group Inc 3.95% 5/15/2060 (b) |  | 12820000 | 8261114 |
| Liberty Mutual Group Inc 5.5% 6/15/2052 (b) |  | 5305000 | 4739377 |
| Lincoln National Corp 3.4% 1/15/2031  |  | 14811000 | 13594412 |
| Marsh & McLennan Cos Inc 4.65% 3/15/2030  |  | 6200000 | 6225444 |
| Marsh & McLennan Cos Inc 5.7% 9/15/2053  |  | 10000000 | 9780406 |
| Massachusetts Mutual Life Insurance Co 3.2% 12/1/2061 (b) |  | 6056000 | 3539411 |
| Massachusetts Mutual Life Insurance Co 3.729% 10/15/2070 (b) |  | 1622000 | 1037608 |
| MassMutual Global Funding II 4.85% 1/17/2029 (b) |  | 7800000 | 7883165 |
| MetLife Inc 5.3% 12/15/2034  |  | 7812000 | 7909508 |
| MetLife Inc 5.375% 7/15/2033  |  | 16000000 | 16471929 |
| Pacific LifeCorp 3.35% 9/15/2050 (b) |  | 7037000 | 4612078 |
| Pacific LifeCorp 5.125% 1/30/2043 (b) |  | 3343000 | 3026068 |
| Panther Escrow Issuer LLC 7.125% 6/1/2031 (b) |  | 715000 | 739670 |
| Peachtree Corners Funding Trust II 6.012% 5/15/2035 (b) |  | 24600000 | 24755442 |
| Pine Street Trust III 6.223% 5/15/2054 (b) |  | 12000000 | 11570781 |
| Principal Financial Group Inc 3.7% 5/15/2029  |  | 1714000 | 1658441 |
| Prudential Financial Inc 6% 9/1/2052 (d) |  | 31987000 | 31932070 |
| Reinsurance Group of America Inc 5.75% 9/15/2034  |  | 14700000 | 14894011 |
| Reinsurance Group of America Inc 6% 9/15/2033  |  | 500000 | 517635 |
| RGA Global Funding 5.448% 5/24/2029 (b) |  | 7900000 | 8110189 |
| Ryan Specialty LLC 4.375% 2/1/2030 (b) |  | 650000 | 618182 |
| Ryan Specialty LLC 5.875% 8/1/2032 (b) |  | 795000 | 790024 |
| Selective Insurance Group Inc 5.9% 4/15/2035  |  | 7987000 | 7999826 |
| Teachers Insurance & Annuity Association of America 4.9% 9/15/2044 (b) |  | 1484000 | 1303942 |
| Unum Group 4% 6/15/2029  |  | 6130000 | 5953046 |
| Unum Group 4.046% 8/15/2041 (b) |  | 2634000 | 2053080 |
| Unum Group 4.125% 6/15/2051  |  | 14274000 | 10359900 |
| Unum Group 5.75% 8/15/2042  |  | 1539000 | 1461343 |
| Western-Southern Global Funding 4.9% 5/1/2030 (b) |  | 6469000 | 6487123 |
| Willis North America Inc 4.5% 9/15/2028  |  | 1897000 | 1890899 |
|  |  |  | 345973788 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.0% |  |  |  |
| Starwood Property Trust Inc 6.5% 7/1/2030 (b) |  | 565000 | 573019 |
| TOTAL FINANCIALS |  |  | 3258723345 |
| Health Care - 0.5% |  |  |  |
| Biotechnology - 0.1% |  |  |  |
| Amgen Inc 4.663% 6/15/2051  |  | 3736000 | 3098945 |
| Amgen Inc 5.15% 3/2/2028  |  | 1959000 | 1994818 |
| Amgen Inc 5.25% 3/2/2033  |  | 16305000 | 16454645 |
| Amgen Inc 5.6% 3/2/2043  |  | 14041000 | 13626264 |
| Amgen Inc 5.65% 3/2/2053  |  | 753000 | 716798 |
| Amgen Inc 5.75% 3/2/2063  |  | 1373000 | 1298042 |
| Emergent BioSolutions Inc 3.875% 8/15/2028 (b) |  | 237000 | 179508 |
| Gilead Sciences Inc 5.5% 11/15/2054  |  | 9000000 | 8604183 |
| Gilead Sciences Inc 5.6% 11/15/2064  |  | 9000000 | 8557368 |
|  |  |  | 54530571 |
| Health Care Equipment & Supplies - 0.0% |  |  |  |
| Alcon Finance Corp 2.75% 9/23/2026 (b) |  | 1414000 | 1376502 |
| Avantor Funding Inc 4.625% 7/15/2028 (b) |  | 1515000 | 1476546 |
| Hologic Inc 3.25% 2/15/2029 (b) |  | 945000 | 902837 |
| Hologic Inc 4.625% 2/1/2028 (b) |  | 65000 | 64216 |
| Insulet Corp 6.5% 4/1/2033 (b) |  | 175000 | 179945 |
| Medline Borrower LP/Medline Co-Issuer Inc 6.25% 4/1/2029 (b) |  | 1325000 | 1348272 |
| Teleflex Inc 4.25% 6/1/2028 (b) |  | 145000 | 140037 |
|  |  |  | 5488355 |
| Health Care Providers & Services - 0.4% |  |  |  |
| Acadia Healthcare Co Inc 7.375% 3/15/2033 (b) |  | 305000 | 310778 |
| Centene Corp 2.45% 7/15/2028  |  | 12813000 | 11800659 |
| Centene Corp 2.5% 3/1/2031  |  | 23665000 | 20093426 |
| Centene Corp 2.625% 8/1/2031  |  | 15841000 | 13417585 |
| Centene Corp 3% 10/15/2030  |  | 9668000 | 8504709 |
| Centene Corp 3.375% 2/15/2030  |  | 5275000 | 4807633 |
| Centene Corp 4.25% 12/15/2027  |  | 9890000 | 9659329 |
| Centene Corp 4.625% 12/15/2029  |  | 12457000 | 11996103 |
| Cigna Group/The 3.4% 3/15/2050  |  | 4359000 | 2845291 |
| Cigna Group/The 4.375% 10/15/2028  |  | 3698000 | 3677367 |
| Cigna Group/The 4.8% 8/15/2038  |  | 2697000 | 2466395 |
| Cigna Group/The 4.9% 12/15/2048  |  | 517000 | 438118 |
| Cigna Group/The 5.25% 2/15/2034  |  | 7000000 | 6990238 |
| Cigna Group/The 5.4% 3/15/2033  |  | 8000000 | 8129929 |
| CVS Health Corp 4.78% 3/25/2038  |  | 2165000 | 1924097 |
| CVS Health Corp 5.125% 2/21/2030  |  | 14148000 | 14228631 |
| CVS Health Corp 5.25% 1/30/2031  |  | 5087000 | 5129508 |
| CVS Health Corp 5.3% 6/1/2033  |  | 14500000 | 14313453 |
| CVS Health Corp 5.55% 6/1/2031  |  | 7400000 | 7563138 |
| CVS Health Corp 5.875% 6/1/2053  |  | 5000000 | 4598293 |
| CVS Health Corp 7% 3/10/2055 (d) |  | 1420000 | 1430319 |
| DaVita Inc 4.625% 6/1/2030 (b) |  | 505000 | 471893 |
| DaVita Inc 6.75% 7/15/2033 (b) |  | 1545000 | 1560955 |
| Elevance Health Inc 2.25% 5/15/2030  |  | 5433000 | 4839658 |
| HCA Inc 3.125% 3/15/2027  |  | 4517000 | 4402605 |
| HCA Inc 3.5% 9/1/2030  |  | 12405000 | 11570646 |
| HCA Inc 3.625% 3/15/2032  |  | 2557000 | 2320007 |
| HCA Inc 5.45% 4/1/2031  |  | 4500000 | 4581286 |
| HCA Inc 5.625% 9/1/2028  |  | 9085000 | 9286843 |
| HCA Inc 5.875% 2/1/2029  |  | 9796000 | 10110959 |
| HealthEquity Inc 4.5% 10/1/2029 (b) |  | 110000 | 105056 |
| Humana Inc 1.35% 2/3/2027  |  | 2069000 | 1969733 |
| Humana Inc 3.7% 3/23/2029  |  | 548000 | 526404 |
| Humana Inc 3.95% 3/15/2027  |  | 2000000 | 1985883 |
| Humana Inc 5.375% 4/15/2031  |  | 6100000 | 6139136 |
| Icon Investments Six DAC 5.849% 5/8/2029  |  | 7434000 | 7618123 |
| Icon Investments Six DAC 6% 5/8/2034  |  | 5732000 | 5737913 |
| Molina Healthcare Inc 3.875% 11/15/2030 (b) |  | 1400000 | 1280012 |
| Molina Healthcare Inc 6.25% 1/15/2033 (b) |  | 815000 | 813686 |
| Pediatrix Medical Group Inc 5.375% 2/15/2030 (b) |  | 660000 | 638907 |
| Prime Healthcare Foundation Inc 7% 12/1/2027  |  | 2599000 | 2638333 |
| Sabra Health Care LP 3.2% 12/1/2031  |  | 26025000 | 22666293 |
| Sabra Health Care LP 3.9% 10/15/2029  |  | 7857000 | 7367544 |
| Surgery Center Holdings Inc 7.25% 4/15/2032 (b) |  | 370000 | 369286 |
| Tenet Healthcare Corp 4.625% 6/15/2028  |  | 3410000 | 3343768 |
| Tenet Healthcare Corp 5.125% 11/1/2027  |  | 1000000 | 993782 |
| Tenet Healthcare Corp 6.125% 6/15/2030  |  | 425000 | 428816 |
| Toledo Hospital/The Series 2018 B, 5.325% 11/15/2028  |  | 2395000 | 2342671 |
| UnitedHealth Group Inc 3.95% 10/15/2042  |  | 74000 | 58355 |
| UnitedHealth Group Inc 4.625% 7/15/2035  |  | 418000 | 395067 |
| UnitedHealth Group Inc 4.75% 7/15/2045  |  | 1023000 | 872864 |
|  |  |  | 271761483 |
| Health Care Technology - 0.0% |  |  |  |
| IQVIA Inc 5% 5/15/2027 (b) |  | 630000 | 625949 |
| IQVIA Inc 6.5% 5/15/2030 (b) |  | 1310000 | 1337963 |
|  |  |  | 1963912 |
| Life Sciences Tools & Services - 0.0% |  |  |  |
| Charles River Laboratories International Inc 3.75% 3/15/2029 (b) |  | 835000 | 773462 |
| Pharmaceuticals - 0.0% |  |  |  |
| 1261229 BC Ltd 10% 4/15/2032 (b) |  | 1210000 | 1197920 |
| Bausch Health Americas Inc 9.25% 4/1/2026 (b) |  | 495000 | 487674 |
| Bristol-Myers Squibb Co 5.2% 2/22/2034  |  | 7000000 | 7053555 |
| Bristol-Myers Squibb Co 5.55% 2/22/2054  |  | 4780000 | 4539190 |
| Bristol-Myers Squibb Co 5.65% 2/22/2064  |  | 6900000 | 6524078 |
| Elanco Animal Health Inc 6.65% 8/28/2028 (d) |  | 8545000 | 8780423 |
| Jazz Securities DAC 4.375% 1/15/2029 (b) |  | 425000 | 407527 |
| Mylan Inc 4.55% 4/15/2028  |  | 3354000 | 3281160 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 4.125% 4/30/2028 (b) |  | 1105000 | 1037954 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV 5.125% 4/30/2031 (b) |  | 1630000 | 1369658 |
| Perrigo Finance Unlimited Co 4.9% 6/15/2030 (e) |  | 6476000 | 6234520 |
| Utah Acquisition Sub Inc 3.95% 6/15/2026  |  | 1245000 | 1228730 |
| Viatris Inc 2.7% 6/22/2030  |  | 4524000 | 3957069 |
|  |  |  | 46099458 |
| TOTAL HEALTH CARE |  |  | 380617241 |
| Industrials - 0.5% |  |  |  |
| Aerospace & Defense - 0.4% |  |  |  |
| Boeing Co 2.7% 2/1/2027  |  | 1724000 | 1669482 |
| Boeing Co 2.75% 2/1/2026  |  | 2071000 | 2043050 |
| Boeing Co 3.25% 2/1/2028  |  | 4359000 | 4205448 |
| Boeing Co 3.625% 2/1/2031  |  | 14000000 | 13048847 |
| Boeing Co 5.04% 5/1/2027  |  | 19675000 | 19793208 |
| Boeing Co 5.15% 5/1/2030  |  | 55693000 | 56181267 |
| Boeing Co 5.805% 5/1/2050  |  | 9895000 | 9265978 |
| Boeing Co 6.259% 5/1/2027  |  | 649000 | 667083 |
| Boeing Co 6.298% 5/1/2029  |  | 15131000 | 15914637 |
| Boeing Co 6.388% 5/1/2031  |  | 7220000 | 7703556 |
| Boeing Co 6.528% 5/1/2034  |  | 7701000 | 8219831 |
| Boeing Co 6.858% 5/1/2054  |  | 17614000 | 18785487 |
| Boeing Co 7.008% 5/1/2064  |  | 10499000 | 11215302 |
| BWX Technologies Inc 4.125% 6/30/2028 (b) |  | 780000 | 759075 |
| Goat Holdco LLC 6.75% 2/1/2032 (b) |  | 600000 | 597687 |
| Hexcel Corp 5.875% 2/26/2035  |  | 2383000 | 2378872 |
| Howmet Aerospace Inc 5.95% 2/1/2037  |  | 675000 | 706871 |
| Howmet Aerospace Inc 6.75% 1/15/2028  |  | 615000 | 648224 |
| Northrop Grumman Corp 4.03% 10/15/2047  |  | 3355000 | 2607007 |
| RTX Corp 6.1% 3/15/2034  |  | 7000000 | 7457704 |
| RTX Corp 6.4% 3/15/2054  |  | 6800000 | 7253965 |
| TransDigm Inc 6% 1/15/2033 (b) |  | 2725000 | 2696420 |
| TransDigm Inc 6.375% 3/1/2029 (b) |  | 2150000 | 2185039 |
| TransDigm Inc 6.375% 5/31/2033 (b) |  | 530000 | 523640 |
|  |  |  | 196527680 |
| Air Freight & Logistics - 0.0% |  |  |  |
| Rand Parent LLC 8.5% 2/15/2030 (b) |  | 1360000 | 1340124 |
| Building Products - 0.0% |  |  |  |
| Advanced Drainage Systems Inc 5% 9/30/2027 (b) |  | 2565000 | 2535168 |
| Builders FirstSource Inc 4.25% 2/1/2032 (b) |  | 1415000 | 1283836 |
| Builders FirstSource Inc 6.75% 5/15/2035 (b) |  | 805000 | 809580 |
| Carlisle Cos Inc 2.75% 3/1/2030  |  | 6227000 | 5715680 |
| Carrier Global Corp 2.493% 2/15/2027  |  | 518000 | 501864 |
| Carrier Global Corp 2.7% 2/15/2031  |  | 6352000 | 5709891 |
| Carrier Global Corp 5.9% 3/15/2034  |  | 3165000 | 3325333 |
| Carrier Global Corp 6.2% 3/15/2054  |  | 1962000 | 2073487 |
| EMRLD Borrower LP / Emerald Co-Issuer Inc 6.625% 12/15/2030 (b) |  | 945000 | 954557 |
| Standard Building Solutions Inc 6.5% 8/15/2032 (b) |  | 1570000 | 1594456 |
| Standard Industries Inc/NY 4.375% 7/15/2030 (b) |  | 1165000 | 1093370 |
|  |  |  | 25597222 |
| Commercial Services & Supplies - 0.0% |  |  |  |
| ADT Security Corp/The 4.125% 8/1/2029 (b) |  | 270000 | 257495 |
| ADT Security Corp/The 4.875% 7/15/2032 (b) |  | 1270000 | 1205468 |
| Allied Universal Holdco LLC 7.875% 2/15/2031 (b) |  | 640000 | 663276 |
| Artera Services LLC 8.5% 2/15/2031 (b) |  | 2345000 | 1992788 |
| Brand Industrial Services Inc 10.375% 8/1/2030 (b) |  | 640000 | 574033 |
| Clean Harbors Inc 6.375% 2/1/2031 (b) |  | 110000 | 111937 |
| CoreCivic Inc 8.25% 4/15/2029  |  | 430000 | 454482 |
| GEO Group Inc/The 8.625% 4/15/2029  |  | 490000 | 517232 |
| GFL Environmental Inc 6.75% 1/15/2031 (b) |  | 310000 | 321563 |
| Madison IAQ LLC 4.125% 6/30/2028 (b) |  | 2045000 | 1968351 |
| OT Midco Inc 10% 2/15/2030 (b) |  | 375000 | 312420 |
| Prime Security Services Borrower LLC / Prime Finance Inc 3.375% 8/31/2027 (b) |  | 1695000 | 1627024 |
| Waste Management Inc 3.875% 1/15/2029 (b) |  | 750000 | 734206 |
| Waste Pro USA Inc 7% 2/1/2033 (b) |  | 365000 | 374245 |
| Williams Scotsman Inc 6.625% 4/15/2030 (b) |  | 285000 | 292106 |
|  |  |  | 11406626 |
| Construction & Engineering - 0.0% |  |  |  |
| AECOM 5.125% 3/15/2027  |  | 1777000 | 1775442 |
| Electrical Equipment - 0.0% |  |  |  |
| Sensata Technologies BV 4% 4/15/2029 (b) |  | 275000 | 258142 |
| Trans-Allegheny Interstate Line Co 5.2% 1/15/2031 (b) |  | 3410000 | 3436289 |
| Vertiv Group Corp 4.125% 11/15/2028 (b) |  | 1125000 | 1089876 |
| WESCO Distribution Inc 6.375% 3/15/2033 (b) |  | 605000 | 616231 |
|  |  |  | 5400538 |
| Ground Transportation - 0.0% |  |  |  |
| Burlington Northern Santa Fe LLC 4.15% 4/1/2045  |  | 564000 | 461399 |
| Burlington Northern Santa Fe LLC 4.4% 3/15/2042  |  | 1397000 | 1205423 |
| CSX Corp 3.8% 4/15/2050  |  | 78000 | 57651 |
| CSX Corp 4.3% 3/1/2048  |  | 5524000 | 4464592 |
| Genesee & Wyoming Inc 6.25% 4/15/2032 (b) |  | 650000 | 660140 |
| Norfolk Southern Corp 3.155% 5/15/2055  |  | 2000000 | 1238140 |
| Norfolk Southern Corp 5.35% 8/1/2054  |  | 3400000 | 3175734 |
| XPO Inc 6.25% 6/1/2028 (b) |  | 630000 | 636294 |
| XPO Inc 7.125% 2/1/2032 (b) |  | 750000 | 778458 |
|  |  |  | 12677831 |
| Industrial Conglomerates - 0.0% |  |  |  |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.25% 2/1/2027 (b) |  | 800000 | 782669 |
| Trane Technologies Financing Ltd 4.65% 11/1/2044  |  | 314000 | 268967 |
|  |  |  | 1051636 |
| Machinery - 0.1% |  |  |  |
| AGCO Corp 5.8% 3/21/2034  |  | 7687000 | 7708703 |
| Allison Transmission Inc 3.75% 1/30/2031 (b) |  | 1015000 | 921364 |
| Enpro Inc 6.125% 6/1/2033 (b) |  | 610000 | 614537 |
| Esab Corp 6.25% 4/15/2029 (b) |  | 780000 | 793143 |
| Ingersoll Rand Inc 5.176% 6/15/2029  |  | 7800000 | 7952670 |
| Ingersoll Rand Inc 5.314% 6/15/2031  |  | 8500000 | 8699386 |
| Ingersoll Rand Inc 5.45% 6/15/2034  |  | 8200000 | 8280352 |
| Ingersoll Rand Inc 5.7% 8/14/2033  |  | 4393000 | 4521150 |
|  |  |  | 39491305 |
| Passenger Airlines - 0.0% |  |  |  |
| American Airlines 2016-3 Class A Pass Through Trust 7.25% 2/15/2028 (b) |  | 195000 | 196949 |
| American Airlines 2016-3 Class A Pass Through Trust 8.5% 5/15/2029 (b) |  | 745000 | 771906 |
| American Airlines 2016-3 Class A Pass Through Trust equipment trust certificate 3.75% 4/15/2027  |  | 1119925 | 1109893 |
| American Airlines 2019-1 Class B Pass Through Trust equipment trust certificate 3.85% 8/15/2029  |  | 2058154 | 1976092 |
| American Airlines Inc/AAdvantage Loyalty IP Ltd 5.5% 4/20/2026 (b) |  | 253333 | 252901 |
| United Airlines 2018-1 Class B Pass Through Trust equipment trust certificate 4.6% 9/1/2027  |  | 1284479 | 1266029 |
| United Airlines 2019-2 Class B Pass Through Trust equipment trust certificate 3.5% 11/1/2029  |  | 1214393 | 1158564 |
| United Airlines Inc 4.375% 4/15/2026 (b) |  | 2840000 | 2806345 |
|  |  |  | 9538679 |
| Professional Services - 0.0% |  |  |  |
| Amentum Holdings Inc 7.25% 8/1/2032 (b) |  | 530000 | 540644 |
| Booz Allen Hamilton Inc 4% 7/1/2029 (b) |  | 105000 | 99787 |
| Booz Allen Hamilton Inc 5.95% 8/4/2033  |  | 10000000 | 10073640 |
| CACI International Inc 6.375% 6/15/2033 (b)(p) |  | 790000 | 805357 |
| Paychex Inc 5.1% 4/15/2030  |  | 2312000 | 2341976 |
| Paychex Inc 5.35% 4/15/2032  |  | 3086000 | 3131815 |
| Paychex Inc 5.6% 4/15/2035  |  | 2223000 | 2260397 |
| TriNet Group Inc 3.5% 3/1/2029 (b) |  | 805000 | 743982 |
| TriNet Group Inc 7.125% 8/15/2031 (b) |  | 260000 | 268061 |
|  |  |  | 20265659 |
| Trading Companies & Distributors - 0.0% |  |  |  |
| Air Lease Corp 2.2% 1/15/2027  |  | 3428000 | 3302438 |
| Air Lease Corp 3.375% 7/1/2025  |  | 11630000 | 11615107 |
| Air Lease Corp 3.75% 6/1/2026  |  | 5000000 | 4958596 |
| Ferguson Enterprises Inc 5% 10/3/2034  |  | 7219000 | 6949437 |
| Fortress Transportation and Infrastructure Investors LLC 5.875% 4/15/2033 (b) |  | 690000 | 666118 |
| Fortress Transportation and Infrastructure Investors LLC 7% 6/15/2032 (b) |  | 870000 | 889361 |
| Fortress Transportation and Infrastructure Investors LLC 7.875% 12/1/2030 (b) |  | 645000 | 677814 |
| Herc Holdings Escrow Inc 7% 6/15/2030 (b)(p) |  | 805000 | 829332 |
| Herc Holdings Escrow Inc 7.25% 6/15/2033 (b)(p) |  | 575000 | 591785 |
| QXO Building Products Inc 6.75% 4/30/2032 (b) |  | 595000 | 610083 |
| United Rentals North America Inc 6.125% 3/15/2034 (b) |  | 1080000 | 1094698 |
|  |  |  | 32184769 |
| TOTAL INDUSTRIALS |  |  | 357257511 |
| Information Technology - 0.5% |  |  |  |
| Communications Equipment - 0.0% |  |  |  |
| Viavi Solutions Inc 3.75% 10/1/2029 (b) |  | 895000 | 823413 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |  |
| Amphenol Corp 5.25% 4/5/2034  |  | 4400000 | 4452003 |
| Coherent Corp 5% 12/15/2029 (b) |  | 1965000 | 1904013 |
| CPI CG Inc 10% 7/15/2029 (b) |  | 235000 | 247925 |
| Dell International LLC / EMC Corp 3.375% 12/15/2041  |  | 3736000 | 2708119 |
| Dell International LLC / EMC Corp 3.45% 12/15/2051  |  | 1801000 | 1191788 |
| Dell International LLC / EMC Corp 5% 4/1/2030  |  | 3232000 | 3248647 |
| Insight Enterprises Inc 6.625% 5/15/2032 (b) |  | 360000 | 366817 |
| Lightning Power LLC 7.25% 8/15/2032 (b) |  | 415000 | 435109 |
| Sensata Technologies Inc 3.75% 2/15/2031 (b) |  | 2410000 | 2139930 |
| TTM Technologies Inc 4% 3/1/2029 (b) |  | 515000 | 489499 |
| Vontier Corp 2.4% 4/1/2028  |  | 7691000 | 7210005 |
| Vontier Corp 2.95% 4/1/2031  |  | 8630000 | 7600301 |
|  |  |  | 31994156 |
| IT Services - 0.1% |  |  |  |
| Acuris Finance US Inc / Acuris Finance SARL 5% 5/1/2028 (b) |  | 225000 | 214118 |
| Acuris Finance US Inc / Acuris Finance SARL 9% 8/1/2029 (b) |  | 470000 | 480256 |
| ASGN Inc 4.625% 5/15/2028 (b) |  | 1825000 | 1760584 |
| CDW LLC / CDW Finance Corp 2.67% 12/1/2026  |  | 5350000 | 5180834 |
| CDW LLC / CDW Finance Corp 5.1% 3/1/2030  |  | 18200000 | 18175339 |
| CDW LLC / CDW Finance Corp 5.55% 8/22/2034  |  | 10150000 | 9998502 |
| CoreWeave Inc 9.25% 6/1/2030 (b) |  | 775000 | 774131 |
| Gartner Inc 3.625% 6/15/2029 (b) |  | 655000 | 621036 |
| Gartner Inc 3.75% 10/1/2030 (b) |  | 255000 | 238176 |
| Gartner Inc 4.5% 7/1/2028 (b) |  | 395000 | 390314 |
| Go Daddy Operating Co LLC / GD Finance Co Inc 3.5% 3/1/2029 (b) |  | 1450000 | 1353500 |
| VeriSign Inc 5.25% 6/1/2032  |  | 2514000 | 2533858 |
|  |  |  | 41720648 |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |  |
| Broadcom Inc 1.95% 2/15/2028 (b) |  | 2879000 | 2704597 |
| Broadcom Inc 2.45% 2/15/2031 (b) |  | 65196000 | 57641961 |
| Broadcom Inc 2.6% 2/15/2033 (b) |  | 23971000 | 20235847 |
| Broadcom Inc 3.137% 11/15/2035 (b) |  | 6850000 | 5673272 |
| Broadcom Inc 3.187% 11/15/2036 (b) |  | 6678000 | 5431653 |
| Broadcom Inc 3.419% 4/15/2033 (b) |  | 8000000 | 7136258 |
| Broadcom Inc 3.5% 2/15/2041 (b) |  | 23037000 | 17856565 |
| Broadcom Inc 3.75% 2/15/2051 (b) |  | 1693000 | 1224564 |
| Broadcom Inc 4.15% 11/15/2030  |  | 1724000 | 1680943 |
| Broadcom Inc 5.05% 7/12/2029  |  | 16700000 | 16999062 |
| Broadcom Inc 5.15% 11/15/2031  |  | 16700000 | 17001146 |
| Entegris Inc 4.375% 4/15/2028 (b) |  | 1255000 | 1211661 |
| Marvell Technology Inc 2.45% 4/15/2028  |  | 4982000 | 4696844 |
| Marvell Technology Inc 5.75% 2/15/2029  |  | 4817000 | 4981901 |
| Marvell Technology Inc 5.95% 9/15/2033  |  | 3772000 | 3895504 |
| Micron Technology Inc 2.703% 4/15/2032  |  | 2039000 | 1738088 |
| Micron Technology Inc 3.366% 11/1/2041  |  | 2223000 | 1581108 |
| Micron Technology Inc 3.477% 11/1/2051  |  | 2229000 | 1461888 |
| Micron Technology Inc 5.3% 1/15/2031  |  | 9833000 | 9893865 |
| Micron Technology Inc 5.327% 2/6/2029  |  | 4300000 | 4363641 |
| Micron Technology Inc 5.65% 11/1/2032  |  | 7400000 | 7519726 |
| Micron Technology Inc 5.8% 1/15/2035  |  | 8600000 | 8667248 |
| Micron Technology Inc 6.05% 11/1/2035  |  | 7400000 | 7545882 |
| Micron Technology Inc 6.75% 11/1/2029  |  | 7000000 | 7483697 |
| ON Semiconductor Corp 3.875% 9/1/2028 (b) |  | 500000 | 477544 |
| Qorvo Inc 4.375% 10/15/2029  |  | 1155000 | 1108346 |
| Wolfspeed Inc 7.9583% 6/23/2030 (b)(e)(h)(l) |  | 802256 | 772171 |
|  |  |  | 220984982 |
| Software - 0.1% |  |  |  |
| AppLovin Corp 5.125% 12/1/2029  |  | 3600000 | 3623908 |
| AppLovin Corp 5.375% 12/1/2031  |  | 10700000 | 10799101 |
| Cloud Software Group Inc 9% 9/30/2029 (b) |  | 520000 | 532261 |
| Crowdstrike Holdings Inc 3% 2/15/2029  |  | 495000 | 463280 |
| Elastic NV 4.125% 7/15/2029 (b) |  | 495000 | 464146 |
| Ellucian Holdings Inc 6.5% 12/1/2029 (b) |  | 200000 | 201987 |
| Fair Isaac Corp 4% 6/15/2028 (b) |  | 1130000 | 1087711 |
| Fair Isaac Corp 5.25% 5/15/2026 (b) |  | 793000 | 791689 |
| Fair Isaac Corp 6% 5/15/2033 (b) |  | 725000 | 723631 |
| Fiserv Funding ULC 3.5% 6/15/2032  | EUR | 300000 | 338137 |
| Gen Digital Inc 6.25% 4/1/2033 (b) |  | 500000 | 505552 |
| Oracle Corp 2.875% 3/25/2031  |  | 7473000 | 6737180 |
| Oracle Corp 5.375% 7/15/2040  |  | 135000 | 127895 |
| Roper Technologies Inc 1.4% 9/15/2027  |  | 1724000 | 1611832 |
| Roper Technologies Inc 1.75% 2/15/2031  |  | 3736000 | 3166580 |
| Roper Technologies Inc 2% 6/30/2030  |  | 4476000 | 3934927 |
| Roper Technologies Inc 2.95% 9/15/2029  |  | 2830000 | 2647385 |
| Roper Technologies Inc 4.5% 10/15/2029  |  | 6800000 | 6766066 |
| VMware LLC 1.4% 8/15/2026  |  | 925000 | 890630 |
|  |  |  | 45413898 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |  |
| Seagate Data Storage Technology Pte Ltd 5.875% 7/15/2030 (b) |  | 360000 | 360684 |
| Seagate HDD Cayman 8.25% 12/15/2029  |  | 2115000 | 2254455 |
|  |  |  | 2615139 |
| TOTAL INFORMATION TECHNOLOGY |  |  | 343552236 |
| Materials - 0.1% |  |  |  |
| Chemicals - 0.1% |  |  |  |
| Avient Corp 6.25% 11/1/2031 (b) |  | 455000 | 455637 |
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV 4.75% 6/15/2027 (b) |  | 935000 | 925178 |
| Celanese US Holdings LLC 6.415% 7/15/2027 (d) |  | 7526000 | 7716409 |
| Celanese US Holdings LLC 6.5% 4/15/2030  |  | 325000 | 327500 |
| Celanese US Holdings LLC 6.75% 4/15/2033  |  | 650000 | 632632 |
| Celanese US Holdings LLC 6.85% 11/15/2028 (d) |  | 12251000 | 12684257 |
| Celanese US Holdings LLC 7.05% 11/15/2030 (d) |  | 15417000 | 15888452 |
| Celanese US Holdings LLC 7.2% 11/15/2033 (d) |  | 17253000 | 18010493 |
| Chemours Co/The 5.375% 5/15/2027  |  | 2015000 | 1972502 |
| Chevron Phillips Chemical Co LLC / Chevron Phillips Chemical Co LP 4.75% 5/15/2030 (b) |  | 2309000 | 2322359 |
| Dow Chemical Co/The 5.15% 2/15/2034  |  | 12200000 | 11940221 |
| International Flavors & Fragrances Inc 1.23% 10/1/2025 (b) |  | 142000 | 140237 |
| International Flavors & Fragrances Inc 1.832% 10/15/2027 (b) |  | 1819000 | 1697457 |
| International Flavors & Fragrances Inc 2.3% 11/1/2030 (b) |  | 2599000 | 2265090 |
| Kobe US Midco 2 Inc 9.25% 11/1/2026 pay-in-kind (b)(d) |  | 561447 | 497582 |
| LSB Industries Inc 6.25% 10/15/2028 (b) |  | 460000 | 455355 |
| LYB International Finance III LLC 1.25% 10/1/2025  |  | 1661000 | 1640807 |
| Mativ Holdings Inc 8% 10/1/2029 (b) |  | 410000 | 349783 |
| Methanex US Operations Inc 6.25% 3/15/2032 (b) |  | 510000 | 493538 |
| Olin Corp 5% 2/1/2030  |  | 1715000 | 1623243 |
| Olin Corp 5.625% 8/1/2029  |  | 2465000 | 2413015 |
| Olympus Water US Holding Corp 9.75% 11/15/2028 (b) |  | 455000 | 477052 |
| Tronox Inc 4.625% 3/15/2029 (b) |  | 430000 | 359505 |
| WR Grace Holdings LLC 4.875% 6/15/2027 (b) |  | 980000 | 966239 |
| WR Grace Holdings LLC 7.375% 3/1/2031 (b) |  | 95000 | 95954 |
|  |  |  | 86350497 |
| Construction Materials - 0.0% |  |  |  |
| Quikrete Holdings Inc 6.375% 3/1/2032 (b) |  | 605000 | 614774 |
| Smyrna Ready Mix Concrete LLC 8.875% 11/15/2031 (b) |  | 780000 | 800979 |
| VM Consolidated Inc 5.5% 4/15/2029 (b) |  | 675000 | 667833 |
|  |  |  | 2083586 |
| Containers & Packaging - 0.0% |  |  |  |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 3.25% 9/1/2028 (b) |  | 1630000 | 1499012 |
| Ball Corp 2.875% 8/15/2030  |  | 2065000 | 1830209 |
| Ball Corp 3.125% 9/15/2031  |  | 955000 | 837430 |
| Ball Corp 6% 6/15/2029  |  | 395000 | 402744 |
| Clydesdale Acquisition Holdings Inc 6.75% 4/15/2032 (b) |  | 605000 | 611399 |
| Crown Americas LLC 5.875% 6/1/2033 (b) |  | 1020000 | 1013056 |
| Graphic Packaging International LLC 3.75% 2/1/2030 (b) |  | 1165000 | 1073778 |
| Graphic Packaging International LLC 6.375% 7/15/2032 (b) |  | 870000 | 871285 |
| Mauser Packaging Solutions Holding Co 7.875% 4/15/2027 (b) |  | 785000 | 792447 |
| Sealed Air Corp 5% 4/15/2029 (b) |  | 1540000 | 1512034 |
| Sealed Air Corp 6.875% 7/15/2033 (b) |  | 1105000 | 1157511 |
| Sealed Air Corp/Sealed Air Corp US 6.125% 2/1/2028 (b) |  | 270000 | 273020 |
| Sealed Air Corp/Sealed Air Corp US 7.25% 2/15/2031 (b) |  | 515000 | 538141 |
|  |  |  | 12412066 |
| Metals & Mining - 0.0% |  |  |  |
| Alcoa Nederland Holding BV 7.125% 3/15/2031 (b) |  | 170000 | 176486 |
| Cleveland-Cliffs Inc 4.875% 3/1/2031 (b) |  | 1480000 | 1209320 |
| Cleveland-Cliffs Inc 7% 3/15/2032 (b) |  | 400000 | 345019 |
| Cleveland-Cliffs Inc 7.5% 9/15/2031 (b) |  | 510000 | 458610 |
| Commercial Metals Co 3.875% 2/15/2031  |  | 915000 | 828456 |
| Kaiser Aluminum Corp 4.625% 3/1/2028 (b) |  | 1655000 | 1608450 |
| Novelis Corp 3.875% 8/15/2031 (b) |  | 470000 | 417846 |
| Roller Bearing Co of America Inc 4.375% 10/15/2029 (b) |  | 75000 | 71599 |
| Vibrantz Technologies Inc 9% 2/15/2030 (b) |  | 405000 | 285525 |
|  |  |  | 5401311 |
| Paper & Forest Products - 0.0% |  |  |  |
| Magnera Corp 7.25% 11/15/2031 (b) |  | 320000 | 292800 |
| TOTAL MATERIALS |  |  | 106540260 |
| Real Estate - 0.9% |  |  |  |
| Diversified REITs - 0.2% |  |  |  |
| GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034  |  | 14650000 | 14290420 |
| Piedmont Operating Partnership LP 2.75% 4/1/2032  |  | 3748000 | 3012785 |
| Piedmont Operating Partnership LP 6.875% 7/15/2029  |  | 10020000 | 10372151 |
| Safehold GL Holdings LLC 2.85% 1/15/2032  |  | 345000 | 293379 |
| Store Capital LLC 2.7% 12/1/2031  |  | 8095000 | 6772785 |
| Store Capital LLC 2.75% 11/18/2030  |  | 4066000 | 3538641 |
| Store Capital LLC 4.625% 3/15/2029  |  | 2374000 | 2311146 |
| VICI Properties LP 4.75% 2/15/2028  |  | 14680000 | 14684022 |
| VICI Properties LP 4.75% 4/1/2028  |  | 3633000 | 3631500 |
| VICI Properties LP 4.95% 2/15/2030  |  | 21594000 | 21424338 |
| VICI Properties LP 5.125% 11/15/2031  |  | 5400000 | 5324923 |
| VICI Properties LP 5.125% 5/15/2032  |  | 14187000 | 13901641 |
| VICI Properties LP 5.75% 4/1/2034  |  | 4314000 | 4328719 |
| Vornado Realty LP 2.15% 6/1/2026  |  | 4402000 | 4256408 |
| Vornado Realty LP 3.4% 6/1/2031  |  | 14755000 | 12681605 |
| WP Carey Inc 2.4% 2/1/2031  |  | 3511000 | 3045650 |
| WP Carey Inc 3.85% 7/15/2029  |  | 1991000 | 1915042 |
| WP Carey Inc 4.25% 7/23/2032  | EUR | 300000 | 350864 |
|  |  |  | 126136019 |
| Health Care REITs - 0.2% |  |  |  |
| Alexandria Real Estate Equities Inc 2% 5/18/2032  |  | 8258000 | 6663626 |
| Alexandria Real Estate Equities Inc 4.9% 12/15/2030  |  | 7224000 | 7159553 |
| Healthcare Realty Holdings LP 3.1% 2/15/2030  |  | 1868000 | 1711995 |
| Healthcare Realty Holdings LP 3.5% 8/1/2026  |  | 1945000 | 1912068 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (b) |  | 515000 | 527898 |
| Omega Healthcare Investors Inc 3.25% 4/15/2033  |  | 25514000 | 21569523 |
| Omega Healthcare Investors Inc 3.375% 2/1/2031  |  | 11878000 | 10716633 |
| Omega Healthcare Investors Inc 3.625% 10/1/2029  |  | 8376000 | 7880956 |
| Omega Healthcare Investors Inc 4.5% 4/1/2027  |  | 716000 | 714311 |
| Omega Healthcare Investors Inc 4.75% 1/15/2028  |  | 11294000 | 11301554 |
| Omega Healthcare Investors Inc 5.25% 1/15/2026  |  | 6569000 | 6576065 |
| Ventas Realty LP 2.5% 9/1/2031  |  | 25590000 | 22245591 |
| Ventas Realty LP 3% 1/15/2030  |  | 16847000 | 15608939 |
| Ventas Realty LP 4% 3/1/2028  |  | 2553000 | 2512342 |
| Ventas Realty LP 4.125% 1/15/2026  |  | 999000 | 994018 |
| Ventas Realty LP 4.4% 1/15/2029  |  | 6227000 | 6163740 |
| Ventas Realty LP 4.75% 11/15/2030  |  | 16500000 | 16406920 |
| Ventas Realty LP 5.1% 7/15/2032  |  | 14363000 | 14325972 |
|  |  |  | 154991704 |
| Hotel & Resort REITs - 0.0% |  |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (b) |  | 300000 | 302204 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (b)(p) |  | 440000 | 447486 |
|  |  |  | 749690 |
| Industrial REITs - 0.0% |  |  |  |
| LXP Industrial Trust 2.7% 9/15/2030  |  | 1445000 | 1271451 |
| Office REITs - 0.1% |  |  |  |
| Boston Properties LP 2.9% 3/15/2030  |  | 6500000 | 5883442 |
| Boston Properties LP 4.5% 12/1/2028  |  | 4766000 | 4697845 |
| COPT Defense Properties LP 2% 1/15/2029  |  | 7631000 | 6836475 |
| COPT Defense Properties LP 2.25% 3/15/2026  |  | 3486000 | 3412905 |
| COPT Defense Properties LP 2.75% 4/15/2031  |  | 8767000 | 7609212 |
| COPT Defense Properties LP 2.9% 12/1/2033  |  | 9336000 | 7530397 |
| Hudson Pacific Properties LP 3.95% 11/1/2027  |  | 2573000 | 2251183 |
| Hudson Pacific Properties LP 4.65% 4/1/2029  |  | 12862000 | 9308065 |
| Hudson Pacific Properties LP 5.95% 2/15/2028  |  | 17949000 | 15431746 |
|  |  |  | 62961270 |
| Real Estate Management & Development - 0.1% |  |  |  |
| Brandywine Operating Partnership LP 3.95% 11/15/2027  |  | 4382000 | 4182195 |
| Brandywine Operating Partnership LP 4.55% 10/1/2029  |  | 3023000 | 2778424 |
| Brandywine Operating Partnership LP 8.3% 3/15/2028  |  | 19371000 | 20308634 |
| Brandywine Operating Partnership LP 8.875% 4/12/2029  |  | 22481000 | 23939522 |
| CBRE Services Inc 2.5% 4/1/2031  |  | 10225000 | 8920312 |
| Essex Portfolio LP 5.5% 4/1/2034  |  | 4442000 | 4462903 |
| Kennedy-Wilson Inc 4.75% 2/1/2030  |  | 890000 | 789874 |
| Tanger Properties LP 2.75% 9/1/2031  |  | 16949000 | 14646240 |
| Tanger Properties LP 3.125% 9/1/2026  |  | 2628000 | 2570464 |
| Tanger Properties LP 3.875% 7/15/2027  |  | 11191000 | 10993840 |
| Taylor Morrison Communities Inc 5.75% 1/15/2028 (b) |  | 875000 | 880176 |
|  |  |  | 94472584 |
| Residential REITs - 0.1% |  |  |  |
| American Homes 4 Rent LP 2.375% 7/15/2031  |  | 1482000 | 1271518 |
| American Homes 4 Rent LP 3.375% 7/15/2051  |  | 2291000 | 1464510 |
| American Homes 4 Rent LP 3.625% 4/15/2032  |  | 8742000 | 7935811 |
| American Homes 4 Rent LP 4.3% 4/15/2052  |  | 5604000 | 4242947 |
| American Homes 4 Rent LP 4.95% 6/15/2030  |  | 4883000 | 4879316 |
| American Homes 4 Rent LP 5.5% 7/15/2034  |  | 10177000 | 10135168 |
| Invitation Homes Operating Partnership LP 2% 8/15/2031  |  | 2893000 | 2422037 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  |  | 13560000 | 12632227 |
| Invitation Homes Operating Partnership LP 4.875% 2/1/2035  |  | 8722000 | 8298789 |
| Sun Communities Operating LP 2.3% 11/1/2028  |  | 4282000 | 3965294 |
| Sun Communities Operating LP 2.7% 7/15/2031  |  | 9688000 | 8439436 |
| Sun Communities Operating LP 4.2% 4/15/2032  |  | 9341000 | 8734471 |
| UDR Inc 2.1% 8/1/2032  |  | 4480000 | 3630517 |
| UDR Inc 5.125% 9/1/2034  |  | 5000000 | 4873872 |
|  |  |  | 82925913 |
| Retail REITs - 0.2% |  |  |  |
| Agree LP 4.8% 10/1/2032  |  | 6806000 | 6607282 |
| Agree LP 5.6% 6/15/2035  |  | 6659000 | 6681568 |
| Agree LP 5.625% 6/15/2034  |  | 18770000 | 18927967 |
| Brixmor Operating Partnership LP 4.05% 7/1/2030  |  | 10487000 | 10047184 |
| Brixmor Operating Partnership LP 4.125% 5/15/2029  |  | 20383000 | 19831453 |
| Brixmor Operating Partnership LP 4.125% 6/15/2026  |  | 5827000 | 5794233 |
| Brixmor Operating Partnership LP 5.5% 2/15/2034  |  | 6800000 | 6780643 |
| Kimco Realty OP LLC 2.25% 12/1/2031  |  | 15265000 | 12995442 |
| Kimco Realty OP LLC 6.4% 3/1/2034  |  | 20000000 | 21398519 |
| Kite Realty Group LP 5.5% 3/1/2034  |  | 5568000 | 5539021 |
| Kite Realty Group Trust 4.75% 9/15/2030  |  | 20325000 | 20021309 |
| NNN REIT Inc 5.6% 10/15/2033  |  | 12000000 | 12167743 |
| Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035  |  | 9000000 | 8569344 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034  |  | 12448000 | 12541690 |
| Realty Income Corp 2.1% 3/15/2028  |  | 1631000 | 1532753 |
| Realty Income Corp 2.2% 6/15/2028  |  | 1380000 | 1292013 |
| Realty Income Corp 2.85% 12/15/2032  |  | 1998000 | 1724718 |
| Realty Income Corp 3.25% 1/15/2031  |  | 1828000 | 1688466 |
| Realty Income Corp 3.4% 1/15/2028  |  | 2874000 | 2803051 |
| Simon Property Group LP 2.45% 9/13/2029  |  | 3008000 | 2766612 |
|  |  |  | 179711011 |
| Specialized REITs - 0.0% |  |  |  |
| American Tower Corp 2.1% 6/15/2030  |  | 3550000 | 3120005 |
| American Tower Corp 3.625% 5/30/2032  | EUR | 1150000 | 1319477 |
| American Tower Corp 4.9% 3/15/2030  |  | 7500000 | 7543432 |
| Iron Mountain Inc 4.875% 9/15/2029 (b) |  | 1050000 | 1019055 |
| SBA Communications Corp 3.125% 2/1/2029  |  | 2395000 | 2228060 |
| SBA Communications Corp 3.875% 2/15/2027  |  | 515000 | 504940 |
|  |  |  | 15734969 |
| TOTAL REAL ESTATE |  |  | 718954611 |
| Utilities - 0.9% |  |  |  |
| Electric Utilities - 0.6% |  |  |  |
| AEP Transmission Co LLC 5.375% 6/15/2035  |  | 5000000 | 5023300 |
| Alabama Power Co 3.05% 3/15/2032  |  | 18116000 | 16272245 |
| Alabama Power Co 5.1% 4/2/2035  |  | 8723000 | 8660673 |
| American Transmission Systems Inc 2.65% 1/15/2032 (b) |  | 5846000 | 5068478 |
| Clearway Energy Operating LLC 3.75% 2/15/2031 (b) |  | 1625000 | 1466558 |
| Clearway Energy Operating LLC 4.75% 3/15/2028 (b) |  | 140000 | 136800 |
| Cleco Corporate Holdings LLC 3.375% 9/15/2029  |  | 11796000 | 10893837 |
| Cleco Corporate Holdings LLC 3.743% 5/1/2026  |  | 19755000 | 19524903 |
| Cleveland Electric Illuminating Co/The 3.5% 4/1/2028 (b) |  | 5498000 | 5297729 |
| Cleveland Electric Illuminating Co/The 5.95% 12/15/2036  |  | 2055000 | 2107618 |
| Consolidated Edison Co of New York Inc 5.125% 3/15/2035  |  | 9000000 | 8949555 |
| Consolidated Edison Co of New York Inc 5.2% 3/1/2033  |  | 8097000 | 8188652 |
| Consolidated Edison Co of New York Inc 5.5% 3/15/2034  |  | 5000000 | 5135258 |
| Consolidated Edison Co of New York Inc 5.5% 3/15/2055  |  | 9000000 | 8463425 |
| Consolidated Edison Co of New York Inc 5.9% 11/15/2053  |  | 5000000 | 4968986 |
| DPL Inc 4.35% 4/15/2029  |  | 7785000 | 7492691 |
| Duke Energy Carolinas LLC 4.95% 1/15/2033  |  | 8000000 | 8005047 |
| Duke Energy Corp 2.45% 6/1/2030  |  | 5890000 | 5291373 |
| Duke Energy Corp 2.55% 6/15/2031  |  | 4359000 | 3824961 |
| Duke Energy Corp 3.85% 6/15/2034  | EUR | 1450000 | 1642471 |
| Duke Energy Corp 4.3% 3/15/2028  |  | 2316000 | 2310133 |
| Duke Energy Corp 4.5% 8/15/2032  |  | 12535000 | 12051303 |
| Duke Energy Corp 5% 8/15/2052  |  | 17535000 | 14807549 |
| Duke Energy Corp 6.1% 9/15/2053  |  | 8700000 | 8622646 |
| Duke Energy Indiana LLC 4.9% 7/15/2043  |  | 1678000 | 1487340 |
| Duquesne Light Holdings Inc 2.532% 10/1/2030 (b) |  | 7005000 | 6119871 |
| Duquesne Light Holdings Inc 2.775% 1/7/2032 (b) |  | 11501000 | 9807489 |
| Duquesne Light Holdings Inc 3.616% 8/1/2027 (b) |  | 2736000 | 2643859 |
| Edison International 7.875% 6/15/2054 (d) |  | 534000 | 513774 |
| Edison International 8.125% 6/15/2053 (d) |  | 160000 | 158068 |
| Exelon Corp 2.75% 3/15/2027  |  | 269000 | 261045 |
| Exelon Corp 3.35% 3/15/2032  |  | 20066000 | 18218688 |
| Exelon Corp 4.05% 4/15/2030  |  | 4724000 | 4603435 |
| Exelon Corp 4.1% 3/15/2052  |  | 3609000 | 2684177 |
| Exelon Corp 5.15% 3/15/2029  |  | 6500000 | 6621478 |
| Exelon Corp 5.3% 3/15/2033  |  | 9000000 | 9101907 |
| Exelon Corp 5.45% 3/15/2034  |  | 7200000 | 7280889 |
| Exelon Corp 5.6% 3/15/2053  |  | 6800000 | 6318401 |
| FirstEnergy Corp 1.6% 1/15/2026  |  | 199000 | 195159 |
| FirstEnergy Corp 2.25% 9/1/2030  |  | 5756000 | 5043707 |
| FirstEnergy Corp 2.65% 3/1/2030  |  | 11794000 | 10708624 |
| FirstEnergy Corp 3.4% 3/1/2050  |  | 7000000 | 4567948 |
| FirstEnergy Pennsylvania Electric Co 5.2% 4/1/2028 (b) |  | 6490000 | 6596215 |
| FirstEnergy Transmission LLC 4.55% 1/15/2030  |  | 3100000 | 3071516 |
| Georgia Power Co 4.65% 5/16/2028  |  | 5500000 | 5550770 |
| Georgia Power Co 5.25% 3/15/2034  |  | 8750000 | 8796936 |
| Indianapolis Power & Light Co 5.7% 4/1/2054 (b) |  | 5000000 | 4759591 |
| IPALCO Enterprises Inc 4.25% 5/1/2030  |  | 8967000 | 8505058 |
| IPALCO Enterprises Inc 5.75% 4/1/2034  |  | 22200000 | 21906200 |
| ITC Holdings Corp 5.65% 5/9/2034 (b) |  | 11700000 | 11776230 |
| Monongahela Power Co 5.85% 2/15/2034 (b) |  | 6875000 | 7037753 |
| NRG Energy Inc 3.625% 2/15/2031 (b) |  | 1785000 | 1618655 |
| NRG Energy Inc 5.25% 6/15/2029 (b) |  | 484000 | 478301 |
| NRG Energy Inc 5.75% 1/15/2028  |  | 1281000 | 1285581 |
| NRG Energy Inc 6.25% 11/1/2034 (b) |  | 455000 | 455154 |
| Ohio Edison Co 4.95% 12/15/2029 (b) |  | 4124000 | 4156992 |
| Pacific Gas and Electric Co 5.9% 10/1/2054  |  | 8600000 | 7702244 |
| PG&E Corp 5% 7/1/2028  |  | 665000 | 648845 |
| PG&E Corp 7.375% 3/15/2055 (d) |  | 815000 | 798060 |
| Pinnacle West Capital Corp 4.9% 5/15/2028  |  | 1765000 | 1778527 |
| Pinnacle West Capital Corp 5.15% 5/15/2030  |  | 3419000 | 3458054 |
| PPL Capital Funding Inc 5.25% 9/1/2034  |  | 7291000 | 7217887 |
| Southern Co/The 1.875% 9/15/2081 (d) | EUR | 2400000 | 2599761 |
| Southern Co/The 3.7% 4/30/2030  |  | 9229000 | 8830426 |
| Southern Co/The 4.4% 7/1/2046  |  | 8095000 | 6536787 |
| Southern Co/The 4.85% 3/15/2035  |  | 4650000 | 4475049 |
| Southern Co/The 5.113% 8/1/2027 (e) |  | 1724000 | 1745434 |
| Southern Co/The 5.5% 3/15/2029  |  | 7200000 | 7457172 |
| Southern Co/The 5.7% 3/15/2034  |  | 11450000 | 11785498 |
| Tampa Electric Co 6.55% 5/15/2036  |  | 280000 | 298028 |
| Virginia Electric and Power Co 2.3% 11/15/2031  |  | 2300000 | 1986728 |
| Virginia Electric and Power Co 2.4% 3/30/2032  |  | 1724000 | 1470164 |
| Virginia Electric and Power Co 3.75% 5/15/2027  |  | 2000000 | 1978584 |
| Virginia Electric and Power Co 5.55% 8/15/2054  |  | 2334000 | 2181241 |
| Vistra Operations Co LLC 5% 7/31/2027 (b) |  | 3190000 | 3180703 |
| Vistra Operations Co LLC 5.625% 2/15/2027 (b) |  | 665000 | 664559 |
| Xcel Energy Inc 3.5% 12/1/2049  |  | 4570000 | 3031496 |
| Xcel Energy Inc 4.8% 9/15/2041  |  | 311000 | 264032 |
| XPLR Infrastructure Operating Partners LP 7.25% 1/15/2029 (b) |  | 1230000 | 1236036 |
| XPLR Infrastructure Operating Partners LP 8.375% 1/15/2031 (b) |  | 585000 | 610912 |
|  |  |  | 438473229 |
| Gas Utilities - 0.0% |  |  |  |
| Boston Gas Co 4.487% 2/15/2042 (b) |  | 1118000 | 915937 |
| Southern Co Gas Capital Corp 3.15% 9/30/2051  |  | 3046000 | 1878416 |
|  |  |  | 2794353 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |  |
| AES Corp/The 1.375% 1/15/2026  |  | 3793000 | 3706859 |
| AES Corp/The 2.45% 1/15/2031  |  | 75541000 | 64594215 |
| AES Corp/The 3.95% 7/15/2030 (b) |  | 21858000 | 20399035 |
| Alpha Generation LLC 6.75% 10/15/2032 (b) |  | 540000 | 550568 |
| Sunnova Energy Corp 5.875% 9/1/2026 (b) |  | 940000 | 279650 |
| TerraForm Power Operating LLC 4.75% 1/15/2030 (b) |  | 75000 | 70696 |
| TerraForm Power Operating LLC 5% 1/31/2028 (b) |  | 1056000 | 1026707 |
|  |  |  | 90627730 |
| Multi-Utilities - 0.2% |  |  |  |
| Berkshire Hathaway Energy Co 3.25% 4/15/2028  |  | 2069000 | 2014691 |
| Berkshire Hathaway Energy Co 3.7% 7/15/2030  |  | 161000 | 154915 |
| DTE Energy Co 5.2% 4/1/2030  |  | 4829000 | 4911790 |
| NiSource Inc 0.95% 8/15/2025  |  | 829000 | 822571 |
| NiSource Inc 1.7% 2/15/2031  |  | 3114000 | 2632265 |
| NiSource Inc 2.95% 9/1/2029  |  | 21895000 | 20499139 |
| NiSource Inc 3.6% 5/1/2030  |  | 21588000 | 20542467 |
| NiSource Inc 4.375% 5/15/2047  |  | 3114000 | 2487564 |
| NiSource Inc 4.8% 2/15/2044  |  | 4982000 | 4305222 |
| NiSource Inc 5% 6/15/2052  |  | 2180000 | 1869298 |
| NiSource Inc 5.25% 2/15/2043  |  | 132000 | 120685 |
| NiSource Inc 5.25% 3/30/2028  |  | 4400000 | 4484737 |
| NiSource Inc 5.35% 4/1/2034  |  | 9500000 | 9530982 |
| NiSource Inc 5.4% 6/30/2033  |  | 5000000 | 5030492 |
| NiSource Inc 5.95% 6/15/2041  |  | 2375000 | 2347791 |
| Public Service Enterprise Group Inc 4.9% 3/15/2030  |  | 2250000 | 2265331 |
| Puget Energy Inc 2.379% 6/15/2028  |  | 6588000 | 6180289 |
| Puget Energy Inc 4.1% 6/15/2030  |  | 7982000 | 7601072 |
| Puget Energy Inc 4.224% 3/15/2032  |  | 27701000 | 25525140 |
| Puget Energy Inc 5.725% 3/15/2035 (b) |  | 9712000 | 9615981 |
| Sempra 6% 10/15/2039  |  | 2744000 | 2723970 |
| WEC Energy Group Inc 2.2% 12/15/2028  |  | 3114000 | 2874844 |
|  |  |  | 138541236 |
| Water Utilities - 0.0% |  |  |  |
| Aris Water Holdings LLC 7.25% 4/1/2030 (b) |  | 605000 | 608272 |
| TOTAL UTILITIES |  |  | 671044820 |
| TOTAL UNITED STATES |  |  | 7667230109 |
| ZAMBIA - 0.0%  |  |  |  |
| Materials - 0.0% |  |  |  |
| Metals & Mining - 0.0% |  |  |  |
| First Quantum Minerals Ltd 8% 3/1/2033 (b) |  | 360000 | 357244 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $9,957,089,385) |  |  | <br> **9826293791** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.1%** | &nbsp;&nbsp;**Preferred Securities - 0.1%** | &nbsp;&nbsp;**Preferred Securities - 0.1%** | &nbsp;&nbsp;**Preferred Securities - 0.1%** |
|  |  | Principal<br> Amount (a)<br>| Value ($)<br>|
| CANADA - 0.1%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Enbridge Inc 5.75% 7/15/2080 (d) |  | 3553000 | 3509821 |
| Financials - 0.1% |  |  |  |
| Banks - 0.1% |  |  |  |
| Bank of Nova Scotia/The 4.9% (d)(q) |  | 9500000 | 9606453 |
| Bank of Nova Scotia/The CME Term SOFR 3 month Index + 2.9096%, 7.1513% (c)(d)(q) |  | 19859000 | 19580732 |
|  |  |  | 29187185 |
| TOTAL CANADA |  |  | 32697006 |
| CZECH REPUBLIC - 0.0%  |  |  |  |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| CPI Property Group SA 3.75% (d)(o)(q) | EUR | 2370000 | 2403979 |
| FINLAND - 0.0%  |  |  |  |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| Citycon Oyj 7.875% (d)(o)(q) | EUR | 850000 | 1006440 |
| GERMANY - 0.0%  |  |  |  |
| Consumer Discretionary - 0.0% |  |  |  |
| Automobiles - 0.0% |  |  |  |
| Volkswagen International Finance NV 3.748% (d)(o)(q) | EUR | 500000 | 565701 |
| Volkswagen International Finance NV 3.875% (d)(o)(q) | EUR | 2300000 | 2582401 |
|  |  |  | 3148102 |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| Aroundtown Finance Sarl 7.875% (d)(q) |  | 4750000 | 4696654 |
| Aroundtown SA 5 year ISDA Fixed EURIBOR + 3.98%, 6.193% (c)(d)(o)(q) | EUR | 3900000 | 4162884 |
| Grand City Properties SA 1.5% (d)(o)(q) | EUR | 4300000 | 4746811 |
|  |  |  | 13606349 |
| TOTAL GERMANY |  |  | 16754451 |
| IRELAND - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Banks - 0.0% |  |  |  |
| AIB Group PLC 6.25% (d)(o)(q) | EUR | 1235000 | 1443147 |
| SWEDEN - 0.0%  |  |  |  |
| Real Estate - 0.0% |  |  |  |
| Real Estate Management & Development - 0.0% |  |  |  |
| Heimstaden Bostad AB 3.625% (d)(o)(q) | EUR | 195000 | 217105 |
| Samhallsbyggnadsbolaget i Norden AB 5 year EUR Swap Annual Index + 2.814%, 4.9355% (c)(d)(o)(q)(r) | EUR | 1385000 | 1082970 |
| TOTAL SWEDEN |  |  | 1300075 |
| SWITZERLAND - 0.0%  |  |  |  |
| Financials - 0.0% |  |  |  |
| Capital Markets - 0.0% |  |  |  |
| Credit Suisse Group AG Claim 5 year USD Swap Index + 4.598%, 0% (c)(d)(l)(o)(q)(r) |  | 4925000 | 295500 |
| UBS Group AG 4.375% (b)(d)(q) |  | 2239000 | 1992381 |
| UBS Group AG 4.875% (b)(d)(q) |  | 4770000 | 4664714 |
| UBS Group AG 7% (b)(d)(q) |  | 220000 | 222529 |
|  |  |  | 7175124 |
| Utilities - 0.0% |  |  |  |
| Multi-Utilities - 0.0% |  |  |  |
| ELM BV for Firmenich International SA 3.75% (d)(o)(q) | EUR | 520000 | 605925 |
| TOTAL SWITZERLAND |  |  | 7781049 |
| UNITED KINGDOM - 0.0%  |  |  |  |
| Consumer Staples - 0.0% |  |  |  |
| Tobacco - 0.0% |  |  |  |
| British American Tobacco PLC 3% (d)(o)(q) | EUR | 3000000 | 3407328 |
| Financials - 0.0% |  |  |  |
| Banks - 0.0% |  |  |  |
| Barclays PLC 7.625% (d)(q) |  | 325000 | 321543 |
| Barclays PLC 8.875% (d)(o)(q) | GBP | 500000 | 717282 |
| HSBC Holdings PLC 7.05% (d)(q) |  | 815000 | 815074 |
|  |  |  | 1853899 |
| Industrials - 0.0% |  |  |  |
| Ground Transportation - 0.0% |  |  |  |
| Mobico Group PLC 4.25% (d)(o)(q) | GBP | 670000 | 728906 |
| Utilities - 0.0% |  |  |  |
| Electric Utilities - 0.0% |  |  |  |
| SSE PLC 3.74% (d)(o)(q) | GBP | 1135000 | 1514708 |
| TOTAL UNITED KINGDOM |  |  | 7504841 |
| UNITED STATES - 0.0%  |  |  |  |
| Energy - 0.0% |  |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |  |
| Energy Transfer LP Series G, 7.125% (d)(q) |  | 1210000 | 1219184 |
| Plains All American Pipeline LP CME Term SOFR 3 month Index + 4.3716%, 8.6979% (c)(d)(q) |  | 1030000 | 1027223 |
|  |  |  | 2246407 |
| Financials - 0.0% |  |  |  |
| Banks - 0.0% |  |  |  |
| BW Real Estate Inc 9.5% (b)(d)(q) |  | 615000 | 624582 |
| Citigroup Inc 6.75% (d)(q) |  | 1035000 | 1027121 |
| Citigroup Inc 7.125% (d)(q) |  | 810000 | 821750 |
| JPMorgan Chase & Co 6.5% (d)(q) |  | 805000 | 824668 |
| Wells Fargo & Co 7.625% (d)(q) |  | 640000 | 692098 |
|  |  |  | 3990219 |
| Capital Markets - 0.0% |  |  |  |
| Charles Schwab Corp/The 4% (d)(q) |  | 1030000 | 939719 |
| Charles Schwab Corp/The 5.375% (d)(q) |  | 260000 | 263417 |
| Goldman Sachs Group Inc/The 6.85% (d)(q) |  | 730000 | 753631 |
|  |  |  | 1956767 |
| Consumer Finance - 0.0% |  |  |  |
| Ally Financial Inc 4.7% (d)(q) |  | 2940000 | 2784026 |
| TOTAL FINANCIALS |  |  | 8731012 |
| TOTAL UNITED STATES |  |  | 10977419 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $87,006,144) |  |  | <br> **81868407** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 26.4%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 26.4%** | &nbsp;&nbsp;**U.S. Government Agency - Mortgage Securities - 26.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 26.4%  |  |  |
| Fannie Mae 2% 3/1/2052  | 8685875 | 6793947 |
| Fannie Mae 2.5% 1/1/2052  | 10083829 | 8279700 |
| Fannie Mae 2.5% 4/1/2052  | 10859171 | 8974012 |
| Fannie Mae 2.5% 5/1/2052  | 784211 | 645376 |
| Fannie Mae 2.5% 6/1/2052  | 23851821 | 19778214 |
| Fannie Mae 3% 6/1/2052  | 629729 | 545712 |
| Fannie Mae 3.5% 12/1/2036  | 2260120 | 2156559 |
| Fannie Mae 3.5% 5/1/2036  | 1736937 | 1680426 |
| Fannie Mae 5.5% 2/1/2055  | 16339686 | 16310253 |
| Fannie Mae 6.5% 7/1/2054  | 6029590 | 6260075 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.445%, 6.32% 4/1/2037 (c)(d) | 5773 | 5934 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.462%, 6.71% 1/1/2035 (c)(d) | 1489 | 1529 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.48%, 7.48% 7/1/2034 (c)(d) | 627 | 639 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.553%, 7.428% 6/1/2036 (c)(d) | 2669 | 2730 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.565%, 6.44% 3/1/2037 (c)(d) | 5251 | 5416 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.596%, 6.596% 3/1/2036 (c)(d) | 1052 | 1085 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.609%, 7.359% 8/1/2035 (c)(d) | 2815 | 2887 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.63%, 7.065% 9/1/2036 (c)(d) | 1087 | 1117 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.634%, 6.905% 11/1/2036 (c)(d) | 1851 | 1901 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.65%, 7.379% 5/1/2035 (c)(d) | 8135 | 8342 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.673%, 6.709% 3/1/2033 (c)(d) | 2500 | 2566 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.683%, 6.89% 5/1/2036 (c)(d) | 3577 | 3682 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.698%, 6.822% 7/1/2043 (c)(d) | 64609 | 67080 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.7%, 7.109% 6/1/2042 (c)(d) | 6779 | 7039 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.73%, 6.752% 3/1/2040 (c)(d) | 9863 | 10222 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.75%, 6.947% 7/1/2035 (c)(d) | 1936 | 1990 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.75%, 7.5% 8/1/2041 (c)(d) | 16539 | 17170 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.8%, 6.635% 1/1/2042 (c)(d) | 21550 | 22431 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.8%, 7.622% 7/1/2041 (c)(d) | 1655 | 1719 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.807%, 7.12% 12/1/2040 (c)(d) | 227648 | 236968 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.81%, 6.685% 12/1/2039 (c)(d) | 3097 | 3212 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.818%, 6.713% 2/1/2042 (c)(d) | 9540 | 9938 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.818%, 7.318% 9/1/2041 (c)(d) | 3090 | 3217 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.818%, 7.631% 7/1/2041 (c)(d) | 3685 | 3831 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.825%, 6.726% 2/1/2035 (c)(d) | 12051 | 12433 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.83%, 7.004% 10/1/2041 (c)(d) | 975 | 1004 |
| Fannie Mae Mortgage pass-thru certificates 1 year FTSE USD IBOR Consumer Fallbacks + 1.954%, 7.704% 7/1/2037 (c)(d) | 13398 | 13904 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.208%, 6.458% 3/1/2035 (c)(d) | 2704 | 2765 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.27%, 6.913% 6/1/2036 (c)(d) | 8574 | 8767 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.279%, 7.241% 10/1/2033 (c)(d) | 4044 | 4129 |
| Fannie Mae Mortgage pass-thru certificates 1 year U.S. Treasury Index + 2.46%, 7.296% 7/1/2034 (c)(d) | 6039 | 6165 |
| Fannie Mae Mortgage pass-thru certificates 1% 12/1/2036  | 73435817 | 62506761 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2036  | 26882500 | 23710241 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2037  | 17110449 | 15043214 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2041  | 4359676 | 3596884 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 1/1/2051  | 24405681 | 18051742 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 10539226 | 9295549 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 9993957 | 8814624 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 5489504 | 4841717 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 480114 | 423458 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2035  | 328558 | 289786 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2040  | 2564666 | 2119483 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2041 (s) | 33000466 | 26978815 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 11/1/2050  | 47627 | 35361 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2035  | 9379790 | 8272931 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2035  | 333210 | 293890 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2040  | 9526141 | 7865858 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 12/1/2050  | 160288 | 118558 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 2/1/2036  | 729185 | 643138 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 2/1/2036  | 713193 | 629033 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 2/1/2036  | 699075 | 616581 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 2/1/2041  | 2668957 | 2200111 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 2/1/2051  | 28649368 | 21333847 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 2/1/2051  | 19710975 | 14579287 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 3/1/2036  | 918374 | 810002 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 3/1/2036  | 913056 | 805311 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 3/1/2036  | 294575 | 259446 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 3/1/2041  | 2720237 | 2240750 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 3/1/2051  | 952781 | 704132 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 4/1/2036  | 1775936 | 1564148 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 4/1/2036  | 948043 | 834984 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 5/1/2036  | 495760 | 436638 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 5/1/2051  | 30730 | 22710 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 6/1/2036  | 1000852 | 879932 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 6/1/2036  | 985256 | 867760 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 6/1/2051  | 1838599 | 1376588 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 7/1/2036  | 704242 | 619158 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 8/1/2036  | 1009165 | 887240 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 8/1/2050  | 70311 | 52159 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 8/1/2051  | 344338 | 254475 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 9/1/2035  | 98787 | 87500 |
| Fannie Mae Mortgage pass-thru certificates 1.5% 9/1/2036  | 1044332 | 917179 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2036  | 13119570 | 11937650 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2037  | 12580248 | 11462640 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2051  | 36869237 | 28861545 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2052  | 40780939 | 32204027 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2052  | 919847 | 720352 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2052  | 877648 | 683739 |
| Fannie Mae Mortgage pass-thru certificates 2% 1/1/2052  | 209471 | 164500 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2035  | 9523835 | 8665849 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2040  | 928607 | 793035 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2041  | 8379283 | 7059319 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2041  | 1761811 | 1486460 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2041  | 36154 | 30506 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2050  | 9140970 | 7267032 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 31220931 | 24547326 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 29575583 | 23355344 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 22148644 | 17545786 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 10273893 | 8013593 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 8786276 | 6938376 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 3712336 | 2938531 |
| Fannie Mae Mortgage pass-thru certificates 2% 10/1/2051  | 181869 | 141857 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2036  | 316884 | 287000 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2040  | 47737279 | 40714911 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2041  | 14138789 | 11930148 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2041  | 11327846 | 9556784 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2041  | 8027999 | 6769977 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2041  | 1805274 | 1522447 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2050  | 5114129 | 4025757 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 30312836 | 23994377 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 19263128 | 15211770 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 12743322 | 10114958 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 3075071 | 2409113 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 626682 | 491551 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 195240 | 152287 |
| Fannie Mae Mortgage pass-thru certificates 2% 11/1/2051  | 53101 | 41418 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2035  | 43294186 | 39393886 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2035  | 538594 | 488895 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2040  | 3886588 | 3307441 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2040  | 2872053 | 2456003 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2041  | 4227064 | 3559166 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2050  | 11472555 | 8987982 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 24633035 | 19452296 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 13038201 | 10251230 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 11599161 | 9159664 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 9825905 | 7759353 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 6569318 | 5204104 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 5314659 | 4196897 |
| Fannie Mae Mortgage pass-thru certificates 2% 12/1/2051  | 173461 | 135299 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2028  | 4183640 | 4074522 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 2355378 | 2146130 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 707740 | 643317 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 636158 | 576064 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 502367 | 457738 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 489330 | 446776 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2036  | 257712 | 236106 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2041  | 32440 | 27545 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2051  | 111052 | 87106 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2051  | 13675 | 10726 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 18334429 | 14358072 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 7707866 | 6089182 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 3080653 | 2403859 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 868298 | 679169 |
| Fannie Mae Mortgage pass-thru certificates 2% 2/1/2052  | 294319 | 229568 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2036  | 953459 | 861307 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2036  | 611415 | 552321 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2037  | 620773 | 564654 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2041  | 4408994 | 3743821 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2051  | 461068 | 364386 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2051  | 355049 | 281264 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2051  | 200525 | 157286 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2051  | 43677 | 34259 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 10739210 | 8483931 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 6406790 | 5061338 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 5669977 | 4477486 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 4822966 | 3793544 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 4445024 | 3493492 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 4049349 | 3179988 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 3934932 | 3114728 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 2317100 | 1835568 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 1733934 | 1352461 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 1492024 | 1167036 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 915043 | 712872 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 891032 | 695001 |
| Fannie Mae Mortgage pass-thru certificates 2% 3/1/2052  | 533689 | 415775 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2036  | 2488102 | 2251513 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2041  | 1102530 | 941403 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2051  | 18155365 | 14200824 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2051  | 11242709 | 8881693 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2051  | 98292 | 76883 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2052  | 6233224 | 4879420 |
| Fannie Mae Mortgage pass-thru certificates 2% 4/1/2052  | 264388 | 205974 |
| Fannie Mae Mortgage pass-thru certificates 2% 5/1/2035  | 16209735 | 14779821 |
| Fannie Mae Mortgage pass-thru certificates 2% 5/1/2036  | 746495 | 680644 |
| Fannie Mae Mortgage pass-thru certificates 2% 5/1/2042  | 12741436 | 10833011 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2035  | 39825720 | 36312561 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2035  | 37502016 | 34193839 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2035  | 26822849 | 24456717 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2035  | 19096434 | 17411875 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2035  | 17012188 | 15511487 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2036  | 823093 | 750228 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2036  | 805074 | 728018 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2041  | 810817 | 691707 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2041  | 180741 | 153082 |
| Fannie Mae Mortgage pass-thru certificates 2% 6/1/2051  | 440408 | 342691 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2035  | 390422 | 355982 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2036  | 269088 | 244762 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2041  | 13324043 | 11270335 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2041  | 9360499 | 7957790 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2041  | 2678577 | 2261000 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2050  | 40876536 | 32075135 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2050  | 6367973 | 5014752 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2050  | 936128 | 740122 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 8399330 | 6590814 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 2081914 | 1637547 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 1120406 | 884766 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 472265 | 369988 |
| Fannie Mae Mortgage pass-thru certificates 2% 7/1/2051  | 146442 | 114728 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2035  | 644014 | 587203 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2041  | 5065245 | 4275430 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2041  | 4083045 | 3451213 |
| Fannie Mae Mortgage pass-thru certificates 2% 8/1/2041  | 529359 | 447065 |
| Fannie Mae Mortgage pass-thru certificates 2% 9/1/2041  | 2651537 | 2236625 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2032  | 3447698 | 3299233 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2032  | 218784 | 208989 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2033  | 184001 | 173483 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2033  | 143023 | 134848 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2033  | 112577 | 106201 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2033  | 101584 | 95672 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2040  | 210856 | 187187 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2043  | 365106 | 318117 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2043  | 108282 | 94043 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2043  | 27175 | 23652 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2043  | 24972 | 21732 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2043  | 14197 | 12346 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2051  | 58747829 | 48861269 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2051  | 2548372 | 2098805 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 6284652 | 5144534 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 4558125 | 3751163 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 1/1/2052  | 636172 | 527521 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2031  | 3386395 | 3242043 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2031  | 773949 | 741623 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2037  | 631281 | 573764 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2050  | 9747074 | 8094574 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2051  | 45432062 | 37190091 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2051  | 5451631 | 4486485 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2051  | 5075374 | 4178425 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 10/1/2051  | 1699648 | 1409369 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2031  | 2215472 | 2121952 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2036  | 105560 | 97594 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 12888634 | 11310390 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 9547985 | 8338840 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 6195670 | 5414101 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 4266318 | 3744069 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 3868410 | 3396095 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2041  | 1995775 | 1750257 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2042  | 14829 | 12914 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2051  | 52036189 | 42596142 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2051  | 24551354 | 20304569 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2051  | 21927430 | 18045439 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2051  | 17001463 | 13991556 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2051  | 3644665 | 3000559 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 11/1/2051  | 1566421 | 1302811 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2031  | 6161589 | 5893663 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2032  | 15281600 | 14629468 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2036  | 24984871 | 23271019 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2042  | 12613 | 11037 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2050  | 19116 | 15744 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051  | 25807668 | 21238727 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051  | 13101088 | 10834920 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051  | 12474440 | 10265989 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051  | 428679 | 349973 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 12/1/2051  | 40881 | 33733 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2035  | 1896594 | 1816520 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2035  | 891882 | 833769 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2035  | 528288 | 493866 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2035  | 298591 | 278482 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2041  | 5697372 | 5011282 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2042  | 9518868 | 8355482 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2043  | 210364 | 182943 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2051  | 184981 | 152348 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2052  | 8046077 | 6714647 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2052  | 1133406 | 924603 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2052  | 1034788 | 846094 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 2/1/2052  | 537376 | 441568 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2035  | 7732874 | 7212099 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2035  | 7477791 | 6974195 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2036  | 17983857 | 16694044 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2040  | 1775861 | 1573100 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2040  | 142941 | 126861 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2041  | 2276199 | 2013651 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2043  | 19276 | 16752 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2043  | 10595 | 9208 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2047  | 658230 | 546430 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2050  | 17166178 | 14175391 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2050  | 346690 | 287371 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2052  | 17580102 | 14528186 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2052  | 3975428 | 3293988 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2052  | 99298 | 81843 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 3/1/2053  | 91625 | 74888 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2031  | 957315 | 918574 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2036  | 3411635 | 3266077 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2037  | 7009219 | 6480229 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2037  | 6960811 | 6331922 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2041  | 5366179 | 4718290 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2042  | 4049249 | 3541282 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2043  | 163619 | 142213 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2043  | 43108 | 37405 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2043  | 23896 | 20822 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2051  | 19735023 | 16450857 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 26764354 | 22026043 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 18630641 | 15384706 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 3871558 | 3205502 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 2105212 | 1721325 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 4/1/2052  | 1908773 | 1583970 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2031  | 1236158 | 1186116 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2031  | 1206205 | 1156838 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2031  | 1115052 | 1069936 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2031  | 1093683 | 1049405 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2031  | 1038840 | 995885 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2031  | 862150 | 827205 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2031  | 437269 | 419942 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2035  | 20396078 | 19022492 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2040  | 1861260 | 1648540 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2041  | 2556301 | 2255449 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2041  | 2021940 | 1783889 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 599571 | 524569 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2042  | 238359 | 208665 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2046  | 208867 | 173521 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 70638044 | 58618056 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 48343270 | 39829991 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 28752099 | 23841583 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 17845155 | 14769532 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 15562824 | 12754114 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 8455744 | 6969325 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 5944525 | 4899549 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2051  | 194413 | 160237 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2052  | 6670545 | 5512535 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2052  | 618468 | 511102 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 5/1/2053  | 1196863 | 978614 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2031  | 1524281 | 1461243 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2031  | 978617 | 938140 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2031  | 951696 | 913613 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2040  | 3423995 | 3029304 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2051  | 25327008 | 21001457 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 6/1/2052  | 1048603 | 857062 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2031  | 481432 | 461951 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2040  | 484025 | 427716 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2041  | 3694570 | 3240255 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2041  | 2081186 | 1832632 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2049  | 7727391 | 6509067 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2050  | 6824911 | 5667828 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2050  | 3384326 | 2806323 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2050  | 33590 | 27938 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 7/1/2053  | 918299 | 750559 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2031  | 695076 | 666644 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2031  | 595438 | 571580 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2043  | 5798 | 5017 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2050  | 11103211 | 9234672 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2051  | 36463577 | 30019529 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2051  | 29471623 | 24263232 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2051  | 28530982 | 23488827 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 8/1/2051  | 2531449 | 2072211 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2036  | 12220644 | 11340353 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2036  | 224225 | 207302 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2041  | 8017187 | 7018109 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2050  | 29836294 | 24777905 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2050  | 11946287 | 9935869 |
| Fannie Mae Mortgage pass-thru certificates 2.5% 9/1/2051  | 851307 | 696869 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2033  | 92699 | 89382 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2033  | 35852 | 34600 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2035  | 7431797 | 7072724 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2035  | 271194 | 258769 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2037  | 575821 | 538945 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 543106 | 489845 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 113505 | 102215 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 75047 | 68012 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 72003 | 64840 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 66413 | 59948 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 55808 | 50305 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 48690 | 43765 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 40526 | 36443 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 30683 | 27852 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 23726 | 21566 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 14484 | 13134 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 11434 | 10271 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 11297 | 10192 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 11083 | 9966 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 10324 | 9381 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 10384 | 9342 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 10347 | 9289 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 9186 | 8271 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 8792 | 7917 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 8418 | 7611 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 8077 | 7285 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 7999 | 7212 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2043  | 3699 | 3306 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2045  | 45229 | 41031 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2051  | 9710964 | 8351638 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 1342646 | 1149879 |
| Fannie Mae Mortgage pass-thru certificates 3% 1/1/2052  | 366464 | 314880 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2033  | 127327 | 122676 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2033  | 40615 | 39229 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2034  | 15174267 | 14469562 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2036  | 15481389 | 14518973 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2042  | 48540 | 43719 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2046  | 412234 | 362002 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2049  | 49151 | 42455 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2050  | 117025 | 101522 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2051 (u) | 44358537 | 38253263 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2051  | 22205931 | 19101049 |
| Fannie Mae Mortgage pass-thru certificates 3% 10/1/2051  | 6908517 | 5936076 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2032  | 1389651 | 1335226 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2032  | 54113 | 52215 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2034  | 7404971 | 7047194 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2034  | 1454229 | 1412975 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2036  | 395423 | 370841 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2036  | 66169 | 62055 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 270175 | 243919 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 40124 | 36152 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 29957 | 27080 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 21277 | 19104 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 9327 | 8428 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 8368 | 7601 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 8386 | 7562 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 8000 | 7325 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2042  | 7153 | 6391 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2049  | 5469009 | 4739356 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2050  | 1884996 | 1622315 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 24406552 | 21024482 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 19233370 | 16544118 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 15087334 | 12996649 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 12587455 | 10819582 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 274307 | 237410 |
| Fannie Mae Mortgage pass-thru certificates 3% 11/1/2051  | 184856 | 159991 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2028  | 3912 | 3828 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2032  | 5562252 | 5390178 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2032  | 2664216 | 2581513 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2034  | 7163613 | 6817497 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2034  | 782338 | 744539 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2034  | 301650 | 287830 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2034  | 222426 | 211888 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2036  | 10667144 | 9984010 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 159735 | 144397 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 70583 | 63633 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 40397 | 36424 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 25820 | 23289 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 25906 | 23261 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 25745 | 23188 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 24786 | 22178 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 24149 | 21782 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 22148 | 19990 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 10839 | 9854 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 8143 | 7342 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 7053 | 6359 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 5344 | 4818 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 5209 | 4650 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 5005 | 4549 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2042  | 3240 | 2952 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2049  | 20748784 | 18051889 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2050  | 17572756 | 15123931 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 26347700 | 22647239 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 10336127 | 8881217 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 6566082 | 5656206 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 4790140 | 4120372 |
| Fannie Mae Mortgage pass-thru certificates 3% 12/1/2051  | 510848 | 438941 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2031  | 2506526 | 2443145 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2031  | 2334677 | 2281688 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2033  | 1428397 | 1377215 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2033  | 86870 | 83728 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2034  | 120356 | 115143 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2035  | 995036 | 967662 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2036  | 406979 | 384223 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2037  | 547361 | 510597 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2037  | 308609 | 287881 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 441854 | 397656 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 339273 | 305477 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 245554 | 221441 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 180422 | 162593 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 162616 | 146412 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 97735 | 88244 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 83416 | 75087 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 68228 | 61254 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 42739 | 38674 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 35865 | 32355 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 31346 | 28022 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 21443 | 19250 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 11365 | 10213 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 5849 | 5242 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 5501 | 4965 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2043  | 2402 | 2228 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2050  | 7179804 | 6230878 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2050  | 5102319 | 4418399 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2051  | 749210 | 644337 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2052  | 39714867 | 34124614 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2052 (u)(v) | 27436942 | 23566352 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2052  | 21192399 | 18149759 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2052  | 13404566 | 11513554 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2052  | 9895790 | 8499769 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2052  | 2267783 | 1948570 |
| Fannie Mae Mortgage pass-thru certificates 3% 2/1/2052  | 39939 | 34317 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2033  | 306809 | 295815 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2033  | 109936 | 106397 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2033  | 96936 | 93651 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2037  | 767116 | 715592 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2037  | 739442 | 689777 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2040  | 329695 | 306933 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2043  | 123467 | 111377 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2043  | 32588 | 29368 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2043  | 22605 | 20347 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2043  | 10492 | 9434 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2043  | 7774 | 7002 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2043  | 5702 | 5135 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2043  | 4764 | 4304 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2044  | 32738 | 29121 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2045  | 83779 | 74861 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2045  | 33304 | 29435 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2048  | 2935281 | 2584027 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2050  | 9798593 | 8503552 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2050  | 5158269 | 4481357 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2052  | 25501157 | 22035142 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2052  | 10283786 | 8836243 |
| Fannie Mae Mortgage pass-thru certificates 3% 3/1/2052  | 32079 | 27378 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2033  | 172258 | 165745 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2033  | 131546 | 126867 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2033  | 54421 | 52486 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2035  | 3316213 | 3159097 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2036  | 225207 | 212614 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2037  | 3852043 | 3635834 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2038  | 157187 | 150646 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2043  | 89416 | 80569 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2043  | 17730 | 15947 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2043  | 17088 | 15391 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2043  | 14860 | 13361 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2046  | 363308 | 320628 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2047  | 23059913 | 20662632 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2050  | 18607672 | 16125111 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2050  | 10079677 | 8747486 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2052  | 22023138 | 19071135 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2052  | 7863568 | 6755465 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2052  | 2738276 | 2352409 |
| Fannie Mae Mortgage pass-thru certificates 3% 4/1/2052  | 393735 | 338375 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2033  | 815489 | 785977 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2034  | 109777 | 104851 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 400540 | 360110 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 330702 | 297835 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 46627 | 41962 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 30099 | 27083 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 23852 | 21442 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 21741 | 19544 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 11595 | 10439 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 6495 | 5847 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2043  | 5093 | 4545 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2045  | 50750 | 45030 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2045  | 3885 | 3472 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2050  | 785016 | 679791 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2051  | 95939 | 82600 |
| Fannie Mae Mortgage pass-thru certificates 3% 5/1/2052  | 603218 | 516896 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2033  | 954163 | 918978 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2038  | 409739 | 385420 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 6947 | 6187 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 5037 | 4517 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 5031 | 4501 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2043  | 3613 | 3223 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2044  | 315180 | 283704 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2051  | 6359991 | 5473704 |
| Fannie Mae Mortgage pass-thru certificates 3% 6/1/2051  | 3854477 | 3325774 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2032  | 17495 | 16902 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2033  | 484895 | 468181 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2034  | 2920875 | 2842488 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2035  | 107632 | 101883 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2036  | 439368 | 413290 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2042  | 74359 | 67239 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2042  | 18613 | 16765 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 764971 | 686133 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 17809 | 16035 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 10885 | 9738 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2043  | 5889 | 5327 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2045  | 21469 | 18954 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2045  | 19159 | 16914 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2046 (v) | 3355547 | 2956099 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2050  | 5337572 | 4617115 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2050  | 79812 | 68191 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2051  | 28363349 | 24459568 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2051  | 1317087 | 1131283 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2051  | 904996 | 780579 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2052  | 20542828 | 17638386 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2052  | 15332878 | 13162647 |
| Fannie Mae Mortgage pass-thru certificates 3% 7/1/2052  | 13916027 | 11955036 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2031  | 24567 | 24098 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2032  | 413517 | 399385 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2034  | 4101415 | 3976553 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2036  | 451291 | 424505 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2038  | 51651 | 48892 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 221396 | 198772 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 93476 | 83848 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2043  | 12752 | 11408 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2045  | 113800 | 100324 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2045  | 93382 | 82325 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2045  | 34189 | 30141 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2046  | 1525886 | 1340906 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2049  | 43760004 | 37839670 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2050  | 4568439 | 3943232 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2051  | 9040966 | 7800853 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2052  | 10328980 | 8941245 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2052  | 9809777 | 8421291 |
| Fannie Mae Mortgage pass-thru certificates 3% 8/1/2052  | 6045921 | 5193954 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 249625 | 241162 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2032  | 38722 | 37388 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2033  | 141655 | 136321 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2034  | 6108206 | 5824536 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2035  | 6150684 | 5960370 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2043  | 254276 | 229065 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2043  | 39593 | 35546 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2043  | 33069 | 29646 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2043  | 14525 | 13010 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2046  | 3438167 | 3019214 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2046  | 1258328 | 1105783 |
| Fannie Mae Mortgage pass-thru certificates 3% 9/1/2051  | 854516 | 733967 |
| Fannie Mae Mortgage pass-thru certificates 3.25% 12/1/2041  | 4851 | 4513 |
| Fannie Mae Mortgage pass-thru certificates 3.4% 7/1/2042  | 11219 | 10305 |
| Fannie Mae Mortgage pass-thru certificates 3.4% 8/1/2042  | 53442 | 49030 |
| Fannie Mae Mortgage pass-thru certificates 3.4% 9/1/2042  | 35164 | 32361 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2041  | 6009 | 5605 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2042  | 66194 | 61363 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2043  | 207775 | 192207 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2043  | 28599 | 26504 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2047  | 1761025 | 1596684 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2048  | 5919000 | 5381429 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2048  | 4229002 | 3908001 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2050  | 20862272 | 19283854 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2052  | 3571160 | 3198835 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2052  | 2319052 | 2073647 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2052  | 929408 | 829895 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 1/1/2052  | 23990 | 21414 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2033  | 3619 | 3514 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2034  | 184234 | 178276 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2040  | 8831 | 8234 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 518202 | 479575 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 181347 | 167764 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 118172 | 110136 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 45953 | 42514 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 27546 | 25509 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 13023 | 12117 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2042  | 8119 | 7496 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2045  | 124764 | 113355 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2047  | 13382547 | 12096034 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2047  | 5559303 | 5059612 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2051  | 511742 | 456470 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 10/1/2051  | 44802 | 40005 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2034  | 1058687 | 1026105 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 55209 | 51013 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 30377 | 27993 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 28268 | 26102 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 19408 | 17858 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 9436 | 8723 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2042  | 7929 | 7314 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2045  | 29259 | 26739 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2045  | 8794 | 7990 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2047  | 940144 | 855641 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2048  | 3578189 | 3252095 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 11/1/2051  | 3176084 | 2833039 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2034  | 3310941 | 3255074 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2035  | 15147605 | 14657745 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 126722 | 117487 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 40058 | 37131 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2042  | 15446 | 14267 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2044  | 6920 | 6360 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2045  | 20080 | 18325 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2045  | 7 | 7 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2046  | 17596823 | 16249327 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2046  | 651668 | 590853 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2046  | 144575 | 131083 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2046  | 24241 | 22077 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2047  | 480904 | 437078 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2047  | 260316 | 235047 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2051  | 21109689 | 18829659 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 12/1/2051  | 9064911 | 8094320 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2035  | 3483183 | 3360744 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2043  | 100364 | 92482 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2043  | 21460 | 19852 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2043  | 19999 | 18349 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2048  | 872257 | 791947 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2048  | 109600 | 99509 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2052  | 7213259 | 6449943 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2052  | 4916764 | 4398003 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2052  | 3066710 | 2742187 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2052  | 1768518 | 1583582 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 2/1/2052  | 38778 | 34502 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2043  | 119883 | 110424 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2043  | 101983 | 94175 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2048  | 962113 | 874732 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2048  | 107711 | 97256 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2050  | 20347707 | 18359813 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2052  | 18303156 | 16343415 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 3/1/2052  | 1377011 | 1234737 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2042  | 36774 | 34055 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2042  | 18016 | 16662 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2042  | 5882 | 5440 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2043  | 255983 | 236115 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2043  | 193366 | 178152 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2043  | 34367 | 31703 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2043  | 23832 | 22004 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2043  | 11373 | 10505 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2046  | 391409 | 355983 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2048  | 9356677 | 8445490 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2048  | 2468826 | 2290838 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2048  | 445305 | 404445 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2052 (v) | 74567664 | 67049663 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2052  | 3223135 | 2877023 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 4/1/2052  | 117430 | 104967 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2043  | 319680 | 294645 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2043  | 201507 | 185787 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2043  | 6664 | 6112 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2044  | 3433 | 3184 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2046  | 112573 | 102173 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2047  | 305864 | 278659 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2047  | 85914 | 78085 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2048  | 745651 | 677231 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2048  | 424211 | 385683 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2049  | 2484237 | 2231444 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2052  | 1737847 | 1551231 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 5/1/2052  | 149831 | 133741 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2042  | 256012 | 237060 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2042  | 11057 | 10247 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2042  | 6686 | 6187 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2043  | 205715 | 189693 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2043  | 5606 | 5184 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2048  | 2047052 | 1854740 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 6/1/2049  | 1611035 | 1454146 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2034  | 658161 | 636877 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2034  | 212616 | 205408 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2038  | 15678 | 14729 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2042  | 15812 | 14624 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2043  | 20787 | 19104 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2047  | 14465972 | 13386664 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 7/1/2052  | 1488037 | 1336616 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2034  | 5265154 | 5086657 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2034  | 825126 | 797153 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2042  | 221534 | 205246 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2042  | 68730 | 63810 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2042  | 29490 | 27242 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2043  | 252332 | 233918 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2043  | 40253 | 37216 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2043  | 8168 | 7537 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2044  | 13806 | 12643 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2046  | 154058 | 139826 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2047  | 455254 | 414334 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2048  | 259204 | 235096 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2049  | 4079076 | 3681840 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2050  | 1101465 | 986283 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2051  | 18427527 | 16375001 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2051  | 17668974 | 15771614 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 8/1/2052  | 25137 | 22383 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2034  | 3632667 | 3515190 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2034  | 2457515 | 2378042 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 120950 | 111999 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 120982 | 111887 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 66739 | 61789 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 44686 | 41302 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 34036 | 31666 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 26308 | 24430 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 19239 | 17786 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 11585 | 10721 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2042  | 9496 | 8825 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2046  | 1916749 | 1743266 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2047  | 3587108 | 3264685 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2051  | 22037401 | 19670944 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2051  | 17193285 | 15363125 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2051  | 16728577 | 14937428 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2051  | 6382051 | 5696723 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2051  | 4172600 | 3724531 |
| Fannie Mae Mortgage pass-thru certificates 3.5% 9/1/2051  | 840536 | 750539 |
| Fannie Mae Mortgage pass-thru certificates 3.65% 5/1/2042  | 6536 | 6062 |
| Fannie Mae Mortgage pass-thru certificates 3.65% 8/1/2042  | 16980 | 15791 |
| Fannie Mae Mortgage pass-thru certificates 3.9% 4/1/2042  | 8464 | 8005 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 438109 | 418021 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 37915 | 36115 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 14654 | 13968 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 11561 | 11040 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 9976 | 9505 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 4967 | 4733 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 3790 | 3625 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2041  | 867 | 830 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2042  | 562441 | 536404 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2042  | 40985 | 39001 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2042  | 5626 | 5332 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2042  | 2271 | 2225 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2043  | 1622869 | 1543270 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2045  | 40229 | 37851 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2048  | 18215 | 16976 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2051  | 728087 | 676084 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2051  | 38306 | 35330 |
| Fannie Mae Mortgage pass-thru certificates 4% 1/1/2052  | 475079 | 443411 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2039  | 1310 | 1251 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2040  | 114111 | 109044 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2040  | 95830 | 91095 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2040  | 24779 | 23734 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2040  | 17774 | 16970 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2040  | 11554 | 11042 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2041  | 487293 | 464046 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2041  | 322194 | 306764 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2041  | 18734 | 17791 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2041  | 5983 | 5700 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2041  | 1868 | 1807 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2043  | 949826 | 903591 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2045  | 54211 | 50983 |
| Fannie Mae Mortgage pass-thru certificates 4% 10/1/2046  | 409288 | 384148 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 602696 | 575169 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 142388 | 136303 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 126615 | 120598 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 119212 | 113382 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 112402 | 107133 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 108821 | 103874 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 108465 | 103651 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 106735 | 102069 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 98052 | 93514 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 91540 | 87004 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 85994 | 82005 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 78849 | 75004 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 73513 | 70141 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 57196 | 54473 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 53144 | 50499 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 48012 | 45968 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 47561 | 45326 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 37414 | 35557 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 32718 | 31473 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 12986 | 12303 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 11367 | 10851 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 4501 | 4295 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2040  | 2141 | 2055 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2041  | 308706 | 294065 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2041  | 173340 | 165074 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2041  | 158003 | 150304 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2041  | 6524 | 6185 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2045  | 200633 | 187808 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2049  | 1101953 | 1025658 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2051  | 654533 | 610903 |
| Fannie Mae Mortgage pass-thru certificates 4% 11/1/2051  | 84923 | 79289 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2040  | 288127 | 274578 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2040  | 6780 | 6452 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2040  | 5420 | 5203 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2040  | 4813 | 4601 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2040  | 4172 | 4001 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2040  | 4045 | 3855 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2040  | 3578 | 3382 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2040  | 2519 | 2406 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2041  | 65955 | 62712 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2041  | 46749 | 44541 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2041  | 12874 | 12245 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2041  | 8786 | 8367 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2042  | 28740 | 27341 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2044  | 39518 | 37238 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2044  | 27302 | 25754 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2045  | 73391 | 68653 |
| Fannie Mae Mortgage pass-thru certificates 4% 12/1/2051  | 385203 | 359526 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2041  | 363241 | 346646 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2041  | 47103 | 44913 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2041  | 14539 | 13866 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2041  | 8299 | 7898 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2041  | 5152 | 4927 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2041  | 3861 | 3680 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2041  | 3470 | 3307 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 406235 | 386123 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 30564 | 29141 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 23348 | 22146 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 13098 | 12541 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 4137 | 3943 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2042  | 3581 | 3399 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2046  | 341581 | 319533 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2047  | 99509 | 93334 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2049  | 54678 | 50807 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2052  | 314403 | 293446 |
| Fannie Mae Mortgage pass-thru certificates 4% 2/1/2053  | 63841 | 58583 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2036  | 10402 | 10047 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2039  | 7822 | 7486 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2039  | 3270 | 3131 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2041  | 19402 | 18504 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2041  | 17737 | 16848 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2041  | 10705 | 10169 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2041  | 10102 | 9630 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2041  | 8844 | 8474 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2041  | 7804 | 7442 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2041  | 6980 | 6665 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2041  | 2476 | 2364 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2042  | 181179 | 172046 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2042  | 20213 | 19249 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2042  | 18029 | 17155 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2042  | 13488 | 12772 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2042  | 12536 | 11906 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2045  | 55919 | 52656 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2045  | 47442 | 44626 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2046  | 9302669 | 8841979 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2046  | 619102 | 582042 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2046  | 38172 | 35756 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2048  | 196782 | 183404 |
| Fannie Mae Mortgage pass-thru certificates 4% 3/1/2050  | 37685646 | 34970459 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 159103 | 151340 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 116635 | 110958 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 55313 | 52626 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 30685 | 29141 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 22748 | 21593 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 19457 | 18439 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 15454 | 14679 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 6589 | 6259 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2042  | 2815 | 2694 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2044  | 51422 | 48652 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2045  | 73272582 | 69075938 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2045  | 52285724 | 49729940 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2045  | 44490 | 41869 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2045  | 14086 | 13228 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2045  | 9638 | 9053 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2046  | 116587 | 108988 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 133511 | 124435 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 78408 | 73078 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 67063 | 62504 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2048  | 11274 | 10507 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2052  | 942537 | 873819 |
| Fannie Mae Mortgage pass-thru certificates 4% 4/1/2052  | 83382 | 77824 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2040  | 4395841 | 4184903 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2047  | 608566 | 569284 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 238971 | 223247 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2048  | 23682 | 22050 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2052  | 53589815 | 49665958 |
| Fannie Mae Mortgage pass-thru certificates 4% 5/1/2052  | 32990841 | 30616483 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2041  | 60231 | 57463 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2045  | 100972 | 94739 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2046  | 630900 | 590965 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2052  | 7600718 | 7020439 |
| Fannie Mae Mortgage pass-thru certificates 4% 6/1/2052  | 7362504 | 6800412 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2043  | 9913 | 9371 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2046  | 586209 | 550569 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2047  | 1530182 | 1427586 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2047  | 321953 | 301171 |
| Fannie Mae Mortgage pass-thru certificates 4% 7/1/2052  | 90585 | 84547 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2039  | 3603 | 3453 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2043  | 35921 | 33969 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2043  | 9781 | 9248 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2043  | 8102 | 7657 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2045  | 103949 | 97305 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2045  | 96795 | 90608 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2045  | 62975 | 58949 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2047  | 884667 | 825352 |
| Fannie Mae Mortgage pass-thru certificates 4% 8/1/2052  | 2648916 | 2432611 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2039  | 646039 | 616250 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2040  | 17320 | 16495 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2040  | 8780 | 8362 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2041  | 20619 | 19617 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2041  | 9338 | 8857 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2041  | 7979 | 7579 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2041  | 5376 | 5146 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2041  | 2221 | 2117 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2046  | 684472 | 642429 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2047  | 9587 | 8995 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2051  | 503888 | 470457 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2051  | 46976 | 43874 |
| Fannie Mae Mortgage pass-thru certificates 4% 9/1/2052  | 819137 | 764279 |
| Fannie Mae Mortgage pass-thru certificates 4.25% 11/1/2041  | 15731 | 15188 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2034  | 1359 | 1345 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2044  | 6503 | 6365 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2047  | 5141 | 4946 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2048  | 157379 | 150780 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2048  | 22018 | 21095 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 1/1/2049  | 773743 | 740334 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2039  | 189853 | 186906 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2039  | 9297 | 9138 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2039  | 8347 | 8238 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2040  | 13121 | 12905 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2044  | 466221 | 452063 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2047  | 66653 | 63900 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 10/1/2048  | 5851303 | 5615110 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2039  | 14519 | 14270 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2039  | 5538 | 5447 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2040  | 51950 | 51076 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2040  | 2752 | 2717 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2042  | 1225176 | 1204147 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2042  | 37318 | 36569 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2044  | 59944 | 58124 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2044  | 9820 | 9522 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2045  | 112752 | 110771 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2047  | 20163 | 19362 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2047  | 7014 | 6725 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 11/1/2052  | 18818765 | 17816542 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2033  | 19435 | 19249 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2038  | 6312 | 6256 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2039  | 92612 | 91165 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2040  | 18207 | 17914 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2040  | 17953 | 17637 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2040  | 4128 | 4051 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2040  | 3969 | 3904 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2040  | 3017 | 2966 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2041  | 101619 | 99731 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 7634 | 7390 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2044  | 2012 | 1951 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2046  | 65399 | 62862 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2046  | 11878 | 11418 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2048  | 10853509 | 10449313 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2048  | 1281105 | 1229792 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2052  | 6869977 | 6536309 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 12/1/2052  | 1771390 | 1680373 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2033  | 5066 | 5021 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2041  | 4252 | 4180 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2041  | 2227 | 2187 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2045  | 105672 | 102662 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2046  | 649862 | 638943 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2047  | 5572 | 5359 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2048  | 80018 | 76663 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2048  | 35939 | 34433 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2049  | 3904873 | 3738707 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 2/1/2049  | 293511 | 281022 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2039  | 104065 | 101978 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2039  | 36409 | 36044 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2041  | 11816 | 11590 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2041  | 698 | 692 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2044  | 7955 | 7729 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2045  | 60133 | 58214 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2046  | 562816 | 553504 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2046  | 83722 | 82382 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2046  | 41454 | 39988 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2047  | 47066 | 45196 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2047  | 11563 | 11104 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2047  | 9223 | 8871 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2048  | 91812 | 87962 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 3/1/2048  | 17902 | 17146 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2039  | 646847 | 640240 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2039  | 189062 | 187182 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2039  | 110900 | 109827 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2039  | 2983 | 2937 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2041  | 6588 | 6459 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2044  | 37617 | 36546 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2044  | 17282 | 16789 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2045  | 30199 | 29235 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2047  | 63617 | 61089 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2047  | 47622 | 45691 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2047  | 31576 | 30321 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2047  | 26291 | 25246 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2047  | 13471 | 12936 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2047  | 11242 | 10796 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2048  | 2437752 | 2397819 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 4/1/2048  | 63084 | 60420 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2039  | 7922475 | 7785883 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2039  | 1335 | 1314 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2040  | 4266 | 4196 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2047  | 43355 | 41632 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2047  | 17190 | 16533 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2047  | 7930 | 7627 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 5/1/2052  | 8466415 | 8063808 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2039  | 55549 | 54435 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2041  | 171933 | 170100 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2044  | 198616 | 192957 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2045  | 51312 | 49578 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2046  | 26738 | 25751 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2046  | 2787 | 2684 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2047  | 738067 | 708736 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2047  | 21945 | 21073 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2047  | 13208 | 12667 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 6/1/2047  | 8214 | 7901 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2026  | 1258 | 1254 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2033  | 1748 | 1733 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2033  | 885 | 878 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2039  | 123592 | 121673 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2039  | 19497 | 19197 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2039  | 4763 | 4688 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2039  | 3170 | 3120 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2039  | 851 | 837 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2040  | 3589 | 3522 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2041  | 1546 | 1515 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2045  | 24280 | 23505 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2047  | 592985 | 569234 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2047  | 245059 | 241059 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 7/1/2047  | 104899 | 100599 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 29227 | 28958 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 12203 | 12087 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 11244 | 11141 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 8633 | 8550 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 8050 | 7969 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 5048 | 5002 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 3856 | 3819 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 2019 | 2002 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 1876 | 1859 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2033  | 1389 | 1378 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2035  | 186490 | 181473 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2037  | 3667 | 3637 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2039  | 146775 | 144015 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2039  | 1268 | 1249 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2039  | 1174 | 1155 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2040  | 4896 | 4806 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2044  | 3141 | 3051 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2049  | 3456306 | 3307068 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 8/1/2052  | 4028832 | 3815844 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 28303 | 28037 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 13175 | 13050 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 12639 | 12520 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 10367 | 10270 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 5774 | 5721 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2033  | 4536 | 4492 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2035  | 62226 | 61543 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2035  | 31846 | 31526 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2039  | 1767 | 1748 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2040  | 6745 | 6644 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2040  | 1699 | 1667 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2041  | 109979 | 107884 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2042  | 266692 | 262180 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2043  | 33818 | 33224 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2047  | 112348 | 107742 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2047  | 23520 | 22549 |
| Fannie Mae Mortgage pass-thru certificates 4.5% 9/1/2049  | 9720468 | 9328092 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2029  | 1552 | 1560 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2041  | 125882 | 126515 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2052  | 22296463 | 21840942 |
| Fannie Mae Mortgage pass-thru certificates 5% 10/1/2052  | 7698175 | 7540899 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2044  | 180647 | 181627 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2052  | 14071340 | 13823435 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2052  | 13895474 | 13611587 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2052  | 8778451 | 8596362 |
| Fannie Mae Mortgage pass-thru certificates 5% 11/1/2053  | 4281879 | 4153922 |
| Fannie Mae Mortgage pass-thru certificates 5% 12/1/2052  | 9329830 | 9136304 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2035  | 589512 | 592711 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2038  | 98373 | 98926 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2049  | 3185567 | 3151096 |
| Fannie Mae Mortgage pass-thru certificates 5% 2/1/2053  | 251546 | 244363 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2033  | 4735 | 4758 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2044  | 9306 | 9298 |
| Fannie Mae Mortgage pass-thru certificates 5% 3/1/2045  | 1844 | 1839 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2039  | 232784 | 233314 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2041  | 11912 | 11971 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2041  | 5152 | 5178 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2053  | 99965 | 97080 |
| Fannie Mae Mortgage pass-thru certificates 5% 4/1/2053  | 35371 | 34403 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2044  | 10297 | 10289 |
| Fannie Mae Mortgage pass-thru certificates 5% 5/1/2052  | 3982413 | 3915985 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2039  | 590111 | 593295 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2039  | 209106 | 210234 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2041  | 14351 | 14424 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2044  | 7389 | 7383 |
| Fannie Mae Mortgage pass-thru certificates 5% 6/1/2052  | 1440003 | 1415984 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2033  | 30392 | 30550 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2033  | 3678 | 3697 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2035  | 205763 | 206929 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2044  | 15630 | 15598 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2044  | 7348 | 7342 |
| Fannie Mae Mortgage pass-thru certificates 5% 7/1/2053  | 649674 | 629724 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2041  | 2269 | 2280 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2044  | 22396 | 22377 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2044  | 6145 | 6132 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2052  | 31054956 | 30517543 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2052  | 2905687 | 2846324 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2052  | 2203184 | 2165058 |
| Fannie Mae Mortgage pass-thru certificates 5% 8/1/2052  | 24702 | 24074 |
| Fannie Mae Mortgage pass-thru certificates 5.297% 8/1/2041 (d) | 168950 | 169527 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2033  | 420 | 430 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2054  | 1089888 | 1083055 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2055  | 9958081 | 9864523 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 1/1/2055  | 1580743 | 1565892 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2053  | 21604626 | 21658203 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2054  | 22873315 | 22701305 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 10/1/2054  | 4694693 | 4704868 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2032  | 403 | 412 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2034  | 249156 | 254802 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2053  | 1132490 | 1123620 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 11/1/2054  | 9508293 | 9424310 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 12/1/2054  | 14289018 | 14177098 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2033  | 728 | 744 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2033  | 246 | 252 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2053  | 6736658 | 6715471 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2054  | 3251872 | 3231483 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2054  | 3055351 | 3036194 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2054  | 1884176 | 1871184 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2055  | 8299405 | 8221431 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 2/1/2055  | 6178466 | 6120418 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2054  | 5985377 | 5932792 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2055  | 8343900 | 8265508 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2055  | 1787728 | 1771435 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 3/1/2055  | 186003 | 184473 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2054  | 3590628 | 3565870 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 4/1/2055  | 17600794 | 17611441 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2053  | 19372469 | 19347864 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2054  | 7560378 | 7494072 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2054  | 7019534 | 6957972 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2054  | 785091 | 778205 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 5/1/2055  | 243139 | 240931 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2053  | 18027117 | 18009854 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2053  | 12793970 | 12781719 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2053  | 2651941 | 2656032 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2054  | 18632197 | 18497904 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 6/1/2054  | 434131 | 430324 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2053  | 24076162 | 24053107 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 7/1/2054  | 15399235 | 15365240 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2053  | 9055036 | 9069002 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2054  | 10342832 | 10252124 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2054  | 7575670 | 7521068 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2054  | 7230187 | 7164518 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 8/1/2054  | 5525091 | 5543973 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2032  | 604 | 616 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2054  | 14135888 | 14029585 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2054  | 11897256 | 11789198 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2054  | 10661649 | 10564814 |
| Fannie Mae Mortgage pass-thru certificates 5.5% 9/1/2054  | 3299464 | 3269496 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.505%, 6.38% 1/1/2035 (c)(d) | 1399 | 1421 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.535%, 6.369% 12/1/2034 (c)(d) | 1342 | 1364 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.535%, 6.41% 3/1/2035 (c)(d) | 1087 | 1105 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.55%, 6.195% 10/1/2033 (c)(d) | 604 | 614 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.565%, 6.369% 7/1/2035 (c)(d) | 702 | 715 |
| Fannie Mae Mortgage pass-thru certificates 6 month FTSE USD IBOR Consumer Fallbacks + 1.96%, 6.585% 9/1/2035 (c)(d) | 1227 | 1262 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2036  | 2519 | 2630 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2036  | 468 | 488 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2038  | 50781 | 53205 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2040  | 47403 | 49730 |
| Fannie Mae Mortgage pass-thru certificates 6% 1/1/2042  | 3770 | 3956 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2034  | 36614 | 38081 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2034  | 18563 | 19318 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2035  | 2869 | 2999 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2035  | 2601 | 2718 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2035  | 1844 | 1929 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2035  | 462 | 480 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2035  | 289 | 303 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2035  | 223 | 233 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2037  | 46902 | 49075 |
| Fannie Mae Mortgage pass-thru certificates 6% 10/1/2054  | 22547040 | 23095177 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2035  | 85943 | 89337 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2035  | 15634 | 16287 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2035  | 6296 | 6547 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2035  | 1191 | 1246 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2035  | 613 | 642 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2037  | 7606 | 7973 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2053  | 27237910 | 27688651 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2053  | 27356 | 27679 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2054  | 30788103 | 31507723 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2054  | 11418451 | 11699611 |
| Fannie Mae Mortgage pass-thru certificates 6% 11/1/2054  | 4423670 | 4536743 |
| Fannie Mae Mortgage pass-thru certificates 6% 12/1/2038  | 18350 | 19244 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2055  | 28982110 | 29598382 |
| Fannie Mae Mortgage pass-thru certificates 6% 2/1/2055  | 4333349 | 4453931 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2036  | 26515 | 27539 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2038  | 17010 | 17848 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2039  | 1367 | 1434 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2054  | 10869596 | 11001371 |
| Fannie Mae Mortgage pass-thru certificates 6% 3/1/2055  | 16409708 | 16804794 |
| Fannie Mae Mortgage pass-thru certificates 6% 4/1/2054  | 1508446 | 1526733 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2036  | 983 | 1027 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2037  | 2886 | 3019 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2040  | 59230 | 62097 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2054  | 31339311 | 31719247 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2054  | 67784 | 68495 |
| Fannie Mae Mortgage pass-thru certificates 6% 5/1/2055  | 23149127 | 23663070 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2035  | 9760 | 10150 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2035  | 2063 | 2156 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2035  | 1188 | 1238 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2036  | 29349 | 30653 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2053  | 20020187 | 20438074 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2053  | 14725618 | 15014583 |
| Fannie Mae Mortgage pass-thru certificates 6% 6/1/2054  | 35247927 | 35675248 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2035  | 8136 | 8491 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2035  | 3722 | 3879 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2035  | 2729 | 2847 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2035  | 393 | 410 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2035  | 283 | 295 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2036  | 106 | 107 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2038  | 7964 | 8358 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2041  | 108532 | 113840 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2053  | 4315066 | 4405136 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2054  | 30594778 | 31137783 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2054  | 28686137 | 29356627 |
| Fannie Mae Mortgage pass-thru certificates 6% 7/1/2054  | 20008365 | 20250932 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2035  | 4884 | 5085 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2035  | 2022 | 2107 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2035  | 1337 | 1394 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2035  | 1172 | 1223 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2035  | 59 | 62 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2037  | 132549 | 137586 |
| Fannie Mae Mortgage pass-thru certificates 6% 8/1/2054  | 46448959 | 46997558 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2029  | 2617 | 2676 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2035  | 26961 | 28126 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2035  | 3326 | 3461 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2035  | 966 | 1010 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2035  | 510 | 533 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2035  | 418 | 436 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2035  | 58 | 60 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2037  | 4307 | 4514 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2053  | 7934053 | 8089745 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2054  | 49708529 | 50295626 |
| Fannie Mae Mortgage pass-thru certificates 6% 9/1/2054  | 18066265 | 18522408 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2053  | 15361995 | 15954017 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2054  | 10631180 | 11016799 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 1/1/2055  | 6623047 | 6903640 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 10/1/2035  | 3570 | 3768 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 11/1/2053  | 18090674 | 18746868 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2032  | 5666 | 5888 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2035  | 57647 | 60054 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2036  | 518 | 548 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 12/1/2053  | 4728745 | 4913124 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 2/1/2036  | 229 | 241 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 2/1/2037  | 1114 | 1177 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 3/1/2054  | 7400474 | 7605888 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 3/1/2055  | 12021101 | 12519119 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 5/1/2038  | 157 | 166 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 5/1/2053  | 11820681 | 12276227 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2036  | 1751 | 1844 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2054  | 16291527 | 16933372 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 6/1/2054  | 11399297 | 11718377 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2032  | 16094 | 16723 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2032  | 3197 | 3321 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2035  | 6629 | 6917 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2035  | 255 | 269 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2053  | 327144 | 338371 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2054  | 14217755 | 14615727 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 7/1/2054  | 3545326 | 3686388 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2035  | 2570 | 2712 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2035  | 453 | 478 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2035  | 344 | 363 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2036  | 48784 | 50799 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2036  | 38348 | 39914 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2036  | 9119 | 9499 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 8/1/2054  | 8859441 | 9208065 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 9/1/2035  | 189 | 200 |
| Fannie Mae Mortgage pass-thru certificates 6.5% 9/1/2053  | 11021314 | 11427973 |
| Fannie Mae Mortgage pass-thru certificates 6.763% 2/1/2039 (d) | 61352 | 63368 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2026  | 4 | 3 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2027  | 547 | 550 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2028  | 19 | 20 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2028  | 13 | 14 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2029  | 55 | 57 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2032  | 593 | 619 |
| Fannie Mae Mortgage pass-thru certificates 7% 1/1/2032  | 96 | 101 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2025  | 5 | 4 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2025  | 4 | 3 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2025  | 3 | 2 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2026  | 430 | 432 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2027  | 7 | 7 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2028  | 42 | 42 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2028  | 17 | 18 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2029  | 246 | 256 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2029  | 86 | 89 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2029  | 68 | 71 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2031  | 88 | 92 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2032  | 160 | 169 |
| Fannie Mae Mortgage pass-thru certificates 7% 10/1/2032  | 136 | 142 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2025  | 13 | 13 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2025  | 4 | 3 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2025  | 3 | 2 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2026  | 36 | 37 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2027  | 46 | 48 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2027  | 29 | 30 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2028  | 69 | 72 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2028  | 52 | 54 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2028  | 41 | 43 |
| Fannie Mae Mortgage pass-thru certificates 7% 11/1/2029  | 525 | 548 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2025  | 1 | 0 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2026  | 271 | 273 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2026  | 7 | 7 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2028  | 98 | 100 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2031  | 625 | 651 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2031  | 226 | 238 |
| Fannie Mae Mortgage pass-thru certificates 7% 12/1/2032  | 101 | 106 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2026  | 26 | 26 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2027  | 14 | 14 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2028  | 240 | 250 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2028  | 233 | 243 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2028  | 100 | 105 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2029  | 563 | 587 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2030  | 248 | 259 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2030  | 17 | 18 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2031  | 372 | 388 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2032  | 125 | 130 |
| Fannie Mae Mortgage pass-thru certificates 7% 2/1/2033  | 760 | 805 |
| Fannie Mae Mortgage pass-thru certificates 7% 3/1/2026  | 19 | 19 |
| Fannie Mae Mortgage pass-thru certificates 7% 3/1/2026  | 17 | 17 |
| Fannie Mae Mortgage pass-thru certificates 7% 3/1/2026  | 9 | 9 |
| Fannie Mae Mortgage pass-thru certificates 7% 3/1/2026  | 3 | 2 |
| Fannie Mae Mortgage pass-thru certificates 7% 3/1/2028  | 14 | 14 |
| Fannie Mae Mortgage pass-thru certificates 7% 3/1/2028  | 4 | 3 |
| Fannie Mae Mortgage pass-thru certificates 7% 3/1/2032  | 3254 | 3418 |
| Fannie Mae Mortgage pass-thru certificates 7% 3/1/2032  | 191 | 201 |
| Fannie Mae Mortgage pass-thru certificates 7% 3/1/2032  | 95 | 100 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2026  | 146 | 146 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2026  | 6 | 6 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2028  | 33 | 35 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2031  | 94 | 98 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2032  | 248 | 262 |
| Fannie Mae Mortgage pass-thru certificates 7% 4/1/2032  | 169 | 179 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2026  | 11 | 11 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2026  | 9 | 9 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2026  | 2 | 1 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2029  | 2027 | 2114 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2030  | 8666 | 9039 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2032  | 270 | 284 |
| Fannie Mae Mortgage pass-thru certificates 7% 5/1/2032  | 127 | 134 |
| Fannie Mae Mortgage pass-thru certificates 7% 6/1/2028  | 884 | 922 |
| Fannie Mae Mortgage pass-thru certificates 7% 6/1/2029  | 581 | 606 |
| Fannie Mae Mortgage pass-thru certificates 7% 6/1/2032  | 2662 | 2811 |
| Fannie Mae Mortgage pass-thru certificates 7% 6/1/2032  | 1245 | 1298 |
| Fannie Mae Mortgage pass-thru certificates 7% 6/1/2032  | 560 | 586 |
| Fannie Mae Mortgage pass-thru certificates 7% 6/1/2032  | 475 | 502 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2026  | 70 | 70 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2028  | 922 | 962 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2028  | 17 | 18 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2028  | 3 | 3 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2029  | 420 | 438 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2029  | 75 | 78 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2031  | 162 | 170 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2031  | 63 | 66 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2032  | 386 | 406 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2032  | 366 | 387 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2032  | 92 | 96 |
| Fannie Mae Mortgage pass-thru certificates 7% 7/1/2037  | 1341 | 1436 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2025  | 8 | 8 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2025  | 8 | 8 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2026  | 674 | 678 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2026  | 3 | 2 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2027  | 389 | 406 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2028  | 102 | 106 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2029  | 260 | 272 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2029  | 102 | 106 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2029  | 37 | 38 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2031  | 318 | 332 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2031  | 37 | 39 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2032  | 4726 | 4993 |
| Fannie Mae Mortgage pass-thru certificates 7% 8/1/2032  | 1195 | 1262 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2025  | 6 | 5 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2025  | 2 | 1 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2026  | 764 | 769 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2026  | 5 | 4 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2027  | 70 | 73 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2028  | 276 | 288 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2028  | 213 | 222 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2028  | 160 | 167 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2029  | 43 | 45 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2030  | 766 | 799 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2031  | 1270 | 1328 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2031  | 114 | 119 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2031  | 97 | 101 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2031  | 53 | 56 |
| Fannie Mae Mortgage pass-thru certificates 7% 9/1/2032  | 967 | 1022 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2026  | 12 | 12 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2027  | 349 | 353 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2027  | 8 | 8 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2028  | 382 | 390 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2028  | 360 | 367 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2028  | 186 | 190 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2028  | 140 | 144 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2028  | 137 | 141 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2028  | 129 | 132 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 1/1/2028  | 16 | 16 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2026  | 71 | 72 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2026  | 12 | 13 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2026  | 6 | 6 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2027  | 127 | 130 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2027  | 27 | 28 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2027  | 4 | 3 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2028  | 302 | 311 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2028  | 16 | 17 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2029  | 906 | 949 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 10/1/2029  | 123 | 128 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2026  | 4 | 3 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2027  | 229 | 235 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2027  | 170 | 173 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2027  | 157 | 160 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2027  | 126 | 128 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2027  | 117 | 118 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2027  | 69 | 71 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2027  | 20 | 20 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2027  | 18 | 19 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2028  | 116 | 118 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2029  | 63 | 66 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2029  | 21 | 22 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 11/1/2031  | 301 | 316 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2025  | 3 | 2 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2027  | 117 | 120 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2027  | 91 | 94 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2028  | 226 | 231 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2029  | 88 | 91 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 12/1/2030  | 435 | 459 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2027  | 145 | 148 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2027  | 119 | 121 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2028  | 60 | 62 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2028  | 21 | 22 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2030  | 394 | 410 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2030  | 21 | 22 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 2/1/2031  | 272 | 287 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 3/1/2026  | 152 | 152 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 3/1/2028  | 518 | 527 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 3/1/2028  | 92 | 94 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 3/1/2029  | 200 | 204 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 3/1/2032  | 235 | 250 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 4/1/2026  | 24 | 24 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 4/1/2028  | 114 | 117 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 4/1/2029  | 25 | 26 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 4/1/2032  | 1363 | 1456 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 4/1/2032  | 248 | 265 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2027  | 412 | 419 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2027  | 36 | 36 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2027  | 35 | 36 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2027  | 20 | 20 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2029  | 43 | 45 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2032  | 725 | 769 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 5/1/2032  | 594 | 633 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2026  | 132 | 133 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2026  | 15 | 15 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2027  | 216 | 220 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2027  | 27 | 27 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2028  | 248 | 255 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2032  | 283 | 302 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2032  | 154 | 163 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2032  | 88 | 94 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 6/1/2032  | 61 | 65 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2025  | 5 | 4 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2026  | 2 | 1 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2027  | 85 | 87 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2027  | 72 | 73 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2027  | 60 | 61 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2027  | 19 | 19 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2029  | 247 | 258 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 7/1/2029  | 73 | 75 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2027  | 58 | 59 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2027  | 5 | 4 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2028  | 51 | 52 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 312 | 325 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 127 | 130 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2029  | 13 | 14 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2030  | 4988 | 5113 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2030  | 107 | 113 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 8/1/2032  | 3750 | 4001 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2026  | 65 | 66 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2026  | 20 | 20 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2027  | 357 | 365 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2027  | 348 | 352 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2027  | 273 | 280 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2027  | 80 | 81 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2027  | 31 | 31 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2027  | 30 | 30 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2027  | 11 | 11 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2027  | 8 | 9 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2027  | 4 | 3 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2027  | 3 | 2 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2029  | 355 | 369 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2029  | 183 | 190 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2029  | 30 | 31 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2029  | 22 | 23 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2030  | 17 | 18 |
| Fannie Mae Mortgage pass-thru certificates 7.5% 9/1/2032  | 949 | 1016 |
| Fannie Mae Mortgage pass-thru certificates 8% 3/1/2037  | 2661 | 2826 |
| Fannie Mae Mortgage pass-thru certificates 9% 10/1/2030  | 2531 | 2688 |
| Freddie Mac Gold Pool 1.5% 1/1/2036  | 17455039 | 15395264 |
| Freddie Mac Gold Pool 1.5% 1/1/2051  | 24192624 | 17894154 |
| Freddie Mac Gold Pool 1.5% 10/1/2035  | 147366 | 130528 |
| Freddie Mac Gold Pool 1.5% 11/1/2035  | 6970710 | 6148134 |
| Freddie Mac Gold Pool 1.5% 11/1/2035  | 1183749 | 1044061 |
| Freddie Mac Gold Pool 1.5% 11/1/2050  | 812136 | 607297 |
| Freddie Mac Gold Pool 1.5% 12/1/2031  | 14714473 | 13737217 |
| Freddie Mac Gold Pool 1.5% 12/1/2035  | 10630192 | 9375781 |
| Freddie Mac Gold Pool 1.5% 12/1/2036  | 292799 | 257149 |
| Freddie Mac Gold Pool 1.5% 12/1/2040  | 1560751 | 1288698 |
| Freddie Mac Gold Pool 1.5% 12/1/2050  | 578720 | 432754 |
| Freddie Mac Gold Pool 1.5% 12/1/2050  | 161217 | 120706 |
| Freddie Mac Gold Pool 1.5% 2/1/2036  | 3834643 | 3382138 |
| Freddie Mac Gold Pool 1.5% 2/1/2036  | 871380 | 768553 |
| Freddie Mac Gold Pool 1.5% 2/1/2041  | 9799184 | 8076948 |
| Freddie Mac Gold Pool 1.5% 2/1/2051  | 24572257 | 18174951 |
| Freddie Mac Gold Pool 1.5% 3/1/2036  | 550372 | 485426 |
| Freddie Mac Gold Pool 1.5% 3/1/2041  | 2729974 | 2248326 |
| Freddie Mac Gold Pool 1.5% 3/1/2051  | 15201948 | 11244171 |
| Freddie Mac Gold Pool 1.5% 3/1/2051  | 216992 | 162465 |
| Freddie Mac Gold Pool 1.5% 4/1/2036  | 945841 | 833045 |
| Freddie Mac Gold Pool 1.5% 4/1/2041  | 11705932 | 9644252 |
| Freddie Mac Gold Pool 1.5% 4/1/2041  | 6474236 | 5327853 |
| Freddie Mac Gold Pool 1.5% 4/1/2051 (s) | 274555912 | 202904589 |
| Freddie Mac Gold Pool 1.5% 5/1/2036  | 975432 | 859107 |
| Freddie Mac Gold Pool 1.5% 6/1/2036  | 985113 | 867633 |
| Freddie Mac Gold Pool 1.5% 6/1/2051  | 516682 | 386848 |
| Freddie Mac Gold Pool 1.5% 7/1/2036  | 801410 | 704586 |
| Freddie Mac Gold Pool 1.5% 8/1/2035  | 5585767 | 4947567 |
| Freddie Mac Gold Pool 1.5% 8/1/2036  | 601044 | 528428 |
| Freddie Mac Gold Pool 2% 1/1/2051  | 127992 | 101273 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 874496 | 681283 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 736312 | 583064 |
| Freddie Mac Gold Pool 2% 1/1/2052  | 135761 | 105766 |
| Freddie Mac Gold Pool 2% 10/1/2041  | 1085757 | 916149 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 21991981 | 17291103 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 4462907 | 3524283 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 4353263 | 3422735 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 1656333 | 1311084 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 1594999 | 1259544 |
| Freddie Mac Gold Pool 2% 10/1/2051  | 117002 | 91261 |
| Freddie Mac Gold Pool 2% 11/1/2041  | 6915229 | 5832144 |
| Freddie Mac Gold Pool 2% 11/1/2041  | 3154072 | 2658337 |
| Freddie Mac Gold Pool 2% 11/1/2050  | 91076566 | 71352415 |
| Freddie Mac Gold Pool 2% 11/1/2050  | 16281401 | 12928382 |
| Freddie Mac Gold Pool 2% 11/1/2050  | 28247 | 22165 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 22769129 | 17902132 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 11869323 | 9328496 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 5829459 | 4603426 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 5467385 | 4283331 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 2401477 | 1873142 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 2178528 | 1720347 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 1406113 | 1110384 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 887159 | 691980 |
| Freddie Mac Gold Pool 2% 11/1/2051  | 329540 | 257040 |
| Freddie Mac Gold Pool 2% 12/1/2035  | 1735695 | 1575532 |
| Freddie Mac Gold Pool 2% 12/1/2035  | 690301 | 629623 |
| Freddie Mac Gold Pool 2% 12/1/2051 (s) | 21240733 | 16773452 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 4086944 | 3227391 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 2267809 | 1790851 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 1463515 | 1150225 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 1445278 | 1134989 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 739058 | 579003 |
| Freddie Mac Gold Pool 2% 12/1/2051  | 191600 | 149267 |
| Freddie Mac Gold Pool 2% 2/1/2036  | 915851 | 833344 |
| Freddie Mac Gold Pool 2% 2/1/2036  | 682072 | 621478 |
| Freddie Mac Gold Pool 2% 2/1/2036  | 584937 | 532972 |
| Freddie Mac Gold Pool 2% 2/1/2041  | 4235299 | 3596105 |
| Freddie Mac Gold Pool 2% 2/1/2042  | 2446595 | 2057750 |
| Freddie Mac Gold Pool 2% 2/1/2051  | 68775269 | 54611573 |
| Freddie Mac Gold Pool 2% 2/1/2052  | 45581805 | 35995190 |
| Freddie Mac Gold Pool 2% 2/1/2052  | 36171066 | 28428045 |
| Freddie Mac Gold Pool 2% 2/1/2052  | 11065852 | 8620944 |
| Freddie Mac Gold Pool 2% 3/1/2036  | 775185 | 701474 |
| Freddie Mac Gold Pool 2% 3/1/2036  | 504604 | 459303 |
| Freddie Mac Gold Pool 2% 3/1/2036  | 15421 | 13940 |
| Freddie Mac Gold Pool 2% 3/1/2041  | 2624778 | 2241766 |
| Freddie Mac Gold Pool 2% 3/1/2051  | 21130031 | 16580382 |
| Freddie Mac Gold Pool 2% 3/1/2052  | 37530467 | 29238422 |
| Freddie Mac Gold Pool 2% 3/1/2052  | 14822899 | 11649810 |
| Freddie Mac Gold Pool 2% 4/1/2036  | 3032174 | 2743850 |
| Freddie Mac Gold Pool 2% 4/1/2041  | 34210 | 29008 |
| Freddie Mac Gold Pool 2% 4/1/2042  | 32758666 | 27834246 |
| Freddie Mac Gold Pool 2% 4/1/2052  | 11907154 | 9402881 |
| Freddie Mac Gold Pool 2% 4/1/2052  | 7685547 | 6040328 |
| Freddie Mac Gold Pool 2% 5/1/2036  | 887459 | 808619 |
| Freddie Mac Gold Pool 2% 5/1/2041  | 2249407 | 1905091 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 55030318 | 43611296 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 3572422 | 2811034 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 2704000 | 2120939 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 2455841 | 1940104 |
| Freddie Mac Gold Pool 2% 5/1/2051  | 1140506 | 894580 |
| Freddie Mac Gold Pool 2% 6/1/2035  | 7155565 | 6524349 |
| Freddie Mac Gold Pool 2% 6/1/2035  | 6734946 | 6140834 |
| Freddie Mac Gold Pool 2% 6/1/2035  | 6004369 | 5474704 |
| Freddie Mac Gold Pool 2% 6/1/2036  | 1923225 | 1739147 |
| Freddie Mac Gold Pool 2% 6/1/2041  | 3744462 | 3170960 |
| Freddie Mac Gold Pool 2% 6/1/2050  | 139556627 | 109594977 |
| Freddie Mac Gold Pool 2% 6/1/2050  | 19088703 | 15091926 |
| Freddie Mac Gold Pool 2% 6/1/2052  | 42151 | 32878 |
| Freddie Mac Gold Pool 2% 7/1/2041  | 34289522 | 29181264 |
| Freddie Mac Gold Pool 2% 7/1/2041  | 16752312 | 14163813 |
| Freddie Mac Gold Pool 2% 7/1/2050  | 431178 | 340898 |
| Freddie Mac Gold Pool 2% 7/1/2051  | 1392952 | 1099991 |
| Freddie Mac Gold Pool 2% 8/1/2051  | 3976095 | 3115005 |
| Freddie Mac Gold Pool 2% 8/1/2051  | 1858983 | 1451742 |
| Freddie Mac Gold Pool 2% 8/1/2051  | 138767 | 108367 |
| Freddie Mac Gold Pool 2% 9/1/2050  | 56212642 | 44109122 |
| Freddie Mac Gold Pool 2% 9/1/2050  | 4970928 | 3894391 |
| Freddie Mac Gold Pool 2% 9/1/2050  | 939934 | 740194 |
| Freddie Mac Gold Pool 2% 9/1/2051  | 3086916 | 2443474 |
| Freddie Mac Gold Pool 2% 9/1/2051  | 118169 | 92171 |
| Freddie Mac Gold Pool 2.5% 1/1/2033  | 1030444 | 982518 |
| Freddie Mac Gold Pool 2.5% 1/1/2033  | 11678 | 11134 |
| Freddie Mac Gold Pool 2.5% 1/1/2041  | 838294 | 737265 |
| Freddie Mac Gold Pool 2.5% 1/1/2042  | 9274286 | 8092852 |
| Freddie Mac Gold Pool 2.5% 1/1/2051  | 24925 | 20528 |
| Freddie Mac Gold Pool 2.5% 1/1/2052  | 11166300 | 9234802 |
| Freddie Mac Gold Pool 2.5% 1/1/2052  | 9790229 | 8050867 |
| Freddie Mac Gold Pool 2.5% 1/1/2052  | 248444 | 205314 |
| Freddie Mac Gold Pool 2.5% 1/1/2052  | 26341 | 21826 |
| Freddie Mac Gold Pool 2.5% 10/1/2031  | 122299 | 117429 |
| Freddie Mac Gold Pool 2.5% 10/1/2040  | 4376560 | 3864591 |
| Freddie Mac Gold Pool 2.5% 10/1/2041  | 4539366 | 3969303 |
| Freddie Mac Gold Pool 2.5% 10/1/2050  | 11879228 | 9839261 |
| Freddie Mac Gold Pool 2.5% 10/1/2050  | 11769889 | 9789156 |
| Freddie Mac Gold Pool 2.5% 10/1/2051  | 8727200 | 7182154 |
| Freddie Mac Gold Pool 2.5% 11/1/2031  | 2890963 | 2767606 |
| Freddie Mac Gold Pool 2.5% 11/1/2032  | 36975 | 35266 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 18858330 | 16564814 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 2731848 | 2395748 |
| Freddie Mac Gold Pool 2.5% 11/1/2041  | 1722668 | 1513737 |
| Freddie Mac Gold Pool 2.5% 11/1/2049  | 276039 | 228291 |
| Freddie Mac Gold Pool 2.5% 11/1/2050  | 9201155 | 7626832 |
| Freddie Mac Gold Pool 2.5% 11/1/2050  | 8745815 | 7273999 |
| Freddie Mac Gold Pool 2.5% 11/1/2051  | 2949998 | 2414830 |
| Freddie Mac Gold Pool 2.5% 12/1/2041  | 40542 | 35391 |
| Freddie Mac Gold Pool 2.5% 12/1/2050  | 3099470 | 2574961 |
| Freddie Mac Gold Pool 2.5% 12/1/2051  | 19657760 | 16177588 |
| Freddie Mac Gold Pool 2.5% 12/1/2051  | 16406250 | 13501718 |
| Freddie Mac Gold Pool 2.5% 12/1/2051  | 5545163 | 4539197 |
| Freddie Mac Gold Pool 2.5% 2/1/2035  | 729647 | 680509 |
| Freddie Mac Gold Pool 2.5% 2/1/2042  | 3591583 | 3152772 |
| Freddie Mac Gold Pool 2.5% 2/1/2051  | 68058077 | 56540908 |
| Freddie Mac Gold Pool 2.5% 2/1/2051  | 4553334 | 3750066 |
| Freddie Mac Gold Pool 2.5% 2/1/2051  | 75470 | 62156 |
| Freddie Mac Gold Pool 2.5% 3/1/2033  | 276583 | 263561 |
| Freddie Mac Gold Pool 2.5% 3/1/2047  | 260338 | 216120 |
| Freddie Mac Gold Pool 2.5% 3/1/2050  | 10031908 | 8284093 |
| Freddie Mac Gold Pool 2.5% 3/1/2051  | 4280335 | 3525228 |
| Freddie Mac Gold Pool 2.5% 3/1/2052  | 53062505 | 43386526 |
| Freddie Mac Gold Pool 2.5% 4/1/2033  | 108364 | 103111 |
| Freddie Mac Gold Pool 2.5% 4/1/2042  | 1766435 | 1544831 |
| Freddie Mac Gold Pool 2.5% 4/1/2047  | 7282057 | 6042919 |
| Freddie Mac Gold Pool 2.5% 4/1/2052 (u) | 7551063 | 6261432 |
| Freddie Mac Gold Pool 2.5% 4/1/2052  | 1472493 | 1203983 |
| Freddie Mac Gold Pool 2.5% 5/1/2033  | 28597 | 27208 |
| Freddie Mac Gold Pool 2.5% 5/1/2035  | 7268477 | 6778977 |
| Freddie Mac Gold Pool 2.5% 5/1/2041 (s) | 21913345 | 19327415 |
| Freddie Mac Gold Pool 2.5% 5/1/2041  | 7688946 | 6795048 |
| Freddie Mac Gold Pool 2.5% 5/1/2051  | 11500835 | 9543817 |
| Freddie Mac Gold Pool 2.5% 6/1/2031  | 381224 | 366556 |
| Freddie Mac Gold Pool 2.5% 6/1/2031  | 228394 | 219294 |
| Freddie Mac Gold Pool 2.5% 6/1/2041  | 2093635 | 1842144 |
| Freddie Mac Gold Pool 2.5% 6/1/2052  | 159489 | 130356 |
| Freddie Mac Gold Pool 2.5% 7/1/2031  | 395977 | 380383 |
| Freddie Mac Gold Pool 2.5% 7/1/2036  | 12404995 | 11515302 |
| Freddie Mac Gold Pool 2.5% 7/1/2041  | 3972192 | 3514091 |
| Freddie Mac Gold Pool 2.5% 7/1/2050  | 22657809 | 18851850 |
| Freddie Mac Gold Pool 2.5% 7/1/2050  | 11734695 | 9726881 |
| Freddie Mac Gold Pool 2.5% 7/1/2051  | 15750201 | 13025800 |
| Freddie Mac Gold Pool 2.5% 7/1/2051  | 9022692 | 7461986 |
| Freddie Mac Gold Pool 2.5% 8/1/2031  | 668251 | 641337 |
| Freddie Mac Gold Pool 2.5% 8/1/2032  | 528340 | 504196 |
| Freddie Mac Gold Pool 2.5% 8/1/2032  | 25950 | 24781 |
| Freddie Mac Gold Pool 2.5% 8/1/2041  | 1413537 | 1244521 |
| Freddie Mac Gold Pool 2.5% 8/1/2050  | 39382388 | 32705573 |
| Freddie Mac Gold Pool 2.5% 9/1/2041  | 3125544 | 2748696 |
| Freddie Mac Gold Pool 2.5% 9/1/2051  | 6521142 | 5368689 |
| Freddie Mac Gold Pool 3% 1/1/2033  | 109023 | 105260 |
| Freddie Mac Gold Pool 3% 1/1/2033  | 94442 | 90970 |
| Freddie Mac Gold Pool 3% 1/1/2033  | 85249 | 82216 |
| Freddie Mac Gold Pool 3% 1/1/2033  | 63749 | 61551 |
| Freddie Mac Gold Pool 3% 1/1/2034  | 45222 | 43606 |
| Freddie Mac Gold Pool 3% 1/1/2043  | 47693 | 43044 |
| Freddie Mac Gold Pool 3% 1/1/2043  | 45707 | 40888 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 5514550 | 4738323 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 5477345 | 4706355 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 1482915 | 1270010 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 692292 | 594846 |
| Freddie Mac Gold Pool 3% 1/1/2052  | 205080 | 176213 |
| Freddie Mac Gold Pool 3% 10/1/2042  | 16653 | 14966 |
| Freddie Mac Gold Pool 3% 10/1/2049  | 12690338 | 10961552 |
| Freddie Mac Gold Pool 3% 10/1/2051  | 21635221 | 18623659 |
| Freddie Mac Gold Pool 3% 10/1/2051  | 283456 | 243203 |
| Freddie Mac Gold Pool 3% 10/1/2053  | 300689 | 256156 |
| Freddie Mac Gold Pool 3% 11/1/2042  | 6618 | 5998 |
| Freddie Mac Gold Pool 3% 11/1/2049  | 12108416 | 10530798 |
| Freddie Mac Gold Pool 3% 11/1/2049  | 10316605 | 8985340 |
| Freddie Mac Gold Pool 3% 11/1/2050  | 1268367 | 1091616 |
| Freddie Mac Gold Pool 3% 11/1/2051  | 7166480 | 6153249 |
| Freddie Mac Gold Pool 3% 11/1/2051  | 4833685 | 4153297 |
| Freddie Mac Gold Pool 3% 11/1/2051  | 3119907 | 2680750 |
| Freddie Mac Gold Pool 3% 11/1/2051  | 334325 | 287683 |
| Freddie Mac Gold Pool 3% 12/1/2030  | 737708 | 716536 |
| Freddie Mac Gold Pool 3% 12/1/2032  | 1493311 | 1447109 |
| Freddie Mac Gold Pool 3% 12/1/2032  | 30176 | 29161 |
| Freddie Mac Gold Pool 3% 12/1/2042  | 746152 | 674172 |
| Freddie Mac Gold Pool 3% 12/1/2042  | 62136 | 56128 |
| Freddie Mac Gold Pool 3% 12/1/2042  | 22560 | 20409 |
| Freddie Mac Gold Pool 3% 12/1/2046  | 1472581 | 1294836 |
| Freddie Mac Gold Pool 3% 12/1/2050  | 10330579 | 8890976 |
| Freddie Mac Gold Pool 3% 12/1/2051  | 1108235 | 952240 |
| Freddie Mac Gold Pool 3% 2/1/2033  | 721658 | 701807 |
| Freddie Mac Gold Pool 3% 2/1/2033  | 52694 | 50804 |
| Freddie Mac Gold Pool 3% 2/1/2034  | 6398 | 6128 |
| Freddie Mac Gold Pool 3% 2/1/2037  | 203134 | 189722 |
| Freddie Mac Gold Pool 3% 2/1/2037  | 11358 | 10644 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 53286 | 48363 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 33928 | 30589 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 22581 | 20401 |
| Freddie Mac Gold Pool 3% 2/1/2043  | 13587 | 12174 |
| Freddie Mac Gold Pool 3% 2/1/2050  | 1466879 | 1270257 |
| Freddie Mac Gold Pool 3% 2/1/2052  | 6572507 | 5647363 |
| Freddie Mac Gold Pool 3% 2/1/2052  | 1842355 | 1581298 |
| Freddie Mac Gold Pool 3% 2/1/2052  | 884493 | 756537 |
| Freddie Mac Gold Pool 3% 2/1/2052  | 778377 | 666624 |
| Freddie Mac Gold Pool 3% 2/1/2052  | 759751 | 651028 |
| Freddie Mac Gold Pool 3% 2/1/2052  | 753815 | 646766 |
| Freddie Mac Gold Pool 3% 2/1/2052  | 669002 | 570965 |
| Freddie Mac Gold Pool 3% 3/1/2033  | 203820 | 196736 |
| Freddie Mac Gold Pool 3% 3/1/2033  | 105159 | 101387 |
| Freddie Mac Gold Pool 3% 3/1/2043  | 26060 | 23529 |
| Freddie Mac Gold Pool 3% 3/1/2050  | 22977166 | 19818300 |
| Freddie Mac Gold Pool 3% 3/1/2052  | 21246834 | 18206338 |
| Freddie Mac Gold Pool 3% 3/1/2052  | 10114450 | 8686002 |
| Freddie Mac Gold Pool 3% 3/1/2052  | 2754674 | 2360471 |
| Freddie Mac Gold Pool 3% 3/1/2052  | 42290 | 36317 |
| Freddie Mac Gold Pool 3% 4/1/2032  | 12356 | 11990 |
| Freddie Mac Gold Pool 3% 4/1/2032  | 4457 | 4329 |
| Freddie Mac Gold Pool 3% 4/1/2034  | 675017 | 646519 |
| Freddie Mac Gold Pool 3% 4/1/2037  | 5190675 | 4897709 |
| Freddie Mac Gold Pool 3% 4/1/2037  | 2216035 | 2093038 |
| Freddie Mac Gold Pool 3% 4/1/2043  | 10789 | 9748 |
| Freddie Mac Gold Pool 3% 4/1/2046  | 79008 | 69693 |
| Freddie Mac Gold Pool 3% 4/1/2046  | 60292 | 53184 |
| Freddie Mac Gold Pool 3% 4/1/2050  | 23037238 | 19870113 |
| Freddie Mac Gold Pool 3% 4/1/2050  | 2880465 | 2494365 |
| Freddie Mac Gold Pool 3% 4/1/2052  | 2396330 | 2066886 |
| Freddie Mac Gold Pool 3% 4/1/2052  | 2095027 | 1800459 |
| Freddie Mac Gold Pool 3% 4/1/2052  | 1557213 | 1337777 |
| Freddie Mac Gold Pool 3% 5/1/2035  | 412829 | 392883 |
| Freddie Mac Gold Pool 3% 5/1/2036  | 5875629 | 5537907 |
| Freddie Mac Gold Pool 3% 5/1/2045  | 31494 | 27944 |
| Freddie Mac Gold Pool 3% 5/1/2046  | 1217805 | 1074238 |
| Freddie Mac Gold Pool 3% 5/1/2046  | 189606 | 167254 |
| Freddie Mac Gold Pool 3% 5/1/2051  | 2873545 | 2474004 |
| Freddie Mac Gold Pool 3% 5/1/2051  | 933719 | 805061 |
| Freddie Mac Gold Pool 3% 5/1/2051  | 639663 | 549924 |
| Freddie Mac Gold Pool 3% 5/1/2052  | 21829420 | 18773770 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 101977 | 99047 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 36922 | 35862 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 21725 | 21074 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 12929 | 12574 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 11593 | 11245 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 9001 | 8757 |
| Freddie Mac Gold Pool 3% 6/1/2031  | 8924 | 8654 |
| Freddie Mac Gold Pool 3% 6/1/2035  | 1326113 | 1260798 |
| Freddie Mac Gold Pool 3% 6/1/2046  | 1200544 | 1059012 |
| Freddie Mac Gold Pool 3% 6/1/2050  | 5846254 | 5073578 |
| Freddie Mac Gold Pool 3% 6/1/2052  | 9003609 | 7715161 |
| Freddie Mac Gold Pool 3% 6/1/2052  | 464742 | 399252 |
| Freddie Mac Gold Pool 3% 7/1/2032  | 23735 | 22977 |
| Freddie Mac Gold Pool 3% 7/1/2045  | 71476 | 63184 |
| Freddie Mac Gold Pool 3% 7/1/2045  | 25251 | 22464 |
| Freddie Mac Gold Pool 3% 8/1/2032  | 27437 | 26568 |
| Freddie Mac Gold Pool 3% 8/1/2032  | 18714 | 18110 |
| Freddie Mac Gold Pool 3% 8/1/2042  | 9192 | 8317 |
| Freddie Mac Gold Pool 3% 8/1/2042  | 7072 | 6372 |
| Freddie Mac Gold Pool 3% 8/1/2045  | 30416 | 26896 |
| Freddie Mac Gold Pool 3% 8/1/2045  | 16894 | 14934 |
| Freddie Mac Gold Pool 3% 8/1/2050  | 18968158 | 16467140 |
| Freddie Mac Gold Pool 3% 9/1/2049  | 166569 | 145231 |
| Freddie Mac Gold Pool 3% 9/1/2051  | 5108071 | 4389061 |
| Freddie Mac Gold Pool 3% 9/1/2051  | 2749895 | 2365398 |
| Freddie Mac Gold Pool 3.5% 1/1/2045  | 154318 | 142965 |
| Freddie Mac Gold Pool 3.5% 1/1/2046  | 146314 | 132972 |
| Freddie Mac Gold Pool 3.5% 1/1/2046  | 46110 | 42035 |
| Freddie Mac Gold Pool 3.5% 1/1/2048  | 2131020 | 1923494 |
| Freddie Mac Gold Pool 3.5% 1/1/2048  | 1718216 | 1550890 |
| Freddie Mac Gold Pool 3.5% 1/1/2048  | 87350 | 79308 |
| Freddie Mac Gold Pool 3.5% 1/1/2048  | 51572 | 46889 |
| Freddie Mac Gold Pool 3.5% 10/1/2034  | 3601821 | 3487895 |
| Freddie Mac Gold Pool 3.5% 10/1/2040  | 51995 | 47611 |
| Freddie Mac Gold Pool 3.5% 10/1/2042  | 562905 | 521630 |
| Freddie Mac Gold Pool 3.5% 10/1/2042  | 265594 | 246165 |
| Freddie Mac Gold Pool 3.5% 10/1/2042  | 31890 | 29545 |
| Freddie Mac Gold Pool 3.5% 10/1/2042  | 4354 | 4026 |
| Freddie Mac Gold Pool 3.5% 10/1/2047  | 178100 | 162091 |
| Freddie Mac Gold Pool 3.5% 10/1/2048  | 2233288 | 2012192 |
| Freddie Mac Gold Pool 3.5% 10/1/2051  | 10902444 | 9724885 |
| Freddie Mac Gold Pool 3.5% 10/1/2051  | 1402721 | 1259543 |
| Freddie Mac Gold Pool 3.5% 10/1/2052  | 908296 | 810760 |
| Freddie Mac Gold Pool 3.5% 11/1/2033  | 2509832 | 2429426 |
| Freddie Mac Gold Pool 3.5% 11/1/2033  | 1372729 | 1327264 |
| Freddie Mac Gold Pool 3.5% 11/1/2040  | 108700 | 99468 |
| Freddie Mac Gold Pool 3.5% 11/1/2045  | 16367 | 14920 |
| Freddie Mac Gold Pool 3.5% 11/1/2045  | 4392 | 3992 |
| Freddie Mac Gold Pool 3.5% 11/1/2047  | 1229657 | 1119131 |
| Freddie Mac Gold Pool 3.5% 11/1/2047  | 206618 | 188035 |
| Freddie Mac Gold Pool 3.5% 12/1/2033  | 197682 | 192218 |
| Freddie Mac Gold Pool 3.5% 12/1/2040  | 105887 | 96894 |
| Freddie Mac Gold Pool 3.5% 12/1/2045  | 10483 | 9527 |
| Freddie Mac Gold Pool 3.5% 12/1/2046  | 143334 | 130129 |
| Freddie Mac Gold Pool 3.5% 12/1/2047  | 289914 | 263583 |
| Freddie Mac Gold Pool 3.5% 12/1/2047  | 289118 | 261309 |
| Freddie Mac Gold Pool 3.5% 12/1/2048  | 401120 | 361033 |
| Freddie Mac Gold Pool 3.5% 12/1/2051  | 8587671 | 7668179 |
| Freddie Mac Gold Pool 3.5% 2/1/2034  | 2193225 | 2114395 |
| Freddie Mac Gold Pool 3.5% 2/1/2034  | 1914293 | 1862027 |
| Freddie Mac Gold Pool 3.5% 2/1/2043  | 7484899 | 6931181 |
| Freddie Mac Gold Pool 3.5% 2/1/2043  | 143978 | 133689 |
| Freddie Mac Gold Pool 3.5% 2/1/2043  | 63652 | 59481 |
| Freddie Mac Gold Pool 3.5% 2/1/2045  | 15116 | 13946 |
| Freddie Mac Gold Pool 3.5% 2/1/2048  | 881719 | 796908 |
| Freddie Mac Gold Pool 3.5% 2/1/2048  | 498843 | 452914 |
| Freddie Mac Gold Pool 3.5% 2/1/2048  | 296844 | 268291 |
| Freddie Mac Gold Pool 3.5% 2/1/2052  | 6028014 | 5397657 |
| Freddie Mac Gold Pool 3.5% 2/1/2052  | 5893448 | 5262429 |
| Freddie Mac Gold Pool 3.5% 3/1/2032  | 1182934 | 1155519 |
| Freddie Mac Gold Pool 3.5% 3/1/2045  | 385525 | 353381 |
| Freddie Mac Gold Pool 3.5% 3/1/2045  | 97706 | 89717 |
| Freddie Mac Gold Pool 3.5% 3/1/2045  | 73348 | 67380 |
| Freddie Mac Gold Pool 3.5% 3/1/2045  | 31876 | 29355 |
| Freddie Mac Gold Pool 3.5% 3/1/2046  | 6804426 | 6213714 |
| Freddie Mac Gold Pool 3.5% 3/1/2046  | 7110 | 6482 |
| Freddie Mac Gold Pool 3.5% 3/1/2048  | 348778 | 315230 |
| Freddie Mac Gold Pool 3.5% 3/1/2052  | 10746527 | 9626443 |
| Freddie Mac Gold Pool 3.5% 3/1/2052  | 9957568 | 8903846 |
| Freddie Mac Gold Pool 3.5% 3/1/2052  | 4002281 | 3582507 |
| Freddie Mac Gold Pool 3.5% 4/1/2033  | 3339157 | 3255172 |
| Freddie Mac Gold Pool 3.5% 4/1/2034  | 3758959 | 3649145 |
| Freddie Mac Gold Pool 3.5% 4/1/2040  | 128887 | 120267 |
| Freddie Mac Gold Pool 3.5% 4/1/2042  | 1380325 | 1284839 |
| Freddie Mac Gold Pool 3.5% 4/1/2042  | 12208 | 11346 |
| Freddie Mac Gold Pool 3.5% 4/1/2043  | 229001 | 211760 |
| Freddie Mac Gold Pool 3.5% 4/1/2043  | 82660 | 76539 |
| Freddie Mac Gold Pool 3.5% 4/1/2046  | 406403 | 369344 |
| Freddie Mac Gold Pool 3.5% 4/1/2046  | 288219 | 262477 |
| Freddie Mac Gold Pool 3.5% 4/1/2046  | 25938 | 23621 |
| Freddie Mac Gold Pool 3.5% 4/1/2047  | 5912455 | 5286792 |
| Freddie Mac Gold Pool 3.5% 4/1/2048  | 215644 | 195790 |
| Freddie Mac Gold Pool 3.5% 4/1/2052  | 14901882 | 13404113 |
| Freddie Mac Gold Pool 3.5% 4/1/2052  | 8027120 | 7230359 |
| Freddie Mac Gold Pool 3.5% 4/1/2052  | 1633747 | 1460352 |
| Freddie Mac Gold Pool 3.5% 4/1/2052  | 1330023 | 1192603 |
| Freddie Mac Gold Pool 3.5% 4/1/2052  | 253741 | 225701 |
| Freddie Mac Gold Pool 3.5% 5/1/2032  | 190175 | 186756 |
| Freddie Mac Gold Pool 3.5% 5/1/2034  | 233328 | 226246 |
| Freddie Mac Gold Pool 3.5% 5/1/2040  | 265530 | 247983 |
| Freddie Mac Gold Pool 3.5% 5/1/2040  | 44043 | 41085 |
| Freddie Mac Gold Pool 3.5% 5/1/2045  | 795968 | 728439 |
| Freddie Mac Gold Pool 3.5% 5/1/2045  | 42918 | 39275 |
| Freddie Mac Gold Pool 3.5% 5/1/2045  | 23156 | 21110 |
| Freddie Mac Gold Pool 3.5% 5/1/2045  | 10495 | 9568 |
| Freddie Mac Gold Pool 3.5% 5/1/2045  | 4319 | 3929 |
| Freddie Mac Gold Pool 3.5% 5/1/2046  | 2960929 | 2703883 |
| Freddie Mac Gold Pool 3.5% 5/1/2046  | 98106 | 89344 |
| Freddie Mac Gold Pool 3.5% 5/1/2046  | 23326 | 21199 |
| Freddie Mac Gold Pool 3.5% 5/1/2046  | 9284 | 8463 |
| Freddie Mac Gold Pool 3.5% 5/1/2046  | 7153 | 6496 |
| Freddie Mac Gold Pool 3.5% 5/1/2047  | 6520568 | 5822403 |
| Freddie Mac Gold Pool 3.5% 5/1/2047  | 3948566 | 3530724 |
| Freddie Mac Gold Pool 3.5% 5/1/2049  | 69713 | 62598 |
| Freddie Mac Gold Pool 3.5% 5/1/2052  | 16242516 | 14538941 |
| Freddie Mac Gold Pool 3.5% 5/1/2052  | 13247998 | 11879199 |
| Freddie Mac Gold Pool 3.5% 5/1/2052  | 457213 | 408545 |
| Freddie Mac Gold Pool 3.5% 6/1/2032  | 903159 | 881655 |
| Freddie Mac Gold Pool 3.5% 6/1/2040  | 230600 | 211158 |
| Freddie Mac Gold Pool 3.5% 6/1/2042  | 5953 | 5527 |
| Freddie Mac Gold Pool 3.5% 6/1/2045 (t) | 1336884 | 1218736 |
| Freddie Mac Gold Pool 3.5% 6/1/2045  | 958871 | 872333 |
| Freddie Mac Gold Pool 3.5% 6/1/2045  | 153256 | 140863 |
| Freddie Mac Gold Pool 3.5% 6/1/2045  | 73925 | 67507 |
| Freddie Mac Gold Pool 3.5% 6/1/2045  | 17748 | 16180 |
| Freddie Mac Gold Pool 3.5% 6/1/2048  | 203511 | 183745 |
| Freddie Mac Gold Pool 3.5% 6/1/2049  | 178178 | 161272 |
| Freddie Mac Gold Pool 3.5% 6/1/2052  | 183115 | 163623 |
| Freddie Mac Gold Pool 3.5% 7/1/2032  | 289935 | 283037 |
| Freddie Mac Gold Pool 3.5% 7/1/2032  | 76717 | 74874 |
| Freddie Mac Gold Pool 3.5% 7/1/2040  | 33177 | 30380 |
| Freddie Mac Gold Pool 3.5% 7/1/2042  | 4676608 | 4331257 |
| Freddie Mac Gold Pool 3.5% 7/1/2042  | 67064 | 62517 |
| Freddie Mac Gold Pool 3.5% 7/1/2046  | 31164 | 28322 |
| Freddie Mac Gold Pool 3.5% 7/1/2046  | 12637 | 11508 |
| Freddie Mac Gold Pool 3.5% 7/1/2047  | 2944400 | 2679747 |
| Freddie Mac Gold Pool 3.5% 7/1/2051  | 4790393 | 4277480 |
| Freddie Mac Gold Pool 3.5% 7/1/2052  | 1209676 | 1080911 |
| Freddie Mac Gold Pool 3.5% 8/1/2034  | 390204 | 378171 |
| Freddie Mac Gold Pool 3.5% 8/1/2038  | 93062 | 87431 |
| Freddie Mac Gold Pool 3.5% 8/1/2040  | 150810 | 138095 |
| Freddie Mac Gold Pool 3.5% 8/1/2042  | 868316 | 805514 |
| Freddie Mac Gold Pool 3.5% 8/1/2042  | 127662 | 118306 |
| Freddie Mac Gold Pool 3.5% 8/1/2047  | 4568224 | 4157615 |
| Freddie Mac Gold Pool 3.5% 8/1/2047  | 523749 | 476673 |
| Freddie Mac Gold Pool 3.5% 8/1/2047  | 359576 | 327256 |
| Freddie Mac Gold Pool 3.5% 8/1/2048  | 151467 | 136614 |
| Freddie Mac Gold Pool 3.5% 8/1/2048  | 63615 | 57317 |
| Freddie Mac Gold Pool 3.5% 8/1/2049  | 18389472 | 16610130 |
| Freddie Mac Gold Pool 3.5% 8/1/2051  | 1815879 | 1631098 |
| Freddie Mac Gold Pool 3.5% 9/1/2040  | 113532 | 103286 |
| Freddie Mac Gold Pool 3.5% 9/1/2042  | 10718459 | 9919754 |
| Freddie Mac Gold Pool 3.5% 9/1/2042  | 5923486 | 5478649 |
| Freddie Mac Gold Pool 3.5% 9/1/2042  | 1725 | 1595 |
| Freddie Mac Gold Pool 3.5% 9/1/2043  | 91766 | 84884 |
| Freddie Mac Gold Pool 3.5% 9/1/2046  | 3385314 | 3086136 |
| Freddie Mac Gold Pool 3.5% 9/1/2046  | 385216 | 349728 |
| Freddie Mac Gold Pool 3.5% 9/1/2047  | 101732 | 92588 |
| Freddie Mac Gold Pool 3.5% 9/1/2047  | 84094 | 76535 |
| Freddie Mac Gold Pool 3.5% 9/1/2048  | 1071600 | 965511 |
| Freddie Mac Gold Pool 3.5% 9/1/2048  | 167906 | 151283 |
| Freddie Mac Gold Pool 3.5% 9/1/2048  | 144066 | 129804 |
| Freddie Mac Gold Pool 3.5% 9/1/2052  | 1810884 | 1617556 |
| Freddie Mac Gold Pool 4% 1/1/2036  | 648742 | 629121 |
| Freddie Mac Gold Pool 4% 1/1/2039  | 124147 | 118569 |
| Freddie Mac Gold Pool 4% 1/1/2041  | 46488 | 44423 |
| Freddie Mac Gold Pool 4% 1/1/2041  | 23264 | 22315 |
| Freddie Mac Gold Pool 4% 1/1/2041  | 5561 | 5300 |
| Freddie Mac Gold Pool 4% 1/1/2042  | 19584 | 18650 |
| Freddie Mac Gold Pool 4% 1/1/2043  | 11913 | 11284 |
| Freddie Mac Gold Pool 4% 1/1/2044  | 36133 | 34124 |
| Freddie Mac Gold Pool 4% 1/1/2044  | 27589 | 26114 |
| Freddie Mac Gold Pool 4% 1/1/2049  | 26253 | 24419 |
| Freddie Mac Gold Pool 4% 10/1/2041  | 366479 | 349225 |
| Freddie Mac Gold Pool 4% 10/1/2041  | 46422 | 44272 |
| Freddie Mac Gold Pool 4% 10/1/2041  | 34105 | 32540 |
| Freddie Mac Gold Pool 4% 10/1/2042  | 17587 | 16719 |
| Freddie Mac Gold Pool 4% 10/1/2042  | 9170 | 8815 |
| Freddie Mac Gold Pool 4% 10/1/2042  | 6267 | 5937 |
| Freddie Mac Gold Pool 4% 10/1/2043  | 95353 | 90286 |
| Freddie Mac Gold Pool 4% 10/1/2043  | 36031 | 34029 |
| Freddie Mac Gold Pool 4% 10/1/2043  | 12829 | 12119 |
| Freddie Mac Gold Pool 4% 10/1/2043  | 12051 | 11433 |
| Freddie Mac Gold Pool 4% 10/1/2044  | 59288 | 55876 |
| Freddie Mac Gold Pool 4% 10/1/2045  | 22529 | 21116 |
| Freddie Mac Gold Pool 4% 10/1/2048  | 1267156 | 1178632 |
| Freddie Mac Gold Pool 4% 10/1/2052  | 976879 | 906573 |
| Freddie Mac Gold Pool 4% 11/1/2040  | 88986 | 84961 |
| Freddie Mac Gold Pool 4% 11/1/2041  | 62208 | 59208 |
| Freddie Mac Gold Pool 4% 11/1/2041  | 12809 | 12271 |
| Freddie Mac Gold Pool 4% 11/1/2041  | 2627 | 2505 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 781342 | 745283 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 712543 | 678460 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 80047 | 76101 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 68786 | 65256 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 40527 | 38521 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 23575 | 22339 |
| Freddie Mac Gold Pool 4% 11/1/2042  | 2383 | 2311 |
| Freddie Mac Gold Pool 4% 11/1/2043  | 30464 | 28912 |
| Freddie Mac Gold Pool 4% 11/1/2047  | 1574781 | 1471109 |
| Freddie Mac Gold Pool 4% 11/1/2048  | 251223 | 233751 |
| Freddie Mac Gold Pool 4% 11/1/2051  | 130234 | 121553 |
| Freddie Mac Gold Pool 4% 12/1/2033  | 738524 | 724944 |
| Freddie Mac Gold Pool 4% 12/1/2040  | 11375 | 10901 |
| Freddie Mac Gold Pool 4% 12/1/2040  | 4723 | 4516 |
| Freddie Mac Gold Pool 4% 12/1/2042  | 4000458 | 3811544 |
| Freddie Mac Gold Pool 4% 12/1/2042  | 33913 | 32173 |
| Freddie Mac Gold Pool 4% 12/1/2042  | 18483 | 17640 |
| Freddie Mac Gold Pool 4% 12/1/2045  | 1776119 | 1686207 |
| Freddie Mac Gold Pool 4% 12/1/2045  | 6334 | 5945 |
| Freddie Mac Gold Pool 4% 12/1/2047  | 12306650 | 11484932 |
| Freddie Mac Gold Pool 4% 12/1/2047  | 842535 | 787069 |
| Freddie Mac Gold Pool 4% 12/1/2048  | 215579 | 200518 |
| Freddie Mac Gold Pool 4% 2/1/2041  | 157896 | 150934 |
| Freddie Mac Gold Pool 4% 2/1/2041  | 6020 | 5737 |
| Freddie Mac Gold Pool 4% 2/1/2042  | 167433 | 159253 |
| Freddie Mac Gold Pool 4% 2/1/2042  | 30967 | 29555 |
| Freddie Mac Gold Pool 4% 2/1/2043  | 60654 | 57513 |
| Freddie Mac Gold Pool 4% 2/1/2043  | 46171 | 43742 |
| Freddie Mac Gold Pool 4% 2/1/2043  | 38761 | 36731 |
| Freddie Mac Gold Pool 4% 2/1/2043  | 19843 | 18780 |
| Freddie Mac Gold Pool 4% 2/1/2044  | 36308 | 34360 |
| Freddie Mac Gold Pool 4% 2/1/2044  | 19932 | 18905 |
| Freddie Mac Gold Pool 4% 2/1/2044  | 19146 | 18062 |
| Freddie Mac Gold Pool 4% 2/1/2045  | 544682 | 514932 |
| Freddie Mac Gold Pool 4% 2/1/2046  | 188937 | 178588 |
| Freddie Mac Gold Pool 4% 2/1/2048  | 535551 | 499792 |
| Freddie Mac Gold Pool 4% 2/1/2048  | 36981 | 34616 |
| Freddie Mac Gold Pool 4% 2/1/2052  | 580171 | 535334 |
| Freddie Mac Gold Pool 4% 2/1/2052  | 75659 | 70616 |
| Freddie Mac Gold Pool 4% 2/1/2052  | 48400 | 45174 |
| Freddie Mac Gold Pool 4% 2/1/2053  | 18070379 | 16747262 |
| Freddie Mac Gold Pool 4% 2/1/2053  | 4397913 | 4075897 |
| Freddie Mac Gold Pool 4% 3/1/2042  | 37772 | 36040 |
| Freddie Mac Gold Pool 4% 3/1/2042  | 36961 | 35150 |
| Freddie Mac Gold Pool 4% 3/1/2042  | 6632 | 6288 |
| Freddie Mac Gold Pool 4% 3/1/2043  | 21203 | 20204 |
| Freddie Mac Gold Pool 4% 3/1/2043  | 12168 | 11521 |
| Freddie Mac Gold Pool 4% 3/1/2044  | 42260 | 39917 |
| Freddie Mac Gold Pool 4% 3/1/2049  | 3606863 | 3354885 |
| Freddie Mac Gold Pool 4% 3/1/2053  | 536304 | 492301 |
| Freddie Mac Gold Pool 4% 4/1/2040  | 833 | 806 |
| Freddie Mac Gold Pool 4% 4/1/2042  | 512378 | 487250 |
| Freddie Mac Gold Pool 4% 4/1/2042  | 327052 | 311517 |
| Freddie Mac Gold Pool 4% 4/1/2042  | 12272 | 11637 |
| Freddie Mac Gold Pool 4% 4/1/2042  | 11838 | 11241 |
| Freddie Mac Gold Pool 4% 4/1/2042  | 11298 | 10819 |
| Freddie Mac Gold Pool 4% 4/1/2042  | 8906 | 8520 |
| Freddie Mac Gold Pool 4% 4/1/2043  | 618825 | 588121 |
| Freddie Mac Gold Pool 4% 4/1/2043  | 32109 | 30503 |
| Freddie Mac Gold Pool 4% 4/1/2043  | 12242 | 11762 |
| Freddie Mac Gold Pool 4% 4/1/2046  | 179149 | 168027 |
| Freddie Mac Gold Pool 4% 4/1/2048  | 171797 | 160326 |
| Freddie Mac Gold Pool 4% 4/1/2048  | 140150 | 130661 |
| Freddie Mac Gold Pool 4% 4/1/2048  | 75733 | 70605 |
| Freddie Mac Gold Pool 4% 4/1/2048  | 30237 | 28189 |
| Freddie Mac Gold Pool 4% 4/1/2048  | 8289 | 7728 |
| Freddie Mac Gold Pool 4% 4/1/2052  | 142315 | 132829 |
| Freddie Mac Gold Pool 4% 4/1/2052  | 101419 | 94659 |
| Freddie Mac Gold Pool 4% 5/1/2033  | 389908 | 383226 |
| Freddie Mac Gold Pool 4% 5/1/2038  | 5428146 | 5201211 |
| Freddie Mac Gold Pool 4% 5/1/2042  | 60178 | 57434 |
| Freddie Mac Gold Pool 4% 5/1/2043  | 41895 | 39667 |
| Freddie Mac Gold Pool 4% 5/1/2043  | 14446 | 13657 |
| Freddie Mac Gold Pool 4% 5/1/2043  | 14243 | 13468 |
| Freddie Mac Gold Pool 4% 5/1/2043  | 13004 | 12298 |
| Freddie Mac Gold Pool 4% 5/1/2043  | 4287 | 4061 |
| Freddie Mac Gold Pool 4% 5/1/2045  | 1327519 | 1265929 |
| Freddie Mac Gold Pool 4% 5/1/2045  | 62443 | 58739 |
| Freddie Mac Gold Pool 4% 5/1/2048  | 1026511 | 960216 |
| Freddie Mac Gold Pool 4% 5/1/2050  | 1896504 | 1758086 |
| Freddie Mac Gold Pool 4% 5/1/2052  | 1769985 | 1630430 |
| Freddie Mac Gold Pool 4% 6/1/2038  | 63194 | 60552 |
| Freddie Mac Gold Pool 4% 6/1/2038  | 47101 | 45132 |
| Freddie Mac Gold Pool 4% 6/1/2041  | 15760 | 15001 |
| Freddie Mac Gold Pool 4% 6/1/2041  | 2784 | 2716 |
| Freddie Mac Gold Pool 4% 6/1/2043  | 36534 | 34850 |
| Freddie Mac Gold Pool 4% 6/1/2043  | 21805 | 20630 |
| Freddie Mac Gold Pool 4% 6/1/2045  | 47943 | 45146 |
| Freddie Mac Gold Pool 4% 6/1/2047  | 3075144 | 2880387 |
| Freddie Mac Gold Pool 4% 6/1/2047  | 592279 | 552938 |
| Freddie Mac Gold Pool 4% 6/1/2047  | 231365 | 217146 |
| Freddie Mac Gold Pool 4% 6/1/2048  | 2375166 | 2211462 |
| Freddie Mac Gold Pool 4% 6/1/2052  | 82381 | 76890 |
| Freddie Mac Gold Pool 4% 7/1/2041  | 3427 | 3261 |
| Freddie Mac Gold Pool 4% 7/1/2042  | 700797 | 665377 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 88071 | 83379 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 74971 | 71184 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 35542 | 33738 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 33629 | 31789 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 23589 | 22306 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 20474 | 19353 |
| Freddie Mac Gold Pool 4% 7/1/2043  | 7771 | 7348 |
| Freddie Mac Gold Pool 4% 7/1/2044  | 945089 | 902133 |
| Freddie Mac Gold Pool 4% 7/1/2045  | 153069 | 144140 |
| Freddie Mac Gold Pool 4% 7/1/2052  | 125944 | 117549 |
| Freddie Mac Gold Pool 4% 8/1/2038  | 358630 | 343637 |
| Freddie Mac Gold Pool 4% 8/1/2038  | 254406 | 243770 |
| Freddie Mac Gold Pool 4% 8/1/2043  | 39403 | 37294 |
| Freddie Mac Gold Pool 4% 8/1/2043  | 30822 | 29378 |
| Freddie Mac Gold Pool 4% 8/1/2043  | 26805 | 25548 |
| Freddie Mac Gold Pool 4% 8/1/2043  | 7067 | 6681 |
| Freddie Mac Gold Pool 4% 8/1/2044  | 9715 | 9232 |
| Freddie Mac Gold Pool 4% 8/1/2044  | 9522 | 8994 |
| Freddie Mac Gold Pool 4% 8/1/2048  | 1069687 | 995960 |
| Freddie Mac Gold Pool 4% 8/1/2052  | 60475 | 56425 |
| Freddie Mac Gold Pool 4% 9/1/2041  | 50327 | 48007 |
| Freddie Mac Gold Pool 4% 9/1/2041  | 16491 | 15726 |
| Freddie Mac Gold Pool 4% 9/1/2041  | 14986 | 14262 |
| Freddie Mac Gold Pool 4% 9/1/2041  | 9425 | 9019 |
| Freddie Mac Gold Pool 4% 9/1/2042  | 5207523 | 4953487 |
| Freddie Mac Gold Pool 4% 9/1/2042  | 50572 | 48346 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 62787 | 59525 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 56374 | 53411 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 54488 | 51685 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 49123 | 46430 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 47295 | 44743 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 32443 | 30755 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 17253 | 16294 |
| Freddie Mac Gold Pool 4% 9/1/2043  | 7555 | 7191 |
| Freddie Mac Gold Pool 4% 9/1/2044  | 41605 | 39330 |
| Freddie Mac Gold Pool 4% 9/1/2048  | 1404279 | 1307491 |
| Freddie Mac Gold Pool 4% 9/1/2048  | 259571 | 241681 |
| Freddie Mac Gold Pool 4% 9/1/2051  | 150979 | 141010 |
| Freddie Mac Gold Pool 4.5% 1/1/2040  | 15664 | 15441 |
| Freddie Mac Gold Pool 4.5% 1/1/2041  | 14159 | 13944 |
| Freddie Mac Gold Pool 4.5% 1/1/2041  | 9458 | 9328 |
| Freddie Mac Gold Pool 4.5% 1/1/2042  | 462584 | 455315 |
| Freddie Mac Gold Pool 4.5% 1/1/2045  | 16402 | 15898 |
| Freddie Mac Gold Pool 4.5% 1/1/2047  | 32596 | 31372 |
| Freddie Mac Gold Pool 4.5% 10/1/2035  | 1076 | 1064 |
| Freddie Mac Gold Pool 4.5% 10/1/2039  | 197775 | 194919 |
| Freddie Mac Gold Pool 4.5% 10/1/2039  | 47353 | 46644 |
| Freddie Mac Gold Pool 4.5% 10/1/2039  | 8636 | 8512 |
| Freddie Mac Gold Pool 4.5% 10/1/2039  | 1818 | 1790 |
| Freddie Mac Gold Pool 4.5% 10/1/2040  | 42637 | 41967 |
| Freddie Mac Gold Pool 4.5% 10/1/2040  | 28973 | 28475 |
| Freddie Mac Gold Pool 4.5% 10/1/2041  | 125960 | 123746 |
| Freddie Mac Gold Pool 4.5% 10/1/2043  | 23859 | 23329 |
| Freddie Mac Gold Pool 4.5% 10/1/2048  | 89037 | 85304 |
| Freddie Mac Gold Pool 4.5% 10/1/2048  | 38491 | 37118 |
| Freddie Mac Gold Pool 4.5% 11/1/2031  | 3562 | 3539 |
| Freddie Mac Gold Pool 4.5% 11/1/2039  | 1285 | 1266 |
| Freddie Mac Gold Pool 4.5% 11/1/2039  | 736 | 725 |
| Freddie Mac Gold Pool 4.5% 11/1/2040  | 23390 | 23026 |
| Freddie Mac Gold Pool 4.5% 11/1/2040  | 2223 | 2189 |
| Freddie Mac Gold Pool 4.5% 11/1/2044  | 125120 | 121477 |
| Freddie Mac Gold Pool 4.5% 11/1/2044  | 4992 | 4846 |
| Freddie Mac Gold Pool 4.5% 12/1/2039  | 1076 | 1059 |
| Freddie Mac Gold Pool 4.5% 12/1/2039  | 375 | 370 |
| Freddie Mac Gold Pool 4.5% 12/1/2040  | 17728 | 17422 |
| Freddie Mac Gold Pool 4.5% 12/1/2040  | 13436 | 13204 |
| Freddie Mac Gold Pool 4.5% 12/1/2040  | 895 | 880 |
| Freddie Mac Gold Pool 4.5% 12/1/2044  | 28323 | 27498 |
| Freddie Mac Gold Pool 4.5% 12/1/2044  | 4989 | 4844 |
| Freddie Mac Gold Pool 4.5% 12/1/2045  | 84345 | 83155 |
| Freddie Mac Gold Pool 4.5% 12/1/2046  | 44007 | 42355 |
| Freddie Mac Gold Pool 4.5% 12/1/2048  | 1693687 | 1625321 |
| Freddie Mac Gold Pool 4.5% 2/1/2037  | 1084 | 1073 |
| Freddie Mac Gold Pool 4.5% 2/1/2040  | 3044 | 3001 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 68379 | 67332 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 21035 | 20665 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 20430 | 20064 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 20213 | 19899 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 17762 | 17479 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 16995 | 16740 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 10918 | 10761 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 9278 | 9116 |
| Freddie Mac Gold Pool 4.5% 2/1/2041  | 8428 | 8300 |
| Freddie Mac Gold Pool 4.5% 2/1/2044  | 11645 | 11402 |
| Freddie Mac Gold Pool 4.5% 2/1/2047  | 159327 | 153195 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 176479 | 173686 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 82340 | 81057 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 19985 | 19677 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 17022 | 16757 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 16173 | 15910 |
| Freddie Mac Gold Pool 4.5% 3/1/2041  | 3543 | 3487 |
| Freddie Mac Gold Pool 4.5% 3/1/2042  | 1851 | 1822 |
| Freddie Mac Gold Pool 4.5% 3/1/2044  | 9520 | 9261 |
| Freddie Mac Gold Pool 4.5% 4/1/2041  | 226773 | 223149 |
| Freddie Mac Gold Pool 4.5% 4/1/2041  | 27064 | 26572 |
| Freddie Mac Gold Pool 4.5% 4/1/2041  | 23463 | 23064 |
| Freddie Mac Gold Pool 4.5% 4/1/2041  | 2660 | 2612 |
| Freddie Mac Gold Pool 4.5% 4/1/2041  | 1069 | 1052 |
| Freddie Mac Gold Pool 4.5% 4/1/2048  | 393632 | 377005 |
| Freddie Mac Gold Pool 4.5% 5/1/2035  | 7426 | 7352 |
| Freddie Mac Gold Pool 4.5% 5/1/2039  | 67039 | 66128 |
| Freddie Mac Gold Pool 4.5% 5/1/2039  | 15240 | 15026 |
| Freddie Mac Gold Pool 4.5% 5/1/2039  | 1291 | 1272 |
| Freddie Mac Gold Pool 4.5% 5/1/2040  | 2372 | 2337 |
| Freddie Mac Gold Pool 4.5% 5/1/2041  | 29273 | 28767 |
| Freddie Mac Gold Pool 4.5% 5/1/2041  | 29038 | 28513 |
| Freddie Mac Gold Pool 4.5% 5/1/2041  | 10155 | 9995 |
| Freddie Mac Gold Pool 4.5% 5/1/2045  | 140384 | 136077 |
| Freddie Mac Gold Pool 4.5% 5/1/2047  | 402217 | 386736 |
| Freddie Mac Gold Pool 4.5% 5/1/2047  | 300224 | 288669 |
| Freddie Mac Gold Pool 4.5% 5/1/2047  | 130107 | 125099 |
| Freddie Mac Gold Pool 4.5% 6/1/2025  | 20 | 19 |
| Freddie Mac Gold Pool 4.5% 6/1/2038  | 9275 | 9183 |
| Freddie Mac Gold Pool 4.5% 6/1/2039  | 3210 | 3163 |
| Freddie Mac Gold Pool 4.5% 6/1/2040  | 4975 | 4901 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 32931 | 32448 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 19478 | 19135 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 19316 | 19035 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 12157 | 11943 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 7968 | 7866 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 7774 | 7642 |
| Freddie Mac Gold Pool 4.5% 6/1/2041  | 1998 | 1964 |
| Freddie Mac Gold Pool 4.5% 6/1/2047  | 575166 | 553028 |
| Freddie Mac Gold Pool 4.5% 6/1/2047  | 91789 | 88399 |
| Freddie Mac Gold Pool 4.5% 7/1/2025  | 357 | 357 |
| Freddie Mac Gold Pool 4.5% 7/1/2040  | 32349 | 31879 |
| Freddie Mac Gold Pool 4.5% 7/1/2040  | 14167 | 13935 |
| Freddie Mac Gold Pool 4.5% 7/1/2040  | 12732 | 12536 |
| Freddie Mac Gold Pool 4.5% 7/1/2041  | 502582 | 493671 |
| Freddie Mac Gold Pool 4.5% 7/1/2041  | 9202 | 9055 |
| Freddie Mac Gold Pool 4.5% 7/1/2044  | 2870 | 2786 |
| Freddie Mac Gold Pool 4.5% 7/1/2047  | 241346 | 231981 |
| Freddie Mac Gold Pool 4.5% 7/1/2047  | 166873 | 161233 |
| Freddie Mac Gold Pool 4.5% 7/1/2047  | 72611 | 69907 |
| Freddie Mac Gold Pool 4.5% 7/1/2049  | 9336881 | 8951235 |
| Freddie Mac Gold Pool 4.5% 8/1/2033  | 3753 | 3722 |
| Freddie Mac Gold Pool 4.5% 8/1/2035  | 1009 | 999 |
| Freddie Mac Gold Pool 4.5% 8/1/2040  | 25466 | 25078 |
| Freddie Mac Gold Pool 4.5% 8/1/2040  | 6933 | 6824 |
| Freddie Mac Gold Pool 4.5% 8/1/2040  | 1777 | 1750 |
| Freddie Mac Gold Pool 4.5% 8/1/2040  | 1166 | 1149 |
| Freddie Mac Gold Pool 4.5% 8/1/2041  | 80738 | 79444 |
| Freddie Mac Gold Pool 4.5% 8/1/2041  | 13277 | 13069 |
| Freddie Mac Gold Pool 4.5% 8/1/2041  | 11322 | 11122 |
| Freddie Mac Gold Pool 4.5% 8/1/2041  | 9076 | 8937 |
| Freddie Mac Gold Pool 4.5% 8/1/2041  | 467 | 460 |
| Freddie Mac Gold Pool 4.5% 9/1/2039  | 51249 | 50620 |
| Freddie Mac Gold Pool 4.5% 9/1/2039  | 4876 | 4807 |
| Freddie Mac Gold Pool 4.5% 9/1/2039  | 707 | 697 |
| Freddie Mac Gold Pool 4.5% 9/1/2040  | 21418 | 21089 |
| Freddie Mac Gold Pool 4.5% 9/1/2041  | 197919 | 195000 |
| Freddie Mac Gold Pool 4.5% 9/1/2041  | 112195 | 110420 |
| Freddie Mac Gold Pool 4.5% 9/1/2041  | 84225 | 82861 |
| Freddie Mac Gold Pool 4.5% 9/1/2041  | 11319 | 11143 |
| Freddie Mac Gold Pool 4.5% 9/1/2041  | 2281 | 2245 |
| Freddie Mac Gold Pool 5% 1/1/2035  | 89535 | 90141 |
| Freddie Mac Gold Pool 5% 1/1/2037  | 3937 | 3966 |
| Freddie Mac Gold Pool 5% 1/1/2040  | 36709 | 36949 |
| Freddie Mac Gold Pool 5% 1/1/2041  | 2485 | 2501 |
| Freddie Mac Gold Pool 5% 1/1/2053  | 11922339 | 11648957 |
| Freddie Mac Gold Pool 5% 10/1/2033  | 9810 | 9877 |
| Freddie Mac Gold Pool 5% 10/1/2033  | 6942 | 6989 |
| Freddie Mac Gold Pool 5% 10/1/2033  | 344 | 346 |
| Freddie Mac Gold Pool 5% 10/1/2052  | 19000944 | 18612750 |
| Freddie Mac Gold Pool 5% 11/1/2033  | 21838 | 21982 |
| Freddie Mac Gold Pool 5% 11/1/2035  | 5589 | 5629 |
| Freddie Mac Gold Pool 5% 11/1/2037  | 479 | 482 |
| Freddie Mac Gold Pool 5% 11/1/2040  | 5250 | 5285 |
| Freddie Mac Gold Pool 5% 11/1/2052  | 29135937 | 28531579 |
| Freddie Mac Gold Pool 5% 11/1/2052  | 8564268 | 8413385 |
| Freddie Mac Gold Pool 5% 11/1/2053  | 460275 | 446521 |
| Freddie Mac Gold Pool 5% 12/1/2033  | 6523 | 6568 |
| Freddie Mac Gold Pool 5% 12/1/2033  | 3812 | 3838 |
| Freddie Mac Gold Pool 5% 12/1/2033  | 1248 | 1256 |
| Freddie Mac Gold Pool 5% 12/1/2034  | 8840 | 8902 |
| Freddie Mac Gold Pool 5% 12/1/2035  | 15504 | 15616 |
| Freddie Mac Gold Pool 5% 12/1/2052  | 20104261 | 19687244 |
| Freddie Mac Gold Pool 5% 12/1/2052  | 3512454 | 3439597 |
| Freddie Mac Gold Pool 5% 12/1/2052  | 3468163 | 3396224 |
| Freddie Mac Gold Pool 5% 12/1/2052  | 3229576 | 3162586 |
| Freddie Mac Gold Pool 5% 12/1/2054  | 1530107 | 1481872 |
| Freddie Mac Gold Pool 5% 2/1/2035  | 9058 | 9115 |
| Freddie Mac Gold Pool 5% 2/1/2040  | 7984 | 8035 |
| Freddie Mac Gold Pool 5% 2/1/2041  | 5993 | 6030 |
| Freddie Mac Gold Pool 5% 2/1/2041  | 5626 | 5660 |
| Freddie Mac Gold Pool 5% 3/1/2041  | 11532 | 11606 |
| Freddie Mac Gold Pool 5% 3/1/2041  | 11306 | 11374 |
| Freddie Mac Gold Pool 5% 3/1/2041  | 1682 | 1684 |
| Freddie Mac Gold Pool 5% 4/1/2034  | 3195 | 3217 |
| Freddie Mac Gold Pool 5% 4/1/2035  | 22672 | 22826 |
| Freddie Mac Gold Pool 5% 4/1/2035  | 8002 | 8059 |
| Freddie Mac Gold Pool 5% 4/1/2035  | 5859 | 5901 |
| Freddie Mac Gold Pool 5% 4/1/2036  | 57340 | 57752 |
| Freddie Mac Gold Pool 5% 4/1/2040  | 49998 | 50320 |
| Freddie Mac Gold Pool 5% 4/1/2041  | 2509 | 2524 |
| Freddie Mac Gold Pool 5% 5/1/2034  | 3876 | 3903 |
| Freddie Mac Gold Pool 5% 5/1/2034  | 2701 | 2719 |
| Freddie Mac Gold Pool 5% 5/1/2034  | 1939 | 1952 |
| Freddie Mac Gold Pool 5% 5/1/2034  | 314 | 316 |
| Freddie Mac Gold Pool 5% 5/1/2035  | 22151 | 22308 |
| Freddie Mac Gold Pool 5% 5/1/2035  | 787 | 792 |
| Freddie Mac Gold Pool 5% 5/1/2040  | 7069 | 7115 |
| Freddie Mac Gold Pool 5% 5/1/2041  | 10133 | 10194 |
| Freddie Mac Gold Pool 5% 5/1/2052  | 7166563 | 7022388 |
| Freddie Mac Gold Pool 5% 5/1/2052  | 582991 | 573267 |
| Freddie Mac Gold Pool 5% 6/1/2035  | 4150 | 4179 |
| Freddie Mac Gold Pool 5% 6/1/2035  | 1844 | 1857 |
| Freddie Mac Gold Pool 5% 6/1/2038  | 1559 | 1569 |
| Freddie Mac Gold Pool 5% 6/1/2038  | 1158 | 1166 |
| Freddie Mac Gold Pool 5% 6/1/2040  | 32047 | 32255 |
| Freddie Mac Gold Pool 5% 6/1/2040  | 25550 | 25715 |
| Freddie Mac Gold Pool 5% 6/1/2041  | 804317 | 809446 |
| Freddie Mac Gold Pool 5% 6/1/2041  | 12469 | 12525 |
| Freddie Mac Gold Pool 5% 6/1/2052  | 8819826 | 8642392 |
| Freddie Mac Gold Pool 5% 6/1/2052  | 3860501 | 3794901 |
| Freddie Mac Gold Pool 5% 6/1/2052  | 1814288 | 1784026 |
| Freddie Mac Gold Pool 5% 6/1/2053  | 28493 | 27659 |
| Freddie Mac Gold Pool 5% 7/1/2033  | 1289 | 1287 |
| Freddie Mac Gold Pool 5% 7/1/2035  | 144621 | 145633 |
| Freddie Mac Gold Pool 5% 7/1/2035  | 20138 | 20283 |
| Freddie Mac Gold Pool 5% 7/1/2035  | 1045 | 1053 |
| Freddie Mac Gold Pool 5% 7/1/2035  | 333 | 335 |
| Freddie Mac Gold Pool 5% 7/1/2035  | 116 | 117 |
| Freddie Mac Gold Pool 5% 7/1/2040  | 5990 | 6030 |
| Freddie Mac Gold Pool 5% 7/1/2041  | 14597 | 14683 |
| Freddie Mac Gold Pool 5% 7/1/2041  | 13494 | 13555 |
| Freddie Mac Gold Pool 5% 7/1/2041  | 8401 | 8457 |
| Freddie Mac Gold Pool 5% 7/1/2041  | 7930 | 7977 |
| Freddie Mac Gold Pool 5% 7/1/2041  | 6538 | 6578 |
| Freddie Mac Gold Pool 5% 7/1/2041  | 5184 | 5217 |
| Freddie Mac Gold Pool 5% 7/1/2041  | 4441 | 4473 |
| Freddie Mac Gold Pool 5% 8/1/2033  | 2626 | 2644 |
| Freddie Mac Gold Pool 5% 8/1/2033  | 792 | 798 |
| Freddie Mac Gold Pool 5% 8/1/2034  | 35080 | 35321 |
| Freddie Mac Gold Pool 5% 8/1/2035  | 2876 | 2896 |
| Freddie Mac Gold Pool 5% 8/1/2035  | 393 | 395 |
| Freddie Mac Gold Pool 5% 8/1/2036  | 13049 | 13143 |
| Freddie Mac Gold Pool 5% 8/1/2036  | 802 | 808 |
| Freddie Mac Gold Pool 5% 8/1/2040  | 27617 | 27799 |
| Freddie Mac Gold Pool 5% 8/1/2040  | 1418 | 1428 |
| Freddie Mac Gold Pool 5% 9/1/2033  | 8432 | 8488 |
| Freddie Mac Gold Pool 5% 9/1/2035  | 18430 | 18563 |
| Freddie Mac Gold Pool 5% 9/1/2035  | 824 | 829 |
| Freddie Mac Gold Pool 5% 9/1/2035  | 89 | 89 |
| Freddie Mac Gold Pool 5% 9/1/2052  | 7185044 | 7038252 |
| Freddie Mac Gold Pool 5% 9/1/2052  | 2305456 | 2245748 |
| Freddie Mac Gold Pool 5% 9/1/2054  | 1931877 | 1878372 |
| Freddie Mac Gold Pool 5.5% 1/1/2055  | 37543717 | 37672019 |
| Freddie Mac Gold Pool 5.5% 1/1/2055  | 11511360 | 11500337 |
| Freddie Mac Gold Pool 5.5% 10/1/2054  | 19328965 | 19310456 |
| Freddie Mac Gold Pool 5.5% 11/1/2054  | 18078043 | 18117225 |
| Freddie Mac Gold Pool 5.5% 2/1/2054  | 3258686 | 3236218 |
| Freddie Mac Gold Pool 5.5% 2/1/2054  | 3022324 | 3003374 |
| Freddie Mac Gold Pool 5.5% 2/1/2055  | 19021020 | 18842316 |
| Freddie Mac Gold Pool 5.5% 3/1/2034  | 48823 | 50072 |
| Freddie Mac Gold Pool 5.5% 3/1/2053 (s)(t)(u)(v) | 59484480 | 59650585 |
| Freddie Mac Gold Pool 5.5% 3/1/2055  | 2849716 | 2822943 |
| Freddie Mac Gold Pool 5.5% 3/1/2055  | 1784834 | 1768065 |
| Freddie Mac Gold Pool 5.5% 4/1/2055  | 596598 | 591180 |
| Freddie Mac Gold Pool 5.5% 5/1/2034  | 349137 | 357488 |
| Freddie Mac Gold Pool 5.5% 5/1/2053  | 17546582 | 17518813 |
| Freddie Mac Gold Pool 5.5% 5/1/2054  | 12088924 | 12001791 |
| Freddie Mac Gold Pool 5.5% 5/1/2054  | 8362660 | 8287490 |
| Freddie Mac Gold Pool 5.5% 5/1/2055  | 2553180 | 2529991 |
| Freddie Mac Gold Pool 5.5% 6/1/2054  | 8030638 | 7958452 |
| Freddie Mac Gold Pool 5.5% 7/1/2035  | 30910 | 31690 |
| Freddie Mac Gold Pool 5.5% 9/1/2052  | 23338224 | 23315876 |
| Freddie Mac Gold Pool 5.5% 9/1/2053  | 21591648 | 21624951 |
| Freddie Mac Gold Pool 5.5% 9/1/2054  | 11927542 | 11819209 |
| Freddie Mac Gold Pool 5.5% 9/1/2054  | 6438545 | 6380066 |
| Freddie Mac Gold Pool 5.5% 9/1/2054  | 4662684 | 4665504 |
| Freddie Mac Gold Pool 6% 1/1/2029  | 116 | 119 |
| Freddie Mac Gold Pool 6% 1/1/2032  | 1989 | 2055 |
| Freddie Mac Gold Pool 6% 1/1/2032  | 1263 | 1303 |
| Freddie Mac Gold Pool 6% 10/1/2032  | 1061 | 1098 |
| Freddie Mac Gold Pool 6% 10/1/2034  | 2371 | 2442 |
| Freddie Mac Gold Pool 6% 10/1/2054  | 18666416 | 19120212 |
| Freddie Mac Gold Pool 6% 11/1/2028  | 141 | 144 |
| Freddie Mac Gold Pool 6% 11/1/2029  | 99 | 101 |
| Freddie Mac Gold Pool 6% 11/1/2031  | 1346 | 1391 |
| Freddie Mac Gold Pool 6% 11/1/2032  | 11012 | 11381 |
| Freddie Mac Gold Pool 6% 11/1/2052  | 1381299 | 1403225 |
| Freddie Mac Gold Pool 6% 11/1/2053  | 5238360 | 5337880 |
| Freddie Mac Gold Pool 6% 12/1/2032  | 556 | 576 |
| Freddie Mac Gold Pool 6% 12/1/2037  | 28948 | 30370 |
| Freddie Mac Gold Pool 6% 12/1/2037  | 7493 | 7862 |
| Freddie Mac Gold Pool 6% 12/1/2052  | 2892949 | 2952430 |
| Freddie Mac Gold Pool 6% 2/1/2029  | 112 | 114 |
| Freddie Mac Gold Pool 6% 2/1/2029  | 67 | 68 |
| Freddie Mac Gold Pool 6% 2/1/2029  | 43 | 43 |
| Freddie Mac Gold Pool 6% 2/1/2029  | 4 | 3 |
| Freddie Mac Gold Pool 6% 2/1/2055  | 5218254 | 5345114 |
| Freddie Mac Gold Pool 6% 3/1/2029  | 94 | 95 |
| Freddie Mac Gold Pool 6% 4/1/2029  | 36 | 35 |
| Freddie Mac Gold Pool 6% 4/1/2031  | 1030 | 1061 |
| Freddie Mac Gold Pool 6% 4/1/2032  | 2970 | 3069 |
| Freddie Mac Gold Pool 6% 4/1/2033  | 3650 | 3777 |
| Freddie Mac Gold Pool 6% 4/1/2054 (s) | 53234909 | 54479185 |
| Freddie Mac Gold Pool 6% 5/1/2029  | 218 | 221 |
| Freddie Mac Gold Pool 6% 5/1/2029  | 43 | 43 |
| Freddie Mac Gold Pool 6% 5/1/2033  | 28255 | 29099 |
| Freddie Mac Gold Pool 6% 5/1/2054  | 30399375 | 31138408 |
| Freddie Mac Gold Pool 6% 6/1/2029  | 500 | 508 |
| Freddie Mac Gold Pool 6% 6/1/2029  | 194 | 198 |
| Freddie Mac Gold Pool 6% 6/1/2029  | 94 | 95 |
| Freddie Mac Gold Pool 6% 6/1/2031  | 347 | 358 |
| Freddie Mac Gold Pool 6% 6/1/2054  | 45942 | 46603 |
| Freddie Mac Gold Pool 6% 7/1/2029  | 157 | 160 |
| Freddie Mac Gold Pool 6% 7/1/2029  | 83 | 84 |
| Freddie Mac Gold Pool 6% 7/1/2029  | 50 | 50 |
| Freddie Mac Gold Pool 6% 7/1/2032  | 2643 | 2727 |
| Freddie Mac Gold Pool 6% 7/1/2033  | 3464 | 3594 |
| Freddie Mac Gold Pool 6% 7/1/2037  | 2251 | 2362 |
| Freddie Mac Gold Pool 6% 7/1/2039  | 66085899 | 67701812 |
| Freddie Mac Gold Pool 6% 8/1/2037  | 25198 | 26394 |
| Freddie Mac Gold Pool 6% 9/1/2033  | 24134 | 25011 |
| Freddie Mac Gold Pool 6% 9/1/2036  | 9623 | 10084 |
| Freddie Mac Gold Pool 6% 9/1/2054 (t) | 38309003 | 39276240 |
| Freddie Mac Gold Pool 6% 9/1/2054  | 22621811 | 23065725 |
| Freddie Mac Gold Pool 6.5% 1/1/2032  | 17087 | 17784 |
| Freddie Mac Gold Pool 6.5% 1/1/2054  | 27720702 | 28743526 |
| Freddie Mac Gold Pool 6.5% 1/1/2054  | 11815901 | 12266648 |
| Freddie Mac Gold Pool 6.5% 1/1/2054  | 2981715 | 3089869 |
| Freddie Mac Gold Pool 6.5% 10/1/2032  | 10097 | 10531 |
| Freddie Mac Gold Pool 6.5% 10/1/2053  | 6723889 | 6967782 |
| Freddie Mac Gold Pool 6.5% 10/1/2053  | 6612765 | 6856760 |
| Freddie Mac Gold Pool 6.5% 12/1/2053  | 4519016 | 4695218 |
| Freddie Mac Gold Pool 6.5% 2/1/2037  | 844 | 888 |
| Freddie Mac Gold Pool 6.5% 2/1/2054  | 12812697 | 13277446 |
| Freddie Mac Gold Pool 6.5% 3/1/2032  | 403 | 420 |
| Freddie Mac Gold Pool 6.5% 3/1/2032  | 221 | 231 |
| Freddie Mac Gold Pool 6.5% 3/1/2036  | 79665 | 82882 |
| Freddie Mac Gold Pool 6.5% 3/1/2037  | 740 | 785 |
| Freddie Mac Gold Pool 6.5% 4/1/2032  | 961 | 1000 |
| Freddie Mac Gold Pool 6.5% 4/1/2032  | 199 | 208 |
| Freddie Mac Gold Pool 6.5% 5/1/2031  | 456 | 474 |
| Freddie Mac Gold Pool 6.5% 5/1/2033  | 5336 | 5511 |
| Freddie Mac Gold Pool 6.5% 6/1/2054  | 33929894 | 35266647 |
| Freddie Mac Gold Pool 6.5% 6/1/2054  | 19405432 | 20213923 |
| Freddie Mac Gold Pool 6.5% 7/1/2032  | 199 | 208 |
| Freddie Mac Gold Pool 6.5% 8/1/2032  | 3049 | 3172 |
| Freddie Mac Gold Pool 6.5% 8/1/2032  | 2055 | 2142 |
| Freddie Mac Gold Pool 6.5% 8/1/2032  | 1937 | 2018 |
| Freddie Mac Gold Pool 6.5% 9/1/2039  | 101686 | 107938 |
| Freddie Mac Gold Pool 6.5% 9/1/2053  | 4025253 | 4182894 |
| Freddie Mac Gold Pool 6.5% 9/1/2053  | 3883957 | 4024838 |
| Freddie Mac Gold Pool 6.5% 9/1/2054  | 22999338 | 23971936 |
| Freddie Mac Gold Pool 7% 1/1/2036  | 4695 | 4942 |
| Freddie Mac Gold Pool 7% 11/1/2026  | 168 | 170 |
| Freddie Mac Gold Pool 7% 11/1/2034  | 7594 | 7991 |
| Freddie Mac Gold Pool 7% 11/1/2034  | 7037 | 7441 |
| Freddie Mac Gold Pool 7% 12/1/2026  | 844 | 851 |
| Freddie Mac Gold Pool 7% 2/1/2027  | 68 | 68 |
| Freddie Mac Gold Pool 7% 3/1/2026  | 247 | 248 |
| Freddie Mac Gold Pool 7% 4/1/2032  | 2575 | 2692 |
| Freddie Mac Gold Pool 7% 4/1/2032  | 1122 | 1184 |
| Freddie Mac Gold Pool 7% 7/1/2026  | 104 | 105 |
| Freddie Mac Gold Pool 7% 7/1/2029  | 12653 | 13198 |
| Freddie Mac Gold Pool 7% 8/1/2026  | 1211 | 1219 |
| Freddie Mac Gold Pool 7% 8/1/2034  | 898 | 959 |
| Freddie Mac Gold Pool 7% 9/1/2026  | 1465 | 1476 |
| Freddie Mac Gold Pool 7% 9/1/2035  | 19602 | 20672 |
| Freddie Mac Gold Pool 7.5% 1/1/2027  | 35 | 34 |
| Freddie Mac Gold Pool 7.5% 11/1/2029  | 184 | 192 |
| Freddie Mac Gold Pool 7.5% 11/1/2030  | 92 | 98 |
| Freddie Mac Gold Pool 7.5% 2/1/2032  | 14252 | 15143 |
| Freddie Mac Gold Pool 7.5% 5/1/2031  | 114 | 119 |
| Freddie Mac Gold Pool 7.5% 6/1/2027  | 52 | 52 |
| Freddie Mac Gold Pool 7.5% 7/1/2034  | 6074 | 6335 |
| Freddie Mac Gold Pool 7.5% 9/1/2030  | 583 | 616 |
| Freddie Mac Gold Pool 7.5% 9/1/2030  | 39 | 40 |
| Freddie Mac Gold Pool 7.5% 9/1/2030  | 10 | 9 |
| Freddie Mac Gold Pool 7.5% 9/1/2031  | 390 | 413 |
| Freddie Mac Gold Pool 8% 11/1/2031  | 311 | 322 |
| Freddie Mac Gold Pool 8% 2/1/2030  | 33 | 33 |
| Freddie Mac Gold Pool 8% 4/1/2032  | 43 | 43 |
| Freddie Mac Gold Pool 8% 7/1/2030  | 284 | 295 |
| Freddie Mac Gold Pool 8% 8/1/2030  | 660 | 682 |
| Freddie Mac Gold Pool 8% 8/1/2030  | 23 | 23 |
| Freddie Mac Gold Pool 8% 8/1/2030  | 9 | 9 |
| Freddie Mac Gold Pool 8% 9/1/2030  | 19 | 19 |
| Freddie Mac Gold Pool 8.5% 1/1/2028  | 5 | 4 |
| Freddie Mac Gold Pool 8.5% 12/1/2027  | 8 | 7 |
| Freddie Mac Gold Pool 8.5% 5/1/2027  | 12 | 11 |
| Freddie Mac Gold Pool 8.5% 5/1/2027  | 4 | 3 |
| Freddie Mac Gold Pool 8.5% 8/1/2026  | 20 | 19 |
| Freddie Mac Gold Pool 8.5% 8/1/2027  | 295 | 301 |
| Freddie Mac Gold Pool 8.5% 8/1/2027  | 18 | 17 |
| Freddie Mac Gold Pool 8.5% 9/1/2026  | 11 | 10 |
| Freddie Mac Manufactured Housing participation certificates 5.5% 4/1/2055  | 28269344 | 28047922 |
| Freddie Mac Manufactured Housing participation certificates 6% 3/1/2055  | 14380602 | 14695378 |
| Freddie Mac Manufactured Housing participation certificates 6.5% 3/1/2055  | 6563760 | 6835688 |
| Freddie Mac Manufactured Housing participation certificates 6.5% 3/1/2055  | 6110810 | 6373521 |
| Freddie Mac Manufactured Housing participation certificates 6.5% 3/1/2055  | 1930770 | 2024787 |
| Freddie Mac Multifamily Structured pass-thru certificates 5.5% 9/1/2054  | 6866651 | 6804283 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.325%, 6.133% 1/1/2036 (c)(d) | 3383 | 3435 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.375%, 6.381% 3/1/2036 (c)(d) | 13870 | 14111 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.5%, 6.5% 3/1/2036 (c)(d) | 14070 | 14426 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.75%, 6.61% 12/1/2040 (c)(d) | 110048 | 114015 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.75%, 7.3% 9/1/2041 (c)(d) | 34839 | 36089 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.75%, 7.567% 7/1/2041 (c)(d) | 24834 | 25699 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.864%, 6.864% 4/1/2036 (c)(d) | 7289 | 7532 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.88%, 6.88% 4/1/2041 (c)(d) | 589 | 613 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.88%, 7.601% 9/1/2041 (c)(d) | 4503 | 4676 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 7.125% 5/1/2041 (c)(d) | 8366 | 8709 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 7.308% 5/1/2041 (c)(d) | 5711 | 5930 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 7.572% 6/1/2041 (c)(d) | 8032 | 8341 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.91%, 7.785% 6/1/2041 (c)(d) | 2320 | 2408 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.927%, 7.283% 10/1/2042 (c)(d) | 14232 | 14754 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 1.961%, 7.711% 6/1/2033 (c)(d) | 2577 | 2637 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.01%, 7.009% 4/1/2038 (c)(d) | 5925 | 6175 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.031%, 7.658% 3/1/2033 (c)(d) | 110 | 111 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.045%, 7.905% 7/1/2036 (c)(d) | 6218 | 6417 |
| Freddie Mac Non Gold Pool 1 year FTSE USD IBOR Consumer Fallbacks + 2.2%, 6.825% 12/1/2036 (c)(d) | 11482 | 11962 |
| Freddie Mac Non Gold Pool 1 year U.S. Treasury Index + 2.035%, 6.681% 6/1/2033 (c)(d) | 10882 | 11024 |
| Freddie Mac Non Gold Pool 1 year U.S. Treasury Index + 2.247%, 7.038% 6/1/2033 (c)(d) | 19335 | 19623 |
| Freddie Mac Non Gold Pool 1 year U.S. Treasury Index + 2.375%, 7.219% 3/1/2035 (c)(d) | 33144 | 33793 |
| Freddie Mac Non Gold Pool 4% 9/1/2040  | 4138 | 3962 |
| Freddie Mac Non Gold Pool 5% 8/1/2053  | 7705901 | 7502112 |
| Freddie Mac Non Gold Pool 5.5% 12/1/2054  | 6103814 | 6046468 |
| Freddie Mac Non Gold Pool 5.5% 12/1/2054  | 6018393 | 5961850 |
| Freddie Mac Non Gold Pool 5.5% 2/1/2055  | 1014896 | 1006392 |
| Freddie Mac Non Gold Pool 5.5% 2/1/2055  | 39989 | 39614 |
| Freddie Mac Non Gold Pool 5.5% 4/1/2055  | 11779022 | 11786147 |
| Freddie Mac Non Gold Pool 5.5% 5/1/2053  | 8147879 | 8157900 |
| Freddie Mac Non Gold Pool 5.5% 6/1/2053  | 4107062 | 4103129 |
| Freddie Mac Non Gold Pool 5.5% 7/1/2053  | 5758119 | 5752605 |
| Freddie Mac Non Gold Pool 5.5% 8/1/2053  | 26795354 | 26819936 |
| Freddie Mac Non Gold Pool 5.5% 8/1/2053  | 9107670 | 9116026 |
| Freddie Mac Non Gold Pool 5.5% 8/1/2053  | 8993820 | 8985208 |
| Freddie Mac Non Gold Pool 6 month FTSE USD IBOR Consumer Fallbacks + 1.125%, 6% 8/1/2037 (c)(d) | 4239 | 4255 |
| Freddie Mac Non Gold Pool 6 month FTSE USD IBOR Consumer Fallbacks + 1.665%, 6.29% 10/1/2036 (c)(d) | 7254 | 7378 |
| Freddie Mac Non Gold Pool 6 month FTSE USD IBOR Consumer Fallbacks + 1.995%, 6.662% 10/1/2035 (c)(d) | 8319 | 8504 |
| Freddie Mac Non Gold Pool 6 month FTSE USD IBOR Consumer Fallbacks + 2.02%, 6.635% 6/1/2037 (c)(d) | 13472 | 13845 |
| Freddie Mac Non Gold Pool 6 month FTSE USD IBOR Consumer Fallbacks + 3.281%, 7.906% 10/1/2035 (c)(d) | 646 | 673 |
| Freddie Mac Non Gold Pool 6% 11/1/2054  | 14618002 | 14927696 |
| Freddie Mac Non Gold Pool 6% 6/1/2053  | 11143526 | 11358716 |
| Freddie Mac Non Gold Pool 6% 6/1/2053  | 11096840 | 11328468 |
| Freddie Mac Non Gold Pool 6% 6/1/2053  | 9488830 | 9675032 |
| Freddie Mac Non Gold Pool 6% 6/1/2054  | 18411259 | 18795562 |
| Freddie Mac Non Gold Pool 6% 7/1/2053  | 11002235 | 11231888 |
| Freddie Mac Non Gold Pool 6% 7/1/2053  | 9743245 | 9934440 |
| Freddie Mac Non Gold Pool 6% 9/1/2053  | 9953625 | 10148948 |
| Freddie Mac Non Gold Pool 6.5% 1/1/2055  | 11692942 | 12137171 |
| Ginnie Mae I Pool 2% 11/20/2052  | 20518 | 16511 |
| Ginnie Mae I Pool 2% 3/20/2053  | 1896209 | 1524865 |
| Ginnie Mae I Pool 2% 5/20/2053  | 1180608 | 948759 |
| Ginnie Mae I Pool 2% 6/20/2053  | 1499844 | 1205303 |
| Ginnie Mae I Pool 2% 8/20/2052  | 19113 | 15457 |
| Ginnie Mae I Pool 2% 9/20/2052  | 117288 | 94291 |
| Ginnie Mae I Pool 2.5% 1/20/2052  | 13069670 | 10860381 |
| Ginnie Mae I Pool 2.5% 12/20/2051  | 20167868 | 16758705 |
| Ginnie Mae I Pool 2.5% 12/20/2051  | 10546050 | 8763352 |
| Ginnie Mae I Pool 2.5% 12/20/2051  | 9758778 | 8109160 |
| Ginnie Mae I Pool 2.5% 8/20/2051  | 66662509 | 55393920 |
| Ginnie Mae I Pool 2.5% 8/20/2051  | 17448262 | 14498819 |
| Ginnie Mae I Pool 2.5% 8/20/2051  | 8225631 | 6835175 |
| Ginnie Mae I Pool 2.5% 9/20/2051  | 27823956 | 23120612 |
| Ginnie Mae I Pool 2.5% 9/20/2051  | 17187969 | 14282525 |
| Ginnie Mae I Pool 3% 12/15/2042  | 164195 | 147364 |
| Ginnie Mae I Pool 3% 12/20/2042  | 231268 | 209765 |
| Ginnie Mae I Pool 3% 2/15/2045  | 95317 | 84772 |
| Ginnie Mae I Pool 3% 2/15/2045  | 72803 | 64620 |
| Ginnie Mae I Pool 3% 2/20/2050  | 3138071 | 2733346 |
| Ginnie Mae I Pool 3% 2/20/2050  | 1484524 | 1293061 |
| Ginnie Mae I Pool 3% 3/15/2045  | 136652 | 121341 |
| Ginnie Mae I Pool 3% 3/20/2043  | 153416 | 139172 |
| Ginnie Mae I Pool 3% 3/20/2043  | 63481 | 57635 |
| Ginnie Mae I Pool 3% 4/15/2043  | 18793 | 16803 |
| Ginnie Mae I Pool 3% 4/15/2043  | 17233 | 15486 |
| Ginnie Mae I Pool 3% 4/15/2045  | 54936 | 48761 |
| Ginnie Mae I Pool 3% 4/15/2045  | 4335 | 3836 |
| Ginnie Mae I Pool 3% 5/15/2042  | 25738 | 23261 |
| Ginnie Mae I Pool 3% 5/15/2043  | 18382 | 16280 |
| Ginnie Mae I Pool 3% 5/15/2043  | 14433 | 12948 |
| Ginnie Mae I Pool 3% 5/15/2043  | 13318 | 11979 |
| Ginnie Mae I Pool 3% 5/15/2043  | 5378 | 4806 |
| Ginnie Mae I Pool 3% 5/15/2043  | 4824 | 4324 |
| Ginnie Mae I Pool 3% 5/15/2045  | 903 | 799 |
| Ginnie Mae I Pool 3% 6/15/2042  | 7720 | 6953 |
| Ginnie Mae I Pool 3% 6/15/2043  | 28694 | 25853 |
| Ginnie Mae I Pool 3% 6/15/2043  | 23167 | 20985 |
| Ginnie Mae I Pool 3% 6/15/2043  | 18320 | 16366 |
| Ginnie Mae I Pool 3% 6/20/2042  | 36635 | 33211 |
| Ginnie Mae I Pool 3.5% 1/15/2041  | 5461 | 5093 |
| Ginnie Mae I Pool 3.5% 1/15/2042  | 70814 | 65519 |
| Ginnie Mae I Pool 3.5% 1/15/2042  | 55399 | 51345 |
| Ginnie Mae I Pool 3.5% 1/15/2042  | 774 | 719 |
| Ginnie Mae I Pool 3.5% 1/15/2043  | 78587 | 72795 |
| Ginnie Mae I Pool 3.5% 1/15/2043  | 2580 | 2393 |
| Ginnie Mae I Pool 3.5% 1/20/2048  | 1193397 | 1075907 |
| Ginnie Mae I Pool 3.5% 11/15/2040  | 9803 | 9141 |
| Ginnie Mae I Pool 3.5% 11/15/2042  | 183540 | 170111 |
| Ginnie Mae I Pool 3.5% 12/15/2040  | 2042 | 1905 |
| Ginnie Mae I Pool 3.5% 12/15/2041  | 69854 | 64800 |
| Ginnie Mae I Pool 3.5% 12/15/2041  | 62914 | 58294 |
| Ginnie Mae I Pool 3.5% 12/15/2041  | 39195 | 36503 |
| Ginnie Mae I Pool 3.5% 12/15/2041  | 6835 | 6361 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 171152 | 152644 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 78027 | 69346 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 60499 | 54108 |
| Ginnie Mae I Pool 3.5% 12/20/2049  | 18179 | 16149 |
| Ginnie Mae I Pool 3.5% 2/15/2042  | 76112 | 70754 |
| Ginnie Mae I Pool 3.5% 2/15/2042  | 61549 | 56996 |
| Ginnie Mae I Pool 3.5% 2/15/2042  | 48430 | 44835 |
| Ginnie Mae I Pool 3.5% 2/15/2042  | 26676 | 24798 |
| Ginnie Mae I Pool 3.5% 2/15/2042  | 3341 | 3104 |
| Ginnie Mae I Pool 3.5% 2/15/2043  | 348533 | 323800 |
| Ginnie Mae I Pool 3.5% 2/15/2043  | 39792 | 36816 |
| Ginnie Mae I Pool 3.5% 2/15/2043  | 14372 | 13324 |
| Ginnie Mae I Pool 3.5% 2/15/2044  | 51907 | 47737 |
| Ginnie Mae I Pool 3.5% 2/20/2041  | 501484 | 470732 |
| Ginnie Mae I Pool 3.5% 2/20/2043  | 110756 | 102849 |
| Ginnie Mae I Pool 3.5% 3/15/2042  | 14963 | 13922 |
| Ginnie Mae I Pool 3.5% 3/15/2042  | 6494 | 6035 |
| Ginnie Mae I Pool 3.5% 3/15/2042  | 6424 | 5959 |
| Ginnie Mae I Pool 3.5% 3/15/2042  | 1914 | 1774 |
| Ginnie Mae I Pool 3.5% 3/15/2043  | 27202 | 25226 |
| Ginnie Mae I Pool 3.5% 3/15/2043  | 2728 | 2525 |
| Ginnie Mae I Pool 3.5% 3/20/2043  | 50161 | 46567 |
| Ginnie Mae I Pool 3.5% 4/15/2043  | 301337 | 280122 |
| Ginnie Mae I Pool 3.5% 4/15/2043  | 55543 | 51260 |
| Ginnie Mae I Pool 3.5% 5/15/2042  | 19128 | 17781 |
| Ginnie Mae I Pool 3.5% 5/15/2042  | 13508 | 12553 |
| Ginnie Mae I Pool 3.5% 5/15/2043  | 12980 | 11992 |
| Ginnie Mae I Pool 3.5% 5/15/2043  | 11519 | 10727 |
| Ginnie Mae I Pool 3.5% 5/15/2043  | 10078 | 9333 |
| Ginnie Mae I Pool 3.5% 5/15/2043  | 4439 | 4117 |
| Ginnie Mae I Pool 3.5% 5/20/2046  | 47617 | 42884 |
| Ginnie Mae I Pool 3.5% 5/20/2046  | 31357 | 28241 |
| Ginnie Mae I Pool 3.5% 5/20/2046  | 25207 | 22702 |
| Ginnie Mae I Pool 3.5% 5/20/2046  | 23742 | 21382 |
| Ginnie Mae I Pool 3.5% 5/20/2046  | 23162 | 20860 |
| Ginnie Mae I Pool 3.5% 5/20/2046  | 16657 | 14985 |
| Ginnie Mae I Pool 3.5% 6/15/2042  | 2590 | 2399 |
| Ginnie Mae I Pool 3.5% 6/15/2043  | 24029 | 22188 |
| Ginnie Mae I Pool 3.5% 6/15/2043  | 19852 | 18301 |
| Ginnie Mae I Pool 3.5% 6/15/2043  | 16783 | 15555 |
| Ginnie Mae I Pool 3.5% 6/15/2043  | 10420 | 9741 |
| Ginnie Mae I Pool 3.5% 6/15/2043  | 8125 | 7511 |
| Ginnie Mae I Pool 3.5% 6/20/2043  | 11946 | 11074 |
| Ginnie Mae I Pool 3.5% 6/20/2044  | 628258 | 581003 |
| Ginnie Mae I Pool 3.5% 6/20/2046  | 125457 | 112988 |
| Ginnie Mae I Pool 3.5% 6/20/2046  | 34089 | 30701 |
| Ginnie Mae I Pool 3.5% 6/20/2046  | 31433 | 28309 |
| Ginnie Mae I Pool 3.5% 6/20/2046  | 29891 | 26921 |
| Ginnie Mae I Pool 3.5% 6/20/2046  | 26449 | 23820 |
| Ginnie Mae I Pool 3.5% 6/20/2046  | 16021 | 14429 |
| Ginnie Mae I Pool 3.5% 6/20/2046  | 10933 | 9849 |
| Ginnie Mae I Pool 3.5% 7/15/2042  | 52448 | 48625 |
| Ginnie Mae I Pool 3.5% 7/15/2042  | 18022 | 16713 |
| Ginnie Mae I Pool 3.5% 7/15/2042  | 4425 | 4100 |
| Ginnie Mae I Pool 3.5% 7/15/2043  | 9278 | 8575 |
| Ginnie Mae I Pool 3.5% 7/15/2043  | 3233 | 2998 |
| Ginnie Mae I Pool 3.5% 7/20/2043  | 101666 | 93894 |
| Ginnie Mae I Pool 3.5% 7/20/2046  | 1189036 | 1071233 |
| Ginnie Mae I Pool 3.5% 8/15/2042  | 4466 | 4136 |
| Ginnie Mae I Pool 3.5% 9/15/2042  | 13093 | 12111 |
| Ginnie Mae I Pool 3.5% 9/15/2042  | 7797 | 7214 |
| Ginnie Mae I Pool 3.5% 9/15/2042  | 5877 | 5494 |
| Ginnie Mae I Pool 3.5% 9/15/2042  | 5456 | 5048 |
| Ginnie Mae I Pool 3.5% 9/15/2043  | 4709 | 4352 |
| Ginnie Mae I Pool 4% 1/15/2040  | 13071 | 12591 |
| Ginnie Mae I Pool 4% 1/15/2040  | 12757 | 12256 |
| Ginnie Mae I Pool 4% 1/15/2041  | 68828 | 66016 |
| Ginnie Mae I Pool 4% 1/15/2041  | 2730 | 2619 |
| Ginnie Mae I Pool 4% 1/15/2042  | 5268 | 5052 |
| Ginnie Mae I Pool 4% 1/15/2043  | 18304 | 17481 |
| Ginnie Mae I Pool 4% 1/15/2047  | 50805 | 47066 |
| Ginnie Mae I Pool 4% 1/15/2047  | 44078 | 40833 |
| Ginnie Mae I Pool 4% 1/15/2047  | 32652 | 30249 |
| Ginnie Mae I Pool 4% 1/15/2047  | 15575 | 14429 |
| Ginnie Mae I Pool 4% 10/15/2039  | 15615 | 15041 |
| Ginnie Mae I Pool 4% 10/15/2040  | 80901 | 77657 |
| Ginnie Mae I Pool 4% 10/15/2040  | 73309 | 70370 |
| Ginnie Mae I Pool 4% 10/15/2040  | 69637 | 66888 |
| Ginnie Mae I Pool 4% 10/15/2040  | 6930 | 6656 |
| Ginnie Mae I Pool 4% 10/15/2040  | 6122 | 5881 |
| Ginnie Mae I Pool 4% 10/15/2040  | 2933 | 2816 |
| Ginnie Mae I Pool 4% 10/15/2041  | 166100 | 158969 |
| Ginnie Mae I Pool 4% 10/15/2041  | 67653 | 64838 |
| Ginnie Mae I Pool 4% 10/15/2041  | 54883 | 52631 |
| Ginnie Mae I Pool 4% 10/15/2041  | 37020 | 35500 |
| Ginnie Mae I Pool 4% 10/15/2041  | 28707 | 27469 |
| Ginnie Mae I Pool 4% 10/15/2041  | 21179 | 20340 |
| Ginnie Mae I Pool 4% 10/15/2041  | 15887 | 15184 |
| Ginnie Mae I Pool 4% 10/15/2041  | 11517 | 11031 |
| Ginnie Mae I Pool 4% 10/15/2041  | 8709 | 8352 |
| Ginnie Mae I Pool 4% 10/15/2041  | 6757 | 6486 |
| Ginnie Mae I Pool 4% 10/15/2041  | 5780 | 5537 |
| Ginnie Mae I Pool 4% 10/15/2041  | 2832 | 2717 |
| Ginnie Mae I Pool 4% 10/20/2042  | 231274 | 221082 |
| Ginnie Mae I Pool 4% 10/20/2052  | 71541378 | 66051250 |
| Ginnie Mae I Pool 4% 11/15/2039  | 11640 | 11227 |
| Ginnie Mae I Pool 4% 11/15/2040  | 18192 | 17449 |
| Ginnie Mae I Pool 4% 11/15/2040  | 2361 | 2273 |
| Ginnie Mae I Pool 4% 11/15/2041  | 141264 | 135358 |
| Ginnie Mae I Pool 4% 11/15/2041  | 21231 | 20288 |
| Ginnie Mae I Pool 4% 11/15/2042  | 6159 | 5884 |
| Ginnie Mae I Pool 4% 11/20/2042  | 29136 | 27790 |
| Ginnie Mae I Pool 4% 12/15/2039  | 37327 | 35866 |
| Ginnie Mae I Pool 4% 12/15/2039  | 8560 | 8226 |
| Ginnie Mae I Pool 4% 12/15/2040  | 8599 | 8284 |
| Ginnie Mae I Pool 4% 12/15/2040  | 6935 | 6650 |
| Ginnie Mae I Pool 4% 12/15/2040  | 4388 | 4202 |
| Ginnie Mae I Pool 4% 12/15/2040  | 3889 | 3733 |
| Ginnie Mae I Pool 4% 12/15/2040  | 2966 | 2841 |
| Ginnie Mae I Pool 4% 12/15/2041  | 64249 | 61613 |
| Ginnie Mae I Pool 4% 12/15/2041  | 43895 | 42002 |
| Ginnie Mae I Pool 4% 12/15/2041  | 22764 | 21796 |
| Ginnie Mae I Pool 4% 12/15/2041  | 12777 | 12231 |
| Ginnie Mae I Pool 4% 12/15/2041  | 2248 | 2152 |
| Ginnie Mae I Pool 4% 12/15/2042  | 3912 | 3743 |
| Ginnie Mae I Pool 4% 12/15/2046  | 8468 | 7871 |
| Ginnie Mae I Pool 4% 2/15/2040  | 55500 | 53292 |
| Ginnie Mae I Pool 4% 2/15/2040  | 34214 | 32842 |
| Ginnie Mae I Pool 4% 2/15/2040  | 32378 | 31141 |
| Ginnie Mae I Pool 4% 2/15/2041  | 18581 | 17839 |
| Ginnie Mae I Pool 4% 2/15/2041  | 9619 | 9208 |
| Ginnie Mae I Pool 4% 2/15/2042  | 20946 | 20054 |
| Ginnie Mae I Pool 4% 2/15/2042  | 14005 | 13409 |
| Ginnie Mae I Pool 4% 2/15/2045  | 58915 | 56035 |
| Ginnie Mae I Pool 4% 3/15/2040  | 281011 | 269875 |
| Ginnie Mae I Pool 4% 3/15/2041  | 138955 | 133427 |
| Ginnie Mae I Pool 4% 3/15/2041  | 10905 | 10545 |
| Ginnie Mae I Pool 4% 3/15/2041  | 6454 | 6196 |
| Ginnie Mae I Pool 4% 3/15/2042  | 74381 | 71174 |
| Ginnie Mae I Pool 4% 3/15/2042  | 10525 | 10056 |
| Ginnie Mae I Pool 4% 3/15/2042  | 7814 | 7479 |
| Ginnie Mae I Pool 4% 3/20/2044  | 309468 | 293774 |
| Ginnie Mae I Pool 4% 3/20/2047  | 781536 | 728399 |
| Ginnie Mae I Pool 4% 4/15/2040  | 25663 | 24625 |
| Ginnie Mae I Pool 4% 4/15/2040  | 9794 | 9421 |
| Ginnie Mae I Pool 4% 4/15/2041  | 4457 | 4277 |
| Ginnie Mae I Pool 4% 4/15/2042  | 12928 | 12361 |
| Ginnie Mae I Pool 4% 4/15/2043  | 56979 | 54388 |
| Ginnie Mae I Pool 4% 4/15/2043  | 3091 | 2966 |
| Ginnie Mae I Pool 4% 4/15/2046  | 395063 | 375427 |
| Ginnie Mae I Pool 4% 4/20/2048  | 245784 | 227844 |
| Ginnie Mae I Pool 4% 4/20/2048  | 225477 | 209019 |
| Ginnie Mae I Pool 4% 5/15/2040  | 19166 | 18387 |
| Ginnie Mae I Pool 4% 5/15/2041  | 12632 | 12220 |
| Ginnie Mae I Pool 4% 5/15/2042  | 2479 | 2407 |
| Ginnie Mae I Pool 4% 5/15/2043  | 8506 | 8103 |
| Ginnie Mae I Pool 4% 5/15/2045  | 54677 | 51916 |
| Ginnie Mae I Pool 4% 5/20/2049  | 98782 | 91078 |
| Ginnie Mae I Pool 4% 6/15/2041  | 16877 | 16174 |
| Ginnie Mae I Pool 4% 6/15/2041  | 11133 | 10670 |
| Ginnie Mae I Pool 4% 6/15/2041  | 4998 | 4780 |
| Ginnie Mae I Pool 4% 6/15/2041  | 2908 | 2804 |
| Ginnie Mae I Pool 4% 6/15/2042  | 11750 | 11214 |
| Ginnie Mae I Pool 4% 6/15/2043  | 2171 | 2077 |
| Ginnie Mae I Pool 4% 6/15/2045  | 14670 | 13963 |
| Ginnie Mae I Pool 4% 7/15/2039  | 14282 | 13732 |
| Ginnie Mae I Pool 4% 7/15/2041  | 6598 | 6322 |
| Ginnie Mae I Pool 4% 7/15/2041  | 5451 | 5239 |
| Ginnie Mae I Pool 4% 7/15/2041  | 3110 | 2973 |
| Ginnie Mae I Pool 4% 7/15/2045  | 40004 | 37310 |
| Ginnie Mae I Pool 4% 7/15/2046  | 37097 | 34482 |
| Ginnie Mae I Pool 4% 7/15/2046  | 23831 | 22151 |
| Ginnie Mae I Pool 4% 8/15/2039  | 10321 | 9937 |
| Ginnie Mae I Pool 4% 8/15/2039  | 6911 | 6640 |
| Ginnie Mae I Pool 4% 8/15/2039  | 4466 | 4288 |
| Ginnie Mae I Pool 4% 8/15/2040  | 3216 | 3090 |
| Ginnie Mae I Pool 4% 8/15/2041  | 9880 | 9469 |
| Ginnie Mae I Pool 4% 8/15/2041  | 6252 | 6004 |
| Ginnie Mae I Pool 4% 8/15/2041  | 2746 | 2644 |
| Ginnie Mae I Pool 4% 8/15/2042  | 30586 | 29190 |
| Ginnie Mae I Pool 4% 8/15/2043  | 4397 | 4184 |
| Ginnie Mae I Pool 4% 8/15/2043  | 1809 | 1722 |
| Ginnie Mae I Pool 4% 9/15/2039  | 9464 | 9128 |
| Ginnie Mae I Pool 4% 9/15/2040  | 2622 | 2519 |
| Ginnie Mae I Pool 4% 9/15/2041  | 65154 | 62418 |
| Ginnie Mae I Pool 4% 9/15/2041  | 9261 | 8877 |
| Ginnie Mae I Pool 4% 9/15/2041  | 8949 | 8588 |
| Ginnie Mae I Pool 4% 9/15/2041  | 3332 | 3184 |
| Ginnie Mae I Pool 4% 9/15/2041  | 2493 | 2386 |
| Ginnie Mae I Pool 4% 9/15/2041  | 970 | 934 |
| Ginnie Mae I Pool 4% 9/20/2054  | 2825600 | 2590661 |
| Ginnie Mae I Pool 4.5% 10/15/2039  | 7384 | 7243 |
| Ginnie Mae I Pool 4.5% 10/15/2039  | 5626 | 5534 |
| Ginnie Mae I Pool 4.5% 10/15/2039  | 1322 | 1300 |
| Ginnie Mae I Pool 4.5% 11/15/2039  | 41701 | 40905 |
| Ginnie Mae I Pool 4.5% 11/15/2039  | 17016 | 16709 |
| Ginnie Mae I Pool 4.5% 11/15/2039  | 13925 | 13683 |
| Ginnie Mae I Pool 4.5% 11/15/2039  | 12462 | 12246 |
| Ginnie Mae I Pool 4.5% 11/15/2039  | 11272 | 11101 |
| Ginnie Mae I Pool 4.5% 11/15/2039  | 10142 | 9967 |
| Ginnie Mae I Pool 4.5% 11/15/2039  | 6350 | 6241 |
| Ginnie Mae I Pool 4.5% 11/15/2039  | 5133 | 5046 |
| Ginnie Mae I Pool 4.5% 11/15/2039  | 1064 | 1046 |
| Ginnie Mae I Pool 4.5% 11/15/2039  | 636 | 625 |
| Ginnie Mae I Pool 4.5% 12/15/2039  | 12224 | 12039 |
| Ginnie Mae I Pool 4.5% 2/15/2040  | 35429 | 34824 |
| Ginnie Mae I Pool 4.5% 2/15/2040  | 32972 | 32311 |
| Ginnie Mae I Pool 4.5% 2/15/2040  | 28207 | 27748 |
| Ginnie Mae I Pool 4.5% 2/15/2040  | 24339 | 23922 |
| Ginnie Mae I Pool 4.5% 2/15/2040  | 13097 | 12891 |
| Ginnie Mae I Pool 4.5% 2/15/2040  | 11282 | 11090 |
| Ginnie Mae I Pool 4.5% 2/15/2040  | 10105 | 9930 |
| Ginnie Mae I Pool 4.5% 2/15/2040  | 6993 | 6883 |
| Ginnie Mae I Pool 4.5% 2/15/2040  | 1995 | 1962 |
| Ginnie Mae I Pool 4.5% 2/15/2041  | 7909 | 7757 |
| Ginnie Mae I Pool 4.5% 3/15/2040  | 118447 | 116444 |
| Ginnie Mae I Pool 4.5% 3/15/2040  | 13573 | 13333 |
| Ginnie Mae I Pool 4.5% 3/15/2040  | 5935 | 5834 |
| Ginnie Mae I Pool 4.5% 3/15/2040  | 5775 | 5676 |
| Ginnie Mae I Pool 4.5% 3/15/2040  | 4356 | 4282 |
| Ginnie Mae I Pool 4.5% 3/15/2041  | 204887 | 201015 |
| Ginnie Mae I Pool 4.5% 3/15/2041  | 4563 | 4484 |
| Ginnie Mae I Pool 4.5% 4/15/2040  | 35489 | 34903 |
| Ginnie Mae I Pool 4.5% 4/15/2040  | 18110 | 17757 |
| Ginnie Mae I Pool 4.5% 4/15/2040  | 13959 | 13695 |
| Ginnie Mae I Pool 4.5% 4/15/2040  | 8130 | 7981 |
| Ginnie Mae I Pool 4.5% 4/15/2040  | 3225 | 3160 |
| Ginnie Mae I Pool 4.5% 4/15/2040  | 3134 | 3070 |
| Ginnie Mae I Pool 4.5% 4/20/2053  | 90988412 | 86258626 |
| Ginnie Mae I Pool 4.5% 5/15/2039  | 6892 | 6780 |
| Ginnie Mae I Pool 4.5% 5/15/2040  | 56548 | 55583 |
| Ginnie Mae I Pool 4.5% 5/15/2040  | 4265 | 4186 |
| Ginnie Mae I Pool 4.5% 5/20/2041  | 16637 | 16361 |
| Ginnie Mae I Pool 4.5% 6/15/2039  | 23235 | 22879 |
| Ginnie Mae I Pool 4.5% 6/15/2039  | 20760 | 20417 |
| Ginnie Mae I Pool 4.5% 6/15/2039  | 4038 | 3973 |
| Ginnie Mae I Pool 4.5% 6/15/2039  | 3346 | 3292 |
| Ginnie Mae I Pool 4.5% 6/15/2039  | 2913 | 2867 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 176933 | 173490 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 110499 | 108614 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 57618 | 56614 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 39435 | 38765 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 23477 | 23068 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 23233 | 22838 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 20471 | 20119 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 19111 | 18781 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 5265 | 5176 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 2900 | 2850 |
| Ginnie Mae I Pool 4.5% 6/15/2040  | 1889 | 1855 |
| Ginnie Mae I Pool 4.5% 6/15/2041  | 361271 | 354545 |
| Ginnie Mae I Pool 4.5% 6/20/2041  | 6802 | 6688 |
| Ginnie Mae I Pool 4.5% 7/15/2039  | 20278 | 19951 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 75104 | 73811 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 61527 | 60472 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 55386 | 54454 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 44138 | 43385 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 43875 | 43120 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 30152 | 29622 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 16101 | 15827 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 16089 | 15813 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 5104 | 5015 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 4499 | 4421 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 3010 | 2956 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 1279 | 1257 |
| Ginnie Mae I Pool 4.5% 7/15/2040  | 835 | 820 |
| Ginnie Mae I Pool 4.5% 8/15/2039  | 209263 | 205838 |
| Ginnie Mae I Pool 4.5% 8/15/2039  | 118096 | 116173 |
| Ginnie Mae I Pool 4.5% 8/15/2039  | 99740 | 98124 |
| Ginnie Mae I Pool 4.5% 8/15/2039  | 40933 | 40247 |
| Ginnie Mae I Pool 4.5% 8/15/2039  | 22999 | 22607 |
| Ginnie Mae I Pool 4.5% 8/15/2039  | 18841 | 18537 |
| Ginnie Mae I Pool 4.5% 8/15/2039  | 3266 | 3212 |
| Ginnie Mae I Pool 4.5% 8/15/2040  | 17376 | 17076 |
| Ginnie Mae I Pool 4.5% 8/15/2040  | 1996 | 1959 |
| Ginnie Mae I Pool 4.5% 8/15/2040  | 1541 | 1515 |
| Ginnie Mae I Pool 4.5% 8/15/2040  | 1523 | 1500 |
| Ginnie Mae I Pool 4.5% 8/15/2041  | 4221 | 4150 |
| Ginnie Mae I Pool 4.5% 9/15/2039  | 36122 | 35519 |
| Ginnie Mae I Pool 4.5% 9/15/2039  | 16846 | 16571 |
| Ginnie Mae I Pool 4.5% 9/15/2039  | 6929 | 6818 |
| Ginnie Mae I Pool 4.5% 9/15/2039  | 6664 | 6552 |
| Ginnie Mae I Pool 4.5% 9/15/2040  | 5759 | 5662 |
| Ginnie Mae I Pool 4.5% 9/15/2040  | 2819 | 2768 |
| Ginnie Mae I Pool 5% 1/15/2034  | 1340 | 1346 |
| Ginnie Mae I Pool 5% 1/15/2040  | 580 | 583 |
| Ginnie Mae I Pool 5% 10/15/2033  | 775 | 779 |
| Ginnie Mae I Pool 5% 10/15/2034  | 1147 | 1153 |
| Ginnie Mae I Pool 5% 10/15/2039  | 13709 | 13774 |
| Ginnie Mae I Pool 5% 10/15/2039  | 10307 | 10355 |
| Ginnie Mae I Pool 5% 10/15/2039  | 8212 | 8250 |
| Ginnie Mae I Pool 5% 10/15/2039  | 4611 | 4633 |
| Ginnie Mae I Pool 5% 10/15/2039  | 2747 | 2760 |
| Ginnie Mae I Pool 5% 10/20/2054  | 1175620 | 1141290 |
| Ginnie Mae I Pool 5% 11/15/2033  | 462 | 464 |
| Ginnie Mae I Pool 5% 11/15/2039  | 16765 | 16843 |
| Ginnie Mae I Pool 5% 11/15/2039  | 15125 | 15197 |
| Ginnie Mae I Pool 5% 11/15/2039  | 5530 | 5556 |
| Ginnie Mae I Pool 5% 11/15/2039  | 4960 | 4983 |
| Ginnie Mae I Pool 5% 11/15/2039  | 1037 | 1042 |
| Ginnie Mae I Pool 5% 11/15/2040  | 5148 | 5172 |
| Ginnie Mae I Pool 5% 11/15/2040  | 1359 | 1365 |
| Ginnie Mae I Pool 5% 12/15/2039  | 12454 | 12512 |
| Ginnie Mae I Pool 5% 12/15/2039  | 6403 | 6433 |
| Ginnie Mae I Pool 5% 12/15/2039  | 5408 | 5433 |
| Ginnie Mae I Pool 5% 2/15/2039  | 2384 | 2395 |
| Ginnie Mae I Pool 5% 3/15/2041  | 10448 | 10494 |
| Ginnie Mae I Pool 5% 3/15/2041  | 6181 | 6209 |
| Ginnie Mae I Pool 5% 4/15/2033  | 1332 | 1338 |
| Ginnie Mae I Pool 5% 4/15/2039  | 2211 | 2221 |
| Ginnie Mae I Pool 5% 4/15/2040  | 119814 | 120369 |
| Ginnie Mae I Pool 5% 4/15/2040  | 105773 | 106266 |
| Ginnie Mae I Pool 5% 4/15/2040  | 5338 | 5363 |
| Ginnie Mae I Pool 5% 4/15/2040  | 5193 | 5217 |
| Ginnie Mae I Pool 5% 4/15/2040  | 1843 | 1851 |
| Ginnie Mae I Pool 5% 4/15/2041  | 19045 | 19128 |
| Ginnie Mae I Pool 5% 4/15/2041  | 4590 | 4610 |
| Ginnie Mae I Pool 5% 4/15/2041  | 1706 | 1713 |
| Ginnie Mae I Pool 5% 4/20/2048  | 2919694 | 2907655 |
| Ginnie Mae I Pool 5% 5/15/2039  | 29640 | 29781 |
| Ginnie Mae I Pool 5% 5/15/2039  | 18576 | 18664 |
| Ginnie Mae I Pool 5% 5/15/2040  | 5426 | 5451 |
| Ginnie Mae I Pool 5% 5/15/2040  | 3286 | 3302 |
| Ginnie Mae I Pool 5% 5/15/2040  | 1154 | 1159 |
| Ginnie Mae I Pool 5% 6/15/2039  | 2061 | 2071 |
| Ginnie Mae I Pool 5% 6/15/2040  | 322916 | 324413 |
| Ginnie Mae I Pool 5% 6/15/2040  | 10180 | 10227 |
| Ginnie Mae I Pool 5% 6/15/2040  | 4725 | 4746 |
| Ginnie Mae I Pool 5% 6/15/2041  | 12754 | 12812 |
| Ginnie Mae I Pool 5% 6/15/2041  | 1779 | 1787 |
| Ginnie Mae I Pool 5% 6/15/2041  | 1745 | 1753 |
| Ginnie Mae I Pool 5% 7/15/2039  | 26547 | 26673 |
| Ginnie Mae I Pool 5% 7/15/2039  | 17938 | 18023 |
| Ginnie Mae I Pool 5% 7/15/2040  | 15138 | 15208 |
| Ginnie Mae I Pool 5% 7/15/2040  | 14208 | 14274 |
| Ginnie Mae I Pool 5% 7/15/2040  | 6773 | 6804 |
| Ginnie Mae I Pool 5% 7/15/2040  | 6075 | 6103 |
| Ginnie Mae I Pool 5% 7/15/2040  | 4832 | 4854 |
| Ginnie Mae I Pool 5% 7/15/2040  | 917 | 921 |
| Ginnie Mae I Pool 5% 8/15/2039  | 11927 | 11983 |
| Ginnie Mae I Pool 5% 8/15/2039  | 9749 | 9795 |
| Ginnie Mae I Pool 5% 8/15/2039  | 4280 | 4300 |
| Ginnie Mae I Pool 5% 8/15/2039  | 3008 | 3022 |
| Ginnie Mae I Pool 5% 8/15/2039  | 1960 | 1969 |
| Ginnie Mae I Pool 5% 8/15/2039  | 1917 | 1926 |
| Ginnie Mae I Pool 5% 8/15/2040  | 22498 | 22601 |
| Ginnie Mae I Pool 5% 8/15/2040  | 19548 | 19638 |
| Ginnie Mae I Pool 5% 8/15/2040  | 18815 | 18901 |
| Ginnie Mae I Pool 5% 8/15/2040  | 5076 | 5099 |
| Ginnie Mae I Pool 5% 9/15/2039  | 78600 | 78973 |
| Ginnie Mae I Pool 5% 9/15/2039  | 14545 | 14614 |
| Ginnie Mae I Pool 5% 9/15/2039  | 10845 | 10896 |
| Ginnie Mae I Pool 5% 9/15/2039  | 7588 | 7624 |
| Ginnie Mae I Pool 5% 9/15/2039  | 5748 | 5775 |
| Ginnie Mae I Pool 5% 9/15/2039  | 4411 | 4431 |
| Ginnie Mae I Pool 5% 9/15/2039  | 3986 | 4005 |
| Ginnie Mae I Pool 5% 9/15/2039  | 3053 | 3067 |
| Ginnie Mae I Pool 5% 9/15/2039  | 2678 | 2691 |
| Ginnie Mae I Pool 5% 9/15/2039  | 1342 | 1348 |
| Ginnie Mae I Pool 5% 9/15/2040  | 11995 | 12051 |
| Ginnie Mae I Pool 5% 9/15/2040  | 8053 | 8089 |
| Ginnie Mae I Pool 5% 9/15/2040  | 2424 | 2435 |
| Ginnie Mae I Pool 5% 9/15/2041  | 204871 | 205832 |
| Ginnie Mae I Pool 5.5% 1/15/2034  | 162 | 164 |
| Ginnie Mae I Pool 5.5% 1/15/2039  | 12547 | 12795 |
| Ginnie Mae I Pool 5.5% 10/15/2035  | 9730 | 9901 |
| Ginnie Mae I Pool 5.5% 12/15/2038  | 692 | 705 |
| Ginnie Mae I Pool 5.5% 3/15/2039  | 2016 | 2055 |
| Ginnie Mae I Pool 5.5% 3/20/2054  | 4278170 | 4276923 |
| Ginnie Mae I Pool 5.5% 4/15/2034  | 745 | 756 |
| Ginnie Mae I Pool 5.5% 5/15/2034  | 2653 | 2697 |
| Ginnie Mae I Pool 5.5% 5/15/2034  | 780 | 792 |
| Ginnie Mae I Pool 5.5% 5/15/2039  | 7115 | 7255 |
| Ginnie Mae I Pool 5.5% 7/15/2037  | 695 | 708 |
| Ginnie Mae I Pool 5.5% 7/15/2038  | 1961 | 1992 |
| Ginnie Mae I Pool 5.5% 7/15/2039  | 6509 | 6640 |
| Ginnie Mae I Pool 5.5% 8/15/2033  | 1997 | 2029 |
| Ginnie Mae I Pool 5.5% 9/15/2039  | 69542 | 70942 |
| Ginnie Mae I Pool 5.5% 9/15/2039  | 42385 | 43236 |
| Ginnie Mae I Pool 6% 10/15/2030  | 3190 | 3251 |
| Ginnie Mae I Pool 6% 10/15/2039  | 1756 | 1822 |
| Ginnie Mae I Pool 6% 11/15/2039  | 5028 | 5220 |
| Ginnie Mae I Pool 6% 11/15/2039  | 2872 | 2981 |
| Ginnie Mae I Pool 6% 11/15/2039  | 1913 | 1984 |
| Ginnie Mae I Pool 6% 11/15/2039  | 1152 | 1193 |
| Ginnie Mae I Pool 6% 11/15/2039  | 984 | 1015 |
| Ginnie Mae I Pool 6% 11/15/2039  | 748 | 775 |
| Ginnie Mae I Pool 6% 5/15/2040  | 165156 | 171025 |
| Ginnie Mae I Pool 6.5% 10/15/2034  | 6418 | 6640 |
| Ginnie Mae I Pool 6.5% 10/15/2034  | 3721 | 3844 |
| Ginnie Mae I Pool 6.5% 10/15/2034  | 1243 | 1282 |
| Ginnie Mae I Pool 6.5% 10/15/2035  | 4130 | 4287 |
| Ginnie Mae I Pool 6.5% 10/15/2036  | 1743 | 1807 |
| Ginnie Mae I Pool 6.5% 11/15/2034  | 1633 | 1674 |
| Ginnie Mae I Pool 6.5% 6/15/2037  | 1602 | 1665 |
| Ginnie Mae I Pool 6.5% 7/15/2035  | 496 | 513 |
| Ginnie Mae I Pool 6.5% 8/15/2034  | 7234 | 7474 |
| Ginnie Mae I Pool 6.5% 8/15/2034  | 173 | 178 |
| Ginnie Mae I Pool 6.5% 8/15/2036  | 1177 | 1227 |
| Ginnie Mae I Pool 6.5% 9/15/2034  | 2793 | 2886 |
| Ginnie Mae I Pool 7% 1/15/2026  | 6 | 6 |
| Ginnie Mae I Pool 7% 1/15/2027  | 12 | 12 |
| Ginnie Mae I Pool 7% 1/15/2028  | 325 | 328 |
| Ginnie Mae I Pool 7% 1/15/2028  | 226 | 227 |
| Ginnie Mae I Pool 7% 1/15/2028  | 116 | 117 |
| Ginnie Mae I Pool 7% 1/15/2028  | 113 | 114 |
| Ginnie Mae I Pool 7% 1/15/2028  | 85 | 86 |
| Ginnie Mae I Pool 7% 1/15/2028  | 82 | 83 |
| Ginnie Mae I Pool 7% 1/15/2028  | 82 | 83 |
| Ginnie Mae I Pool 7% 1/15/2028  | 74 | 75 |
| Ginnie Mae I Pool 7% 1/15/2028  | 74 | 74 |
| Ginnie Mae I Pool 7% 1/15/2028  | 56 | 57 |
| Ginnie Mae I Pool 7% 1/15/2028  | 35 | 36 |
| Ginnie Mae I Pool 7% 1/15/2028  | 26 | 26 |
| Ginnie Mae I Pool 7% 1/15/2029  | 210 | 214 |
| Ginnie Mae I Pool 7% 1/15/2029  | 151 | 153 |
| Ginnie Mae I Pool 7% 1/15/2029  | 116 | 118 |
| Ginnie Mae I Pool 7% 1/15/2029  | 83 | 84 |
| Ginnie Mae I Pool 7% 1/15/2029  | 56 | 57 |
| Ginnie Mae I Pool 7% 1/15/2030  | 675 | 689 |
| Ginnie Mae I Pool 7% 1/15/2030  | 65 | 66 |
| Ginnie Mae I Pool 7% 1/15/2031  | 4307 | 4404 |
| Ginnie Mae I Pool 7% 1/15/2031  | 208 | 213 |
| Ginnie Mae I Pool 7% 1/15/2032  | 1308 | 1346 |
| Ginnie Mae I Pool 7% 1/15/2032  | 303 | 309 |
| Ginnie Mae I Pool 7% 10/15/2026  | 59 | 59 |
| Ginnie Mae I Pool 7% 10/15/2028  | 2046 | 2075 |
| Ginnie Mae I Pool 7% 10/15/2028  | 1042 | 1049 |
| Ginnie Mae I Pool 7% 10/15/2028  | 622 | 631 |
| Ginnie Mae I Pool 7% 10/15/2028  | 432 | 434 |
| Ginnie Mae I Pool 7% 10/15/2028  | 113 | 115 |
| Ginnie Mae I Pool 7% 10/15/2028  | 97 | 97 |
| Ginnie Mae I Pool 7% 10/15/2030  | 494 | 507 |
| Ginnie Mae I Pool 7% 10/15/2030  | 180 | 184 |
| Ginnie Mae I Pool 7% 10/15/2031  | 1117 | 1151 |
| Ginnie Mae I Pool 7% 10/15/2031  | 720 | 742 |
| Ginnie Mae I Pool 7% 10/15/2031  | 274 | 281 |
| Ginnie Mae I Pool 7% 10/15/2031  | 274 | 278 |
| Ginnie Mae I Pool 7% 10/15/2031  | 222 | 229 |
| Ginnie Mae I Pool 7% 10/15/2031  | 194 | 200 |
| Ginnie Mae I Pool 7% 10/15/2031  | 129 | 133 |
| Ginnie Mae I Pool 7% 10/15/2032  | 1759 | 1807 |
| Ginnie Mae I Pool 7% 11/15/2028  | 349 | 355 |
| Ginnie Mae I Pool 7% 11/15/2028  | 278 | 282 |
| Ginnie Mae I Pool 7% 11/15/2029  | 573 | 586 |
| Ginnie Mae I Pool 7% 11/15/2031  | 663 | 677 |
| Ginnie Mae I Pool 7% 11/15/2031  | 638 | 657 |
| Ginnie Mae I Pool 7% 11/15/2031  | 186 | 191 |
| Ginnie Mae I Pool 7% 11/15/2032  | 652 | 670 |
| Ginnie Mae I Pool 7% 12/15/2025  | 6 | 6 |
| Ginnie Mae I Pool 7% 12/15/2026  | 3 | 3 |
| Ginnie Mae I Pool 7% 12/15/2027  | 131 | 132 |
| Ginnie Mae I Pool 7% 12/15/2027  | 22 | 22 |
| Ginnie Mae I Pool 7% 12/15/2027  | 20 | 21 |
| Ginnie Mae I Pool 7% 12/15/2028  | 3100 | 3152 |
| Ginnie Mae I Pool 7% 12/15/2028  | 486 | 495 |
| Ginnie Mae I Pool 7% 12/15/2028  | 237 | 241 |
| Ginnie Mae I Pool 7% 12/15/2028  | 212 | 216 |
| Ginnie Mae I Pool 7% 12/15/2028  | 181 | 183 |
| Ginnie Mae I Pool 7% 12/15/2028  | 100 | 101 |
| Ginnie Mae I Pool 7% 12/15/2028  | 40 | 40 |
| Ginnie Mae I Pool 7% 12/15/2030  | 297 | 305 |
| Ginnie Mae I Pool 7% 12/15/2031  | 1064 | 1095 |
| Ginnie Mae I Pool 7% 12/15/2031  | 502 | 517 |
| Ginnie Mae I Pool 7% 12/15/2031  | 49 | 50 |
| Ginnie Mae I Pool 7% 2/15/2028  | 2909 | 2945 |
| Ginnie Mae I Pool 7% 2/15/2028  | 1289 | 1303 |
| Ginnie Mae I Pool 7% 2/15/2028  | 370 | 375 |
| Ginnie Mae I Pool 7% 2/15/2028  | 116 | 117 |
| Ginnie Mae I Pool 7% 2/15/2028  | 109 | 110 |
| Ginnie Mae I Pool 7% 2/15/2028  | 102 | 103 |
| Ginnie Mae I Pool 7% 2/15/2028  | 96 | 97 |
| Ginnie Mae I Pool 7% 2/15/2028  | 69 | 70 |
| Ginnie Mae I Pool 7% 2/15/2028  | 51 | 51 |
| Ginnie Mae I Pool 7% 2/15/2028  | 36 | 36 |
| Ginnie Mae I Pool 7% 2/15/2028  | 21 | 21 |
| Ginnie Mae I Pool 7% 2/15/2029  | 46 | 47 |
| Ginnie Mae I Pool 7% 2/15/2032  | 1643 | 1695 |
| Ginnie Mae I Pool 7% 2/15/2032  | 1338 | 1359 |
| Ginnie Mae I Pool 7% 2/15/2032  | 459 | 472 |
| Ginnie Mae I Pool 7% 2/15/2032  | 166 | 171 |
| Ginnie Mae I Pool 7% 2/15/2032  | 146 | 148 |
| Ginnie Mae I Pool 7% 2/15/2032  | 111 | 114 |
| Ginnie Mae I Pool 7% 3/15/2028  | 410 | 415 |
| Ginnie Mae I Pool 7% 3/15/2028  | 401 | 406 |
| Ginnie Mae I Pool 7% 3/15/2028  | 238 | 241 |
| Ginnie Mae I Pool 7% 3/15/2028  | 137 | 138 |
| Ginnie Mae I Pool 7% 3/15/2028  | 133 | 134 |
| Ginnie Mae I Pool 7% 3/15/2028  | 122 | 123 |
| Ginnie Mae I Pool 7% 3/15/2028  | 113 | 114 |
| Ginnie Mae I Pool 7% 3/15/2028  | 110 | 111 |
| Ginnie Mae I Pool 7% 3/15/2028  | 67 | 67 |
| Ginnie Mae I Pool 7% 3/15/2028  | 41 | 42 |
| Ginnie Mae I Pool 7% 3/15/2028  | 23 | 23 |
| Ginnie Mae I Pool 7% 3/15/2028  | 17 | 17 |
| Ginnie Mae I Pool 7% 3/15/2029  | 296 | 301 |
| Ginnie Mae I Pool 7% 3/15/2029  | 131 | 134 |
| Ginnie Mae I Pool 7% 3/15/2029  | 82 | 83 |
| Ginnie Mae I Pool 7% 3/15/2029  | 41 | 42 |
| Ginnie Mae I Pool 7% 3/15/2029  | 30 | 31 |
| Ginnie Mae I Pool 7% 3/15/2029  | 23 | 23 |
| Ginnie Mae I Pool 7% 3/15/2031  | 106 | 109 |
| Ginnie Mae I Pool 7% 3/15/2031  | 105 | 108 |
| Ginnie Mae I Pool 7% 3/15/2031  | 76 | 78 |
| Ginnie Mae I Pool 7% 3/15/2031  | 38 | 38 |
| Ginnie Mae I Pool 7% 3/15/2032  | 649 | 669 |
| Ginnie Mae I Pool 7% 3/15/2032  | 323 | 333 |
| Ginnie Mae I Pool 7% 3/15/2032  | 283 | 292 |
| Ginnie Mae I Pool 7% 3/15/2032  | 160 | 164 |
| Ginnie Mae I Pool 7% 3/15/2032  | 77 | 79 |
| Ginnie Mae I Pool 7% 3/15/2032  | 53 | 55 |
| Ginnie Mae I Pool 7% 4/15/2028  | 1930 | 1955 |
| Ginnie Mae I Pool 7% 4/15/2028  | 289 | 292 |
| Ginnie Mae I Pool 7% 4/15/2028  | 207 | 210 |
| Ginnie Mae I Pool 7% 4/15/2028  | 133 | 135 |
| Ginnie Mae I Pool 7% 4/15/2028  | 101 | 102 |
| Ginnie Mae I Pool 7% 4/15/2028  | 78 | 79 |
| Ginnie Mae I Pool 7% 4/15/2028  | 58 | 58 |
| Ginnie Mae I Pool 7% 4/15/2028  | 43 | 44 |
| Ginnie Mae I Pool 7% 4/15/2028  | 41 | 41 |
| Ginnie Mae I Pool 7% 4/15/2028  | 9 | 9 |
| Ginnie Mae I Pool 7% 4/15/2029  | 211 | 214 |
| Ginnie Mae I Pool 7% 4/15/2029  | 75 | 76 |
| Ginnie Mae I Pool 7% 4/15/2031  | 318 | 327 |
| Ginnie Mae I Pool 7% 4/15/2031  | 182 | 188 |
| Ginnie Mae I Pool 7% 4/15/2031  | 76 | 78 |
| Ginnie Mae I Pool 7% 4/15/2032  | 1019 | 1052 |
| Ginnie Mae I Pool 7% 4/15/2032  | 563 | 578 |
| Ginnie Mae I Pool 7% 4/15/2032  | 532 | 548 |
| Ginnie Mae I Pool 7% 4/15/2032  | 366 | 377 |
| Ginnie Mae I Pool 7% 4/15/2032  | 343 | 352 |
| Ginnie Mae I Pool 7% 4/15/2032  | 158 | 162 |
| Ginnie Mae I Pool 7% 4/15/2032  | 139 | 143 |
| Ginnie Mae I Pool 7% 4/15/2032  | 131 | 135 |
| Ginnie Mae I Pool 7% 4/15/2032  | 91 | 93 |
| Ginnie Mae I Pool 7% 4/15/2032  | 48 | 48 |
| Ginnie Mae I Pool 7% 4/20/2032  | 18135 | 18795 |
| Ginnie Mae I Pool 7% 5/15/2027  | 6 | 7 |
| Ginnie Mae I Pool 7% 5/15/2028  | 896 | 907 |
| Ginnie Mae I Pool 7% 5/15/2028  | 546 | 553 |
| Ginnie Mae I Pool 7% 5/15/2028  | 383 | 387 |
| Ginnie Mae I Pool 7% 5/15/2028  | 94 | 96 |
| Ginnie Mae I Pool 7% 5/15/2028  | 81 | 82 |
| Ginnie Mae I Pool 7% 5/15/2028  | 9 | 9 |
| Ginnie Mae I Pool 7% 5/15/2028  | 9 | 9 |
| Ginnie Mae I Pool 7% 5/15/2029  | 222 | 226 |
| Ginnie Mae I Pool 7% 5/15/2029  | 131 | 134 |
| Ginnie Mae I Pool 7% 5/15/2031  | 387 | 397 |
| Ginnie Mae I Pool 7% 5/15/2031  | 226 | 230 |
| Ginnie Mae I Pool 7% 5/15/2031  | 163 | 167 |
| Ginnie Mae I Pool 7% 5/15/2031  | 109 | 110 |
| Ginnie Mae I Pool 7% 5/15/2032  | 6999 | 7226 |
| Ginnie Mae I Pool 7% 5/15/2032  | 821 | 845 |
| Ginnie Mae I Pool 7% 5/15/2032  | 506 | 520 |
| Ginnie Mae I Pool 7% 5/15/2032  | 393 | 404 |
| Ginnie Mae I Pool 7% 5/15/2032  | 214 | 217 |
| Ginnie Mae I Pool 7% 5/15/2032  | 157 | 161 |
| Ginnie Mae I Pool 7% 5/15/2032  | 141 | 145 |
| Ginnie Mae I Pool 7% 5/15/2032  | 112 | 115 |
| Ginnie Mae I Pool 7% 6/15/2028  | 1344 | 1362 |
| Ginnie Mae I Pool 7% 6/15/2028  | 1093 | 1107 |
| Ginnie Mae I Pool 7% 6/15/2028  | 583 | 590 |
| Ginnie Mae I Pool 7% 6/15/2028  | 562 | 569 |
| Ginnie Mae I Pool 7% 6/15/2028  | 401 | 406 |
| Ginnie Mae I Pool 7% 6/15/2028  | 280 | 284 |
| Ginnie Mae I Pool 7% 6/15/2028  | 270 | 273 |
| Ginnie Mae I Pool 7% 6/15/2028  | 222 | 224 |
| Ginnie Mae I Pool 7% 6/15/2028  | 143 | 145 |
| Ginnie Mae I Pool 7% 6/15/2028  | 78 | 79 |
| Ginnie Mae I Pool 7% 6/15/2028  | 77 | 78 |
| Ginnie Mae I Pool 7% 6/15/2028  | 62 | 63 |
| Ginnie Mae I Pool 7% 6/15/2028  | 35 | 35 |
| Ginnie Mae I Pool 7% 6/15/2028  | 24 | 25 |
| Ginnie Mae I Pool 7% 6/15/2028  | 16 | 16 |
| Ginnie Mae I Pool 7% 6/15/2029  | 44 | 45 |
| Ginnie Mae I Pool 7% 6/15/2031  | 1835 | 1889 |
| Ginnie Mae I Pool 7% 6/15/2031  | 962 | 990 |
| Ginnie Mae I Pool 7% 6/15/2031  | 431 | 443 |
| Ginnie Mae I Pool 7% 6/15/2032  | 14275 | 14728 |
| Ginnie Mae I Pool 7% 6/15/2032  | 13989 | 14446 |
| Ginnie Mae I Pool 7% 6/15/2032  | 8999 | 9293 |
| Ginnie Mae I Pool 7% 6/15/2032  | 3741 | 3863 |
| Ginnie Mae I Pool 7% 6/15/2032  | 3629 | 3745 |
| Ginnie Mae I Pool 7% 6/15/2032  | 3597 | 3697 |
| Ginnie Mae I Pool 7% 6/15/2032  | 2277 | 2352 |
| Ginnie Mae I Pool 7% 6/15/2032  | 2243 | 2311 |
| Ginnie Mae I Pool 7% 6/15/2032  | 1479 | 1525 |
| Ginnie Mae I Pool 7% 6/15/2032  | 853 | 878 |
| Ginnie Mae I Pool 7% 6/15/2032  | 692 | 712 |
| Ginnie Mae I Pool 7% 6/15/2032  | 491 | 506 |
| Ginnie Mae I Pool 7% 6/15/2032  | 399 | 409 |
| Ginnie Mae I Pool 7% 6/15/2032  | 354 | 365 |
| Ginnie Mae I Pool 7% 6/15/2032  | 296 | 305 |
| Ginnie Mae I Pool 7% 6/15/2032  | 185 | 190 |
| Ginnie Mae I Pool 7% 6/15/2032  | 137 | 141 |
| Ginnie Mae I Pool 7% 6/15/2032  | 120 | 124 |
| Ginnie Mae I Pool 7% 6/15/2032  | 102 | 106 |
| Ginnie Mae I Pool 7% 6/15/2032  | 54 | 55 |
| Ginnie Mae I Pool 7% 7/15/2028  | 696 | 705 |
| Ginnie Mae I Pool 7% 7/15/2028  | 457 | 463 |
| Ginnie Mae I Pool 7% 7/15/2028  | 294 | 297 |
| Ginnie Mae I Pool 7% 7/15/2028  | 258 | 261 |
| Ginnie Mae I Pool 7% 7/15/2028  | 247 | 251 |
| Ginnie Mae I Pool 7% 7/15/2028  | 189 | 192 |
| Ginnie Mae I Pool 7% 7/15/2028  | 129 | 130 |
| Ginnie Mae I Pool 7% 7/15/2028  | 125 | 127 |
| Ginnie Mae I Pool 7% 7/15/2028  | 106 | 107 |
| Ginnie Mae I Pool 7% 7/15/2028  | 92 | 92 |
| Ginnie Mae I Pool 7% 7/15/2028  | 55 | 55 |
| Ginnie Mae I Pool 7% 7/15/2028  | 51 | 51 |
| Ginnie Mae I Pool 7% 7/15/2028  | 49 | 50 |
| Ginnie Mae I Pool 7% 7/15/2028  | 44 | 44 |
| Ginnie Mae I Pool 7% 7/15/2028  | 42 | 42 |
| Ginnie Mae I Pool 7% 7/15/2028  | 39 | 40 |
| Ginnie Mae I Pool 7% 7/15/2028  | 19 | 19 |
| Ginnie Mae I Pool 7% 7/15/2029  | 442 | 450 |
| Ginnie Mae I Pool 7% 7/15/2029  | 201 | 205 |
| Ginnie Mae I Pool 7% 7/15/2029  | 152 | 154 |
| Ginnie Mae I Pool 7% 7/15/2029  | 98 | 99 |
| Ginnie Mae I Pool 7% 7/15/2029  | 16 | 17 |
| Ginnie Mae I Pool 7% 7/15/2030  | 719 | 732 |
| Ginnie Mae I Pool 7% 7/15/2031  | 1831 | 1882 |
| Ginnie Mae I Pool 7% 7/15/2031  | 708 | 729 |
| Ginnie Mae I Pool 7% 7/15/2031  | 454 | 466 |
| Ginnie Mae I Pool 7% 7/15/2031  | 293 | 300 |
| Ginnie Mae I Pool 7% 7/15/2031  | 185 | 190 |
| Ginnie Mae I Pool 7% 7/15/2032  | 7611 | 7839 |
| Ginnie Mae I Pool 7% 7/15/2032  | 7450 | 7686 |
| Ginnie Mae I Pool 7% 7/15/2032  | 2116 | 2158 |
| Ginnie Mae I Pool 7% 7/15/2032  | 1176 | 1215 |
| Ginnie Mae I Pool 7% 7/15/2032  | 890 | 915 |
| Ginnie Mae I Pool 7% 7/15/2032  | 353 | 365 |
| Ginnie Mae I Pool 7% 7/15/2032  | 308 | 317 |
| Ginnie Mae I Pool 7% 7/15/2032  | 212 | 218 |
| Ginnie Mae I Pool 7% 7/15/2032  | 121 | 124 |
| Ginnie Mae I Pool 7% 8/15/2028  | 580 | 586 |
| Ginnie Mae I Pool 7% 8/15/2029  | 39 | 40 |
| Ginnie Mae I Pool 7% 8/15/2029  | 25 | 25 |
| Ginnie Mae I Pool 7% 8/15/2031  | 173 | 178 |
| Ginnie Mae I Pool 7% 8/15/2031  | 100 | 103 |
| Ginnie Mae I Pool 7% 8/15/2031  | 98 | 101 |
| Ginnie Mae I Pool 7% 8/15/2032  | 1561 | 1605 |
| Ginnie Mae I Pool 7% 8/15/2032  | 702 | 724 |
| Ginnie Mae I Pool 7% 8/15/2032  | 283 | 290 |
| Ginnie Mae I Pool 7% 8/15/2032  | 86 | 89 |
| Ginnie Mae I Pool 7% 8/15/2032  | 52 | 52 |
| Ginnie Mae I Pool 7% 9/15/2027  | 16 | 16 |
| Ginnie Mae I Pool 7% 9/15/2028  | 962 | 977 |
| Ginnie Mae I Pool 7% 9/15/2028  | 805 | 816 |
| Ginnie Mae I Pool 7% 9/15/2028  | 480 | 487 |
| Ginnie Mae I Pool 7% 9/15/2028  | 214 | 215 |
| Ginnie Mae I Pool 7% 9/15/2028  | 203 | 206 |
| Ginnie Mae I Pool 7% 9/15/2028  | 173 | 174 |
| Ginnie Mae I Pool 7% 9/15/2028  | 144 | 145 |
| Ginnie Mae I Pool 7% 9/15/2028  | 90 | 90 |
| Ginnie Mae I Pool 7% 9/15/2028  | 30 | 30 |
| Ginnie Mae I Pool 7% 9/15/2028  | 28 | 28 |
| Ginnie Mae I Pool 7% 9/15/2028  | 24 | 25 |
| Ginnie Mae I Pool 7% 9/15/2029  | 25 | 26 |
| Ginnie Mae I Pool 7% 9/15/2030  | 1337 | 1372 |
| Ginnie Mae I Pool 7% 9/15/2031  | 5546 | 5680 |
| Ginnie Mae I Pool 7% 9/15/2031  | 1643 | 1692 |
| Ginnie Mae I Pool 7% 9/15/2031  | 680 | 700 |
| Ginnie Mae I Pool 7% 9/15/2031  | 575 | 593 |
| Ginnie Mae I Pool 7% 9/15/2031  | 423 | 435 |
| Ginnie Mae I Pool 7% 9/15/2031  | 226 | 233 |
| Ginnie Mae I Pool 7% 9/15/2031  | 171 | 176 |
| Ginnie Mae I Pool 7% 9/15/2031  | 46 | 48 |
| Ginnie Mae I Pool 7.5% 1/15/2028  | 151 | 153 |
| Ginnie Mae I Pool 7.5% 1/15/2031  | 95 | 99 |
| Ginnie Mae I Pool 7.5% 1/15/2031  | 30 | 31 |
| Ginnie Mae I Pool 7.5% 10/15/2025  | 2 | 2 |
| Ginnie Mae I Pool 7.5% 10/15/2027  | 372 | 377 |
| Ginnie Mae I Pool 7.5% 10/15/2027  | 297 | 302 |
| Ginnie Mae I Pool 7.5% 10/15/2027  | 28 | 29 |
| Ginnie Mae I Pool 7.5% 10/15/2027  | 22 | 23 |
| Ginnie Mae I Pool 7.5% 11/15/2025  | 31 | 31 |
| Ginnie Mae I Pool 7.5% 11/15/2025  | 30 | 30 |
| Ginnie Mae I Pool 7.5% 11/15/2025  | 12 | 12 |
| Ginnie Mae I Pool 7.5% 11/15/2025  | 8 | 8 |
| Ginnie Mae I Pool 7.5% 12/15/2026  | 2 | 2 |
| Ginnie Mae I Pool 7.5% 12/15/2027  | 142 | 144 |
| Ginnie Mae I Pool 7.5% 12/15/2027  | 118 | 119 |
| Ginnie Mae I Pool 7.5% 12/15/2027  | 48 | 49 |
| Ginnie Mae I Pool 7.5% 12/15/2027  | 15 | 15 |
| Ginnie Mae I Pool 7.5% 12/15/2027  | 12 | 12 |
| Ginnie Mae I Pool 7.5% 12/15/2028  | 103 | 104 |
| Ginnie Mae I Pool 7.5% 2/15/2027  | 34 | 35 |
| Ginnie Mae I Pool 7.5% 3/15/2028  | 109 | 112 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 138 | 140 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 57 | 57 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 40 | 40 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 30 | 31 |
| Ginnie Mae I Pool 7.5% 4/15/2027  | 10 | 10 |
| Ginnie Mae I Pool 7.5% 4/15/2028  | 28 | 28 |
| Ginnie Mae I Pool 7.5% 5/15/2027  | 83 | 84 |
| Ginnie Mae I Pool 7.5% 5/15/2027  | 3 | 3 |
| Ginnie Mae I Pool 7.5% 6/15/2027  | 280 | 284 |
| Ginnie Mae I Pool 7.5% 6/15/2027  | 72 | 72 |
| Ginnie Mae I Pool 7.5% 6/15/2027  | 29 | 30 |
| Ginnie Mae I Pool 7.5% 6/15/2027  | 6 | 6 |
| Ginnie Mae I Pool 7.5% 6/15/2029  | 16 | 16 |
| Ginnie Mae I Pool 7.5% 7/15/2027  | 307 | 312 |
| Ginnie Mae I Pool 7.5% 7/15/2027  | 158 | 160 |
| Ginnie Mae I Pool 7.5% 7/15/2027  | 145 | 147 |
| Ginnie Mae I Pool 7.5% 7/15/2027  | 111 | 112 |
| Ginnie Mae I Pool 7.5% 7/15/2027  | 52 | 52 |
| Ginnie Mae I Pool 7.5% 7/15/2027  | 20 | 21 |
| Ginnie Mae I Pool 7.5% 7/15/2027  | 14 | 14 |
| Ginnie Mae I Pool 7.5% 7/15/2028  | 555 | 568 |
| Ginnie Mae I Pool 7.5% 7/15/2029  | 892 | 921 |
| Ginnie Mae I Pool 7.5% 7/15/2029  | 91 | 93 |
| Ginnie Mae I Pool 7.5% 8/15/2027  | 215 | 219 |
| Ginnie Mae I Pool 7.5% 8/15/2027  | 171 | 174 |
| Ginnie Mae I Pool 7.5% 8/15/2027  | 63 | 64 |
| Ginnie Mae I Pool 7.5% 8/15/2027  | 40 | 40 |
| Ginnie Mae I Pool 7.5% 8/15/2027  | 22 | 22 |
| Ginnie Mae I Pool 7.5% 8/15/2027  | 16 | 17 |
| Ginnie Mae I Pool 7.5% 8/15/2028  | 280 | 287 |
| Ginnie Mae I Pool 7.5% 8/15/2028  | 47 | 48 |
| Ginnie Mae I Pool 7.5% 9/15/2025  | 6 | 6 |
| Ginnie Mae I Pool 7.5% 9/15/2027  | 352 | 358 |
| Ginnie Mae I Pool 7.5% 9/15/2027  | 33 | 34 |
| Ginnie Mae I Pool 7.5% 9/15/2027  | 20 | 20 |
| Ginnie Mae I Pool 7.5% 9/15/2027  | 19 | 19 |
| Ginnie Mae I Pool 7.5% 9/15/2027  | 18 | 19 |
| Ginnie Mae I Pool 7.5% 9/15/2028  | 332 | 340 |
| Ginnie Mae I Pool 7.5% 9/15/2028  | 208 | 211 |
| Ginnie Mae I Pool 7.5% 9/15/2031  | 786 | 816 |
| Ginnie Mae I Pool 8% 1/15/2028  | 206 | 209 |
| Ginnie Mae I Pool 8% 10/15/2025  | 7 | 6 |
| Ginnie Mae I Pool 8% 11/15/2027  | 43 | 44 |
| Ginnie Mae I Pool 8% 12/15/2027  | 208 | 211 |
| Ginnie Mae I Pool 8% 12/15/2027  | 75 | 76 |
| Ginnie Mae I Pool 8% 12/15/2027  | 65 | 65 |
| Ginnie Mae I Pool 8% 7/15/2027  | 71 | 72 |
| Ginnie Mae I Pool 8% 8/15/2025  | 18 | 18 |
| Ginnie Mae I Pool 8% 8/15/2025  | 2 | 2 |
| Ginnie Mae I Pool 8% 8/15/2027  | 32 | 32 |
| Ginnie Mae I Pool 8% 8/15/2027  | 21 | 21 |
| Ginnie Mae I Pool 8.5% 1/15/2031  | 898 | 930 |
| Ginnie Mae I Pool 8.5% 10/15/2028  | 160 | 163 |
| Ginnie Mae I Pool 8.5% 11/15/2027  | 106 | 107 |
| Ginnie Mae I Pool 8.5% 11/15/2027  | 22 | 23 |
| Ginnie Mae I Pool 8.5% 12/15/2029  | 53 | 55 |
| Ginnie Mae I Pool 8.5% 7/15/2030  | 107 | 111 |
| Ginnie Mae I Pool 8.5% 8/15/2029  | 69 | 70 |
| Ginnie Mae II Pool 2% 1/20/2051  | 246453707 | 198093254 |
| Ginnie Mae II Pool 2% 1/20/2052  | 9995302 | 8033971 |
| Ginnie Mae II Pool 2% 1/20/2054  | 396930 | 318980 |
| Ginnie Mae II Pool 2% 1/20/2054  | 372645 | 299464 |
| Ginnie Mae II Pool 2% 10/20/2050  | 147763651 | 118768684 |
| Ginnie Mae II Pool 2% 10/20/2051  | 523223 | 420880 |
| Ginnie Mae II Pool 2% 11/20/2050  | 46293485 | 37209532 |
| Ginnie Mae II Pool 2% 11/20/2051  | 3234159 | 2600546 |
| Ginnie Mae II Pool 2% 11/20/2053  | 1098901 | 883097 |
| Ginnie Mae II Pool 2% 12/20/2050  | 63068476 | 50692845 |
| Ginnie Mae II Pool 2% 12/20/2051  | 1780969 | 1431498 |
| Ginnie Mae II Pool 2% 2/20/2051  | 10508188 | 8446215 |
| Ginnie Mae II Pool 2% 2/20/2052  | 96988302 | 77956743 |
| Ginnie Mae II Pool 2% 3/20/2051  | 3109589 | 2499409 |
| Ginnie Mae II Pool 2% 3/20/2052  | 105429240 | 84774303 |
| Ginnie Mae II Pool 2% 4/20/2051  | 4162464 | 3345683 |
| Ginnie Mae II Pool 2% 4/20/2052  | 21447836 | 17249283 |
| Ginnie Mae II Pool 2% 5/20/2051  | 112480 | 90409 |
| Ginnie Mae II Pool 2% 6/1/2055 (p) | 697075000 | 560048597 |
| Ginnie Mae II Pool 2% 6/20/2051  | 478246 | 384701 |
| Ginnie Mae II Pool 2% 6/20/2054  | 397994 | 319773 |
| Ginnie Mae II Pool 2% 7/1/2055 (p) | 209850000 | 168574478 |
| Ginnie Mae II Pool 2% 7/20/2051  | 2581237 | 2076346 |
| Ginnie Mae II Pool 2% 7/20/2053  | 1397914 | 1123390 |
| Ginnie Mae II Pool 2% 7/20/2054  | 761747 | 612035 |
| Ginnie Mae II Pool 2% 8/20/2051  | 1005043 | 807828 |
| Ginnie Mae II Pool 2% 8/20/2053  | 537719 | 431911 |
| Ginnie Mae II Pool 2% 9/20/2050  | 79487335 | 63939589 |
| Ginnie Mae II Pool 2% 9/20/2051  | 721427 | 580090 |
| Ginnie Mae II Pool 2.5% 11/20/2047  | 45387 | 38693 |
| Ginnie Mae II Pool 2.5% 12/20/2051  | 29546163 | 24773293 |
| Ginnie Mae II Pool 2.5% 4/20/2052  | 1412350 | 1184421 |
| Ginnie Mae II Pool 2.5% 5/20/2052  | 21907448 | 18378800 |
| Ginnie Mae II Pool 2.5% 6/1/2055 (p) | 501900000 | 420609315 |
| Ginnie Mae II Pool 2.5% 6/20/2051  | 14734543 | 12358938 |
| Ginnie Mae II Pool 2.5% 7/1/2055 (p) | 210925000 | 176696407 |
| Ginnie Mae II Pool 2.5% 7/20/2051  | 45300139 | 37982382 |
| Ginnie Mae II Pool 3% 1/20/2032  | 4979101 | 4816898 |
| Ginnie Mae II Pool 3% 1/20/2043  | 1137876 | 1029444 |
| Ginnie Mae II Pool 3% 10/20/2031  | 1646591 | 1593953 |
| Ginnie Mae II Pool 3% 10/20/2043  | 87515 | 78921 |
| Ginnie Mae II Pool 3% 11/20/2031  | 1737889 | 1681798 |
| Ginnie Mae II Pool 3% 12/20/2031  | 2673421 | 2587149 |
| Ginnie Mae II Pool 3% 12/20/2042  | 94834 | 85827 |
| Ginnie Mae II Pool 3% 2/20/2031  | 214505 | 208269 |
| Ginnie Mae II Pool 3% 3/20/2031  | 438707 | 425809 |
| Ginnie Mae II Pool 3% 3/20/2050  | 11962758 | 10450329 |
| Ginnie Mae II Pool 3% 4/20/2031  | 1627105 | 1578726 |
| Ginnie Mae II Pool 3% 5/20/2031  | 3427610 | 3324566 |
| Ginnie Mae II Pool 3% 6/1/2055 (p) | 495525000 | 431848303 |
| Ginnie Mae II Pool 3% 7/20/2031  | 45230 | 43827 |
| Ginnie Mae II Pool 3% 8/20/2031  | 526686 | 510345 |
| Ginnie Mae II Pool 3% 8/20/2042  | 13199 | 11959 |
| Ginnie Mae II Pool 3% 9/20/2031  | 211673 | 205039 |
| Ginnie Mae II Pool 3% 9/20/2043  | 3912 | 3528 |
| Ginnie Mae II Pool 3.5% 1/20/2044  | 41651 | 38209 |
| Ginnie Mae II Pool 3.5% 10/20/2043  | 44862 | 41213 |
| Ginnie Mae II Pool 3.5% 10/20/2045  | 2237800 | 2030076 |
| Ginnie Mae II Pool 3.5% 11/20/2041  | 302720 | 280478 |
| Ginnie Mae II Pool 3.5% 11/20/2045  | 59844 | 54289 |
| Ginnie Mae II Pool 3.5% 12/20/2040  | 238693 | 221893 |
| Ginnie Mae II Pool 3.5% 12/20/2041  | 314397 | 291302 |
| Ginnie Mae II Pool 3.5% 12/20/2043  | 45967 | 42192 |
| Ginnie Mae II Pool 3.5% 12/20/2045  | 1238718 | 1123734 |
| Ginnie Mae II Pool 3.5% 12/20/2047  | 22105 | 19928 |
| Ginnie Mae II Pool 3.5% 2/20/2043  | 210597 | 194316 |
| Ginnie Mae II Pool 3.5% 2/20/2044  | 2506 | 2299 |
| Ginnie Mae II Pool 3.5% 2/20/2046  | 770246 | 698747 |
| Ginnie Mae II Pool 3.5% 3/20/2043  | 7488 | 6907 |
| Ginnie Mae II Pool 3.5% 3/20/2044  | 17335 | 15897 |
| Ginnie Mae II Pool 3.5% 3/20/2045  | 128390 | 117266 |
| Ginnie Mae II Pool 3.5% 3/20/2046  | 12567 | 11400 |
| Ginnie Mae II Pool 3.5% 4/20/2043  | 137286 | 126602 |
| Ginnie Mae II Pool 3.5% 4/20/2045  | 123349 | 112602 |
| Ginnie Mae II Pool 3.5% 5/20/2043  | 3451435 | 3168455 |
| Ginnie Mae II Pool 3.5% 5/20/2045  | 8830 | 8059 |
| Ginnie Mae II Pool 3.5% 5/20/2046  | 46507 | 41885 |
| Ginnie Mae II Pool 3.5% 5/20/2046  | 11975 | 10785 |
| Ginnie Mae II Pool 3.5% 6/1/2055 (p) | 250025000 | 222544927 |
| Ginnie Mae II Pool 3.5% 6/20/2043  | 317803 | 292899 |
| Ginnie Mae II Pool 3.5% 7/1/2055 (p) | 193325000 | 172008812 |
| Ginnie Mae II Pool 3.5% 7/20/2045  | 216522 | 196424 |
| Ginnie Mae II Pool 3.5% 7/20/2047  | 10528 | 9511 |
| Ginnie Mae II Pool 3.5% 7/20/2049  | 37532944 | 33767451 |
| Ginnie Mae II Pool 3.5% 8/20/2043  | 29085 | 26789 |
| Ginnie Mae II Pool 3.5% 8/20/2045  | 88741 | 80503 |
| Ginnie Mae II Pool 3.5% 9/20/2040  | 120439 | 111843 |
| Ginnie Mae II Pool 3.5% 9/20/2043  | 1339084 | 1230279 |
| Ginnie Mae II Pool 3.5% 9/20/2045  | 36008 | 32665 |
| Ginnie Mae II Pool 3.5% 9/20/2046  | 1444659 | 1308302 |
| Ginnie Mae II Pool 4% 1/20/2041  | 523270 | 501588 |
| Ginnie Mae II Pool 4% 1/20/2042  | 58075 | 55537 |
| Ginnie Mae II Pool 4% 1/20/2045  | 1161471 | 1101917 |
| Ginnie Mae II Pool 4% 1/20/2046  | 25838 | 24170 |
| Ginnie Mae II Pool 4% 10/20/2040  | 244253 | 234193 |
| Ginnie Mae II Pool 4% 10/20/2041  | 1110749 | 1062588 |
| Ginnie Mae II Pool 4% 10/20/2044  | 662536 | 628673 |
| Ginnie Mae II Pool 4% 10/20/2045  | 4079 | 3822 |
| Ginnie Mae II Pool 4% 11/20/2040  | 815853 | 782147 |
| Ginnie Mae II Pool 4% 11/20/2041  | 34516 | 33014 |
| Ginnie Mae II Pool 4% 11/20/2042  | 6064204 | 5787729 |
| Ginnie Mae II Pool 4% 11/20/2044  | 1421759 | 1348851 |
| Ginnie Mae II Pool 4% 11/20/2054  | 15781675 | 14484274 |
| Ginnie Mae II Pool 4% 12/20/2044  | 38626 | 36645 |
| Ginnie Mae II Pool 4% 12/20/2045  | 33396 | 31240 |
| Ginnie Mae II Pool 4% 12/20/2054  | 1163139 | 1066064 |
| Ginnie Mae II Pool 4% 2/20/2041  | 25961 | 24881 |
| Ginnie Mae II Pool 4% 2/20/2045  | 1219032 | 1156729 |
| Ginnie Mae II Pool 4% 3/20/2041  | 73294 | 70241 |
| Ginnie Mae II Pool 4% 3/20/2047  | 2410058 | 2246196 |
| Ginnie Mae II Pool 4% 4/20/2042  | 208142 | 198927 |
| Ginnie Mae II Pool 4% 4/20/2047  | 18027231 | 16801548 |
| Ginnie Mae II Pool 4% 5/20/2046  | 867309 | 811321 |
| Ginnie Mae II Pool 4% 6/1/2055 (p) | 71800000 | 65803738 |
| Ginnie Mae II Pool 4% 6/20/2042  | 3027 | 2891 |
| Ginnie Mae II Pool 4% 6/20/2045  | 1545419 | 1464340 |
| Ginnie Mae II Pool 4% 7/20/2033  | 1162 | 1134 |
| Ginnie Mae II Pool 4% 7/20/2044  | 85495 | 81183 |
| Ginnie Mae II Pool 4% 7/20/2045  | 6537481 | 6190311 |
| Ginnie Mae II Pool 4% 8/20/2041  | 8710 | 8335 |
| Ginnie Mae II Pool 4% 8/20/2043  | 121804 | 115898 |
| Ginnie Mae II Pool 4% 8/20/2044  | 92170 | 87506 |
| Ginnie Mae II Pool 4% 8/20/2045  | 1799950 | 1686570 |
| Ginnie Mae II Pool 4% 8/20/2048  | 2951846 | 2743769 |
| Ginnie Mae II Pool 4% 9/20/2040  | 328092 | 314562 |
| Ginnie Mae II Pool 4% 9/20/2045  | 3867 | 3623 |
| Ginnie Mae II Pool 4.5% 1/20/2041  | 71990 | 70803 |
| Ginnie Mae II Pool 4.5% 1/20/2045  | 22093 | 21435 |
| Ginnie Mae II Pool 4.5% 1/20/2055  | 4125660 | 3895727 |
| Ginnie Mae II Pool 4.5% 10/20/2039  | 10474 | 10167 |
| Ginnie Mae II Pool 4.5% 10/20/2040  | 155248 | 150648 |
| Ginnie Mae II Pool 4.5% 10/20/2040  | 15255 | 15007 |
| Ginnie Mae II Pool 4.5% 10/20/2044  | 18853 | 18291 |
| Ginnie Mae II Pool 4.5% 11/20/2039  | 24418 | 24037 |
| Ginnie Mae II Pool 4.5% 11/20/2040  | 61878 | 59973 |
| Ginnie Mae II Pool 4.5% 11/20/2040  | 38605 | 37971 |
| Ginnie Mae II Pool 4.5% 11/20/2041  | 9268 | 9112 |
| Ginnie Mae II Pool 4.5% 11/20/2054  | 179231797 | 169242797 |
| Ginnie Mae II Pool 4.5% 12/20/2039  | 58587 | 56888 |
| Ginnie Mae II Pool 4.5% 12/20/2040  | 32175 | 31192 |
| Ginnie Mae II Pool 4.5% 2/20/2041  | 276204 | 271634 |
| Ginnie Mae II Pool 4.5% 2/20/2041  | 3130 | 3033 |
| Ginnie Mae II Pool 4.5% 2/20/2042  | 12377 | 12166 |
| Ginnie Mae II Pool 4.5% 2/20/2055  | 3911323 | 3693336 |
| Ginnie Mae II Pool 4.5% 3/20/2036  | 5320 | 5256 |
| Ginnie Mae II Pool 4.5% 3/20/2041  | 18804 | 18493 |
| Ginnie Mae II Pool 4.5% 3/20/2046  | 54343 | 53244 |
| Ginnie Mae II Pool 4.5% 4/20/2035  | 110919 | 109637 |
| Ginnie Mae II Pool 4.5% 4/20/2040  | 27698 | 26869 |
| Ginnie Mae II Pool 4.5% 4/20/2041  | 157400 | 154784 |
| Ginnie Mae II Pool 4.5% 4/20/2055  | 41873527 | 39539819 |
| Ginnie Mae II Pool 4.5% 5/20/2040  | 19957 | 19638 |
| Ginnie Mae II Pool 4.5% 5/20/2041  | 793322 | 780085 |
| Ginnie Mae II Pool 4.5% 5/20/2042  | 159077 | 156419 |
| Ginnie Mae II Pool 4.5% 5/20/2043  | 4663 | 4586 |
| Ginnie Mae II Pool 4.5% 5/20/2046  | 29931 | 29039 |
| Ginnie Mae II Pool 4.5% 5/20/2055  | 12289476 | 11604555 |
| Ginnie Mae II Pool 4.5% 6/20/2033  | 4165 | 4125 |
| Ginnie Mae II Pool 4.5% 6/20/2039  | 11576 | 11246 |
| Ginnie Mae II Pool 4.5% 6/20/2040  | 26965 | 26185 |
| Ginnie Mae II Pool 4.5% 6/20/2041  | 516292 | 507608 |
| Ginnie Mae II Pool 4.5% 6/20/2043  | 9690 | 9531 |
| Ginnie Mae II Pool 4.5% 6/20/2044  | 19688 | 19306 |
| Ginnie Mae II Pool 4.5% 7/20/2039  | 2543 | 2508 |
| Ginnie Mae II Pool 4.5% 7/20/2040  | 30583 | 30088 |
| Ginnie Mae II Pool 4.5% 7/20/2040  | 2372 | 2303 |
| Ginnie Mae II Pool 4.5% 8/20/2040  | 3441 | 3385 |
| Ginnie Mae II Pool 4.5% 9/20/2039  | 45509 | 44801 |
| Ginnie Mae II Pool 4.5% 9/20/2040  | 168837 | 166088 |
| Ginnie Mae II Pool 4.5% 9/20/2046  | 8208 | 8061 |
| Ginnie Mae II Pool 5% 1/20/2054  | 818005 | 796483 |
| Ginnie Mae II Pool 5% 1/20/2055  | 110474367 | 107239710 |
| Ginnie Mae II Pool 5% 11/20/2054  | 79452904 | 77132760 |
| Ginnie Mae II Pool 5% 12/20/2054  | 15514500 | 15060240 |
| Ginnie Mae II Pool 5% 12/20/2054  | 4226948 | 4109128 |
| Ginnie Mae II Pool 5% 2/20/2054  | 49602 | 48266 |
| Ginnie Mae II Pool 5% 6/1/2055 (p) | 168425000 | 163427931 |
| Ginnie Mae II Pool 5% 6/20/2048  | 2712576 | 2680199 |
| Ginnie Mae II Pool 5% 9/20/2033  | 119628 | 120302 |
| Ginnie Mae II Pool 5.5% 1/20/2055  | 3482346 | 3476978 |
| Ginnie Mae II Pool 5.5% 12/20/2054  | 13290595 | 13206769 |
| Ginnie Mae II Pool 5.5% 12/20/2054  | 4247974 | 4252045 |
| Ginnie Mae II Pool 5.5% 6/1/2055 (p) | 372875000 | 370317674 |
| Ginnie Mae II Pool 5.5% 7/1/2055 (p) | 372875000 | 369968104 |
| Ginnie Mae II Pool 5.5% 8/20/2054  | 15105502 | 15017308 |
| Ginnie Mae II Pool 6% 1/20/2055  | 30025717 | 30340317 |
| Ginnie Mae II Pool 6% 11/20/2031  | 3337 | 3420 |
| Ginnie Mae II Pool 6% 12/20/2054  | 60310461 | 60998917 |
| Ginnie Mae II Pool 6% 5/20/2032  | 15732 | 16150 |
| Ginnie Mae II Pool 6% 6/1/2055 (p) | 543925000 | 549208035 |
| Ginnie Mae II Pool 6% 7/1/2055 (p) | 543925000 | 548379365 |
| Ginnie Mae II Pool 6.5% 1/20/2032  | 149 | 153 |
| Ginnie Mae II Pool 6.5% 11/20/2031  | 589 | 607 |
| Ginnie Mae II Pool 6.5% 3/20/2031  | 745 | 765 |
| Ginnie Mae II Pool 6.5% 4/20/2031  | 95 | 97 |
| Ginnie Mae II Pool 6.5% 6/1/2055 (p) | 119800000 | 122361767 |
| Ginnie Mae II Pool 6.5% 6/20/2031  | 88 | 90 |
| Ginnie Mae II Pool 6.5% 7/1/2055 (p) | 119800000 | 122277536 |
| Ginnie Mae II Pool 6.5% 7/20/2031  | 106 | 108 |
| Ginnie Mae II Pool 6.5% 8/20/2031  | 107 | 110 |
| Ginnie Mae II Pool 7% 2/20/2032  | 5496 | 5703 |
| Ginnie Mae II Pool 7% 3/20/2032  | 2759 | 2865 |
| Uniform Mortgage Backed Securities 2% 6/1/2055 (p) | 1891625000 | 1470368814 |
| Uniform Mortgage Backed Securities 2% 7/1/2055 (p) | 1202925000 | 935556033 |
| Uniform Mortgage Backed Securities 2.5% 6/1/2055 (p) | 390200000 | 317997704 |
| Uniform Mortgage Backed Securities 3% 6/1/2055 (p) | 307325000 | 261610253 |
| Uniform Mortgage Backed Securities 3.5% 6/1/2055 (p) | 305025000 | 270566570 |
| Uniform Mortgage Backed Securities 3.5% 7/1/2055 (p) | 198875000 | 176369390 |
| Uniform Mortgage Backed Securities 4% 6/1/2055 (p) | 71800000 | 65831589 |
| Uniform Mortgage Backed Securities 4.5% 6/1/2055 (p) | 48700000 | 45953038 |
| Uniform Mortgage Backed Securities 4.5% 7/1/2055 (p) | 50900000 | 48009063 |
| Uniform Mortgage Backed Securities 5% 6/1/2040 (p) | 22725000 | 22739205 |
| Uniform Mortgage Backed Securities 5% 6/1/2055 (p) | 154500000 | 149593374 |
| Uniform Mortgage Backed Securities 5.5% 6/1/2055 (p) | 147600000 | 146170228 |
| Uniform Mortgage Backed Securities 6% 6/1/2055 (p) | 1081100000 | 1091953271 |
| Uniform Mortgage Backed Securities 6% 7/1/2055 (p) | 286975000 | 289486060 |
| Uniform Mortgage Backed Securities 6.5% 6/1/2055 (p) | 396225000 | 406873349 |
| Uniform Mortgage Backed Securities 6.5% 7/1/2055 (p) | 164600000 | 168869230 |
| TOTAL UNITED STATES |  | 20042170234 |
| <br> **TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES**<br> (Cost $20,592,465,140) |  | <br> **20042170234** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Short-Term Funds - 0.7%** | &nbsp;&nbsp;**Short-Term Funds - 0.7%** | &nbsp;&nbsp;**Short-Term Funds - 0.7%** |
|  | Shares | Value ($)<br>|
| Fidelity SAI Short-Term Bond Fund (n)<br>(Cost $490,701,499)<br>| 51440597 | **500517008** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 13.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 13.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 13.4%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 13.4%** |
|  | Yield (%) (w) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bonds 1.125% 8/15/2040  | 4.51 | 3500000 | 2103555 |
| US Treasury Bonds 1.75% 8/15/2041  | 3.82 | 13264000 | 8615901 |
| US Treasury Bonds 1.875% 2/15/2041  | 3.79 | 7454500 | 5020722 |
| US Treasury Bonds 2% 11/15/2041  | 3.83 | 19304500 | 13010177 |
| US Treasury Bonds 2.25% 2/15/2052  | 2.99 to 3.67 | 70500000 | 41980547 |
| US Treasury Bonds 2.25% 8/15/2046  | 4.78 to 4.92 | 830000 | 531103 |
| US Treasury Bonds 2.375% 5/15/2051  | 2.35 to 2.40 | 488726000 | 302380123 |
| US Treasury Bonds 2.875% 5/15/2052  | 2.96 to 3.67 | 409400000 | 281254603 |
| US Treasury Bonds 3.625% 2/15/2053  | 3.73 to 3.90 | 244816000 | 195518090 |
| US Treasury Bonds 3.625% 5/15/2053  | 4.31 | 2100000 | 1675324 |
| US Treasury Bonds 4.125% 8/15/2044  | 4.70 | 1300000 | 1168223 |
| US Treasury Bonds 4.125% 8/15/2053 (s) | 4.36 to 5.10 | 424900000 | 371505341 |
| US Treasury Bonds 4.25% 2/15/2054  | 4.52 to 4.79 | 167888000 | 149951528 |
| US Treasury Bonds 4.25% 8/15/2054  | 4.16 to 4.64 | 400050000 | 357732211 |
| US Treasury Bonds 4.375% 8/15/2043  | 5.28 | 358000 | 334841 |
| US Treasury Bonds 4.5% 11/15/2054  | 4.56 to 4.82 | 105112900 | 98116323 |
| US Treasury Bonds 4.5% 2/15/2044  | 4.45 to 4.72 | 2975000 | 2821369 |
| US Treasury Bonds 4.625% 11/15/2044  | 4.52 to 5.12 | 191130000 | 183574392 |
| US Treasury Bonds 4.625% 2/15/2055  | 4.49 to 4.95 | 378795900 | 361326098 |
| US Treasury Bonds 4.625% 5/15/2044  | 4.57 to 4.72 | 1535000 | 1477797 |
| US Treasury Bonds 4.625% 5/15/2054  | 4.55 to 4.65 | 59200000 | 56311688 |
| US Treasury Bonds 4.75% 11/15/2053  | 4.77 to 4.79 | 120000000 | 116446874 |
| US Treasury Bonds 4.75% 5/15/2055  | 4.90 to 4.91 | 112400000 | 109519750 |
| US Treasury Bonds 6.25% 5/15/2030 (t) | 4.41 to 4.46 | 5440000 | 5991225 |
| US Treasury Bonds Inflation-Indexed 2.375% 2/15/2055  | 2.58 to 2.63 | 58852203 | 55995039 |
| US Treasury Notes 2.75% 8/15/2032  | 3.61 to 4.16 | 125847100 | 114643758 |
| US Treasury Notes 3.375% 5/15/2033  | 3.82 to 3.97 | 221200000 | 208230422 |
| US Treasury Notes 3.375% 9/15/2027  | 3.48 | 5630000 | 5568422 |
| US Treasury Notes 3.5% 1/31/2030  | 3.59 to 4.12 | 171800000 | 168464664 |
| US Treasury Notes 3.5% 2/15/2033  | 3.91 to 4.32 | 247524000 | 235718266 |
| US Treasury Notes 3.5% 4/30/2030  | 3.75 | 143600000 | 140559718 |
| US Treasury Notes 3.625% 3/31/2030  | 3.46 to 3.75 | 92438400 | 91040991 |
| US Treasury Notes 3.625% 9/30/2031  | 3.66 to 4.49 | 428584700 | 416882328 |
| US Treasury Notes 3.75% 4/15/2028  | 3.69 | 60280000 | 60086916 |
| US Treasury Notes 3.75% 5/15/2028  | 3.87 | 84295300 | 84045112 |
| US Treasury Notes 3.75% 5/31/2030  | 3.85 to 4.00 | 250733800 | 248118724 |
| US Treasury Notes 3.75% 8/15/2027  | 3.89 | 2290000 | 2282844 |
| US Treasury Notes 3.75% 8/31/2031  | 3.59 to 3.64 | 51900000 | 50872137 |
| US Treasury Notes 3.875% 12/31/2027 (u) | 3.71 to 4.36 | 114453600 | 114467014 |
| US Treasury Notes 3.875% 3/15/2028  | 3.57 to 3.88 | 94368200 | 94419808 |
| US Treasury Notes 3.875% 4/30/2030  | 3.87 to 4.00 | 27500000 | 27390430 |
| US Treasury Notes 3.875% 8/15/2033  | 4.59 to 4.90 | 104833500 | 101975150 |
| US Treasury Notes 3.875% 8/15/2034  | 3.64 to 4.27 | 1056840000 | 1017939094 |
| US Treasury Notes 4% 1/31/2029  | 3.87 | 5950000 | 5968361 |
| US Treasury Notes 4% 2/15/2034  | 4.19 to 4.67 | 39379200 | 38476247 |
| US Treasury Notes 4% 2/28/2030  | 3.51 to 3.52 | 215900000 | 216363848 |
| US Treasury Notes 4% 4/30/2032  | 4.06 to 4.29 | 204580000 | 202566166 |
| US Treasury Notes 4.125% 10/31/2031  | 4.26 | 1100000 | 1099914 |
| US Treasury Notes 4.125% 11/15/2032  | 3.86 | 68157900 | 67857047 |
| US Treasury Notes 4.125% 11/30/2029  | 4.11 | 1315000 | 1324914 |
| US Treasury Notes 4.125% 11/30/2031  | 4.55 | 110000000 | 109939843 |
| US Treasury Notes 4.125% 3/31/2032  | 3.88 | 85700000 | 85525922 |
| US Treasury Notes 4.125% 5/31/2032  | 4.20 | 42500000 | 42387201 |
| US Treasury Notes 4.125% 7/31/2031 (u) | 3.75 to 4.03 | 653225000 | 654055314 |
| US Treasury Notes 4.125% 8/31/2030  | 3.72 to 4.64 | 188034000 | 189106380 |
| US Treasury Notes 4.25% 1/15/2028  | 3.99 to 4.40 | 43000500 | 43393551 |
| US Treasury Notes 4.25% 1/31/2030  | 3.71 to 4.48 | 39703800 | 40193894 |
| US Treasury Notes 4.25% 11/15/2034  | 4.19 to 4.63 | 535086000 | 529818747 |
| US Treasury Notes 4.25% 2/28/2029  | 4.14 to 4.29 | 2300000 | 2327043 |
| US Treasury Notes 4.25% 2/28/2031  | 3.64 to 4.69 | 76182300 | 76941147 |
| US Treasury Notes 4.25% 5/15/2035  | 4.39 to 4.48 | 2270000 | 2244463 |
| US Treasury Notes 4.25% 6/30/2031  | 4.45 | 2500000 | 2520898 |
| US Treasury Notes 4.375% 1/31/2032  | 4.17 to 4.56 | 93768900 | 94984965 |
| US Treasury Notes 4.375% 11/30/2030  | 4.35 to 4.37 | 41344800 | 42037648 |
| US Treasury Notes 4.375% 12/31/2029  | 4.39 | 1400000 | 1424500 |
| US Treasury Notes 4.375% 5/15/2034  | 3.71 to 4.49 | 105436400 | 105732940 |
| US Treasury Notes 4.375% 8/31/2028  | 4.62 | 43471800 | 44117085 |
| US Treasury Notes 4.5% 11/15/2033  | 3.92 to 4.45 | 600173200 | 609128912 |
| US Treasury Notes 4.5% 12/31/2031  | 4.43 to 4.44 | 106500000 | 108675762 |
| US Treasury Notes 4.5% 5/31/2029  | 4.37 | 190000 | 194023 |
| US Treasury Notes 4.625% 10/15/2026  | 4.84 to 5.02 | 18000000 | 18138516 |
| US Treasury Notes 4.625% 2/15/2035  | 4.16 to 4.53 | 262085400 | 266922370 |
| US Treasury Notes 4.625% 4/30/2029  | 4.44 to 4.72 | 4210000 | 4316730 |
| US Treasury Notes 4.625% 5/31/2031  | 3.59 to 4.50 | 71431700 | 73465829 |
| US Treasury Notes 4.625% 9/30/2028  | 4.68 to 4.95 | 119000000 | 121737929 |
| US Treasury Notes 4.625% 9/30/2030  | 4.72 to 5.00 | 156000000 | 160552032 |
| US Treasury Notes 4.75% 2/15/2045  | 4.42 to 4.97 | 75320000 | 73519381 |
| US Treasury Notes 4.875% 10/31/2030  | 4.48 to 4.91 | 205200000 | 213624422 |
| <br> **TOTAL U.S. TREASURY OBLIGATIONS**<br> (Cost $10,639,629,750) |  |  | **10157752586** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** | &nbsp;&nbsp;**Money Market Funds - 2.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (x) | 4.32 | 1524453806 | 1524758697 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class (n)(y) | 4.22 | 713198600 | 713198600 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,237,957,258) |  |  | **2237957297** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** | &nbsp;&nbsp;**Purchased Swaptions - 0.1%** |
|  | Expiration<br> Date | Notional<br> Amount  | Value ($) |
| Put Swaptions - 0.1% |  |  |  |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.53% and receive annually a floating rate based on US SOFR Index, expiring August 2034 | 8/01/29 | 67400000 | 3184302 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.14% and receive annually a floating rate based on US SOFR Index, expiring September 2035 | 9/12/25 | 78300000 | 4776107 |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.1415% and receive annually a floating rate based on US SOFR Index, expiring September 2035 | 9/15/25 | 19800000 | 1207353 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 3.795% and receive annually a floating rate based on US SOFR Index, expiring November 2034 | 10/30/29 | 10100000 | 435482 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 3.753% and receive annually a floating rate based on US SOFR Index, expiring November 2034 | 10/31/29 | 67800000 | 2983618 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.805% and receive annually a floating rate based on US SOFR Index, expiring November 2034 | 11/05/29 | 13900000 | 598680 |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.9025% and receive annually a floating rate based on US SOFR Index, expiring April 2036 | 4/14/26 | 15330000 | 460661 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.025% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/23/30 | 108700000 | 4492193 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to pay annually a fixed rate of 4.075% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/24/30 | 68910000 | 2787009 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.08% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/24/30 | 63730000 | 2570565 |
| Option on an interest rate swap with Citibank NA to pay annually a fixed rate of 4.03% and receive annually a floating rate based on US SOFR Index, expiring April 2035 | 4/25/30 | 81400000 | 3352610 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.95% and receive annually a floating rate based on US SOFR Indxe, expiring May 2035 | 4/29/30 | 25780000 | 1100896 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.065% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 5/02/30 | 10870000 | 443146 |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 4.01% and receive annually a floating rate based on US SOFR Index, expiring May 2035 | 5/07/30 | 71330000 | 2982386 |
| TOTAL PUT SWAPTIONS |  |  | 31375008 |
| Call Swaptions - 0.0% |  |  |  |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.53% and pay annually a floating rate based on US SOFR Index, expiring August 2034 | 8/01/29 | 67400000 | 1821087 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.14% and pay annually a floating rate based on US SOFR Index, expiring September 2035 | 9/12/25 | 78300000 | 205546 |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.1415% and pay annually a floating rate based on US SOFR Index, expiring September 2035 | 9/15/25 | 19800000 | 54657 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 3.795% and pay annually a floating rate based on US SOFR Index, expiring November 2034 | 10/30/29 | 10100000 | 323342 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 3.753% and pay annually a floating rate based on US SOFR Index, expiring November 2034 | 10/31/29 | 67800000 | 2120146 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.805% and pay annually a floating rate based on US SOFR Index, expiring November 2034 | 11/05/29 | 13900000 | 448624 |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.9025% and pay annually a floating rate based on US SOFR Index, expiring April 2036 | 4/14/26 | 15330000 | 496187 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.025% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/23/30 | 108700000 | 3998824 |
| Option on an interest rate swap with Morgan Stanley Capital Services LLC to receive annually a fixed rate of 4.075% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/24/30 | 68910000 | 2603699 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.08% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/24/30 | 63730000 | 2413086 |
| Option on an interest rate swap with Citibank NA to receive annually a fixed rate of 4.03% and pay annually a floating rate based on US SOFR Index, expiring April 2035 | 4/25/30 | 81400000 | 2993822 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.95% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 4/29/30 | 25780000 | 908907 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.065% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 5/02/30 | 10870000 | 408683 |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 4.01% and pay annually a floating rate based on US SOFR Index, expiring May 2035 | 5/07/30 | 71330000 | 2606050 |
| TOTAL CALL SWAPTIONS |  |  | 21402660 |
| **TOTAL PURCHASED SWAPTIONS**<br> (Cost $54,710,757) |  |  | <br> **52777668** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 113.6%**<br> (Cost $90,062,055,451)<br>| <br>**86209027163** |
| **NET OTHER ASSETS (LIABILITIES) - (13.6)%**  | **(10316023982)** |
| **NET ASSETS - 100.0%** | **75893003181** |

---

---

| | | |
|:---|:---|:---|
| **TBA Sale Commitments**  | **TBA Sale Commitments**  | **TBA Sale Commitments**  |
|  | Principal<br> Amount (a) | Value ($) |
| U.S. Government Agency - Mortgage Securities |  |  |
| Ginnie Mae II Pool 2% 6/1/2055 | (380750000) | (305904678) |
| Ginnie Mae II Pool 2.5% 6/1/2055 | (210925000) | (176762343) |
| Ginnie Mae II Pool 3.5% 6/1/2055 | (193325000) | (172076785) |
| Ginnie Mae II Pool 4% 6/1/2055 | (3800000) | (3482648) |
| Ginnie Mae II Pool 5% 6/1/2055 | (19325000) | (18751639) |
| Ginnie Mae II Pool 5.5% 6/1/2055 | (372875000) | (370317674) |
| Ginnie Mae II Pool 6% 6/1/2055 | (543925000) | (549208035) |
| Ginnie Mae II Pool 6.5% 6/1/2055 | (119800000) | (122361767) |
| Uniform Mortgage Backed Securities 2% 6/1/2055 | (1347175000) | (1047165325) |
| Uniform Mortgage Backed Securities 2.5% 6/1/2055 | (314650000) | (256427416) |
| Uniform Mortgage Backed Securities 3% 6/1/2055 | (105800000) | (90062197) |
| Uniform Mortgage Backed Securities 3.5% 6/1/2055 | (200075000) | (177472687) |
| Uniform Mortgage Backed Securities 4% 6/1/2055 | (71800000) | (65831589) |
| Uniform Mortgage Backed Securities 4.5% 6/1/2055 | (48700000) | (45953037) |
| Uniform Mortgage Backed Securities 5% 6/1/2055 | (58900000) | (57029448) |
| Uniform Mortgage Backed Securities 5.5% 6/1/2055 | (152100000) | (150626638) |
| Uniform Mortgage Backed Securities 6% 6/1/2055 | (928175000) | (937493042) |
| Uniform Mortgage Backed Securities 6% 7/1/2055 | (167050000) | (168511704) |
| Uniform Mortgage Backed Securities 6.5% 6/1/2055 | (375000000) | (385077938) |
| Uniform Mortgage Backed Securities 6.5% 7/1/2055 | (8400000) | (8617870) |
| TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES  |  | (5109134460) |
| **TOTAL TBA SALE COMMITMENTS**<br> (Proceeds $5,104,670,619) |  | <br> **(5109134460)** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Written Swaptions** | &nbsp;&nbsp;**Written Swaptions** | &nbsp;&nbsp;**Written Swaptions** | &nbsp;&nbsp;**Written Swaptions** |
|  | Expiration<br> Date | Notional<br> Amount  | Value ($) |
| Put Swaptions |  |  |  |
| Option on an interest rate swap with Goldman Sachs Bank USA to receive annually a fixed rate of 3.97% and pay annually a floating rate based on US SOFR Index, expiring April 2036 | 4/13/26 | 10800000 | (297723) |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.89% and pay annually a floating rate based on US SOFR Index, expiring April 2036 | 4/21/26 | 26300000 | (812986) |
| Option on an interest rate swap with Bank of America NA to receive annually a fixed rate of 3.63% and pay annually a floating rate based on US SOFR Index, expiring November 2035 | 10/30/25 | 12300000 | (388926) |
| TOTAL PUT SWAPTIONS |  |  | (1499635) |
| Call Swaptions |  |  |  |
| Option on an interest rate swap with Goldman Sachs Bank USA to pay annually a fixed rate of 3.97% and receive annually a floating rate based on US SOFR Index, expiring April 2036 | 4/13/26 | 10800000 | (381574) |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.89% and receive annually a floating rate based on US SOFR Index, expiring April 2036 | 4/21/26 | 26300000 | (844163) |
| Option on an interest rate swap with Bank of America NA to pay annually a fixed rate of 3.63% and receive annually a floating rate based on US SOFR Index, expiring November 2035 | 10/30/25 | 12300000 | (166548) |
| TOTAL CALL SWAPTIONS |  |  | (1392285) |
| **TOTAL WRITTEN SWAPTIONS** |  |  | **(2891920)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| ASX 24 Contracts (Australia) | 29 | Jun 2025 | 2133597 | (14668) | (14668) |
| CBOT 10 Year US Treasury Bond Contracts (United States) | 183 | Sep 2025 | 20295844 | 252778 | 252778 |
| CBOT 10 Year Ultra US Treasury Bond Contracts (United States) | 291 | Sep 2025 | 32828438 | 536293 | 536293 |
| CBOT 2 Year US Treasury Note Contracts (United States) | 6065 | Sep 2025 | 1258582266 | 2384461 | 2384461 |
| CBOT 5 Year US Treasury Note Contracts (United States) | 667 | Sep 2025 | 72239227 | 567282 | 567282 |
| CBOT US Treasury Long Bond Contracts (United States) | 164 | Sep 2025 | 18552500 | 443799 | 443799 |
| CME Three-Month SOFR Index Contracts (United States) | 10 | Sep 2025 | 2392188 | (5957) | (5957) |
| TMX 10Y Canadian Bond Contracts (Canada) | 52 | Sep 2025 | 4634474 | 39797 | 39797 |
| TOTAL PURCHASED |  |  |  |  | 4203785 |
| Sold |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10 Year US Treasury Bond Contracts (United States) | 3571 | Sep 2025 | 396046219 | (4530990) | (4530990) |
| CBOT 5 Year US Treasury Note Contracts (United States) | 3300 | Sep 2025 | 357405469 | (2781243) | (2781243) |
| CBOT US Treasury Long Bond Contracts (United States) | 37 | Sep 2025 | 4185625 | (26651) | (26651) |
| CBOT US Treasury Ultra Bond Contracts (United States) | 245 | Sep 2025 | 28488906 | (714961) | (714961) |
| ICE United Kingdom of Great Britain and Northern Ireland Contracts (United Kingdom) | 22 | Sep 2025 | 2711623 | (36873) | (36873) |
| TOTAL SOLD |  |  |  |  | (8090718) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **(3886933)** |
| The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% | The notional amount of futures purchased as a percentage of Net Assets is 1.8% |
| The notional amount of futures sold as a percentage of Net Assets is 1.0% | The notional amount of futures sold as a percentage of Net Assets is 1.0% | The notional amount of futures sold as a percentage of Net Assets is 1.0% | The notional amount of futures sold as a percentage of Net Assets is 1.0% | The notional amount of futures sold as a percentage of Net Assets is 1.0% | The notional amount of futures sold as a percentage of Net Assets is 1.0% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| Currency<br> Purchased | Currency<br> Purchased | Currency<br> Sold | Currency<br> Sold | Counterparty | Settlement<br> Date | Unrealized <br> Appreciation/<br> (Depreciation) ($)  |
| EUR | 586000 | USD | 661007 | JPMorgan Chase Bank NA | 7/08/25 | 5889 |
| GBP | 2574000 | USD | 3473887 | JPMorgan Chase Bank NA | 7/08/25 | (5248) |
| USD | 166398 | AUD | 260000 | Brown Brothers Harriman & Co | 7/08/25 | (1286) |
| USD | 58254 | AUD | 90000 | Canadian Imperial Bank of Commerce | 7/08/25 | 210 |
| USD | 660327 | AUD | 1021000 | JPMorgan Chase Bank NA | 7/08/25 | 1848 |
| USD | 5713150 | CAD | 7862000 | JPMorgan Chase Bank NA | 7/08/25 | (25971) |
| USD | 189785 | EUR | 170000 | BNP Paribas SA | 7/08/25 | (3683) |
| USD | 89797 | EUR | 80000 | BNP Paribas SA | 7/08/25 | (1247) |
| USD | 170091112 | EUR | 149353000 | Goldman Sachs Bank USA | 7/08/25 | 120316 |
| USD | 48081626 | GBP | 35897000 | BNP Paribas SA | 7/08/25 | (292010) |
| USD | 1173096 | JPY | 166350000 | JPMorgan Chase Bank NA | 7/08/25 | 12415 |
| **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** | **TOTAL FORWARD FOREIGN CURRENCY CONTRACTS** |  | **(188767)** |
| Unrealized Appreciation | Unrealized Appreciation | Unrealized Appreciation |  |  |  | 140678 |
| Unrealized Depreciation | Unrealized Depreciation | Unrealized Depreciation |  |  |  | (329445) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** | **Credit Default Swaps** |
| Underlying Reference | Rating(2) | Maturity <br> Date | Clearinghouse / <br> Counterparty | Fixed<br> Payment<br> Received/<br> (Paid) | Payment<br> Frequency | Notional<br> Amount(3)(1) | Notional<br> Amount(3)(1) | Value ($)(2) | Upfront<br> Premium<br> Received/<br> (Paid) ($) | Unrealized <br> Appreciation/<br> (Depreciation) ($) |
| Buy Protection |  |  |  |  |  |  |  |  |  |  |
| CMBX AAA Series 13 Index |  | Dec 2072 | Morgan Stanley Capital Services LLC | (0.5%) | Monthly |  | 19040000 | (34666) | (298253) | (332919) |
| CMBX AAA Series 13 Index |  | Dec 2072 | Citigroup Global Markets Ltd | (0.5%) | Monthly |  | 6830000 | (12435) | (88696) | (101131) |
| CMBX AAA Series 13 Index |  | Dec 2072 | Citigroup Global Markets Ltd | (0.5%) | Monthly |  | 2780000 | (5062) | (24408) | (29470) |
| CMBX AAA Series 13 Index |  | Dec 2072 | Morgan Stanley Capital Services LLC | (0.5%) | Monthly |  | 17700000 | (32226) | (115575) | (147801) |
| CMBX AAA Series 13 Index |  | Dec 2072 | Citigroup Global Markets Ltd | (0.5%) | Monthly |  | 16080000 | (29277) | (169125) | (198402) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Morgan Stanley Capital Services LLC | (3%) | Monthly |  | 1730000 | 294964 | (427042) | (132078) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 720000 | 122759 | (184759) | (62000) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 1340000 | 228469 | (344037) | (115568) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | JPMorgan Securities LLC | (3%) | Monthly |  | 4580000 | 780886 | (1277865) | (496979) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 230000 | 39215 | (64826) | (25611) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 7020000 | 1196904 | (2064788) | (867884) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 360000 | 61380 | (100406) | (39026) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 1640000 | 279619 | (457364) | (177745) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | JPMorgan Securities LLC | (3%) | Monthly |  | 2190000 | 373393 | (564740) | (191347) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 200000 | 34100 | (47767) | (13667) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Morgan Stanley Capital Services LLC | (3%) | Monthly |  | 1146000 | 195392 | (276507) | (81115) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Morgan Stanley Capital Services LLC | (3%) | Monthly |  | 800000 | 136399 | (193977) | (57578) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 4576000 | 780204 | (1041808) | (261604) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 2990000 | 509793 | (673606) | (163813) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 1590000 | 271094 | (346343) | (75249) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 980000 | 167089 | (244880) | (77791) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 1100000 | 187549 | (295125) | (107576) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Morgan Stanley Capital Services LLC | (3%) | Monthly |  | 190000 | 32395 | (43854) | (11459) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Morgan Stanley Capital Services LLC | (3%) | Monthly |  | 820000 | 139809 | (184183) | (44374) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 2600000 | 443298 | (492400) | (49102) |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Morgan Stanley Capital Services LLC | (3%) | Monthly |  | 1900000 | 323948 | (312424) | 11524 |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 400000 | 68200 | (64327) | 3873 |
| CMBX BBB Series 15 Index |  | Nov 2064 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 200000 | 33092 | (29581) | 3511 |
| CMBX BBB- Series 16 Index |  | Apr 2065 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 1100000 | 187549 | (169009) | 18540 |
| CMBX BBB Series 15 Index |  | Nov 2064 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 2500000 | 413651 | (374930) | 38721 |
| CMBX BBB- Series 18 Index |  | Dec 2057 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 2400000 | 183445 | (96600) | 86845 |
| CMBX AAA Series 18 Index |  | Dec 2057 | Citigroup Global Markets Ltd | (0.5%) | Monthly |  | 16800000 | 28647 | 8623 | 37270 |
| CMBX AAA Series 18 Index |  | Dec 2057 | Citigroup Global Markets Ltd | (0.5%) | Monthly |  | 2400000 | 4092 | 1369 | 5461 |
| CMBX BBB- Series 18 Index |  | Dec 2057 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 2900000 | 221663 | (111100) | 110563 |
| CMBX BBB- Series 18 Index |  | Dec 2057 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 2500000 | 191089 | (95776) | 95313 |
| CMBX BBB- Series 18 Index |  | Dec 2057 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 500000 | 38218 | (19706) | 18512 |
| CMBX BBB- Series 18 Index |  | Dec 2057 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 700000 | 53505 | (27180) | 26325 |
| CMBX BBB- Series 18 Index |  | Dec 2057 | Morgan Stanley Capital Services LLC | (3%) | Monthly |  | 2800000 | 214019 | (108719) | 105300 |
| CMBX BBB- Series 18 Index |  | Dec 2057 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 5300000 | 405108 | (193337) | 211771 |
| CMBX BB Series 18 Index |  | Dec 2057 | JPMorgan Securities LLC | (5%) | Monthly |  | 300000 | 38257 | (20030) | 18227 |
| CMBX BB Series 18 Index |  | Dec 2057 | JPMorgan Securities LLC | (5%) | Monthly |  | 600000 | 76514 | (42887) | 33627 |
| CMBX BBB- Series 17 Index |  | Dec 2056 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 100000 | 13019 | (12585) | 434 |
| CMBX BBB- Series 18 Index |  | Dec 2057 | JPMorgan Securities LLC | (3%) | Monthly |  | 2000000 | 152871 | (99412) | 53459 |
| CMBX BBB Series 15 Index |  | Nov 2064 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 1800000 | 297828 | (288787) | 9041 |
| CMBX BBB- Series 18 Index |  | Dec 2057 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 3300000 | 252237 | (353373) | (101136) |
| CMBX BB Series 18 Index |  | Dec 2057 | Goldman Sachs & Co LLC | (5%) | Monthly |  | 2800000 | 357063 | (418591) | (61528) |
| CMBX BB Series 18 Index |  | Dec 2057 | Morgan Stanley Capital Services LLC | (5%) | Monthly |  | 1150000 | 146651 | (169757) | (23106) |
| CMBX BBB- Series 18 Index |  | Dec 2057 | Goldman Sachs & Co LLC | (3%) | Monthly |  | 1100000 | 84079 | (108415) | (24336) |
| CMBX BB Series 18 Index |  | Dec 2057 | Morgan Stanley Capital Services LLC | (5%) | Monthly |  | 2100000 | 267797 | (304014) | (36217) |
| CMBX BBB- Series 17 Index |  | Dec 2056 | Morgan Stanley Capital Services LLC | (3%) | Monthly |  | 1100000 | 143210 | (160438) | (17228) |
| CMBX BBB- Series 17 Index |  | Dec 2056 | Morgan Stanley Capital Services LLC | (3%) | Monthly |  | 1400000 | 182268 | (202666) | (20398) |
| BMW Finance NV 0.75% 7/13/2026 |  | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 4300000 | (100004) | 84351 | (15653) |
| Generali 4.125% 5/4/2026 |  | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 2000000 | 2013 | (7369) | (5356) |
| UniCredit SpA 5.375% 4/16/2034 |  | Jun 2030 | Goldman Sachs Bank USA | (1%) | Quarterly | EUR | 1800000 | 7756 | (17465) | (9709) |
| Societe Generale SA 5.25% 9/6/2032 |  | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 1800000 | 13676 | (15117) | (1441) |
| Intesa Sanpaolo SpA 6.184% 2/20/2034 |  | Jun 2030 | JPMorgan Chase Bank NA | (1%) | Quarterly | EUR | 1900000 | 2535 | (12977) | (10442) |
| Deutsche Bank AG 5.625% 5/19/2031 |  | Jun 2030 | BNP Paribas SA | (1%) | Quarterly | EUR | 1500000 | 31535 | (38951) | (7416) |
| CMBX AAA Series 18 Index |  | Dec 2057 | Citigroup Global Markets Ltd | (0.5%) | Monthly |  | 11300000 | 19269 | (21136) | (1867) |
| CMBX BBB- Series 18 Index |  | Dec 2057 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 4300000 | 328672 | (321584) | 7088 |
| CMBX BBB- Series 17 Index |  | Dec 2056 | Citigroup Global Markets Ltd | (3%) | Monthly |  | 3800000 | 494727 | (502819) | (8092) |
| **TOTAL BUY PROTECTION** |  |  |  |  |  |  |  | 11339244 | (14649053) | (3309809) |
| Sell Protection |  |  |  |  |  |  |  |  |  |  |
| CMBX AAA Series 13 Index | NR | Dec 2072 | Morgan Stanley Capital Services LLC | 0.5% | Monthly |  | 29580000 | 53856 | 656538 | 710394 |
| CMBX AAA Series 13 Index | NR | Dec 2072 | Morgan Stanley Capital Services LLC | 0.5% | Monthly |  | 32850000 | 59810 | 749831 | 809641 |
| CMBX AAA Series 15 Index | NR | Nov 2064 | Goldman Sachs & Co LLC | 0.5% | Monthly |  | 5650000 | (32637) | 147170 | 114533 |
| CMBX AAA Series 12 Index | NR | Aug 2061 | JPMorgan Securities LLC | 0.5% | Monthly |  | 2000000 | 7080 | 8473 | 15553 |
| CMBX AAA Series 15 Index | NR | Nov 2064 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 10420000 | (60190) | 101717 | 41527 |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Goldman Sachs & Co LLC | 0.5% | Monthly |  | 5400000 | (94539) | 119084 | 24545 |
| CMBX AAA Series 15 Index | NR | Nov 2064 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 7450000 | (43034) | 99651 | 56617 |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Goldman Sachs & Co LLC | 0.5% | Monthly |  | 23400000 | (409671) | 574657 | 164986 |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 1300000 | (22759) | 31902 | 9143 |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 700000 | (12255) | 14300 | 2045 |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Morgan Stanley Capital Services LLC | 0.5% | Monthly |  | 6000000 | (105044) | 123986 | 18942 |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 11200000 | (196082) | 190597 | (5485) |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Morgan Stanley Capital Services LLC | 0.5% | Monthly |  | 500000 | (8754) | 8036 | (718) |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 700000 | (12255) | 11035 | (1220) |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 7050000 | (123426) | 111142 | (12284) |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 1900000 | (33264) | 25559 | (7705) |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Morgan Stanley Capital Services LLC | 0.5% | Monthly |  | 5900000 | (103293) | 89149 | (14144) |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 22300000 | (390413) | 349867 | (40546) |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 8500000 | (148812) | 159236 | 10424 |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Goldman Sachs & Co LLC | 0.5% | Monthly |  | 1400000 | (24510) | 25483 | 973 |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Goldman Sachs & Co LLC | 0.5% | Monthly |  | 11300000 | (197832) | 279651 | 81819 |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Goldman Sachs & Co LLC | 0.5% | Monthly |  | 9800000 | (171572) | 267597 | 96025 |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Goldman Sachs & Co LLC | 0.5% | Monthly |  | 3000000 | (52522) | 92273 | 39751 |
| CMBX AAA Series 16 Index | NR | Apr 2065 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 600000 | (7388) | 9609 | 2221 |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 9600000 | (168070) | 165615 | (2455) |
| CMBX AAA Series 16 Index | NR | Apr 2065 | Goldman Sachs & Co LLC | 0.5% | Monthly |  | 28800000 | (354635) | 353053 | (1582) |
| CMBX AAA Series 17 Index | NR | Dec 2056 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 8200000 | (143771) | 141540 | (2231) |
| CMBX AAA Series 16 Index | NR | Apr 2065 | Citigroup Global Markets Ltd | 0.5% | Monthly |  | 50700000 | (614995) | 622161 | 7166 |
| **TOTAL SELL PROTECTION** |  |  |  |  |  |  |  | (3410977) | 5528912 | 2117935 |
| **TOTAL CREDIT DEFAULT SWAPS** |  |  |  |  |  |  |  | **7928267** | **(9120141)** | **(1191874)** |

---

(1)Notional amount is stated in U.S. Dollars unless otherwise noted.

(2)Ratings are presented for credit default swaps in which the Fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent a weighted average of the ratings of all securities included in the index. The credit rating or value can be measures of the current payment/performance risk. Ratings are from Moody's Investors Service, Inc. Where Moody's® ratings are not available, S&P® ratings are disclosed and are indicated as such. All ratings are as of the report date and do not reflect subsequent changes.

(3)The notional amount of each credit default swap where the Fund has sold protection approximates the maximum potential amount of future payments that the Fund could be required to make if a credit event were to occur.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| Payment Received | Payment<br> Frequency | Payment Paid | Payment<br> Frequency | Clearinghouse /<br> Counterparty(1) | Maturity<br> Date | Notional<br> Amount(3) | Value ($)<br>| Upfront<br> Premium<br> Received/<br> (Paid) ($)(2) | Unrealized <br> Appreciation/<br> (Depreciation) ($)<br>|
| U.S. SOFR Index(4) | Annual | 3.25% | Annual | LCH | Jun 2027 | 694054000 | 1388177 | 0 | 1388177 |
| 3.25% | Annual | U.S. SOFR Index(4) | Annual | LCH | Jun 2055 | 3372000 | (103550) | 0 | (103550) |
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | Jun 2045 | 256601000 | 5353683 | 0 | 5353683 |
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | Jun 2040 | 105000 | 986 | 0 | 986 |
| U.S. SOFR Index(4) | Annual | 3.5% | Annual | LCH | Jun 2037 | 105000 | 313 | 0 | 313 |
| U.S. SOFR Index(4) | Annual | 3.25% | Annual | LCH | Jun 2034 | 105000 | (205) | 0 | (205) |
| U.S. SOFR Index(4) | Annual | 3.25% | Annual | LCH | Jun 2032 | 13200000 | (13978) | 0 | (13978) |
| U.S. SOFR Index(4) | Annual | 3.25% | Annual | LCH | Jun 2029 | 399100000 | 2493450 | 0 | 2493450 |
| U.S. SOFR Index(4) | Annual | 3.25% | Annual | LCH | Jun 2030 | 50363000 | (49784) | 0 | (49784) |
| U.S. SOFR Index(4) | Annual | 3.25% | Annual | LCH | Jun 2028 | 1103615000 | (1924415) | 0 | (1924415) |
| 3.25% | Annual | U.S. SOFR Index(4) | Annual | LCH | Jun 2026 | 104000 | (136) | 0 | (136) |
| **TOTAL INTEREST RATE SWAPS** |  |  |  |  |  |  | **7144541** | **0** | **7144541** |

---

(1)Swaps with LCH Clearnet Group (LCH) are centrally cleared swaps.

(2)Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in unrealized appreciation (depreciation).

(3)Notional amount is stated in U.S. Dollars unless otherwise noted.

(4)Represents floating rate.

**Currency Abbreviations**

---

| | | |
|:---|:---|:---|
| AUD | - | Australian Dollar |
| CAD | - | Canadian Dollar |
| EUR | - | European Monetary Unit (Euro) |
| GBP | - | United Kingdom Pound |
| JPY | - | Japanese Yen |
| USD | - | United States Dollar |

---

**Legend**

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

(b) 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 $6,827,233,335 or 9.0% of net assets.

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

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

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

(f) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(g) A coupon rate of 0% signifies an unsettled loan. The coupon rate will be determined upon settlement of the loan after period end.

(h) Position or a portion of the position represents an unfunded loan commitment. At period end, the total principal amount and market value of unfunded commitments totaled $777,656 and $757,655, respectively.

(i) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(j) Principal Only Strips represent the right to receive the monthly principal payments.

(k) Represents an investment in an underlying pool of reverse mortgages which typically do not require regular principal and interest payments as repayment is deferred until a maturity event.

(l) Level 3 security

(m) Non-income producing

(n) Affiliated Fund

(o) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $207,091,370 or 0.3% of net assets.

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

(q) Security is perpetual in nature with no stated maturity date.

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

(s) Security or a portion of the security has been segregated as collateral for mortgage-backed or asset-backed securities purchased on a delayed delivery or when-issued basis. At period end, the value of securities pledged amounted to $15,961,640.

(t) Security or a portion of the security has been segregated as collateral for over the counter (OTC) derivatives. At period end, the value of securities pledged amounts to $1,415,061.

(u) 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 $18,478,679.

(v) Security or a portion of the security was pledged to cover margin requirements for centrally cleared swaps. At period end, the value of securities pledged amounted to $66,233,321.

(w) 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.

(x) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(y) The rate quoted is the annualized seven-day yield of the fund at period end.

**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 | 2417719055 | 10865811453 | 11758775490 | 66191961 | 3678 | 1 | 1524758697 | 1524453806 | 2.8% |
| Fidelity Securities Lending Cash Central Fund | - | 2357855957 | 2357855957 | 69137 | - | - | - | - | 0.0% |
| Total | 2417719055 | 13223667410 | 14116631447 | 66261098 | 3678 | 1 | 1524758697 |  |  |

---

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.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Fidelity Advisor Floating Rate High Income Fund - Class Z | 941126140 | 198842261 | 50000000 | 73853668 | (633430) | (15464347) | 1073870624 | 117491316 |
| Fidelity Advisor New Markets Income Fund - Class Z | 1127039687 | 131813071 | 25000000 | 56828565 | (3609438) | 21874244 | 1252117564 | 98514364 |
| Fidelity Advisor Real Estate Income Fund - Class Z | 1134293162 | 207909841 | - | 57909841 | - | 47840298 | 1390043301 | 115260639 |
| Fidelity Government Income Fund Class Z | 208482828 | 1681541 | 221127503 | 1868939 | (4220283) | 15183417 | - | - |
| Fidelity Inflation-Protected Bond Index Fund | 228697730 | 2403349 | 237483980 | 2403350 | 2544993 | 3837908 | - | - |
| Fidelity Intermediate Treasury Bond Index Fund | 2433864790 | 119237452 | 2703810977 | 23776056 | 101816604 | 48892131 | - | - |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 264514102 | 6543796975 | 6095112477 | 14211008 | - | - | 713198600 | 713198600 |
| Fidelity SAI Enhanced Core Bond Fund | - | 954083824 | - | 4095183 | - | (4091390) | 949992434 | 95862001 |
| Fidelity SAI High Income Fund | 199286275 | 137259728 | 40000000 | 12267953 | (1579092) | 8090598 | 303057509 | 33121039 |
| Fidelity SAI Inflation-Protected Bond Index Fund | - | 391101560 | - | 3248690 | - | 2584570 | 393317240 | 38750467 |
| Fidelity SAI Intermediate Treasury Bond Index Fund | - | 3588135954 | 300000000 | 59343422 | (3336704) | (56629287) | 3228169963 | 331434288 |
| Fidelity SAI International Credit Fund | 385689313 | 925667246 | - | 25667245 | - | 15902418 | 1327258977 | 124391657 |
| Fidelity SAI Long-Term Treasury Bond Index Fund | 2531514847 | 293874324 | 525000000 | 93880741 | (265700791) | 188178070 | 2222866450 | 336288419 |
| Fidelity SAI Municipal Income Fund | - | 77271672 | - | 273120 | - | 67207 | 77338879 | 8056133 |
| Fidelity SAI Short-Term Bond Fund | 472289166 | 21301749 | - | 21301949 | - | 6926093 | 500517008 | 51440597 |
| Fidelity SAI Short-Term Treasury Bond Index Fund | - | 306226910 | 75000000 | 1226281 | (528746) | 519159 | 231217323 | 23075581 |
| Fidelity SAI Total Bond Fund | 15621818369 | 1806015218 | 475018831 | 756023009 | (20924687) | 241186263 | 17173076332 | 1914501263 |
| Fidelity SAI U.S. Treasury Bond Index Fund | 6090373182 | 721074243 | 1545000000 | 171075068 | (185217256) | 331747237 | 5412977406 | 617919795 |
| Fidelity Short-Term Treasury Bond Index Fund | 413148934 | 2371812 | 430303916 | 2371869 | 23865206 | (9082036) | - | - |
| Fidelity Sustainability Bond Index Fund | 23006458 | 870389 | - | 870474 | - | 374815 | 24251662 | 2633188 |
| Fidelity U.S. Bond Index Fund | 103262800 | 869473068 | 244000000 | 10241944 | (696591) | (251269) | 727788008 | 70590496 |
|  | 32178407783 | 17300412187 | 12966857684 | 1392738375 | (358220215) | 847686099 | 37001059280 |  |

---

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 May 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>** |  |  |  |  |
|  **Asset-Backed Securities** | 3232349833 | - | 3232349833 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 145724 | - | 145724 | - |
| Consumer Discretionary | 7258899 | - | 7258899 | - |
| Energy | 681496 | - | 681496 | - |
| Financials | 1678134 | - | 1678134 | - |
| Health Care | 733990 | - | 733990 | - |
| Industrials | 1190404 | - | 1190404 | - |
| Information Technology | 3792388 | - | 3792388 | - |
| Materials | 2316763 | - | 2316763 | - |
| Utilities | 1171304 | - | 1171304 | - |
|  **Bank Notes** |  |  |  |  |
| Financials | 9634949 | - | 9634949 | - |
|  **Collateralized Mortgage Obligations** | 1572257939 | - | 1572257884 | 55 |
|  **Commercial Mortgage Securities** | 2597951106 | - | 2597951106 | - |
|  **Common Stocks** |  |  |  |  |
| Energy | 15470 | 15470 | - | - |
| Health Care | 283122 | - | - | 283122 |
|  **Fixed-Income Funds** | 35787343672 | 35787343672 | - | - |
|  **Foreign Government and Government Agency Obligations** | 74280794 | - | 74280794 | - |
|  **Municipal Securities** |  |  |  |  |
| Electric Utilities | 1069666 | - | 1069666 | - |
| General Obligations | 15534519 | - | 15534519 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 598689407 | - | 598689407 | - |
| Consumer Discretionary | 410568562 | - | 410568562 | - |
| Consumer Staples | 264926024 | - | 264926024 | - |
| Energy | 996245047 | - | 996245047 | - |
| Financials | 4606639212 | - | 4606639212 | - |
| Health Care | 426128870 | - | 426128870 | - |
| Industrials | 513995333 | - | 513995333 | - |
| Information Technology | 352589334 | - | 351817163 | 772171 |
| Materials | 167751260 | - | 167751260 | - |
| Real Estate | 737677378 | - | 737450288 | 227090 |
| Utilities | 751083364 | - | 751083364 | - |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 3148102 | - | 3148102 | - |
| Consumer Staples | 3407328 | - | 3407328 | - |
| Energy | 5756228 | - | 5756228 | - |
| Financials | 48390367 | - | 48094867 | 295500 |
| Industrials | 728906 | - | 728906 | - |
| Real Estate | 18316843 | - | 18316843 | - |
| Utilities | 2120633 | - | 2120633 | - |
|  **U.S. Government Agency - Mortgage Securities** | 20042170234 | - | 20042170234 | - |
|  **Short-Term Funds** | 500517008 | 500517008 | - | - |
|  **U.S. Treasury Obligations** | 10157752586 | - | 10157752586 | - |
|  **Money Market Funds** | 2237957297 | 2237957297 | - | - |
|  **Purchased Swaptions** | 52777668 | - | 52777668 | - |
| **Total Investments in Securities:** | 86209027163 | 38525833447 | 47681615778 | 1577938 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 4224410 | 4224410 | - | - |
| Forward Foreign Currency Contracts | 140678 | - | 140678 | - |
| Swaps | 20910269 | - | 20910269 | - |
| Total Assets | 25275357 | 4224410 | 21050947 | - |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (8111343) | (8111343) | - | - |
| Forward Foreign Currency Contracts | (329445) | - | (329445) | - |
| Swaps | (5837461) | - | (5837461) | - |
| Written Swaptions | (2891920) | - | (2891920) | - |
| Total Liabilities | (17170169) | (8111343) | (9058826) | - |
| **Total Derivative Instruments:** | 8105188 | (3886933) | 11992121 | - |
|  **<u>Other Financial Instruments:</u>** |  |  |  |  |
|  **TBA Sale Commitments** | (5109134460) | - | (5109134460) | - |
| **Total Other Financial Instruments:** | (5109134460) | - | (5109134460) | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 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 ($)** | **Liability ($)** |
| **Credit Risk** |  |  |
| Swaps (a)  | 11673660 | (3745393) |
| **Total Credit Risk**  | 11673660 | (3745393) |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts (b)  | 140678 | (329445) |
| **Total Foreign Exchange Risk**  | 140678 | (329445) |
| **Interest Rate Risk** |  |  |
| Futures Contracts (c)  | 4224410 | (8111343) |
| Purchased Swaptions (d)  | 52777668 | 0 |
| Swaps (e)  | 9236609 | (2092068) |
| Written Swaptions (f)  | 0 | (2891920) |
| **Total Interest Rate Risk**  | 66238687 | (13095331) |
| **Total Value of Derivatives** | 78053025 | (17170169) |

---

(a)For bi-lateral over-the-counter (OTC) swaps, reflects gross value which is presented in the Statement of Assets and Liabilities in the bi-lateral OTC swaps, at value line-item(s).

(b)Gross value is presented in the Statement of Assets and Liabilities in the unrealized appreciation/depreciation on forward foreign currency contracts line-item(s).

(c)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).

(d)Gross value is included in the Statement of Assets and Liabilities in the investments in securities, at value line-item.

(e)For centrally cleared swaps, reflects gross cumulative appreciation (depreciation) as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin for centrally cleared swaps is included in receivable or payable for daily variation margin on centrally cleared swaps, and the net cumulative appreciation (depreciation) for centrally cleared swaps is included in Total accumulated earnings (loss).

(f)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of May 31, 2025** | **As of May 31, 2025** | **As of May 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $48,858,403,817) | $47683209186 |  |
| Fidelity Central Funds (cost $1,524,758,657) | 1524758697 |  |
| Other affiliated issuers (cost $39,678,892,977) | 37001059280 |  |
| Total Investment in Securities (cost $90,062,055,451) |  | $86209027163 |
| Cash |  | 1644540 |
| Foreign currency held at value (cost $4,070,312) |  | 4075790 |
| Receivable for investments sold |  | 224660988 |
| Receivable for premium on written options |  | 3241064 |
| Receivable for TBA sale commitments |  | 5104670619 |
| Unrealized appreciation on forward foreign currency contracts |  | 140678 |
| Receivable for swaps |  | 1282370 |
| Receivable for fund shares sold |  | 129878954 |
| Dividends receivable |  | 132958 |
| Interest receivable |  | 267261422 |
| Distributions receivable from Fidelity Central Funds |  | 5598210 |
| Bi-lateral OTC swaps, at value |  | 11673660 |
| Prepaid expenses |  | 146300 |
| Other receivables |  | 67812 |
| **Total assets** |  | 91963502528 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $552135463 |  |
| Delayed delivery | 10343529149 |  |
| TBA sale commitments, at value | 5109134460 |  |
| Unrealized depreciation on forward foreign currency contracts | 329445 |  |
| Payable for fund shares redeemed | 51061182 |  |
| Distributions payable | 656949 |  |
| Bi-lateral OTC swaps, at value | 3745393 |  |
| Accrued management fee | 2598434 |  |
| Payable for daily variation margin on futures contracts | 128253 |  |
| Payable for daily variation margin on centrally cleared swaps | 1985047 |  |
| Written options, at value (premium receivable $3,241,064) | 2891920 |  |
| Other payables and accrued expenses | 2303652 |  |
| **Total liabilities** |  | 16070499347 |
| **Net Assets**  |  | $75893003181 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $83024368391 |
| Total accumulated earnings (loss) |  | (7131365210) |
| **Net Assets** |  | $75893003181 |
| **Net Asset Value**, offering price and redemption price per share ($75,893,003,181 ÷ 8,366,443,614 shares) |  | $9.07 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $3951816 |
| Affiliated issuers |  | 1389624254 |
| Interest  |  | 1645187940 |
| Income from Fidelity Central Funds (including $69,137 from security lending)  |  | 66261098 |
| **Total income** |  | 3105025108 |
| **Expenses** |  |  |
| Management fee | $204251036 |  |
| Custodian fees and expenses | 499545 |  |
| Independent trustees' fees and expenses | 355336 |  |
| Registration fees | 3893624 |  |
| Audit fees | 83689 |  |
| Legal | 55045 |  |
| Miscellaneous | 764001 |  |
| Total expenses before reductions | 209902276 |  |
| Expense reductions | (174592327) |  |
| Total expenses after reductions |  | 35309949 |
| **Net Investment income (loss)** |  | 3069715159 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (107856818) |  |
| Fidelity Central Funds | 3678 |  |
| Other affiliated issuers | (358220215) |  |
| Forward foreign currency contracts | (10058239) |  |
| Foreign currency transactions | (27823) |  |
| Futures contracts | (23877649) |  |
| Swaps | 28496547 |  |
| Written options | 116374 |  |
| Capital gain distributions from underlying funds: |  |  |
| Affiliated issuers | 3114121 |  |
| Total net realized gain (loss) |  | (468310024) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 605759691 |  |
| Fidelity Central Funds  | 1 |  |
| Other affiliated issuers  | 847686099 |  |
| Forward foreign currency contracts | 1680578 |  |
| Assets and liabilities in foreign currencies | 131056 |  |
| Futures contracts | (7035636) |  |
| Swaps | (3711989) |  |
| Written options | 349144 |  |
| TBA sale commitments | (22192549) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1422666395 |
| **Net gain (loss)** |  | 954356371 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4024071530 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **May 31, 2025** | **Year ended**<br> **May 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $3069715159 | $2804666734 |
| &nbsp;&nbsp;Net realized gain (loss) | (468310024)<br>| (1432385718)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1422666395 | 231267851<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4024071530<br>| 1603548867<br>|
| Distributions to shareholders | (3009252564)<br>| (2691323803)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 28164158990 | 21087767799 |
| Reinvestment of distributions | 3001116963<br>| 2599304812<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (22786532589) | (20461282796) |
| **Net increase (decrease) in net assets resulting from share transactions** | 8378743364<br>| 3225789815<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 9393562330<br>| 2138014879<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 66499440851 | 64361425972<br>|
| &nbsp;&nbsp;End of period | $75893003181 | $66499440851 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3085248744 | 2359503963 |
| Issued in reinvestment of distributions | 328550937<br>| 290814279<br>|
| &nbsp;&nbsp;Redeemed | (2490122610) | (2291309084) |
| &nbsp;&nbsp;Net increase (decrease) | 923677071 | 359009158 |

---

**Financial Highlights** 

**Strategic Advisers® Fidelity® Core Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended May 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.93 | $9.09 | $9.60 | $10.60 | $10.95 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .401  | .378  | .322  | .222  | .239  |
| Net realized and unrealized gain (loss)  | .132  | (.175)  | (.519)  | (.993)  | .106  |
| Total from investment operations  | .533  | .203  | (.197)  | (.771)  | .345  |
| Distributions from net investment income  | (.393)  | (.363)  | (.313)  | (.223)  | (.245)  |
| Distributions from net realized gain  | -  | -  | -  | (.006)  | (.450)  |
| Total distributions  | (.393)  | (.363)  | (.313)  | (.229)  | (.695)  |
| Net asset value, end of period  | $9.07 | $8.93 | $9.09 | $9.60 | $10.60 |
| **Total Return** C | 6.03% <br>| 2.30%  | (2.02)%  | (7.41)%  | 3.10%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .30%  | .30%  | .30%  | .30%  | .31%  |
| Expenses net of fee waivers, if any  | .05% <br>| .05%  | .05%  | .05%  | .06%  |
| Expenses net of all reductions, if any  | .05%  | .05%  | .05%  | .05%  | .06%  |
| Net investment income (loss)  | 4.40%  | 4.23%  | 3.52%  | 2.14%  | 2.18%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $75893003 | $66499441 | $64361426 | $47891014 | $35955537 |
| Portfolio turnover rate F | 206% <br>| 207%  | 202%  | 201%  | 191%  |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended May 31, 2025

**1. Organization.**

Strategic Advisers Fidelity Core Income Fund (the Fund) is a fund of Fidelity Rutland Square Trust II (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 Delaware statutory trust. The Fund is offered exclusively to certain managed account clients of Strategic Advisers LLC (Strategic Advisers), an affiliate of Fidelity Management & Research Company LLC (FMR).

**2. 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. Corporate bonds, bank notes, bank loan obligations, foreign government and government agency obligations, municipal securities, preferred securities and 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. Asset backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Swaps are marked-to-market daily based on valuations from third party pricing services, registered derivatives clearing organizations (clearinghouses) or broker-supplied valuations. These pricing sources may utilize inputs such as interest rate curves, credit spread curves, default possibilities and recovery rates. When independent prices are unavailable or unreliable, debt securities and swaps may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. For foreign debt securities, when significant market or security specific events arise, valuations may be determined in good faith in accordance with procedures adopted by the Board. Debt securities and swaps are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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 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.

The U.S. dollar value of forward foreign currency contracts is determined using currency exchange rates supplied by a pricing service and are categorized as Level 2 in the hierarchy. 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. Options traded over-the-counter are valued using service or broker-supplied valuations and are categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 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 May 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** 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.

Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.

**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. 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. Income and capital gain distributions from any underlying mutual funds or exchange-traded funds 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. Paid in Kind (PIK) income is recorded at the fair market value of the securities received. The principal amount on inflation-indexed securities is periodically adjusted to the rate of inflation and interest is accrued based on the principal amount. The adjustments to principal due to inflation are reflected as increases or decreases to Interest in the accompanying Statement of Operations. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Strategic Advisers Fidelity Core Income Fund** | $67812 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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 daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, swaps, market discount, partnerships, capital loss carryforwards and losses deferred due to wash sales and future contracts.

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**  | $600031098 |
| **Gross unrealized depreciation**  | <u>(4408957392)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(3808926294)</u> |
| **Tax Cost**  | <u>$90017652245</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$17554006</u> |
| **Capital loss carryforward**  | <u>$(3330467647)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(3818090920)</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(898343033) |
| Long-term | <u>(2432124614)</u> |
| **Total capital loss carryforward** | <u>$(3330467647)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024** |
| **Ordinary Income**  | <u>$3009252564</u> | <u>$2691323803</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.

**To-Be-Announced (TBA) Securities and Mortgage Dollar Rolls.** TBA securities involve buying or selling mortgage-backed securities (MBS) on a forward commitment basis. A TBA transaction typically does not designate the actual security to be delivered and only includes an approximate principal amount; however delivered securities must meet specified terms defined by industry guidelines, including issuer, rate and current principal amount outstanding on underlying mortgage pools. Funds may enter into a TBA transaction with the intent to take possession of or deliver the underlying MBS, or a fund may elect to extend the settlement by entering into either a mortgage or reverse mortgage dollar roll. Mortgage dollar rolls are transactions where a fund sells TBA securities and simultaneously agrees to repurchase MBS on a later date at a lower price and with the same counterparty. Reverse mortgage dollar rolls involve the purchase and simultaneous agreement to sell TBA securities on a later date at a lower price. Transactions in mortgage dollar rolls and reverse mortgage dollar rolls are accounted for as purchases and sales and may result in an increase to a fund's portfolio turnover rate.

Purchases and sales of TBA securities involve risks similar to those discussed above for delayed delivery and when-issued securities. Also, if the counterparty in a mortgage dollar roll or a reverse mortgage dollar roll transaction files for bankruptcy or becomes insolvent, a fund's right to repurchase or sell securities may be limited. Additionally, when a fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Schedule of Investments under the caption "TBA Sale Commitments." The value of these commitments and proceeds to be received at contractual settlement date are reflected in the Statement of Assets and Liabilities as "TBA sale commitments, at value" and "Receivable for TBA sale commitments," respectively. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, a fund realizes a gain or loss. If a fund delivers securities under the commitment, a fund realizes a gain or loss from the sale of the securities based upon the price established at the date the commitment was entered into.

**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.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

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

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

**3. 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, forward foreign currency contracts, options and swaps. 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, to gain exposure to certain types of assets, to facilitate transactions in foreign-denominated securities 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):

---

| | |
|:---|:---|
| Credit Risk | Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to a fund.<br>|
| Foreign Exchange Risk  | Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.<br>|
| Interest Rate Risk  | Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates. |

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as forward foreign currency contracts, options and bi-lateral swaps, a fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives a fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, a fund receives collateral in the form of cash or securities once net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the custodian bank in accordance with the collateral agreements entered into between a fund, the counterparty and the custodian bank. A fund could experience delays and costs in gaining access to the collateral even though it is held by the custodian bank. The maximum risk of loss to a fund from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to a fund. For OTC written options with upfront premiums received, a fund is obligated to perform and therefore does not have counterparty risk. For OTC written options with premiums to be received at a future date, the maximum risk of loss from counterparty credit risk is the amount of the premium in excess of any collateral pledged by the counterparty. A fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Exchange-traded contracts are not covered by the ISDA Master Agreement; however counterparty credit risk related to these contracts may be mitigated by the protection provided by the exchange on which they trade. Counterparty credit risk related to centrally cleared swaps may be mitigated by the protection provided by the clearinghouse.

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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Strategic Advisers Fidelity Core Income Fund** |  |  |
| **Credit Risk** |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; <u>(4690378)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5972972</u> |
| **Total Credit Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(4690378)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>5972972</u> |
| **Foreign Exchange Risk** |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp; <u>(10058239)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1680578</u> |
| **Total Foreign Exchange Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(10058239)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1680578</u> |
| **Interest Rate Risk** |  |  |
| Futures Contracts | (23877649) | (7035636) |
| Purchased Options | (10008465) | 97654 |
| Written Options | 116374 | 349144 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; <u>33186925</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(9684961)</u> |
| **Total Interest Rate Risk** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(582815)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(16273799)</u> |
| Totals | &nbsp;&nbsp;&nbsp;&nbsp; <u>(15331432)</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>(8620249)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Schedule of Investments.

**Forward Foreign Currency Contracts.** Forward foreign currency contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Forward foreign currency contracts were used to facilitate transactions in foreign-denominated securities and to manage exposure to certain foreign currencies.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are recorded as unrealized appreciation or (depreciation) and reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When the contract is closed, a gain or loss is realized equal to the difference between the closing value and the value at the time it was opened. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on forward foreign currency contracts during the period is presented in the Statement of Operations.

Any open forward foreign currency contracts at period end are presented in the Schedule of Investments under the caption "Forward Foreign Currency Contracts." The contract amount and unrealized appreciation (depreciation) reflects each contract's exposure to the underlying currency at period end, and is representative of volume of activity during the period.

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

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

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

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

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. OTC options, such as swaptions, which are options where the underlying instrument is a swap, were used to manage exposure to fluctuations in interest rates.

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period.

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

**Swaps.** A swap is a contract between two parties to exchange future cash flows at periodic intervals based on a notional principal amount. A bi-lateral OTC swap is a transaction between a fund and a dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. A centrally cleared swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty, with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

Bi-lateral OTC swaps are marked-to-market daily and changes in value are reflected in the Statement of Assets and Liabilities in the bi-lateral OTC swaps at value line items. Any upfront premiums paid or received upon entering a bi-lateral OTC swap to compensate for differences between stated terms of the swap and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded in total accumulated earnings (loss) in the Statement of Assets and Liabilities and amortized to realized gain or (loss) ratably over the term of the swap. Any unamortized upfront premiums are presented in the Schedule of Investments.

Centrally cleared swaps require a fund to deposit either cash or securities (initial margin) with the FCM, at the instruction of and for the benefit of the clearinghouse. 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 in segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities. Centrally cleared swaps are marked-to-market daily and subsequent payments (variation margin) are made or received depending on the daily fluctuations in the value of the swaps and are recorded as unrealized appreciation or (depreciation). These daily payments, if any, are included in receivable or payable for daily variation margin on centrally cleared swaps in the Statement of Assets and Liabilities. Any premiums for centrally cleared swaps are recorded periodically throughout the term of the swap to variation margin and included in total accumulated earnings (loss) in the Statement of Assets and Liabilities. Any premiums are recognized as realized gain (loss) upon termination or maturity of the swap.

For both bi-lateral and centrally cleared swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on swaps during the period is presented in the Statement of Operations.

Any open swaps at period end are included in the Schedule of Investments under the caption "Swaps", and are representative of volume of activity during the period.

**Credit Default Swaps.** Credit default swaps enable a fund to buy or sell protection against specified credit events on a single-name issuer or a traded credit index. Under the terms of a credit default swap the buyer of protection (buyer) receives credit protection in exchange for making periodic payments to the seller of protection (seller) based on a fixed percentage applied to a notional principal amount. In return for these payments, the seller will be required to make a payment upon the occurrence of one or more specified credit events. A fund enters into credit default swaps as a seller to gain credit exposure to an issuer and/or as a buyer to obtain a measure of protection against defaults of an issuer. Periodic payments are made over the life of the contract by the buyer provided that no credit event occurs.

For credit default swaps on most corporate and sovereign issuers, credit events include bankruptcy, failure to pay or repudiation/moratorium. For credit default swaps on corporate or sovereign issuers, the obligation that may be put to the seller is not limited to the specific reference obligation described in the Schedule of Investments. For credit default swaps on asset-backed securities, a credit event may be triggered by events such as failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swaps on asset-backed securities, the reference obligation described represents the security that may be put to the seller. For credit default swaps on a traded credit index, a specified credit event may affect all or individual underlying securities included in the index.

As a seller, if an underlying credit event occurs, a fund will pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to take delivery of the reference obligation or underlying securities comprising an index and pay an amount equal to the notional amount of the swap.

As a buyer, if an underlying credit event occurs, a fund will receive a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising an index. Only in the event of the industry's inability to value the underlying asset will a fund be required to deliver the reference obligation or underlying securities comprising an index in exchange for payment of an amount equal to the notional amount of the swap.

Typically, the value of each credit default swap and credit rating disclosed for each reference obligation in the Schedule of Investments, where a fund is the seller, can be used as measures of the current payment/performance risk of the swap. As the value of the swap changes as a positive or negative percentage of the total notional amount, the payment/performance risk may decrease or increase, respectively. In addition to these measures, the investment adviser monitors a variety of factors including cash flow assumptions, market activity and market sentiment as part of its ongoing process of assessing payment/performance risk.

**Interest Rate Swaps.** Interest rate swaps are agreements between counterparties to exchange cash flows, one based on a fixed rate, and the other on a floating rate. A fund enters into interest rate swaps to manage its exposure to interest rate changes. Changes in interest rates can have an effect on both the value of bond holdings as well as the amount of interest income earned. In general, the value of bonds can fall when interest rates rise and can rise when interest rates fall.

**4. 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 ($)** | **Sales ($)** |
| **Strategic Advisers Fidelity Core Income Fund** | 92038994804 | 88851811304 |

---

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

**Management Fee**. Strategic Advisers (the investment adviser) provides the Fund with investment management related services. For these services, the Fund pays a monthly management fee to the investment adviser. The management fee is calculated by adding the annual management fee rate of .25% of the Fund's average net assets throughout the month to the aggregate of the fee rates, payable monthly by the investment adviser, to the Fund's sub-advisers. The Fund's maximum aggregate management fee will not exceed .60% of the Fund's average net assets. For the reporting period, the total annual management fee rate was .29% of the Fund's average net assets.

During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

**Sub-Adviser.** FIAM LLC (an affiliate of the investment adviser) served as a sub-adviser for the Fund during the period. Sub-advisers provide discretionary investment advisory services for their allocated portion of the Fund's assets and are paid as described in the Management Fee note.

Effective January 1, 2025, the sub-subadvisory agreements between FIAM LLC (FIAM) and each of FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited (collectively, the Sub-Subadvisers) were amended. FIAM or an affiliate, and not the fund, pays the Sub-Subadvisers. Under the terms of the sub-subadvisory agreements, FIAM or an affiliate pays each Sub-Subadviser monthly fees equal to 110% of the Sub-Subadviser's costs for providing sub-subadvisory services.

**Interfund Trades.** Funds may purchase from or sell securities to other funds affiliated with each sub-adviser 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.

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers Fidelity Core Income Fund** | 4854 |

---

**Affiliated Exchanges In-Kind.** During the period, the Fund redeemed shares of Fidelity Inflation-Protected Bond Index Fund, Fidelity Short-Term Treasury Bond Index Fund and Fidelity Intermediate Treasury Bond Index Fund, in exchange for investments and cash, if any, as noted in the table below. The Fund had a net realized gain of $110,469,109 on the Fund's redemptions of Fidelity Inflation-Protected Bond Index Fund, Fidelity Short-Term Treasury Bond Index Fund and Fidelity Intermediate Treasury Bond Index Fund, which is included in "Net Realized gain (loss) - Other affiliated Issuers" in the accompanying Statement of Operations. The Fund recognized a net gain on the exchanges for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Value of Investments ($)** | **Net realized gain (loss) ($)** | **Shares redeemed** |
| **Fidelity Inflation-Protected Bond Index Fund** | 237483980 | 2544993 | 25563399 |
| **Fidelity Short-Term Treasury Bond Index Fund** | 130000683 | 7987613 | 12488058 |
| **Fidelity Intermediate Treasury Bond Index Fund** | 2528810977 | 99936503 | 252881098 |

---

**6. 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 are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers Fidelity Core Income Fund** | 100436 |

---

**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. 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 or, for non-cash collateral, loan fees received from the borrower as compensation for the securities loaned, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. 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 interest. Affiliated security lending activity, if any, was as follows:

---

| | |
|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** |
| **Strategic Advisers Fidelity Core Income Fund** | 7509 |

---

**9. Expense Reductions.** 

The investment adviser has contractually agreed to waive the Fund's management fee in an amount equal to .25% of the Fund's average net assets until September 30, 2027. During the period, this waiver reduced the Fund's management fee by $174,551,431.

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 $40,896.

**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.

Funds do not invest in underlying mutual funds for the purpose of exercising management or control; however, investments by funds within their principal investment strategies may represent a significant portion of the underlying mutual fund's net assets. At the end of the period, certain Funds were the owners of record of 10% or more of the total outstanding shares of the following underlying mutual funds as shown below.

---

| | |
|:---|:---|
| **Fund**  | **Strategic Advisers Fidelity Core Income Fund** |
| Fidelity SAI Intermediate Treasury Bond Index Fund | 100% |
| Fidelity New Markets Income Fund | 27% |
| Fidelity Real Estate Income Fund | 27% |
| Fidelity SAI High Income Fund | 12% |
| Fidelity SAI International Credit Fund | 100% |
| Fidelity SAI Long-Term Treasury Bond Index Fund | 63% |
| Fidelity SAI Short-Term Bond Fund | 11% |
| Fidelity SAI Total Bond Fund | 85% |
| Fidelity SAI U.S. Treasury Bond Index Fund | 62% |
| Fidelity SAI Short-Term Treasury Bond Index Fund | 100% |
| Fidelity SAI Enhanced Core Bond Fund | 100% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Fidelity Core Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Fidelity Core Income Fund (one of the funds constituting Fidelity Rutland Square Trust II, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended May 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the five years in the period ended May 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian, issuers of privately offered securities, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 15, 2025

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

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

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

A total of 31.85% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $2,900,396,907 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Charles S. Morrison | Charles S. Morrison | Charles S. Morrison |
| Affirmative | 381775585183.64 | 95.17 |
| Withheld  | 19363639577.49 | 4.83 |
| TOTAL  | 401139224761.13 | 100.00 |
| Nancy D. Prior | Nancy D. Prior | Nancy D. Prior |
| Affirmative | 381252305731.53 | 95.04 |
| Withheld  | 19886919029.60 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Mary C. Farrell | Mary C. Farrell | Mary C. Farrell |
| Affirmative | 381226030239.11 | 95.04 |
| Withheld  | 19913194522.02 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Karen Kaplan | Karen Kaplan | Karen Kaplan |
| Affirmative | 381519946847.38 | 95.11 |
| Withheld  | 19619277913.75 | 4.89 |
| TOTAL  | 401139224761.13 | 100.00 |
| Christine Marcks | Christine Marcks | Christine Marcks |
| Affirmative | 380186327029.51 | 94.78 |
| Withheld  | 20952897731.62 | 5.22 |
| TOTAL  | 401139224761.13 | 100.00 |
| Harold Singleton III | Harold Singleton III | Harold Singleton III |
| Affirmative | 382499458473.65 | 95.35 |
| Withheld  | 18639766287.48 | 4.65 |
| TOTAL  | 401139224761.13 | 100.00 |
| Heidi L. Steiger | Heidi L. Steiger | Heidi L. Steiger |
| Affirmative | 380661676515.00 | 94.90 |
| Withheld  | 20477548246.13 | 5.10 |
| TOTAL  | 401139224761.13 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Amended Sub-Subadvisory Agreements**

**Strategic Advisers Fidelity Core Income Fund**

In December 2024, the Board of Trustees, including the Independent Trustees (together, the Board) voted to approve amendments to the existing sub-subadvisory agreements between FIAM LLC (FIAM) and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Japan) Limited (FMR Japan), and Fidelity Management & Research (Hong Kong) Limited (FMR H.K., and together with FMR UK and FMR Japan, the Sub-Subadvisers) (the Amended Agreements). The Amended Agreements will be effective January 1, 2025.

The Board considered the Amended Agreements, which simplified the calculation of the fees paid to the Sub-Subadvisers under the agreements. The Board noted that the agreements with the Sub-Subadvisers were amended to provide that FIAM or an affiliate will compensate each Sub-Subadviser at a fee rate equal to 110% of the Sub-Subadviser's costs incurred in providing services under the agreement. The Board considered that under the Amended Agreements, FIAM or an affiliate will compensate each Sub-Subadviser, and that the fund and Strategic Advisers are not responsible for any such fees. The Board also considered that the changes will not impact the sub-advisory fees paid under the existing sub-advisory agreement with FIAM. The Board noted that no other material contract terms are impacted by the Amended Agreements.

The Board considered that the approval of the Amended Agreements will not result in any changes in the investment process or strategies employed by FIAM in the management of the fund's assets or their day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Amended Agreements would not change the obligations and services of FIAM and its affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by FIAM and its affiliates.

The Board considered that the existing sub-advisory and sub-subadvisory agreements for the fund were recently renewed by the Board in September 2024 and that the Board will consider their renewal again in September 2025. In connection with its consideration of future renewals, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Strategic Advisers funds, whether the Strategic Advisers funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each Amended Agreement's fee structure bears a reasonable relationship to the services to be rendered and each Amended Agreements is in the best interests of the fund and its shareholders and should be approved. In addition, the Board concluded that the approval of each Amended Agreement does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage.

![](img109664_4.jpg)<br>

1.9887939.106 COI-ANN-0725

**Strategic Advisers® Municipal Bond Fund**

*Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public*

**Annual Report**

**May 31, 2025**

![](img109670_1.jpg)

![](img109670_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SAM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Strategic Advisers® Municipal Bond Fund](#Sub_Sec_Fund_6352_SAM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6352_SAM-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SAM-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SAM-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SAM-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SAM-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SAM-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SAM-ANN)** |

---

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

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

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

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

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

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

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

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

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

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

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

**Strategic Advisers® Municipal Bond Fund**

**Schedule of Investments May 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 0.1%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.1%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| California - 0.0%  |  |  |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2022-ML13 Class XCA, 0.9634% 7/25/2036 (b)(c) | 9418681 | 438500 |
| Non-state Specific - 0.1%  |  |  |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2023-ML16 Class AUS, 4.633% 7/25/2038 (c) | 751715 | 761798 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-ML21 Class AUS, 4.519% 8/25/2041 (c) | 2818608 | 2799270 |
| Freddie Mac Multifamily Structured pass-thru certificates Series 2024-ML22 Class AUS, 4.5458% 10/25/2040 (c) | 2565200 | 2575031 |
| TOTAL NON-STATE SPECIFIC |  | 6136099 |
| Texas - 0.0%  |  |  |
| Austin Affordable Pfc Inc Texmultifamily Hsg Rev Series 2024-2024A Class PT, 4.45% 3/1/2043  | 430000 | 413031 |
| San Antonio Housing Trust Public Facility Corp Series 2024-2024A Class PT, 4.45% 4/1/2043  | 505000 | 485112 |
| San Antonio Tex Hsg Tr Pub Faccorp Multifamily Tax Exempt Bonds Series 2024-2024A Class PT, 4.55% 3/1/2043  | 920000 | 883100 |
| TOTAL TEXAS |  | 1781243 |
| Washington - 0.0%  |  |  |
| Washington St Hsg Fin Commn Multifamily Tax-Exempt Mtg-Bkd Bonds Series 2024-09FN Class PT, 4.55% 8/1/2043  | 240000 | 233324 |
| Washington State Housing Finance Commission Series 2024-1 Class A, 4.2207% 3/20/2050 (c) | 1991974 | 1834702 |
| TOTAL WASHINGTON |  | 2068026 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $10,727,808) |  | <br> **10423868** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fixed-Income Funds - 27.5%** | &nbsp;&nbsp;**Fixed-Income Funds - 27.5%** | &nbsp;&nbsp;**Fixed-Income Funds - 27.5%** |
|  | Shares | Value ($)<br>|
| Allspring Municipal Bond Fund - Class Admin  | 76105676 | 719959696 |
| American High-Income Municipal Bond Fund Class F-2  | 9076679 | 134788684 |
| BlackRock National Municipal Fund Investor A Shares  | 21895581 | 214576691 |
| DWS Managed Municipal Bond Fund - Class S  | 36592414 | 285786756 |
| DWS Strategic High Yield Tax-Free Fund - Class S  | 86522 | 888586 |
| Eaton Vance National Municipal Income Fund Class I  | 23054827 | 203574124 |
| Fidelity SAI Enhanced Municipal Income Fund (d) | 3045144 | 29933769 |
| Franklin Federal Tax Free Income Fund Class R6  | 54560557 | 569066611 |
| iShares National Muni Bond ETF  | 3026912 | 314344811 |
| Vanguard Long-Term Tax-Exempt Fund Admiral Shares  | 59693449 | 624393480 |
| Vanguard Tax-Exempt Bond Index Fund ETF  | 4599105 | 224436324 |
| <br> **TOTAL FIXED-INCOME FUNDS**<br> (Cost $3,375,623,241) |  | **3321749532** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 69.4%** | &nbsp;&nbsp;**Municipal Securities - 69.4%** | &nbsp;&nbsp;**Municipal Securities - 69.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 1.9%  |  |  |
| Education - 0.1% |  |  |
| Auburn Univ Ala Gen Fee Rev Series 2025 B, 5% 6/1/2041  | 2500000 | 2665734 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.25% 10/1/2038  | 670000 | 697056 |
| Homewood Ala Edl Bldg Auth Lease Rev (Samford University Proj.) Series 2024 A, 5.5% 10/1/2042  | 1040000 | 1070651 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2033  | 15000 | 14585 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2035  | 50000 | 47368 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2036  | 65000 | 60655 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2037  | 70000 | 64187 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2038  | 125000 | 112586 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2039  | 95000 | 84172 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2041  | 310000 | 267284 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2044  | 210000 | 174859 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2019 A, 4% 12/1/2049  | 125000 | 101198 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5% 10/1/2056  | 1200000 | 1119123 |
| Homewood Ala Edl Bldg Auth Rev (Samford University Proj.) Series 2024 C, 5.5% 10/1/2054  | 1100000 | 1108382 |
| Jacksonville Public Educational Building Authority Series 2023 A, 5.25% 8/1/2053 (Assured Guaranty Ltd Insured)  | 600000 | 602119 |
| Jacksonville Public Educational Building Authority Series 2023 A, 5.5% 8/1/2058 (Assured Guaranty Ltd Insured)  | 500000 | 509869 |
| Jacksonville Public Educational Building Authority Series 2024 A, 5% 8/1/2056  | 885000 | 873456 |
| Montgomery Ala Edl Bldg Auth Higher Ed Rev Series 2016A, 5% 10/1/2043  | 300000 | 267763 |
| University North AL Rev Series 2019 B, 5% 11/1/2038  | 320000 | 328567 |
| University South AL Univ Rev Series 2019 A, 5% 4/1/2049  | 525000 | 527817 |
| University South AL Univ Rev Series 2024 A, 5% 4/1/2041 (Build America Mutual Assurance Co Insured)  | 820000 | 855354 |
| University South AL Univ Rev Series 2024 A, 5% 4/1/2042 (Build America Mutual Assurance Co Insured)  | 800000 | 830242 |
| University South AL Univ Rev Series 2024 A, 5% 4/1/2043 (Build America Mutual Assurance Co Insured)  | 1265000 | 1307757 |
| University South AL Univ Rev Series 2024 A, 5% 4/1/2044 (Build America Mutual Assurance Co Insured)  | 900000 | 928391 |
| University South AL Univ Rev Series 2024 A, 5.25% 4/1/2054 (Build America Mutual Assurance Co Insured)  | 905000 | 930568 |
|  |  | 15549743 |
| Electric Utilities - 0.0% |  |  |
| Lower Ala Gas Dist Gas Proj Rev Series 2016A, 5% 9/1/2046 (Goldman Sachs Group Inc/The Guaranteed)  | 5235000 | 5330501 |
| General Obligations - 1.4% |  |  |
| Alabama St Corrections Instn Fin Auth Rev (Alabama St Proj.) 5.25% 7/1/2047  | 1000000 | 1021946 |
| 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) | 3570000 | 3566640 |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Series 2021 A, 4% tender 6/1/2051 (Royal Bank of Canada Guaranteed) (c) | 4500000 | 4447611 |
| Black Belt Energy Gas Dist Ala Gas Supply Rev Series 2023B, 5.25% tender 12/1/2053 (Royal Bank of Canada Guaranteed) (c) | 1840000 | 1947733 |
| Black Belt Energy Gas Dist Alagas Prepay Rev Series 2019 A 1, 4% tender 12/1/2049 (Morgan Stanley Guaranteed) (c) | 6740000 | 6740774 |
| Black Belt Energy Gas District 5% tender 3/1/2055 (BP PLC Guaranteed) (c) | 4125000 | 4322294 |
| Black Belt Energy Gas District 5.25% tender 2/1/2053 (Morgan Stanley Guaranteed) (c) | 9155000 | 9527932 |
| Black Belt Energy Gas District 5.5% tender 11/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (c) | 10470000 | 10915260 |
| Black Belt Energy Gas District Series 2021 B, 4% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (c) | 5415000 | 5403361 |
| Black Belt Energy Gas District Series 2021 C 2, SIFMA Municipal Swap Index + 0.35%, 2.32% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (c)(e) | 1000000 | 977226 |
| Black Belt Energy Gas District Series 2022 B 1, 4% tender 4/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (c) | 3280000 | 3271104 |
| Black Belt Energy Gas District Series 2022 B 2, 2.62% tender 4/1/2053 (c) | 5285000 | 5129130 |
| Black Belt Energy Gas District Series 2022 E, 5% tender 5/1/2053 (Canadian Imperial Bank of Commerce/New York NY Guaranteed) (c) | 3645000 | 3758300 |
| Black Belt Energy Gas District Series 2023 D 1, 5.5% tender 6/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (c) | 5575000 | 5835795 |
| Black Belt Energy Gas District Series 2023C, 5.5% tender 10/1/2054 (c) | 6500000 | 6905997 |
| Black Belt Energy Gas District Series 2024 B, 5% tender 10/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (c) | 3015000 | 3140411 |
| Black Belt Energy Gas District Series 2024 C, 5% tender 5/1/2055 (Pacific Life Insurance Co Guaranteed) (c) | 2000000 | 2079109 |
| Black Belt Energy Gas District Series 2024A, 5.25% tender 5/1/2055 (Athene Annuity And Life Company Guaranteed) (c) | 2500000 | 2634561 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2023 A 1, 5.5% tender 11/1/2053 (Morgan Stanley Guaranteed) (c) | 1000000 | 1067675 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2023 B2, 5.088% tender 4/1/2054 (c) | 3000000 | 3059026 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2023B 1, 5.75% tender 4/1/2054 (Morgan Stanley Guaranteed) (c) | 2005000 | 2171836 |
| Energy Southeast Ala Coop Dist Energy Supply Rev Series 2024B, 5.25% tender 7/1/2054 (Morgan Stanley Guaranteed) (c) | 8730000 | 9237237 |
| Jefferson Cntyl Ala Gen. Oblig. 5% 4/1/2026  | 355000 | 360691 |
| Lower Ala Gas Dist Gas Proj Rev Series 2016A, 5% 9/1/2034 (Goldman Sachs Group Inc/The Guaranteed)  | 545000 | 563778 |
| Southeast AL District Gas Supply Rev Series 2024A, 5% 4/1/2031 (Pacific Life Insurance Co Guaranteed)  | 1500000 | 1582907 |
| Southeast AL District Gas Supply Rev Series 2024A, 5% 4/1/2032  | 1250000 | 1316190 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2029 (Morgan Stanley Guaranteed)  | 75000 | 75288 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2030 (Morgan Stanley Guaranteed)  | 55000 | 55177 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% 6/1/2031 (Morgan Stanley Guaranteed)  | 50000 | 49849 |
| Southeast Energy Auth Commodity Supply Rev Ala 4% tender 12/1/2051 (Morgan Stanley Guaranteed) (c) | 9855000 | 9636147 |
| Southeast Energy Auth Commodity Supply Rev Ala 5.5% tender 1/1/2053 (Morgan Stanley Guaranteed) (c) | 1415000 | 1492542 |
| Southeast Energy Auth Commodity Supply Rev Ala Series 2022 B 1, 5% tender 5/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (c) | 4265000 | 4374885 |
| Southeast Energy Auth Commodity Supply Rev Ala Series 2023 A, 5.25% tender 1/1/2054 (c) | 4835000 | 4993676 |
| 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) | 2060000 | 2146679 |
| Southeast Energy Authority A Cooperative District 5% tender 5/1/2055 (Royal Bank of Canada Guaranteed) (c) | 4975000 | 5210724 |
| Southeast Energy Authority A Cooperative District 5.25% tender 3/1/2055 (Athene Annuity And Life Company Guaranteed) (c) | 13405000 | 13831948 |
| Southeast Energy Authority A Cooperative District Series 2024C, 5% tender 10/1/2055 (Pacific Life Insurance Co Guaranteed) (c) | 14465000 | 15116212 |
| Southeast Energy Authority A Cooperative District Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (c) | 2000000 | 2016568 |
|  |  | 159984219 |
| Health Care - 0.0% |  |  |
| Birmingham AL Spl Care Facs Series 2015 1, 5.25% 6/1/2025  | 60000 | 59998 |
| DCH Hlth Care Auth AL Hlth Care Fac Rev Series 2015, 5% 6/1/2033  | 165000 | 165110 |
| Huntsville Redstone AL Sp Care Series 2007, 5.5% 1/1/2028 (f)(g) | 520000 | 286000 |
| Huntsville Redstone AL Sp Care Series 2007, 5.5% 1/1/2043 (f)(g) | 405000 | 222750 |
| Huntsville Redstone AL Sp Care Series 2008A, 6.875% 1/1/2043 (f)(g) | 280000 | 154000 |
| Huntsville Redstone AL Sp Care Series 2011A, 7.5% 1/1/2047 (f)(g) | 500000 | 275000 |
| Infirmary Hlth Sys Spl Care Series 2021 A, 3% 2/1/2046  | 2270000 | 1619235 |
|  |  | 2782093 |
| Housing - 0.0% |  |  |
| Alabama Hsg Fin Auth Single Family Mtg Rev Series 2024B, 6% 4/1/2055  | 1525000 | 1655303 |
| Industrial Development - 0.1% |  |  |
| Hoover Industrial Development Board (U S Steel Corp Proj.) Series 2019, 5.75% 10/1/2049 (i) | 1655000 | 1659904 |
| Hoover Industrial Development Board Series 2020, 6.375% tender 11/1/2050 (c)(i) | 195000 | 213552 |
| Tuscaloosa Cnty Ala Indl Dev Auth Gulf Opportunity Zone Series 2019A, 5.25% 5/1/2044 (h) | 7555000 | 7428533 |
|  |  | 9301989 |
| Other - 0.1% |  |  |
| Mobile County Industrial Development Authority Series 2024 A, 5% 6/1/2054 (i) | 3175000 | 2978603 |
| Mobile County Industrial Development Authority Series 2024 B, 4.75% 12/1/2054 (i) | 4325000 | 3899932 |
| Southeast Energy Authority A Cooperative District 5% 11/1/2035 (Deutsche Bank AG Guaranteed)  | 1505000 | 1552096 |
|  |  | 8430631 |
| Special Tax - 0.0% |  |  |
| Cooper Green Mercy Health Svcs Auth Rev Series 2022A, 5.25% 9/1/2042  | 550000 | 570312 |
| Cooper Green Mercy Health Svcs Auth Rev Series 2022A, 5.25% 9/1/2052  | 2620000 | 2643221 |
| Lauderdale Cnty Ala Agriculture Ctr Auth Spl Tax Rev Series 2024, 4.75% 7/1/2064  | 240000 | 223676 |
| Lauderdale Cnty Ala Agriculture Ctr Auth Spl Tax Rev Series 2024, 5.25% 7/1/2064  | 235000 | 237254 |
| Stadium Trace Vlg Impt Dist Dev Incentive Antic Bonds Series 2021, 3.625% 3/1/2036  | 300000 | 263404 |
|  |  | 3937867 |
| Transportation - 0.0% |  |  |
| Birmingham AL Arpt Auth Arpt Series 2020, 4% 7/1/2035 (Build America Mutual Assurance Co Insured)  | 60000 | 60503 |
| Birmingham AL Arpt Auth Arpt Series 2020, 4% 7/1/2036 (Build America Mutual Assurance Co Insured)  | 225000 | 225237 |
| Birmingham AL Arpt Auth Arpt Series 2020, 4% 7/1/2038 (Build America Mutual Assurance Co Insured)  | 335000 | 326538 |
|  |  | 612278 |
| Water & Sewer - 0.2% |  |  |
| Jefferson Cnty AL Swr Rev 5.25% 10/1/2045  | 2000000 | 2044022 |
| Jefferson Cnty AL Swr Rev 5.25% 10/1/2049  | 4500000 | 4543828 |
| Jefferson Cnty AL Swr Rev 5.5% 10/1/2053  | 11225000 | 11499214 |
| Prichard Ala Wtrwks & Swr Brdwtr & Swr Rev Series 2019, 4% 11/1/2049 (g) | 200000 | 130000 |
|  |  | 18217064 |
| TOTAL ALABAMA |  | 225801688 |
| Alaska - 0.1%  |  |  |
| General Obligations - 0.0% |  |  |
| Alaska Municipal Bond Bank Authority Series 2017 A, 5.5% 10/1/2042  | 1790000 | 1829487 |
| Alaska Municipal Bond Bank Authority Series 2023 TWO, 5.25% 12/1/2052 (i) | 525000 | 524446 |
| Anchorage AK Gen. Oblig. Series B, 5% 9/1/2026  | 1250000 | 1255495 |
|  |  | 3609428 |
| Health Care - 0.0% |  |  |
| Alaska Indl Dev & Expt Auth Rev Series 2014, 5% 4/1/2032  | 500000 | 501027 |
| Alaska Indl Dev & Expt Auth Rev Series 2019 A, 4% 10/1/2049  | 700000 | 571310 |
|  |  | 1072337 |
| Housing - 0.1% |  |  |
| Alaska Hsg Fin Corp Mtg Rev Series 2022A, 3% 6/1/2051  | 455000 | 444526 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 4% 12/1/2029  | 690000 | 710741 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 4% 6/1/2026  | 425000 | 428272 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 4% 6/1/2030  | 70000 | 72054 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 5% 12/1/2027  | 65000 | 68070 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 5% 12/1/2028  | 965000 | 1024877 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 5% 6/1/2027  | 50000 | 51913 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 5% 6/1/2028  | 85000 | 89632 |
| Alaska St Hsg Fin Corp (AK Hfc Cap Proj Bonds II 10/1/12 Proj.) Series 2021 A, 5% 6/1/2029  | 725000 | 775170 |
|  |  | 3665255 |
| Other - 0.0% |  |  |
| Alaska Municipal Bond Bank Authority Series 2023 TWO, 5.25% 12/1/2047 (i) | 420000 | 423977 |
| Special Tax - 0.0% |  |  |
| Alaska St Hsg Fin Corp Series 2019B, 5% 12/1/2037  | 480000 | 494067 |
| Alaska St Hsg Fin Corp Series 2019B, 5% 12/1/2038  | 365000 | 374066 |
| Alaska St Hsg Fin Corp Series 2019B, 5% 12/1/2039  | 240000 | 244931 |
|  |  | 1113064 |
| Tobacco Bonds - 0.0% |  |  |
| Northern Tobacco Securitization AK Series 2021 B2 CL 2, 0% 6/1/2066 (j) | 5000000 | 616805 |
| Northern Tobacco Securitization AK Series 2021A CL1, 4% 6/1/2034  | 240000 | 235867 |
| Northern Tobacco Securitization AK Series 2021A CL1, 4% 6/1/2035  | 600000 | 585396 |
| Northern Tobacco Securitization AK Series 2021A CL1, 4% 6/1/2037  | 685000 | 657684 |
| Northern Tobacco Securitization AK Series 2021A CL1, 4% 6/1/2040  | 325000 | 301639 |
| Northern Tobacco Securitization AK Series 2021A CL1, 4% 6/1/2050  | 905000 | 752836 |
|  |  | 3150227 |
| Transportation - 0.0% |  |  |
| Alaska Airport Series 2021 C, 5% 10/1/2027 (i) | 500000 | 516628 |
| Municipality of Anchorage AK Series 2020 A, 5% 12/1/2050 (i) | 1375000 | 1305773 |
|  |  | 1822401 |
| TOTAL ALASKA |  | 14856689 |
| Arizona - 1.2%  |  |  |
| Education - 0.3% |  |  |
| Arizona Brd Regents AZ St Univ Sys Rev (Arizona St Univ Revs Proj.) Series 2015 D, 5% 7/1/2041  | 830000 | 830102 |
| Arizona Brd Regents AZ St Univ Sys Rev (Arizona St Univ Revs Proj.) Series 2015 D, 5% 7/1/2046  | 600000 | 586335 |
| Arizona Brd Regents Ctfs Partn (University AZ Univ Revs Proj.) Series 2018B, 5% 6/1/2027  | 30000 | 31152 |
| Arizona Brd Regents Ctfs Partn (University AZ Univ Revs Proj.) Series 2018B, 5% 6/1/2030  | 80000 | 84016 |
| Arizona Indl Dev Auth Ed Rev 4.5% 7/1/2054  | 690000 | 567207 |
| Arizona Indl Dev Auth Ed Rev 5.25% 7/1/2043 (h) | 35000 | 34081 |
| Arizona Indl Dev Auth Ed Rev 5.25% 7/1/2053 (h) | 120000 | 110872 |
| Arizona Indl Dev Auth Ed Rev 5.375% 7/1/2053 (h) | 120000 | 113732 |
| Arizona Indl Dev Auth Ed Rev 5.5% 7/1/2058 (h) | 120000 | 113482 |
| Arizona Indl Dev Auth Ed Rev 5.5% 7/1/2058 (h) | 105000 | 100773 |
| Arizona Indl Dev Auth Ed Rev Series 2017 A, 5.125% 7/1/2037 (h) | 210000 | 210531 |
| Arizona Indl Dev Auth Ed Rev Series 2017 A, 5.25% 7/1/2047 (h) | 160000 | 155334 |
| Arizona Indl Dev Auth Ed Rev Series 2017 D, 5% 7/1/2037 (h) | 145000 | 145397 |
| Arizona Indl Dev Auth Ed Rev Series 2017 D, 5% 7/1/2047 (h) | 235000 | 220675 |
| Arizona Indl Dev Auth Ed Rev Series 2017 D, 5% 7/1/2051 (h) | 810000 | 742969 |
| Arizona Indl Dev Auth Ed Rev Series 2017 F, 5% 7/1/2037  | 210000 | 212335 |
| Arizona Indl Dev Auth Ed Rev Series 2017 F, 5% 7/1/2047  | 865000 | 852061 |
| Arizona Indl Dev Auth Ed Rev Series 2017 F, 5% 7/1/2052  | 635000 | 610767 |
| Arizona Indl Dev Auth Ed Rev Series 2017 G, 5% 7/1/2037 (h) | 35000 | 35068 |
| Arizona Indl Dev Auth Ed Rev Series 2017 G, 5% 7/1/2047 (h) | 35000 | 32866 |
| Arizona Indl Dev Auth Ed Rev Series 2017 G, 5% 7/1/2051 (h) | 65000 | 59621 |
| Arizona Indl Dev Auth Ed Rev Series 2017, 6% 7/1/2047 (h) | 325000 | 328749 |
| Arizona Indl Dev Auth Ed Rev Series 2017A, 5% 7/1/2047  | 315000 | 300272 |
| Arizona Indl Dev Auth Ed Rev Series 2017A, 5.25% 7/1/2037 (h) | 420000 | 420489 |
| Arizona Indl Dev Auth Ed Rev Series 2017A, 5.5% 7/1/2052 (h) | 1550000 | 1446788 |
| Arizona Indl Dev Auth Ed Rev Series 2017B, 5% 3/1/2037 (h) | 250000 | 243852 |
| Arizona Indl Dev Auth Ed Rev Series 2017B, 5% 3/1/2042 (h) | 250000 | 230591 |
| Arizona Indl Dev Auth Ed Rev Series 2018A, 5% 7/1/2048  | 435000 | 412276 |
| Arizona Indl Dev Auth Ed Rev Series 2018A, 5% 7/1/2052  | 260000 | 241246 |
| Arizona Indl Dev Auth Ed Rev Series 2019 A, 5% 7/15/2039  | 185000 | 178195 |
| Arizona Indl Dev Auth Ed Rev Series 2019 A, 5% 7/15/2049  | 500000 | 441154 |
| Arizona Indl Dev Auth Ed Rev Series 2019, 5% 7/1/2049 (h) | 610000 | 538596 |
| Arizona Indl Dev Auth Ed Rev Series 2020A, 4% 7/15/2040 (h) | 130000 | 114484 |
| Arizona Indl Dev Auth Ed Rev Series 2020A, 4% 7/15/2050 (h) | 225000 | 178170 |
| Arizona Indl Dev Auth Ed Rev Series 2021 A, 3% 7/1/2046  | 300000 | 211602 |
| Arizona Indl Dev Auth Ed Rev Series 2021 A, 3% 7/1/2052  | 350000 | 228022 |
| Arizona Indl Dev Auth Ed Rev Series 2021A, 4% 7/1/2051  | 250000 | 204863 |
| Arizona Indl Dev Auth Ed Rev Series 2022 A, 5% 7/1/2047  | 700000 | 662939 |
| Arizona Indl Dev Auth Ed Rev Series 2022 A, 5% 7/1/2057  | 330000 | 302907 |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2019 A, 4% 11/1/2049  | 250000 | 203341 |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2020A, 4% 11/1/2036  | 230000 | 218785 |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2020A, 4% 11/1/2038  | 125000 | 115030 |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2020A, 4% 11/1/2039  | 160000 | 145620 |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2020A, 4% 11/1/2040  | 170000 | 153145 |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2020A, 4% 11/1/2045  | 425000 | 355978 |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2021 A, 4% 11/1/2051  | 790000 | 630301 |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2022A, 4.25% 11/1/2052  | 740000 | 613817 |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2023A, 5.25% 11/1/2053  | 2000000 | 1986037 |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2024 A, 5% 11/1/2049  | 150000 | 145825 |
| Arizona Indl Dev Auth Natl Charter Sch Revolving Ln Fd Rev Series 2024 A, 5% 11/1/2054  | 680000 | 649815 |
| Arizona Indl Dev Auth Rev (Provident Group Emu Properties LLC Proj.) Series 2018, 5% (f) | 135000 | 68850 |
| Arizona Indl Dev Auth Rev (Provident Group Emu Properties LLC Proj.) Series 2018, 5% (f) | 135000 | 68175 |
| Arizona Indl Dev Auth Rev (Provident Group Emu Properties LLC Proj.) Series 2018, 5% (f) | 60000 | 30600 |
| Arizona Indl Dev Auth Rev (Provident Group Emu Properties LLC Proj.) Series 2018, 5% (f) | 55000 | 28050 |
| Arizona St Univ Revs 4% 7/1/2053  | 2790000 | 2372949 |
| Arizona St Univ Revs Series 2021 C, 5% 7/1/2032  | 70000 | 76123 |
| Arizona St Univ Revs Series 2021 C, 5% 7/1/2034  | 70000 | 75534 |
| Arizona St Univ Revs Series 2021 C, 5% 7/1/2035  | 55000 | 58928 |
| Arizona St Univ Revs Series 2021 C, 5% 7/1/2037  | 825000 | 872073 |
| Arizona St Univ Revs Series 2021 C, 5% 7/1/2038  | 1325000 | 1391209 |
| Arizona St Univ Revs Series 2023A, 5.5% 7/1/2048  | 1000000 | 1050953 |
| Glendale Ariz Indl Dev Auth Rev (Midwestern University Arizona Proj.) Series 2019 A, 3% 7/1/2035 (i) | 155000 | 141871 |
| Glendale Ariz Indl Dev Auth Rev (Midwestern University Arizona Proj.) Series 2021 A, 2.125% 7/1/2033 (i) | 270000 | 217073 |
| LA Paz Cnty Ariz Indl Dev Auth Ed Fac Lease Rev Series 2018 A, 5% 2/15/2038  | 140000 | 137685 |
| Maricopa Cnty AZ Ind Dev Au Ed Series 2017 C, 5% 7/1/2037  | 70000 | 70709 |
| Maricopa Cnty AZ Ind Dev Au Ed Series 2017 C, 5% 7/1/2048  | 145000 | 140966 |
| Maricopa Cnty AZ Ind Dev Au Ed Series 2017A, 5% 7/1/2052  | 240000 | 228845 |
| Maricopa Cnty AZ Ind Dev Au Ed Series 2019 A, 4% 7/1/2034  | 35000 | 34041 |
| Maricopa Cnty AZ Ind Dev Au Ed Series 2019 A, 5% 7/1/2039  | 230000 | 232609 |
| Maricopa Cnty AZ Ind Dev Au Ed Series 2019 A, 5% 7/1/2049  | 430000 | 415823 |
| Maricopa Cnty AZ Ind Dev Au Ed Series 2019 A, 5% 7/1/2054  | 145000 | 138182 |
| Maricopa Cnty AZ Ind Dev Au Ed Series 2019 B, 5% 7/1/2039 (h) | 180000 | 180122 |
| Maricopa Cnty AZ Ind Dev Au Ed Series 2019 B, 5% 7/1/2049 (h) | 95000 | 87954 |
| Maricopa Cnty AZ Ind Dev Au Ed Series 2019 B, 5% 7/1/2054 (h) | 435000 | 393734 |
| Maricopa Cnty AZ Ind Dev Au Ed Series 2022, 5.75% 9/1/2045 (h) | 1220000 | 1212800 |
| Phoenix Ariz Indl Dev Auth Ed Rev Series 2015, 5% 7/1/2035 (h) | 175000 | 175034 |
| Phoenix Ariz Indl Dev Auth Ed Rev Series 2015, 5% 7/1/2045 (h) | 195000 | 183392 |
| Phoenix Ariz Indl Dev Auth Ed Rev Series 2015A, 5% 7/1/2035 (h) | 100000 | 100017 |
| Phoenix Ariz Indl Dev Auth Ed Rev Series 2015A, 5% 7/1/2045 (h) | 120000 | 113595 |
| Phoenix Ariz Indl Dev Auth Ed Rev Series 2016 A, 5% 7/1/2035 (h) | 25000 | 25004 |
| Phoenix Ariz Indl Dev Auth Ed Rev Series 2016 A, 5% 7/1/2036  | 145000 | 144988 |
| Phoenix Ariz Indl Dev Auth Ed Rev Series 2016 A, 5% 7/1/2041  | 115000 | 110814 |
| Phoenix Ariz Indl Dev Auth Ed Rev Series 2016 A, 5% 7/1/2046  | 505000 | 475069 |
| Phoenix Ariz Indl Dev Auth Ed Rev Series 2016 A, 5% 7/1/2046 (h) | 370000 | 348670 |
| Phoenix Ariz Indl Dev Auth Ed Rev Series 2016 A, 5% 7/1/2046 (h) | 130000 | 120913 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2044  | 225000 | 213065 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2049  | 665000 | 617101 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2054  | 585000 | 531595 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Stud Hsg II LLC Proj.) 5% 7/1/2059  | 475000 | 425665 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Student Housing LLC Proj.) 5% 7/1/2037  | 105000 | 104198 |
| Phoenix AZ Indl Dev Auth Student Hsg Rev (Downtown Phoenix Student Housing LLC Proj.) 5% 7/1/2042  | 1085000 | 1040139 |
| Pima Cnty AZ Indl Dev Auth E Series 2015, 5.625% 6/15/2045 (h) | 300000 | 298832 |
| Pima Cnty AZ Indl Dev Auth E Series 2021, 4% 6/15/2041 (h) | 50000 | 41709 |
| Pima Cnty AZ Indl Dev Auth E Series 2021, 4% 6/15/2051 (h) | 75000 | 56838 |
| Pima Cnty AZ Indl Dev Auth E Series 2021, 4% 6/15/2057 (h) | 65000 | 47582 |
| Pima Cnty AZ Indl Dev Auth E Series 2022, 4% 6/15/2041 (h) | 510000 | 425442 |
| Pima Cnty AZ Indl Dev Auth E Series 2022, 4% 6/15/2051 (h) | 1150000 | 871510 |
| Pima Cnty AZ Indl Dev Auth E Series 2022, 4% 6/15/2057 (h) | 1225000 | 896741 |
| Sierra Vista Ariz Indl Dev Auth Ed Fac Rev 5% 6/15/2059 (h) | 455000 | 406502 |
| Sierra Vista Ariz Indl Dev Auth Ed Fac Rev Series 2023, 5.5% 6/15/2047 (h) | 1500000 | 1483372 |
| Sierra Vista Ariz Indl Dev Auth Ed Fac Rev Series 2024, 5% 6/15/2054 (h) | 1750000 | 1587860 |
|  |  | 38323770 |
| Electric Utilities - 0.1% |  |  |
| Maricopa Cnty AZ Pollution Ctl (El Paso Electric Co Proj.) Series 2012 A, 4.5% 8/1/2042  | 455000 | 427554 |
| Maricopa Cnty AZ Pollution Ctl (El Paso Electric Co Proj.) Series B, 3.6% 4/1/2040  | 350000 | 302823 |
| Salt River Proj AZ Agric & Pwr Series 2016 A, 5% 1/1/2038  | 1000000 | 1014017 |
| Salt River Proj AZ Agric & Pwr Series 2023 A, 5% 1/1/2047  | 8675000 | 8883603 |
| Salt River Proj AZ Agric & Pwr Series 2023B, 5.25% 1/1/2053  | 2730000 | 2833327 |
| Salt River Proj AZ Agric & Pwr Series 2025 A, 5% 1/1/2045  | 1000000 | 1047732 |
|  |  | 14509056 |
| General Obligations - 0.1% |  |  |
| Industrial Development Authority of the City of Phoenix Arizona/The (Guam Govt Proj.) Series 2014, 5.375% 2/1/2041  | 1740000 | 1528941 |
| Industrial Development Authority of the City of Phoenix Arizona/The Series 2014, 5.125% 2/1/2034 (Guam Govt Guaranteed)  | 1215000 | 1146470 |
| Maricopa Cnty AZ Uni Sch Dist No 60 Ctfs Partn Higley 4.25% 6/1/2047 (Assured Guaranty Ltd Insured)  | 175000 | 159035 |
| Maricopa Cnty AZ Uni Sch Dist No 60 Ctfs Partn Higley 5% 6/1/2053 (Assured Guaranty Ltd Insured)  | 1185000 | 1190407 |
| Maricopa County Special Health Care District Gen. Oblig. 5% 7/1/2036  | 150000 | 154584 |
| Navajo Nation Series 2015 A 144A, 5.5% 12/1/2030 (h) | 1260000 | 1266985 |
| Salt Verde Finl Corp Gas Rev AZ 5% 12/1/2037 (Citigroup Inc Guaranteed)  | 2265000 | 2341859 |
| Salt Verde Finl Corp Gas Rev AZ 5.25% 12/1/2028 (Citigroup Inc Guaranteed)  | 2890000 | 3016903 |
| Salt Verde Finl Corp Gas Rev AZ 5.5% 12/1/2029 (Citigroup Inc Guaranteed)  | 1080000 | 1148508 |
| Scottsdale AZ Uni Sch Dist #48 5% 7/1/2031  | 45000 | 46433 |
|  |  | 12000125 |
| Health Care - 0.1% |  |  |
| Arizona Health Facs Auth Rev (Banner Health System Proj.) Series 2007B, S&P Muni 7 Day High Grade Rate Index + 0.81%, 3.75% tender 1/1/2037 (c)(e) | 2035000 | 1967505 |
| Arizona Health Facs Auth Rev (Banner Health System Proj.) Series 2015 C, 3% 1/1/2046 VRDN (c) | 1300000 | 1300000 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 4% 2/1/2038  | 85000 | 80785 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 4% 2/1/2050  | 965000 | 793906 |
| Arizona Indl Dev Auth Hosp Rev (Phoenix Childrens Hospital Proj.) 5% 2/1/2029  | 990000 | 1051652 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2037  | 25000 | 24305 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2038  | 25000 | 24076 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2039  | 20000 | 19071 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2040  | 25000 | 23154 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 4% 9/1/2046  | 1000000 | 873108 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 5% 9/1/2031  | 10000 | 10582 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 5% 9/1/2032  | 15000 | 15847 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 5% 9/1/2033  | 25000 | 26322 |
| Arizona Industrial Development Authority (Childrens National Med Ctr, DC Proj.) Series 2020A, 5% 9/1/2034  | 20000 | 21001 |
| Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 5% 7/1/2038  | 45000 | 43885 |
| Glendale Ariz Indl Dev Auth Rev (Humangood National Obligated Grp Proj.) Series 2018 A, 5% 7/1/2048  | 50000 | 44065 |
| Glendale Ariz Indl Dev Auth Sr Living Facs Rev (Royal Oaks Senior Living Cmnty Proj.) 5% 5/15/2056  | 350000 | 291549 |
| Glendale Ariz Indl Dev Auth Sr Living Facs Rev (Sun Health Corporation Proj.) Series 2019 A, 5% 11/15/2042  | 770000 | 750514 |
| Glendale Ariz Indl Dev Auth Sr Living Facs Rev (Sun Health Corporation Proj.) Series 2019 A, 5% 11/15/2048  | 850000 | 798490 |
| Maricopa Cnty Ariz Indl Dev Auth Hosp Rev (Honorhealth Proj.) Series 2021 A, 4% 9/1/2051  | 705000 | 589208 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2016 A, 5% 1/1/2038  | 640000 | 648328 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2017 D, 3% 1/1/2048  | 2605000 | 1796720 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2017A, 4% 1/1/2041  | 1165000 | 1051795 |
| Maricopa Cnty AZ Ida Rev (Banner Health System Proj.) Series 2019 E, 3% 1/1/2049  | 1545000 | 1054242 |
| Maricopa Cnty AZ Ida Sr Living (Christian Care Surprise Proj.) 5.75% 1/1/2036 (h) | 595000 | 531961 |
| Maricopa Cnty AZ Ida Sr Living (Christian Care Surprise Proj.) 6% 1/1/2048 (h) | 1430000 | 1111146 |
| Tempe AZ Indl Dev Auth Rev (Friendship Village of Tempe,Az Proj.) Series 2021A, 4% 12/1/2046  | 350000 | 288227 |
| Tempe AZ Indl Dev Auth Rev (Mirabella at ASU Inc Proj.) Series 2017A, 6.125% 10/1/2052 (h) | 435000 | 275246 |
| Tempe AZ Indl Dev Auth Rev (Tempe Life Care Village Inc Proj.) Series 2019, 5% 12/1/2050  | 325000 | 289539 |
| Tempe AZ Indl Dev Auth Rev (Tempe Life Care Village Inc Proj.) Series 2019, 5% 12/1/2054  | 365000 | 319946 |
|  |  | 16116175 |
| Housing - 0.0% |  |  |
| Arizona Indl Dev Auth Rev (Lihtc Cert 2019-2 Proj.) Series 2 Class A, 3.625% 5/20/2033  | 1066985 | 1008992 |
| Arizona Indl Dev Auth Student Hsg Rev Series 2019A, 5% 6/1/2049  | 235000 | 234502 |
| Arizona Indl Dev Auth Student Hsg Rev Series 2019A, 5% 6/1/2054  | 130000 | 127422 |
| Maricopa Cnty & Phoenix AZ Indl Dev Auths Mtg Rev Series 2024B, 6% 3/1/2055  | 1240000 | 1332463 |
|  |  | 2703379 |
| Industrial Development - 0.3% |  |  |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) 5% tender 9/1/2052 (c)(i) | 9765000 | 9947383 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2005, 3.8% tender 12/1/2035 (c) | 2750000 | 2766776 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series 2007, 4.1% tender 12/1/2037 (c)(i) | 1600000 | 1601268 |
| Chandler AZ Indl Deve Auth Idr (Intel Corp Proj.) Series FIRST 2022 1, 5% tender 9/1/2042 (c)(i) | 1000000 | 1018545 |
| Chandler AZ Indl Deve Auth Idr Series 2019, 4% tender 6/1/2049 (c)(i) | 6650000 | 6549395 |
| Maricopa Cnty Ariz Indl Dev Auth Exempt Facs Rev Series 2022, 4% 10/15/2047 (h)(i) | 620000 | 512836 |
| Maricopa Cnty AZ Pollution Ctl Series 2010 B, 0.875% tender 6/1/2043 (c) | 165000 | 158248 |
| Phoenix Ariz Indl Dev Auth Hotel Rev Series 2022 A 1, 4% 12/1/2041 (h) | 510000 | 388581 |
| Phoenix Ariz Indl Dev Auth Hotel Rev Series 2022 A 1, 4% 12/1/2051 (h) | 1695000 | 1142930 |
| Phoenix Ariz Indl Dev Auth Hotel Rev Series 2022 A 1, 4.15% 12/1/2057 (h) | 635000 | 416571 |
| Phoenix Ariz Indl Dev Auth Hotel Rev Series 2022 B, 5.75% 12/15/2057 (h) | 745000 | 537684 |
| Pinal County Industrial Development Authority Series 2021 A, 5.5% 10/1/2033 (h)(i)(k) | 400000 | 406660 |
|  |  | 25446877 |
| Other - 0.0% |  |  |
| Arizona Indl Dev Auth Economic Dev Rev Series 2020 A, 7.75% 7/1/2050 (f)(g)(h) | 1980000 | 59399 |
| Arizona Indl Dev Auth Sr Living Rev 0% 1/1/2059 (k) | 116102 | 20195 |
| Arizona Indl Dev Auth Sr Living Rev 5.125% 1/1/2059  | 104432 | 81526 |
| Pima Cnty Ariz Indl Dev Auth Sr Living Rev Series 2022 A, 6.75% 11/15/2042 (h) | 250000 | 264060 |
| Pima Cnty Ariz Indl Dev Auth Sr Living Rev Series 2022 A, 6.875% 11/15/2052 (h) | 715000 | 744159 |
| Pima Cnty Ariz Indl Dev Auth Sr Living Rev Series 2022 A, 7% 11/15/2057 (h) | 320000 | 334452 |
| Pima Cnty Ariz Indl Dev Auth Sr Living Rev Series 2022B3, 5.125% 11/15/2029 (h) | 205000 | 205106 |
|  |  | 1708897 |
| Resource Recovery - 0.1% |  |  |
| Phoenix Ariz Indl Dev Auth Solid Waste Disp Rev (Republic Services Inc Proj.) 4.1% tender 12/1/2035 (c)(i) | 12400000 | 12404113 |
| Special Tax - 0.0% |  |  |
| Glendale AZ (Glendale AZ Excise Tax Proj.) 5% 7/1/2031  | 455000 | 470411 |
| Phoenix Ariz Civic Impt Corp Distr Rev 5.5% 7/1/2038 (National Public Finance Guarantee Corporation Insured) (k) | 280000 | 323606 |
| Queen Creek AZ Excise Tax & St Shared Rev Series 2018 A, 5% 8/1/2042  | 395000 | 399972 |
| Queen Creek AZ Excise Tax & St Shared Rev Series 2018 A, 5% 8/1/2047  | 480000 | 483755 |
|  |  | 1677744 |
| Transportation - 0.1% |  |  |
| Arizona Indl Dev Auth Rev Series 2020, 5% 2/1/2026  | 600000 | 608205 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) 5% 7/1/2045  | 2700000 | 2713897 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2030  | 60000 | 63308 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2032  | 75000 | 78774 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2036  | 35000 | 36152 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2037  | 30000 | 30898 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2038  | 45000 | 46163 |
| City of Phoenix Civic Improvement Corp (Phoenix Airport Conrac Proj.) Series 2019 A, 5% 7/1/2039  | 30000 | 30649 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2029  | 305000 | 316891 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2030  | 225000 | 233487 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2036 (i) | 210000 | 211905 |
| Phoenix AZ Cvc Imp Crp Apr Rev 5% 7/1/2037 (i) | 160000 | 161074 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2017 A, 5% 7/1/2047 (i) | 885000 | 871335 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2018, 5% 7/1/2037 (i) | 740000 | 749112 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2018, 5% 7/1/2038 (i) | 740000 | 745985 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2018, 5% 7/1/2048 (i) | 4425000 | 4340520 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 A, 5% 7/1/2044  | 425000 | 427292 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019 B, 5% 7/1/2049 (i) | 500000 | 488615 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series 2019B, 5% 7/1/2035 (i) | 1730000 | 1775710 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series A, 5% 7/1/2033 (i) | 135000 | 137052 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series B, 5% 7/1/2033  | 425000 | 437353 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series B, 5% 7/1/2034  | 110000 | 112877 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series B, 5% 7/1/2035  | 110000 | 112533 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series B, 5% 7/1/2036  | 485000 | 495096 |
| Phoenix AZ Cvc Imp Crp Apr Rev Series B, 5% 7/1/2037  | 305000 | 310316 |
|  |  | 15535199 |
| Water & Sewer - 0.1% |  |  |
| Gilbert Water Resource Municipal Property Corp Series 2022, 4% 7/15/2040  | 4000000 | 3892508 |
| Mesa AZ Util Sys Rev Series 2021, 4% 7/1/2035  | 500000 | 503746 |
| Phoenix Arizona Civic Imp Wtr 5% 7/1/2045  | 990000 | 1014838 |
| Phoenix Arizona Civic Imp Wtr Series 2020 A, 5% 7/1/2044  | 1785000 | 1827655 |
|  |  | 7238747 |
| TOTAL ARIZONA |  | 147664082 |
| Arkansas - 0.2%  |  |  |
| Education - 0.0% |  |  |
| Arkansas Dev Fin Auth Health Care Rev (Provident Properties Proj.) Series 2020 B 1, 5% 9/1/2039  | 100000 | 99999 |
| Arkansas St Dev Fin Auth Cap Impt Rev Series 2018A, 4% 7/1/2028  | 45000 | 44389 |
| Arkansas St Dev Fin Auth Cap Impt Rev Series 2018A, 4.5% 7/1/2033  | 90000 | 88505 |
| Arkansas St Dev Fin Auth Cap Impt Rev Series 2018A, 4.5% 7/1/2039  | 5000 | 4604 |
| Arkansas St Dev Fin Auth Tobacco Settlement Rev (University AR Univ Rev Proj.) 0% 7/1/2046 (Ambac Assurance Corp Insured) (j) | 1065000 | 352820 |
|  |  | 590317 |
| Health Care - 0.0% |  |  |
| Arkansas Dev Fin Auth Health Care Rev (Baptist Medical System, AR Proj.) Series 2020 B 1, 5% 9/1/2037  | 125000 | 126375 |
| Arkansas Dev Fin Auth Health Care Rev (Baptist Medical System, Ar Proj.) Series 2020B 2, 5% tender 9/1/2044 (c) | 260000 | 260958 |
| Arkansas Dev Fin Auth Health Care Rev Series 2020 B 1, 5% 9/1/2028  | 430000 | 443384 |
| Arkansas Dev Fin Auth Health Care Rev Series 2020 B 1, 5% 9/1/2029  | 365000 | 378688 |
| Arkansas Dev Fin Auth Health Care Rev Series 2020 B 1, 5% 9/1/2040  | 110000 | 109132 |
| Arkansas Dev Fin Auth Hlth Rev Series 2021 B, 3% 7/1/2032  | 35000 | 31786 |
| Arkansas Dev Fin Auth Hlth Rev Series 2021 B, 3.125% 7/1/2036  | 100000 | 81480 |
| Arkansas Dev Fin Auth Hlth Rev Series 2021 B, 4% 7/1/2052  | 165000 | 109919 |
| Arkansas Dev Fin Auth Hlth Rev Series 2021 B, 4.25% 7/1/2041  | 35000 | 28745 |
| Arkansas St Dev Fin Auth Hosp Rev (Washington Regl Med Center Proj.) Series 2024, 5% 2/1/2034  | 250000 | 255562 |
| Arkansas St Dev Fin Auth Hosp Rev Series 2015A, 5% 2/1/2035  | 130000 | 129409 |
| Arkansas St Dev Fin Auth Hosp Rev Series 2015C, 5% 2/1/2035  | 170000 | 169228 |
| Arkansas St Dev Fin Auth Hosp Rev Series 2017, 5% 2/1/2038  | 355000 | 353633 |
| Pulaski County Public Facilities Board Series 2014, 5% 12/1/2042  | 320000 | 317802 |
|  |  | 2796101 |
| Housing - 0.0% |  |  |
| Arkansas St Dfa Sfmly Mtg Rev 4.65% 7/1/2050  | 900000 | 867285 |
| Arkansas St Dfa Sfmly Mtg Rev 4.7% 7/1/2055  | 890000 | 835063 |
|  |  | 1702348 |
| Industrial Development - 0.2% |  |  |
| Arkansas Dev Fin Auth Indl Dev Rev (Big River Steel LLC Proj.) Series 2019, 4.5% 9/1/2049 (h)(i) | 1950000 | 1911094 |
| Arkansas Dev Fin Auth Indl Dev Rev Series 2020 A, 4.75% 9/1/2049 (h)(i) | 1255000 | 1227071 |
| Arkansas Dev Fin Auth Indl Dev Rev Series 2023 A, 6.875% 7/1/2048 (h)(i) | 2500000 | 2679727 |
| Arkansas St Dev Fin Auth Environmental Impt Rev Series 2022, 5.45% 9/1/2052 (i) | 1000000 | 993221 |
| Arkansas St Dev Fin Auth Environmental Impt Rev Series 2023, 5.7% 5/1/2053 (i) | 4500000 | 4547962 |
|  |  | 11359075 |
| Other - 0.0% |  |  |
| West Memphis Ark Sch Dist No 4 2.75% 2/1/2037  | 1185000 | 974947 |
| West Memphis Ark Sch Dist No 4 2.75% 2/1/2038  | 1220000 | 973565 |
|  |  | 1948512 |
| Water & Sewer - 0.0% |  |  |
| Osceola AR Solid Waste Disp Rev 5.5% tender 4/1/2036 (c)(i) | 2000000 | 1999715 |
| TOTAL ARKANSAS |  | 20396068 |
| California - 6.7%  |  |  |
| Education - 0.3% |  |  |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) 5% 5/15/2034  | 170000 | 174997 |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) 5% 5/15/2039  | 75000 | 75923 |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) Series 2018, 5% 5/15/2035  | 120000 | 123084 |
| CA Mun Fin Auth Student Hsg Rev (Chf Uc Davis Proj.) Series 2018, 5% 5/15/2038  | 170000 | 172590 |
| CA Mun Fin Auth Student Hsg Rev (Chf-Davis II LLC Proj.) Series 2021, 3% 5/15/2051 (Build America Mutual Assurance Co Insured)  | 250000 | 181156 |
| California Community College Financing Authority Student Housing Rev Series 2018, 5.25% 5/1/2048  | 1000000 | 1015558 |
| California Educational Facilities Authority (Stanford University Proj.) 5% 6/1/2046  | 500000 | 540786 |
| California Infrastructure & Economic Dev Bank Natl Charter Schrevolving Ln Fd Rev Series 2022B, 5% 11/1/2047  | 325000 | 320525 |
| California Mun Fin Auth Charter Sch Rev Series A, 5% 7/1/2046 (h) | 670000 | 602721 |
| California Mun Fin Auth Rev (California Baptist Univ Proj.) 5% 11/1/2046 (h) | 250000 | 231714 |
| California Mun Fin Auth Rev (California Baptist Univ Proj.) Series 2015A, 5.5% 11/1/2045 (h) | 250000 | 243639 |
| California Mun Fin Auth Sch Fac Rev 5.75% 5/1/2054 (h) | 435000 | 433419 |
| California Mun Fin Auth Sch Fac Rev 5.875% 5/1/2059 (h) | 390000 | 390886 |
| California Mun Fn Auth Rev (Samuel Merritt University Proj.) 5.25% 6/1/2053  | 2075000 | 2142169 |
| California Mun Fn Auth Rev (William Jessup University Proj.) Series 2019, 5% 8/1/2039 (h) | 455000 | 377552 |
| California Pub Fin Auth Rev Series 2019 A, 6.25% 7/1/2054 (h) | 250000 | 256046 |
| California Pub Fin Auth Rev Series 2019B, 7.5% 7/1/2036 (h) | 225000 | 223354 |
| California Sch Fin Auth Sch Fac Rev 5% 7/1/2049 (h) | 1225000 | 1184608 |
| California Sch Fin Auth Sch Fac Rev Series 2020 A, 4% 7/1/2050 (h) | 735000 | 595624 |
| California Sch Fin Auth Sch Fac Rev Series A, 5% 7/1/2045 (h) | 285000 | 282751 |
| California School Finance Authority Series 2021 A, 4% 6/1/2061 (h) | 250000 | 159030 |
| California School Finance Authority Series 2021 A, 4% 8/1/2051 (h) | 150000 | 118397 |
| California School Finance Authority Series 2021 A, 4% 8/1/2061 (h) | 240000 | 180407 |
| California School Finance Authority Series 2021A, 4% 6/1/2051 (h) | 250000 | 189791 |
| California School Finance Authority Series 2022A, 5% 7/1/2042 (h) | 2125000 | 2005822 |
| California School Finance Authority Series 2022A, 5% 7/1/2042 (h) | 500000 | 487064 |
| California School Finance Authority Series 2022A, 5% 7/1/2052 (h) | 2045000 | 1830459 |
| California School Finance Authority Series 2023, 5.5% 8/1/2043 (h) | 550000 | 559507 |
| California School Finance Authority Series 2024 A, 5% 6/1/2054 (h) | 1475000 | 1321200 |
| California School Finance Authority Series 2024 A, 5% 6/1/2054 (h) | 850000 | 776995 |
| California St Univ Rev Series 2017A, 5% 11/1/2042  | 500000 | 508693 |
| California St Univ Rev Series 2020C, 3% 11/1/2040  | 1100000 | 908849 |
| California St Univ Rev Series 2020C, 4% 11/1/2045  | 750000 | 674418 |
| California Statewide Community Development Authority Rev (California Baptist Univ Proj.) 3.5% 11/1/2027 (h) | 530000 | 520141 |
| California Statewide Community Development Authority Rev (California Baptist Univ Proj.) 5% 11/1/2032 (h) | 100000 | 101228 |
| California Statewide Community Development Authority Rev (California Baptist Univ Proj.) 5% 11/1/2041 (h) | 200000 | 191073 |
| California Statewide Community Development Authority Rev (California Baptist Univ Proj.) Series 2014A, 6.375% 11/1/2043 (h) | 350000 | 350526 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2026  | 55000 | 55669 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2027  | 55000 | 55696 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2028  | 55000 | 55671 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2032  | 70000 | 70646 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2033  | 85000 | 85686 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2016, 5% 5/15/2040  | 1205000 | 1205443 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2017, 5% 5/15/2037  | 1000000 | 1008533 |
| California Stwd Cmnty Dev Auth Student Hsg Rev (Chf Irvine LLC Proj.) Series 2017, 5% 5/15/2047  | 1180000 | 1180481 |
| University CA Revs 5% 5/15/2036  | 90000 | 92183 |
| University CA Revs Series 2016AR, 5% 5/15/2041  | 1500000 | 1514792 |
| University CA Revs Series 2016K, 5% 5/15/2035  | 1445000 | 1465205 |
| University CA Revs Series 2018 O, 5.5% 5/15/2058  | 4425000 | 4541857 |
|  |  | 31784564 |
| Electric Utilities - 0.6% |  |  |
| California Statewide Community Development Authority Poll Cont Rev (Southern California Edison Co Proj.) Series 2010 A, 1.75% 9/1/2029  | 300000 | 268482 |
| Los Angeles CA Wtr & Pwr Rev 5% 7/1/2030  | 325000 | 347030 |
| Los Angeles CA Wtr & Pwr Rev 5% 7/1/2031  | 740000 | 793413 |
| Los Angeles CA Wtr & Pwr Rev 5% 7/1/2051  | 5225000 | 5190258 |
| Los Angeles CA Wtr & Pwr Rev 6.574% 7/1/2045  | 3455000 | 3573171 |
| Los Angeles CA Wtr & Pwr Rev Series 2016 A, 5% 7/1/2046  | 480000 | 472606 |
| Los Angeles CA Wtr & Pwr Rev Series 2017A, 5% 7/1/2042  | 1805000 | 1805942 |
| Los Angeles CA Wtr & Pwr Rev Series 2017B, 5% 7/1/2039  | 2655000 | 2663637 |
| Los Angeles CA Wtr & Pwr Rev Series 2017C, 5% 7/1/2037  | 1165000 | 1178165 |
| Los Angeles CA Wtr & Pwr Rev Series 2017C, 5% 7/1/2038  | 240000 | 242010 |
| Los Angeles CA Wtr & Pwr Rev Series 2017C, 5% 7/1/2042  | 3135000 | 3137166 |
| Los Angeles CA Wtr & Pwr Rev Series 2018 D, 5% 7/1/2034  | 1395000 | 1435043 |
| Los Angeles CA Wtr & Pwr Rev Series 2019 B, 5% 7/1/2028  | 1870000 | 1952487 |
| Los Angeles CA Wtr & Pwr Rev Series 2019 B, 5% 7/1/2032  | 1000000 | 1038055 |
| Los Angeles CA Wtr & Pwr Rev Series 2019 C, 5% 7/1/2049  | 350000 | 343487 |
| Los Angeles CA Wtr & Pwr Rev Series 2019 D, 5% 7/1/2029  | 25000 | 26406 |
| Los Angeles CA Wtr & Pwr Rev Series 2019 D, 5% 7/1/2044  | 1555000 | 1543562 |
| Los Angeles CA Wtr & Pwr Rev Series 2019A, 5% 7/1/2030  | 1730000 | 1805890 |
| Los Angeles CA Wtr & Pwr Rev Series 2019A, 5% 7/1/2035  | 850000 | 873086 |
| Los Angeles CA Wtr & Pwr Rev Series 2019A, 5.25% 7/1/2049  | 1135000 | 1139897 |
| Los Angeles CA Wtr & Pwr Rev Series 2020 B, 5% 7/1/2050  | 3455000 | 3445119 |
| Los Angeles CA Wtr & Pwr Rev Series 2021 C, 5% 7/1/2040  | 255000 | 261623 |
| Los Angeles CA Wtr & Pwr Rev Series 2021 C, 5% 7/1/2051  | 5400000 | 5364094 |
| Los Angeles CA Wtr & Pwr Rev Series 2022 B, 5% 7/1/2033  | 1745000 | 1883421 |
| Los Angeles CA Wtr & Pwr Rev Series 2023 A, 5% 7/1/2031  | 1000000 | 1077987 |
| Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2038  | 1465000 | 1532143 |
| Los Angeles CA Wtr & Pwr Rev Series 2023E, 5% 7/1/2053  | 750000 | 743220 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 B, 5% 7/1/2037  | 15000 | 15885 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 C, 5% 7/1/2037  | 900000 | 953151 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2031  | 4340000 | 4678461 |
| Los Angeles CA Wtr & Pwr Rev Series 2024 E, 5% 7/1/2035  | 2125000 | 2294758 |
| Los Angeles CA Wtr & Pwr Rev Series 2024A, 5% 7/1/2035  | 2585000 | 2781935 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2053 (Build America Mutual Assurance Co Insured)  | 2000000 | 2022635 |
| Los Angeles CA Wtr & Pwr Rev Series 2025 A, 5% 7/1/2055 (Build America Mutual Assurance Co Insured)  | 1500000 | 1514338 |
| Middle Fork Project Finance Authority 5% 4/1/2026  | 130000 | 131322 |
| Modesto CA Irr Dist Fing Au Rv CME Term SOFR 3 month Index + 0.58%, 3.649% 9/1/2027 (National Public Finance Guarantee Corporation Insured) (c)(e) | 880000 | 875969 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2023 1, 5% 7/1/2034  | 1505000 | 1627513 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2023 1, 5% 7/1/2035  | 1205000 | 1292252 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2024 1, 5% 7/1/2038  | 1675000 | 1759559 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2024 1, 5% 7/1/2039  | 645000 | 670692 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev (Southern CA Pub Pwr Auth Proj.) Series 2024 1, 5% 7/1/2040  | 1900000 | 1969216 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev Series 2023 1A, 5% 7/1/2048  | 2250000 | 2260136 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev Series 2024 1, 5% 7/1/2053  | 1525000 | 1511214 |
| Southern CA Pub Pwr Auth Southn Trans Sys Renewal Proj Rev Series 2024 1, 5.25% 7/1/2049  | 4000000 | 4091087 |
|  |  | 74587523 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| California Health Facilities Financing Authority Series 2020 A, 4% 4/1/2049 (Pre-refunded to 4/1/2030 at 100)  | 25000 | 26283 |
| California School Finance Authority Series 2016, 5% 8/1/2041 (Pre-refunded to 8/1/2025 at 100) (h) | 50000 | 50130 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2015A, 5% 6/1/2034 (Pre-refunded to 6/1/2025 at 100)  | 1475000 | 1475000 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2015A, 5% 6/1/2035 (Pre-refunded to 6/1/2025 at 100)  | 875000 | 875000 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2033 (Escrowed to Maturity)  | 2380000 | 2697159 |
| Oceanside Calif Uni Sch Dist 0% 8/1/2027 (Escrowed to Maturity) (j) | 35000 | 32849 |
| Oceanside Calif Uni Sch Dist 0% 8/1/2029 (Escrowed to Maturity) (j) | 35000 | 30826 |
| Oceanside Calif Uni Sch Dist 0% 8/1/2030 (Escrowed to Maturity) (j) | 35000 | 29657 |
| Oceanside Calif Uni Sch Dist Series A, 0% 8/1/2027 (Escrowed to Maturity) (j) | 40000 | 37542 |
| Oceanside Calif Uni Sch Dist Series A, 0% 8/1/2027 (Escrowed to Maturity) (j) | 15000 | 14077 |
| Oceanside Calif Uni Sch Dist Series A, 0% 8/1/2029 (Escrowed to Maturity) (j) | 55000 | 48441 |
| Oceanside Calif Uni Sch Dist Series A, 0% 8/1/2030 (Escrowed to Maturity) (j) | 45000 | 38325 |
| San Francisco CA Pub Util Comm Wstwtr Rev Series 2021 A, 1% 10/1/2025  | 3000000 | 2970250 |
| Sutter Calif Un High Sch Dist Series 2010B, 0% 6/1/2050 (Pre-refunded to 8/1/2025 at 100) (j) | 250000 | 40922 |
|  |  | 8366461 |
| General Obligations - 2.0% |  |  |
| Abc Calif Uni Sch Dist 0% 8/1/2028 (National Public Finance Guarantee Corporation Insured) (j) | 475000 | 427800 |
| Allan-Hancock Joint Ccd Gen. Oblig. Series 2012 C, 0% 8/1/2044 (k) | 1500000 | 1050764 |
| Antelope Valley CA Cmnty College Dist Gen. Oblig. Series B, 3% 8/1/2050  | 1200000 | 856578 |
| California Community Choice Financing Authority 5% tender 1/1/2055 (Athene Annuity And Life Company Guaranteed) (c) | 11405000 | 11724859 |
| California Community Choice Financing Authority 5% tender 12/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (c) | 1750000 | 1811011 |
| California Community Choice Financing Authority 5% tender 2/1/2055 (Morgan Stanley Guaranteed) (c) | 9400000 | 9868553 |
| California Community Choice Financing Authority 5% tender 7/1/2053 (c) | 11390000 | 11839494 |
| California Community Choice Financing Authority 5.25% tender 11/1/2054 (Goldman Sachs Group Inc/The Guaranteed) (c) | 500000 | 524483 |
| California Community Choice Financing Authority Series 2021 A, 4% tender 10/1/2052 (Goldman Sachs Group Inc/The Guaranteed) (c) | 2040000 | 2038103 |
| California Community Choice Financing Authority Series 2021 B 2, 2.42% tender 2/1/2052 (c) | 1000000 | 947511 |
| California Community Choice Financing Authority Series 2021B 1, 4% tender 2/1/2052 (Morgan Stanley Guaranteed) (c) | 3280000 | 3241135 |
| California Community Choice Financing Authority Series 2022A 1, 4% tender 5/1/2053 (Morgan Stanley Guaranteed) (c) | 2390000 | 2392631 |
| California Community Choice Financing Authority Series 2023 D, 5.5% tender 5/1/2054 (c) | 2500000 | 2622922 |
| California Community Choice Financing Authority Series 2023 E 1, 5% tender 2/1/2054 (c) | 5165000 | 5400031 |
| California Community Choice Financing Authority Series 2023 F, 5.5% tender 10/1/2054 (National Bank of Canada Guaranteed) (c) | 5890000 | 6260577 |
| California Community Choice Financing Authority Series 2023C, 5.25% tender 1/1/2054 (Deutsche Bank AG Guaranteed) (c) | 17385000 | 17995563 |
| California Community Choice Financing Authority Series 2023E 2, U.S. SOFR Index + 1.67%, 4.558% tender 2/1/2054 (c)(e) | 2500000 | 2516475 |
| California Community Choice Financing Authority Series 2024 A 1, 5% tender 5/1/2054 (Morgan Stanley Guaranteed) (c) | 2500000 | 2623165 |
| California Community Choice Financing Authority Series 2024 H, 5% tender 1/1/2056 (c) | 5525000 | 5876915 |
| California Community Choice Financing Authority Series 2024C, 5% tender 8/1/2055 (American General Life Insurance Co Guaranteed) (c) | 3500000 | 3644805 |
| California Community Choice Financing Authority Series 2024G, 5% tender 11/1/2055 (Athene Annuity And Life Company Guaranteed) (c) | 3250000 | 3341520 |
| California Community Choice Financing Authority Series 2025A, 5% tender 1/1/2056 (Athene Annuity And Life Company Guaranteed) (c) | 4680000 | 4773614 |
| California Community Choice Financing Authority U.S. SOFR Index + 1.95%, 4.838% tender 12/1/2053 (c)(e) | 3250000 | 3307594 |
| California Mun Fin Auth Lease Rev (Orange County CA Proj.) Series 2018A, 5% 6/1/2048  | 1685000 | 1695018 |
| California St Pub Wks Brd Lse 5% 8/1/2031  | 450000 | 499506 |
| California St Pub Wks Brd Lse 5% 8/1/2032  | 130000 | 143680 |
| California St Pub Wks Brd Lse 5% 8/1/2034  | 840000 | 916138 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2019 B, 4% 9/2/2029  | 170000 | 172557 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2019 B, 5% 9/2/2044  | 1000000 | 1013008 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2019 B, 5% 9/2/2049  | 70000 | 70444 |
| Carlsbad CA Unified School Dis Series A, 3% 8/1/2042  | 725000 | 569781 |
| Carlsbad CA Unified School Dis Series B, 3% 8/1/2046  | 250000 | 188259 |
| Center Joint CA Unified Sch Dist Series 2021 B, 3% 8/1/2051  | 1740000 | 1241614 |
| Central Valley Energy Authority Series 2025, 5% tender 12/1/2055 (Pacific Life Insurance Co Guaranteed) (c) | 1550000 | 1621040 |
| Chabot-Las Positas CA Cmnty College Dist Gen. Oblig. Series C, 5.25% 8/1/2048  | 500000 | 529810 |
| Chino Valley CA Uni Sch Dist Series 2020 B, 3.375% 8/1/2050 (Assured Guaranty Ltd Insured)  | 10690000 | 8321314 |
| City of Fresno Unified School Series B, 3% 8/1/2043  | 1470000 | 1114214 |
| College of The Sequoias Tulare Area Impt Dist No 3 Calif Gen. Oblig. Series E, 3% 8/1/2051  | 455000 | 329566 |
| Corona-Norco Calif Uni Sch Dis Series C, 3% 8/1/2044  | 750000 | 572120 |
| Escondido CA Un High Sch Dist 0% 8/1/2031 (Assured Guaranty Inc Insured) (j) | 855000 | 699573 |
| Folsom Cordova Calif Uni Sch Dist Sch Facs Impt Dist No 4 (Folsom-Cordova CA Sch Fac Impr Dist Proj.) Gen. Oblig. Series A, 0% 10/1/2031 (National Public Finance Guarantee Corporation Insured) (j) | 225000 | 181820 |
| Indio CA Pub Fing Auth Lease Rev Series 2022A, 4.5% 11/1/2052  | 1115000 | 1080308 |
| Inglewood CA Uni Sch Dist 5.5% 8/1/2040  | 1750000 | 1959591 |
| Inglewood CA Uni Sch Dist 5.5% 8/1/2044  | 1500000 | 1636149 |
| Kern Calif Cmnty College Dist Gen. Oblig. 0% 11/1/2028 (Assured Guaranty Municipal Corp Insured) (j) | 600000 | 535360 |
| Kern Calif Cmnty College Dist Gen. Oblig. 0% 11/1/2030 (Assured Guaranty Municipal Corp Insured) (j) | 605000 | 501705 |
| Lodi Calif Uni Sch Dist Series 2021, 3% 8/1/2046  | 2700000 | 2050217 |
| Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5% 11/15/2029 (Merrill Lynch & Co Inc Guaranteed)  | 600000 | 625877 |
| Long Beach CA Bd Fin Auth Nat Gas Pur Rev 5.5% 11/15/2037 (Merrill Lynch & Co Inc Guaranteed)  | 900000 | 987520 |
| Long Beach CA Uni Sch Dist Series 2009A, 5.5% 8/1/2029  | 20000 | 20080 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2032  | 720000 | 804564 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2032 (Escrowed to Maturity)  | 1055000 | 1187487 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2033  | 1620000 | 1821140 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2035  | 690000 | 766300 |
| Los Angeles CA Uni Sch Dist Cp 5% 10/1/2035 (Pre-refunded to 10/1/2033 at 100)  | 1015000 | 1150259 |
| Los Angeles Unified School District/CA 5.25% 7/1/2042  | 4000000 | 4095415 |
| M-S-R Energy Auth Calif Gas Rev 6.125% 11/1/2029 (Citigroup Inc Guaranteed)  | 1045000 | 1097214 |
| M-S-R Energy Auth Calif Gas Rev 6.125% 11/1/2029 (Citigroup Inc Guaranteed)  | 345000 | 362237 |
| M-S-R Energy Auth Calif Gas Rev 6.5% 11/1/2039 (Citigroup Inc Guaranteed)  | 3775000 | 4450845 |
| M-S-R Energy Auth Calif Gas Rev 6.5% 11/1/2039 (Citigroup Inc Guaranteed)  | 1750000 | 2063305 |
| M-S-R Energy Auth Calif Gas Rev 6.5% 11/1/2039 (Citigroup Inc Guaranteed)  | 615000 | 725105 |
| M-S-R Energy Auth Calif Gas Rev 7% 11/1/2034 (Citigroup Inc Guaranteed)  | 6980000 | 8215138 |
| M-S-R Energy Auth Calif Gas Rev 7% 11/1/2034 (Citigroup Inc Guaranteed)  | 1810000 | 2130287 |
| M-S-R Energy Auth Calif Gas Rev 7% 11/1/2034 (Citigroup Inc Guaranteed)  | 1205000 | 1418229 |
| Modesto CA Elementary School Dist Stanislaus Cnty Series B, 3% 8/1/2046  | 380000 | 280062 |
| Modesto CA Elementary School Dist Stanislaus Cnty Series B, 3% 8/1/2050  | 235000 | 166276 |
| Monrovia Calif Uni Sch Dist 0% 8/1/2029 (National Public Finance Guarantee Corporation Insured) (j) | 550000 | 479621 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) 5% 6/1/2041  | 1385000 | 1392595 |
| Montebello Calif Pub Fing Auth Rev (City of Montebello CA Proj.) Series 2016A, 5% 6/1/2046  | 425000 | 426761 |
| Moreno Valley CA Uni Sch Dist Series C, 3% 8/1/2046  | 250000 | 188572 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2029  | 105000 | 109552 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2031  | 735000 | 773042 |
| Mt Diablo CA Unified Sch Dist 4% 8/1/2033  | 85000 | 88310 |
| Northern CA Gas Auth No 1 Gas Proj Rev CME Term SOFR 3 month Index + 0.72%, 3.775% 7/1/2027 (c)(e) | 1135000 | 1133783 |
| Novato CA Uni Sch Dist Series 2019B, 3% 8/1/2041  | 840000 | 683496 |
| Oak Grove Calif Sch Dist Series A 2, 5% 8/1/2052  | 500000 | 517917 |
| Oakland CA Uni Sch Dist Alameda Cnty Series 2023A, 5.25% 8/1/2048 (Assured Guaranty Ltd Insured)  | 2535000 | 2661844 |
| Ocean View School District/Orange County CA Series C, 3% 8/1/2047 (Assured Guaranty Ltd Insured)  | 750000 | 557517 |
| Oceanside Calif Uni Sch Dist 0% 8/1/2029 (j) | 655000 | 572356 |
| Pomona CA Uni Sch Dist Series F, 3% 8/1/2048  | 205000 | 152058 |
| Poway CA Unified Sch Dist 0% 8/1/2032 (j) | 790000 | 619686 |
| Poway CA Unified Sch Dist 0% 8/1/2033 (j) | 245000 | 184233 |
| Poway CA Unified Sch Dist 0% 8/1/2037 (j) | 1395000 | 854916 |
| Poway CA Unified Sch Dist 0% 8/1/2038 (j) | 3365000 | 1937038 |
| Poway CA Unified Sch Dist 0% 8/1/2039 (j) | 3300000 | 1796459 |
| Poway CA Unified Sch Dist 0% 8/1/2041 (j) | 750000 | 363494 |
| Poway CA Unified Sch Dist 0% 8/1/2046 (j) | 140000 | 49127 |
| Richmond CA Jt Pwrs Fing Au Rv (Richmond CA Proj.) Series 2019, 5% 11/1/2036 (Assured Guaranty Ltd Insured)  | 580000 | 610755 |
| Roseville CA Nat Gas Fing Auth Gas Rev 5% 2/15/2027  | 965000 | 983471 |
| Sacramento CA City Uni Sch Dis 5.5% 8/1/2052  | 2675000 | 2799992 |
| San Bernardino CA City Usd Ctfs Partn (San Bernadino Cty Un Sch Dist Proj.) Series 2019, 5% 10/1/2038 (Assured Guaranty Ltd Insured)  | 420000 | 432801 |
| San Diego CA Comm Coll Dist 0% 8/1/2035 (j) | 170000 | 117940 |
| San Diego CA Uni Sch Dist 0% 7/1/2034 (j) | 515000 | 373172 |
| San Diego CA Uni Sch Dist 0% 7/1/2037 (j) | 285000 | 178445 |
| San Diego CA Uni Sch Dist 0% 7/1/2041 (k) | 1350000 | 1321814 |
| San Diego CA Uni Sch Dist 0% 7/1/2047 (k) | 1200000 | 902001 |
| San Diego CA Uni Sch Dist Series 2020 D2, 3% 7/1/2037  | 590000 | 529374 |
| San Diego CA Uni Sch Dist Series I, 5% 7/1/2041  | 250000 | 254216 |
| San Fran CA Bay Area Rpd Trans Dist Gen. Oblig. Series 2020 C 1, 3% 8/1/2050  | 1250000 | 903641 |
| San Joaquin Valley Clean Energy Authority 5.5% tender 1/1/2056 (Goldman Sachs Group Inc/The Guaranteed) (c) | 2550000 | 2762430 |
| San Marcos Unified School District 0% 8/1/2047 (j) | 2795000 | 982371 |
| San Mateo CA Unified Sch Dist 0% 9/1/2041 (k) | 1750000 | 1774154 |
| San Mateo Cnty Calif Cmnty Col Dist Gen. Oblig. 0% 9/1/2026 (National Public Finance Guarantee Corporation Insured) (j) | 660000 | 635663 |
| San Mateo Cnty Calif Jt Pwrs Fing Auth Lease Rev (San Mateo CO CA Proj.) Series 2018 A, 5% 7/15/2043  | 1270000 | 1289485 |
| Sanger Calif Uni Sch Dist Ctfs Partn 5% 6/1/2052 (Assured Guaranty Ltd Insured)  | 65000 | 65018 |
| Santa Ana Calif Uni Sch Dist 0% 8/1/2047 (Assured Guaranty Inc Insured) (j) | 600000 | 193226 |
| Santa Clara CA Uni Sch Dist Series 2019, 3.25% 7/1/2044  | 1300000 | 1047861 |
| Santa Monica-Malibu Uni Sch Dist CA Series B, 3% 8/1/2044  | 750000 | 576683 |
| Southern California Pub Pwr Auth Nat Gas Proj Rev 5.25% 11/1/2025 (Goldman Sachs Group Inc/The Guaranteed)  | 1000000 | 1005605 |
| Southwestern Cmnty College Dist CA Gen. Oblig. Series 2021 D, 3% 8/1/2041  | 1740000 | 1405414 |
| State of California 7.6% 11/1/2040  | 2530000 | 3003501 |
| State of California 7.625% 3/1/2040  | 2560000 | 3011076 |
| State of California Gen. Oblig. 4% 11/1/2037  | 1375000 | 1371572 |
| State of California Gen. Oblig. 5% 10/1/2045  | 2250000 | 2352868 |
| State of California Gen. Oblig. 5% 11/1/2042  | 3155000 | 3348732 |
| State of California Gen. Oblig. 5% 3/1/2037  | 3685000 | 4104864 |
| State of California Gen. Oblig. 5% 4/1/2047  | 7345000 | 7612483 |
| State of California Gen. Oblig. 5% 8/1/2031  | 2135000 | 2377496 |
| State of California Gen. Oblig. 5% 9/1/2032  | 340000 | 376871 |
| State of California Gen. Oblig. 5.25% 10/1/2050  | 2850000 | 3004986 |
| State of California Gen. Oblig. 5.25% 12/1/2033  | 20000 | 20030 |
| State of California Gen. Oblig. Series 2016, 5% 9/1/2029  | 270000 | 276332 |
| State of California Gen. Oblig. Series 2017, 4% 8/1/2036  | 2500000 | 2467753 |
| State of California Gen. Oblig. Series 2022, 5% 4/1/2035  | 155000 | 170207 |
| State of California Gen. Oblig. Series CU, 5.5% 12/1/2052  | 1495000 | 1567631 |
| Stockton CA Unified School Dis Series 2011D, 0% 8/1/2042 (Assured Guaranty Ltd Insured) (j) | 300000 | 140405 |
| Sunnyvale CA Sch Dist Series 2019 C, 3% 9/1/2044  | 1250000 | 989820 |
| Temecula Vy CA Uni Sch Dist Series 2021 D, 3% 8/1/2047  | 875000 | 651540 |
| Twin Rivers Uni Sch Dist Calif 0% 8/1/2032 (Assured Guaranty Ltd Insured) (j) | 750000 | 582423 |
| Val Verde CA Uni Sch Dist Series 2021 F, 3% 8/1/2047 (Assured Guaranty Ltd Insured)  | 1570000 | 1152080 |
| Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2013A, 5.5% 8/1/2038  | 545000 | 546156 |
| Washington Twp CA Health Care Dist (Washington Twp CA Hosp Dist Proj.) Gen. Oblig. Series 2023 B, 5.25% 8/1/2048  | 1000000 | 1060101 |
| Yosemite CA Cmnty College Dist Gen. Oblig. Series 2010D, 0% 8/1/2042 (k) | 3420000 | 2724319 |
|  |  | 244697390 |
| Health Care - 0.3% |  |  |
| California Health Facilities Financing Authority (Cedars-Sinai Medical Center,Ca Proj.) Series 2015, 5% 11/15/2028  | 250000 | 251880 |
| California Health Facilities Financing Authority (Cedars-Sinai Medical Center,Ca Proj.) Series 2015, 5% 11/15/2033  | 480000 | 482281 |
| California Health Facilities Financing Authority (Childrens Hospital CA Proj.) Series 2021A, 2.125% 11/1/2041  | 2250000 | 1508990 |
| California Health Facilities Financing Authority (Childrens Hospital Los Ang CA Proj.) Series 2017A, 5% 8/15/2047  | 300000 | 287903 |
| California Health Facilities Financing Authority (City of Hope Natl Med Ctr, CA Proj.) Series 2019, 5% 11/15/2049  | 1805000 | 1743832 |
| California Health Facilities Financing Authority (CommonSpirit Health Proj.) Series 2020 A, 4% 4/1/2045  | 250000 | 225513 |
| California Health Facilities Financing Authority (CommonSpirit Health Proj.) Series 2020 A, 4% 4/1/2049  | 1725000 | 1468690 |
| California Health Facilities Financing Authority (Kaiser Permanente Hlth System Proj.) Series A 2, 5% 11/1/2047  | 3020000 | 3214840 |
| California Health Facilities Financing Authority (Lucile Salter Packrd Chil Hosp Proj.) Series 2017A, 5% 11/15/2056  | 360000 | 354701 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2016B, 4% 11/15/2041  | 1000000 | 919864 |
| California Health Facilities Financing Authority (Sutter Health Systems CA Proj.) Series 2018 A, 5% 11/15/2035  | 440000 | 453370 |
| California Mun Fin Auth Ctfs Partn (Palomar Health Calif Rev Proj.) 5.25% 11/1/2052 (Assured Guaranty Ltd Insured)  | 1610000 | 1622889 |
| California Mun Fin Auth Rev (Northbay Healthcare Group Proj.) 5.25% 11/1/2036  | 355000 | 355967 |
| California Mun Fin Auth Rev (Northbay Healthcare Group Proj.) 5.25% 11/1/2041  | 330000 | 311035 |
| California Mun Fin Auth Rev (Northbay Healthcare Group Proj.) Series 2017 A, 5.25% 11/1/2047  | 760000 | 698020 |
| California Mun Fin Auth Rev Series 2017A, 5% 2/1/2042  | 370000 | 363659 |
| California Pub Fin Auth Rev (Henry Mayo Newhall Mem Hosp,Ca Proj.) Series 2017, 5% 10/15/2037  | 105000 | 105533 |
| California Pub Fin Auth Rev (Henry Mayo Newhall Mem Hosp,Ca Proj.) Series 2017, 5% 10/15/2047  | 105000 | 99047 |
| California Pub Fin Auth Rev (Henry Mayo Newhall Mem Hosp,Ca Proj.) Series 2021A, 4% 10/15/2026  | 85000 | 85205 |
| California Public Finance Authority (Enso Village Proj.) 5% 11/15/2036 (h) | 290000 | 290242 |
| California Public Finance Authority (Enso Village Proj.) 5% 11/15/2046 (h) | 105000 | 95051 |
| California Public Finance Authority (Enso Village Proj.) 5% 11/15/2056 (h) | 550000 | 471056 |
| California Public Finance Authority Series 2021B 1, 3.125% 5/15/2029 (h) | 720000 | 695832 |
| California Statewide Communities Development Authority (Methodist Hosp of Southn Ca,Ca Proj.) Series 2018, 5% 1/1/2048  | 350000 | 352066 |
| California Statewide Community Development Authority Rev (Adventist Health System-West Proj.) Series 2018 A, 5% 3/1/2034  | 210000 | 214431 |
| California Statewide Community Development Authority Rev (Adventist Health System-West Proj.) Series 2018 A, 5% 3/1/2035  | 315000 | 320831 |
| California Statewide Community Development Authority Rev (Beverly Hospital Proj.) Series 2015, 5% (f)(g) | 166967 | 141922 |
| California Statewide Community Development Authority Rev (Enloe Health System Proj.) 5.25% 8/15/2052 (Assured Guaranty Ltd Insured)  | 725000 | 735001 |
| California Statewide Community Development Authority Rev (Enloe Health System Proj.) 5.375% 8/15/2057 (Assured Guaranty Ltd Insured)  | 690000 | 698242 |
| California Statewide Community Development Authority Rev (Front Porch Community CA Proj.) Series 2021 A, 2.5% 4/1/2051  | 1500000 | 913311 |
| California Statewide Community Development Authority Rev (Humangood National Obligated Grp Proj.) Series 2015, 5% 10/1/2045  | 615000 | 603820 |
| California Statewide Community Development Authority Rev (Loma Linda Univ Med Center, CA Proj.) Series 2014A, 5.25% 12/1/2044  | 560000 | 543674 |
| California Statewide Community Development Authority Rev (Loma Linda Univ Med Center, CA Proj.) Series 2014A, 5.5% 12/1/2054  | 2920000 | 2842531 |
| California Statewide Community Development Authority Rev (Loma Linda Univ Med Center, CA Proj.) Series 2016 A, 5% 12/1/2027 (h) | 420000 | 425909 |
| California Statewide Community Development Authority Rev (Loma Linda Univ Med Center, CA Proj.) Series 2016 A, 5% 12/1/2046 (h) | 1715000 | 1623283 |
| California Statewide Community Development Authority Rev (Loma Linda Univ Med Center, CA Proj.) Series 2016 A, 5.25% 12/1/2056 (h) | 6305000 | 6108957 |
| California Statewide Community Development Authority Rev (Loma Linda Univ Med Center, CA Proj.) Series 2018 A, 5.25% 12/1/2048 (h) | 250000 | 242276 |
| California Statewide Community Development Authority Rev (Loma Linda Univ Med Center, CA Proj.) Series 2018 A, 5.5% 12/1/2058 (h) | 4875000 | 4745728 |
| California Statewide Community Development Authority Rev Series 2018A, 3.5% 7/1/2034  | 155000 | 151841 |
| Univ CA Regts Med Ctr Pooled Rev Series 2020 O 2, 2.45% 5/15/2045 VRDN (c) | 2500000 | 2500000 |
| Univ CA Regts Med Ctr Pooled Rev Series 2022 P, 3.5% 5/15/2054  | 1950000 | 1506624 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2029  | 30000 | 30587 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017 B, 5% 7/1/2030  | 60000 | 61099 |
| Washington Twp CA Health Care Dist Rev (Washington Twp CA Health Care Dist Proj.) Series 2017A, 5% 7/1/2035  | 50000 | 50415 |
| West Contra Costa Healthcare District Series 2021, 3% 7/1/2042  | 300000 | 240527 |
|  |  | 41158475 |
| Housing - 0.5% |  |  |
| CA Mun Fin Auth Student Hsg Rev Series 2018, 5% 5/15/2051  | 725000 | 730395 |
| California Community Housing Agency Series 2019 A, 5% 8/1/2049 (h) | 2575000 | 2287026 |
| California Community Housing Agency Series 2020 A, 5% 2/1/2050 (h) | 150000 | 104631 |
| California Community Housing Agency Series 2021 A, 4% 2/1/2056 (h) | 7850000 | 5463446 |
| California Community Housing Agency Series 2021 A, 4% 2/1/2056 (h) | 5300000 | 3282752 |
| California Community Housing Agency Series 2021 A1, 4% 2/1/2056 (h) | 250000 | 201143 |
| California Community Housing Agency Series 2021 A2, 4% 8/1/2050 (h) | 2625000 | 1961834 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2019-1 CA Proj.) Series 1 Class A, 4.25% 1/15/2035  | 676999 | 679758 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2021-1 CA Proj.) Series 1 Class A, 3.5% 11/20/2035  | 1059202 | 983299 |
| California Hsg Fin Agy Mun Ctfs (Lihtc 2023-1 CA Proj.) Series 1 Class A, 4.375% 9/20/2036  | 10521895 | 10423888 |
| California Hsg Fin Agy Mun Ctfs Series 1 Class X, 0.798% 11/20/2035 (c) | 14158379 | 611350 |
| California Hsg Fin Agy Mun Ctfs Series 3 Class X, 0.72% 8/20/2036 (c) | 5050783 | 231100 |
| California Mun Fin Auth Multifamily Hsg Rev Series 2021 A, 4% 11/1/2036 (h) | 410000 | 375925 |
| California Mun Fin Auth Mun Ctfs Series 1 Class A1, 3.536% 2/20/2041 (c) | 2500000 | 2225775 |
| California Statewide Cmntys Dev Auth College Hsg Rev Series 2019, 5% 7/1/2029 (h) | 130000 | 131610 |
| California Statewide Cmntys Dev Auth College Hsg Rev Series 2019, 5.25% 7/1/2039 (h) | 100000 | 99662 |
| California Statewide Cmntys Dev Auth College Hsg Rev Series 2019, 5.25% 7/1/2049 (h) | 380000 | 362207 |
| California Statewide Cmntys Dev Auth College Hsg Rev Series 2019, 5.25% 7/1/2052 (h) | 165000 | 155054 |
| CMFA Spl Fin Agy Essential Hsg Rev Series 2021 A 1, 3% 12/1/2056 (h) | 450000 | 283188 |
| CMFA Spl Fin Agy Essential Hsg Rev Series 2021 A 1, 4% 8/1/2056 (h) | 655000 | 539970 |
| CMFA Spl Fin Agy VII Essential Hsg Rev Series 2021 A 2, 4% 8/1/2047 (h) | 1810000 | 1484162 |
| CMFA Spl Fin Agy XII Essential Hsg Rev Series 2022 A 1, 3.25% 2/1/2057 (h) | 240000 | 164723 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2020 A, 5% 7/1/2051 (h) | 605000 | 547150 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021 A 1, 3% 7/1/2045 (h) | 2000000 | 1509026 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021 A 2, 3% 12/1/2056 (h) | 200000 | 129794 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021 A 2, 3.125% 7/1/2056 (h) | 1715000 | 1090382 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021 A 2, 3.25% 5/1/2057 (h) | 250000 | 170192 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021 A 2, 4% 10/1/2056 (h) | 1875000 | 1384554 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021 A 2, 4% 6/1/2058 (h) | 250000 | 189345 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021 A 2, 4% 7/1/2056 (h) | 1000000 | 755425 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021 A, 4% 8/1/2056 (h) | 400000 | 336292 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021 A2, 4% 7/1/2056 (h) | 2319888 | 1717518 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021A 1, 2.65% 12/1/2046 (h) | 1930000 | 1439119 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021A 2, 3.125% 8/1/2056 (h) | 600000 | 428798 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021A 2, 4% 9/1/2056 (h) | 3150000 | 2253152 |
| Cscda Cmnty Impt Auth Calif Essential Hsg Rev Series 2021B, 4% 3/1/2057 (h) | 1915000 | 1338091 |
| Hastings Campus Hsg Fin Auth Calif Campus Hsg Rev Series 2020 A, 5% 7/1/2045 (h) | 1800000 | 1640659 |
| Hastings Campus Hsg Fin Auth Calif Campus Hsg Rev Series 2020 A, 5% 7/1/2061 (h) | 3730000 | 3190311 |
| Hastings Campus Hsg Fin Auth Calif Campus Hsg Rev Series 2020 B, 0% 7/1/2061 (h)(k) | 2605000 | 1138670 |
|  |  | 52041376 |
| Industrial Development - 0.0% |  |  |
| California Infrastructure & Economic Development Bank Series 2025A, 9.5% tender 1/1/2065 (h)(i) | 1500000 | 1453016 |
| Lease Revenue - 0.0% |  |  |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2021C 1, 4% 9/2/2051  | 105000 | 84403 |
| Other - 0.2% |  |  |
| CA Mun Fin Auth Student Hsg Rev Series 2018, 5% 5/15/2048  | 750000 | 758548 |
| California Community Choice Financing Authority Series 2024F, 5% tender 2/1/2055 (c) | 1500000 | 1587057 |
| California Community College Financing Authority Student Housing Rev Series 2022 A, 5.75% 7/1/2060 (h) | 900000 | 742392 |
| California Health Facilities Financing Authority Series 2024 B, 5% 11/15/2043  | 1150000 | 1150477 |
| California Infrastructure & Economic Development Bank (Los Angeles County Museum Of Art Proj.) 1.2% tender 12/1/2050 (c) | 2335000 | 2117500 |
| California Mun Fn Auth Rev Series 2025A, 5% 11/1/2035 (h) | 250000 | 256719 |
| California Mun Fn Auth Rev Series 2025A, 5.625% 11/1/2054 (h) | 500000 | 502284 |
| California Municipal Finance Authority Series 2025A, 5.5% 1/1/2060 (h) | 700000 | 656670 |
| California Public Finance Authority 6.75% 7/1/2065 (h) | 5000000 | 5191218 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev 5.25% 9/2/2043  | 1300000 | 1296044 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2021 B, 4% 9/2/2041  | 640000 | 575706 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2021 B, 4% 9/2/2051  | 755000 | 616024 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2021A, 4% 9/2/2041  | 230000 | 205702 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2021A, 4% 9/2/2051  | 140000 | 114229 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2021C 1, 4% 9/2/2041  | 450000 | 387941 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2022 A 1, 5% 9/2/2052  | 1525000 | 1480732 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2022B, 5% 9/2/2052  | 500000 | 485486 |
| California Stwide Cmnty Mf Rev 3.95% tender 4/1/2060 (h)(k) | 2500000 | 2032021 |
| City of Oakland CA Gen. Oblig. Series 2020B 1, 3% 1/15/2050  | 1000000 | 702637 |
| CMFA Spl Fin Agy Essential Hsg Rev Series 2021 A 2, 4% 8/1/2045 (h) | 835000 | 706433 |
| CMFA Spl Fin Agy XII Essential Hsg Rev 4.375% 8/1/2049 (h) | 455000 | 362184 |
| Los Angeles Hsg-A Series 2024A, 4.5% 7/1/2046  | 1775000 | 1685102 |
| San Francisco CA Cmnty College Dist Gen. Oblig. Series B, 5% 6/15/2026  | 1220000 | 1248040 |
| Santa Cruz CA City High Sch Dist Series C, 2% 8/1/2036  | 720000 | 563500 |
|  |  | 25424646 |
| Resource Recovery - 0.1% |  |  |
| California Mun Fin Auth Solid Waste Disp Rev (Republic Services Inc Proj.) Series 2024A, 3.875% tender 3/1/2054 (c)(i) | 4860000 | 4620844 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) 3.75% tender 11/1/2046 (c)(i) | 580000 | 579983 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2017 A, 4.1% tender 12/1/2044 (c)(i) | 230000 | 230005 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2019 A, 2.4% tender 10/1/2044 (c)(i) | 910000 | 852761 |
| California Mun Fin Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020, 3.75% tender 10/1/2045 (c)(i) | 2750000 | 2749920 |
|  |  | 9033513 |
| Special Tax - 0.2% |  |  |
| California Mun Fin Auth Spl Tax Rev Series 2024, 5% 9/1/2044  | 910000 | 917143 |
| California Mun Fin Auth Spl Tax Rev Series 2024, 5% 9/1/2049  | 785000 | 783143 |
| California Mun Fin Auth Spl Tax Rev Series 2024, 5% 9/1/2054  | 750000 | 726061 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2021A, 4% 9/2/2028  | 35000 | 34943 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2021A, 4% 9/2/2029  | 40000 | 39821 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2021A, 4% 9/2/2030  | 45000 | 44695 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2021A, 4% 9/2/2031  | 35000 | 34674 |
| California Statewide Cmntys Dev Auth Statewide Cmnty Infrastructure Program Rev Series 2021C 1, 4% 9/2/2031  | 85000 | 82793 |
| Inland Valley Development Agency Series 2014A, 5.25% 9/1/2037  | 1215000 | 1223836 |
| Irvine Calif Facs Fing Auth Spl Tax Rev Series 2023A, 5.25% 9/1/2053  | 4000000 | 4156420 |
| Irvine Calif Impt Bd Act 1915 Series 2012, 4% 9/2/2027  | 45000 | 45102 |
| Irvine Calif Impt Bd Act 1915 Series 2012, 4% 9/2/2028  | 60000 | 60126 |
| Irvine Calif Uni Sch Dist Spl Series 2017 D, 5% 3/1/2057  | 770000 | 756157 |
| Ladera Ranch CFD Series 2022, 5% 8/15/2047  | 2500000 | 2518218 |
| Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Series 2019 A, 5% 7/1/2038  | 1445000 | 1493458 |
| Peninsula Corridor Joint Powers Brd Measure RR Sales Tax Rev Series 2022 A, 5% 6/1/2047  | 750000 | 774368 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2026  | 155000 | 155609 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2027  | 60000 | 60220 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2029  | 320000 | 321051 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2030  | 75000 | 75233 |
| Poway Calif Uni Sch Dist Pub Fing Auth Spl Tax Rev (Poway Del Sur Cfd 2006 Proj.) Series 2015A, 5% 9/1/2031  | 145000 | 145424 |
| River Islands Pub Fing Auth CA Spl Tax 5.25% 9/1/2052 (Assured Guaranty Ltd Insured)  | 425000 | 433815 |
| River Islands Pub Fing Auth CA Spl Tax Series 2022A 1, 5.25% 9/1/2052 (Assured Guaranty Ltd Insured)  | 1840000 | 1878167 |
| River Islands Pub Fing Auth CA Spl Tax Series 2023, 5.5% 9/1/2048  | 1250000 | 1275427 |
| Riverside Cnty CA Transn Commn Series 2016A, 2% 6/1/2029  | 430000 | 400728 |
| Riverside Cnty CA Transn Commn Series 2017B, 5% 6/1/2038  | 1710000 | 1766059 |
| Sacramento CA Area Fld Ctl Agy Series 2016A, 5% 10/1/2036  | 500000 | 508398 |
| Sacramento CA Fin Auth 0% 12/1/2026 (National Public Finance Guarantee Corporation Insured) (j) | 695000 | 657122 |
| Sacramento CA Spl Tax 5.25% 9/1/2042 (h) | 1065000 | 1072283 |
| Sacramento CA Spl Tax 5.25% 9/1/2047 (h) | 1060000 | 1060062 |
| Sacramento CA Spl Tax Series 2021, 4% 9/1/2041  | 295000 | 268768 |
| Sacramento CA Spl Tax Series 2021, 4% 9/1/2046  | 805000 | 689830 |
| San Diego Cnty CA Regl Trnst Comm Sales Tax Rev Series 2016A, 5% 4/1/2048  | 2820000 | 2828982 |
| San Francisco CA City & Cnty Redev Agcy Tax Allocation (Mission Bay South Rda Proj.) Series 2014A, 5% 8/1/2043  | 70000 | 69813 |
| San Francisco Calif City & Cnty Spl Tax Dist No 2020-1 Series 2023 B, 5.75% 9/1/2053 (h) | 510000 | 525759 |
| San Marcos CA Redevelopment & Successor Agency 5% 10/1/2030  | 460000 | 462365 |
| San Marcos CA Redevelopment & Successor Agency Series A, 5% 10/1/2033  | 330000 | 331220 |
| West Sacramento CA Fin Spl Tax Series A, 5% 9/1/2034  | 280000 | 303754 |
|  |  | 28981047 |
| Synthetics - 0.1% |  |  |
| California Stwide Cmnty Mf Rev Participating VRDN 3.55% 11/1/2033 (Liquidity Facility Mizuho Capital Markets LLC) (c)(i)(l) | 1240000 | 1240000 |
| California Stwide Cmnty Mf Rev Participating VRDN 3.55% 12/1/2027 (Liquidity Facility Mizuho Capital Markets LLC) (c)(i)(l) | 12900000 | 12900000 |
|  |  | 14140000 |
| Tobacco Bonds - 0.2% |  |  |
| California Stwde Fing Auth Tobacco Settlement Rev Series 2002 A, 6% 5/1/2043  | 210000 | 214392 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement 5% 6/1/2051  | 1425000 | 1392403 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 1, 3.85% 6/1/2050  | 4055000 | 3653293 |
| Golden State Tobacco Securitization Corp. Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (j) | 97090000 | 10415126 |
| Inland Empire Tobacco Securitization Auth CA Tobacco Settlement Rev 0% 6/1/2036 (j) | 2000000 | 899467 |
| Inland Empire Tobacco Securitization Auth CA Tobacco Settlement Rev 0% 6/1/2057 (h)(j) | 17305000 | 1063667 |
| Inland Empire Tobacco Securitization Auth CA Tobacco Settlement Rev 0% 6/1/2057 (h)(j) | 11325000 | 597358 |
| Inland Empire Tobacco Securitization Auth CA Tobacco Settlement Rev 0% 6/1/2057 (j) | 9000000 | 588161 |
| Tobacco Securitization South CA Tobacco Settlement Rev 0% 6/1/2046 (j) | 2065000 | 396952 |
| Tobacco Securitization South CA Tobacco Settlement Rev 5% 6/1/2027  | 55000 | 56446 |
| Tobacco Securitization South CA Tobacco Settlement Rev 5% 6/1/2028  | 85000 | 88198 |
| Tobacco Securitization South CA Tobacco Settlement Rev 5% 6/1/2029  | 55000 | 57545 |
| Tobacco Securitization South CA Tobacco Settlement Rev Series 2019 A CLASS 1, 5% 6/1/2048  | 770000 | 751415 |
| Tobacco Securitization South CA Tobacco Settlement Rev Series 2019 B 2 CL 2, 0% 6/1/2054 (j) | 500000 | 100459 |
|  |  | 20274882 |
| Transportation - 1.7% |  |  |
| Alameda Corridor CA Tran Auth Rev 0% 10/1/2036 (National Public Finance Guarantee Corporation Insured) (j) | 4000000 | 2493761 |
| Alameda Corridor CA Tran Auth Rev 5% 10/1/2034  | 1625000 | 1645851 |
| Alameda Corridor CA Tran Auth Rev 5% 10/1/2037  | 540000 | 545210 |
| Alameda Corridor CA Tran Auth Rev Series 2022 A, 0% 10/1/2048 (k) | 2000000 | 1130220 |
| Alameda Corridor CA Tran Auth Rev Series 2022 C, 0% 10/1/2052 (Assured Guaranty Ltd Insured) (k) | 3930000 | 2171094 |
| Alameda Corridor CA Tran Auth Rev Series 2022 C1, 5% 10/1/2052 (Assured Guaranty Ltd Insured)  | 2250000 | 2294646 |
| Alameda Corridor CA Tran Auth Rev Series 2024A, 0% 10/1/2052 (Assured Guaranty Municipal Corp Insured) (j) | 1445000 | 367150 |
| Bay Area Toll Auth CA Bridge Rev Series 2001A, 3.22% tender 4/1/2036 (c) | 6505000 | 6463345 |
| Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 4.125% 7/1/2041 (Assured Guaranty Ltd Insured) (i) | 1000000 | 923551 |
| Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 5% 7/1/2032 (i) | 1000000 | 1067892 |
| Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 5% 7/1/2034 (i) | 750000 | 801240 |
| Burbank Glendale Pasadena Arpt Auth Calif Arpt Rev Series 2024B, 5% 7/1/2035 (i) | 705000 | 747392 |
| California Mun Fn Auth Rev (Linxs Apm Project Proj.) Series 2018 A, 4% 12/31/2047 (i) | 3900000 | 3233621 |
| California Mun Fn Auth Rev (Linxs Apm Project Proj.) Series 2018 A, 5% 12/31/2036 (i) | 1260000 | 1267282 |
| California Mun Fn Auth Rev (Linxs Apm Project Proj.) Series 2018 A, 5% 12/31/2043 (i) | 10415000 | 10138129 |
| California Mun Fn Auth Rev (Linxs Apm Project Proj.) Series 2018 A, 5% 12/31/2047 (i) | 2335000 | 2229335 |
| California Municipal Finance Authority (United Airlines Holdings Inc Proj.) Series 2019, 4% 7/15/2029 (i) | 540000 | 525762 |
| Foothill/Estrn Transn CA Toll 4% 1/15/2043  | 250000 | 240684 |
| Foothill/Estrn Transn CA Toll Series 2013 B 2, 3.5% 1/15/2053 (c) | 450000 | 362738 |
| Foothill/Estrn Transn CA Toll Series 2021 A, 4% 1/15/2046  | 2941000 | 2763496 |
| Foothill/Estrn Transn CA Toll Series 2021 A, 4% 1/15/2046  | 1414000 | 1350736 |
| Fresno Calif Arpt Rev Series 2023A, 5% 7/1/2034 (Build America Mutual Assurance Co Insured) (i) | 1000000 | 1073348 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2033 (Assured Guaranty Municipal Corp Insured)  | 30000 | 33422 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2034 (Assured Guaranty Municipal Corp Insured)  | 25000 | 27681 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2035 (Assured Guaranty Municipal Corp Insured)  | 20000 | 21955 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2036 (Assured Guaranty Municipal Corp Insured)  | 20000 | 21813 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2037 (Assured Guaranty Municipal Corp Insured)  | 30000 | 32495 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2038 (Assured Guaranty Municipal Corp Insured)  | 20000 | 21456 |
| Long Beach Calif Arpt Rev Series 2022 B, 5% 6/1/2039 (Assured Guaranty Municipal Corp Insured)  | 35000 | 37328 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2033 (Assured Guaranty Municipal Corp Insured)  | 30000 | 33422 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2034 (Assured Guaranty Municipal Corp Insured)  | 25000 | 27681 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2035 (Assured Guaranty Municipal Corp Insured)  | 20000 | 21955 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2036 (Assured Guaranty Municipal Corp Insured)  | 50000 | 54534 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2037 (Assured Guaranty Municipal Corp Insured)  | 45000 | 48743 |
| Long Beach Calif Arpt Rev Series 2022A, 5% 6/1/2039 (Assured Guaranty Municipal Corp Insured)  | 30000 | 31995 |
| Los Angeles CA Dept Arpts Rev 4% 5/15/2041 (i) | 2125000 | 1958627 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2041 (i) | 2600000 | 2596247 |
| Los Angeles CA Dept Arpts Rev 5% 5/15/2043 (i) | 2150000 | 2150329 |
| Los Angeles CA Dept Arpts Rev 5.25% 5/15/2043 (i) | 1500000 | 1560716 |
| Los Angeles CA Dept Arpts Rev 5.5% 5/15/2055 (i) | 1250000 | 1303062 |
| Los Angeles CA Dept Arpts Rev Series 2018 A, 5% 5/15/2044 (i) | 1515000 | 1501847 |
| Los Angeles CA Dept Arpts Rev Series 2018 A, 5.25% 5/15/2038 (i) | 375000 | 383636 |
| Los Angeles CA Dept Arpts Rev Series 2018 C, 5% 5/15/2044 (i) | 1565000 | 1547658 |
| Los Angeles CA Dept Arpts Rev Series 2018 E, 5% 5/15/2043  | 1050000 | 1071272 |
| Los Angeles CA Dept Arpts Rev Series 2019 D, 5% 5/15/2038 (i) | 725000 | 731870 |
| Los Angeles CA Dept Arpts Rev Series 2019 F, 4% 5/15/2049 (i) | 850000 | 732492 |
| Los Angeles CA Dept Arpts Rev Series 2019 F, 5% 5/15/2034 (i) | 385000 | 397398 |
| Los Angeles CA Dept Arpts Rev Series 2020C, 4% 5/15/2050 (i) | 750000 | 641754 |
| Los Angeles CA Dept Arpts Rev Series 2020C, 5% 5/15/2037 (i) | 770000 | 791796 |
| Los Angeles CA Dept Arpts Rev Series 2021 A, 5% 5/15/2036 (i) | 365000 | 379414 |
| Los Angeles CA Dept Arpts Rev Series 2021 A, 5% 5/15/2037 (i) | 270000 | 278998 |
| Los Angeles CA Dept Arpts Rev Series 2021 A, 5% 5/15/2038 (i) | 595000 | 610099 |
| Los Angeles CA Dept Arpts Rev Series 2021 A, 5% 5/15/2039 (i) | 885000 | 902757 |
| Los Angeles CA Dept Arpts Rev Series 2021 D, 4% 5/15/2040 (i) | 1000000 | 935809 |
| Los Angeles CA Dept Arpts Rev Series 2022 G, 4% 5/15/2047 (i) | 2000000 | 1738321 |
| Los Angeles CA Dept Arpts Rev Series 2022 G, 5% 5/15/2047 (i) | 500000 | 496877 |
| Los Angeles CA Dept Arpts Rev Series 2022 G, 5.5% 5/15/2036 (i) | 400000 | 430710 |
| Los Angeles CA Dept Arpts Rev Series 2022 G, 5.5% 5/15/2040 (i) | 300000 | 314780 |
| Los Angeles CA Dept Arpts Rev Series 2022 H, 5.5% 5/15/2047 (i) | 2925000 | 3021468 |
| Los Angeles CA Dept Arpts Rev Series 2022A, 4% 5/15/2041 (i) | 2000000 | 1843413 |
| Los Angeles CA Dept Arpts Rev Series A, 4.75% 5/15/2040 (i) | 610000 | 610000 |
| Los Angeles CA Hbr Dept Rev Series 2019 A, 5% 8/1/2025 (i) | 620000 | 621583 |
| Riverside County Transportation Commission (91 Express Lanes Proj.) Series 2021 B1, 4% 6/1/2037  | 560000 | 550503 |
| Riverside County Transportation Commission (91 Express Lanes Proj.) Series 2021 B1, 4% 6/1/2038  | 2150000 | 2071069 |
| Riverside County Transportation Commission (91 Express Lanes Proj.) Series 2021 B1, 4% 6/1/2046  | 1960000 | 1746835 |
| Sacramento Cnty CA Arpt Sys Rv 5% 7/1/2041  | 1280000 | 1282573 |
| Sacramento Cnty CA Arpt Sys Rv Series 2018 C, 5% 7/1/2037 (i) | 590000 | 597265 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021 B, 4% 7/1/2041 (i) | 355000 | 323304 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021 B, 4% 7/1/2046 (i) | 405000 | 353986 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021 B, 4% 7/1/2056 (i) | 805000 | 660700 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021 B, 5% 7/1/2046 (i) | 505000 | 501028 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021 B, 5% 7/1/2051 (i) | 505000 | 496549 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2021A, 5% 7/1/2056  | 5000000 | 5045646 |
| San Diego Cnty CA Reg Arpt Auth Arpt Rev Series 2023B, 5% 7/1/2053 (i) | 1400000 | 1380980 |
| San Francisco CA City & County Airports Commission International Airport Revenue (Sfo Fuel CO LLC Proj.) Series 2019 A, 5% 1/1/2035 (i) | 860000 | 880221 |
| San Francisco CA City & County Airports Commission International Airport Revenue (Sfo Fuel CO LLC Proj.) Series 2019 A, 5% 1/1/2047 (i) | 360000 | 354049 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2026 (i) | 2215000 | 2246472 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2027 (i) | 2245000 | 2314282 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2028 (i) | 2990000 | 3115508 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2029 (i) | 2005000 | 2108055 |
| San Francisco CA City & County Airports Commission International Airport Revenue 5% 5/1/2048 (i) | 1085000 | 1061504 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2017A, 5% 5/1/2047 (i) | 1500000 | 1480823 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2017A, 5.25% 5/1/2042 (i) | 2000000 | 2014224 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2018 D, 5% 5/1/2043 (i) | 2100000 | 2076664 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 1/1/2037 (i) | 280000 | 284531 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2019 A, 5% 5/1/2049 (i) | 9525000 | 9386026 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2021 A, 5% 5/1/2031 (i) | 1775000 | 1892319 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2021 A, 5% 5/1/2034 (i) | 1650000 | 1730350 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2021 A, 5% 5/1/2035 (i) | 2410000 | 2513992 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023 C, 5% 5/1/2033 (i) | 5000000 | 5360152 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023 C, 5.5% 5/1/2042 (i) | 2110000 | 2219836 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023 C, 5.5% 5/1/2043 (i) | 1570000 | 1644222 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2023 C, 5.75% 5/1/2048 (i) | 5050000 | 5307624 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5% 5/1/2031 (i) | 1125000 | 1199357 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2040 (i) | 2500000 | 2631043 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2041 (i) | 3500000 | 3656090 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2042 (i) | 1500000 | 1555701 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2043 (i) | 5120000 | 5283425 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2044 (i) | 500000 | 513526 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2024 A, 5.25% 5/1/2049 (i) | 1920000 | 1954647 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2025 A, 5% 5/1/2034 (i) | 13080000 | 14006957 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series 2025 A, 5.5% 5/1/2055 (i) | 10350000 | 10738535 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019E, 5% 5/1/2038 (i) | 915000 | 930471 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019E, 5% 5/1/2039 (i) | 1045000 | 1058795 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019E, 5% 5/1/2040 (i) | 485000 | 489468 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019E, 5% 5/1/2045 (i) | 2000000 | 1976052 |
| San Francisco CA City & County Airports Commission International Airport Revenue Series SECOND 2019E, 5% 5/1/2050 (i) | 10880000 | 10680833 |
| San Jose Calif Arpt Rev Series 2017A, 5% 3/1/2041 (i) | 1400000 | 1378458 |
|  |  | 194858546 |
| Water & Sewer - 0.5% |  |  |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 4% 10/1/2041  | 1165000 | 1154799 |
| California Infrastructure & Economic Development Bank (CA St Clean Water Revolving Fund Proj.) 4% 10/1/2043  | 10000000 | 9690865 |
| California Pollution Control Financing Authority Series 2019, 5% 11/21/2045 (h) | 1930000 | 1906324 |
| California Pollution Control Financing Authority Series 2019, 5% 7/1/2029 (h) | 480000 | 489799 |
| California Pollution Control Financing Authority Series 2019, 5% 7/1/2039 (h) | 1760000 | 1774088 |
| City of Los Angeles CA Wastewater System Revenue Series 2018A, 5% 6/1/2048  | 2025000 | 2049537 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 3% 7/1/2035 (Liquidity Facility Barclays Bank PLC) VRDN (c) | 3500000 | 3500000 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev 6.603% 7/1/2050  | 7250000 | 7454201 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2019 A 2, 3% 7/1/2045 (Liquidity Facility Barclays Bank PLC) VRDN (c) | 11000000 | 11000001 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2021 A 2, 3.1% 7/1/2051 (Liquidity Facility TD Bank NA) VRDN (c) | 6900000 | 6900000 |
| Los Angeles CA Dep Wtr & Pwr Wtrwks Rev Series 2021 B, 5% 7/1/2046  | 1695000 | 1706410 |
| Richmond Calif Wastewater Rev Series 2017A, 5.25% 8/1/2047  | 1400000 | 1430950 |
| San Diego CA Pub Facs Fing Auth Wtr Rev 5.25% 8/1/2048  | 750000 | 790502 |
| San Diego County Water Authority 5% 5/1/2047  | 1780000 | 1859810 |
| San Diego County Water Authority 5% 5/1/2052  | 3030000 | 3143024 |
| Santa Rosa CA Wstwtr 0% 9/1/2025 (Ambac Assurance Corp Insured) (j) | 95000 | 94253 |
| Southern Calif Wtr Replenishment Dist Fing Auth Replenishment Assmt Rev Series 2018, 5% 8/1/2048  | 3615000 | 3665102 |
|  |  | 58609665 |
| TOTAL CALIFORNIA |  | 805495507 |
| California,New Hampshire - 0.0%  |  |  |
| Housing - 0.0% |  |  |
| National Fin Auth NH Hosp Rev Series 4 Class BCA, 3.811% 7/20/2040 (c) | 625000 | 540546 |
| Colorado - 1.9%  |  |  |
| Education - 0.2% |  |  |
| Colorado Edl & Cultural Fac Auth Rev (University of Denver, CO Proj.) Series 2017 A, 5% 3/1/2047  | 1180000 | 1185789 |
| Colorado Edl & Cultural Fac Auth Rev Series 2012, 5% 7/15/2037  | 115000 | 115091 |
| Colorado Edl & Cultural Fac Auth Rev Series 2013, 5% 6/1/2029  | 190000 | 190180 |
| Colorado Edl & Cultural Fac Auth Rev Series 2014, 5% 11/15/2031  | 395000 | 395296 |
| Colorado Edl & Cultural Fac Auth Rev Series 2014, 5% 8/15/2030  | 100000 | 100080 |
| Colorado Edl & Cultural Fac Auth Rev Series 2014, 5% 8/15/2034  | 105000 | 105218 |
| Colorado Edl & Cultural Fac Auth Rev Series 2017 A, 5% 3/1/2043  | 890000 | 896610 |
| Colorado Edl & Cultural Fac Auth Rev Series 2018 A, 4% 12/1/2048  | 730000 | 616501 |
| Colorado Edl & Cultural Fac Auth Rev Series 2018, 5% 4/1/2038  | 65000 | 65735 |
| Colorado Edl & Cultural Fac Auth Rev Series 2018, 5% 4/1/2048  | 75000 | 72728 |
| Colorado Edl & Cultural Fac Auth Rev Series 2018, 5% 4/1/2053  | 80000 | 75882 |
| Colorado Edl & Cultural Fac Auth Rev Series A, 5% 12/1/2038  | 215000 | 215021 |
| Colorado Edl & Cultural Facs Auth Rev 4% 6/1/2052  | 300000 | 245240 |
| Colorado Edl & Cultural Facs Auth Rev 4% 6/1/2056  | 300000 | 241323 |
| Colorado Edl & Cultural Facs Auth Rev 5.25% 12/1/2052  | 1825000 | 1852576 |
| Colorado Edl & Cultural Facs Auth Rev Series 2020 A, 5% 3/15/2040  | 370000 | 373495 |
| Colorado Edl & Cultural Facs Auth Rev Series 2020 A, 5% 3/15/2050  | 765000 | 739934 |
| Colorado Edl & Cultural Facs Auth Rev Series 2020 A, 5% 3/15/2055  | 1130000 | 1079331 |
| Colorado Edl & Cultural Facs Auth Rev Series 2020, 4% 9/1/2050  | 100000 | 82050 |
| Colorado Edl & Cultural Facs Auth Rev Series 2020, 4% 9/1/2055  | 185000 | 147514 |
| Colorado Edl & Cultural Facs Auth Rev Series 2020, 5% 12/1/2040  | 755000 | 753772 |
| Colorado Edl & Cultural Facs Auth Rev Series 2020, 5% 12/1/2050  | 3870000 | 3663673 |
| Colorado Edl & Cultural Facs Auth Rev Series 2020, 5% 12/1/2055  | 305000 | 284680 |
| Colorado Edl & Cultural Facs Auth Rev Series 2021A, 4% 12/1/2041  | 355000 | 322145 |
| Colorado Edl & Cultural Facs Auth Rev Series 2023A, 4.25% 7/1/2043  | 1745000 | 1549972 |
| Colorado Edl & Cultural Facs Auth Rev Series 2023A, 4.5% 7/1/2058  | 1470000 | 1248943 |
| Colorado Edl & Cultural Facs Auth Rev Series 2024 A, 5% 1/15/2044  | 570000 | 589807 |
| Colorado Edl & Cultural Facs Auth Rev Series 2024 A, 5.75% 4/1/2059 (h) | 550000 | 539200 |
| Colorado Edl & Cultural Facs Auth Rev Series 2024 A, 5.8% 4/1/2054 (h) | 600000 | 598226 |
| University Colo Enterprise Sys Series 2021 C 3B, 2% tender 6/1/2051 (c) | 675000 | 660083 |
| University Colo Enterprise Sys Series 2021C 3A, 2% tender 6/1/2051 (c) | 795000 | 789805 |
|  |  | 19795900 |
| Electric Utilities - 0.0% |  |  |
| Arkansas River Pwr Auth Colo Pwr Rev 5% 10/1/2038  | 635000 | 639482 |
| Arkansas River Pwr Auth Colo Pwr Rev 5% 10/1/2043  | 1205000 | 1183924 |
| Colorado Springs Colo Utils Series 2021 B, 4% 11/15/2046  | 2500000 | 2263103 |
| Colorado Springs Colo Utils Series 2022B, 5.25% 11/15/2052  | 1000000 | 1035704 |
| Colorado Springs Colo Utils Series 2024A, 5.25% 11/15/2054  | 500000 | 522929 |
| Public Auth For CO Energy Nat Gas Pur Rev 6.25% 11/15/2028 (Merrill Lynch & Co Inc Guaranteed)  | 915000 | 955880 |
|  |  | 6601022 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Colorado Health Facilities Authority 5% 9/1/2025 (Escrowed to Maturity)  | 15000 | 15064 |
| General Obligations - 0.3% |  |  |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2037 (m) | 3110000 | 3610377 |
| Adams & Arapaho Sch Dist 28j Series 2025, 5.5% 12/1/2047 (m) | 3080000 | 3340954 |
| Adams Cnty Colo Sch Dist No Oo1 Series 2017, 5.25% 12/1/2040  | 1000000 | 1020209 |
| Cherry Creek CO Sch Dist No 5 Series 2017 B, 2.3% 12/15/2028  | 1000000 | 953558 |
| Colorado Ctfs of Prtn (Colorado St Proj.) Series 2022, 6% 12/15/2040  | 4940000 | 5584067 |
| Colorado Science and Technology Park Metropolitan District No 1 Series 2024 A, 5% 12/1/2054 (Assured Guaranty Ltd Insured)  | 920000 | 911894 |
| Colorado Science and Technology Park Metropolitan District No 1 Series 2024 B, 4.5% 12/15/2044 (Assured Guaranty Ltd Insured)  | 700000 | 651073 |
| Colorado Science and Technology Park Metropolitan District No 1 Series 2024 B, 4.75% 12/15/2054 (Assured Guaranty Ltd Insured)  | 1315000 | 1213634 |
| Colorado St Bldg Excellent Schs Today Ctfs Partn (Colorado St Proj.) 5% 3/15/2037  | 130000 | 134131 |
| Colorado St Bldg Excellent Schs Today Ctfs Partn (Colorado St Proj.) Series 2021 S, 4% 3/15/2046  | 3295000 | 2893599 |
| Colorado St Bldg Excellent Schs Today Ctfs Partn Series 2017 J, 5.25% 3/15/2042  | 1500000 | 1524638 |
| Denver CO Cty & Cnty Sch Dis 1 5.5% 12/1/2049  | 5090000 | 5448254 |
| Denver CO Cty & Cnty Sch Dis 1 Series 2021, 4% 12/1/2035  | 800000 | 808503 |
| Public Auth For CO Energy Nat Gas Pur Rev 6.5% 11/15/2038  | 2785000 | 3249960 |
| Sterling Ranch Cmnty Auth Brd CO Spl Assmt Rev 5.625% 12/1/2043  | 652000 | 651102 |
|  |  | 31995953 |
| Health Care - 0.5% |  |  |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2018A, 4% 11/15/2048  | 8305000 | 7110149 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2019 A, 4% 11/15/2038  | 2550000 | 2455468 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2019 A, 4% 11/15/2043  | 1000000 | 900793 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2019 A, 5% 11/15/2039  | 1770000 | 1830378 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 3% 11/15/2051  | 3750000 | 2563643 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2021 A, 4% 11/15/2050  | 1690000 | 1418051 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2024 B, 5% 11/15/2034  | 1750000 | 1972977 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series 2024 B, 5% 11/15/2039  | 2355000 | 2502780 |
| Colorado Health Facilities Authority (Advent Health Proj.) Series A, 5% 11/15/2041  | 1475000 | 1473369 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) 5.25% 11/1/2052  | 2680000 | 2698517 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) 5.5% 11/1/2047  | 2225000 | 2293448 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 1, 4% 8/1/2044  | 6350000 | 5505387 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 3.25% 8/1/2049  | 1975000 | 1453231 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 4% 8/1/2049  | 8475000 | 6994586 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2037  | 1000000 | 1022160 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2038  | 2790000 | 2834306 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2044  | 500000 | 491943 |
| Colorado Health Facilities Authority (Commonspirit Health Proj.) Series 2019 B 2, 5% tender 8/1/2049 (c) | 50000 | 50401 |
| Colorado Health Facilities Authority (CommonSpirit Health Proj.) Series 2024A, 5.25% 12/1/2054  | 1000000 | 1006871 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2019 A, 4% 1/1/2036  | 250000 | 243178 |
| Colorado Health Facilities Authority (IHC Health Services Inc Proj.) Series 2019 A, 4% 1/1/2037  | 1975000 | 1898782 |
| Colorado Health Facilities Authority (Sanford Health, SD Proj.) 5% 11/1/2025  | 1305000 | 1314798 |
| Colorado Health Facilities Authority (Sanford Health, SD Proj.) 5% 11/1/2026  | 95000 | 97622 |
| Colorado Health Facilities Authority Series 2018 A 1, 5% 9/15/2048  | 1195000 | 1072588 |
| Colorado Health Facilities Authority Series 2018 A, 5% 12/1/2048  | 350000 | 339132 |
| Colorado Health Facilities Authority Series 2019 A 2, 3.25% 8/1/2049  | 400000 | 298298 |
| Colorado Health Facilities Authority Series 2020, 4% 10/1/2035  | 160000 | 156540 |
| Colorado Health Facilities Authority Series 2020, 4% 10/1/2037  | 95000 | 91405 |
| Colorado Health Facilities Authority Series 2020, 4% 10/1/2038  | 70000 | 66370 |
| Colorado Health Facilities Authority Series 2020, 4% 10/1/2039  | 70000 | 65630 |
| Colorado Health Facilities Authority Series 2020, 4% 10/1/2040  | 60000 | 55484 |
| Colorado Health Facilities Authority Series 2023 A, 4% 5/15/2031  | 50000 | 48977 |
| Colorado Health Facilities Authority Series 2023 A, 4% 5/15/2032  | 60000 | 58533 |
| Colorado Health Facilities Authority Series 2023 A, 4% 5/15/2033  | 60000 | 58265 |
| Colorado Health Facilities Authority Series 2023 A, 4% 5/15/2034  | 65000 | 62724 |
| Colorado Health Facilities Authority Series 2023 A, 4% 5/15/2035  | 65000 | 62198 |
| Colorado Health Facilities Authority Series 2023 A, 4% 5/15/2036  | 70000 | 66178 |
| Colorado Health Facilities Authority Series 2023 A, 4% 5/15/2041  | 115000 | 101123 |
| Colorado Health Facilities Authority Series 2023 A, 4% 5/15/2048  | 180000 | 145860 |
| Colorado Health Facs Auth Rev Series 2013, 8% 8/1/2043  | 1340000 | 835310 |
| Colorado Health Facs Auth Rev Series A, 5.75% 12/1/2035 (h) | 215000 | 146046 |
| Colorado Health Facs Auth Rev Series A, 5.75% 2/1/2044  | 250000 | 250039 |
| Colorado Health Facs Auth Rev Series A, 6.125% 12/1/2045 (h) | 950000 | 577829 |
| Colorado Health Facs Auth Rev Series A, 6.25% 12/1/2050 (h) | 790000 | 481752 |
| Denver CO Hlth Hsp Ath Hlcr Rv Series 2019 A, 4% 12/1/2038  | 165000 | 153222 |
| Denver CO Hlth Hsp Ath Hlcr Rv Series 2025A, 5.125% 12/1/2050  | 375000 | 365661 |
| Denver CO Hlth Hsp Ath Hlcr Rv Series A, 5.25% 12/1/2045  | 255000 | 255411 |
| Fruita Colo Healthcare Rev 5.5% 1/1/2048 (h) | 350000 | 323391 |
| University of Colorado Hospital Authority Series 2018B, 3% 11/15/2035 VRDN (c) | 4950000 | 4950000 |
|  |  | 61220804 |
| Housing - 0.1% |  |  |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 F, 4.25% 11/1/2049  | 220000 | 221423 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2019 H, 4.25% 11/1/2049  | 520000 | 523915 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2021 B, 3% 5/1/2051  | 725000 | 710753 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2022 CL 1 B, 3.25% 5/1/2052  | 1190000 | 1169334 |
| Colorado Hsg Fin Auth (CO Single Family Mortgage Proj.) Series 2023 D, 5.75% 5/1/2053  | 4155000 | 4377907 |
| Gunnison County Housing Authority Series 2025, 5.125% 6/1/2055  | 1260000 | 1264611 |
|  |  | 8267943 |
| Lease Revenue - 0.1% |  |  |
| Colorado Ctfs of Prtn Series 2022, 6% 12/15/2036  | 2115000 | 2454750 |
| Colorado Ctfs of Prtn Series 2022, 6% 12/15/2041  | 5550000 | 6210482 |
| Denver Co City & Cnty Ctfs Ptn Series 2018A, 5.375% 6/1/2043  | 2000000 | 2022967 |
|  |  | 10688199 |
| Other - 0.1% |  |  |
| Adams 12 Five Star Schs Colo Series 2025, 5.25% 12/15/2038  | 1620000 | 1802180 |
| Canyons Metropolitan District No 5 Series 2024B, 6.5% 12/1/2054  | 600000 | 595179 |
| Colorado Edl & Cultural Facs Auth Rev 6.875% 2/1/2059 (h) | 3000000 | 3058877 |
| Colorado Health Facilities Authority Series 2025A, 5.125% 12/1/2045  | 420000 | 423151 |
| Colorado Health Facilities Authority Series 2025A, 5.125% 12/1/2050  | 570000 | 564803 |
| Colorado Health Facilities Authority Series 2025A, 5.125% 12/1/2055  | 385000 | 376952 |
| Hogback Met Dist Colo Series 2021 A, 5% 12/1/2051  | 500000 | 446671 |
| Johnstown Plaza Met Dist Colo Series 2022, 4.25% 12/1/2046  | 649000 | 541816 |
| Lakes At Centerra Met Dist No2 Colo Series 2024A, 5% 12/1/2049 (Assured Guaranty Ltd Insured)  | 1500000 | 1505802 |
| Palisade Metropolitan District No 2 0% 12/15/2054 (c)(h) | 700000 | 641872 |
| Parterre Metropolitan District No 5 5.875% 12/1/2045  | 500000 | 510623 |
| Redtail Ridge Metropolitan District 0% 12/1/2032 (j) | 2225000 | 1297474 |
| St Vrain Lakes Metropolitan District No 4 Series 2024A, 0% 9/20/2054 (h)(k) | 1000000 | 668872 |
| Sterling Ranch Community Authority Board Series 2024A, 5.75% 12/1/2054 (h) | 600000 | 579547 |
| Villages Castle Rock Met Dist CO No 6 Series 2021A, 4.125% 12/1/2051 (h) | 700000 | 575655 |
| Whispering Pines Metropolitan District No 1 Series 2023, 5% 12/1/2052 (Assured Guaranty Ltd Insured)  | 255000 | 254066 |
|  |  | 13843540 |
| Special Tax - 0.2% |  |  |
| Berthoud-Heritage Metropolitan District No 1 Series 2019, 5.625% 12/1/2048  | 1215000 | 1131532 |
| Citadel On Colfax Business Impt Dist Colo Spl Rev & Tax Supported Series 2020 A, 5.35% 12/1/2050  | 250000 | 225368 |
| Colorado Intl Ctr Metro Dist No 14 Series 2018, 5.875% 12/1/2046  | 990000 | 949996 |
| Copper Ridge Met Dist Colo Taxincrement & Sales Tax Supported Rev Series 2019, 5% 12/1/2039  | 500000 | 468759 |
| Denver Colo City & Cnty Dedicated Tax Rev Series 2018 A 1, 5% 8/1/2048  | 5500000 | 5528193 |
| Denver Colo Convention Ctr Hotel Auth Rev Series 2016, 5% 12/1/2040  | 345000 | 339837 |
| Independence Metropolitan District No 3 Series 2024 A, 5.375% 12/1/2054  | 500000 | 479827 |
| Jones District Community Authority Board Series 2020 A, 0% 12/1/2050 (k) | 500000 | 449507 |
| Painted Prairie Met Dist No 2 Series 2018, 5.25% 12/1/2048  | 500000 | 451729 |
| Park Creek Met Dist Colo Rev 4% 12/1/2037 (Assured Guaranty Ltd Insured)  | 250000 | 242332 |
| Park Creek Met Dist Colo Rev Series 2015 A, 5% 12/1/2045  | 1125000 | 1127802 |
| Park Creek Met Dist Colo Rev Series 2016 A, 5% 12/1/2030  | 310000 | 316599 |
| Park Creek Met Dist Colo Rev Series 2016 A, 5% 12/1/2031  | 350000 | 357296 |
| Park Creek Met Dist Colo Rev Series 2016 A, 5% 12/1/2032  | 370000 | 377388 |
| Park Creek Met Dist Colo Rev Series 2016 A, 5% 12/1/2033  | 375000 | 382213 |
| Park Creek Met Dist Colo Rev Series 2016 A, 5% 12/1/2034  | 305000 | 310555 |
| Park Creek Met Dist Colo Rev Series 2016 A, 5% 12/1/2035  | 345000 | 350931 |
| Peak Met Dist No 1 Colo Series 2021A, 5% 12/1/2051 (h) | 500000 | 403005 |
| Pueblo CO Urban Renewal Auth Tax Increment Rev Series 2021 A, 4.75% 12/1/2045 (h) | 820000 | 709579 |
| Rampart Range Metropolitan District No 5 Series 2021, 4% 12/1/2036  | 500000 | 462436 |
| Rampart Range Metropolitan District No 5 Series 2021, 4% 12/1/2051  | 1250000 | 976622 |
| Regional Transn Dist CO Sales Series 2013A, 5% 11/1/2031  | 1560000 | 1738967 |
| Regional Transn Dist CO Sales Series 2016 A, 5% 11/1/2036  | 585000 | 588680 |
| Regional Transn Dist CO Sales Series 2016 A, 5% 11/1/2046  | 1475000 | 1484478 |
| Riverwalk Met Dist No 2 Colo Spl Rev Series 2022 A, 5% 12/1/2052  | 890000 | 722453 |
| Southern Ute Indian Tribe of Southern Ute Indian Reservn Colo Gen. Oblig. 5% 4/1/2035 (h) | 2300000 | 2421989 |
| Vauxmont Metropolitan District 5% 12/1/2033 (Assured Guaranty Municipal Corp Insured)  | 180000 | 189785 |
| Vauxmont Metropolitan District 5% 12/1/2050 (Assured Guaranty Municipal Corp Insured)  | 457000 | 448657 |
| Vauxmont Metropolitan District 5% 12/15/2026 (Assured Guaranty Municipal Corp Insured)  | 9000 | 9243 |
| Vauxmont Metropolitan District 5% 12/15/2032 (Assured Guaranty Municipal Corp Insured)  | 127000 | 130881 |
|  |  | 23776639 |
| Transportation - 0.3% |  |  |
| Colorado High Performance Transportation Enterprise Series 2017, 5% 12/31/2047  | 3670000 | 3613034 |
| Colorado High Performance Transportation Enterprise Series 2017, 5% 12/31/2051  | 2625000 | 2511190 |
| Colorado High Performance Transportation Enterprise Series 2017, 5% 12/31/2056  | 3260000 | 3104272 |
| Denver CO City & Cnty Arpt 5.75% 11/15/2038 (i) | 500000 | 543783 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2026 (i) | 420000 | 429699 |
| Denver CO City & Cnty Arpt Series 2017 A, 5% 11/15/2027 (i) | 355000 | 368065 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2030 (i) | 945000 | 1004506 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2034 (i) | 1370000 | 1463426 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2036 (i) | 2605000 | 2639587 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2036 (i) | 500000 | 529404 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2037 (i) | 2715000 | 2738447 |
| Denver CO City & Cnty Arpt Series 2018 A, 5% 12/1/2048 (i) | 705000 | 691443 |
| Denver CO City & Cnty Arpt Series 2022A, 4.125% 11/15/2047 (i) | 740000 | 652556 |
| Denver CO City & Cnty Arpt Series 2022A, 4.125% 11/15/2053 (i) | 695000 | 592787 |
| Denver CO City & Cnty Arpt Series 2022A, 5% 11/15/2047 (i) | 1130000 | 1119857 |
| Denver CO City & Cnty Arpt Series 2022A, 5.5% 11/15/2035 (i) | 1075000 | 1178928 |
| Denver CO City & Cnty Arpt Series 2022A, 5.5% 11/15/2038 (i) | 920000 | 983646 |
| Denver CO City & Cnty Arpt Series 2022A, 5.5% 11/15/2040 (i) | 2650000 | 2806145 |
| Denver CO City & Cnty Arpt Series 2022A, 5.5% 11/15/2042 (i) | 1250000 | 1307123 |
| Denver CO City & Cnty Arpt Series 2023B, 5% 11/15/2032 (i) | 1000000 | 1072641 |
| Denver CO City & Cnty Arpt Series 2023B, 5.25% 11/15/2035 (i) | 2500000 | 2707784 |
| Denver CO City & Cnty Arpt Series 2023B, 5.25% 11/15/2036 (i) | 750000 | 806089 |
| Denver CO City & Cnty Arpt Series 2023B, 5.5% 11/15/2042 (i) | 765000 | 803786 |
| Denver CO United Air Lines Series 2017, 5% 10/1/2032 (i) | 4825000 | 4818720 |
| E-470 Pub Hwy Auth Colo Rev 5% 9/1/2036  | 1695000 | 1794004 |
| Regional Transn Dist Colo Private Activity Rev (Denver Transit Partners Eagle P3 Proj.) Series 2020 A, 3% 7/15/2037  | 240000 | 205830 |
|  |  | 40486752 |
| Water & Sewer - 0.1% |  |  |
| Colorado Wtr Res & Pwr Dev Auth Wtr Res Auth 5% 9/1/2055 (AGM Group Holdings Inc Insured), (Assured Guaranty Ltd Insured)  | 205000 | 206568 |
| Denver CO City & Cnty Brd Wtr 5% 9/15/2028  | 1850000 | 1979816 |
| Denver CO City & Cnty Brd Wtr Series 2016 A, 3% 9/15/2042  | 1000000 | 773010 |
| Denver CO City & Cnty Brd Wtr Series 2020 A, 3% 9/15/2047  | 1200000 | 872224 |
| Denver CO City & Cnty Brd Wtr Series 2020 A, 5% 9/15/2045  | 4065000 | 4162427 |
| Denver CO City & Cnty Brd Wtr Series 2020 A, 5% 9/15/2046  | 6240000 | 6353686 |
|  |  | 14347731 |
| TOTAL COLORADO |  | 231039547 |
| Connecticut - 0.8%  |  |  |
| Education - 0.1% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2039  | 70000 | 65790 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2040  | 75000 | 69705 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut College, CT Proj.) Series M, 4% 7/1/2052  | 1390000 | 1137100 |
| Connecticut St Health & Edl Facs Auth Revenue (Greenwich Academy Proj.) Series G, 4% 3/1/2046  | 795000 | 706108 |
| Connecticut St Health & Edl Facs Auth Revenue (Greenwich Academy Proj.) Series G, 4% 3/1/2051  | 1280000 | 1089853 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 4% 7/1/2045  | 185000 | 160205 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 5% 7/1/2037  | 55000 | 57051 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 5% 7/1/2038  | 85000 | 87509 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 5% 7/1/2039  | 85000 | 87041 |
| Connecticut St Health & Edl Facs Auth Revenue (Sacred Heart University, CT Proj.) Series K, 5% 7/1/2040  | 65000 | 66225 |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2032  | 35000 | 37611 |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2033  | 25000 | 26729 |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2034  | 35000 | 37416 |
| Connecticut St Health & Edl Facs Auth Revenue (Trinity College,Ct Proj.) 5% 6/1/2035  | 55000 | 58473 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 4% 7/1/2039  | 1100000 | 896343 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 4% 7/1/2044  | 1335000 | 1025119 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 4% 7/1/2049  | 1255000 | 916764 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2032  | 30000 | 29874 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2033  | 30000 | 29598 |
| Connecticut St Health & Edl Facs Auth Revenue (Univ of Hartford, CT Proj.) Series N, 5% 7/1/2034  | 15000 | 14657 |
| Connecticut St Hr Ed Supp Loan Series 2019 B, 3.25% 11/15/2035 (i) | 155000 | 135003 |
| Connecticut State Health & Educational Facilities Authority (Fairfield Univ, CT Proj.) Series R, 4% 7/1/2036  | 65000 | 65051 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2026  | 60000 | 61145 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2027  | 40000 | 41482 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2028  | 80000 | 82580 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2029  | 50000 | 51549 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2034  | 60000 | 61373 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2035  | 65000 | 66351 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2036  | 20000 | 20375 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2037  | 85000 | 86378 |
| Connecticut State Health & Educational Facilities Authority (Sacred Heart University, CT Proj.) 5% 7/1/2042  | 425000 | 426886 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) 5% 7/1/2043  | 1475000 | 1403837 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) 5% 7/1/2048  | 250000 | 232578 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2027  | 60000 | 61363 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2029  | 155000 | 159365 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2030  | 120000 | 123058 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2031  | 1075000 | 1099849 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2032  | 70000 | 71396 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2033  | 245000 | 249010 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2034  | 1390000 | 1408606 |
| Connecticut State Health & Educational Facilities Authority (University of New Haven, CT Proj.) Series K 1, 5% 7/1/2035  | 140000 | 141412 |
|  |  | 12647818 |
| General Obligations - 0.1% |  |  |
| Connecticut St Gen. Oblig. 5% 6/15/2032  | 150000 | 167576 |
| Connecticut St Gen. Oblig. 5% 6/15/2040  | 300000 | 315326 |
| Connecticut St Gen. Oblig. 5% 9/15/2028  | 705000 | 752106 |
| Connecticut St Gen. Oblig. Series 2018 F, 5% 9/15/2025  | 395000 | 397210 |
| Connecticut St Gen. Oblig. Series 2018 F, 5% 9/15/2027  | 55000 | 57658 |
| Connecticut St Gen. Oblig. Series 2018 F, 5% 9/15/2028  | 1200000 | 1280181 |
| Connecticut St Gen. Oblig. Series 2019 A, 5% 4/15/2026  | 40000 | 40686 |
| Connecticut St Gen. Oblig. Series 2020 A, 4% 1/15/2034  | 535000 | 543461 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2037  | 1300000 | 1131599 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2039  | 645000 | 534537 |
| Connecticut St Gen. Oblig. Series 2021 A, 3% 1/15/2040  | 755000 | 607610 |
| Connecticut St Gen. Oblig. Series 2025 B, 5% 12/1/2031  | 1330000 | 1479464 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2032  | 1750000 | 1950751 |
| Connecticut St Gen. Oblig. Series 2025A, 5% 3/15/2038  | 1850000 | 2029060 |
| Connecticut St Gen. Oblig. Series A, 5% 4/15/2033  | 15000 | 15407 |
| Connecticut St Gen. Oblig. Series B, 5% 5/15/2026  | 905000 | 922159 |
| Connecticut St Health & Edl Facs Auth Revenue (Connecticut St Univ Sys Proj.) Series Q 1, 5% 11/1/2026 (Connecticut St Guaranteed)  | 645000 | 663163 |
| New Britain Conn Gen. Oblig. Series 2017 C, 5% 3/1/2029 (Assured Guaranty Municipal Corp Insured)  | 130000 | 134187 |
| New Haven CT Gen. Oblig. 5% 8/15/2025 (Assured Guaranty Municipal Corp Insured)  | 30000 | 30101 |
| New Haven CT Gen. Oblig. Series 2024, 5% 8/1/2031 (Assured Guaranty Municipal Corp Insured)  | 2340000 | 2569388 |
| University Connecticut (Connecticut St Proj.) Series 2019 A, 5% 11/1/2025  | 660000 | 665310 |
| West Haven CT Series 2020, 4% 3/15/2040  | 160000 | 149514 |
|  |  | 16436454 |
| Health Care - 0.2% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2026 (g)(h) | 845000 | 549250 |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2027 (g)(h) | 490000 | 318500 |
| Connecticut St Health & Edl Facs Auth Revenue (Bristol Hospital, CT Proj.) Series 2019A, 5% 7/1/2049 (g)(h) | 1125000 | 731250 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2039  | 170000 | 158103 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2040  | 940000 | 860258 |
| Connecticut St Health & Edl Facs Auth Revenue (Hartford HealthCare Corp Proj.) 4% 7/1/2045  | 235000 | 202456 |
| Connecticut St Health & Edl Facs Auth Revenue (Nuvance Health Proj.) Series 2019 A, 4% 7/1/2049  | 1365000 | 1159843 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2037  | 195000 | 189308 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 4% 7/1/2039  | 1400000 | 1324834 |
| Connecticut St Health & Edl Facs Auth Revenue (Stamford Hospital, CT Proj.) 5% 7/1/2032  | 100000 | 106937 |
| Connecticut State Health & Educational Facilities Authority (Church Home of Hartford Proj.) Series A, 5% 9/1/2046 (h) | 190000 | 174636 |
| Connecticut State Health & Educational Facilities Authority (Church Home of Hartford Proj.) Series A, 5% 9/1/2053 (h) | 230000 | 203916 |
| Connecticut State Health & Educational Facilities Authority (Masonicare Corp Proj.) Series 2016 F, 5% 7/1/2031  | 555000 | 556337 |
| Connecticut State Health & Educational Facilities Authority (Masonicare Corp Proj.) Series 2016 F, 5% 7/1/2032  | 580000 | 580977 |
| Connecticut State Health & Educational Facilities Authority (Masonicare Corp Proj.) Series 2016 F, 5% 7/1/2033  | 365000 | 365371 |
| Connecticut State Health & Educational Facilities Authority (Masonicare Corp Proj.) Series 2016 F, 5% 7/1/2034  | 255000 | 255035 |
| Connecticut State Health & Educational Facilities Authority (Masonicare Corp Proj.) Series 2016 F, 5% 7/1/2043  | 2340000 | 2142147 |
| Connecticut State Health & Educational Facilities Authority (Stamford Hospital, CT Proj.) 4% 7/1/2046  | 1325000 | 1141965 |
| Hamden CT (Whitney Center Proj.) Series 2019, 5% 1/1/2040  | 1265000 | 1185926 |
| Hamden CT (Whitney Center Proj.) Series 2019, 5% 1/1/2050  | 1330000 | 1136047 |
|  |  | 13343096 |
| Housing - 0.0% |  |  |
| Conn St Hsg Fin Auth (CT Hsg Mortgage Proj.) Series 2019 B 1, 4% 5/15/2049  | 40000 | 40129 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) 3% 11/15/2049  | 660000 | 644497 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog (CT Hsg Mortgage Proj.) 5% 11/15/2025 (i) | 630000 | 633748 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog Series 2023 B, 5.75% 11/15/2053  | 1445000 | 1530807 |
|  |  | 2849181 |
| Other - 0.1% |  |  |
| Connecticut St Health & Edl Facs Auth Revenue Series A 1, 5% 7/1/2044  | 1700000 | 1596770 |
| Connecticut St Hsg Fin Auth Hsg Mtg Fin Prog Series 2024 D D 1, 4.8% 11/15/2054  | 1150000 | 1144987 |
| Mohegan Tribal Finance Authority Series 2015, 7% 2/1/2045 (h) | 1960000 | 1974779 |
| New Canaan Conn Hsg Auth Multifamily Hsg Rev 4% 12/1/2034  | 3000000 | 2932078 |
| Norwalk Conn Hsg Auth Multifamily Tax Exempt Bonds Series 05FN Class PT, 4.4% 9/1/2042  | 555000 | 535467 |
| Stamford CT Housing Auth 4.75% 10/1/2032  | 1705000 | 1708009 |
| Stamford CT Housing Auth Series 2025 D, 4.25% 10/1/2030  | 775000 | 776128 |
|  |  | 10668218 |
| Special Tax - 0.3% |  |  |
| Connecticut St Gen. Oblig. 3% 1/15/2042  | 4000000 | 3135874 |
| Connecticut St Spl Tax Oblig 4% 5/1/2040  | 3250000 | 3097688 |
| Connecticut St Spl Tax Oblig 5% 1/1/2038  | 1865000 | 1905846 |
| Connecticut St Spl Tax Oblig 5.25% 7/1/2040  | 4000000 | 4305280 |
| Connecticut St Spl Tax Oblig Series 2018 A, 5% 1/1/2033  | 1860000 | 1934836 |
| Connecticut St Spl Tax Oblig Series 2018 B, 5% 10/1/2036  | 1495000 | 1547043 |
| Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2032  | 665000 | 719953 |
| Connecticut St Spl Tax Oblig Series 2020 A, 5% 5/1/2035  | 1025000 | 1091499 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2036  | 4445000 | 4945989 |
| Connecticut St Spl Tax Oblig Series 2024A 2, 5% 7/1/2042  | 5670000 | 5985253 |
| Great Pond Impt Dist CT Spl Oblig Rev 5.5% 10/1/2042 (h) | 555000 | 556136 |
| Great Pond Impt Dist CT Spl Oblig Rev 5.75% 10/1/2052 (h) | 1495000 | 1500161 |
| Harbor Point Infrastructure Impt Dist Conn Spl Oblig Rev Series 2017, 5% 4/1/2030 (h) | 490000 | 494455 |
| Harbor Point Infrastructure Impt Dist Conn Spl Oblig Rev Series 2017, 5% 4/1/2039 (h) | 1820000 | 1822882 |
| Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2021, 4% 4/1/2051 (h) | 1365000 | 1097153 |
| Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2024, 5.625% 4/1/2044 (h) | 120000 | 121788 |
| Steelpoint Harbor CT Infrastructure Impt Dist Spl Oblig Rev Series 2024, 6% 4/1/2052 (h) | 660000 | 686217 |
|  |  | 34948053 |
| Transportation - 0.0% |  |  |
| State of Connecticut Bradley International Airport CFC Revenue (Bradly Intl Airport Conrac Proj.) Series 2019 A, 4% 7/1/2049 (i) | 410000 | 349067 |
| State of Connecticut Bradley International Airport CFC Revenue (Bradly Intl Airport Conrac Proj.) Series 2019 A, 5% 7/1/2049 (i) | 480000 | 463937 |
|  |  | 813004 |
| TOTAL CONNECTICUT |  | 91705824 |
| Delaware - 0.4%  |  |  |
| Education - 0.0% |  |  |
| Delaware St Econ Dev Auth Rev Series A, 5% 9/1/2046  | 100000 | 97349 |
| Delaware St Economic Dev Auth Charter Sch Rev 4% 9/1/2051  | 400000 | 317474 |
| Delaware St Economic Dev Auth Charter Sch Rev Series 2020, 4% 9/1/2030  | 35000 | 34920 |
| Delaware St Economic Dev Auth Charter Sch Rev Series 2020, 5% 9/1/2040  | 185000 | 184884 |
| Delaware St Economic Dev Auth Charter Sch Rev Series 2020, 5% 9/1/2050  | 245000 | 232951 |
| Delaware St Economic Dev Auth Charter Sch Rev Series 2022A, 3% 6/1/2032  | 300000 | 269440 |
| Delaware St Economic Dev Auth Charter Sch Rev Series 2022A, 4% 6/1/2052  | 130000 | 97712 |
| Delaware St Economic Dev Auth Charter Sch Rev Series 2022A, 4% 6/1/2057  | 125000 | 91096 |
| University of Delaware Rev 3% 11/1/2035 VRDN (c) | 3600000 | 3600000 |
|  |  | 4925826 |
| General Obligations - 0.0% |  |  |
| Delaware St Gen. Oblig. Series 2019, 5% 2/1/2030  | 706000 | 758442 |
| Delaware St Gen. Oblig. Series 2020 A, 5% 1/1/2031  | 706000 | 769993 |
|  |  | 1528435 |
| Health Care - 0.2% |  |  |
| Delaware St Economic Dev Auth Retirement Cmnty Rev Series 2018 B, 5% 11/15/2048  | 2495000 | 2359523 |
| Delaware St Hlth Facs Auth Rev (Beebe Medical Center Proj.) Series 2018, 5% 6/1/2037  | 140000 | 139854 |
| Delaware St Hlth Facs Auth Rev (Beebe Medical Center Proj.) Series 2018, 5% 6/1/2043  | 1700000 | 1609448 |
| Delaware St Hlth Facs Auth Rev (Beebe Medical Center Proj.) Series 2018, 5% 6/1/2048  | 2500000 | 2342468 |
| Delaware St Hlth Facs Auth Rev (Beebe Medical Center Proj.) Series 2018, 5% 6/1/2050  | 930000 | 863153 |
| Delaware St Hlth Facs Auth Rev (Christiana Health Svcs Proj.) Series 2020 A, 5% 10/1/2045  | 2785000 | 2819513 |
| Delaware St Hlth Facs Auth Rev Series 2018, 4.375% 6/1/2048  | 350000 | 306183 |
| Delaware St Hlth Facs Auth Rev Series 2018, 5% 6/1/2048  | 300000 | 296946 |
| Sussex Cnty DE Rev Series 2016, 5% 1/1/2036  | 1220000 | 1208433 |
|  |  | 11945521 |
| Housing - 0.1% |  |  |
| Delaware State Hsg Auth Rev Series 2024 C, 4.6% 7/1/2049  | 1735000 | 1657723 |
| Delaware State Hsg Auth Rev Series 2025 A, 5.75% 1/1/2056  | 2000000 | 2162732 |
| Delaware State Hsg Auth Rev Series 2025B, 6% 1/1/2056 (m) | 1575000 | 1721349 |
| Kent Cnty Del Student Hsg & Dining Fac Rev Series 2018 A, 5% 7/1/2032  | 35000 | 35425 |
| Kent Cnty Del Student Hsg & Dining Fac Rev Series 2018 A, 5% 7/1/2040  | 160000 | 157728 |
| Kent Cnty Del Student Hsg & Dining Fac Rev Series 2018 A, 5% 7/1/2048  | 415000 | 388440 |
| Kent Cnty Del Student Hsg & Dining Fac Rev Series 2018 A, 5% 7/1/2053  | 910000 | 828309 |
| Kent Cnty Del Student Hsg & Dining Fac Rev Series 2018 A, 5% 7/1/2058  | 1470000 | 1321055 |
|  |  | 8272761 |
| Other - 0.1% |  |  |
| Delaware St Economic Dev Auth Retirement Cmnty Rev Series 2023B, 5.25% 11/15/2053  | 3330000 | 3349523 |
| Delaware State Housing Authority Series 2023, 4.65% 1/1/2041  | 5075842 | 5044440 |
|  |  | 8393963 |
| Special Tax - 0.0% |  |  |
| Bridgeville DE Spl Oblig Series 2024, 5.25% 7/1/2044 (h) | 375000 | 371098 |
| Delaware Trans Auth Tran Sys Rev 3% 7/1/2043  | 3000000 | 2418920 |
|  |  | 2790018 |
| Transportation - 0.0% |  |  |
| Delaware Trans Auth US 301 Rev 5% 6/1/2055 (DE TT Trust 301 Project Guaranteed)  | 3313000 | 3313395 |
| Delaware Trans Auth US 301 Rev Series 2015, 5% 6/1/2045  | 740000 | 740134 |
| Delaware Transn Auth Grnt Antic Bonds Series 2020, 5% 9/1/2034  | 590000 | 628975 |
| Delaware Transn Auth Grnt Antic Bonds Series 2020, 5% 9/1/2035  | 590000 | 624537 |
|  |  | 5307041 |
| TOTAL DELAWARE |  | 43163565 |
| District Of Columbia - 1.1%  |  |  |
| Education - 0.1% |  |  |
| District Columbia Rev (Catholic Univ of Amer WA DC Proj.) Series 2018, 5% 10/1/2025  | 105000 | 105491 |
| District Columbia Rev (Catholic Univ of Amer WA DC Proj.) Series 2018, 5% 10/1/2026  | 55000 | 56056 |
| District Columbia Rev (Catholic Univ of Amer WA DC Proj.) Series 2018, 5% 10/1/2027  | 60000 | 61804 |
| District Columbia Rev Series 2016A, 5% 6/1/2036  | 420000 | 420874 |
| District Columbia Rev Series 2016A, 5% 6/1/2041  | 275000 | 267630 |
| District Columbia Rev Series 2016A, 5% 6/1/2046  | 405000 | 384942 |
| District Columbia Rev Series 2017 B, 5% 7/1/2042  | 2230000 | 2232013 |
| District Columbia Rev Series 2017 B, 5% 7/1/2048  | 1735000 | 1684466 |
| District Columbia Rev Series 2019, 4% 7/1/2039  | 1020000 | 941055 |
| District Columbia Rev Series 2019, 4% 7/1/2049  | 95000 | 78845 |
| District Columbia Rev Series 2020, 5% 6/1/2055  | 300000 | 264121 |
| District Columbia Rev Series 2024A, 6% 6/1/2058  | 550000 | 555122 |
| District Columbia Univ Rev Series 2017, 5% 4/1/2035  | 640000 | 649380 |
| District of Columbia (Provident Group-Howard Properties LLC Proj.) Series 2013, 5% 10/1/2045  | 490000 | 447206 |
| District of Columbia Series 2013, 5% 10/1/2030  | 590000 | 589985 |
| District of Columbia Series 2013, 5% 10/1/2035  | 960000 | 941150 |
|  |  | 9680140 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 6.5% 10/1/2041 (Pre-refunded to 10/1/2026 at 100) (k) | 1270000 | 1328152 |
| General Obligations - 0.1% |  |  |
| District Columbia Gen. Oblig. Series 2017 A, 5% 6/1/2033  | 130000 | 133398 |
| District Columbia Gen. Oblig. Series 2017D, 5% 6/1/2042  | 30000 | 30058 |
| District Columbia Gen. Oblig. Series 2021 D, 4% 2/1/2027  | 920000 | 937959 |
| District Columbia Gen. Oblig. Series 2021 D, 5% 2/1/2028  | 920000 | 969908 |
| District Columbia Gen. Oblig. Series 2021 D, 5% 2/1/2029  | 1220000 | 1306793 |
| District Columbia Gen. Oblig. Series 2024A, 5% 8/1/2042  | 2820000 | 2955892 |
| District Columbia Gen. Oblig. Series 2024A, 5% 8/1/2043  | 2260000 | 2360040 |
|  |  | 8694048 |
| Health Care - 0.0% |  |  |
| District Columbia Rev Series 2017A, 4.125% 7/1/2027  | 155000 | 154542 |
| District Columbia Rev Series 2017A, 5% 7/1/2032  | 535000 | 539980 |
| District Columbia Rev Series 2017A, 5% 7/1/2037  | 555000 | 553174 |
| District Columbia Rev Series 2017A, 5% 7/1/2042  | 1030000 | 968114 |
| District Columbia Rev Series 2017A, 5% 7/1/2052  | 2115000 | 1828776 |
|  |  | 4044586 |
| Other - 0.1% |  |  |
| District Columbia Hsg Fin Agy Multifamily Series 02FN Class PT, 4.875% 9/1/2045  | 2000000 | 1924082 |
| District Columbia Hsg Fin Agy Multifamily Series 2024FN, 4.8% 6/1/2045  | 390085 | 372833 |
| District Columbia Income Tax Rev 5% 6/1/2045  | 8250000 | 8560349 |
| District Columbia Rev 5.125% 1/1/2035  | 130000 | 115085 |
| District Columbia Rev 5.25% 1/1/2039  | 85000 | 71337 |
|  |  | 11043686 |
| Special Tax - 0.2% |  |  |
| District Columbia Income Tax Rev Series 2022A, 5.5% 7/1/2047  | 1000000 | 1052520 |
| District Columbia Income Tax Rev Series 2023 A, 5.25% 5/1/2048  | 6095000 | 6317533 |
| District Columbia Income Tax Rev Series 2025 A, 5.25% 6/1/2050  | 3025000 | 3173125 |
| District Columbia Tax Incremental Rev Series 2021 A, 0% 6/1/2031 (h)(k) | 100000 | 91165 |
| District Columbia Tax Incremental Rev Series 2021 A, 0% 6/1/2046 (h)(k) | 500000 | 367689 |
| District Columbia Tax Incremental Rev Series 2024 B, 0% 6/1/2041 (h)(k) | 400000 | 297652 |
| District Columbia Tax Incremental Rev Series 2024 B, 0% 6/1/2049 (h)(k) | 875000 | 504483 |
| Washington Metropolitan Area Transit Authority 5% 7/15/2048  | 1000000 | 1011674 |
| Washington Metropolitan Area Transit Authority 5.25% 7/15/2053  | 3825000 | 3915002 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 4.125% 7/15/2047  | 2785000 | 2497378 |
| Washington Metropolitan Area Transit Authority Series 2023 A, 5.5% 7/15/2051  | 3100000 | 3240067 |
|  |  | 22468288 |
| Tobacco Bonds - 0.1% |  |  |
| DC Tob Settlement Fing Corp Series 2006 A, 0% 6/15/2046 (j) | 22030000 | 5541061 |
| DC Tob Settlement Fing Corp Series 2006 B, 0% 6/15/2046 (j) | 3230000 | 690540 |
|  |  | 6231601 |
| Transportation - 0.5% |  |  |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2027 (i) | 540000 | 558939 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2028 (i) | 810000 | 834281 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2028 (i) | 270000 | 282751 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2030 (i) | 1005000 | 1032405 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2031 (i) | 175000 | 179305 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2032 (i) | 270000 | 275233 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2033 (i) | 135000 | 137214 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2035 (i) | 305000 | 308631 |
| Metropolitan Wash DC Arpts Ath 5% 10/1/2042 (i) | 1000000 | 988071 |
| Metropolitan Wash DC Arpts Ath Series 2015B, 5% 10/1/2040 (i) | 5000000 | 4984707 |
| Metropolitan Wash DC Arpts Ath Series 2019 B, 5% 10/1/2025  | 105000 | 105647 |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2025 (i) | 430000 | 432011 |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2028 (i) | 1685000 | 1764573 |
| Metropolitan Wash DC Arpts Ath Series 2019A, 5% 10/1/2035 (i) | 250000 | 257893 |
| Metropolitan Wash DC Arpts Ath Series 2020 A, 4% 10/1/2038 (i) | 1800000 | 1712449 |
| Metropolitan Wash DC Arpts Ath Series 2022 A, 5% 10/1/2030 (i) | 1000000 | 1064084 |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2031 (i) | 1000000 | 1070202 |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5% 10/1/2032 (i) | 3000000 | 3217054 |
| Metropolitan Wash DC Arpts Ath Series 2023 A, 5.25% 10/1/2048 (i) | 4000000 | 4042866 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2029 (i) | 4100000 | 4332074 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5% 10/1/2030 (i) | 3400000 | 3617887 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5.25% 10/1/2049 (i) | 2500000 | 2537550 |
| Metropolitan Wash DC Arpts Ath Series 2024A, 5.5% 10/1/2054 (i) | 3675000 | 3787830 |
| Metropolitan Wash DC Arpts Ath Series A, 5% 10/1/2032 (i) | 250000 | 252817 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev (Mwaa Dulles Toll 2nd Sr Lien Proj.) 0% 10/1/2040 (j) | 705000 | 329861 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 0% 10/1/2038 (j) | 1405000 | 744994 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 4% 10/1/2049  | 395000 | 343474 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 4% 10/1/2053 (Assured Guaranty Ltd Insured)  | 550000 | 468643 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 5% 10/1/2047  | 480000 | 482445 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev 6.5% 10/1/2044 (k) | 4605000 | 4885069 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2009B, 0% 10/1/2037 (j) | 1800000 | 1029654 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2009B, 0% 10/1/2039 (j) | 280000 | 139584 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2031  | 505000 | 531938 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2032  | 635000 | 666891 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2033  | 70000 | 73304 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2034  | 110000 | 114805 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2036  | 110000 | 113902 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2038  | 95000 | 97464 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 A, 5% 10/1/2044  | 4515000 | 4533338 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 3% 10/1/2050 (Assured Guaranty Municipal Corp Insured)  | 2760000 | 1872678 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2019 B, 4% 10/1/2049  | 8650000 | 7347553 |
| Metropolitan Wash DC Arpts Auth Dulles Toll Rd Rev Series 2022 A, 4% 10/1/2052 (Assured Guaranty Ltd Insured)  | 5635000 | 4742614 |
|  |  | 66294685 |
| TOTAL DISTRICT OF COLUMBIA |  | 129785186 |
| District Of Columbia,Maryland,Virginia - 0.0%  |  |  |
| Special Tax - 0.0% |  |  |
| Washington DC Met Area Tran Auth Rev Series 2017B, 5% 7/1/2033  | 255000 | 261109 |
| Washington Metropolitan Area Transit Authority Series 2024 A, 5% 7/15/2056  | 4520000 | 4547384 |
|  |  | 4808493 |
| TOTAL DISTRICT OF COLUMBIA,MARYLAND,VIRGINIA |  | 4808493 |
| Florida - 3.5%  |  |  |
| Education - 0.3% |  |  |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2030  | 760000 | 798194 |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2031  | 100000 | 104593 |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2032  | 100000 | 104090 |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2033  | 100000 | 103491 |
| Cap Proj Fin Auth FL Student Hsg Rev (Capfa Capital Corp 2000 F Proj.) 5% 10/1/2034  | 190000 | 195472 |
| Cap Proj Fin Auth FL Student Hsg Rev Series 2024 A 1, 5% 6/1/2054 (h) | 1000000 | 944569 |
| Capital Projs Fin Auth Fla Edlfacs Rev Series 2024, 5% 6/15/2054 (h) | 625000 | 562178 |
| Capital Trust Agency Inc Series 2020 A, 4% 8/1/2030  | 15000 | 14851 |
| Capital Trust Agency Inc Series 2020 A, 5% 8/1/2040  | 30000 | 29265 |
| Capital Trust Agency Inc Series 2020 A, 5% 8/1/2055  | 100000 | 90624 |
| Capital Trust Authority Series 2024A, 5% 6/1/2064 (h) | 625000 | 544301 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2042  | 890000 | 917964 |
| Florida Atlantic University Finance Corp Series 2024, 5% 7/1/2049  | 1360000 | 1377783 |
| Florida Dev Fin Corp Edl Facs Rev 5% 6/15/2047  | 250000 | 238951 |
| Florida Dev Fin Corp Edl Facs Rev 5% 6/15/2052  | 235000 | 218690 |
| Florida Dev Fin Corp Edl Facs Rev 5% 6/15/2056  | 345000 | 318945 |
| Florida Dev Fin Corp Edl Facs Rev Series 2016 A, 4.75% 7/15/2036 (h) | 350000 | 335838 |
| Florida Dev Fin Corp Edl Facs Rev Series 2020 C, 5% 9/15/2040 (h) | 105000 | 95993 |
| Florida Dev Fin Corp Edl Facs Rev Series 2020 C, 5% 9/15/2050 (h) | 210000 | 178942 |
| Florida Dev Fin Corp Edl Facs Rev Series 2020A, 5% 6/15/2055  | 1450000 | 1343883 |
| Florida Dev Fin Corp Edl Facs Rev Series 2021 A, 4% 7/1/2035  | 30000 | 28669 |
| Florida Dev Fin Corp Edl Facs Rev Series 2021 A, 4% 7/1/2045  | 55000 | 45673 |
| Florida Dev Fin Corp Edl Facs Rev Series 2021 A, 4% 7/1/2051 (h) | 135000 | 106377 |
| Florida Dev Fin Corp Edl Facs Rev Series 2021 A, 4% 7/1/2055  | 80000 | 61285 |
| Florida Dev Fin Corp Edl Facs Rev Series 2022A 1, 5% 2/1/2057  | 1460000 | 1346778 |
| Florida Dev Fin Corp Edl Facs Rev Series 2022A 1, 5% 7/1/2042  | 915000 | 895368 |
| Florida Dev Fin Corp Edl Facs Rev Series 2022A 1, 5% 7/1/2051  | 825000 | 771108 |
| Florida Dev Fin Corp Edl Facs Rev Series A, 6.125% 6/15/2046 (h) | 730000 | 729970 |
| Florida Dev Fin Corp Edl Facs Rev Series A, 6.125% 6/15/2047 (h) | 250000 | 242564 |
| Florida Dev Fin Corp Student Hsg Rev (The Henry Stud Hsg Proj.) Series 2024A 1, 5.25% 6/1/2054 (h) | 495000 | 465500 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 4% 10/1/2037  | 240000 | 218699 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 4% 10/1/2038  | 335000 | 300089 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 4% 10/1/2039  | 400000 | 352409 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 4% 10/1/2044  | 625000 | 524871 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2027  | 35000 | 35937 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2031  | 195000 | 201727 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2033  | 270000 | 276652 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2034  | 225000 | 229506 |
| Florida Higher Edl Facs Fing Auth Rev (FL Institute of Technology Proj.) Series 2019, 5% 10/1/2036  | 170000 | 171751 |
| Florida Higher Edl Facs Fing Auth Rev (Jacksonville University Proj.) 5% 6/1/2048 (h) | 3480000 | 2943445 |
| Florida Higher Edl Facs Fing Auth Rev (Jacksonville University Proj.) Series 2018A 1, 4.5% 6/1/2033 (h) | 705000 | 659612 |
| Florida Higher Edl Facs Fing Auth Rev (Jacksonville University Proj.) Series 2018A 1, 4.75% 6/1/2038 (h) | 1720000 | 1526208 |
| Florida Higher Edl Facs Fing Auth Rev (Ringling College of Art Design Proj.) Series 2017, 4% 3/1/2047  | 300000 | 240909 |
| Florida Higher Edl Facs Fing Auth Rev (Ringling College of Art Design Proj.) Series 2017, 5% 3/1/2047  | 250000 | 235035 |
| Florida Higher Edl Facs Fing Auth Rev (St Leo University Proj.) Series 2019, 5% 3/1/2049  | 270000 | 193689 |
| Jacksonville FL Edl Facs Rev (Jacksonville University Proj.) Series 2018B, 5% 6/1/2053 (h) | 2550000 | 2083596 |
| Pinellas FL Ed Fac Series 2018A, 5% 12/15/2048 (h) | 250000 | 232415 |
| Tampa FL Rev (University of Tampa Proj.) Series 2015, 5% 4/1/2045  | 860000 | 846404 |
| Volusia Cnty FL Edl Fac Ath Rv (Embry Riddle Aeronaut Univ, FL Proj.) 5% 10/15/2049  | 405000 | 395456 |
| Volusia Cnty FL Edl Fac Ath Rv Series 2017, 5% 10/15/2047  | 665000 | 654236 |
|  |  | 25534555 |
| Electric Utilities - 0.0% |  |  |
| Florida St Mun Pwr Agy Rev 5% 10/1/2028  | 20000 | 21215 |
| Florida St Mun Pwr Agy Rev 5% 10/1/2030  | 320000 | 326461 |
| Florida St Mun Pwr Agy Rev 5% 10/1/2031  | 350000 | 356884 |
| Florida St Mun Pwr Agy Rev Series 2015B, 5% 10/1/2028  | 120000 | 120574 |
| Florida St Mun Pwr Agy Rev Series 2015B, 5% 10/1/2029  | 70000 | 70323 |
| Florida St Mun Pwr Agy Rev Series 2015B, 5% 10/1/2030  | 220000 | 220986 |
| Ft Pierce Series 2022A, 4% 10/1/2052 (Assured Guaranty Ltd Insured)  | 965000 | 827128 |
| Gainesville FL Utils Sys Rev Series A, 5% 10/1/2035  | 280000 | 289314 |
| Okaloosa FL Gas Dist Gas Sys Rev Series 2024B, 5.25% 10/1/2044 (Assured Guaranty Ltd Insured)  | 1140000 | 1206903 |
| Putnam Cnty Fla Dev Auth Pcr (Seminole Electric Coop Inc Proj.) Series 2018 A, 5% 3/15/2042  | 800000 | 801495 |
|  |  | 4241283 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| County of Osceola FL Series 2014B 2, 6% 10/1/2036 (Pre-refunded to 10/1/2031 at 100) (k) | 300000 | 345927 |
| Halifax Hosp Med Ctr FL Hosp Series 2015, 5% 6/1/2028 (Pre-refunded to 6/1/2025 at 100)  | 35000 | 35000 |
| Orange Cnty FL Sch Brd Ctf Par Series 2015D, 5% 8/1/2030 (Pre-refunded to 8/1/2025 at 100)  | 55000 | 55172 |
| Orlando-Orange County Expressway Authority Series 2016 B, 5% 7/1/2034 (Pre-refunded to 7/1/2026 at 100)  | 530000 | 541513 |
|  |  | 977612 |
| General Obligations - 0.1% |  |  |
| Bellalago Edl Facs Benefits Dist Fla Cap Impt Rev Series 2014, 4.375% 5/1/2030  | 220000 | 220089 |
| Bellalago Edl Facs Benefits Dist Fla Cap Impt Rev Series 2014, 4.5% 5/1/2033  | 70000 | 70015 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2015A, 5% 7/1/2027  | 120000 | 120220 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2015B, 5% 7/1/2031  | 2110000 | 2113863 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series 2015B, 5% 7/1/2032  | 1930000 | 1933533 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series A, 5% 7/1/2028  | 170000 | 173125 |
| Broward Cnty FL Sch Brd Ctfs Part (Broward County FL School District Proj.) Series A, 5% 7/1/2032  | 325000 | 330143 |
| Broward County FL School District Series 2022, 5% 7/1/2046  | 1800000 | 1856567 |
| Brvd Cnty FL Sch Bd Ctfs of Prtn (Brevard Cnty FL Sch Dist Proj.) Series C, 5% 7/1/2028  | 210000 | 210301 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) 5% 7/1/2034 (Assured Guaranty Municipal Corp Insured)  | 1150000 | 1224939 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) Series 2015B, 5% 7/1/2028  | 250000 | 250358 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) Series 2015B, 5% 7/1/2029  | 355000 | 355509 |
| Duval Cnty FL Sch Brd Ctfs Part (Duval Cnty FL Sch Dist Proj.) Series 2016 A, 5% 7/1/2033  | 160000 | 162569 |
| Fort Lauderdale FL Gen. Oblig. 5% 7/1/2048  | 600000 | 620725 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2025  | 25000 | 25150 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2026  | 20000 | 20539 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2027  | 15000 | 15700 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2029  | 25000 | 27007 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2030  | 20000 | 21887 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) 5% 10/1/2032  | 20000 | 22309 |
| Jacksonville Fla Spl Rev (Jacksonville FL Proj.) Series 2022 A, 5% 10/1/2028  | 30000 | 31940 |
| Lee Cnty FL Sch Brd Ctfs Partn (Lee Cnty FL Sch Dist Proj.) Series 2019 A, 5% 8/1/2027  | 255000 | 266427 |
| Lee Cnty FL Sch Brd Ctfs Partn (Lee Cnty FL Sch Dist Proj.) Series 2019 A, 5% 8/1/2028  | 130000 | 138085 |
| Miami-Dade Cnty FL Sch Brd Ctf (Miami-Dade Cnty FL Sch Dist Proj.) Series 2016A, 5% 5/1/2032  | 1775000 | 1796174 |
| Miami-Dade Cnty FL Sch Dist Series 2022A, 5% 3/15/2052  | 750000 | 756013 |
| Miami-Dade Cnty Fla Gen. Oblig. Series 2020, 2.375% 7/1/2040  | 2075000 | 1486140 |
| Miami-Dade Cnty Fla Seaport Rev (Miami-Dade Cnty Fla Proj.) Series 2021A 1, 4% 10/1/2045 (Assured Guaranty Ltd Insured) (i) | 1325000 | 1195762 |
| Palm Beach Cnty FL Sch Brd (Palm Beach Cnty FL Sch Dist Proj.) Series 2015 D, 5% 8/1/2029  | 730000 | 732162 |
| Pasco Cnty FL Sch Brd Cert of Part (Pasco Cnty FL Sch Dist Proj.) 5% 8/1/2035 (Build America Mutual Assurance Co Insured)  | 130000 | 135394 |
| South Fla Wtr Mgmt Dist Ctfs Partn 5% 10/1/2027  | 30000 | 30448 |
| South Fla Wtr Mgmt Dist Ctfs Partn 5% 10/1/2028  | 225000 | 228122 |
| South Fla Wtr Mgmt Dist Ctfs Partn 5% 10/1/2029  | 605000 | 612698 |
| South Fla Wtr Mgmt Dist Ctfs Partn 5% 10/1/2030  | 110000 | 111273 |
| South Fla Wtr Mgmt Dist Ctfs Partn 5% 10/1/2032  | 950000 | 959128 |
| Volusia Cnty FL Sch Brd Ctfs (Volusia Cnty FL School Dist Proj.) Series 2016A, 5% 8/1/2029 (Build America Mutual Assurance Co Insured)  | 120000 | 121706 |
| Volusia Cnty FL Sch Brd Ctfs (Volusia Cnty FL School Dist Proj.) Series 2016A, 5% 8/1/2031 (Build America Mutual Assurance Co Insured)  | 125000 | 126753 |
|  |  | 18502773 |
| Health Care - 0.8% |  |  |
| Alachua Cnty FL Hlth Fac Retire Cmty Rev Series 2022, 4% 10/1/2040  | 140000 | 124059 |
| Alachua Cnty FL Hlth Fac Retire Cmty Rev Series 2022, 4% 10/1/2046  | 190000 | 152188 |
| Alachua Cnty FL Hlth Fac Rev (Shands Hosp,Jacksonville FL Proj.) 3 month U.S. LIBOR + 0.87%, 3.771% 12/1/2037 (c)(e) | 2000000 | 1954910 |
| Alachua Cnty FL Hlth Fac Rev (Shands Teaching Hosp & Clinics Inc Proj.) 5% 12/1/2035  | 210000 | 218153 |
| Alachua Cnty FL Hlth Fac Rev (Shands Teaching Hosp & Clinics Inc Proj.) Series 2019 A, 4% 12/1/2049  | 3840000 | 3158058 |
| Alachua Cnty FL Hlth Fac Rev 5% 12/1/2036  | 360000 | 371917 |
| Alachua Cnty FL Hlth Fac Rev 5% 12/1/2037  | 475000 | 487993 |
| Alachua Cnty FL Hlth Fac Rev Series 2014, 6% 11/15/2034 (f) | 800000 | 520000 |
| Alachua Cnty FL Hlth Fac Rev Series 2014, 6.375% 11/15/2049 (f) | 1330000 | 864500 |
| Atlantic Beach Fla Health Care Facs Rev (Naval Continuing Care Retiremt Proj.) Series 2018 A, 5% 11/15/2043  | 55000 | 51033 |
| Brevard Cnty FL Health Fac (Health First Inc Proj.) Series 2023 A, 5% 4/1/2032  | 130000 | 142309 |
| Brevard Cnty FL Health Fac 5% 4/1/2040  | 1905000 | 1959290 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 4% 7/1/2045  | 4120000 | 3521644 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 5% 7/1/2040  | 45000 | 45787 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) 5% 7/1/2050  | 6180000 | 6047535 |
| City of Tampa FL (H Lee Moffitt Cancer Ctr Proj.) Series 2016 B, 5% 7/1/2037  | 60000 | 60181 |
| 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 Municipal Corp Insured)  | 1045000 | 1046091 |
| County of Pasco FL (H Lee Moffitt Cancer Ctr Proj.) Series 2023 A, 5.75% 9/1/2054 (Assured Guaranty Municipal Corp Insured)  | 4180000 | 4404314 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 4% 8/15/2045  | 705000 | 599222 |
| Escambia Cnty FL Hlth Fac Rev (Baptist Health Care Pensacola Proj.) Series 2020 A, 4% 8/15/2050  | 3875000 | 3144208 |
| Florida Dev Fin Corp Sr Living Rev Series 2021 A, 4% 6/1/2036 (h) | 170000 | 151022 |
| Florida Dev Fin Corp Sr Living Rev Series 2021 A, 4% 6/1/2041 (h) | 100000 | 80136 |
| Florida Dev Fin Corp Sr Living Rev Series 2021 A, 4% 6/1/2046 (h) | 105000 | 77591 |
| Florida Dev Fin Corp Sr Living Rev Series 2021, 5% 6/1/2051 (h) | 1790000 | 1561144 |
| Florida Development Finance Corp Series 2022A, 4% 2/1/2046 (Assured Guaranty Ltd Insured)  | 1385000 | 1246469 |
| Florida Development Finance Corp Series 2022A, 4% 2/1/2052  | 400000 | 345903 |
| Florida Development Finance Corp Series 2022A, 4% 2/1/2052  | 300000 | 238373 |
| Florida Development Finance Corp Series 2022A, 5% 2/1/2052  | 195000 | 178806 |
| Halifax Hosp Med Ctr FL Hosp Series 2016, 5% 6/1/2036  | 120000 | 120245 |
| Highlands County Health Facilities Authority (Advent Health Proj.) Series 2012I 3, 1.92% 11/15/2033 VRDN (c) | 245000 | 245000 |
| Highlands County Health Facilities Authority (Advent Health Proj.) Series 2024C, 5% tender 11/15/2059 (c) | 1500000 | 1631177 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) 2.95% 11/15/2054 (Liquidity Facility PNC Bank NA) VRDN (c) | 2900000 | 2900000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) 3% 11/15/2054 (Liquidity Facility Royal Bank of Canada/New York NY) VRDN (c) | 3725000 | 3725000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) Series 2020C, 2.15% 11/1/2038, LOC TD Bank NA VRDN (c) | 1400000 | 1400000 |
| Hillsborough Cnty Fla Indl Dev Auth Health Sys Rev (Baycare Health System Proj.) Series 2024C, 5.5% 11/15/2054  | 1240000 | 1304939 |
| Hillsborough Cnty Fla Indl Dev Series 2020A, 4% 8/1/2050  | 525000 | 450659 |
| Hillsborough Cnty Fla Indl Dev Series 2020A, 4% 8/1/2055  | 3455000 | 2911176 |
| Jacksonville Fla Health Care Facs Rev (Baptist Medical Center, FL Proj.) 5% 8/15/2034  | 155000 | 158526 |
| Lee Cnty FL Ida Hlth Care Rev Series 2019, 5% 11/15/2044  | 440000 | 430652 |
| Lee Cnty FL Ida Hlth Care Rev Series 2019, 5% 11/15/2049  | 445000 | 422974 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2026  | 65000 | 65865 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2039  | 405000 | 410254 |
| Lee County Industrial Development Authority/FL (Lee Mem Health Sys FL Hosp Rev Proj.) 5% 4/1/2044  | 205000 | 201855 |
| Miami Beach FL Hlth Facs Auth Hosp Rev (MT Sinai Hospital Proj.) Series 2014, 5% 11/15/2039  | 85000 | 84995 |
| Miami Beach FL Hlth Facs Auth Hosp Rev (MT Sinai Hospital Proj.) Series 2021 B, 3% 11/15/2051  | 310000 | 208919 |
| Miami-Dade Cty FL Hlth Hsp Rev (Nicklaus Childrens Hospital,Fl Proj.) Series 2017, 5% 8/1/2047  | 1565000 | 1527895 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) 5% 10/1/2053  | 3000000 | 2914915 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2016A, 5% 10/1/2039  | 1355000 | 1348160 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2022, 4% 10/1/2052  | 3000000 | 2509681 |
| Orange Cnty FL Health Facs Auth Rev (Orange County Health Facilities Authority Proj.) Series 2025A, 5.25% 10/1/2056  | 1515000 | 1521330 |
| Orange Cnty FL Health Facs Auth Rev Series 2019 A, 4% 10/1/2049  | 5000000 | 4366733 |
| Orange Cnty FL Health Facs Auth Rev Series 2022, 4% 10/1/2052  | 1180000 | 990192 |
| Orange Cnty FL Health Facs Auth Rev Series 2023A, 4% 8/1/2047  | 1065000 | 883271 |
| Orange Cnty FL Health Facs Auth Rev Series 2025A, 4.5% 10/1/2056  | 1500000 | 1358950 |
| Palm Beach Cnty FL Health Facs Auth Retirement Cmnty Rev Series 2018 A, 5% 11/15/2045  | 1180000 | 1129108 |
| Palm Beach Cnty FL Health Facs Auth Retirement Cmnty Rev Series 2020B, 5% 11/15/2042  | 190000 | 190095 |
| Palm Beach Cnty FL Health Facs Series 2020 A, 5% 6/1/2055  | 305000 | 274789 |
| Palm Beach Cnty FL Health Facs Series 2022, 4% 6/1/2031  | 120000 | 118192 |
| Palm Beach Cnty FL Health Facs Series 2022, 4% 6/1/2036  | 690000 | 647961 |
| Palm Beach Cnty FL Health Facs Series 2022, 4% 6/1/2041  | 375000 | 325019 |
| Palm Beach Cnty FL Health Facs Series 2022, 4.25% 6/1/2056  | 2995000 | 2329778 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Baptist Health Sys of So FL Proj.) Series 2019, 4% 8/15/2049  | 6415000 | 5314373 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2047  | 2105000 | 2038520 |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev (Jupiter Medical Center Proj.) 5% 11/1/2052  | 270000 | 257108 |
| Pompano Beach Fla Rev Series 2020, 4% 9/1/2040  | 40000 | 35424 |
| Pompano Beach Fla Rev Series 2020, 4% 9/1/2050  | 1130000 | 886107 |
| Pompano Beach Fla Rev Series 2021A, 4% 9/1/2051  | 1065000 | 826197 |
| Pompano Beach Fla Rev Series 2021A, 4% 9/1/2056  | 1465000 | 1103012 |
| Sarasota Cnty FL Health Facs Auth Retirement Fac Rev Series 2017A, 5% 1/1/2037  | 195000 | 195109 |
| Sarasota Cnty FL Health Facs Auth Retirement Fac Rev Series 2017A, 5% 1/1/2042  | 225000 | 215317 |
| Sarasota Cnty FL Health Facs Auth Retirement Fac Rev Series 2017A, 5% 1/1/2047  | 450000 | 412174 |
| Sarasota Cnty FL Health Facs Auth Retirement Fac Rev Series 2017A, 5% 1/1/2052  | 950000 | 841455 |
| Sarasota Cnty Public Hosp Board (Sarasota Memorial Hospital, FL Proj.) 5.5% 7/1/2028 (National Public Finance Guarantee Corporation Insured)  | 840000 | 869061 |
| Seminole County Industrial Development Authority Series 2019A, 5.5% 11/15/2049  | 945000 | 866061 |
| South Broward Hosp Dist FL Rev Series 2016 A, 3.5% 5/1/2039  | 1340000 | 1124936 |
| South Broward Hosp Dist FL Rev Series 2018, 4% 5/1/2048  | 875000 | 748866 |
| South Broward Hosp Dist FL Rev Series 2021 A, 3% 5/1/2051  | 2600000 | 1812471 |
| South Broward Hosp Dist FL Rev Series 2021 A, 3% 5/1/2051 (Build America Mutual Assurance Co Insured)  | 1500000 | 1045657 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 4% 8/15/2033  | 305000 | 305259 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 4% 8/15/2047  | 5960000 | 5051915 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2027  | 270000 | 280732 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2028  | 285000 | 295638 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2029  | 85000 | 88018 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2035  | 565000 | 577941 |
| South Miami FL Hlth Fcs Hsp Rv (Baptist Health Sys of So FL Proj.) Series 2017, 5% 8/15/2042  | 3745000 | 3759366 |
| St Johns Cnty Fla Indl Dev Auth Sr Living Rev Series 2021 A, 4% 12/15/2027  | 20000 | 19531 |
| St Johns Cnty Fla Indl Dev Auth Sr Living Rev Series 2021 A, 4% 12/15/2028  | 20000 | 19364 |
| St Johns Cnty Fla Indl Dev Auth Sr Living Rev Series 2021 A, 4% 12/15/2029  | 20000 | 19218 |
| St Johns Cnty Fla Indl Dev Auth Sr Living Rev Series 2021 A, 4% 12/15/2030  | 20000 | 19059 |
| St Johns Cnty Fla Indl Dev Auth Sr Living Rev Series 2021 A, 4% 12/15/2031  | 20000 | 18880 |
| St Johns Cnty Fla Indl Dev Auth Sr Living Rev Series 2021 A, 4% 12/15/2036  | 100000 | 88611 |
| St Johns Cnty Fla Indl Dev Auth Sr Living Rev Series 2021 A, 4% 12/15/2041  | 75000 | 61176 |
| St Johns Cnty Fla Indl Dev Auth Sr Living Rev Series 2021 A, 4% 12/15/2046  | 75000 | 56783 |
| St Johns Cnty Fla Indl Dev Auth Sr Living Rev Series 2021 A, 4% 12/15/2050  | 70000 | 50324 |
| Sumter Cnty Fla Indl Dev Auth Hosp Rev Series 2014A, 5% 7/1/2026  | 50000 | 50054 |
| Sumter Cnty Fla Indl Dev Auth Hosp Rev Series 2014A, 5.125% 7/1/2034  | 100000 | 100058 |
| Sumter Cnty Fla Indl Dev Auth Hosp Rev Series 2014A, 5.25% 7/1/2044  | 310000 | 309998 |
| Tallahassee FL Health Facs Rev (Tallahassee Mem Hlthcare FL Proj.) Series 2015A, 5% 12/1/2040  | 350000 | 349095 |
| Tallahassee FL Health Facs Rev (Tallahassee Mem Hlthcare FL Proj.) Series 2016A, 5% 12/1/2029  | 80000 | 80396 |
| Tallahassee FL Health Facs Rev (Tallahassee Mem Hlthcare FL Proj.) Series 2016A, 5% 12/1/2036  | 60000 | 60081 |
| Tallahassee FL Health Facs Rev (Tallahassee Mem Hlthcare FL Proj.) Series 2016A, 5% 12/1/2041  | 135000 | 133700 |
|  |  | 102248186 |
| Housing - 0.0% |  |  |
| Fla Hsg Fin Corp Multifamily Mtg Rev Series 2023 C, 5% tender 12/1/2026 (c) | 925000 | 931790 |
| Florida Atlantic University Finance Corp Series 2019A, 5% 7/1/2036  | 965000 | 1006251 |
| Florida Atlantic University Finance Corp Series 2019A, 5% 7/1/2038  | 965000 | 997532 |
| Florida Atlantic University Finance Corp Series 2019A, 5% 7/1/2039  | 600000 | 618188 |
| Florida Hsg Fin Corp Rev (FL Homeownership Mortgage Proj.) Series 2019 1, 4% 7/1/2050  | 410000 | 410536 |
| Florida Hsg Fin Corp Rev (FL Homeownership Mortgage Proj.) Series 2021 1, 3% 1/1/2052  | 940000 | 925867 |
| Florida Hsg Fin Corp Rev Series 2021 2, 3% 7/1/2052  | 1205000 | 1182472 |
| Miami Dade Cnty FL Hsg Fin Auth Multifamily Hsg Rev Series 2025A, 4.88% 3/1/2046  | 1375000 | 1331316 |
|  |  | 7403952 |
| Industrial Development - 0.0% |  |  |
| Florida Dev Fin Corp Solid Waste Disp Rev Series 2023, 6.125% tender 7/1/2032 (c)(h)(i) | 3300000 | 3342511 |
| Other - 0.4% |  |  |
| Antillia Cmnty Dev Dist Fla Spl Assmt 5.875% 5/1/2054  | 1000000 | 969228 |
| Avenir Community Development District 5.375% 5/1/2043  | 565000 | 557690 |
| Avenir Community Development District 5.625% 5/1/2054  | 640000 | 635678 |
| Babcock Ranch Cmnty Indpt Spl Dist Fla Spl Assmt Rev 5% 5/1/2044 (h) | 365000 | 345467 |
| Babcock Ranch Cmnty Indpt Spl Dist Fla Spl Assmt Rev 5.25% 5/1/2055 (h) | 500000 | 470323 |
| Brevard Cnty FL Hsg Rev Bonds 4.45% 1/1/2040  | 2675000 | 2706654 |
| Cap Proj Fin Auth FL Student Hsg Rev Series 2023 A 1, 5% 11/1/2058  | 350000 | 311983 |
| Capital Projects Finance Authority/Fl Series 2025 A, 7.25% 1/1/2055 (h) | 1300000 | 1299993 |
| Capital Tr Agy FL Rev Series 2021, 4% 6/15/2041 (h) | 380000 | 310526 |
| Capital Tr Agy FL Rev Series 2021, 4% 6/15/2051 (h) | 530000 | 378109 |
| Capital Tr Auth Fla Edl Facs Rev 5% 7/1/2045 (h) | 1400000 | 1320603 |
| Capital Tr Auth Fla Edl Facs Rev 5.125% 6/15/2050 (h) | 500000 | 456817 |
| Capital Tr Auth Fla Edl Facs Rev 5.375% 7/1/2065 (h) | 235000 | 219426 |
| Coastal Ridge Community Development District 6% 5/1/2055 (m) | 700000 | 696703 |
| Collier Cnty Fla Health Facs Auth Residential Care Fac Rev Series 2022, 4% 5/1/2052  | 1400000 | 1115311 |
| Collier County Industrial Development Authority Series 2013A, 7.75% 5/15/2035 (f)(g)(h) | 130496 | 12 |
| Collier County Industrial Development Authority Series 2013A, 8.125% 5/15/2044 (f)(g)(h) | 201337 | 20 |
| Epperson North Cmnty Dev Dist FL Cap Impt Rev Series 2021 A, 3.4% 11/1/2041  | 425000 | 331260 |
| Epperson North Cmnty Dev Dist FL Cap Impt Rev Series 2021 A, 4% 11/1/2051  | 370000 | 288747 |
| Everest Gmr Cmnty Dev Dist FL Spl Assmt Rev Series 2023, 6.2% 5/1/2054  | 1000000 | 1003502 |
| Gainesville Fla Indl Dev Rev (Gainesville Jewish Student Foundation Inc Proj.) 2.15% 5/1/2033, LOC TD Bank NA VRDN (c) | 150000 | 150000 |
| Golden Gem Cmnty Dev Dist FL Spl Assmt Rev 6% 5/1/2055  | 1000000 | 975030 |
| Hickory Tree Community Development District 5.15% 5/1/2044  | 1000000 | 944885 |
| Hobe-St Lucie Conservancy Dist 5.6% 5/1/2044  | 775000 | 772563 |
| JEA FL Wtr & Swr Sys Rev Series 2025A, 5% 10/1/2041  | 800000 | 846774 |
| Lakes of Sarasota Cmnty Dev Dist Fla Impt Rev 5.3% 5/1/2044  | 425000 | 403253 |
| Lakes of Sarasota Community Development District 2 5.2% 5/1/2035  | 555000 | 548621 |
| Lakewood Ranch Stewardship Dist FL Spl Assmt Rev 6.3% 5/1/2054  | 655000 | 673736 |
| Laurel Rd Cmnty Dev Dist Fla Cap Impt Rev 3% 5/1/2031  | 350000 | 320543 |
| Laurel Rd Cmnty Dev Dist Fla Cap Impt Rev Series 2021 A2, 3.125% 5/1/2031  | 390000 | 359482 |
| Lee Cnty FL Ida Hlth Care Rev 4.75% 11/15/2029  | 235000 | 235535 |
| Lee Cnty FL Ida Hlth Care Rev Series 2024 A, 5.25% 11/15/2054  | 805000 | 785377 |
| Lee Cnty FL Ida Hlth Care Rev Series 2024B 2, 4.375% 11/15/2029  | 180000 | 180047 |
| Lee Cnty FL Ida Hlth Care Rev Series 2024C, 5% 11/15/2054  | 2365000 | 2207656 |
| Ltc Ranch West Residential Cmnty Dev Dist Spl Assmt Rev Fla 4.85% 5/1/2031  | 120000 | 120761 |
| Malabar Springs Community Development District 5.5% 5/1/2054  | 400000 | 370493 |
| Manatee Cnty Fla Rev Series 2023, 5.5% 10/1/2053  | 2975000 | 3167477 |
| Miami-Dade Cnty FL Edl Fac Rev Series 2024 B, 5.25% 4/1/2044  | 2500000 | 2584968 |
| Miami-Dade Cnty FL Sch Dist Series 2022A, 5% 3/15/2035  | 1300000 | 1413115 |
| Middleton Community Development District A 4.75% 5/1/2055  | 100000 | 91318 |
| Midtown Miami Cmnty Dev Dst FL Series 2014A, 5% 5/1/2037  | 45000 | 44998 |
| Mirada FL Cmnty Dev Dist Cap Impt Rev 6% 5/1/2055  | 735000 | 712758 |
| North Ar-1 Pasco Cmnty Dev Dist Fla Cap Impt Rev 4% 5/1/2051  | 1385000 | 1084741 |
| Orange Cnty FL Health Facs Auth Rev Series 2024, 5% 8/1/2054  | 865000 | 811631 |
| Palm Beach Cnty FL Edl Facs Auth Series 2024, 5% 10/1/2043  | 1375000 | 1325094 |
| Seminole Palms Cmnty Dev Dist FL Spl Assmt 4.45% 5/1/2031 (h) | 265000 | 263043 |
| Seminole Palms Cmnty Dev Dist FL Spl Assmt 5.5% 5/1/2055 (h) | 200000 | 185546 |
| Shadowlawn Cmnty Dev Dist FL Spl Assmt Rev 5.85% 5/1/2054  | 650000 | 621022 |
| Southern Grove Cmnty Dev Dist No 5 Fla Spl Assmt Series 2021, 4% 5/1/2048  | 750000 | 611148 |
| St Lucie Cnty Fla Hsg Fin Auth Multifamily Hsg Rev Series 2024, 4.45% 1/1/2041  | 3000000 | 2910191 |
| Two Rivs West Cmnty Dev Dist Fla Spl Assmt 5.625% 5/1/2044  | 500000 | 493574 |
| V-Dana Cmnty Dev Dist Fla Splassmt 5.375% 5/1/2045  | 750000 | 720172 |
| V-Dana Cmnty Dev Dist Fla Splassmt 5.55% 5/1/2055  | 1250000 | 1184826 |
| Venice Fla Retirement Cmnty Rev Series 2024 B 2, 4.5% 1/1/2030 (h) | 800000 | 797466 |
| Venice Fla Retirement Cmnty Rev Series 2024A, 5.5% 1/1/2055 (h) | 1000000 | 939283 |
| Venice Fla Retirement Cmnty Rev Series 2024A, 5.625% 1/1/2060 (h) | 365000 | 344493 |
| Viera Stewardship Dist FL Spl Assmt Rev 5.5% 5/1/2054  | 1560000 | 1498386 |
| Village Cmnty Dev Dist No 14 Fla Spl Assmt Rev 5.375% 5/1/2042  | 2225000 | 2256455 |
| Village Cmnty Dev Dist No 14 Fla Spl Assmt Rev 5.5% 5/1/2053  | 1025000 | 1031926 |
| West Vlgs Impt Dist Fla Rev 5.625% 5/1/2054  | 570000 | 539864 |
| Westside Haines City Cmnty Dev Dist FL Spl Assmt 5.75% 5/1/2044  | 400000 | 394683 |
| Westview North Cmnty Dev Dist FL Spl Assmt Series 2022, 6% 6/15/2052  | 500000 | 511183 |
| Westview South Cmnty Dev Dist FL Spl Assmt 5.6% 5/1/2053  | 850000 | 832262 |
|  |  | 50684431 |
| Resource Recovery - 0.0% |  |  |
| Florida Dev Fin Corp Solid Waste Disp Rev Series 2024A, 4.375% tender 10/1/2054 (c)(h)(i) | 2775000 | 2762037 |
| Special Tax - 0.3% |  |  |
| Boggy Creek Improvement District Series 2013, 5.125% 5/1/2043  | 1140000 | 1099308 |
| Capital Region Cmnty Dev Dist FL Rev Series 2018 A 1, 5.125% 5/1/2039  | 130000 | 130267 |
| Celebration Pointe Community Development District Series 2014, 5.125% 5/1/2045 (g) | 130000 | 104000 |
| Celebration Pointe Community Development District Series 2017, 5% 5/1/2032 (g) | 135000 | 108000 |
| Celebration Pointe Community Development District Series 2021, 3% 5/1/2031 (g) | 55000 | 44000 |
| Celebration Pointe Community Development District Series 2021, 3.375% 5/1/2041  | 200000 | 160000 |
| Celebration Pointe Community Development District Series 2021, 4% 5/1/2053  | 810000 | 648000 |
| Cityplace Cmnty Dev Dist Fla Spl Assmt Rev Series 2012, 5% 5/1/2026  | 160000 | 161825 |
| County of Pasco FL Series 2023 A, 5% 9/1/2048 (Assured Guaranty Ltd Insured)  | 1210000 | 1213004 |
| Crossings Flmg Cmty Dv Dis FL Series A 1, 4.5% 5/1/2030  | 40000 | 39577 |
| Del Webb Bexley Cmnty Dev Dist FL Series 2018, 5.3% 5/1/2039  | 145000 | 146316 |
| Del Webb Bexley Cmnty Dev Dist FL Series 2018, 5.4% 5/1/2049  | 180000 | 178215 |
| Florida Ins Assistance Interlocal Agy Fla Ins Assmt Rev Series 2023A 1, 5% 9/1/2027  | 10000000 | 10221267 |
| Lakewood Ranch Stewardship Dist FL Spl Assmt Rev Series 2015, 4.875% 5/1/2035  | 25000 | 25007 |
| Lakewood Ranch Stewardship Dist FL Spl Assmt Rev Series 2015, 4.875% 5/1/2045  | 35000 | 32930 |
| Lakewood Ranch Stewardship Dist FL Spl Assmt Rev Series 2016, 5% 5/1/2036  | 250000 | 251276 |
| Lakewood Ranch Stewardship Dist FL Spl Assmt Rev Series 2016, 5.125% 5/1/2046  | 400000 | 384998 |
| Lakewood Ranch Stewardship Dist FL Spl Assmt Rev Series 2017, 5.25% 5/1/2037  | 500000 | 505369 |
| Lakewood Ranch Stewardship Dist FL Spl Assmt Rev Series 2017, 5.375% 5/1/2047  | 1185000 | 1189858 |
| Lakewood Ranch Stewardship Dist FL Spl Assmt Rev Series 2018, 5.3% 5/1/2039  | 140000 | 142182 |
| Lakewood Ranch Stewardship Dist FL Spl Assmt Rev Series 2018, 5.45% 5/1/2048  | 240000 | 240906 |
| Manatee Cnty FL Sch Dist Sales Tax Rev Series 2017, 5% 10/1/2028 (Assured Guaranty Municipal Corp Insured)  | 160000 | 164442 |
| Miami-Dade Cnty FL Tran Sys Sales Surtax Rev Series 2017, 4% 7/1/2032  | 750000 | 752906 |
| Miami-Dade Cnty FL Tran Sys Sales Surtax Rev Series 2019, 3% 7/1/2037  | 1000000 | 881193 |
| Midtown Miami Cmnty Dev Dst FL Series 2014B, 5% 5/1/2029  | 45000 | 45019 |
| Midtown Miami Cmnty Dev Dst FL Series 2014B, 5% 5/1/2037  | 25000 | 24999 |
| Reunion East Cmnty Dev Dist FL Spl Assmt Series 2002A 2, 7.375% 5/1/2033 (f)(g) | 205000 | 2 |
| Sawyers Landing Cmnty Dev Dist FL Spl Assmt Rev Series 2021, 4.125% 5/1/2041  | 430000 | 375556 |
| Sawyers Landing Cmnty Dev Dist FL Spl Assmt Rev Series 2021, 4.25% 5/1/2053  | 570000 | 462619 |
| Sterling Hill Cmnty Dev Dist FL Cap Impt Rev Series 2003 B, 5.5% (f)(g) | 9503 | 4181 |
| Tampa FL Tax Alloc 0% 9/1/2034 (j) | 305000 | 205304 |
| Tampa FL Tax Alloc 0% 9/1/2035 (j) | 165000 | 105500 |
| Tampa FL Tax Alloc 0% 9/1/2036 (j) | 255000 | 153509 |
| Tampa FL Tax Alloc 0% 9/1/2037 (j) | 685000 | 387375 |
| Tampa FL Tax Alloc 0% 9/1/2038 (j) | 230000 | 122097 |
| Tampa FL Tax Alloc 0% 9/1/2039 (j) | 220000 | 109792 |
| Tampa FL Tax Alloc 0% 9/1/2040 (j) | 290000 | 136249 |
| Tampa FL Tax Alloc 0% 9/1/2041 (j) | 165000 | 72552 |
| Tampa FL Tax Alloc 0% 9/1/2042 (j) | 165000 | 67814 |
| Tampa FL Tax Alloc 0% 9/1/2045 (j) | 120000 | 40680 |
| Tampa FL Tax Alloc 0% 9/1/2049 (j) | 1835000 | 491754 |
| Tampa Sports Auth Rev Series 1995, 6.1% 10/1/2026  | 70000 | 71713 |
| Viera Stewardship Dist FL Spl Assmt Rev Series 2021, 3.125% 5/1/2041  | 100000 | 76598 |
| Viera Stewardship Dist FL Spl Assmt Rev Series 2021, 4% 5/1/2053  | 290000 | 219189 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev 4.2% 5/1/2039 (h) | 500000 | 467052 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev Series 2023, 4.85% 5/1/2038 (h) | 100000 | 100537 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev Series 2023, 5% 5/1/2043 (h) | 1110000 | 1090760 |
| Village Cmnty Dev Dist No 15 Fla Spl Assmt Rev Series 2023, 5.25% 5/1/2054 (h) | 2490000 | 2427568 |
| Village Cmnty Dev Dist No 8 Fla Spl Assmt Rev Series 2020, 3.5% 5/1/2040 (Assured Guaranty Ltd Insured)  | 955000 | 869778 |
| West Palm Bch FL Cmty Redev Agy Tax Increment Rev 5% 3/1/2034  | 1650000 | 1737395 |
| West Palm Bch FL Cmty Redev Agy Tax Increment Rev 5% 3/1/2035  | 1600000 | 1680753 |
|  |  | 30371191 |
| Transportation - 1.4% |  |  |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2028 (i) | 365000 | 366266 |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2030 (i) | 425000 | 426095 |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2031 (i) | 365000 | 365870 |
| Broward Cnty FL Arpt Sys Rev 5% 10/1/2032 (i) | 340000 | 340717 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2025 (i) | 30000 | 30167 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2026 (i) | 120000 | 122555 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2027 (i) | 120000 | 124100 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2029 (i) | 325000 | 333412 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2030 (i) | 90000 | 92130 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2032 (i) | 425000 | 431820 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2033 (i) | 160000 | 162234 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2034 (i) | 155000 | 156833 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2035 (i) | 185000 | 186754 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2036 (i) | 245000 | 246721 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2037 (i) | 270000 | 271137 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2042 (i) | 2650000 | 2618388 |
| Broward Cnty FL Arpt Sys Rev Series 2017, 5% 10/1/2047 (i) | 805000 | 789323 |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2028 (i) | 360000 | 376424 |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2038 (i) | 640000 | 646696 |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2039 (i) | 960000 | 965901 |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2044 (i) | 745000 | 732119 |
| Broward Cnty FL Arpt Sys Rev Series 2019 A, 5% 10/1/2049 (i) | 1695000 | 1660754 |
| Broward Cnty FL Arpt Sys Rev Series A, 5% 10/1/2040 (i) | 3175000 | 3135239 |
| Broward Cnty FL Arpt Sys Rev Series A, 5% 10/1/2045 (i) | 5300000 | 5209300 |
| Broward Cnty FL Arpt Sys Rev Series Q 1, 5% 10/1/2025  | 635000 | 635562 |
| Broward Cnty FL Port Everglades Series 2019 B, 5% 9/1/2032 (i) | 2500000 | 2611167 |
| Broward Cnty FL Port Everglades Series 2019 B, 5% 9/1/2033 (i) | 2075000 | 2151298 |
| Broward Cnty FL Port Everglades Series 2022, 5.25% 9/1/2047 (i) | 2000000 | 2020810 |
| Capital Tr Agy FL Rev Series A, 5.35% 7/1/2029  | 1075000 | 1076090 |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5.25% 7/1/2053 (Assured Guaranty Municipal Corp Insured) (i) | 18505000 | 18183014 |
| Florida Dev Fin Corp Rev (Brightline FL Proj.) Series 2024, 5.5% 7/1/2053 (i) | 2500000 | 2347110 |
| Florida Dev Fin Corp Rev Series 2024, 12% tender 7/15/2032 (c)(h)(i) | 4250000 | 4411885 |
| Florida St Dept Transn Tpk Rev Series 2019 B, 3% 7/1/2049  | 500000 | 363856 |
| Florida St Dept Transn Tpk Rev Series 2021C, 3% 7/1/2051  | 850000 | 598424 |
| Florida St Dept Transn Tpk Rev Series 2024 C, 4% 7/1/2054  | 4920000 | 4233980 |
| Florida St Dept Transn Tpk Rev Series 2024D, 4% 7/1/2050  | 3105000 | 2726050 |
| Florida St Mid Bay Bridge Auth Series A, 5% 10/1/2028  | 120000 | 120322 |
| Florida St Mid Bay Bridge Auth Series A, 5% 10/1/2029  | 815000 | 816883 |
| Florida St Mid Bay Bridge Auth Series A, 5% 10/1/2035  | 1205000 | 1204984 |
| Florida St Mid Bay Bridge Auth Series A, 5% 10/1/2040  | 480000 | 464187 |
| Greater Orlando Aviation Auth 5% 10/1/2031 (i) | 1050000 | 1075831 |
| Greater Orlando Aviation Auth 5% 10/1/2032 (i) | 295000 | 300718 |
| Greater Orlando Aviation Auth 5% 10/1/2034 (i) | 730000 | 740408 |
| Greater Orlando Aviation Auth 5% 10/1/2037 (i) | 760000 | 765033 |
| Greater Orlando Aviation Auth Series 2016, 5% 10/1/2026 (i) | 210000 | 214583 |
| Greater Orlando Aviation Auth Series 2016, 5% 10/1/2027 (i) | 120000 | 124209 |
| Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2025 (i) | 40000 | 40195 |
| Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2027 (i) | 55000 | 56929 |
| Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2042 (i) | 1145000 | 1131341 |
| Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2047 (i) | 900000 | 885994 |
| Greater Orlando Aviation Auth Series 2017A, 5% 10/1/2052 (i) | 440000 | 429119 |
| Greater Orlando Aviation Auth Series 2019 A, 4% 10/1/2035 (i) | 500000 | 491513 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2034 (i) | 2500000 | 2589576 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2049 (i) | 1025000 | 1001510 |
| Greater Orlando Aviation Auth Series 2019 A, 5% 10/1/2054 (i) | 5920000 | 5765915 |
| Greater Orlando Aviation Auth Series 2024, 5.25% 10/1/2044 (i) | 2045000 | 2105415 |
| Greater Orlando Aviation Auth Series 2024, 5.25% 10/1/2048 (i) | 6760000 | 6873254 |
| Greater Orlando Aviation Auth Series 2024, 5.25% 10/1/2049 (i) | 505000 | 512554 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2018 F, 5% 10/1/2037  | 95000 | 97323 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2018 F, 5% 10/1/2043  | 130000 | 131042 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5.5% 10/1/2049 (i) | 1750000 | 1817652 |
| Hillsborough Cnty FL Aviation (Tampa International Airport Proj.) Series 2024 B, 5.5% 10/1/2054 (i) | 4250000 | 4380078 |
| Hillsborough Cnty FL Aviation Series 2018E, 5% 10/1/2043 (i) | 1275000 | 1263596 |
| Hillsborough Cnty FL Port Dist Series 2018 B, 5% 6/1/2030 (i) | 240000 | 249669 |
| Hillsborough Cnty FL Port Dist Series 2018 B, 5% 6/1/2031 (i) | 255000 | 264328 |
| Hillsborough Cnty FL Port Dist Series 2018 B, 5% 6/1/2046 (i) | 1475000 | 1435248 |
| Lee Cnty FL Airport 5% 10/1/2025 (i) | 2525000 | 2535805 |
| Lee Cnty FL Airport 5% 10/1/2046 (i) | 1010000 | 998082 |
| Lee Cnty FL Airport Series 2024, 5.25% 10/1/2049 (i) | 865000 | 874730 |
| Lee Cnty FL Airport Series 2024, 5.25% 10/1/2054 (i) | 3425000 | 3429011 |
| Lee Cnty FL Airport Series 2024, 5.25% 10/1/2054 (Assured Guaranty Ltd Insured) (i) | 3855000 | 3896388 |
| Lee Cnty FL Airport Series 2024, 5.25% 10/1/2054 (Assured Guaranty Ltd Insured) (i) | 980000 | 990521 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2035  | 90000 | 89742 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2037  | 130000 | 127343 |
| Miami-Dade Cnty Fla Aviat Rev 4% 10/1/2039  | 1590000 | 1522973 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2029 (i) | 195000 | 195251 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2029  | 175000 | 177995 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2031  | 210000 | 213274 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2031 (i) | 160000 | 160176 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2031  | 120000 | 129994 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2040 (i) | 725000 | 722783 |
| Miami-Dade Cnty Fla Aviat Rev 5% 10/1/2041  | 3440000 | 3449725 |
| Miami-Dade Cnty Fla Aviat Rev 5.25% 10/1/2050 (i) | 1460000 | 1480249 |
| Miami-Dade Cnty Fla Aviat Rev 5.5% 10/1/2055 (i) | 1600000 | 1632135 |
| Miami-Dade Cnty Fla Aviat Rev Series 2019A, 5% 10/1/2049 (i) | 4835000 | 4724194 |
| Miami-Dade Cnty Fla Aviat Rev Series 2024 A, 5% 10/1/2031 (i) | 1250000 | 1335572 |
| Miami-Dade Cnty Fla Aviat Rev Series 2024 A, 5% 10/1/2033 (i) | 3500000 | 3743004 |
| Miami-Dade Cnty Fla Aviat Rev Series 2024 A, 5% 10/1/2034 (i) | 3125000 | 3339221 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev 5% 7/1/2028  | 120000 | 120138 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev 5% 7/1/2030  | 140000 | 140139 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev 5% 7/1/2040  | 185000 | 184990 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2014A, 5% 7/1/2027  | 55000 | 55066 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2014A, 5% 7/1/2028  | 125000 | 125144 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2014A, 5% 7/1/2029  | 55000 | 55058 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2032  | 525000 | 531589 |
| Miami-Dade Cnty Fla Expwy Auth Toll Sys Rev Series 2016 A, 5% 7/1/2033  | 445000 | 450161 |
| Miami-Dade Cnty Fla Seaport Rev 5% 10/1/2047 (i) | 3000000 | 2902867 |
| Miami-Dade Cnty Fla Seaport Rev 5.25% 10/1/2052 (i) | 11920000 | 11823740 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) 5% 7/1/2039  | 130000 | 131458 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2017, 5% 7/1/2042  | 1545000 | 1561513 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2034 (Assured Guaranty Municipal Corp Insured)  | 235000 | 240293 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2035 (Assured Guaranty Municipal Corp Insured)  | 230000 | 233971 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2037 (Assured Guaranty Municipal Corp Insured)  | 255000 | 255709 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2038 (Assured Guaranty Municipal Corp Insured)  | 235000 | 231335 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 4% 7/1/2039 (Assured Guaranty Municipal Corp Insured)  | 195000 | 189798 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 5% 7/1/2032 (Assured Guaranty Municipal Corp Insured)  | 190000 | 208570 |
| Orlando-Orange County Expressway Authority (Central Florida Expressway Authority Proj.) Series 2021, 5% 7/1/2033 (Assured Guaranty Municipal Corp Insured)  | 170000 | 184805 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 1, 5% 10/1/2044  | 810000 | 810563 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2035 (j) | 115000 | 74465 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2036 (j) | 140000 | 85943 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2037 (j) | 50000 | 28983 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2038 (j) | 160000 | 87305 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2039 (j) | 195000 | 100109 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2040 (j) | 210000 | 101241 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2041 (j) | 230000 | 103968 |
| Osceola Cnty Fla Transn Rev (Osceola Parkway Proj.) Series 2019 A 2, 0% 10/1/2042 (j) | 185000 | 78575 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2027 (i) | 120000 | 121892 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2029 (i) | 125000 | 126814 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2030 (i) | 225000 | 228095 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2031 (i) | 160000 | 161872 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2032 (i) | 245000 | 247286 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2033 (i) | 525000 | 529263 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2034 (i) | 545000 | 548746 |
| Palm Beach Cnty FL Arpt Sys 5% 10/1/2035 (i) | 575000 | 578167 |
|  |  | 157907409 |
| Water & Sewer - 0.2% |  |  |
| Cape Coral FL Wtr & Swr Rev 4% 10/1/2042  | 2835000 | 2608446 |
| Cape Coral FL Wtr & Swr Rev Series 2017, 5% 10/1/2039  | 1205000 | 1223944 |
| Cape Coral FL Wtr & Swr Rev Series 2023, 5.25% 10/1/2048  | 1000000 | 1033180 |
| Charlotte Cnty Fla Indl Dev Auth Util Sys Rev Series 2021 A, 4% 10/1/2051 (h)(i) | 500000 | 391024 |
| Fort Myers Fla Util Rev Series 2019 A, 4% 10/1/2049  | 700000 | 610700 |
| Hillsborough Cnty FL Util Ref Series 2016, 3% 8/1/2040  | 1000000 | 803650 |
| JEA FL Wtr & Swr Sys Rev 5.25% 10/1/2055  | 4175000 | 4325213 |
| JEA FL Wtr & Swr Sys Rev Series 2024A, 5.5% 10/1/2054  | 1370000 | 1442948 |
| Miami-Dade Cnty FL Wtr & Swr Rev 4% 10/1/2049  | 2610000 | 2258350 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2019 B, 4% 10/1/2049  | 255000 | 217770 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2021, 4% 10/1/2048  | 810000 | 712175 |
| Miami-Dade Cnty FL Wtr & Swr Rev Series 2021, 5% 10/1/2032  | 495000 | 541419 |
| Sarasota Cnty FL Util Sys Rev Series 2022, 5.25% 10/1/2052  | 1750000 | 1810610 |
| Tampa Fla Wtr & Wastewtr Sys Series 2015A, 4% 10/1/2028  | 460000 | 460660 |
| Tampa Fla Wtr & Wastewtr Sys Series 2022A, 5.25% 10/1/2057  | 1000000 | 1038985 |
| Tampa Fla Wtr & Wastewtr Sys Series 2024A, 5.25% 10/1/2054  | 500000 | 521901 |
| Wildwood Utility Dependent District Series 2023, 5.5% 10/1/2053 (Assured Guaranty Ltd Insured)  | 2250000 | 2359580 |
|  |  | 22360555 |
| TOTAL FLORIDA |  | 426336495 |
| Georgia - 2.7%  |  |  |
| Education - 0.1% |  |  |
| Cobb Cnty GA Dev Auth Student Hsg Rev Series C, 5% 7/15/2030  | 130000 | 130048 |
| Cobb Cnty GA Dev Auth Student Hsg Rev Series C, 5% 7/15/2033  | 230000 | 230021 |
| DE Kalb Cnty GA Dev Auth Rev Series 2024 A, 5% 6/1/2045  | 245000 | 233602 |
| Fulton Cnty GA Dev Auth Rev (University System of GA Proj.) 4% 6/15/2049  | 340000 | 301282 |
| Gainesville & Hall Cnty GA Dev Auth Rev Series 2025, 5.75% 6/1/2055  | 1355000 | 1324612 |
| Georgia St Higher Ed Facs Auth Rev Series 2019, 5% 6/15/2034  | 265000 | 278133 |
| Georgia St Higher Ed Facs Auth Rev Series 2019, 5% 6/15/2035  | 240000 | 251024 |
| Macon Bibb Cnty GA Uda Series 2017 A, 5% 6/15/2027 (h) | 25000 | 25161 |
| Macon Bibb Cnty GA Uda Series 2017 A, 5.75% 6/15/2037 (h) | 220000 | 223572 |
| Macon Bibb Cnty GA Uda Series 2017 A, 5.875% 6/15/2047 (h) | 350000 | 352568 |
| Macon Bibb Cnty GA Uda Series 2017 A, 6% 6/15/2052 (h) | 215000 | 216465 |
| Marietta GA Dev Auth Rev (Life University Proj.) 5% 11/1/2047 (h) | 1550000 | 1363513 |
| Marietta GA Dev Auth Rev (Life University Proj.) Series 2017 A, 5% 11/1/2027 (h) | 385000 | 385796 |
| Marietta GA Dev Auth Rev (Life University Proj.) Series 2017 A, 5% 11/1/2037 (h) | 395000 | 375430 |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series 2020 B, 5% 9/1/2025  | 875000 | 878627 |
| Private Colgs & Unvs Ath GA Rv (Emory University GA Proj.) Series B, 5% 10/1/2038  | 865000 | 872167 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 4% 4/1/2037  | 705000 | 693184 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2027  | 25000 | 25826 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2030  | 390000 | 417230 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2031  | 40000 | 43205 |
| Private Colgs & Unvs Ath GA Rv (Savannah College of Art & Design Inc Proj.) Series 2021, 5% 4/1/2036  | 490000 | 518435 |
|  |  | 9139901 |
| Electric Utilities - 0.4% |  |  |
| Bainbridge GA Comb Utils Rev Series 2021, 4% 12/1/2051  | 1315000 | 1131977 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) 3.1% 7/1/2049 VRDN (c) | 400000 | 400000 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2008 SECOND, 3.375% tender 11/1/2048 (c) | 1000000 | 994788 |
| Burke Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 2013 FIRST, 3.375% tender 11/1/2053 (c) | 1060000 | 1053034 |
| Burke Cnty GA Dev Auth Pcr (Georgia Transmission Corp Proj.) Series 2012, 2.75% 1/1/2052 (c) | 1890000 | 1136308 |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Power Corp Proj.) Series 2017 D, 4.125% 11/1/2045  | 600000 | 525619 |
| Burke Cnty GA Dev Auth Pcr (Oglethorpe Pwr Corp Proj.) Series 2017 E, 3.6% tender 11/1/2045 (c) | 3275000 | 3267271 |
| Georgia Mun Elec Auth Pwr Rev (Vogtle J Proj.) Series 2019 A, 5% 1/1/2056  | 410000 | 402831 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2035 (Assured Guaranty Municipal Corp Insured)  | 775000 | 776136 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2037 (Assured Guaranty Municipal Corp Insured)  | 465000 | 458425 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2039 (Assured Guaranty Municipal Corp Insured)  | 705000 | 677554 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2039 (Assured Guaranty Municipal Corp Insured)  | 430000 | 413260 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2040 (Assured Guaranty Municipal Corp Insured)  | 500000 | 475615 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2041 (Assured Guaranty Municipal Corp Insured)  | 360000 | 338760 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2046 (Assured Guaranty Ltd Insured)  | 255000 | 230674 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2046 (Assured Guaranty Municipal Corp Insured)  | 160000 | 144737 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2049  | 1460000 | 1263588 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2051  | 240000 | 204458 |
| Georgia Mun Elec Auth Pwr Rev 4% 1/1/2051  | 240000 | 203845 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2026  | 80000 | 80805 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2030  | 1950000 | 1984586 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2030  | 50000 | 52876 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2031 (Assured Guaranty Municipal Corp Insured)  | 365000 | 392499 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2032  | 50000 | 52668 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2033 (Assured Guaranty Municipal Corp Insured)  | 705000 | 751825 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2033 (Assured Guaranty Municipal Corp Insured)  | 415000 | 442564 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2034  | 105000 | 109951 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2034 (Assured Guaranty Municipal Corp Insured)  | 625000 | 663416 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2034 (Assured Guaranty Municipal Corp Insured)  | 440000 | 467045 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2035  | 50000 | 52186 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2036  | 65000 | 67605 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2037  | 60000 | 62174 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2038  | 65000 | 67054 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2039  | 80000 | 81936 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2044  | 265000 | 266278 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2056  | 400000 | 391190 |
| Georgia Mun Elec Auth Pwr Rev 5% 1/1/2062 (Assured Guaranty Ltd Insured)  | 575000 | 579576 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2048 (Assured Guaranty Ltd Insured)  | 1700000 | 1732022 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2053 (Assured Guaranty Ltd Insured)  | 2300000 | 2331717 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2055 (Assured Guaranty Ltd Insured)  | 625000 | 633498 |
| Georgia Mun Elec Auth Pwr Rev 5% 7/1/2064 (Assured Guaranty Ltd Insured)  | 1125000 | 1135311 |
| Georgia Mun Elec Auth Pwr Rev 5.25% 7/1/2064  | 1800000 | 1839027 |
| Georgia Mun Elec Auth Pwr Rev 5.5% 7/1/2064  | 1990000 | 2023998 |
| Georgia Mun Elec Auth Pwr Rev Series 2018 A, 5% 1/1/2026  | 205000 | 207169 |
| Georgia Mun Elec Auth Pwr Rev Series 2018 A, 5% 1/1/2027  | 375000 | 386443 |
| Georgia Mun Elec Auth Pwr Rev Series 2018 A, 5% 1/1/2028  | 105000 | 110054 |
| Georgia Mun Elec Auth Pwr Rev Series 2019 A, 4% 1/1/2049 (Build America Mutual Assurance Co Insured)  | 550000 | 487188 |
| Georgia Mun Elec Auth Pwr Rev Series 2019 A, 5% 1/1/2039  | 2500000 | 2541737 |
| Georgia Mun Elec Auth Pwr Rev Series 2019 A, 5% 1/1/2049  | 480000 | 473100 |
| Georgia Mun Elec Auth Pwr Rev Series 2019 B, 4% 1/1/2049  | 1950000 | 1727303 |
| Georgia Mun Elec Auth Pwr Rev Series 2019 B, 4% 1/1/2049  | 1395000 | 1200382 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2045  | 470000 | 476725 |
| Georgia Mun Elec Auth Pwr Rev Series 2020 A, 5% 1/1/2050  | 540000 | 544951 |
| Georgia Mun Elec Auth Pwr Rev Series 2022A, 5% 7/1/2052  | 2250000 | 2243722 |
| Georgia Mun Elec Auth Pwr Rev Series 2024A, 5.25% 1/1/2054 (Build America Mutual Assurance Co Insured)  | 1650000 | 1708443 |
| Georgia Mun Elec Auth Pwr Rev Series HH, 5% 1/1/2026  | 1070000 | 1081320 |
| Georgia Mun Elec Auth Pwr Rev Series HH, 5% 1/1/2027  | 605000 | 623462 |
| Georgia Mun Elec Auth Pwr Rev Series HH, 5% 1/1/2028  | 630000 | 660322 |
| Georgia Mun Elec Auth Pwr Rev Series HH, 5% 1/1/2044  | 500000 | 502978 |
| Main Street Natural Gas Inc Series 2019 A, 5% 5/15/2031 (Macquarie Group Ltd Guaranteed)  | 2410000 | 2487017 |
| Main Street Natural Gas Inc Series 2019 A, 5% 5/15/2034 (Macquarie Group Ltd Guaranteed)  | 730000 | 746289 |
| Main Street Natural Gas Inc Series 2019 A, 5% 5/15/2037 (Macquarie Group Ltd Guaranteed)  | 375000 | 387693 |
| Main Street Natural Gas Inc Series 2019 A, 5% 5/15/2043 (Macquarie Group Ltd Guaranteed)  | 865000 | 866669 |
| Main Street Natural Gas Inc Series 2019 A, 5% 5/15/2049 (Macquarie Group Ltd Guaranteed)  | 1250000 | 1231769 |
| Monroe Cnty GA Dev Auth Pcr (Georgia Power Co Proj.) Series 1ST 1995, 2.25% 7/1/2025  | 70000 | 69880 |
|  |  | 51125303 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Cobb Cnty GA Dev Auth Student Hsg Rev Series C, 5% 7/15/2030 (Pre-refunded to 7/15/2025 at 100)  | 5000 | 5011 |
| General Obligations - 1.3% |  |  |
| Atlanta GA Gen. Oblig. 5% 12/1/2042  | 3025000 | 3180287 |
| Georgia St Rd & Twy Auth Rev Series 2021 A, 3% 7/15/2050 (Georgia St Guaranteed)  | 2500000 | 1785039 |
| Main Str Nat Gas Inc GA Gas Proj Rev 5.5% 9/15/2026  | 2590000 | 2644676 |
| Main Str Nat Gas Inc GA Gas Proj Rev 5.5% 9/15/2027  | 750000 | 779145 |
| Main Str Nat Gas Inc GA Gas Proj Rev 5.5% 9/15/2028  | 370000 | 389566 |
| Main Street Natural Gas Inc 4% tender 5/1/2052 (Citigroup Inc Guaranteed) (c) | 10270000 | 10280133 |
| Main Street Natural Gas Inc 4% tender 7/1/2052 (Royal Bank of Canada Guaranteed) (c) | 36705000 | 36687966 |
| Main Street Natural Gas Inc 5% tender 12/1/2054 (Royal Bank of Canada Guaranteed) (c) | 600000 | 631767 |
| Main Street Natural Gas Inc 5% tender 6/1/2053 (Citigroup Inc Guaranteed) (c) | 7700000 | 7984271 |
| Main Street Natural Gas Inc 5% tender 6/1/2055 (Toronto Dominion Bank Guaranteed) (c) | 6455000 | 6787571 |
| Main Street Natural Gas Inc Series 2019 A, 4% 5/15/2039 (Macquarie Group Ltd Guaranteed)  | 250000 | 228387 |
| Main Street Natural Gas Inc Series 2019 A, 5% 5/15/2032 (Macquarie Group Ltd Guaranteed)  | 740000 | 761558 |
| Main Street Natural Gas Inc Series 2019 C, 4% tender 3/1/2050 (Citigroup Inc Guaranteed) (c) | 955000 | 957021 |
| Main Street Natural Gas Inc Series 2022A, 4% tender 9/1/2052 (Citigroup Inc Guaranteed) (c) | 13870000 | 13752070 |
| Main Street Natural Gas Inc Series 2022B, 5% tender 12/1/2052 (Citigroup Inc Guaranteed) (c) | 3825000 | 3947961 |
| Main Street Natural Gas Inc Series 2023 E SUB E2, 4.588% tender 12/1/2053 (Liquidity Facility Royal Bank of Canada) (c) | 1500000 | 1509968 |
| Main Street Natural Gas Inc Series 2023B, 5% tender 7/1/2053 (Royal Bank of Canada Guaranteed) (c) | 1000000 | 1040542 |
| Main Street Natural Gas Inc Series 2023C, 5% tender 9/1/2053 (Royal Bank of Canada Guaranteed) (c) | 15305000 | 15989377 |
| Main Street Natural Gas Inc Series 2023D, 5% tender 5/1/2054 (Citigroup Inc Guaranteed) (c) | 13250000 | 13761306 |
| Main Street Natural Gas Inc Series 2024 A 1, 5% tender 5/1/2054 (Royal Bank of Canada Guaranteed) (c) | 1235000 | 1296821 |
| Main Street Natural Gas Inc Series 2024D, 5% tender 4/1/2054 (Toronto Dominion Bank Guaranteed) (c) | 4180000 | 4372464 |
| Main Street Natural Gas Inc Series 2024E, 5% tender 5/1/2055 (Citigroup Inc Guaranteed) (c) | 16530000 | 17217324 |
|  |  | 145985220 |
| Health Care - 0.5% |  |  |
| Atlanta GA Dev Auth Sr Healthcare Facs Rev Series 2017 A 1, 6.5% 1/1/2029 (f)(g) | 505000 | 227250 |
| Atlanta GA Dev Auth Sr Healthcare Facs Rev Series 2017 A 1, 6.75% 1/1/2035 (f)(g) | 3105000 | 1397250 |
| Atlanta GA Dev Auth Sr Healthcare Facs Rev Series 2017 A 1, 7% 1/1/2040 (f)(g) | 2910000 | 1309500 |
| Augusta Development Authority Series 2023 A, 5.125% 4/1/2053  | 2345000 | 2346698 |
| Augusta Development Authority Series 2023 A, 5.125% 4/1/2053 (Assured Guaranty Ltd Insured)  | 2500000 | 2525915 |
| Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 4% 7/1/2044  | 5610000 | 4978067 |
| Brookhaven Development Authority (Childrens Healthcare of Atlanta Proj.) Series 2019 A, 4% 7/1/2049  | 4285000 | 3662510 |
| Cobb Cnty GA Kennestone Hosp (Wellstar Health System Inc Proj.) Series 2020 A, 5% 4/1/2050  | 1360000 | 1335560 |
| Cobb Cnty GA Kennestone Hosp Series 2022A, 4% 4/1/2052  | 2000000 | 1690800 |
| Columbia County Hospital Authority/GA Series 2023 A, 5.75% 4/1/2053  | 1530000 | 1607271 |
| Columbus GA Med Ctr Hosp Auth (Piedmont Hosp Og Proj.) 5% tender 7/1/2054 (c) | 1200000 | 1264122 |
| Coweta Cnty GA Dev Auth Rev (Piedmont Hosp Og Proj.) Series 2019A, 5% 7/1/2044  | 4210000 | 4267720 |
| Dalton Whitfield County Joint Development Authority (Hamilton Health Care Sys Inc Proj.) Series 2017, 4% 8/15/2048  | 600000 | 525076 |
| DeKalb GA Priv Hsp Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 B, 5% 7/1/2035  | 75000 | 79070 |
| Fulton Cnty GA Dev Auth Hosp Rev (Wellstar Health System Inc Proj.) Series 2020 A, 4% 4/1/2050  | 1510000 | 1281594 |
| Fulton Cnty GA Dev Auth Hosp Rev 5% 4/1/2042  | 1455000 | 1457610 |
| Fulton Cnty GA Dev Auth Hosp Rev 5% 4/1/2047  | 5500000 | 5411423 |
| Fulton Cnty GA Dev Auth Rev (Childrens Healthcare of Atlanta Proj.) Series 2019 C, 5% 7/1/2038  | 70000 | 72697 |
| Fulton Cnty GA Dev Auth Rev (Piedmont Hosp Og Proj.) Series 2019 A, 4% 7/1/2049  | 1000000 | 863496 |
| Fulton Cnty GA Res Care Fac Series 2019 A, 5% 4/1/2047 (h) | 335000 | 312650 |
| Fulton Cnty GA Res Care Fac Series 2021A, 4% 4/1/2041 (h) | 420000 | 362775 |
| Fulton Cnty GA Res Care Fac Series 2021A, 4% 4/1/2051 (h) | 1845000 | 1403262 |
| Fulton County Residential Care Facilities for the Elderly Authority Series 2016, 5% 7/1/2036  | 550000 | 550624 |
| Fulton County Residential Care Facilities for the Elderly Authority Series 2016, 5% 7/1/2042  | 1395000 | 1327442 |
| Gainesville & Hall Cnty GA Dev Series 2016, 5% 11/15/2033  | 590000 | 596763 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2020 A, 3% 2/15/2047  | 5845000 | 4189749 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2021 A, 2.5% 2/15/2051  | 1500000 | 890892 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series 2021 A, 4% 2/15/2051  | 1000000 | 826441 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series A, 5% 2/15/2042  | 850000 | 844429 |
| Gainesville & Hall Cnty GA Hsp Ath Rev (Northeast Georgia Healthcare Proj.) Series A, 5% 2/15/2045  | 1065000 | 1037144 |
| Gainesville & Hall Cnty GA Hsp Ath Rev Series B, 5.5% 2/15/2042  | 1625000 | 1652317 |
| Glynn Brunswick Mem Hosp Auth GA Rev (Southeast GA Health System Proj.) 4% 8/1/2043  | 270000 | 223319 |
| Glynn Brunswick Mem Hosp Auth GA Rev (Southeast GA Health System Proj.) 5% 8/1/2043  | 330000 | 323464 |
| Glynn Brunswick Mem Hosp Auth GA Rev (Southeast GA Health System Proj.) Series 2020, 4% 8/1/2036  | 55000 | 50677 |
| Glynn Brunswick Mem Hosp Auth GA Rev (Southeast GA Health System Proj.) Series 2020, 4% 8/1/2037  | 40000 | 36300 |
| Glynn Brunswick Mem Hosp Auth GA Rev Series 2020, 4% 8/1/2035  | 45000 | 42018 |
| Griffin-Spalding Cnty GA Hosp Rev (Wellstar Health System Inc Proj.) 4% 4/1/2042  | 770000 | 684724 |
| Griffin-Spalding Cnty GA Hosp Rev Series 2017, 5% 4/1/2037  | 440000 | 445958 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2026  | 15000 | 15222 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2027  | 10000 | 10340 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2028  | 25000 | 26291 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2029  | 20000 | 21299 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2030  | 15000 | 16152 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2031  | 20000 | 21746 |
| Paulding County Hospital Authority/GA (Wellstar Health System Inc Proj.) 5% 4/1/2032  | 15000 | 16420 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) 4% 7/1/2035  | 275000 | 271423 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) 4% 7/1/2036  | 1090000 | 1068159 |
| Savannah GA Candler Hosp (St Joseph Candler Health Proj.) 4% 7/1/2043  | 1285000 | 1164432 |
|  |  | 54736061 |
| Housing - 0.0% |  |  |
| Bibb Cnty GA Develop Auth Rev Series 2019, 4% 6/1/2044  | 180000 | 162175 |
| Georgia Hsg & Fin Auth Rev Series 2017 A, 4% 12/1/2047  | 95000 | 94965 |
| Georgia Hsg & Fin Auth Rev Series 2017 B, 3.55% 12/1/2042  | 3110000 | 2686193 |
|  |  | 2943333 |
| Industrial Development - 0.1% |  |  |
| Geo L Smith II GA World Congress Ctr Auth Convention Ctr Hotel Rev (Georgia Wcca Hotel Proj.) 3.625% 1/1/2031 (h) | 505000 | 478461 |
| Geo L Smith II GA World Congress Ctr Auth Convention Ctr Hotel Rev (Georgia Wcca Hotel Proj.) 5% 1/1/2036 (h) | 710000 | 710361 |
| Geo L Smith II GA World Congress Ctr Auth Convention Ctr Hotel Rev (Georgia Wcca Hotel Proj.) 5% 1/1/2054 (h) | 4645000 | 4165197 |
| Geo L Smith II GA World Congress Ctr Auth Convention Ctr Hotel Rev (Georgia Wcca Hotel Proj.) Series 2021 A, 2.375% 1/1/2031  | 390000 | 357542 |
| Geo L Smith II GA World Congress Ctr Auth Convention Ctr Hotel Rev (Georgia Wcca Hotel Proj.) Series 2021 A, 4% 1/1/2036  | 1330000 | 1318798 |
| Geo L Smith II GA World Congress Ctr Auth Convention Ctr Hotel Rev (Georgia Wcca Hotel Proj.) Series 2021 A, 4% 1/1/2054  | 6355000 | 5186326 |
|  |  | 12216685 |
| Other - 0.0% |  |  |
| Atlanta GA Dev Auth Rev Series A 1, 5.25% 7/1/2040  | 670000 | 670456 |
| Atlanta GA Dev Auth Rev Series A 1, 5.25% 7/1/2044  | 3245000 | 3245097 |
| DE Kalb Cnty GA Hsg Auth Mfhr Series 2024, 4.125% 12/1/2034  | 965000 | 932183 |
| Fulton Cnty GA Dev Auth Rev Series 2019A, 5% 3/15/2044  | 1085000 | 1095703 |
| Fulton Cnty GA Dev Auth Series 2015A, 5% 3/15/2036  | 775000 | 779781 |
| Georgia St Gen. Oblig. Series 2023 A, 4% 7/1/2042  | 2250000 | 2186776 |
|  |  | 8909996 |
| Special Tax - 0.1% |  |  |
| Atlanta GA Dev Auth Rev 0% 12/15/2048 (h)(k) | 4753000 | 4127475 |
| Atlanta GA Dev Auth Rev Series 2024A 1, 5% 4/1/2034 (h) | 900000 | 894377 |
| Atlanta GA Dev Auth Rev Series 2024A 2, 5.5% 4/1/2039 (h) | 1295000 | 1301643 |
| Atlanta GA Urban Redev Agy Rev 2.875% 7/1/2031 (h) | 165000 | 155894 |
| Atlanta GA Urban Redev Agy Rev 3.625% 7/1/2042 (h) | 590000 | 502421 |
| Atlanta GA Urban Redev Agy Rev 3.875% 7/1/2051 (h) | 430000 | 358117 |
| Atlanta GA Urban Redev Agy Rev Series 2021, 2.375% 7/1/2026 (h) | 140000 | 138585 |
| Cobb-Marietta GA Coliseum & Exhib Hall Rev 5.625% 10/1/2026 (National Public Finance Guarantee Corporation Insured)  | 75000 | 76313 |
| Metro Atlanta Rapid Tran Sales 5% 7/1/2046  | 1250000 | 1306910 |
| Metro Atlanta Rapid Tran Sales 5.25% 7/1/2050  | 3180000 | 3355840 |
|  |  | 12217575 |
| Transportation - 0.2% |  |  |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2019 D, 4% 7/1/2035 (i) | 2590000 | 2552662 |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2019 D, 4% 7/1/2037 (i) | 850000 | 821813 |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2019 D, 4% 7/1/2038 (i) | 500000 | 477210 |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2019 D, 4% 7/1/2039 (i) | 1065000 | 1008465 |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5% 7/1/2033 (i) | 500000 | 536460 |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5% 7/1/2040 (i) | 1435000 | 1463785 |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5.25% 7/1/2041 (i) | 4400000 | 4587105 |
| Atlanta GA Arpt Passenger Fac Charge Rev Series 2023 E, 5.25% 7/1/2044 (i) | 1750000 | 1793723 |
| Atlanta GA Arpt Rev 5% 7/1/2025 (i) | 330000 | 330365 |
| Atlanta GA Arpt Rev Series 2019 B, 5% 7/1/2044 (i) | 2090000 | 2074273 |
| Georgia Port Authority Series 2022, 5% 7/1/2047  | 4725000 | 4838483 |
| Georgia St Rd & Twy Auth Rev (GA St Garvee Proj.) 5% 6/1/2031  | 1415000 | 1544782 |
| Georgia St Rd & Twy Auth Rev (GA St Garvee Proj.) 5% 6/1/2032  | 2120000 | 2303365 |
| Georgia St Rd & Twy Auth Rev Series 2021 A, 3% 7/15/2049  | 2190000 | 1583014 |
|  |  | 25915505 |
| Water & Sewer - 0.0% |  |  |
| Atlanta GA Wtr & Wastewtr Rev 5% 11/1/2029  | 750000 | 752371 |
| Atlanta GA Wtr & Wastewtr Rev 5.5% 11/1/2027 (National Public Finance Guarantee Corporation Insured)  | 150000 | 155500 |
| Coweta Cnty GA Wtr & Sew Auth Rev Series 2024, 4.25% 6/1/2057  | 450000 | 409391 |
|  |  | 1317262 |
| TOTAL GEORGIA |  | 324511852 |
| Guam - 0.1%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Guam Power Auth. 5% 10/1/2038  | 1000000 | 1047141 |
| Guam Power Auth. 5% 10/1/2043  | 200000 | 202602 |
|  |  | 1249743 |
| General Obligations - 0.0% |  |  |
| Guam Govt Dept Ed Ctfs Partn Series 2020 A, 5% 2/1/2040  | 300000 | 288629 |
| Special Tax - 0.0% |  |  |
| Guam Govt Business Privilege Tax Rev Series 2015D, 5% 11/15/2034  | 470000 | 470949 |
| Guam Govt Business Privilege Tax Rev Series 2015D, 5% 11/15/2035  | 400000 | 401117 |
| Guam Govt Business Privilege Tax Rev Series 2021 F, 4% 1/1/2036  | 1580000 | 1513269 |
| Guam Govt Business Privilege Tax Rev Series 2021 F, 4% 1/1/2042  | 805000 | 711050 |
| Guam Govt Business Privilege Tax Rev Series 2021 F, 5% 1/1/2029  | 240000 | 249195 |
|  |  | 3345580 |
| Transportation - 0.1% |  |  |
| Guam Intl Arpt Auth Rev Series 2021 A, 3.839% 10/1/2036  | 180000 | 156919 |
| Guam Intl Arpt Auth Rev Series 2021 A, 4.46% 10/1/2043  | 205000 | 167920 |
| Guam Intl Arpt Auth Rev Series 2023 A, 5.25% 10/1/2030 (i) | 1500000 | 1575635 |
| Guam Intl Arpt Auth Rev Series 2023 A, 5.375% 10/1/2040 (i) | 525000 | 541151 |
| Guam Intl Arpt Auth Rev Series 2024A, 5.25% 10/1/2037 (i) | 175000 | 182378 |
| Guam Intl Arpt Auth Rev Series 2024A, 5.25% 10/1/2039 (i) | 200000 | 206464 |
| Guam Intl Arpt Auth Rev Series 2024A, 5.25% 10/1/2041 (i) | 200000 | 204136 |
| Guam Port Auth Port Rev Series 2018A, 5% 7/1/2048  | 350000 | 340036 |
|  |  | 3374639 |
| Water & Sewer - 0.0% |  |  |
| Guam Govt Wtrwks Auth Wtr & Wst Rev Series 2016, 5% 1/1/2046  | 750000 | 724068 |
| TOTAL GUAM |  | 8982659 |
| Hawaii - 0.3%  |  |  |
| Education - 0.0% |  |  |
| Hawaii Dpt Bg & Fin Spl Pur Rev Series 2018, 6% 7/1/2028 (h) | 1000000 | 1015893 |
| Electric Utilities - 0.0% |  |  |
| Hawaii Dpt Bg & Fin Spl Pur Rev 3.5% 10/1/2049 (i) | 1900000 | 1468815 |
| General Obligations - 0.0% |  |  |
| Hawaii St Gen. Oblig. Series FG, 5% 10/1/2027  | 65000 | 66751 |
| Honolulu HI City & Cnty Gen. Oblig. Series 2022 A, 5% 11/1/2025  | 270000 | 272301 |
|  |  | 339052 |
| Special Tax - 0.0% |  |  |
| Kauai Cnty Hawaii Cmnty Facs Dist Spl Tax Series 2019, 5% 5/15/2049  | 250000 | 231139 |
| Kauai Cnty Hawaii Cmnty Facs Dist Spl Tax Series 2022, 4.375% 5/15/2042  | 250000 | 217790 |
| Kauai Cnty Hawaii Cmnty Facs Dist Spl Tax Series 2022, 5% 5/15/2051  | 550000 | 504102 |
|  |  | 953031 |
| Transportation - 0.2% |  |  |
| Hawaii St Arpts Sys Rev 5% 7/1/2043 (i) | 3150000 | 3165994 |
| Hawaii St Arpts Sys Rev 5% 7/1/2049  | 7500000 | 7650921 |
| Hawaii St Arpts Sys Rev 5.5% 7/1/2054 (i) | 2240000 | 2320031 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2029 (i) | 155000 | 160855 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2030 (i) | 185000 | 191650 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2031 (i) | 175000 | 180717 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2032 (i) | 185000 | 190289 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2033 (i) | 185000 | 189244 |
| Hawaii St Arpts Sys Rev Series 2018 A, 5% 7/1/2043 (i) | 1770000 | 1746109 |
| Hawaii St Arpts Sys Rev Series 2022 A, 4% 7/1/2040 (i) | 250000 | 233595 |
| Hawaii St Arpts Sys Rev Series 2022 A, 5% 7/1/2047 (i) | 1000000 | 991089 |
| Hawaii St Arpts Sys Rev Series 2022 A, 5% 7/1/2051 (i) | 1375000 | 1355887 |
| Hawaii St Hbr Sys Rev Series 2020 A, 4% 7/1/2036 (i) | 150000 | 141487 |
| Hawaii St Hbr Sys Rev Series 2020 C, 4% 7/1/2037  | 60000 | 59175 |
| Hawaii St Hbr Sys Rev Series 2020 C, 4% 7/1/2038  | 70000 | 67814 |
| Hawaii St Hbr Sys Rev Series 2020 C, 4% 7/1/2040  | 60000 | 56982 |
|  |  | 18701839 |
| Water & Sewer - 0.1% |  |  |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2023, 4.5% 7/1/2053  | 5000000 | 4698485 |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series 2025A, 5% 7/1/2038  | 1000000 | 1096568 |
| Honolulu HI Cty & Cnty Wastewtr Sys Rev Series A, 3% 7/1/2041  | 2700000 | 2119904 |
|  |  | 7914957 |
| TOTAL HAWAII |  | 30393587 |
| Idaho - 0.1%  |  |  |
| Education - 0.0% |  |  |
| Idaho Hsg & Fin Assn Nonprofit Facs Rev Series 2022 A, 4% 5/1/2057  | 300000 | 235634 |
| Idaho Hsg & Fin Assn Nonprofit Facs Rev Series 2023A, 5.75% 5/1/2048  | 525000 | 540636 |
|  |  | 776270 |
| Health Care - 0.0% |  |  |
| Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, Id Proj.) 3% 3/1/2060, LOC TD Bank NA VRDN (c) | 200000 | 200000 |
| Idaho Health Facs Auth Rev (St Lukes Regional Med Ctr, ID Proj.) Series 2021 A, 3% 3/1/2051  | 250000 | 167051 |
| Idaho Health Facs Auth Rev (Trinity Health Proj.) 5.5% 12/1/2027  | 180000 | 180315 |
|  |  | 547366 |
| Housing - 0.0% |  |  |
| Idaho Hsg & Fin Assn (ID Single Family Hsg 7/1/19 Proj.) Series 2019 A, 4% 1/1/2050  | 655000 | 656296 |
| Other - 0.0% |  |  |
| Avimor Community Infrastructure District No 1 5.5% 9/1/2053 (h) | 1361000 | 1314851 |
| Idaho Hsg & Fin Assn Nonprofit Facs Rev Series 2024 A, 4.75% 5/1/2054  | 395000 | 361433 |
| Spring Valley Community Infrastructure District No 1 6.25% 9/1/2053 (h) | 1500000 | 1537642 |
|  |  | 3213926 |
| Resource Recovery - 0.0% |  |  |
| Power Cnty Idaho Indl Dev Corp Solid Waste Disp Rev Series 1999, 6.45% 8/1/2032 (i) | 640000 | 641904 |
| Special Tax - 0.1% |  |  |
| Idaho Hsg & Fin Assn Sales Tax Rev Series 2023A, 5.25% 8/15/2048  | 2400000 | 2513981 |
| Spring Valley Community Infrastructure District No 1 Series 2021, 3.75% 9/1/2051 (h) | 4130000 | 3691199 |
|  |  | 6205180 |
| Transportation - 0.0% |  |  |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2017A, 5% 7/15/2025  | 40000 | 40084 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2017A, 5% 7/15/2026  | 30000 | 30728 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 5% 7/15/2029  | 190000 | 204220 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 5% 7/15/2030  | 65000 | 70600 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 5% 7/15/2031  | 40000 | 43934 |
| Idaho Hsg & Fin Assn (Idaho St Garvee Proj.) Series 2021A, 5% 7/15/2032  | 80000 | 87702 |
|  |  | 477268 |
| TOTAL IDAHO |  | 12518210 |
| Illinois - 6.1%  |  |  |
| Education - 0.2% |  |  |
| Galesburg Ill Rev Series 2021 A, 4% 10/1/2046  | 300000 | 235704 |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2029  | 150000 | 153563 |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2030  | 110000 | 112473 |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2031  | 130000 | 132696 |
| Illinois Fin Auth Rev (Bradley University Proj.) Series 2017 C, 5% 8/1/2032  | 150000 | 152734 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 4% 10/1/2031  | 85000 | 85039 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 4% 10/1/2034  | 120000 | 118357 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 5% 10/1/2029  | 120000 | 122355 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 5% 10/1/2030  | 120000 | 122154 |
| Illinois Fin Auth Rev (Depaul Univ, IL Proj.) 5% 10/1/2033  | 85000 | 86126 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 4% 9/1/2035  | 375000 | 334509 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 4% 9/1/2037  | 1020000 | 879933 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 4% 9/1/2039  | 55000 | 45997 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2030  | 10000 | 10073 |
| Illinois Fin Auth Rev (Illinois Institute of Tech, IL Proj.) Series 2019, 5% 9/1/2038  | 50000 | 47032 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series A, 5% 8/1/2042  | 210000 | 205708 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series A, 5% 8/1/2047  | 245000 | 233821 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series C, 5% 8/1/2046  | 295000 | 283543 |
| Illinois Fin Auth Rev (Rosalind Franklin University Proj.) Series C, 5% 8/1/2049  | 190000 | 178763 |
| Illinois Fin Auth Rev Series 2019 A, 3% 7/1/2035 (i) | 75000 | 64469 |
| Illinois Fin Auth Rev Series A, 5% 12/1/2037  | 350000 | 337204 |
| Illinois Fin Auth Student Hsg & Academic Fac Rev Series 2017 A, 5% 2/15/2028  | 40000 | 40555 |
| Illinois Fin Auth Student Hsg & Academic Fac Rev Series 2017 A, 5% 2/15/2037  | 100000 | 98547 |
| Illinois Fin Auth Student Hsg & Academic Fac Rev Series 2017 A, 5% 2/15/2047  | 1410000 | 1308552 |
| Illinois Fin Auth Student Hsg & Academic Fac Rev Series 2017 A, 5% 2/15/2050  | 1050000 | 959378 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2027  | 15000 | 15594 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2028  | 15000 | 15819 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2031  | 10000 | 10606 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2032  | 15000 | 15810 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2033  | 30000 | 31431 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2035  | 15000 | 15568 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2036  | 15000 | 15486 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2037  | 20000 | 20538 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2038  | 20000 | 20429 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2039  | 35000 | 35575 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2044  | 305000 | 305034 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2049  | 370000 | 363324 |
| Illinois Finance Authority (University of Illinois Proj.) Series 2019A, 5% 10/1/2051  | 390000 | 378846 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5.5% 10/1/2042  | 1970000 | 1980386 |
| Illinois Finance Authority Rev (Lake Forest College Proj.) Series 2022A, 5.5% 10/1/2047  | 1820000 | 1816715 |
| Illinois Finance Authority Rev 5.125% 11/1/2055 (h) | 680000 | 537425 |
| Illinois Finance Authority Rev Series 2021 A, 2.25% 7/1/2033 (i) | 115000 | 93574 |
| Illinois Finance Authority Rev Series 2021 B, 7% 11/1/2037 (h) | 210000 | 204250 |
| Illinois Finance Authority Rev Series 2021, 4% 10/1/2032 (h) | 680000 | 654350 |
| Illinois Finance Authority Rev Series 2021, 4% 10/1/2033 (h) | 1065000 | 1012261 |
| Illinois Finance Authority Rev Series 2021, 4% 10/1/2033  | 170000 | 140656 |
| Illinois Finance Authority Rev Series 2021, 4% 10/1/2034 (h) | 890000 | 835474 |
| Illinois Finance Authority Rev Series 2021, 5% 10/1/2031  | 240000 | 221025 |
| Illinois Finance Authority Rev Series 2023A, 5.25% 8/1/2038 (h) | 300000 | 311238 |
| Illinois Finance Authority Rev Series 2023A, 5.5% 8/1/2043 (h) | 360000 | 370699 |
| Illinois St Univ Revs Series 2018 A, 5% 4/1/2031 (Assured Guaranty Ltd Insured)  | 180000 | 187250 |
| Illinois St Univ Revs Series 2018 A, 5% 4/1/2033 (Assured Guaranty Ltd Insured)  | 120000 | 123887 |
| Illinois St Univ Revs Series 2018 A, 5% 4/1/2036 (Assured Guaranty Ltd Insured)  | 180000 | 184097 |
| Northern IL Univ Revs Series 2020 B, 4% 4/1/2036 (Build America Mutual Assurance Co Insured)  | 85000 | 83053 |
| Northern IL Univ Revs Series 2020 B, 4% 4/1/2038 (Build America Mutual Assurance Co Insured)  | 85000 | 79994 |
| Northern IL Univ Revs Series 2020 B, 4% 4/1/2040 (Build America Mutual Assurance Co Insured)  | 55000 | 49836 |
| Northern IL Univ Revs Series 2020 B, 5% 4/1/2034 (Build America Mutual Assurance Co Insured)  | 955000 | 992445 |
| Romeoville IL Rev Series 2015, 5% 10/1/2042  | 360000 | 334304 |
| Romeoville IL Rev Series 2018B, 5% 10/1/2039  | 295000 | 281150 |
| Southern IL Univ Revs Series 2021A, 4% 4/1/2031  | 200000 | 204383 |
| Southern IL Univ Revs Series 2021A, 4% 4/1/2036  | 135000 | 132157 |
| Southern IL Univ Revs Series 2021A, 4% 4/1/2038  | 210000 | 196426 |
| University of Illinois Series 2018A, 5% 4/1/2029  | 225000 | 236817 |
| University of Illinois Series 2018A, 5% 4/1/2030  | 505000 | 530643 |
| University of Illinois Series 2020 A, 4% 4/1/2035  | 630000 | 627740 |
| University of Illinois Series 2020 A, 4% 4/1/2036  | 320000 | 317376 |
| University of Illinois Series 2020 A, 4% 4/1/2038  | 410000 | 393536 |
| Upper Illinois River Valley Development Authority Series 2017 A, 5% 12/1/2032 (h) | 515000 | 509337 |
| Upper Illinois River Valley Development Authority Series 2017 A, 5.25% 12/1/2047 (h) | 1135000 | 1021707 |
| Upper Illinois River Valley Development Authority Series 2025A, 6% 12/1/2055 (h)(m) | 825000 | 823409 |
|  |  | 23080945 |
| Electric Utilities - 0.0% |  |  |
| Illinois Mun Elec Agy Pwr Supp Series 2015A, 4% 2/1/2034  | 925000 | 917314 |
| Illinois Mun Elec Agy Pwr Supp Series 2015A, 5% 2/1/2031  | 600000 | 600833 |
| Northern Ill Mun Pwr Agy Pwr Proj Rev Series 2016 A, 5% 12/1/2041  | 1000000 | 1010059 |
|  |  | 2528206 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Chicago IL Gen. Oblig. Series 1999, 0% 1/1/2027 (Escrowed to Maturity) (j) | 385000 | 365524 |
| Grundy & Will Cntys Ill Cmnty Unit Sch Dist No 001 5% 2/1/2029 (Pre-refunded to 2/1/2027 at 100)  | 5000 | 5165 |
| Railsplitter Tobacco Settlement Auth Settlement Rev Series 2017, 5% 6/1/2028 (Pre-refunded to 6/1/2026 at 100)  | 335000 | 341876 |
|  |  | 712565 |
| General Obligations - 2.5% |  |  |
| Bridgeview Ill Gen. Oblig. Series 2005, 5.14% 12/1/2036  | 1960000 | 1774922 |
| Bridgeview Ill Gen. Oblig. Series 2015A, 5.625% 12/1/2041  | 250000 | 241373 |
| Carol Stream IL Pk Dist Gen. Oblig. Series 2020 C, 3% 11/1/2032  | 265000 | 251538 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2026  | 5000 | 5042 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2027  | 55000 | 55926 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2028  | 40000 | 40969 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2029  | 100000 | 102910 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2030  | 65000 | 66637 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2031  | 80000 | 81478 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2034  | 65000 | 65153 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2035  | 85000 | 84790 |
| Champaign County Community Unit School District No 4 Champaign Series 2019, 4% 6/1/2036  | 100000 | 99124 |
| Champaign County Community Unit School District No 4 Champaign Series 2020 A, 5% 1/1/2029  | 45000 | 47003 |
| Champaign County Community Unit School District No 4 Champaign Series 2020 A, 5% 1/1/2030  | 40000 | 41611 |
| Champaign County Community Unit School District No 4 Champaign Series 2020 A, 5% 1/1/2031  | 55000 | 57154 |
| Champaign County Community Unit School District No 4 Champaign Series 2020 A, 5% 1/1/2033  | 105000 | 108461 |
| Chicago IL Board of Education Series 2016, 6% 4/1/2046  | 8945000 | 9088585 |
| Chicago IL Board of Education Series 2017, 5% 4/1/2036  | 215000 | 217225 |
| Chicago IL Board of Education Series 2017, 5% 4/1/2037  | 210000 | 211824 |
| Chicago IL Board of Education Series 2018, 5% 4/1/2038  | 290000 | 293621 |
| Chicago IL Board of Education Series 2018, 5% 4/1/2042  | 1060000 | 1061884 |
| Chicago IL Board of Education Series 2018, 5% 4/1/2046  | 350000 | 345255 |
| Chicago IL Brd Ed 0% 12/1/2026 (National Public Finance Guarantee Corporation Insured) (j) | 2750000 | 2592887 |
| Chicago IL Brd Ed 0% 12/1/2027 (Financial Guaranty Ins CO Insured) (j) | 2180000 | 1974722 |
| Chicago IL Brd Ed 0% 12/1/2027 (Financial Guaranty Ins CO Insured) (j) | 300000 | 271751 |
| Chicago IL Brd Ed 0% 12/1/2029 (j) | 700000 | 581571 |
| Chicago IL Brd Ed 0% 12/1/2029 (Assured Guaranty Ltd Insured) (j) | 1995000 | 1672152 |
| Chicago IL Brd Ed 0% 12/1/2030 (j) | 400000 | 317949 |
| Chicago IL Brd Ed 0% 12/1/2030 (National Public Finance Guarantee Corporation Insured) (j) | 305000 | 242436 |
| Chicago IL Brd Ed 5% 12/1/2025  | 580000 | 581703 |
| Chicago IL Brd Ed 5% 12/1/2025  | 560000 | 561645 |
| Chicago IL Brd Ed 5% 12/1/2026  | 65000 | 65788 |
| Chicago IL Brd Ed 5% 12/1/2030  | 310000 | 313667 |
| Chicago IL Brd Ed 5% 12/1/2046  | 1425000 | 1295172 |
| Chicago IL Brd Ed 5.25% 12/1/2035  | 130000 | 128117 |
| Chicago IL Brd Ed 5.5% 12/1/2026 (Assured Guaranty Inc Insured), (Financial Guaranty Ins CO Insured)  | 340000 | 349467 |
| Chicago IL Brd Ed 5.5% 12/1/2029 (Ambac Assurance Corp Insured)  | 165000 | 170783 |
| Chicago IL Brd Ed 5.5% 12/1/2030 (Ambac Assurance Corp Insured)  | 120000 | 124759 |
| Chicago IL Brd Ed 5.5% 12/1/2031 (Ambac Assurance Corp Insured)  | 330000 | 343758 |
| Chicago IL Brd Ed 6.5% 12/1/2046  | 40000 | 40427 |
| Chicago IL Brd Ed 7% 12/1/2046 (h) | 690000 | 709907 |
| Chicago IL Brd Ed Series 2012A, 5% 12/1/2042  | 3625000 | 3283603 |
| Chicago IL Brd Ed Series 2016 A, 7% 12/1/2044  | 1955000 | 1967254 |
| Chicago IL Brd Ed Series 2017 B, 7% 12/1/2042 (h) | 400000 | 412430 |
| Chicago IL Brd Ed Series 2017 G, 5% 12/1/2034  | 195000 | 193608 |
| Chicago IL Brd Ed Series 2017 G, 5% 12/1/2044  | 600000 | 555429 |
| Chicago IL Brd Ed Series 2017 H, 5% 12/1/2036  | 480000 | 465515 |
| Chicago IL Brd Ed Series 2017 H, 5% 12/1/2046  | 1020000 | 927071 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2025  | 70000 | 70205 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2026  | 70000 | 70839 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2027 (Assured Guaranty Ltd Insured)  | 1250000 | 1288003 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2028  | 575000 | 591853 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2029  | 250000 | 253569 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2030  | 835000 | 843421 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2032  | 100000 | 100341 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2034 (Assured Guaranty Ltd Insured)  | 100000 | 101908 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2035  | 70000 | 69196 |
| Chicago IL Brd Ed Series 2018 A, 5% 12/1/2035 (Assured Guaranty Ltd Insured)  | 100000 | 101561 |
| Chicago IL Brd Ed Series 2018 C, 5% 12/1/2032 (Assured Guaranty Ltd Insured)  | 2500000 | 2574855 |
| Chicago IL Brd Ed Series 2019 A, 5% 12/1/2028  | 405000 | 416870 |
| Chicago IL Brd Ed Series 2019 A, 5% 12/1/2030  | 1040000 | 1060366 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2025  | 140000 | 140411 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2026  | 115000 | 116380 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2029  | 175000 | 180656 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2031  | 465000 | 471033 |
| Chicago IL Brd Ed Series 2019 B, 5% 12/1/2033  | 1090000 | 1096246 |
| Chicago IL Brd Ed Series 2021A, 5% 12/1/2035  | 2500000 | 2530789 |
| Chicago IL Brd Ed Series 2021A, 5% 12/1/2036  | 195000 | 196631 |
| Chicago IL Brd Ed Series 2021A, 5% 12/1/2037  | 750000 | 752168 |
| Chicago IL Brd Ed Series 2021A, 5% 12/1/2038  | 250000 | 248321 |
| Chicago IL Brd Ed Series 2021A, 5% 12/1/2039  | 2690000 | 2640785 |
| Chicago IL Brd Ed Series 2021A, 5% 12/1/2040  | 2015000 | 1967397 |
| Chicago IL Brd Ed Series 2021B, 5% 12/1/2031  | 350000 | 360212 |
| Chicago IL Brd Ed Series 2021B, 5% 12/1/2036  | 615000 | 620145 |
| Chicago IL Brd Ed Series 2022 A, 4% 12/1/2047  | 3485000 | 2757547 |
| Chicago IL Brd Ed Series 2022 A, 4% 12/1/2047  | 500000 | 411665 |
| Chicago IL Brd Ed Series 2022 A, 5% 12/1/2043  | 7015000 | 6711378 |
| Chicago IL Brd Ed Series 2022 A, 5% 12/1/2047  | 5685000 | 5255926 |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2035  | 1535000 | 1464671 |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2036  | 2880000 | 2705019 |
| Chicago IL Brd Ed Series 2023A, 5.875% 12/1/2047  | 2135000 | 2217549 |
| Chicago IL Brd Ed Series 2023A, 6% 12/1/2049  | 2705000 | 2823307 |
| Chicago IL Brd Ed Series D, 5% 12/1/2031  | 475000 | 477801 |
| Chicago IL Gen. Oblig. 5.25% 1/1/2038  | 10840000 | 11086196 |
| Chicago IL Gen. Oblig. 5.5% 1/1/2039  | 1630000 | 1677982 |
| Chicago IL Gen. Oblig. 5.5% 1/1/2040  | 600000 | 612915 |
| Chicago IL Gen. Oblig. 5.5% 1/1/2041  | 6235000 | 6306356 |
| Chicago IL Gen. Oblig. 5.5% 1/1/2043  | 955000 | 960512 |
| Chicago IL Gen. Oblig. Series 2015 C, 5% 1/1/2038  | 500000 | 494369 |
| Chicago IL Gen. Oblig. Series 2017 A, 6% 1/1/2038  | 1000000 | 1021491 |
| Chicago IL Gen. Oblig. Series 2017, 6% 1/1/2038  | 8425000 | 8573893 |
| Chicago IL Gen. Oblig. Series 2019A, 5% 1/1/2039  | 920000 | 920282 |
| Chicago IL Gen. Oblig. Series 2019A, 5% 1/1/2040  | 790000 | 779524 |
| Chicago IL Gen. Oblig. Series 2019A, 5% 1/1/2044  | 5450000 | 5154723 |
| Chicago IL Gen. Oblig. Series 2019A, 5.5% 1/1/2035  | 3065000 | 3164652 |
| Chicago IL Gen. Oblig. Series 2019A, 5.5% 1/1/2049  | 3890000 | 3804251 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2026  | 230000 | 231604 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2027  | 1485000 | 1512227 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2028  | 2830000 | 2911741 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2029  | 2310000 | 2396316 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2030  | 4310000 | 4484671 |
| Chicago IL Gen. Oblig. Series 2020A, 5% 1/1/2032  | 85000 | 88040 |
| Chicago IL Gen. Oblig. Series 2021 A, 4% 1/1/2035  | 530000 | 501897 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2031  | 95000 | 99562 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2032  | 5245000 | 5471777 |
| Chicago IL Gen. Oblig. Series 2021 A, 5% 1/1/2034  | 705000 | 729046 |
| Chicago IL Gen. Oblig. Series 2021 B, 4% 1/1/2032  | 82000 | 81557 |
| Chicago IL Gen. Oblig. Series 2021 B, 4% 1/1/2037  | 250000 | 229947 |
| Chicago IL Gen. Oblig. Series 2021 B, 4% 1/1/2038  | 110000 | 98860 |
| Chicago Ill Pk Dist Gen. Oblig. Series 2021 C, 4% 1/1/2035  | 890000 | 877154 |
| Cook Cnty IL Cmnty Coll Dist Gen. Oblig. 5% 12/1/2047 (Build America Mutual Assurance Co Insured)  | 2060000 | 2025470 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2031  | 235000 | 253623 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2032  | 155000 | 166522 |
| Cook Cnty IL Gen. Oblig. 5% 11/15/2033  | 1475000 | 1578705 |
| Cook Cnty IL Gen. Oblig. Series 2016 A, 5% 11/15/2026  | 690000 | 708615 |
| Cook Cnty IL Gen. Oblig. Series 2016 A, 5% 11/15/2027  | 340000 | 348068 |
| Cook Cnty IL Gen. Oblig. Series 2016 A, 5% 11/15/2028  | 445000 | 454988 |
| Cook Cnty IL Gen. Oblig. Series 2016 A, 5% 11/15/2031  | 2400000 | 2443956 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2025  | 560000 | 561890 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2026  | 285000 | 288671 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2027  | 290000 | 295803 |
| Cook Cnty IL Gen. Oblig. Series 2021 B, 4% 11/15/2028  | 145000 | 148448 |
| Cook Cnty IL High Sch Dist No 203 New Trier Twp 2% 12/15/2033  | 205000 | 165839 |
| Cook Cnty IL High Sch Dist No 203 New Trier Twp 2% 12/15/2034  | 215000 | 169608 |
| Cook Cnty Ill Cmnty Cons Sch Dist No 059 Elk Grove Series 2020, 5% 3/1/2028  | 85000 | 89674 |
| Cook Cnty Ill High Sch Dist No 209 Proviso Twp Series 2018B, 4% 12/1/2038 (Assured Guaranty Ltd Insured)  | 905000 | 848852 |
| DuPage & Cook Cntys IL Cmnty Unit Sch Dist No 205 Series 2020, 3% 1/1/2037  | 1885000 | 1644227 |
| Elk Grove Village Ill Gen. Oblig. Series 2017, 5% 1/1/2034  | 325000 | 332281 |
| Grundy & Will Cntys Ill Cmnty Unit Sch Dist No 001 5% 2/1/2029  | 35000 | 35942 |
| Illinois Fin Auth Rev (Cook Ill High Sch Dist No 207maine Twp Proj.) Series 2019, 4% 12/1/2037  | 875000 | 856271 |
| Illinois Sports Facs Auth (Illinois St Proj.) Series 2019, 5% 6/15/2028  | 480000 | 492676 |
| Illinois Sports Facs Auth (Illinois St Proj.) Series 2019, 5% 6/15/2028  | 300000 | 312328 |
| Illinois Sports Facs Auth (Illinois St Proj.) Series 2019, 5% 6/15/2029  | 590000 | 620289 |
| Illinois Sports Facs Auth (Illinois St Proj.) Series 2019, 5% 6/15/2029  | 480000 | 496516 |
| Illinois St Gen. Oblig. 5% 2/1/2027  | 7130000 | 7324293 |
| Illinois St Gen. Oblig. 5% 2/1/2028  | 195000 | 199770 |
| Illinois St Gen. Oblig. 5% 2/1/2029  | 315000 | 322204 |
| Illinois St Gen. Oblig. 5% 3/1/2029  | 205000 | 215512 |
| Illinois St Gen. Oblig. 5% 3/1/2032  | 230000 | 247407 |
| Illinois St Gen. Oblig. 5.5% 1/1/2028  | 320000 | 336377 |
| Illinois St Gen. Oblig. 5.5% 1/1/2031  | 110000 | 120270 |
| Illinois St Gen. Oblig. Series 2016, 5% 1/1/2028  | 1000000 | 1008517 |
| Illinois St Gen. Oblig. Series 2016, 5% 1/1/2033  | 600000 | 603595 |
| Illinois St Gen. Oblig. Series 2017 A, 4.5% 12/1/2041  | 350000 | 334605 |
| Illinois St Gen. Oblig. Series 2017 A, 5% 12/1/2034  | 625000 | 639455 |
| Illinois St Gen. Oblig. Series 2017 B, 5% 12/1/2027  | 450000 | 467108 |
| Illinois St Gen. Oblig. Series 2017C, 5% 11/1/2029  | 3305000 | 3409502 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2025  | 75000 | 75554 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2026  | 1600000 | 1638850 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2027  | 14385000 | 14965203 |
| Illinois St Gen. Oblig. Series 2017D, 5% 11/1/2028  | 4650000 | 4804612 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2028  | 260000 | 271794 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2029  | 105000 | 109522 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2030  | 1170000 | 1218265 |
| Illinois St Gen. Oblig. Series 2018 A, 5% 10/1/2031  | 295000 | 306550 |
| Illinois St Gen. Oblig. Series 2018A, 5% 5/1/2039  | 725000 | 734036 |
| Illinois St Gen. Oblig. Series 2018A, 6% 5/1/2027  | 1475000 | 1545314 |
| Illinois St Gen. Oblig. Series 2018B, 5% 10/1/2026  | 65000 | 66450 |
| Illinois St Gen. Oblig. Series 2018B, 5% 10/1/2031  | 765000 | 794951 |
| Illinois St Gen. Oblig. Series 2018B, 5% 10/1/2032  | 795000 | 823813 |
| Illinois St Gen. Oblig. Series 2019 B, 4% 11/1/2033  | 1475000 | 1460985 |
| Illinois St Gen. Oblig. Series 2019 C, 4% 11/1/2041  | 700000 | 621300 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2029  | 1695000 | 1781917 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2031  | 1695000 | 1812969 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2032  | 105000 | 112946 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2034  | 250000 | 266235 |
| Illinois St Gen. Oblig. Series 2022A, 5% 3/1/2036  | 4815000 | 5067589 |
| Illinois St Gen. Oblig. Series 2022A, 5.25% 3/1/2037  | 205000 | 217484 |
| Illinois St Gen. Oblig. Series 2022A, 5.5% 3/1/2042  | 4100000 | 4287908 |
| Illinois St Gen. Oblig. Series 2022A, 5.5% 3/1/2047  | 8200000 | 8404944 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 B, 4% 12/1/2034  | 315000 | 307040 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 B, 4% 12/1/2037  | 1500000 | 1401993 |
| Illinois St Gen. Oblig. Series JUNE 2016, 4% 6/1/2041  | 1900000 | 1718069 |
| Illinois St Gen. Oblig. Series JUNE 2016, 5% 6/1/2026  | 180000 | 183087 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 4% 3/1/2038  | 1705000 | 1587009 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 4% 3/1/2040  | 1300000 | 1179897 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2032  | 20000 | 21312 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2033  | 65000 | 68974 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2034  | 2560000 | 2704230 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2035  | 965000 | 1014476 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2036  | 455000 | 475727 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2037  | 40000 | 41569 |
| Illinois St Gen. Oblig. Series MARCH 2021 A, 5% 3/1/2046  | 7995000 | 7946533 |
| Illinois St Gen. Oblig. Series MAY 2020, 5.5% 5/1/2026  | 475000 | 484585 |
| Illinois St Gen. Oblig. Series MAY 2020, 5.5% 5/1/2039  | 1655000 | 1731836 |
| Illinois St Gen. Oblig. Series MAY 2020, 5.75% 5/1/2045  | 925000 | 960931 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2039  | 5590000 | 5857806 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.25% 5/1/2041  | 2120000 | 2199194 |
| Illinois St Gen. Oblig. Series MAY 2023 B, 5.5% 5/1/2047  | 2605000 | 2668804 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2029  | 5120000 | 5399533 |
| Illinois St Gen. Oblig. Series MAY 2023D, 5% 7/1/2035  | 485000 | 513851 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 4.25% 5/1/2046  | 2500000 | 2223852 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2033  | 1940000 | 2095192 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5% 5/1/2038  | 1485000 | 1553469 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2042  | 1295000 | 1341001 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2047  | 200000 | 201339 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2048  | 200000 | 202031 |
| Illinois St Gen. Oblig. Series MAY 2024 B, 5.25% 5/1/2049  | 3250000 | 3277617 |
| Illinois St Gen. Oblig. Series NOVEMBER 2016, 4.5% 11/1/2039  | 400000 | 381464 |
| Illinois St Gen. Oblig. Series NOVEMBER 2016, 5% 11/1/2028  | 425000 | 433181 |
| Illinois St Gen. Oblig. Series NOVEMBER 2016, 5% 11/1/2033  | 445000 | 450649 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 4% 10/1/2032  | 475000 | 472328 |
| Illinois St Gen. Oblig. Series OCT 2020 B, 5% 10/1/2028  | 280000 | 293150 |
| Illinois St Gen. Oblig. Series OCT 2020 C, 4% 10/1/2041  | 350000 | 310731 |
| Illinois St Gen. Oblig. Series OCT 2020 C, 4.25% 10/1/2045  | 800000 | 704896 |
| Illinois St Gen. Oblig. Series OCTOBER 2022B, 5% 10/1/2034  | 6985000 | 7447038 |
| Illinois St Gen. Oblig. Series OCTOBER 2024, 5% 2/1/2033  | 2975000 | 3211197 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2030 (Assured Guaranty Municipal Corp Insured)  | 30000 | 30752 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2031 (Assured Guaranty Municipal Corp Insured)  | 40000 | 40772 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2033 (Assured Guaranty Municipal Corp Insured)  | 15000 | 15152 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2035 (Assured Guaranty Municipal Corp Insured)  | 20000 | 19822 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2036 (Assured Guaranty Municipal Corp Insured)  | 65000 | 64275 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2038 (Assured Guaranty Municipal Corp Insured)  | 35000 | 33642 |
| Kane Cnty Ill Sch Dist No 131 Series 2020 A, 4% 12/1/2039 (Assured Guaranty Ltd Insured)  | 175000 | 165265 |
| Kane McHenry Cook & DuPage Cntys IL Sch Dist Series 2015, 5% 1/1/2028  | 155000 | 155193 |
| Kane McHenry Cook & DuPage Cntys IL Sch Dist Series 2017, 5% 1/1/2029  | 60000 | 62268 |
| Kendall Kane & Will Cnty IL Uni Sch Dist No 308 5% 2/1/2033  | 605000 | 608859 |
| Lake Cnty IL Cmnty High Sch Dist No 115 Lake Forest Series 2023, 4.25% 11/1/2043  | 2170000 | 2118017 |
| Madison Cnty IL Cmnty Unit Sch Dist No 7 Edwardsville Series 2017, 5% 12/1/2028  | 160000 | 161158 |
| Madison Cnty IL Cmnty Unit Sch Dist No 7 Edwardsville Series 2017, 5% 12/1/2029  | 165000 | 166154 |
| Mchenry Cnty IL Comnty SD #200 0% 1/15/2026 (National Public Finance Guarantee Corporation Insured) (j) | 185000 | 181123 |
| Rosemont Ill Gen. Oblig. Series 2016 A, 5% 12/1/2040 (Assured Guaranty Ltd Insured)  | 1300000 | 1329367 |
| Schaumburg IL Gen. Oblig. Series 2013A, 4% 12/1/2041  | 5300000 | 5006495 |
| Schaumburg IL Gen. Oblig. Series 2023, 4% 12/1/2030  | 2270000 | 2356714 |
| St Clair County Community Unit School District No 187 Cahokia Series 2024B, 5% 1/1/2044 (Assured Guaranty Ltd Insured)  | 820000 | 832520 |
| Will Cnty IL Cmnty Unif Sch Dist No 365 0% 11/1/2026 (Assured Guaranty Municipal Corp Insured) (j) | 790000 | 754016 |
|  |  | 301570848 |
| Health Care - 0.6% |  |  |
| Illinois Fin Auth Health Svcs Fac Lease Rev (University of Illinois Hospital And Health Sciences System Proj.) Series 2020, 4% 10/1/2050  | 2155000 | 1778726 |
| Illinois Fin Auth Health Svcs Fac Lease Rev (University of Illinois Hospital And Health Sciences System Proj.) Series 2020, 4% 10/1/2055  | 250000 | 201283 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 3.625% 2/15/2032 (Pre-refunded to 2/15/2027 at 100)  | 140000 | 141496 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 3.75% 2/15/2034 (Pre-refunded to 2/15/2027 at 100)  | 215000 | 217740 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 4% 2/15/2033 (Pre-refunded to 2/15/2033 at 100)  | 30000 | 30061 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 4% 2/15/2036 (Pre-refunded to 2/15/2036 at 100)  | 925000 | 896481 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2029  | 945000 | 970173 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2031  | 3685000 | 3770513 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2032  | 630000 | 643831 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2034 (Pre-refunded to 2/15/2034 at 100)  | 555000 | 566030 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2036 (Pre-refunded to 2/15/2036 at 100)  | 610000 | 619677 |
| Illinois Fin Auth Rev (Ascension Health Credit Group Proj.) Series 2016 C, 5% 2/15/2041 (Pre-refunded to 2/15/2041 at 100)  | 870000 | 875463 |
| Illinois Fin Auth Rev (Carle Foundation Hospital,Il Proj.) Series 2016 A, 5% 2/15/2029  | 625000 | 631620 |
| Illinois Fin Auth Rev (Friendship Village Schaumburg Proj.) Series 2017, 5% 2/15/2037 (f)(g) | 267534 | 2140 |
| Illinois Fin Auth Rev (Friendship Village Schaumburg Proj.) Series 2017, 5.125% 2/15/2045 (f)(g) | 267534 | 2140 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) 5% 12/1/2046  | 1970000 | 1943425 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 4% 12/1/2035  | 25000 | 24523 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2029  | 270000 | 272978 |
| Illinois Fin Auth Rev (Mercy Alliance Inc Proj.) Series 2016, 5% 12/1/2033  | 285000 | 286716 |
| Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) 5% 7/15/2025  | 65000 | 65130 |
| Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) 5% 7/15/2030  | 85000 | 88499 |
| Illinois Fin Auth Rev (Northwestern Memorial Hosp,Il Proj.) Series 2017A, 4% 7/15/2047  | 3705000 | 3206622 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) 4.125% 5/15/2047  | 4755000 | 4181809 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2015 A, 5% 11/15/2031  | 195000 | 195313 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2016, 5% 5/15/2029  | 150000 | 151805 |
| Illinois Fin Auth Rev (Osf Healthcare System Proj.) Series 2018 C, 2.5% 11/15/2037, LOC PNC Bank NA VRDN (c) | 2500000 | 2500000 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2013, 5% 11/15/2028  | 350000 | 350266 |
| Illinois Fin Auth Rev (Riverside Health System, IL Proj.) Series 2013, 5% 11/15/2029  | 170000 | 170137 |
| Illinois Fin Auth Rev (Silver Cross Health System IL Proj.) Series 2015 C, 4.125% 8/15/2037  | 105000 | 105202 |
| Illinois Fin Auth Rev (Silver Cross Health System IL Proj.) Series 2015 C, 5% 8/15/2035  | 705000 | 707589 |
| Illinois Fin Auth Rev (Silver Cross Health System IL Proj.) Series 2015 C, 5% 8/15/2044  | 2205000 | 2213096 |
| Illinois Fin Auth Rev (Southern Ill Hlthcare Ent Inc Proj.) Series A, 5% 3/1/2047  | 2135000 | 2071308 |
| Illinois Fin Auth Rev (The Admiral At The Lake Proj.) Series 2017, 5% 5/15/2033  | 835000 | 769102 |
| Illinois Fin Auth Rev (The Admiral At The Lake Proj.) Series 2017, 5.125% 5/15/2038  | 1550000 | 1326670 |
| Illinois Fin Auth Rev (The Admiral At The Lake Proj.) Series 2017, 5.25% 5/15/2042  | 280000 | 226616 |
| Illinois Fin Auth Rev (The Admiral At The Lake Proj.) Series 2017, 5.25% 5/15/2054  | 1690000 | 1218443 |
| Illinois Fin Auth Rev (University Of Chicago Hosps,Il Proj.) 2.85% 8/1/2044, LOC TD Bank NA VRDN (c) | 3400000 | 3400000 |
| Illinois Fin Auth Rev (University of Chicago Hosps,Il Proj.) 5% 8/15/2030  | 170000 | 174458 |
| Illinois Fin Auth Rev (University of Chicago Hosps,Il Proj.) Series B, 4% 8/15/2041  | 250000 | 224711 |
| Illinois Fin Auth Rev Series 2008A 1, 4% 11/1/2030  | 625000 | 632837 |
| Illinois Fin Auth Rev Series 2015, 6.125% 11/15/2035  | 390000 | 390681 |
| Illinois Fin Auth Rev Series 2015, 6.375% 11/15/2043  | 565000 | 565281 |
| Illinois Fin Auth Rev Series 2017 A, 5% 5/15/2037  | 545000 | 545817 |
| Illinois Fin Auth Rev Series 2017 A, 5% 5/15/2047  | 220000 | 203593 |
| Illinois Finance Authority Rev (Ascension Health Credit Group Proj.) Series 2016 C, 4% 2/15/2041 (Pre-refunded to 2/15/2041 at 100)  | 4815000 | 4386394 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 3.25% 8/15/2049  | 3985000 | 2834200 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 4% 8/15/2039  | 930000 | 847432 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2020A, 4% 8/15/2040  | 500000 | 448298 |
| Illinois Finance Authority Rev (Endeavor Health Proj.) Series 2022A, 5% 8/15/2051  | 2075000 | 2071768 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) 3% 5/15/2050 (Build America Mutual Assurance Co Insured)  | 2195000 | 1526722 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 A, 3% 5/15/2050  | 4750000 | 3192386 |
| Illinois Finance Authority Rev (Osf Healthcare System Proj.) Series 2020 A, 4% 5/15/2050  | 5570000 | 4787500 |
| Illinois Finance Authority Rev (University of Chicago Hosps,Il Proj.) 5% 8/15/2047  | 10000000 | 9929816 |
| Illinois Finance Authority Rev (University of Chicago Hosps,Il Proj.) 5% 8/15/2052  | 2750000 | 2678070 |
| Upper Ill Riv Vy Dev Auth Rev Series 2018, 5% 12/1/2043  | 400000 | 392017 |
| Upper Ill Riv Vy Dev Auth Rev Series 2018, 5% 12/1/2048  | 250000 | 242421 |
|  |  | 72897025 |
| Housing - 0.1% |  |  |
| Illinois Housing Dev Auth (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2018A, 4.5% 10/1/2048  | 480000 | 484360 |
| Illinois Housing Dev Auth (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2019 D, 3.75% 4/1/2050  | 135000 | 134980 |
| Illinois Housing Dev Auth (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2021A, 3% 4/1/2051  | 450000 | 441842 |
| Illinois Housing Dev Auth Series 2019 D, 2.7% 10/1/2034 (IL Hsg Revenue Bonds 3/1/2016 Guaranteed)  | 345000 | 297908 |
| Illinois Housing Development Authority (IL Hsg Revenue Bonds 3/1/2016 Proj.) Series 2021 B, 3% 4/1/2051  | 2420000 | 2367131 |
| Illinois Housing Development Authority 6.25% 10/1/2052  | 470000 | 502578 |
| Illinois Housing Development Authority Series 2023 A, 4.8% 10/1/2043  | 2845000 | 2785074 |
| Illinois Housing Development Authority Series 2023 A, 4.9% 4/1/2047  | 740000 | 731113 |
| Illinois Housing Development Authority Series 2023 K, 5.25% 10/1/2043  | 1000000 | 1028339 |
| Illinois Housing Development Authority Series 2024 A, 6% 10/1/2054  | 955000 | 1024243 |
| Illinois Hsg Dev Auth Multifamily Hsg Rev Series 2019, 2.9% 7/1/2035  | 1263048 | 1101374 |
|  |  | 10898942 |
| Industrial Development - 0.0% |  |  |
| Illinois Dev Fin Auth Envirn Facs Rev (CITGO Petroleum Corp Proj.) Series 2002, 8% 6/1/2032 (i) | 245000 | 245250 |
| Illinois Finance Authority Rev 5% 10/1/2044 (h) | 650000 | 607710 |
| Illinois Finance Authority Rev 5% 10/1/2049 (h) | 800000 | 734222 |
|  |  | 1587182 |
| Lease Revenue - 0.0% |  |  |
| Illinois St Gen. Oblig. Series OCT 2020 C, 4% 10/1/2042  | 350000 | 315389 |
| Northern Ill Univ Ctfs Partn Series 2024, 5.5% 4/1/2049 (Build America Mutual Assurance Co Insured)  | 1500000 | 1544018 |
| Rock Island County Public Building Commission Gen. Oblig. Series 2016, 5% 12/1/2036 (Assured Guaranty Ltd Insured)  | 500000 | 513136 |
|  |  | 2372543 |
| Other - 0.2% |  |  |
| Aurora IL Gen. Oblig. Series 2025A, 4% 12/30/2043  | 1810000 | 1607268 |
| City of Marion IL Sales Tax Revenue 6.375% 6/1/2045  | 600000 | 590695 |
| Cook County Community Unit School District No 401 Elmwood Park Series 2021, 4% 12/1/2025  | 1500000 | 1504562 |
| Illinois Finance Authority Rev 5% 6/1/2044  | 500000 | 504521 |
| Illinois Finance Authority Rev 5% 6/1/2047  | 375000 | 372529 |
| Illinois Finance Authority Rev 6% 10/1/2045 (h) | 700000 | 686673 |
| Illinois Finance Authority Rev 6.125% 10/1/2050 (h) | 375000 | 367643 |
| Illinois Finance Authority Rev 6.125% 5/15/2035  | 1045000 | 1111822 |
| Illinois Finance Authority Rev 6.125% 5/15/2036  | 1215000 | 1285880 |
| Illinois Finance Authority Rev Series 2021 A, 5% 5/15/2032  | 135000 | 134513 |
| Illinois Finance Authority Rev Series 2021 A, 5% 5/15/2033  | 145000 | 144103 |
| Illinois Finance Authority Rev Series 2022, 5% 3/1/2034  | 90000 | 90014 |
| Illinois Finance Authority Rev Series 2022, 5% 3/1/2038  | 110000 | 105151 |
| Illinois Finance Authority Rev Series 2022, 5% 3/1/2042  | 70000 | 63761 |
| Illinois Finance Authority Rev Series 2022, 5% 3/1/2047  | 125000 | 111116 |
| Illinois Finance Authority Rev Series 2022, 5% 3/1/2052  | 110000 | 94571 |
| Illinois Housing Development Authority 4.875% 4/1/2050  | 2075000 | 2059844 |
| Illinois Housing Development Authority Series 2024 C, 4.7% 10/1/2044  | 1750000 | 1732195 |
| Illinois St Gen. Oblig. Series DECEMBER 2021 B, 3% 12/1/2041  | 3680000 | 2773097 |
| Lake Cnty Ill Cmnty Cons Sch Dist No 102 Aptakisic-Tripp Series 2023, 5.25% 5/1/2043  | 2635000 | 2720592 |
| Regional Transn Auth IL Series 2025A, 5% 6/1/2037  | 355000 | 387505 |
| Springfield IL Elec Rev 3% 3/1/2037  | 2000000 | 1790493 |
| Will Cnty Ill Sch Dist No 086 Joliet Series 2024, 4% 1/1/2049  | 455000 | 398071 |
| Will Cnty Ill Sch Dist No 114 Manhattan Series 2022, 5.5% 1/1/2049  | 300000 | 313806 |
|  |  | 20950425 |
| Special Tax - 1.4% |  |  |
| Bridgeview Fin Corp Ill Salestax Rev Series 2017 A, 5% 12/1/2042  | 350000 | 321341 |
| Chicago IL Board of Education Series 2016, 5.75% 4/1/2035  | 1670000 | 1715517 |
| Chicago IL Board of Education Series 2017, 5% 4/1/2042  | 380000 | 378718 |
| Chicago IL Board of Education Series 2017, 5% 4/1/2046  | 920000 | 896019 |
| Chicago IL Board of Education Series 2023, 5% 4/1/2045  | 795000 | 797975 |
| Chicago IL Board of Education Series 2023, 5.75% 4/1/2048  | 8300000 | 8642939 |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2038  | 475000 | 428766 |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2039  | 1000000 | 885863 |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2040  | 265000 | 232312 |
| Chicago IL Brd Ed Series 2022 B, 4% 12/1/2041  | 1965000 | 1694241 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev 4% 12/1/2049  | 1205000 | 1004372 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev 5% 12/1/2046  | 150000 | 144699 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev 5% 12/1/2057  | 2115000 | 2053216 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2017, 5% 12/1/2051  | 2370000 | 2249765 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2020 A, 4% 12/1/2050 (Build America Mutual Assurance Co Insured)  | 1635000 | 1403751 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2020 A, 4% 12/1/2055  | 675000 | 541087 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2020 A, 5% 12/1/2045  | 390000 | 381356 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2020 A, 5% 12/1/2055  | 360000 | 346550 |
| Chicago Ill Tran Auth Sales Tax Rcpts Rev Series 2024A, 5% 12/1/2039  | 7805000 | 8290119 |
| Cook Cnty Ill Sales Tax Rev Series 2018, 4% 11/15/2037  | 750000 | 730174 |
| Cook Cnty Ill Sales Tax Rev Series 2021 A, 4% 11/15/2040  | 665000 | 611803 |
| Cook Cnty Ill Sales Tax Rev Series 2021 A, 4% 11/15/2041  | 905000 | 821119 |
| Cook Cnty Ill Sales Tax Rev Series 2022 A, 5.25% 11/15/2045  | 1150000 | 1185778 |
| Illinois St Sales Tax Rev 3% 6/15/2033 (Build America Mutual Assurance Co Insured)  | 1920000 | 1743745 |
| Macon Cnty Ill Sch Dist No 061 Decatur Series 2020 C, 4% 1/1/2035 (Assured Guaranty Ltd Insured)  | 400000 | 400546 |
| Macon Cnty Ill Sch Dist No 061 Decatur Series 2020 C, 4% 1/1/2045 (Assured Guaranty Ltd Insured)  | 250000 | 221454 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2030 (National Public Finance Guarantee Corporation Insured) (j) | 3840000 | 3071917 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2032 (National Public Finance Guarantee Corporation Insured) (j) | 11400000 | 8307520 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2033 (National Public Finance Guarantee Corporation Insured) (j) | 11815000 | 8191432 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2035 (j) | 50000 | 31142 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2036 (j) | 215000 | 125983 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2036 (National Public Finance Guarantee Corporation Insured) (j) | 8240000 | 4828369 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2037 (National Public Finance Guarantee Corporation Insured) (j) | 500000 | 274095 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2038 (j) | 420000 | 215336 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2039 (j) | 1235000 | 592372 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2040 (j) | 1040000 | 468716 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2041 (j) | 775000 | 327810 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2050 (j) | 1200000 | 293601 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 12/15/2051 (j) | 3925000 | 900415 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2028 (National Public Finance Guarantee Corporation Insured) (j) | 810000 | 721164 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2034 (National Public Finance Guarantee Corporation Insured) (j) | 1600000 | 1081205 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2035 (National Public Finance Guarantee Corporation Insured) (j) | 3750000 | 2401638 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (j) | 625000 | 377162 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2036 (National Public Finance Guarantee Corporation Insured) (j) | 5000000 | 3017293 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2037 (j) | 200000 | 113306 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2038 (National Public Finance Guarantee Corporation Insured) (j) | 1000000 | 528835 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2039 (j) | 455000 | 226042 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2040 (j) | 555000 | 256631 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2041 (j) | 410000 | 177993 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2043 (Assured Guaranty Municipal Corp Insured) (j) | 12710000 | 5094600 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2044 (Assured Guaranty Municipal Corp Insured) (j) | 250000 | 94085 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2045 (Assured Guaranty Municipal Corp Insured) (j) | 9890000 | 3498341 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2046 (Assured Guaranty Municipal Corp Insured) (j) | 5625000 | 1867832 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 0% 6/15/2047 (Assured Guaranty Municipal Corp Insured) (j) | 1190000 | 372055 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 4% 12/15/2042  | 3390000 | 3025354 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 4% 12/15/2047  | 4650000 | 3916249 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 4% 6/15/2052  | 16800000 | 13559781 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 6/15/2042  | 1805000 | 1816866 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev 5% 6/15/2050  | 14555000 | 14110333 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 1998 B, 5.5% 6/15/2029  | 1025000 | 1071797 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2002 A, 0% 12/15/2040 (Assured Guaranty Ltd Insured) (j) | 1300000 | 616876 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 A, 0% 12/15/2056 (j) | 1090000 | 193733 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 0% 12/15/2054 (Build America Mutual Assurance Co Insured) (j) | 3050000 | 608568 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 0% 12/15/2056 (Assured Guaranty Municipal Corp Insured) (j) | 4250000 | 755379 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2025  | 120000 | 120965 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2026  | 405000 | 415040 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2027  | 40000 | 41615 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2028  | 110000 | 113759 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2031  | 80000 | 82299 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2032  | 50000 | 51332 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017 B, 5% 12/15/2034  | 50000 | 51097 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017A, 0% 12/15/2056 (Build America Mutual Assurance Co Insured) (j) | 1100000 | 195510 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2017A, 5% 6/15/2057  | 3255000 | 3079600 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2020A, 4% 6/15/2050  | 5725000 | 4692899 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series 2020A, 5% 12/15/2045  | 105000 | 104270 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series A, 0% 12/15/2052 (Assured Guaranty Ltd Insured) (j) | 800000 | 179636 |
| Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Series A, 5% 6/15/2053  | 895000 | 849708 |
| Regional Transn Auth IL 5.5% 6/1/2027  | 1050000 | 1077977 |
| Regional Transn Auth IL 6% 7/1/2029 (National Public Finance Guarantee Corporation Insured)  | 4235000 | 4514211 |
| Regional Transn Auth IL 6% 7/1/2033 (Financial Guaranty Ins CO Insured)  | 1645000 | 1863959 |
| Regional Transn Auth IL Series 2016 A, 4% 6/1/2046  | 2190000 | 1885887 |
| Sales Tax Securitization Corp Series 2017 A, 5% 1/1/2028  | 750000 | 782303 |
| Sales Tax Securitization Corp Series 2018C, 5.25% 1/1/2034  | 1500000 | 1574477 |
| Sales Tax Securitization Corp Series 2018C, 5.25% 1/1/2048 (Build America Mutual Assurance Co Insured)  | 5640000 | 5716593 |
| Sales Tax Securitization Corp Series 2023C, 5% 1/1/2031  | 2410000 | 2621049 |
| Sales Tax Securitization Corp Series 2023D, 5% 1/1/2036  | 1690000 | 1807509 |
| Sales Tax Securitization Corp Series 2024 A, 5% 1/1/2037  | 9330000 | 10032881 |
| Sales Tax Securitization Corp Series 2024A, 5% 1/1/2040  | 1000000 | 1039795 |
| Sangamon County Water Reclamation District Gen. Oblig. Series 2019 A, 4% 1/1/2049  | 400000 | 343280 |
| Village of Bellwood IL Series 2024, 5% 12/1/2038  | 825000 | 834404 |
| Village of Bellwood IL Series 2024, 5% 12/1/2039  | 220000 | 221111 |
| Village of Lincolnwood Il Series B, 5.75% 12/1/2043 (h) | 1200000 | 1188274 |
| Yorkville IL Ucs Svc Area Tax Series 2016, 5% 3/1/2032 (Assured Guaranty Ltd Insured)  | 740000 | 748852 |
|  |  | 171485343 |
| Transportation - 0.9% |  |  |
| Chicago IL Midway Arpt Rev Series 2023 C, 5% 1/1/2040 (i) | 2805000 | 2826650 |
| Chicago IL Midway Arpt Rev Series 2023A, 5.75% 1/1/2048 (Build America Mutual Assurance Co Insured) (i) | 1025000 | 1078117 |
| Chicago IL Midway Arpt Rev Series A, 5% 1/1/2028 (i) | 245000 | 246630 |
| Chicago IL Midway Arpt Rev Series B, 4% 1/1/2035  | 235000 | 232714 |
| Chicago IL Midway Arpt Rev Series B, 5% 1/1/2036  | 495000 | 496691 |
| Chicago IL Midway Arpt Rev Series B, 5% 1/1/2037  | 625000 | 626732 |
| Chicago IL Midway Arpt Rev Series B, 5% 1/1/2046  | 660000 | 656549 |
| Chicago IL O'Hare Intl Arpt Rev 4% 1/1/2036  | 2500000 | 2480543 |
| Chicago IL O'Hare Intl Arpt Rev 4% 1/1/2036 (Assured Guaranty Municipal Corp Insured)  | 1900000 | 1907768 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2028 (i) | 365000 | 371788 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2029 (i) | 305000 | 310463 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2030  | 75000 | 76850 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2031  | 430000 | 440243 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2031  | 75000 | 76787 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2032 (i) | 330000 | 333971 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2032  | 265000 | 266796 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2032  | 80000 | 81824 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2033  | 405000 | 407543 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2034 (i) | 495000 | 499594 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2034  | 85000 | 86635 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2035  | 395000 | 401928 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2035 (i) | 365000 | 367832 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2036 (i) | 450000 | 452758 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2036  | 145000 | 151307 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2036  | 90000 | 91099 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037  | 1395000 | 1409624 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037 (i) | 245000 | 246081 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037 (i) | 245000 | 246081 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2037  | 210000 | 217968 |
| Chicago IL O'Hare Intl Arpt Rev 5% 1/1/2038  | 125000 | 126049 |
| Chicago IL O'Hare Intl Arpt Rev 5.25% 1/1/2029 (i) | 40000 | 40961 |
| Chicago IL O'Hare Intl Arpt Rev 5.25% 1/1/2031 (i) | 50000 | 50995 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2048  | 735000 | 729864 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018 B, 5% 1/1/2053  | 90000 | 89182 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 4% 1/1/2043 (i) | 2500000 | 2227298 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 5% 1/1/2037 (i) | 3680000 | 3715319 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 5% 1/1/2038 (i) | 2880000 | 2894694 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 5% 1/1/2039 (i) | 2415000 | 2417787 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 5% 1/1/2048 (i) | 1690000 | 1658106 |
| Chicago IL O'Hare Intl Arpt Rev Series 2018A, 5% 1/1/2053 (i) | 690000 | 675696 |
| Chicago IL O'Hare Intl Arpt Rev Series 2020A, 4% 1/1/2038  | 45000 | 43520 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022 C, 5% 1/1/2037 (i) | 1000000 | 1033669 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022 C, 5% 1/1/2038 (i) | 1000000 | 1028638 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022 C, 5% 1/1/2039 (i) | 1400000 | 1431183 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022 C, 5% 1/1/2041 (i) | 2000000 | 2016311 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022A, 4.5% 1/1/2048 (i) | 4235000 | 3895379 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022A, 4.625% 1/1/2053 (i) | 2325000 | 2142613 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022A, 5.5% 1/1/2053 (Assured Guaranty Ltd Insured) (i) | 3950000 | 4037028 |
| Chicago IL O'Hare Intl Arpt Rev Series 2022A, 5.5% 1/1/2055 (i) | 2540000 | 2601177 |
| Chicago IL O'Hare Intl Arpt Rev Series 2023, 5% 1/1/2038 (Build America Mutual Assurance Co Insured)  | 785000 | 833665 |
| Chicago IL O'Hare Intl Arpt Rev Series 2023, 5.25% 1/1/2043 (Build America Mutual Assurance Co Insured)  | 605000 | 630497 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5% 1/1/2036 (i) | 795000 | 832168 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5% 1/1/2039 (i) | 1780000 | 1835911 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5.5% 1/1/2053 (i) | 1500000 | 1547396 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 A, 5.5% 1/1/2059 (i) | 2075000 | 2137208 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024 B, 5.5% 1/1/2059  | 4500000 | 4685749 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2038 (i) | 760000 | 789773 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5% 1/1/2039 (i) | 2250000 | 2327280 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024C, 5.25% 1/1/2040 (i) | 1285000 | 1348247 |
| Chicago IL O'Hare Intl Arpt Rev Series 2024E, 5% 1/1/2028 (i) | 2000000 | 2071115 |
| Chicago IL O'Hare Intl Arpt Rev Series B, 5% 1/1/2035  | 540000 | 542792 |
| Chicago IL O'Hare Intl Arpt Rev Series B, 5% 1/1/2041  | 360000 | 360448 |
| Chicago IL O'Hare Intl Arpt Rev Series C, 5% 1/1/2036  | 1500000 | 1506836 |
| Chicago IL O'Hare Intl Arpt Rev Series D, 5% 1/1/2047  | 2320000 | 2305607 |
| Chicago IL O'Hare Intl Arpt Rev Series D, 5% 1/1/2052 (i) | 500000 | 489932 |
| Chicago IL O'Hare Intl Arpt Rev Series G, 5% 1/1/2047 (i) | 395000 | 388470 |
| Chicago IL O'Hare Intl Arpt Rev Series G, 5% 1/1/2052 (i) | 365000 | 357650 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) 5% 7/1/2033 (i) | 155000 | 158415 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) 5% 7/1/2038 (i) | 715000 | 720352 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) 5% 7/1/2048 (i) | 1180000 | 1122346 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) Series 2025, 5.5% 7/1/2039 (i)(m) | 1400000 | 1480794 |
| Chicago IL O'Hare Intl Arpt Rev Spl (TrIPs Obligated Group Proj.) Series 2025, 5.5% 7/1/2041 (i)(m) | 1640000 | 1713233 |
| Chicago IL Tran Auth Cap Grnt Rcpts Rev Series 5337, 5% 6/1/2025  | 75000 | 75002 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 1/1/2040  | 2000000 | 1989714 |
| Illinois St Toll Hwy Auth Hwy Rev 5% 12/1/2031  | 910000 | 916943 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2014C, 5% 1/1/2037  | 1475000 | 1475051 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2014C, 5% 1/1/2039  | 1000000 | 999928 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2015A, 5% 1/1/2037  | 700000 | 700025 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2017 A, 5% 1/1/2042  | 5425000 | 5452560 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 A, 5% 1/1/2040  | 1445000 | 1479186 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2019 A, 5% 1/1/2044  | 425000 | 427835 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2038  | 65000 | 67959 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2040  | 805000 | 831129 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2041  | 2135000 | 2191088 |
| Illinois St Toll Hwy Auth Hwy Rev Series 2020 A, 5% 1/1/2045  | 7155000 | 7224711 |
| Western Illinois Economic Development Authority Gen. Oblig. Series 2019B, 4% 12/1/2029  | 140000 | 141743 |
| Western Illinois Economic Development Authority Gen. Oblig. Series 2019B, 4% 12/1/2030  | 180000 | 181935 |
| Western Illinois Economic Development Authority Gen. Oblig. Series 2019B, 4% 12/1/2032  | 250000 | 250174 |
| Western Illinois Economic Development Authority Gen. Oblig. Series 2019B, 4% 12/1/2034  | 370000 | 367315 |
| Western Illinois Economic Development Authority Gen. Oblig. Series 2019B, 4% 12/1/2036  | 425000 | 410645 |
|  |  | 105313862 |
| Water & Sewer - 0.2% |  |  |
| Chicago IL Wastewater Transmission Rev Series 2023A, 5.25% 1/1/2053 (Assured Guaranty Ltd Insured)  | 1750000 | 1771866 |
| Chicago IL Wastewater Transmission Rev Series 2023A, 5.25% 1/1/2058 (Assured Guaranty Municipal Corp Insured)  | 4500000 | 4518345 |
| Chicago IL Wastewater Transmission Rev Series 2023A, 5.5% 1/1/2062 (Assured Guaranty Ltd Insured)  | 1050000 | 1071427 |
| Chicago IL Wastewater Transmission Rev Series 2024A, 5% 1/1/2026  | 500000 | 504895 |
| Chicago IL Wastewater Transmission Rev Series 2024A, 5% 1/1/2027  | 600000 | 617028 |
| Chicago IL Wastewater Transmission Rev Series 2024A, 5% 1/1/2028  | 600000 | 625501 |
| Chicago IL Wastewater Transmission Rev Series A, 5% 1/1/2047  | 385000 | 385337 |
| Chicago IL Wastewater Transmission Rev Series A, 5.25% 1/1/2042 (Assured Guaranty Ltd Insured)  | 1250000 | 1259230 |
| Chicago IL Wastewater Transmission Rev Series B, 5% 1/1/2036  | 970000 | 981010 |
| Chicago IL Wastewater Transmission Rev Series B, 5% 1/1/2038  | 240000 | 241997 |
| Chicago IL Wtr Rev Series 2017 2, 5% 11/1/2032 (Assured Guaranty Ltd Insured)  | 240000 | 247068 |
| Chicago IL Wtr Rev Series 2017 2, 5% 11/1/2034 (Assured Guaranty Ltd Insured)  | 1445000 | 1480645 |
| Chicago IL Wtr Rev Series 2017 2, 5% 11/1/2037 (Assured Guaranty Ltd Insured)  | 575000 | 584142 |
| Chicago IL Wtr Rev Series 2017, 5% 11/1/2029  | 240000 | 249279 |
| Chicago IL Wtr Rev Series 2023 A, 5.25% 11/1/2048 (Assured Guaranty Ltd Insured)  | 3720000 | 3793463 |
| Illinois Fin Auth Rev (IL Wtr State Rev Fund Proj.) Series 2017, 5% 1/1/2029  | 405000 | 417316 |
|  |  | 18748549 |
| TOTAL ILLINOIS |  | 732146435 |
| Indiana - 0.8%  |  |  |
| Education - 0.0% |  |  |
| Ball State University Indiana Series S, 4% 7/1/2036  | 435000 | 426671 |
| Indiana Fin Auth Edl Facs Rev 5.75% 6/1/2048  | 1630000 | 1704472 |
| Indiana Fin Auth Edl Facs Rev Series 2021, 5% 10/1/2028  | 50000 | 50451 |
| Indiana Fin Auth Edl Facs Rev Series 2021, 5% 10/1/2033  | 35000 | 34528 |
| Indiana Fin Auth Student Hsg Rev (Chf Tippecanoe LLC Proj.) Series 2023A, 5% 6/1/2043  | 855000 | 846641 |
| Indiana Fin Auth Student Hsg Rev (Chf Tippecanoe LLC Proj.) Series 2023A, 5% 6/1/2053  | 890000 | 848728 |
| Indiana Fin Auth Student Hsg Rev (Chf Tippecanoe LLC Proj.) Series 2023A, 5.125% 6/1/2058  | 1700000 | 1640155 |
| Indiana Secondary Mkt For Ed Lns Inc Student Ln Prog Rev 4.5% 6/1/2039 (i) | 215000 | 210107 |
| Purdue University Series DD, 5% 7/1/2034  | 145000 | 151456 |
| Purdue University Series DD, 5% 7/1/2035  | 285000 | 296716 |
| Purdue University Series DD, 5% 7/1/2036  | 310000 | 321635 |
| Purdue University Series DD, 5% 7/1/2037  | 290000 | 299782 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2019, 4% 4/1/2046  | 125000 | 107223 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2019, 5% 4/1/2040  | 125000 | 126415 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2019, 5% 4/1/2043  | 1290000 | 1275339 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 4% 4/1/2037  | 680000 | 653244 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2029  | 60000 | 63031 |
| St Joseph Cnty Ind Eco Dev Rev (St Mary's College Proj.) Series 2020, 5% 4/1/2032  | 50000 | 52468 |
| St Joseph Cnty Ind Edl Fac Rev Series 1996, 6.5% 3/1/2026  | 210000 | 215498 |
|  |  | 9324560 |
| Electric Utilities - 0.1% |  |  |
| Indiana Fin Auth Midwestern Disaster Relief Revenue Ohio Vly Elec Corp (Ohio Valley Electric Corp Proj.) Series 2012 A, 4.25% 11/1/2030  | 3095000 | 3131696 |
| Indiana Mun Pwr Agy Pwr Supply Series 2017A, 5% 1/1/2032  | 225000 | 233857 |
| Indiana Mun Pwr Agy Pwr Supply Series 2017A, 5% 1/1/2034  | 110000 | 113706 |
| Indiana Mun Pwr Agy Pwr Supply Series 2025A, 5% 1/1/2043  | 2250000 | 2346494 |
| Indiana St Fin Auth Environmental Facs Rev (Indianapolis Pwr & Lt Co Proj.) 0.75% tender 12/1/2038 (c) | 210000 | 204624 |
| Indiana St Fin Auth Environmental Facs Rev (Indianapolis Pwr & Lt Co Proj.) 0.95% tender 12/1/2038 (c)(i) | 945000 | 922338 |
| Indiana St Fin Auth Environmental Rev (Duke Energy Ind Inc Proj.) 2.85% 10/1/2040 VRDN (c) | 3600000 | 3600000 |
|  |  | 10552715 |
| General Obligations - 0.0% |  |  |
| Crown Point IN Multi-Sch Bldg Corp Series 2021, 5% 1/15/2040  | 1500000 | 1557973 |
| Indiana St Fin Auth Rev (Indiana St Proj.) 5.25% 2/1/2032  | 1025000 | 1027094 |
| Westfield Washington Ind Multi (Westfield-Wash Ind Schs Proj.) Series 2024 A, 5.25% 7/15/2037 (Build America Mutual Assurance Co Insured)  | 1895000 | 2098589 |
|  |  | 4683656 |
| Health Care - 0.2% |  |  |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 4.25% 3/1/2049  | 360000 | 299669 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5% 3/1/2043  | 755000 | 755467 |
| Indiana Fin Auth Health Fac Rev (Hendricks Reg Hlth Proj.) Series 2024, 5.25% 3/1/2054  | 1660000 | 1641294 |
| Indiana Fin Auth Health Fac Rev Series 2017 A, 5% 8/15/2051  | 1270000 | 1227587 |
| Indiana Fin Auth Health Fac Rev Series 2024 A, 5.5% 3/1/2044  | 650000 | 667679 |
| Indiana Fin Auth Health Fac Rev Series 2024 A, 5.75% 3/1/2054  | 1635000 | 1677622 |
| Indiana Fin Auth Health Sys Rev (Franciscan Alliance Proj.) Series 2016 A, 4% 11/1/2051  | 2670000 | 2255013 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2019 B, 2.25% tender 12/1/2058 (c) | 35000 | 34946 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2023A, 5% 10/1/2041  | 1250000 | 1299884 |
| Indiana Fin Auth Health Sys Rev (Indiana University Health Proj.) Series 2023A, 5% 10/1/2053  | 500000 | 501113 |
| Indiana Fin Auth Health Sys Rev Series 2023B 2, 5% tender 10/1/2060 (c) | 1630000 | 1755086 |
| Indiana Fin Auth Hosp Rev (Indiana University Health Proj.) Series 2011 L, 0.7% tender 12/1/2046 (c) | 1000000 | 977865 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 5% 11/1/2028  | 25000 | 26526 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 5% 11/1/2029  | 80000 | 85907 |
| Indiana Fin Auth Hosp Rev (Parkview Health System Proj.) 5% 11/1/2030  | 20000 | 21693 |
| Indiana Fin Auth Hosp Rev Series 2020 A, 4% 7/1/2045  | 1205000 | 1057420 |
| Indiana Fin Auth Hosp Rev Series 2022, 4.25% 1/1/2047 (Assured Guaranty Ltd Insured)  | 535000 | 474707 |
| Indiana Fin Auth Hosp Rev Series 2024A, 5.5% 9/15/2039  | 700000 | 727702 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2026  | 160000 | 163421 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2027  | 185000 | 189416 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2029  | 185000 | 189111 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2030  | 170000 | 173611 |
| Indiana St Fin Auth Rev (Community Foundation of Northwest Indiana Inc Proj.) 5% 9/1/2031  | 100000 | 102012 |
| Indiana St Fin Auth Rev Series 2015A, 5% 3/1/2039  | 285000 | 285042 |
| Indiana St Fin Auth Rev Series 2018A, 5% 11/15/2053  | 650000 | 587570 |
| Indiana St Hsg & Cmnty Dev Auth Multifamily Hsg Rev (Glasswater Creek Whitestown Proj Proj.) Series 2020, 5.375% 10/1/2040 (h) | 480000 | 396762 |
|  |  | 17574125 |
| Housing - 0.0% |  |  |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 1/1/2052  | 905000 | 883344 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) 3% 7/1/2050  | 300000 | 295025 |
| 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  | 15000 | 14932 |
| 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  | 95000 | 94963 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 1/1/2028  | 20000 | 20948 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 1/1/2029  | 20000 | 21223 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 7/1/2028  | 20000 | 21115 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev (IN Sfm Revenue Bonds 6/1/2016 Proj.) Series 2021 A, 5% 7/1/2029  | 15000 | 16018 |
| Indiana St Hsg & Cmnty Dev Single Fam Hsg Rev Series 2020 B 1, 3.25% 7/1/2049  | 215000 | 213245 |
|  |  | 1580813 |
| Industrial Development - 0.2% |  |  |
| City of Valparaiso IN Series 2024, 4.5% 1/1/2034 (h)(i) | 1050000 | 1050888 |
| City of Valparaiso IN Series 2024, 4.875% 1/1/2044 (h)(i) | 1350000 | 1278122 |
| City of Valparaiso IN Series 2024, 5% 1/1/2054 (h)(i) | 2000000 | 1850359 |
| Indiana St Fin Auth Environmental Rev Series 2021 A, 4.125% 12/1/2026  | 1945000 | 1945775 |
| Indiana St Fin Auth Pollution Ctl Rev (Ohio Valley Electric Corp Proj.) Series 2010 B, 2.5% 11/1/2030  | 385000 | 357600 |
| Mount Vernon Ind Environmentalimpt Rev Series 2015, 4.25% tender 9/1/2055 (c)(i) | 250000 | 251156 |
| Warrick Cnty Ind Environmental Impt Rev Series 2015, 4.25% tender 9/1/2055 (c)(i) | 250000 | 251155 |
| Whiting Ind Environmental Facs (Bp Products North America Inc Proj.) Series 2019A, 5% tender 12/1/2044 (BP PLC Guaranteed) (c)(i) | 1600000 | 1614004 |
| Whiting Ind Environmental Facs Series 2015, 4.4% tender 11/1/2045 (BP PLC Guaranteed) (c)(i) | 2775000 | 2808087 |
|  |  | 11407146 |
| Lease Revenue - 0.0% |  |  |
| Fishers Town Hall Bldg Corp Ind Lease Rent Rev Series 2023 A, 5.75% 1/15/2063  | 4110000 | 4469124 |
| Other - 0.1% |  |  |
| Indiana Fin Auth Edl Facs Rev Series 2022A, 5.5% 7/1/2052  | 5600000 | 5595131 |
| Indiana Fin Auth Student Hsg Rev 5.625% 7/1/2050  | 500000 | 481963 |
| Indiana Fin Auth Student Hsg Rev Series 2024A, 5% 7/1/2059  | 725000 | 683934 |
| Indiana Finance Authority 5.5% 10/1/2055  | 1600000 | 1673782 |
| Indiana St Fin Auth Rev Series 2025 A, 5.25% 3/1/2050 (m) | 960000 | 927328 |
| Indiana St Fin Auth Rev Series 2025B, 5% 5/1/2040  | 940000 | 925865 |
|  |  | 10288003 |
| Resource Recovery - 0.0% |  |  |
| East Chicago Ind Solid Waste Disp Rev Series 1998, 5.5% 9/1/2028 (i) | 245000 | 236834 |
| Indiana Fin Auth Exempt Fac Rev 7% 3/1/2039 (f)(h)(i) | 350000 | 53894 |
|  |  | 290728 |
| Special Tax - 0.0% |  |  |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis Marion Cnty Bldg Auth Proj.) Series 2019 A, 5% 2/1/2049  | 995000 | 1003498 |
| Indianapolis Ind Loc Pub Impt Bd Bank Series 2023D, 6% 2/1/2048  | 1250000 | 1376107 |
| Indianapolis Ind Loc Pub Impt Bd Bank Series 2023E, 6.125% 3/1/2057  | 375000 | 388977 |
| Indianapolis Ind Loc Pub Impt Bd Bank Series 2023F 1, 5.25% 3/1/2067  | 2005000 | 2040033 |
|  |  | 4808615 |
| Transportation - 0.0% |  |  |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2016 A1, 4% 1/1/2032 (i) | 120000 | 119909 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2016 A1, 4% 1/1/2033 (i) | 120000 | 119685 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2016 A1, 4% 1/1/2034 (i) | 150000 | 149743 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series 2016 A1, 4% 1/1/2035 (i) | 340000 | 336693 |
| Indianapolis Ind Loc Pub Impt Bd Bank (Indianapolis IN Arpt Auth Rev Proj.) Series A-1, 5% 1/1/2026 (i) | 125000 | 126279 |
| Indianapolis Ind Loc Pub Impt Bd Bank Series 2015 I, 5% 1/1/2028 (i) | 425000 | 425574 |
| Indianapolis Ind Loc Pub Impt Bd Bank Series 2019 D, 5% 1/1/2028 (i) | 3695000 | 3823616 |
| Northern Indiana Commuter Transportation District Series 2016, 5% 7/1/2041  | 600000 | 605940 |
|  |  | 5707439 |
| Water & Sewer - 0.2% |  |  |
| Carmel IN Wtrwks Rev Series 2024 C, 5.25% 5/1/2047  | 300000 | 308433 |
| Carmel IN Wtrwks Rev Series 2024 C, 5.25% 5/1/2051  | 1375000 | 1402339 |
| Indiana Finance Authority (Citizens Energy Group Water Proj.) Series 2023A, 5% 10/1/2032  | 2100000 | 2344195 |
| Indiana Finance Authority (Citizens Energy Group Water Proj.) Series 2023A, 5% 10/1/2033  | 1400000 | 1569828 |
| Indiana Finance Authority 5.25% 10/1/2047  | 1900000 | 1961102 |
| Indiana Finance Authority Series 2016 A, 5% 10/1/2046  | 2800000 | 2815320 |
| Indiana Finance Authority Series 2021 2, 5% 10/1/2041  | 1235000 | 1274085 |
| Indiana Finance Authority Series 2023A, 5% 10/1/2035  | 1100000 | 1214631 |
| Indiana Finance Authority Series 2023A, 5% 10/1/2036  | 1000000 | 1095770 |
| Indiana Finance Authority Series 2023A, 5% 10/1/2037  | 625000 | 678387 |
| Indiana Finance Authority Series 2023A, 5% 10/1/2039  | 1000000 | 1066608 |
|  |  | 15730698 |
| TOTAL INDIANA |  | 96417622 |
| Iowa - 0.1%  |  |  |
| Education - 0.0% |  |  |
| Iowa Higher Ed Ln Auth Rev (Des Moines Iowa University Proj.) Series 2020, 4% 10/1/2045  | 650000 | 560667 |
| Iowa Higher Ed Ln Auth Rev (Des Moines Iowa University Proj.) Series 2020, 4% 10/1/2050  | 120000 | 99154 |
| Iowa Higher Ed Ln Auth Rev (Dubuque University IA Proj.) Series 2025, 5.25% 10/1/2040  | 1895000 | 1927338 |
| Iowa Higher Ed Ln Auth Rev 5% 10/1/2047  | 180000 | 178946 |
| Iowa Higher Ed Ln Auth Rev Series 2022, 4.75% 10/1/2042  | 170000 | 166634 |
| Iowa Higher Ed Ln Auth Rev Series 2022, 5.375% 10/1/2052  | 200000 | 201635 |
| Iowa Student Ln Liquidity Corp Series 2019 B, 3% 12/1/2039 (i) | 30000 | 28163 |
| Iowa Student Ln Liquidity Corp Series 2019 B, 5% 12/1/2029 (i) | 740000 | 769976 |
| Iowa Student Ln Liquidity Corp Series 2019 C, 3.5% 12/1/2044 (i) | 1250000 | 933605 |
| Iowa Student Ln Liquidity Corp Series 2024 C, 5% 12/1/2054 (i) | 295000 | 258451 |
|  |  | 5124569 |
| General Obligations - 0.0% |  |  |
| Coralville Iowa Series 2017B, 4.25% 5/1/2037  | 150000 | 125883 |
| Waukee IA Cmnty Sch Dist 2% 6/1/2037  | 1000000 | 734745 |
|  |  | 860628 |
| Health Care - 0.0% |  |  |
| Iowa Fin Auth Health Facs Rev (Unitypoint Health Proj.) Series 2013B 2, 2.8% 2/15/2039, LOC TD Bank NA VRDN (c) | 800000 | 800000 |
| Iowa Fin Auth Rev (Unitypoint Health Proj.) Series 2018B, 5% 2/15/2048  | 205000 | 205001 |
| Iowa Fin Auth Sr Hsg Rev Series 2018A, 5% 3/1/2033  | 165000 | 165497 |
| Iowa Fin Auth Sr Hsg Rev Series 2018A, 5% 3/1/2038  | 130000 | 126955 |
| Iowa Fin Auth Sr Hsg Rev Series 2018A, 5% 3/1/2048  | 240000 | 214944 |
|  |  | 1512397 |
| Housing - 0.0% |  |  |
| Iowa Fin Auth Single Family Mtg Rev (IA Single Family Mortgage Proj.) Series 2018 A, 4% 7/1/2047  | 65000 | 65038 |
| Iowa Fin Auth Single Family Mtg Rev (IA Single Family Mortgage Proj.) Series 2021 A, 3% 1/1/2047  | 520000 | 513485 |
| Iowa Fin Auth Single Family Mtg Rev Series 2020 A, 3.75% 1/1/2050  | 605000 | 604781 |
|  |  | 1183304 |
| Industrial Development - 0.0% |  |  |
| Iowa Fin Auth Midwestern Disaster Area Rev (Iowa Fertilizer Co LLC Proj.) Series 2022, 5% 12/1/2050 (OCI NV Guaranteed) (Pre-refunded to 12/1/2032 at 100)  | 1130000 | 1269541 |
| Other - 0.0% |  |  |
| Coralville Iowa 5% 5/1/2042  | 300000 | 282266 |
| Tobacco Bonds - 0.1% |  |  |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021 B1 CLASS 2, 4% 6/1/2049  | 725000 | 725000 |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 4% 6/1/2034  | 705000 | 696824 |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 4% 6/1/2036  | 705000 | 686471 |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 4% 6/1/2039  | 705000 | 666376 |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 4% 6/1/2049  | 1290000 | 1094728 |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021A 2 CL 1, 5% 6/1/2032  | 635000 | 669013 |
| Tobacco Settlement Auth Iowa Tobacco Settlement Rev Series 2021B 2 CL 2, 0% 6/1/2065 (j) | 9100000 | 1338510 |
|  |  | 5876922 |
| TOTAL IOWA |  | 16109627 |
| Kansas - 0.2%  |  |  |
| Education - 0.0% |  |  |
| Sedgwick Cnty KS Pub Bldg Commn Rev Series 2014 3, 5% 2/1/2039  | 1050000 | 1051165 |
| Sedgwick Cnty KS Pub Bldg Commn Rev Series 2014 3, 5% 2/1/2044  | 725000 | 725758 |
|  |  | 1776923 |
| Electric Utilities - 0.0% |  |  |
| Wyandotte Cnty Kansas City Util Sys Rev Series 2016A, 5% 9/1/2040  | 480000 | 480703 |
| Wyandotte Cnty Kansas City Util Sys Rev Series 2016A, 5% 9/1/2045  | 725000 | 697066 |
|  |  | 1177769 |
| General Obligations - 0.0% |  |  |
| Lyon Cnty Kans Uni Sch Dist No 253 Emporia 4% 9/1/2039  | 640000 | 608042 |
| Lyon Cnty Kans Uni Sch Dist No 253 Emporia Series 2019, 4% 9/1/2033  | 110000 | 110759 |
| Sedgwick Cnty KS Usd #266 Series 2019 A, 4% 9/1/2031  | 240000 | 243190 |
| Sedgwick Cnty KS Usd #266 Series 2019 A, 4% 9/1/2032  | 180000 | 181713 |
|  |  | 1143704 |
| Health Care - 0.1% |  |  |
| Hutchinson Kans Hosp Facs Rev Series 2016, 5% 12/1/2036  | 275000 | 245201 |
| Hutchinson Kans Hosp Facs Rev Series 2016, 5% 12/1/2041  | 300000 | 245985 |
| Lenexa KS Health Care Fac Rev Series 2018 A, 5% 5/15/2030  | 175000 | 176308 |
| Lenexa KS Health Care Fac Rev Series 2018 A, 5% 5/15/2032  | 160000 | 160903 |
| Lenexa KS Health Care Fac Rev Series 2018 A, 5% 5/15/2039  | 165000 | 160661 |
| University Kansas Hosp Auth Hlth Fac Rev (University of Kansas Hospital Authority Proj.) Series 2019A, 5% 9/1/2048  | 4640000 | 4676458 |
| Wichita Kans Health Care Facs Rev Series 2018 I, 4.625% 5/15/2041  | 30000 | 25925 |
| Wichita Kans Health Care Facs Rev Series 2018 I, 5% 5/15/2033  | 230000 | 226953 |
| Wichita Kans Health Care Facs Rev Series 2018 I, 5% 5/15/2038  | 365000 | 344456 |
| Wichita Kans Health Care Facs Rev Series 2018 I, 5% 5/15/2047  | 150000 | 126129 |
|  |  | 6388979 |
| Lease Revenue - 0.0% |  |  |
| Overland Park KS Dev Corp Rev Series 2019, 5% 3/1/2032  | 215000 | 221757 |
| Overland Park KS Dev Corp Rev Series 2019, 5% 3/1/2033  | 230000 | 236503 |
| Overland Park KS Dev Corp Rev Series 2019, 5% 3/1/2034  | 240000 | 246002 |
| Overland Park KS Dev Corp Rev Series 2019, 5% 3/1/2036  | 265000 | 269975 |
|  |  | 974237 |
| Other - 0.0% |  |  |
| Topeka Kans Health Care Facs Rev 6.25% 12/1/2042  | 340000 | 343799 |
| Topeka Kans Health Care Facs Rev 6.5% 12/1/2052  | 630000 | 632458 |
|  |  | 976257 |
| Special Tax - 0.1% |  |  |
| City of Overland Park KS 6.5% 11/15/2042 (h) | 4850000 | 5029514 |
| Kansas St Dept Transn Hwy Rev Series 2025A, 5% 9/1/2033 (m) | 7515000 | 8471393 |
| Overland Park KS Dev Corp Rev Series 2019, 5% 3/1/2038  | 295000 | 298332 |
| Overland Park KS Dev Corp Rev Series 2019, 5% 3/1/2044  | 495000 | 482862 |
| Overland Park KS Dev Corp Rev Series 2019, 5% 3/1/2049  | 975000 | 924165 |
| Wyandotte Cnty Kansas City KA Unified Gov Spl Oblig Rev Series 2015, 0% 9/1/2034 (h)(j) | 2100000 | 1099732 |
| Wyandotte Cnty Kansas City KA Unified Gov Spl Oblig Rev Series A, 5.75% 9/1/2032  | 780000 | 722176 |
| Wyandotte County-Kansas City Unified Government Series 2018, 4.5% 6/1/2040  | 70000 | 65939 |
|  |  | 17094113 |
| TOTAL KANSAS |  | 29531982 |
| Kentucky - 0.9%  |  |  |
| Education - 0.0% |  |  |
| Boyle Cnty KY Edl Facs Rev (Centre College Proj.) Series 2017, 5% 6/1/2037  | 115000 | 116211 |
| Campbellsville KY Indl Bldg Rev Series 2017, 5% 3/1/2039  | 300000 | 277695 |
| Columbia KY Edl Dev Rev Series 2019, 5% 12/1/2033  | 300000 | 298902 |
| Kentucky Higher Ed Student Ln Corp Student Ln Rev Series 2019B 1, 5% 6/1/2036 (i) | 1380000 | 1420528 |
| Kentucky State University Series 2021, 4% 11/1/2051  | 45000 | 38438 |
|  |  | 2151774 |
| Electric Utilities - 0.0% |  |  |
| Carroll Cnty KY Pollution Ctl Rev (Kentucky Utilities Co Proj.) Series 2016 A, 1.55% tender 9/1/2042 (c) | 500000 | 482072 |
| Kentucky St Mun Pwr Agy Pwr Sys Rev Series 2019 A, 4% 9/1/2045  | 750000 | 633448 |
| Louisville/Jefferson Cnty KY Metro Govt Polluction Ctl Rev Series 2005 A, 1.75% tender 2/1/2035 (c) | 1385000 | 1352479 |
| Trimble Cnty KY Pollutn Ctl (Louisville Gas & Electric Co Proj.) Series 2016 A, 1.3% tender 9/1/2044 (c)(i) | 2500000 | 2299861 |
|  |  | 4767860 |
| General Obligations - 0.6% |  |  |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev 5% tender 5/1/2055 (Goldman Sachs Group Inc/The Guaranteed) (c) | 4615000 | 4784436 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2018 C 1, 4% tender 12/1/2049 (Morgan Stanley Guaranteed) (c) | 18070000 | 18070000 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2019C 1, 4% tender 2/1/2050 (Morgan Stanley Guaranteed) (c) | 3435000 | 3431353 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% 6/1/2025 (BP PLC Guaranteed)  | 40000 | 40000 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2020 A, 4% tender 12/1/2050 (BP PLC Guaranteed) (c) | 6810000 | 6827122 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2022 A 2, U.S. SOFR Index + 1.2%, 4.101% tender 8/1/2052 (c)(e) | 1950000 | 1939117 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024 A1, 5.25% tender 4/1/2054 (Morgan Stanley Guaranteed) (c) | 7970000 | 8431700 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2024B, 5% tender 1/1/2055 (c) | 3600000 | 3784523 |
| Kentucky Inc KY Pub Energy Auth Gas Supply Rev Series 2025A, 5.25% tender 6/1/2055 (Morgan Stanley Guaranteed) (c) | 1500000 | 1573065 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2026  | 125000 | 127063 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2028  | 65000 | 68704 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2029  | 765000 | 809091 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2030  | 70000 | 73488 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2031  | 30000 | 31508 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2032  | 190000 | 199221 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2033  | 170000 | 177803 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2034  | 190000 | 198222 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2035  | 115000 | 118740 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2036  | 100000 | 102947 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) 5% 5/1/2038  | 255000 | 260574 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 4% 11/1/2034  | 80000 | 80191 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 4% 11/1/2035  | 25000 | 24877 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 4% 11/1/2036  | 65000 | 63913 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 4% 11/1/2037  | 80000 | 77688 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 4% 11/1/2038  | 35000 | 33184 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2029  | 285000 | 301574 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 11/1/2030  | 120000 | 126936 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series A, 5% 8/1/2027  | 25000 | 25076 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series B, 5% 11/1/2027  | 70000 | 71694 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2035  | 2250000 | 2507909 |
| Kentucky St Pty & Bldgs Commn (Kentucky St Proj.) Series SR A, 5% 10/1/2039  | 1410000 | 1498355 |
| Kentucky St Tpk Auth Economic (Kentucky St Proj.) Series 2024A, 5% 7/1/2027  | 2250000 | 2347631 |
|  |  | 58207705 |
| Health Care - 0.3% |  |  |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2033  | 170000 | 164664 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2035  | 135000 | 127429 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2036  | 50000 | 46614 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2037  | 35000 | 32349 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 4% 2/1/2038  | 195000 | 177864 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2028  | 175000 | 180728 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2032  | 100000 | 101869 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) 5% 2/1/2040  | 65000 | 63714 |
| Ashland KY Med Ctr Rev (Royal Blue Health Proj.) Series 2019, 3% 2/1/2040 (Assured Guaranty Municipal Corp Insured)  | 1110000 | 923057 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2049  | 2590000 | 2488548 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2033  | 55000 | 57459 |
| Kentucky Econ Dev Fin Auth (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2044  | 1260000 | 1239695 |
| Kentucky Econ Dev Fin Auth Hlth Care Rev Series 2012, 5.375% 11/15/2042  | 635000 | 526413 |
| Kentucky Econ Dev Fin Auth Hlth Care Rev Series 2012, 5.5% 11/15/2045  | 230000 | 186590 |
| Kentucky Econ Dev Fin Auth Hlth Care Rev Series 2016 A, 6.25% 11/15/2046  | 590000 | 408815 |
| Kentucky Econ Dev Fin Auth Hlth Care Rev Series 2016 A, 6.375% 11/15/2051  | 820000 | 554503 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Baptist Healthcare System Obligated Group Proj.) 5% 8/15/2032  | 150000 | 154059 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Baptist Healthcare System Obligated Group Proj.) 5% 8/15/2033  | 75000 | 76799 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Baptist Healthcare System Obligated Group Proj.) 5% 8/15/2035  | 85000 | 86551 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Baptist Healthcare System Obligated Group Proj.) 5% 8/15/2041  | 900000 | 902901 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Baptist Healthcare System Obligated Group Proj.) Series 2017 B, 5% 8/15/2046  | 570000 | 560713 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) 5.25% 6/1/2050  | 3405000 | 3279232 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2025  | 5000 | 5000 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2026  | 5000 | 5002 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2027  | 5000 | 5004 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2028  | 5000 | 5003 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2029  | 5000 | 5003 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2015B, 5% 6/1/2030  | 5000 | 5003 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2017 A, 5% 6/1/2037  | 2180000 | 2185656 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2017 A, 5% 6/1/2041  | 1995000 | 1952674 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2017 A, 5% 6/1/2045  | 3320000 | 3202432 |
| Kentucky Econ Dev Fin Auth Hosp Sys Rev (Owensboro KY Hosp Rev Proj.) Series 2017 A, 5.25% 6/1/2041  | 2005000 | 2006768 |
| Kentucky Econ Dev Fin Auth Series 2016 A, 5% 5/15/2046  | 995000 | 765605 |
| Kentucky Econ Dev Fin Auth Series 2016 A, 5% 5/15/2051  | 520000 | 380520 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 4% 10/1/2039  | 240000 | 220665 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% 10/1/2033  | 245000 | 247801 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% 10/1/2037  | 1525000 | 1565040 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% 10/1/2038  | 360000 | 367343 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (c) | 505000 | 534997 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) 5% tender 10/1/2047 (c) | 420000 | 428204 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2016 A, 5% 10/1/2026  | 360000 | 367856 |
| Louisville & Jefferson Cnty KY Metro Govt Health Sys Rev (Norton Healthcare Inc Proj.) Series 2020A, 3% 10/1/2043  | 3785000 | 2788625 |
| Louisville & Jefferson Cnty KY Metro Govt Hosp Rev Series 2022A, 5% 5/15/2047 (Assured Guaranty Ltd Insured)  | 2500000 | 2485010 |
|  |  | 31869777 |
| Other - 0.0% |  |  |
| Boyle Cnty KY Edl Facs Rev Series 2023A, 5.25% 6/1/2049  | 700000 | 705091 |
| Resource Recovery - 0.0% |  |  |
| Carroll Cnty KY Environmental Facs Rev (Kentucky Utilities Co Proj.) Series 2006 B, 2.125% 10/1/2034 (i) | 1540000 | 1209334 |
| City of Henderson KY Series 2022 A, 4.45% 1/1/2042 (h)(i) | 300000 | 274454 |
| City of Henderson KY Series 2022 A, 4.7% 1/1/2052 (h)(i) | 1100000 | 977868 |
| City of Henderson KY Series 2022B, 4.45% 1/1/2042 (h)(i) | 1010000 | 925046 |
| City of Henderson KY Series 2022B, 4.7% 1/1/2052 (h)(i) | 1535000 | 1364571 |
|  |  | 4751273 |
| Special Tax - 0.0% |  |  |
| Kentucky Economic Dev Fin Auth Louisville Arena Proj Rev (Louisville Arena Authority Inc Proj.) Series 2017 A, 5% 12/1/2045 (Assured Guaranty Ltd Insured)  | 940000 | 940310 |
| Kentucky Economic Dev Fin Auth Louisville Arena Proj Rev (Louisville Arena Authority Inc Proj.) Series 2017 A, 5% 12/1/2047 (Assured Guaranty Ltd Insured)  | 190000 | 186374 |
|  |  | 1126684 |
| Transportation - 0.0% |  |  |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2028  | 195000 | 196577 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2031  | 185000 | 186324 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2032  | 185000 | 186254 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) 5% 1/1/2033  | 75000 | 75471 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2019, 5% 1/1/2038  | 45000 | 46422 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2019, 5% 1/1/2039  | 45000 | 46164 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2019, 5% 1/1/2044  | 125000 | 125802 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2019, 5% 1/1/2049  | 160000 | 158767 |
| Kenton KY Airport Delta (Cincinnati/Northern Kentucky International Airport Proj.) Series 2024 A, 5.25% 1/1/2049 (i) | 850000 | 861917 |
|  |  | 1883698 |
| TOTAL KENTUCKY |  | 105463862 |
| Louisiana - 0.5%  |  |  |
| Education - 0.0% |  |  |
| Jefferson Parish LA Economic Dev & Port Dist Rev Series 2018A, 5.5% 6/15/2038 (h) | 335000 | 331573 |
| Jefferson Parish LA Economic Dev & Port Dist Rev Series 2018A, 5.625% 6/15/2048 (h) | 395000 | 376502 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth Series 2018, 5% 10/1/2048 (Assured Guaranty Ltd Insured)  | 545000 | 543391 |
| Louisiana Pub Facs Auth Rev (Loyola University, LA Proj.) Series 2017, 5.25% 10/1/2046 (k) | 2110000 | 2097232 |
| Louisiana Pub Facs Auth Rev (Tulane Univ, LA Proj.) Series 2016 A, 5% 12/15/2028  | 245000 | 251909 |
| Louisiana Pub Facs Auth Rev (Tulane Univ, LA Proj.) Series 2016 A, 5% 12/15/2029  | 240000 | 246468 |
| Louisiana Pub Facs Rev (Loyola University, LA Proj.) Series 2021, 4% 10/1/2041  | 235000 | 207773 |
| Louisiana Pub Facs Rev (Tulane Univ, LA Proj.) Series 2020 A, 5% 4/1/2045  | 1045000 | 1056806 |
|  |  | 5111654 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| New Orleans LA Sew Svc Rev Series 2015, 5% 6/1/2040 (Pre-refunded to 6/1/2025 at 100)  | 440000 | 440000 |
| New Orleans LA Sew Svc Rev Series 2015, 5% 6/1/2045 (Pre-refunded to 6/1/2025 at 100)  | 400000 | 400000 |
|  |  | 840000 |
| General Obligations - 0.0% |  |  |
| Shreveport LA Gen. Oblig. Series 2024, 5% 3/1/2054  | 3235000 | 3204086 |
| Health Care - 0.0% |  |  |
| Louisiana Loc Govt Environmental Facs & Cmnty Dev Auth Retirement Facs Rev Series 2019A, 5% 1/1/2049  | 595000 | 411961 |
| Louisiana Loc Govt Environmental Facs & Cmnty Series 2015A, 6% 11/15/2035  | 120000 | 120058 |
| Louisiana Loc Govt Environmental Facs & Cmnty Series 2015A, 6.25% 11/15/2045  | 765000 | 739376 |
| Louisiana Loc Govt Environmental Facs & Cmnty Series A, 5.625% 6/1/2045  | 955000 | 737299 |
| Louisiana Pub Fac Auth Hsp Rev (Louisiana Childrens Hospital Proj.) Series 2020 A, 3% 6/1/2050 (Assured Guaranty Municipal Corp Insured)  | 2190000 | 1468854 |
| Louisiana Pub Facs Auth Rev (Ochsner Clinic Foundation Proj.) Series 2015, 5% 5/15/2047  | 300000 | 294652 |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2032  | 95000 | 99090 |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2033  | 75000 | 77913 |
| Louisiana Pub Facs Rev (Christus Health Proj.) Series 2018 E, 5% 7/1/2034  | 90000 | 93145 |
| Louisiana Pub Facs Rev (Ochsner Clinic Foundation Proj.) Series 2017, 5% 5/15/2027  | 55000 | 56819 |
| Louisiana Pub Facs Rev Series 2017, 4% 5/15/2042  | 750000 | 680092 |
|  |  | 4779259 |
| Housing - 0.1% |  |  |
| Louisiana Hsg Corp Single Family Mtg Rev (LA Home Ownership Proj.) 5.75% 12/1/2053  | 690000 | 739489 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth Series 2019 A, 5% 7/1/2029 (h) | 95000 | 93668 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth Series 2019 A, 5% 7/1/2039 (h) | 255000 | 226441 |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth Series 2019 A, 5% 7/1/2054 (h) | 410000 | 324211 |
| Louisiana Pub Facs Auth Lease Series 2016 A, 5% 7/1/2046  | 1145000 | 1108715 |
| Louisiana Pub Facs Rev Series 2020 A 1, 5.1% 1/1/2057 (h) | 1980000 | 1540596 |
| Louisiana Pub Facs Rev Series 2020 A 1, 5.375% 1/1/2040 (h) | 860000 | 775677 |
| Louisiana Pub Facs Rev Series 2020 A 1, 5.5% 1/1/2050 (h) | 590000 | 502697 |
|  |  | 5311494 |
| Industrial Development - 0.2% |  |  |
| Louisiana Loc Govt Environmental Facs & Cmnty Dv Auth Series 2017, 3.5% 11/1/2032  | 2000000 | 1894692 |
| Louisiana St Offshore Term Auth Deepwtr Prot Rev Series 2013A, 4.2% tender 9/1/2033 (c) | 1000000 | 999562 |
| St James Parish LA Rev (Nustar Logistics Lp Proj.) Series 2008, 6.1% tender 6/1/2038 (c)(h) | 740000 | 786664 |
| St James Parish LA Rev (Nustar Logistics LP Proj.) Series 2010, 6.35% 7/1/2040 (h) | 750000 | 803720 |
| St James Parish LA Rev (Nustar Logistics Lp Proj.) Series 2010B, 6.1% tender 12/1/2040 (c)(h) | 975000 | 1036671 |
| St James Parish LA Rev (Nustar Logistics Lp Proj.) Series 2011, 5.85% tender 8/1/2041 (c)(h) | 1410000 | 1410000 |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) 4.05% tender 6/1/2037 (c) | 2000000 | 1999911 |
| St John Baptist Parish LA Rev (Conocophillips Inc Proj.) Series 2017B 2, 2.375% tender 6/1/2037 (c) | 1790000 | 1758552 |
| St John Baptist Parish LA Rev (ConocoPhillips Proj.) 2.2% 6/1/2037 (c) | 2380000 | 2333829 |
| St John Baptist Parish LA Rev Series 2017 C, 3.3% tender 6/1/2037 (c) | 4075000 | 3992671 |
|  |  | 17016272 |
| Other - 0.0% |  |  |
| Capital Area Finance Authority 6.5% 4/1/2054  | 2055000 | 2274033 |
| Port New Orlns LA Brd Commrs Port Fac Rev 5.5% 4/1/2051 (i) | 410000 | 422952 |
| Port New Orlns LA Brd Commrs Port Fac Rev 5.5% 4/1/2054 (i) | 530000 | 545243 |
|  |  | 3242228 |
| Resource Recovery - 0.0% |  |  |
| LA Pfa Swd Rev Series 2023, 6.75% tender 10/1/2053 (c)(h)(i) | 2800000 | 2954711 |
| Special Tax - 0.0% |  |  |
| Lafayette Parish LA Sch Brd 4% 4/1/2048  | 1900000 | 1656631 |
| Lafayette Parish LA Sch Brd 4% 4/1/2053  | 1900000 | 1631096 |
| Louisiana St Gas & Fuel Tax Rv 3% 5/1/2043, LOC Toronto-Dominion Bank/NY VRDN (c) | 500000 | 500000 |
|  |  | 3787727 |
| Transportation - 0.2% |  |  |
| Louisiana Pub Facs Rev Series 2024, 5% 9/1/2066 (i) | 3500000 | 3305873 |
| Louisiana Pub Facs Rev Series 2024, 5.5% 9/1/2054 (i) | 500000 | 508942 |
| Louisiana Pub Facs Rev Series 2024, 5.75% 9/1/2064 (i) | 8410000 | 8674745 |
| New Orleans Aviation Board Series 2018A, 5% 10/1/2048 (Assured Guaranty Ltd Insured)  | 255000 | 256406 |
| New Orleans LA Aviation Board 5% 1/1/2027 (i) | 60000 | 61466 |
| New Orleans LA Aviation Board 5% 1/1/2027 (i) | 50000 | 51222 |
| New Orleans LA Aviation Board 5% 1/1/2028 (i) | 90000 | 91743 |
| New Orleans LA Aviation Board 5% 1/1/2028 (i) | 30000 | 30581 |
| New Orleans LA Aviation Board 5% 1/1/2031 (i) | 80000 | 81166 |
| New Orleans LA Aviation Board 5% 1/1/2032 (i) | 50000 | 50602 |
| New Orleans LA Aviation Board 5% 1/1/2033 (i) | 125000 | 126338 |
| New Orleans LA Aviation Board 5% 1/1/2033 (i) | 85000 | 85910 |
| New Orleans LA Aviation Board 5% 1/1/2034 (i) | 150000 | 151392 |
| New Orleans LA Aviation Board 5% 1/1/2034 (i) | 25000 | 25231 |
| New Orleans LA Aviation Board 5% 1/1/2035 (i) | 50000 | 50388 |
| New Orleans LA Aviation Board 5% 1/1/2036 (i) | 115000 | 115705 |
| New Orleans LA Aviation Board 5% 1/1/2037 (i) | 705000 | 708111 |
| New Orleans LA Aviation Board 5% 1/1/2037 (i) | 185000 | 185816 |
| New Orleans LA Aviation Board 5% 1/1/2038 (i) | 365000 | 365854 |
| New Orleans LA Aviation Board Series 2017 A, 5% 1/1/2043  | 550000 | 550929 |
| New Orleans LA Aviation Board Series 2017 B, 5% 1/1/2048 (i) | 1080000 | 1058205 |
|  |  | 16536625 |
| Water & Sewer - 0.0% |  |  |
| East Baton Rouge LA Swr Commn Series 2021A, 1.3% tender 2/1/2041 (c) | 2010000 | 1849615 |
| Shreveport LA Wtr & Swr Rev Series 2017A, 5% 12/1/2041 (Assured Guaranty Ltd Insured)  | 565000 | 567579 |
| Shreveport LA Wtr & Swr Rev Series 2019 B, 4% 12/1/2044 (Assured Guaranty Ltd Insured)  | 210000 | 183201 |
| Shreveport LA Wtr & Swr Rev Series 2019 B, 4% 12/1/2049 (Assured Guaranty Ltd Insured)  | 265000 | 223579 |
|  |  | 2823974 |
| TOTAL LOUISIANA |  | 65608030 |
| Maine - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Maine Fin Auth Student Ln Rev Series 2021 A 1, 5% 12/1/2028 (Assured Guaranty Ltd Insured) (i) | 105000 | 109214 |
| Maine Fin Auth Student Ln Rev Series 2021 A 1, 5% 12/1/2029 (Assured Guaranty Ltd Insured) (i) | 105000 | 109166 |
| Maine Fin Auth Student Ln Rev Series 2021 A 1, 5% 12/1/2030 (Assured Guaranty Ltd Insured) (i) | 105000 | 109701 |
| Maine Fin Auth Student Ln Rev Series CL A 20244 1, 4.5% 12/1/2038 (Assured Guaranty Ltd Insured) (i) | 960000 | 930335 |
| Maine Fin Auth Student Ln Rev Series CL A 20244 1, 4.5% 12/1/2039 (Assured Guaranty Ltd Insured) (i) | 860000 | 825840 |
| Maine Fin Auth Student Ln Rev Series CL A 20244 1, 5% 12/1/2045 (Assured Guaranty Ltd Insured) (i) | 300000 | 297166 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) 4% 7/1/2051  | 1000000 | 844529 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 4% 7/1/2025  | 55000 | 55017 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 4% 7/1/2031  | 85000 | 85476 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 4% 7/1/2032  | 60000 | 60181 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 4% 7/1/2034  | 125000 | 123923 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2026  | 40000 | 40699 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2028  | 65000 | 67096 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2029  | 50000 | 51428 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2033  | 140000 | 143557 |
| Maine Health & Higher Edl Facs Auth Rev (University of New England Proj.) Series 2017 B, 5% 7/1/2035  | 90000 | 91998 |
| Maine Health & Higher Edl Facs Auth Rev Series 2017 A, 5% 7/1/2047  | 1000000 | 970342 |
| Maine Health & Higher Edl Facsauth Rev (Northeastern University Proj.) Series 2024B, 5.25% 10/1/2054  | 3985000 | 4057515 |
|  |  | 8973183 |
| General Obligations - 0.0% |  |  |
| Auburn ME 2.25% 11/1/2039  | 2640000 | 1822308 |
| Brunswick ME 2.375% 11/1/2037  | 330000 | 255776 |
|  |  | 2078084 |
| Health Care - 0.0% |  |  |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2030  | 65000 | 68151 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2031  | 60000 | 62759 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2034  | 110000 | 114082 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2035  | 155000 | 160185 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2036  | 180000 | 185383 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2037  | 170000 | 174397 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2018A, 5% 7/1/2038  | 125000 | 127657 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2020A, 4% 7/1/2036  | 315000 | 313095 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2020A, 4% 7/1/2037  | 255000 | 249809 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2020A, 4% 7/1/2038  | 265000 | 254957 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2020A, 4% 7/1/2039  | 330000 | 313114 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2020A, 4% 7/1/2040  | 465000 | 434092 |
| Maine Health & Higher Edl Facs Auth Rev (Mainehealth Proj.) Series 2020A, 4% 7/1/2050  | 1660000 | 1400651 |
| Maine Health & Higher Edl Facs Auth Rev (Northern Light Health Proj.) Series 2016A, 4% 7/1/2041  | 350000 | 277088 |
|  |  | 4135420 |
| Housing - 0.0% |  |  |
| Maine Hsg Auth Mtg Series 2020 C, 4% 11/15/2050  | 335000 | 335834 |
| Resource Recovery - 0.0% |  |  |
| Maine Fin Auth Rev Series 2021, 8% 12/1/2051 (f)(g)(h)(i) | 900000 | 90000 |
| Maine Fin Auth Solid Waste Dis Series 2024, 4.625% tender 12/1/2047 (c)(h)(i) | 1005000 | 978525 |
|  |  | 1068525 |
| Transportation - 0.0% |  |  |
| Maine Turnpike Auth Rev Bonds 5% 7/1/2032  | 125000 | 125179 |
| Maine Turnpike Auth Rev Bonds 5% 7/1/2038  | 80000 | 80115 |
| Maine Turnpike Auth Rev Bonds Series 2018, 5% 7/1/2033  | 40000 | 41915 |
| Maine Turnpike Auth Rev Bonds Series 2018, 5% 7/1/2034  | 55000 | 57413 |
| Maine Turnpike Auth Rev Bonds Series 2018, 5% 7/1/2035  | 60000 | 62428 |
| Maine Turnpike Auth Rev Bonds Series 2018, 5% 7/1/2036  | 110000 | 114124 |
| Maine Turnpike Auth Rev Bonds Series 2018, 5% 7/1/2047  | 30000 | 30305 |
|  |  | 511479 |
| TOTAL MAINE |  | 17102525 |
| Maryland - 1.2%  |  |  |
| Education - 0.1% |  |  |
| Frederick Cnty MD Edl Facs Rev Series 2017 A, 5% 9/1/2045 (h) | 500000 | 452493 |
| Maryland Economic Dev Corp St (Umd Stud Hsg Proj.) 5% 6/1/2043 (Assured Guaranty Municipal Corp Insured)  | 240000 | 240152 |
| Maryland Economic Dev Corp St Series 2020, 5% 7/1/2056  | 1900000 | 1812582 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2038  | 500000 | 453421 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2046  | 1050000 | 877492 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2051  | 2345000 | 1888366 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 4% 6/1/2055  | 1020000 | 802643 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 5% 6/1/2029  | 125000 | 129704 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 5% 6/1/2031  | 20000 | 20900 |
| Maryland Health & Higher Educational Facilities Authority (Stevenson University Proj.) Series 2021 A, 5% 6/1/2033  | 320000 | 330420 |
| Maryland Health & Higher Educational Facilities Authority Series 2023, 5.25% 7/1/2033 (h) | 400000 | 406944 |
| University MD Sys Auxiliary Fac & Tuition Series 2024 A, 4% 4/1/2043  | 1160000 | 1078636 |
| Westminster MD Edl Facs Rev (Mcdaniel College Proj.) 5% 11/1/2027  | 315000 | 320498 |
| Westminster MD Edl Facs Rev (Mcdaniel College Proj.) 5% 11/1/2028  | 335000 | 340577 |
| Westminster MD Edl Facs Rev (Mcdaniel College Proj.) 5% 11/1/2029  | 355000 | 360658 |
| Westminster MD Edl Facs Rev (Mcdaniel College Proj.) 5% 11/1/2030  | 375000 | 380423 |
| Westminster MD Edl Facs Rev (Mcdaniel College Proj.) 5% 11/1/2031  | 110000 | 111467 |
|  |  | 10007376 |
| General Obligations - 0.3% |  |  |
| Anne Arundel Cnty MD Gen. Oblig. Series 2021, 3% 10/1/2037  | 2540000 | 2227155 |
| Anne Arundel Cnty MD Gen. Oblig. Series 2023, 5% 10/1/2046  | 2195000 | 2279722 |
| Anne Arundel Cnty MD Gen. Oblig. Series 2024, 4% 10/1/2053  | 500000 | 445392 |
| City of Baltimore MD 5% 6/1/2051  | 600000 | 565410 |
| Frederick Cnty MD Gen. Oblig. Series 2021 A, 1.75% 10/1/2036  | 1250000 | 930884 |
| Maryland St Stad Auth Hagerstown Multi-Use Sports & Events Fac Lease Rev (State of Maryland Proj.) Series 2022 A, 5% 6/1/2047  | 5050000 | 5113256 |
| Maryland St Stad Auth Hagerstown Multi-Use Sports & Events Fac Lease Rev (State of Maryland Proj.) Series 2022 A, 5% 6/1/2052  | 1195000 | 1197832 |
| Montgomery Cnty MD Gen. Oblig. Series 2021 A, 2% 8/1/2041  | 3000000 | 2003325 |
| Prince Georges Cty MD Ctf Part (Prince Georges County MD Proj.) 5% 10/1/2027  | 1740000 | 1824491 |
| State of Maryland Gen. Oblig. Series 2018 A, 5% 3/15/2026  | 1000000 | 1016456 |
| Washington Suburban Sanitary Dist MD 4% 6/1/2045  | 1475000 | 1377299 |
| Washington Suburban Sanitary Dist MD Series 2016 SECOND, 5% 6/1/2038  | 2485000 | 2507717 |
| Washington Suburban Sanitary Dist MD Series 2025, 4% 6/1/2051  | 4000000 | 3617601 |
| Washington Suburban Sanitary Dist MD Series A, 3.05% 6/1/2027 (Liquidity Facility TD Bank NA) VRDN (c) | 3600000 | 3600000 |
|  |  | 28706540 |
| Health Care - 0.3% |  |  |
| Baltimore Cnty MD Crest Vlg (Oak Crest Village Inc Proj.) 4% 1/1/2045  | 250000 | 214664 |
| City of Rockville MD (Ingleside At King Farm Proj.) Series 2017 A-2, 5% 11/1/2035  | 140000 | 139122 |
| City of Rockville MD (Ingleside At King Farm Proj.) Series B, 5% 11/1/2042  | 1280000 | 1178432 |
| City of Rockville MD Series 2017 B, 4.25% 11/1/2037  | 55000 | 49420 |
| City of Rockville MD Series 2017 B, 4.5% 11/1/2043  | 275000 | 235123 |
| City of Rockville MD Series 2017 B, 5% 11/1/2047  | 935000 | 829395 |
| City of Rockville MD Series A 1, 5% 11/1/2031  | 210000 | 211346 |
| City of Rockville MD Series A 2, 5% 11/1/2029  | 70000 | 70645 |
| City of Rockville MD Series A 2, 5% 11/1/2031  | 85000 | 85545 |
| City of Rockville MD Series A 2, 5% 11/1/2032  | 70000 | 70330 |
| City of Rockville MD Series A-1, 5% 11/1/2037  | 315000 | 307018 |
| Maryland Health & Higher Educational Facilities Authority (Greater Baltimore Med Ctr, MD Proj.) Series 2021 A, 3% 7/1/2051  | 2815000 | 1906470 |
| Maryland Health & Higher Educational Facilities Authority (Johns Hopkins Health Sys Corp Proj.) 2.95% 6/1/2048, LOC TD Bank NA VRDN (c) | 100000 | 100000 |
| Maryland Health & Higher Educational Facilities Authority Series 2021 B, 4% 1/1/2051  | 700000 | 604983 |
| Maryland Health & Higher Educational Facilities Authority Series 2025, 5% 7/1/2055 (m) | 2500000 | 2456375 |
| Maryland St Hlth & HI Ed Facs (Lifebridge Health Proj.) Series 2015, 5% 7/1/2047  | 2610000 | 2555462 |
| Maryland St Hlth & HI Ed Facs (MedStar Health Inc Proj.) Series 2015, 5% 8/15/2033  | 1325000 | 1325509 |
| Maryland St Hlth & HI Ed Facs (MedStar Health Inc Proj.) Series 2017 A, 5% 5/15/2045  | 1550000 | 1509224 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 4% 7/1/2042  | 255000 | 229761 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 5% 7/1/2032  | 85000 | 86052 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 5% 7/1/2033  | 215000 | 217379 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 5% 7/1/2034  | 255000 | 257488 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 5% 7/1/2035  | 225000 | 226899 |
| Maryland St Hlth & HI Ed Facs (Mercy Medical Center, MD Proj.) 5% 7/1/2036  | 210000 | 211511 |
| Maryland St Hlth & HI Ed Facs (Meritus Health Inc,Md Proj.) 5% 7/1/2027  | 900000 | 900869 |
| Maryland St Hlth & HI Ed Facs (Meritus Health Inc,Md Proj.) 5% 7/1/2029  | 370000 | 370328 |
| Maryland St Hlth & HI Ed Facs (Meritus Health Inc,Md Proj.) 5% 7/1/2045  | 550000 | 533039 |
| Maryland St Hlth & HI Ed Facs Series 2016 A, 5.5% 1/1/2036  | 2475000 | 2509607 |
| Maryland St Hlth & HI Ed Facs Series 2016 A, 5.5% 1/1/2046  | 4680000 | 4686683 |
| Maryland St Hlth & HI Ed Facs Series 2017 B, 5% 7/1/2033  | 365000 | 370051 |
| Maryland St Hlth & HI Ed Facs Series 2017 B, 5% 7/1/2038  | 1030000 | 1033939 |
| Montgomery Cnty MD Econ Dev Series 2018 A, 5.375% 7/1/2048  | 915000 | 755681 |
| Washington Cnty MD Economic Dev Rev Series 2021, 4% 5/1/2026  | 245000 | 245109 |
| Washington Cnty MD Economic Dev Rev Series 2021, 4% 5/1/2027  | 255000 | 255889 |
| Washington Cnty MD Economic Dev Rev Series 2021, 4% 5/1/2030  | 285000 | 286117 |
| Washington Cnty MD Economic Dev Rev Series 2021, 4% 5/1/2031  | 155000 | 155150 |
| Washington Cnty MD Economic Dev Rev Series 2021, 4% 5/1/2036  | 985000 | 949750 |
| Washington Cnty MD Economic Dev Rev Series 2021, 4% 5/1/2042  | 2010000 | 1798719 |
|  |  | 29929084 |
| Housing - 0.0% |  |  |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 3.5% 3/1/2050  | 70000 | 69677 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 5% 9/1/2027  | 45000 | 46872 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) 5% 9/1/2028  | 5000 | 5275 |
| Maryland Community Development Administration (Residential Revenue Bonds Proj.) Series 2023E, 6.25% 3/1/2054  | 825000 | 890233 |
| Maryland Community Development Administration Series 2018 A, 4.5% 9/1/2048  | 455000 | 460252 |
| Maryland Community Development Administration Series C, 4% 9/1/2044  | 40000 | 39985 |
| Maryland Economic Dev Corp St Series 2015, 5% 6/1/2029 (h) | 335000 | 335265 |
| Maryland Economic Dev Corp St Series 2015, 5% 6/1/2033 (h) | 360000 | 360164 |
| Maryland Economic Dev Corp St Series 2016, 5% 6/1/2035 (Assured Guaranty Ltd Insured)  | 645000 | 650253 |
| Montgomery County Housing Opportunities Commission (Montgomery Cnty MD Mhsg 1996 Proj.) Series 2021 C, 0.8% 7/1/2025  | 375000 | 373840 |
|  |  | 3231816 |
| Industrial Development - 0.0% |  |  |
| Gaithersburg MD Eco Dev Rev Bd Series 2018 A, 5% 1/1/2027  | 210000 | 211938 |
| Gaithersburg MD Eco Dev Rev Bd Series 2018 A, 5% 1/1/2028  | 280000 | 284369 |
| Gaithersburg MD Eco Dev Rev Bd Series 2018 A, 5% 1/1/2033  | 1750000 | 1770340 |
| Gaithersburg MD Eco Dev Rev Bd Series 2018 A, 5% 1/1/2036  | 85000 | 85452 |
| Maryland St Econ Dev Corp Econ Series 2022A, 5% 12/31/2042  | 1000000 | 1006920 |
| Maryland St Econ Dev Corp Econ Series 2022A, 5.25% 6/30/2053  | 1500000 | 1503415 |
| Maryland St Econ Dev Corp Rev Series 2006B, 4.1% tender 10/1/2036 (c) | 800000 | 810130 |
|  |  | 5672564 |
| Other - 0.0% |  |  |
| Maryland Economic Dev Corp St Series 2024, 5.125% 7/1/2059 (Assured Guaranty Ltd Insured)  | 725000 | 721677 |
| Maryland Economic Dev Corp St Series 2024, 5.25% 7/1/2064 (Assured Guaranty Ltd Insured)  | 990000 | 989373 |
| Westminster MD Proj Rev Series 2014A, 6.25% 7/1/2044  | 510000 | 499743 |
|  |  | 2210793 |
| Special Tax - 0.3% |  |  |
| Baltimore Hotel Corp Series 2017, 5% 9/1/2025  | 305000 | 305367 |
| Baltimore Hotel Corp Series 2017, 5% 9/1/2026  | 100000 | 100837 |
| Baltimore Hotel Corp Series 2017, 5% 9/1/2033  | 210000 | 211371 |
| Baltimore Hotel Corp Series 2017, 5% 9/1/2034  | 765000 | 768595 |
| Baltimore Hotel Corp Series 2017, 5% 9/1/2036  | 870000 | 870667 |
| Baltimore Hotel Corp Series 2017, 5% 9/1/2039  | 500000 | 485250 |
| Baltimore Hotel Corp Series 2017, 5% 9/1/2042  | 1135000 | 1076440 |
| Baltimore Hotel Corp Series 2017, 5% 9/1/2046  | 3685000 | 3463730 |
| Brunswick MD Spl Oblig Series 2019, 4% 7/1/2029  | 80000 | 78471 |
| Brunswick MD Spl Oblig Series 2019, 5% 7/1/2036  | 84000 | 84193 |
| City of Baltimore MD (Baltimore Tif Res Ph1 Proj.) 5% 9/1/2038  | 330000 | 329500 |
| County of Frederick MD Series 2020 B, 4.625% 7/1/2043 (h) | 455000 | 418084 |
| Howard Cnty MD Spl Oblig Series 2017 A, 4.5% 2/15/2047 (h) | 235000 | 207427 |
| Maryland Econ Dev Corp Pkg Facs Rev Series 2018 C, 4% 6/1/2038  | 35000 | 30254 |
| Maryland Econ Dev Corp Pkg Facs Rev Series 2018 C, 4% 6/1/2048  | 115000 | 87743 |
| Maryland Econ Dev Corp Pkg Facs Rev Series 2018 C, 4% 6/1/2058  | 340000 | 242111 |
| Maryland Econ Dev Corp Pkg Facs Rev Series 2018A, 5% 6/1/2058  | 715000 | 690607 |
| Maryland Econ Dev Corp Spl Oblig (Port Covington Tif Proj.) 4% 9/1/2040  | 485000 | 432320 |
| Maryland Econ Dev Corp Spl Oblig (Port Covington Tif Proj.) 4% 9/1/2050  | 1090000 | 874672 |
| Maryland St Dept Transn Cons Series 2016, 3% 11/1/2030  | 1440000 | 1407451 |
| Maryland St Dept Transn Cons Series 2016, 3% 11/1/2031  | 1500000 | 1453807 |
| Maryland St Dept Transn Cons Series 2019, 2.125% 10/1/2031  | 1000000 | 892299 |
| Maryland St Stad Auth Rev (MD Stadium Auth Baltimore City Sch Proj.) Series 2018 A, 5% 5/1/2034  | 530000 | 552354 |
| Maryland St Stad Auth Rev (MD Stadium Auth Baltimore City Sch Proj.) Series 2018 A, 5% 5/1/2035  | 1180000 | 1226320 |
| Maryland St Stad Auth Rev (MD Stadium Auth Baltimore City Sch Proj.) Series 2018 A, 5% 5/1/2042  | 1710000 | 1741739 |
| Maryland St Stad Auth Rev Series 2022C, 0% 5/1/2051 (j) | 1355000 | 343569 |
| Maryland St Stad Auth Rev Series 2022C, 0% 5/1/2052 (j) | 2040000 | 490213 |
| Maryland St Stad Auth Rev Series 2022C, 0% 5/1/2053 (j) | 1010000 | 230074 |
| Maryland St Stad Auth Rev Series 2022C, 0% 5/1/2054 (j) | 1490000 | 321736 |
| Maryland St Stad Auth Rev Series 2022C, 0% 5/1/2055 (j) | 925000 | 189353 |
| State of Maryland Built to Learn Revenue Series 2021, 4% 6/1/2046  | 3235000 | 2875011 |
| State of Maryland Built to Learn Revenue Series 2022 A, 4% 6/1/2035  | 160000 | 161585 |
| State of Maryland Built to Learn Revenue Series 2022 A, 4% 6/1/2037  | 135000 | 134073 |
| State of Maryland Built to Learn Revenue Series 2022 A, 4% 6/1/2038  | 145000 | 142044 |
| State of Maryland Built to Learn Revenue Series 2022 A, 4% 6/1/2047  | 1665000 | 1475464 |
|  |  | 24394731 |
| Transportation - 0.2% |  |  |
| Maryland Economic Development Corp (Purple Line Transit Partners Proj.) Series 2022B, 5.25% 6/30/2055 (i) | 11120000 | 10867292 |
| Maryland Economic Development Corp Series 2022 A, 5% 11/12/2028 (i) | 2750000 | 2773814 |
| Maryland Economic Development Corp Series 2022B, 5.25% 6/30/2047 (i) | 1865000 | 1851332 |
| Maryland Economic Development Corp Series 2022B, 5.25% 6/30/2052 (i) | 1000000 | 974759 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 4% 8/1/2051 (i) | 1270000 | 1060251 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5% 8/1/2046 (i) | 6265000 | 6215451 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2049 (Assured Guaranty Ltd Insured) (i) | 3300000 | 3348667 |
| Maryland St Dept Transn Spl Transn Proj Rev (Bwi Airport Proj.) 5.25% 8/1/2054 (Assured Guaranty Ltd Insured) (i) | 500000 | 505293 |
| Maryland St Dept Transn Spl Transn Proj Rev 4% 8/1/2037 (i) | 640000 | 617909 |
| Maryland St Dept Transn Spl Transn Proj Rev 4% 8/1/2038 (i) | 575000 | 548201 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2025  | 150000 | 150003 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2027  | 140000 | 143295 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2028  | 210000 | 217176 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2030  | 530000 | 546069 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2032  | 145000 | 148873 |
| Maryland St Econ Dev Corp Econ (Ports America Chesapeake LLC Proj.) Series 2017A, 5% 6/1/2035  | 1085000 | 1104720 |
| Maryland St Transn Auth Transn Series 2020, 5% 7/1/2040  | 315000 | 327314 |
| Maryland Trans Auth Psngr Fac Chrg Rev Series 2019, 3% 6/1/2036 (i) | 1220000 | 1037615 |
| Prince George's County Revenue Authority Series 2016, 4.75% 7/1/2036 (h) | 245000 | 244993 |
| Prince George's County Revenue Authority Series 2016, 5% 7/1/2046 (h) | 350000 | 336187 |
|  |  | 33019214 |
| Water & Sewer - 0.0% |  |  |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2019 A, 4% 7/1/2049  | 1385000 | 1217698 |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2020 A, 4% 7/1/2045  | 1415000 | 1262361 |
| Baltimore MD Proj Rev (Baltimore Wtr Util Rev Proj.) Series 2020 A, 5% 7/1/2050  | 1555000 | 1574357 |
| Baltimore MD Proj Rev Series 2014C, 5% 7/1/2033  | 945000 | 945973 |
| Baltimore MD Proj Rev Series C, 5% 7/1/2031  | 635000 | 635740 |
|  |  | 5636129 |
| TOTAL MARYLAND |  | 142808247 |
| Maryland,Virginia - 0.0%  |  |  |
| Special Tax - 0.0% |  |  |
| Washington Metropolitan Area Transit Authority Series 2021 A, 4% 7/15/2039  | 1000000 | 949182 |
| Massachusetts - 1.3%  |  |  |
| Education - 0.3% |  |  |
| Massachusetts Development Finance Agency (Boston College,Ma Proj.) Series 2021 V, 5% 7/1/2055  | 4180000 | 4364508 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) 4% 10/1/2050  | 3070000 | 2198003 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) 5% 10/1/2045  | 2315000 | 2051746 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) 4% 7/1/2045  | 3055000 | 2523824 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2025 (Escrowed to Maturity)  | 40000 | 40057 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2028  | 35000 | 35702 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2019, 5% 7/1/2029  | 30000 | 30690 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2021, 4% 7/1/2051  | 1110000 | 870096 |
| Massachusetts Development Finance Agency (Worcester Polytech Inst, MA Proj.) Series 2017 B, 5% 9/1/2042  | 2135000 | 2138959 |
| Massachusetts Development Finance Agency Series 2017 B, 5% 7/1/2042  | 580000 | 543201 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2019 B, 5% 7/1/2027 (i) | 475000 | 487684 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue N Proj.) Series 2024 B, 5% 7/1/2030 (i) | 500000 | 526477 |
| Massachusetts Ed Ln Auth Ed Ln 4.25% 7/1/2046 (i) | 1880000 | 1618265 |
| Massachusetts Ed Ln Auth Ed Ln 5% 7/1/2054 (i) | 1470000 | 1333859 |
| Massachusetts Ed Ln Auth Ed Ln Series 2018 C, 4.125% 7/1/2046 (i) | 2180000 | 1795763 |
| Massachusetts Ed Ln Auth Ed Ln Series 2019 B, 3% 7/1/2035 (i) | 150000 | 147987 |
| Massachusetts Ed Ln Auth Ed Ln Series 2019C, 3.75% 7/1/2047 (i) | 2430000 | 1891999 |
| Massachusetts Ed Ln Auth Ed Ln Series 2020 B, 2.625% 7/1/2036 (i) | 55000 | 54924 |
| Massachusetts Ed Ln Auth Ed Ln Series 2021 C, 3% 7/1/2051 (i) | 950000 | 600123 |
| Massachusetts Ed Ln Auth Ed Ln Series 2021B, 2% 7/1/2037 (i) | 65000 | 57032 |
| Massachusetts Ed Ln Auth Ed Ln Series 2022C, 4.125% 7/1/2052 (i) | 2210000 | 1718519 |
| Massachusetts St Dev Fin Agy Rev (Berklee College of Music Inc Proj.) 5% 10/1/2029  | 120000 | 122670 |
| Massachusetts St Dev Fin Agy Rev (Berklee College of Music Inc Proj.) 5% 10/1/2030  | 185000 | 189023 |
| Massachusetts St Dev Fin Agy Rev (Berklee College of Music Inc Proj.) 5% 10/1/2031  | 200000 | 204135 |
| Massachusetts St Dev Fin Agy Rev (Boston University Mass Proj.) 5% 10/1/2046  | 1205000 | 1210186 |
| Massachusetts St Dev Fin Agy Rev (Boston University Mass Proj.) Series 2008 U6E, 2.7% 10/1/2042, LOC TD Bank NA VRDN (c) | 400000 | 400000 |
| Massachusetts St Dev Fin Agy Rev (Emerson College, MA Proj.) Series 2016A, 5.25% 1/1/2042  | 50000 | 50095 |
| Massachusetts St Dev Fin Agy Rev (Emerson College, MA Proj.) Series 2017A, 5% 1/1/2036  | 155000 | 157398 |
| Massachusetts St Dev Fin Agy Rev (Emmanuel College Proj.) 4% 10/1/2046  | 165000 | 130152 |
| Massachusetts St Dev Fin Agy Rev (Emmanuel College Proj.) Series 2016A, 5% 10/1/2043  | 750000 | 694602 |
| Massachusetts St Dev Fin Agy Rev (Lesley College Proj.) 5% 7/1/2039  | 255000 | 252442 |
| Massachusetts St Dev Fin Agy Rev (Provident Commonwealth Ed Resources Inca Proj.) Series 2016, 5% 10/1/2048  | 2100000 | 1927091 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2027  | 125000 | 126667 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2028  | 125000 | 126578 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2029  | 135000 | 136544 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2030  | 65000 | 65669 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2031  | 150000 | 151372 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2032  | 155000 | 156172 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2033  | 75000 | 75457 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2046  | 240000 | 224248 |
| Massachusetts St Dev Fin Agy Rev Series 2015, 5% 5/1/2041  | 300000 | 298617 |
| Massachusetts St Dev Fin Agy Rev Series 2016, 5% 1/1/2040  | 530000 | 530816 |
| Massachusetts St Dev Fin Agy Rv (Chf Merrimack Inc Proj.) Series 2024A, 4.25% 7/1/2034 (h) | 500000 | 488464 |
| Massachusetts St Dev Fin Agy Rv (Chf Merrimack Inc Proj.) Series 2024A, 5% 7/1/2044 (h) | 120000 | 114268 |
| Massachusetts St Dev Fin Agy Rv (Chf Merrimack Inc Proj.) Series 2024A, 5% 7/1/2054 (h) | 1425000 | 1306303 |
|  |  | 34168387 |
| Electric Utilities - 0.0% |  |  |
| Massachusetts Municipal Wholesale Electric Co Series 2021 A, 4% 7/1/2046  | 480000 | 431776 |
| General Obligations - 0.2% |  |  |
| Massachusetts St Gen. Oblig. 5% 1/1/2049  | 705000 | 711516 |
| Massachusetts St Gen. Oblig. 5% 10/1/2052  | 750000 | 759652 |
| Massachusetts St Gen. Oblig. 5% 4/1/2043  | 2000000 | 2105661 |
| Massachusetts St Gen. Oblig. 5% 4/1/2047  | 4595000 | 4751106 |
| Massachusetts St Gen. Oblig. 5% 7/1/2032  | 1250000 | 1404900 |
| Massachusetts St Gen. Oblig. Series 2019 C, 5% 5/1/2049  | 1205000 | 1217085 |
| Massachusetts St Gen. Oblig. Series 2020 E, 5% 11/1/2045  | 1125000 | 1147674 |
| Massachusetts St Gen. Oblig. Series 2020 E, 5% 11/1/2050  | 220000 | 222695 |
| Massachusetts St Gen. Oblig. Series 2020C, 3% 3/1/2047  | 2000000 | 1461669 |
| Massachusetts St Gen. Oblig. Series 2020C, 3% 3/1/2049  | 2335000 | 1654822 |
| Massachusetts St Gen. Oblig. Series 2021 B, 3% 4/1/2049  | 3150000 | 2250400 |
| Massachusetts St Gen. Oblig. Series 2022B, 3% 2/1/2048  | 5250000 | 3796183 |
| Massachusetts St Gen. Oblig. Series 2024 H, 5% 12/1/2036  | 2100000 | 2348573 |
| Somerville MA Series 2020, 2.125% 10/15/2039  | 1125000 | 807499 |
| Stoneham Mass Series 2022, 2.25% 1/15/2040  | 500000 | 360853 |
| Stoneham Mass Series 2022, 2.25% 1/15/2041  | 3630000 | 2543095 |
| Worcester MA Gen. Oblig. Series 2022, 3% 2/1/2037 (Assured Guaranty Ltd Insured)  | 250000 | 219376 |
|  |  | 27762759 |
| Health Care - 0.1% |  |  |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) 5% 7/1/2025  | 25000 | 25030 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2018 J 2, 5% 7/1/2053  | 1850000 | 1792365 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2025  | 55000 | 55067 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2026  | 70000 | 71262 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2027  | 85000 | 88116 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2031  | 240000 | 253163 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2032  | 240000 | 251672 |
| Massachusetts Development Finance Agency (Boston Medical Center Proj.) 4.375% 7/1/2052  | 1600000 | 1383666 |
| Massachusetts Development Finance Agency (Boston Medical Center Proj.) 5.25% 7/1/2052  | 3450000 | 3360810 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2019 A, 5% 7/1/2039  | 395000 | 386422 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2019 A, 5% 7/1/2044  | 465000 | 439003 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2020 C, 4% 10/1/2045 (Assured Guaranty Ltd Insured)  | 400000 | 345336 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2020 C, 5% 10/1/2032 (Assured Guaranty Municipal Corp Insured)  | 180000 | 192265 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2020 C, 5% 10/1/2033 (Assured Guaranty Ltd Insured)  | 110000 | 116742 |
| Massachusetts Development Finance Agency (University of Mass Hlth Cr Inc Proj.) 4% 7/1/2044  | 680000 | 580834 |
| Massachusetts Development Finance Agency 4% 9/1/2048  | 335000 | 262253 |
| Massachusetts Development Finance Agency 5.25% 1/1/2050  | 655000 | 578576 |
| Massachusetts Development Finance Agency Series 2018 J 1, 5% 7/1/2048  | 640000 | 625070 |
| Massachusetts Development Finance Agency Series 2018, 5% 11/15/2038 (h) | 380000 | 386848 |
| Massachusetts Development Finance Agency Series 2018, 5.125% 11/15/2046 (h) | 920000 | 925029 |
| Massachusetts Development Finance Agency Series 2019 A, 4% 7/1/2044  | 475000 | 391173 |
| Massachusetts Development Finance Agency Series 2021, 5% 7/1/2041 (h) | 300000 | 265062 |
| Massachusetts Development Finance Agency Series 2022, 5.125% 1/1/2040  | 405000 | 381599 |
| Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) 5% 7/1/2032  | 270000 | 278857 |
| Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) 5% 7/1/2034  | 510000 | 523454 |
| Massachusetts St Dev Fin Agy Rev (Newbridge On The Charles Proj.) 5% 10/1/2047 (h) | 1405000 | 1300957 |
| Massachusetts St Dev Fin Agy Rev (Newbridge On The Charles Proj.) 5% 10/1/2057 (h) | 3315000 | 2959323 |
| Massachusetts St Dev Fin Agy Rev (Tufts Medicine Proj.) Series 2013G, 5% 7/1/2037  | 570000 | 538221 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2031  | 205000 | 207633 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2038  | 275000 | 277096 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2046  | 465000 | 447146 |
|  |  | 19690050 |
| Housing - 0.0% |  |  |
| Massachusetts Development Finance Agency Series 2018, 5% 10/1/2048  | 350000 | 292934 |
| Massachusetts Development Finance Agency Series 2018, 5% 10/1/2054  | 600000 | 483693 |
| Massachusetts Housing Finance Agency Series 2020C 1, 2.45% 12/1/2045  | 1800000 | 1165676 |
| Massachusetts St Hsg Fin Agy Series 218, 2.4% 6/1/2044  | 600000 | 394931 |
|  |  | 2337234 |
| Other - 0.0% |  |  |
| Marlborough Mass Series 2020, 2.125% 5/15/2035  | 1465000 | 1208942 |
| Massachusetts St Dev Fin Agy Rv 5.25% 7/1/2045  | 320000 | 320024 |
| Massachusetts St Dev Fin Agy Rv 5.25% 7/1/2050  | 225000 | 221842 |
| Massachusetts St Dev Fin Agy Rv 5.25% 7/1/2055  | 210000 | 204649 |
| Massachusetts St Dev Fin Agy Rv Series 2025, 5.5% 7/1/2045  | 1270000 | 1282395 |
|  |  | 3237852 |
| Special Tax - 0.2% |  |  |
| Mass Bay Tran Auth Sls Tax 5% 7/1/2040  | 2000000 | 2045238 |
| Mass Bay Tran Auth Sls Tax Series 2016, 0% 7/1/2031 (j) | 2570000 | 2035552 |
| Mass Bay Tran Auth Sls Tax Series 2021 A 1, 5% 7/1/2034  | 2640000 | 2885179 |
| Mass Bay Tran Auth Sls Tax Series 2024 B, 5.25% 7/1/2054  | 4400000 | 4592590 |
| Mass Bay Tran Auth Sls Tax Series A, 5% 7/1/2045  | 360000 | 360623 |
| Massachusetts St Transn Fd Rev Series 2021 B, 5% 6/1/2037  | 3900000 | 4031072 |
| Massachusetts St Transn Fd Rev Series 2021A, 5% 6/1/2051  | 6265000 | 6329325 |
|  |  | 22279579 |
| Transportation - 0.4% |  |  |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2035 (i) | 105000 | 107577 |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2036 (i) | 210000 | 214209 |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2037 (i) | 305000 | 309757 |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2049 (i) | 1050000 | 1026092 |
| Massachusetts St Port Auth Rev 5% 7/1/2041 (i) | 4915000 | 5040863 |
| Massachusetts St Port Auth Rev 5% 7/1/2046 (i) | 2680000 | 2665796 |
| Massachusetts St Port Auth Rev 5% 7/1/2051 (i) | 6355000 | 6230718 |
| Massachusetts St Port Auth Rev Series 2016A, 5% 7/1/2033  | 255000 | 258940 |
| Massachusetts St Port Auth Rev Series 2016A, 5% 7/1/2034  | 130000 | 131879 |
| Massachusetts St Port Auth Rev Series 2016A, 5% 7/1/2038  | 190000 | 191756 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2034 (i) | 1005000 | 1046639 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2035 (i) | 1000000 | 1037032 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2036 (i) | 170000 | 175391 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2037 (i) | 835000 | 857715 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2038 (i) | 1045000 | 1067621 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2039 (i) | 1700000 | 1730465 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2040 (i) | 1580000 | 1602729 |
| Massachusetts St Port Auth Rev Series 2019 C, 5% 7/1/2049 (i) | 1500000 | 1480086 |
| Massachusetts St Port Auth Rev Series 2021 E, 5% 7/1/2037 (i) | 2895000 | 3025061 |
| Massachusetts St Port Auth Rev Series B, 4% 7/1/2046 (i) | 2500000 | 2173277 |
|  |  | 30373603 |
| Water & Sewer - 0.1% |  |  |
| Boston MA Wtr & Swr Commn Series 2016B, 3% 11/1/2041  | 3000000 | 2421100 |
| Massachusetts Clean Water Trust/The Series 2023, 5% 2/1/2034  | 1800000 | 2017124 |
| Massachusetts Clean Water Trust/The Series 2023, 5% 2/1/2035  | 1200000 | 1336036 |
| Massachusetts Clean Water Trust/The Series 23A, 5% 2/1/2039  | 1965000 | 2076720 |
| Massachusetts Clean Water Trust/The Series 26A, 5% 2/1/2032  | 3000000 | 3363837 |
| Massachusetts Clean Water Trust/The Series 26A, 5% 2/1/2035  | 3000000 | 3423655 |
| Massachusetts St Wtr Res Auth Series 2016C, 4% 8/1/2040  | 2710000 | 2605889 |
|  |  | 17244361 |
| TOTAL MASSACHUSETTS |  | 157525601 |
| Michigan - 1.1%  |  |  |
| Education - 0.2% |  |  |
| Detroit Svc Learning Academy Mich Pub Sch Academy Rev Series 2021, 4% 7/1/2041  | 250000 | 208366 |
| Ivywood Classical Academy Mich Series 2023, 5.875% 1/1/2044  | 1970000 | 1915967 |
| Michigan Finance Authority (Calvin University Proj.) 4% 9/1/2039  | 425000 | 391679 |
| Michigan Finance Authority (Calvin University Proj.) 4% 9/1/2040  | 425000 | 385495 |
| Michigan Finance Authority (Calvin University Proj.) 4% 9/1/2041  | 355000 | 317289 |
| Michigan Finance Authority (Calvin University Proj.) 4% 9/1/2046  | 250000 | 214087 |
| Michigan Finance Authority (Lawrence Technological University Proj.) Series 2017, 5.25% 2/1/2032  | 250000 | 251735 |
| Michigan Finance Authority (University of Detroit Mercy Proj.) Series 2023, 5.25% 11/1/2039  | 1500000 | 1510579 |
| Michigan Finance Authority (University of Detroit Mercy Proj.) Series 2023, 5.375% 11/1/2043  | 1000000 | 993414 |
| Michigan Finance Authority (University of Detroit Mercy Proj.) Series 2023, 5.5% 11/1/2048  | 5300000 | 5239070 |
| Michigan Finance Authority Series 2015, 5% 12/1/2045  | 300000 | 266413 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2031  | 35000 | 36974 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2032  | 40000 | 42165 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2033  | 40000 | 42025 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2034  | 45000 | 47160 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2035  | 45000 | 47000 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2036  | 50000 | 52097 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2037  | 60000 | 62257 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2038  | 85000 | 87821 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2039  | 60000 | 61697 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2040  | 720000 | 737599 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2041  | 760000 | 776050 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2044  | 1485000 | 1503141 |
| Oakland Univ Mich Rev Series 2019, 5% 3/1/2050  | 2400000 | 2402555 |
| University MI Univ Revs Series 2020 A, 4% 4/1/2045  | 1060000 | 977030 |
| University MI Univ Revs Series 2020 A, 5% 4/1/2050  | 255000 | 260956 |
|  |  | 18830621 |
| Electric Utilities - 0.0% |  |  |
| Michigan Fin Auth Act 38 Facs Sr Rev (Provident Grp Hfh Energy LLC Proj.) Series 2024, 4.375% 2/28/2054  | 335000 | 302286 |
| Michigan Fin Auth Act 38 Facs Sr Rev (Provident Grp Hfh Energy LLC Proj.) Series 2024, 5.5% 2/28/2057  | 2405000 | 2491816 |
|  |  | 2794102 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Michigan St Bldg Auth Rev Series 2015 I, 5% 4/15/2030 (Pre-refunded to 10/15/2025 at 100)  | 30000 | 30201 |
| General Obligations - 0.1% |  |  |
| City of Lansing MI Gen. Oblig. Series 2023B, 5% 6/1/2048 (Assured Guaranty Ltd Insured)  | 590000 | 599535 |
| Detroit MI Gen. Oblig. 5% 4/1/2027  | 235000 | 241227 |
| Detroit MI Gen. Oblig. 5% 4/1/2037  | 295000 | 299240 |
| Detroit MI Gen. Oblig. Series 2020, 5.5% 4/1/2032  | 175000 | 188400 |
| Detroit MI Gen. Oblig. Series 2020, 5.5% 4/1/2034  | 95000 | 101473 |
| Detroit MI Gen. Oblig. Series 2020, 5.5% 4/1/2036  | 130000 | 137740 |
| Detroit MI Gen. Oblig. Series 2020, 5.5% 4/1/2038  | 290000 | 303893 |
| Detroit MI Gen. Oblig. Series 2020, 5.5% 4/1/2040  | 205000 | 212763 |
| Detroit MI Gen. Oblig. Series 2020, 5.5% 4/1/2045  | 145000 | 147975 |
| Detroit MI Gen. Oblig. Series 2020, 5.5% 4/1/2050  | 295000 | 299031 |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2046  | 500000 | 495500 |
| Detroit MI Gen. Oblig. Series 2021A, 5% 4/1/2050  | 50000 | 48782 |
| Detroit MI Gen. Oblig. Series 2023C, 6% 5/1/2043  | 1250000 | 1348934 |
| Detroit Mich Sch Dist Series 2020 A, 5% 5/1/2034  | 745000 | 790988 |
| Detroit Mich Sch Dist Series 2020 A, 5% 5/1/2036  | 210000 | 220522 |
| Detroit Mich Sch Dist Series 2020 A, 5% 5/1/2037  | 230000 | 239592 |
| Gerald R Ford Intl Arpt Auth Mich Rev (Kent Cnty MI Proj.) Series 2021, 5% 1/1/2051 (i) | 265000 | 264737 |
| Grand Rapids MI Pub Schs Series 2019, 5% 11/1/2026 (Assured Guaranty Municipal Corp Insured)  | 60000 | 61732 |
| Michigan St Bldg Auth Rev (State of Michigan Proj.) Series 2022 I, 4% 10/15/2052  | 370000 | 314508 |
| Portage MI Pub Schs 5% 11/1/2030  | 345000 | 350670 |
| Portage MI Pub Schs 5% 11/1/2031  | 305000 | 309764 |
| Portage MI Pub Schs 5% 11/1/2033  | 55000 | 55814 |
| Portage MI Pub Schs 5% 11/1/2036  | 100000 | 101390 |
| Portage MI Pub Schs 5% 11/1/2037  | 55000 | 55740 |
| Warren MI Cons Sch Dist 5% 5/1/2028 (State of Michigan Guaranteed)  | 230000 | 233613 |
| Warren MI Cons Sch Dist 5% 5/1/2029 (State of Michigan Guaranteed)  | 235000 | 238501 |
|  |  | 7662064 |
| Health Care - 0.2% |  |  |
| Calhoun Cnty Mich Hosp Fin Auth Rev Series 2016, 5% 2/15/2037  | 140000 | 139061 |
| Calhoun Cnty Mich Hosp Fin Auth Rev Series 2016, 5% 2/15/2041  | 800000 | 750473 |
| Calhoun Cnty Mich Hosp Fin Auth Rev Series 2016, 5% 2/15/2047  | 2235000 | 2005301 |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 4% 7/1/2041  | 70000 | 63066 |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 5% 7/1/2025  | 30000 | 30004 |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 5% 7/1/2026  | 25000 | 25054 |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 5% 7/1/2027  | 40000 | 40692 |
| Flint MI Hosp Bldg Auth Rev (Hurley Medical Center, MI Proj.) Series 2020, 5% 7/1/2028  | 60000 | 61465 |
| Grand Parids MI Edc Edr Series 2017 A, 5% 11/1/2032  | 300000 | 292932 |
| Grand Parids MI Edc Edr Series 2017 A, 5% 11/1/2037  | 165000 | 153282 |
| Grand Parids MI Edc Edr Series 2017 A, 5% 11/1/2047  | 390000 | 325624 |
| Grand Parids MI Edc Edr Series 2017 A, 5% 11/1/2052  | 165000 | 132571 |
| Grand Traverse Cnty MI Hosp (Munson Healthcare Proj.) 3% 7/1/2051  | 1625000 | 1091829 |
| Kalamazoo MI Hosp Fin Auth Hosp Fac Rev (Bronson Methodist Hsp, MI Proj.) Series 2016, 5% 5/15/2028  | 365000 | 370560 |
| Kentwood Mich Economic Dev (Holland Home of Grand Rapids Proj.) Series 2022, 4% 11/15/2031  | 240000 | 230765 |
| Kentwood Mich Economic Dev (Holland Home of Grand Rapids Proj.) Series 2022, 4% 11/15/2043  | 365000 | 295682 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) 5% 11/15/2034  | 950000 | 961131 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) 5% 11/15/2041  | 520000 | 520383 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 5% 11/15/2026  | 55000 | 56625 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2016, 5% 11/15/2037  | 1030000 | 1035673 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2019A, 4% 11/15/2050  | 1085000 | 908021 |
| Michigan Fin Auth Rev (Henry Ford Health Care Corp,Mi Proj.) Series 2019A, 5% 11/15/2048  | 110000 | 107721 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) 1.2% tender 10/15/2030 (c) | 540000 | 504564 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2015 D2, 1.2% tender 10/15/2038 (c) | 680000 | 633618 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2015B, 5% 5/15/2035  | 1475000 | 1475485 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 4% 2/15/2044  | 1500000 | 1348202 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 5% 2/15/2037  | 410000 | 422594 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 5% 2/15/2038  | 590000 | 603899 |
| Michigan Fin Auth Rev (Mclaren Hlth Care Corp Proj.) Series 2019 A, 5% 2/15/2039  | 2950000 | 3002309 |
| Michigan Fin Auth Rev (Trinity Health Corp Proj.) Series 2016 MI, 4% 12/1/2045  | 1000000 | 870962 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2017 MI, 5% 12/1/2030  | 210000 | 216234 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2017 MI, 5% 12/1/2031  | 425000 | 436761 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2019 A, 4% 12/1/2049  | 50000 | 42360 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series 2022 MI A, 5% 12/1/2032  | 1705000 | 1858328 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series MI 2019 A, 3% 12/1/2049  | 1715000 | 1195860 |
| Michigan Fin Auth Rev (Trinity Health Proj.) Series MI 2019 A, 5% 12/1/2041  | 540000 | 548362 |
| Michigan St Hosp Fin Auth Rev (Trinity Health Proj.) Series 2008C, 5% 12/1/2032  | 175000 | 180512 |
|  |  | 22937965 |
| Housing - 0.1% |  |  |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) 3.5% 12/1/2050  | 245000 | 243810 |
| Michigan Hsg Dev Auth Rent Hsg Rev (MI Single Family Mortgage Proj.) Series 2023A, 4.7% 12/1/2043  | 550000 | 536327 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2021 A, 2.45% 10/1/2046  | 1710000 | 1109001 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2023 A, 5.15% 10/1/2058  | 2945000 | 2965551 |
| Michigan Hsg Dev Auth Rent Hsg Rev (Rental Hsg Rev Bonds 11/15/1990 Proj.) Series 2024A, 4.75% 10/1/2059  | 5480000 | 5243977 |
| Michigan Hsg Dev Auth Rent Hsg Rev Series 2022A, 4.35% 10/1/2047  | 1500000 | 1367146 |
|  |  | 11465812 |
| Industrial Development - 0.0% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev Series 2018, 4.125% 6/30/2035 (Assured Guaranty Ltd Insured) (i) | 1030000 | 1017450 |
| Other - 0.0% |  |  |
| Kentwood Mich Economic Dev Series 2019, 5% 11/15/2041  | 250000 | 236528 |
| Michigan Hsg Dev Auth Rent Hsg Rev Series 2023 A, 3.75% 4/1/2027  | 1415000 | 1412943 |
|  |  | 1649471 |
| Special Tax - 0.1% |  |  |
| County of Jackson MI Series 2019, 4% 5/1/2032 (Build America Mutual Assurance Co Insured)  | 120000 | 122488 |
| County of Jackson MI Series 2019, 4% 5/1/2033 (Build America Mutual Assurance Co Insured)  | 125000 | 127078 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 4% 11/1/2048  | 350000 | 300511 |
| Michigan Fin Auth Rev (Wayne Cnty MI Proj.) Series 2018, 5% 11/1/2043  | 485000 | 488065 |
| Michigan St Trunk Line Fd 4% 11/15/2037  | 2500000 | 2443359 |
| Michigan St Trunk Line Fd Series 2021 A, 4% 11/15/2044  | 1500000 | 1378754 |
| Michigan St Trunk Line Fd Series 2023, 5.5% 11/15/2049  | 6000000 | 6344328 |
|  |  | 11204583 |
| Tobacco Bonds - 0.0% |  |  |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) 4% 6/1/2049  | 715000 | 596347 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) Series 2020 A 2, 5% 6/1/2040  | 30000 | 30370 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) Series 2020 B, 0% 6/1/2045 (j) | 1700000 | 445875 |
| Michigan Fin Auth Rev (Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev Proj.) Series 2020 B1 CL2, 5% 6/1/2049  | 190000 | 187905 |
| Michigan Fin Auth Rev Series 2020 B 2 CL2, 0% 6/1/2065 (j) | 10950000 | 1103732 |
| Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev 0% 6/1/2046 (j) | 10005000 | 1315838 |
| Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev 0% 6/1/2052 (j) | 3830000 | 464382 |
| Michigan Tobacco Settlement Fin Auth Tobacco Settlement Asset Backed Rev 0% 6/1/2058 (j) | 4330000 | 125951 |
|  |  | 4270400 |
| Transportation - 0.1% |  |  |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 12/31/2043 (i) | 1855000 | 1849687 |
| Michigan St Strategic Fd Ltd Oblig Rev (Oakland Corridor Partners LLC Proj.) Series 2018, 5% 6/30/2048 (i) | 1715000 | 1666645 |
| Wayne Cnty MI Arpt Rev Series 2017C, 5% 12/1/2037 (Assured Guaranty Ltd Insured) (h)(i) | 2950000 | 2965162 |
| Wayne Cnty Mich Arpt Auth Rev 4% 12/1/2034 (Assured Guaranty Municipal Corp Insured)  | 150000 | 150336 |
| Wayne Cnty Mich Arpt Auth Rev 4% 12/1/2035 (Assured Guaranty Municipal Corp Insured)  | 145000 | 145232 |
| Wayne Cnty Mich Arpt Auth Rev 4% 12/1/2036 (Assured Guaranty Municipal Corp Insured)  | 150000 | 149115 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2028  | 35000 | 36403 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2029 (i) | 75000 | 76897 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2030 (i) | 85000 | 86833 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2031 (i) | 100000 | 101815 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2032 (i) | 80000 | 81289 |
| Wayne Cnty Mich Arpt Auth Rev 5% 12/1/2037  | 70000 | 70721 |
| Wayne Cnty Mich Arpt Auth Rev Series 2014B, 5% 12/1/2039 (Build America Mutual Assurance Co Insured)  | 130000 | 129999 |
| Wayne Cnty Mich Arpt Auth Rev Series 2014B, 5% 12/1/2044  | 525000 | 524977 |
| Wayne Cnty Mich Arpt Auth Rev Series 2014C, 5% 12/1/2039 (i) | 100000 | 99423 |
| Wayne Cnty Mich Arpt Auth Rev Series 2014C, 5% 12/1/2044 (i) | 215000 | 211539 |
| Wayne Cnty Mich Arpt Auth Rev Series 2018 B, 5% 12/1/2048 (i) | 705000 | 691443 |
| Wayne Cnty Mich Arpt Auth Rev Series 2018D, 5% 12/1/2029 (i) | 565000 | 585570 |
| Wayne Cnty Mich Arpt Auth Rev Series 2023 E, 5% 12/1/2028 (Assured Guaranty Municipal Corp Insured) (i) | 3000000 | 3130366 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2033  | 20000 | 20626 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2034  | 85000 | 87357 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2035  | 80000 | 81918 |
| Wayne Cnty Mich Arpt Auth Rev Series A, 5% 12/1/2037  | 30000 | 30401 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2032 (i) | 65000 | 66094 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2034 (i) | 75000 | 75921 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2035 (i) | 80000 | 80781 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2037 (i) | 100000 | 100397 |
| Wayne Cnty Mich Arpt Auth Rev Series B, 5% 12/1/2042 (i) | 120000 | 118568 |
| Wayne Cnty Mich Arpt Auth Rev Series C, 5% 12/1/2028  | 60000 | 62521 |
| Wayne Cnty Mich Arpt Auth Rev Series D, 5% 12/1/2029  | 90000 | 90238 |
| Wayne Cnty Mich Arpt Auth Rev Series D, 5% 12/1/2030  | 75000 | 75196 |
| Wayne Cnty Mich Arpt Auth Rev Series D, 5% 12/1/2031  | 130000 | 130337 |
| Wayne Cnty Mich Arpt Auth Rev Series D, 5% 12/1/2040 (Assured Guaranty Ltd Insured)  | 1515000 | 1516038 |
| Wayne Cnty Mich Arpt Auth Rev Series G, 5% 12/1/2031  | 85000 | 85220 |
| Wayne Cnty Mich Arpt Auth Rev Series G, 5% 12/1/2032  | 85000 | 85214 |
| Wayne Cnty Mich Arpt Auth Rev Series G, 5% 12/1/2033  | 110000 | 110264 |
| Wayne Cnty Mich Arpt Auth Rev Series JRA, 4% 12/1/2033 (Assured Guaranty Municipal Corp Insured)  | 180000 | 180526 |
| Wayne Cnty Mich Arpt Auth Rev Series JRA, 5% 12/1/2029  | 30000 | 31142 |
| Wayne Cnty Mich Arpt Auth Rev Series JRA, 5% 12/1/2030  | 40000 | 41469 |
| Wayne Cnty Mich Arpt Auth Rev Series JRA, 5% 12/1/2031  | 45000 | 46583 |
| Wayne Cnty Mich Arpt Auth Rev Series JRA, 5% 12/1/2032  | 45000 | 46489 |
|  |  | 15916752 |
| Water & Sewer - 0.3% |  |  |
| Great Lakes Sewer Auth Mich Series 2018 A, 5% 7/1/2048  | 1645000 | 1658663 |
| Great Lakes Sewer Auth Mich Series 2022A, 5.25% 7/1/2047  | 3225000 | 3358011 |
| Great Lakes Sewer Auth Mich Series 2022A, 5.25% 7/1/2052  | 1170000 | 1202430 |
| Great Lakes Sewer Auth Mich Series 2023 C, 5.25% 7/1/2048  | 1375000 | 1426200 |
| Great Lakes Sewer Auth Mich Series C, 5% 7/1/2036  | 1305000 | 1317645 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2022 A, 5.25% 7/1/2047  | 3000000 | 3123731 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2022 B, 5.5% 7/1/2052  | 4130000 | 4243674 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series 2023B, 5.25% 7/1/2048  | 2250000 | 2332175 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series A, 5% 7/1/2046  | 4265000 | 4271228 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series B, 5% 7/1/2046  | 2725000 | 2736379 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series C, 5% 7/1/2035  | 650000 | 658435 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series C, 5.25% 7/1/2033  | 1125000 | 1143722 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series C, 5.25% 7/1/2035  | 1300000 | 1320830 |
| Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Series D, 5% 7/1/2036  | 670000 | 676492 |
| Michigan Fin Auth Rev (Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Proj.) 5% 7/1/2035  | 2480000 | 2479795 |
| Michigan Fin Auth Rev (Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Proj.) Series D 2, 5% 7/1/2034  | 1040000 | 1039914 |
| Michigan Fin Auth Rev (Great Lakes Wtr Auth Mich Wtr Supply Sys Rev Proj.) Series D1, 5% 7/1/2034  | 240000 | 240257 |
| Michigan Fin Auth Rev (MI St Clean Wtr Revolving Fnd Proj.) Series 2024A, 5% 10/1/2035  | 5450000 | 6143477 |
|  |  | 39373058 |
| TOTAL MICHIGAN |  | 137152479 |
| Minnesota - 0.3%  |  |  |
| Education - 0.0% |  |  |
| Bethel Minn Charter Sch Lease Rev Series 2024, 5% 7/1/2059  | 750000 | 675166 |
| Deephaven Minn Charter Sch Lease Rev 6.125% 6/15/2061 (h) | 1200000 | 1085074 |
| Ham Lake Minn Charter Sch Lease Rev Series 2016 A, 5% 11/1/2047  | 250000 | 233473 |
| Minneapolis Minn Charter Sch Lease Rev Series 2017 A, 5% 12/1/2047 (h) | 300000 | 265273 |
| Minnesota Higher Ed Facs Auth Rev (Augsburg College Proj.) Series 2016 A, 5% 5/1/2046  | 95000 | 64117 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2029  | 55000 | 56621 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2030  | 90000 | 92318 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2032  | 40000 | 40753 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2033  | 50000 | 50750 |
| Minnesota Higher Ed Facs Auth Rev (St Catherine University Proj.) Series 2018A, 5% 10/1/2045  | 260000 | 240216 |
| Minnesota St Office of Higher Ed Rev Series 2020, 2.65% 11/1/2038 (i) | 485000 | 435214 |
| Moorhead MN Edl Facs Rev (Concordia College/MN Proj.) Series 2016, 5% 12/1/2025  | 35000 | 35000 |
| Woodbury Minn Charter Sch Lease Rev Series 2021A, 4% 7/1/2041  | 120000 | 95856 |
| Woodbury Minn Charter Sch Lease Rev Series 2021A, 4% 7/1/2051  | 95000 | 68750 |
| Woodbury Minn Charter Sch Lease Rev Series 2021A, 4% 7/1/2056  | 80000 | 55917 |
|  |  | 3494498 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Duluth Minn Indpt Sch Dist No 709 Ctfs Partn Series 2019 A, 4.2% 3/1/2034 (Pre-refunded to 3/1/2027 at 100)  | 65000 | 66217 |
| General Obligations - 0.1% |  |  |
| Elk River MN Indp Sch Dist 728 Series 2020 A, 2.25% 2/1/2036  | 750000 | 608486 |
| Elk River MN Indp Sch Dist 728 Series 2020 A, 2.5% 2/1/2038  | 1735000 | 1378035 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020B, 4% 8/1/2041  | 75000 | 70095 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020D, 4% 8/1/2038  | 135000 | 130807 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020D, 4% 8/1/2040  | 145000 | 135527 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020D, 4% 8/1/2041  | 95000 | 88798 |
| Minnesota Housing Finance Agency (Minnesota St Proj.) Series 2020D, 4% 8/1/2043  | 110000 | 101200 |
| Moorhead Minn Isd No 152 Series 2020A, 2.5% 2/1/2038  | 1780000 | 1409215 |
| Sauk Rapids Minn Isd No 47 Series 2020A, 2.375% 2/1/2036 (Minnesota St Guaranteed)  | 2720000 | 2187628 |
| Washington Cnty Minn Gen. Oblig. Series 2017 A, 2.25% 2/1/2028  | 1000000 | 963298 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.6% 2/1/2037 (Minnesota St Guaranteed)  | 645000 | 623870 |
| West St Paul MN Indept Sch Dis Series 2018 A, 3.65% 2/1/2038 (Minnesota St Guaranteed)  | 675000 | 640774 |
| White Bear Lk MN Indpt SD 624 Series 2020A, 2.5% 2/1/2039  | 1345000 | 1032756 |
| White Bear Lk MN Indpt SD 624 Series 2020A, 3% 2/1/2043  | 750000 | 584060 |
|  |  | 9954549 |
| Health Care - 0.2% |  |  |
| Apple Vy Minn Sr Living Rev (Minnesota Senior Living Proj.) Series 2016 B, 5% 1/1/2047  | 565000 | 313046 |
| Apple Vy Minn Sr Living Rev (Minnesota Senior Living Proj.) Series 2016 D, 7.25% 1/1/2052  | 610000 | 270260 |
| Deluth MN Clinic (Aspirus Wausau Hospital Inc Proj.) Series 2022B, 5.25% 6/15/2052  | 250000 | 253207 |
| Deluth MN Clinic (Essentia Health Proj.) 5% 2/15/2043  | 540000 | 534045 |
| Deluth MN Clinic (Essentia Health Proj.) 5% 2/15/2048  | 680000 | 666849 |
| Deluth MN Clinic (Essentia Health Proj.) Series 2018 A, 4.25% 2/15/2043  | 595000 | 539851 |
| Deluth MN Clinic (Essentia Health Proj.) Series 2018 A, 4.25% 2/15/2048  | 700000 | 604235 |
| Deluth MN Clinic (Essentia Health Proj.) Series 2018 A, 5% 2/15/2053  | 900000 | 873576 |
| Deluth MN Clinic (Essentia Health Proj.) Series 2018 A, 5.25% 2/15/2053  | 1775000 | 1734150 |
| Deluth MN Clinic (Essentia Health Proj.) Series 2018 A, 5.25% 2/15/2058  | 250000 | 241859 |
| Duluth MN Economic Dev Auth Rev (Benedictine Health Center, MN Proj.) 4% 7/1/2031  | 215000 | 202280 |
| Duluth MN Economic Dev Auth Rev (Benedictine Health Center, MN Proj.) 4% 7/1/2036  | 355000 | 308110 |
| Duluth MN Economic Dev Auth Rev (Benedictine Health Center, MN Proj.) 4% 7/1/2041  | 145000 | 115724 |
| Maple Grove MN Health Care Sys Rev (North Memorial Med Center, MN Proj.) Series 2015, 5% 9/1/2027  | 70000 | 70193 |
| Minnesota Agric & Ec Dev Brd (Healthpartners Oblig Group Pj Proj.) Series 2024, 5.25% 1/1/2054  | 3680000 | 3691881 |
| Rochester MN Health Care & Hsg Rev Series A, 6.875% 12/1/2048  | 290000 | 290092 |
| St Cloud Minn Health Care Rv (Centracare Health System Proj.) Series 2019, 4% 5/1/2049  | 230000 | 195995 |
| St Paul MN Hsg & Redev Auth Health Care Fac Rev (Healthpartners Oblig Group Pj Proj.) 5% 7/1/2029  | 145000 | 145184 |
|  |  | 11050537 |
| Housing - 0.0% |  |  |
| Minneapolis MN Multifamily Rev Series 2019, 2.46% 1/1/2038 (Fannie Mae Guaranteed)  | 1166613 | 906663 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 F, 5.75% 7/1/2053  | 425000 | 449446 |
| Minnesota Housing Finance Agency (MN Residential Hsg 1995 Proj.) Series 2023 R, 6.25% 7/1/2054  | 950000 | 1023966 |
| Minnesota Housing Finance Agency (MN Residential Hsg Proj.) Series 2024A, 6.25% 1/1/2054  | 975000 | 1052564 |
|  |  | 3432639 |
| Other - 0.0% |  |  |
| Spring Lake Pk MN Ind Sch 016 Series 2024 A, 5% 2/1/2028  | 1495000 | 1578857 |
| White Bear Lake Minn Rev (Ymca of The Greater Twin Cities Proj.) 5% 6/1/2027  | 30000 | 30725 |
| Woodbury Minn Charter Sch Lease Rev 5.5% 6/1/2055 (h) | 750000 | 693826 |
| Woodbury Minn Charter Sch Lease Rev 5.5% 6/1/2063 (h) | 1000000 | 908428 |
|  |  | 3211836 |
| Transportation - 0.0% |  |  |
| Minneapolis Met Airport Commis Series 2016 C, 5% 1/1/2041  | 320000 | 321660 |
| Minneapolis Met Airport Commis Series 2016 C, 5% 1/1/2046  | 640000 | 640832 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2028 (i) | 630000 | 653663 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2035 (i) | 645000 | 674998 |
| Minneapolis Met Airport Commis Series 2022B, 5% 1/1/2037 (i) | 1580000 | 1633197 |
| Minneapolis Met Airport Commis Series 2024B, 5.25% 1/1/2049 (i) | 1310000 | 1328367 |
|  |  | 5252717 |
| TOTAL MINNESOTA |  | 36462993 |
| Mississippi - 0.1%  |  |  |
| Electric Utilities - 0.0% |  |  |
| Mississippi Bus Fin Corp Rev Series 2021, 2.375% 6/1/2044  | 300000 | 180338 |
| General Obligations - 0.1% |  |  |
| Medical Ctr Edl Bld Crp MS Rev Series 2023A, 4% 6/1/2048  | 2820000 | 2483038 |
| Medical Ctr Edl Bld Crp MS Rev Series 2023A, 4% 6/1/2053  | 2145000 | 1833949 |
| Mississippi Dev Bank Spl Oblg Series 2019, 5% 3/1/2048  | 850000 | 840404 |
|  |  | 5157391 |
| Health Care - 0.0% |  |  |
| Mississippi Hosp Eq & Facs Aut (Baptist Memorial Hlth Car Corp Proj.) Series A, 5% 9/1/2046  | 405000 | 386390 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) 5% 10/1/2026  | 40000 | 40778 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) 5% 10/1/2028  | 65000 | 68111 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 II, 5% tender 10/1/2040 (c) | 40000 | 41004 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 IV, 5% 10/1/2035  | 255000 | 263833 |
| Mississippi Hosp Eq & Facs Aut (North Mississippi Hlth Svcs Proj.) Series 2020 IV, 5% 10/1/2039  | 180000 | 182792 |
| Mississippi Hosp Eq & Facs Aut Series 2019A, 4% 1/1/2039  | 160000 | 148190 |
| Mississippi Hosp Eq & Facs Aut Series 2019A, 4% 1/1/2040  | 90000 | 82323 |
|  |  | 1213421 |
| Housing - 0.0% |  |  |
| Mississippi Home Corp Single Family Mtg Rev (Sf Mortgage 7/15/2009 Proj.) Series 2021 B, 3% 6/1/2051  | 880000 | 864705 |
| Mississippi Home Corp Single Family Mtg Rev (Sf Mortgage 7/15/2009 Proj.) Series 2021 B, 5% 6/1/2027  | 510000 | 530011 |
| Mississippi Home Corp Single Family Mtg Rev (Sf Mortgage 7/15/2009 Proj.) Series 2021 B, 5% 6/1/2028  | 40000 | 42178 |
| Mississippi Home Corp Single Family Mtg Rev Series 2018 A, 4% 12/1/2044  | 135000 | 135188 |
| Mississippi Home Corp Single Family Mtg Rev Series 2024 C, 5% 12/1/2039  | 1125000 | 1168128 |
|  |  | 2740210 |
| Industrial Development - 0.0% |  |  |
| Mississippi Business Fin Corp Miss Gulf Opportunity Zone Indl Dev Rev 2.95% 11/1/2035 VRDN (c) | 300000 | 300000 |
| Lease Revenue - 0.0% |  |  |
| County of Warren MS Series 2023, 6% 9/1/2053  | 1020000 | 1095069 |
| Other - 0.0% |  |  |
| Mississippi Home Corp Multifam Series 06FN Class PT, 4.55% 4/1/2042  | 1000000 | 982239 |
| Special Tax - 0.0% |  |  |
| Mississippi Dev Bank Series 2010A, 5.25% 1/1/2034  | 125000 | 136560 |
| Mississippi Dev Bank Spl Obl Series 2020, 5% 9/1/2025  | 75000 | 75119 |
| Mississippi Dev Bank Spl Obl Series 2020, 5% 9/1/2026  | 205000 | 207434 |
|  |  | 419113 |
| Water & Sewer - 0.0% |  |  |
| Mississippi Dev Bank Spl Oblig Series 2013, 6.75% 12/1/2030 (Assured Guaranty Ltd Insured)  | 240000 | 243452 |
| Mississippi Dev Bank Spl Oblig Series 2013, 6.875% 12/1/2040 (Assured Guaranty Ltd Insured)  | 105000 | 106674 |
|  |  | 350126 |
| TOTAL MISSISSIPPI |  | 12437907 |
| Missouri - 0.5%  |  |  |
| Education - 0.0% |  |  |
| Missouri Hlth & Edl Facs Rev Series 2019A, 5% 6/15/2045  | 250000 | 230293 |
| General Obligations - 0.0% |  |  |
| Jackson Cnty MO Spl Oblig Series 2032 A, 5.25% 12/1/2058  | 3750000 | 3830679 |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City Missouri Proj.) Series 2019 B, 5% 3/1/2037 (i) | 1085000 | 1102552 |
| Platte Cnty MO Sch Dist Park Hill Series 2017, 3.3% 3/1/2035  | 2015000 | 1838872 |
| St Louis MO Mun Fn Crp Lsehld (St Louis MO Proj.) Series 2020, 5% 10/1/2049 (Assured Guaranty Ltd Insured)  | 635000 | 624682 |
| Wentzville MO Sch Dist No R 04 Series 2020, 1.875% 3/1/2040  | 1800000 | 1163058 |
|  |  | 8559843 |
| Health Care - 0.3% |  |  |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series 2021, 4% 3/1/2046  | 240000 | 212419 |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2029  | 80000 | 82002 |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2030  | 85000 | 87051 |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2031  | 200000 | 204442 |
| Cape Girardeau Cnty MO Indl Dev Auth Health Care Facs Rev (Mercy Health Proj.) Series A, 5% 3/1/2036  | 390000 | 393676 |
| Kirkwood MO Indl Dev Auth Retirement Cmnty Rev Series 2017 A, 5.25% 5/15/2037  | 280000 | 266910 |
| Kirkwood MO Indl Dev Auth Retirement Cmnty Rev Series 2017 A, 5.25% 5/15/2042  | 240000 | 214496 |
| Missouri Hlth & Edl Facs Rev (Bjc Health System Proj.) Series 2017 D, 4% tender 1/1/2058 (c) | 1555000 | 1289677 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 3.125% 2/1/2027  | 140000 | 139826 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 3.25% 2/1/2028  | 140000 | 139933 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 5% 2/1/2029  | 150000 | 150276 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 5% 2/1/2034  | 175000 | 175182 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) 5% 6/1/2031  | 675000 | 708799 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2020, 3% 6/1/2053  | 2000000 | 1347914 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2020, 4% 6/1/2053  | 1400000 | 1146347 |
| Missouri Hlth & Edl Facs Rev (Mercy Health Proj.) Series 2023, 5% 12/1/2052  | 1400000 | 1364214 |
| Missouri Hlth & Edl Facs Rev (Mosaic Health Proj.) Series 2019A, 4% 2/15/2049  | 1065000 | 934256 |
| Missouri Hlth & Edl Facs Rev (Mosaic Health Proj.) Series 2019A, 4% 2/15/2054  | 970000 | 821329 |
| Missouri Hlth & Edl Facs Rev (St Lukes Hospital,Kan City, MO Proj.) Series 2018A, 4% 11/15/2048  | 1060000 | 907496 |
| Missouri Hlth & Edl Facs Rev Series 2019A, 4% 2/15/2044  | 490000 | 438302 |
| Missouri Hlth & Edl Facs Rev Series 2023, 5.5% 12/1/2048  | 4505000 | 4651819 |
| Missouri St Health & Edl Facs (Lutheran Senior Services Proj.) Series 2019 A, 5% 2/1/2042  | 675000 | 668568 |
| Missouri St Health & Edl Facs Series 2016 B, 5% 2/1/2035  | 155000 | 155230 |
| Missouri St Health & Edl Facs Series 2016 B, 5% 2/1/2046  | 915000 | 848135 |
| Missouri St Health & Edl Facs Series 2021, 4% 2/1/2042  | 250000 | 216444 |
| St Louis Cnty MO Indl Dev Auth Health Facs Rev Series 2015 A, 5% 8/15/2030  | 165000 | 164795 |
| St Louis Cnty MO Indl Dev Auth Health Facs Rev Series 2015 A, 5% 8/15/2035  | 95000 | 91661 |
| St Louis Cnty MO Indl Dev Auth Health Facs Rev Series 2015 A, 5.125% 8/15/2045  | 295000 | 253101 |
| St Louis Cnty MO Indl Dev Auth Sr Living Facs Rev (Friendship Village of West County Proj.) Series 2017, 5% 9/1/2048  | 2140000 | 1956847 |
| St Louis Cnty MO Indl Dev Auth Sr Living Facs Rev (Friendship Village of West County Proj.) Series 2018A, 5% 9/1/2038  | 890000 | 892472 |
| St Louis Cnty MO Indl Dev Auth Sr Living Facs Rev (Friendship Village of West County Proj.) Series 2018A, 5.125% 9/1/2048  | 3085000 | 2889357 |
| St Louis Cnty MO Indl Dev Auth Sr Living Facs Rev Series 2015 A, 5% 12/1/2035  | 280000 | 269862 |
| St Louis Cnty MO Indl Dev Auth Sr Living Facs Rev Series 2015 A, 5.125% 12/1/2045  | 545000 | 479172 |
|  |  | 24562010 |
| 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  | 75000 | 75177 |
| Missouri St Hsg Dev Com Sf Mtg (MO Hsg First Place Loan Prog 5/1/15 Proj.) Series 2021 A, 3% 5/1/2052  | 1345000 | 1315313 |
| 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  | 1180000 | 1308509 |
| Missouri St Hsg Dev Com Sf Mtg 4.25% 5/1/2049  | 390000 | 391972 |
| Missouri St Hsg Dev Com Sf Mtg Series 2019A, 4.25% 5/1/2047  | 350000 | 352166 |
|  |  | 3443137 |
| Industrial Development - 0.0% |  |  |
| Kansas City MO Ld Clearance Redev Auth Proj Rev Series 2018 B, 5% 2/1/2040 (h) | 300000 | 291323 |
| St Louis MO Indl Dev Auth Fing Rev Series A, 3.875% 11/15/2029  | 140000 | 133725 |
| St Louis MO Indl Dev Auth Fing Rev Series A, 4.375% 11/15/2035  | 710000 | 640650 |
| St Louis MO Indl Dev Auth Fing Rev Series A, 4.75% 11/15/2047  | 1095000 | 924954 |
|  |  | 1990652 |
| Lease Revenue - 0.0% |  |  |
| Missouri Dev Fin Brd Infrastructure Fac Rev Series 2021, 4% 3/1/2036  | 255000 | 238453 |
| Missouri Dev Fin Brd Infrastructure Fac Rev Series 2021, 4% 3/1/2037  | 80000 | 73471 |
| Missouri Dev Fin Brd Infrastructure Fac Rev Series 2021, 4% 3/1/2041  | 100000 | 85761 |
| Missouri Dev Fin Brd Infrastructure Fac Rev Series 2021, 4% 3/1/2051  | 290000 | 222808 |
| St Louis MO Ld Clearance Redev Auth Annual Appropriation Redev Rev Series 2022C, 5% 6/1/2041  | 1750000 | 1678969 |
|  |  | 2299462 |
| Other - 0.0% |  |  |
| Maryland Heights MO Indl Dev Auth Rev Series 2018 A, 5% 3/15/2049  | 250000 | 190119 |
| Missouri Dev Fin Brd Infrastructure Fac Rev 5.5% 12/1/2050  | 1050000 | 1087346 |
| Missouri St Env Imp Env Impt Series 1998C, 2.75% 9/1/2033  | 1000000 | 883332 |
| Normandy Schs Collaborative Mont Executive Governing Brd St Louis Cnty 2% 3/1/2041  | 1400000 | 896511 |
| Poplar Bluff MO Regl Transn Dev Dist Transn Sales Tax Rev Series 2023B, 4% 12/1/2037  | 295000 | 271787 |
| Taney Cnty MO Indl Dev Auth Sales Tax Rev Series 2023, 6% 10/1/2049 (h) | 775000 | 736619 |
|  |  | 4065714 |
| Resource Recovery - 0.0% |  |  |
| Missouri St Env Imp Env Impt Series 1998 A, 2.9% 9/1/2033  | 1070000 | 957396 |
| Missouri St Env Imp Env Impt Series 1998 B, 2.9% 9/1/2033  | 1000000 | 894762 |
|  |  | 1852158 |
| Special Tax - 0.0% |  |  |
| Conley Rd Transn Dev Dist MO Transn Sales Tax Rev Series 2017, 5.375% 5/1/2047  | 245000 | 241009 |
| Plaza at Noah's Ark Community Improvement District Series 2021, 3% 5/1/2030  | 65000 | 60655 |
| Plaza at Noah's Ark Community Improvement District Series 2021, 3.125% 5/1/2035  | 45000 | 38499 |
| St Louis MO Indl Dev Auth Tax Increment & Spl Dist Rev Series 2024A, 5.75% 6/15/2054  | 305000 | 296499 |
| St Louis MO Ld Clearance Redev Auth Annual Appropriation Redev Rev (Missouri St Proj.) 5.375% 6/1/2043  | 2060000 | 2036943 |
| St Louis MO Ld Clearance Redev Auth Annual Appropriation Redev Rev (St Louis MO Proj.) 5.125% 6/1/2046  | 685000 | 642707 |
|  |  | 3316312 |
| Transportation - 0.2% |  |  |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) 5% 3/1/2057 (Assured Guaranty Municipal Corp Insured) (i) | 2465000 | 2420838 |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) Series 2019 B, 5% 3/1/2038 (i) | 355000 | 358993 |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) Series 2019 B, 5% 3/1/2046 (i) | 3170000 | 3117192 |
| Kansas City MO Indl Dev Auth Arpt Spl Oblig (Kansas City MO Arpt Rev Proj.) Series 2019 B, 5% 3/1/2055 (Assured Guaranty Ltd Insured) (i) | 1210000 | 1188900 |
| St Louis MO Arpt Rev 5.25% 7/1/2026 (Assured Guaranty Municipal Corp Insured)  | 350000 | 358581 |
| St Louis MO Arpt Rev Series 2019 A, 5% 7/1/2044  | 80000 | 80579 |
| St Louis MO Arpt Rev Series 2019 A, 5% 7/1/2049  | 65000 | 64493 |
| St Louis MO Arpt Rev Series 2019C, 5% 7/1/2027  | 155000 | 160555 |
| St Louis MO Arpt Rev Series 2024B, 5.25% 7/1/2054 (Assured Guaranty Ltd Insured) (i) | 480000 | 485058 |
|  |  | 8235189 |
| Water & Sewer - 0.0% |  |  |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2026  | 15000 | 15181 |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2028  | 30000 | 31626 |
| Kansas City MO Santn Swr Sys Rev Series 2018 B, 5% 1/1/2033  | 25000 | 26049 |
| Kansas City MO Wtr Rev 4% 12/1/2032  | 45000 | 46605 |
| Kansas City MO Wtr Rev 4% 12/1/2034  | 25000 | 25648 |
| Kansas City MO Wtr Rev 4% 12/1/2036  | 45000 | 45381 |
| Kansas City MO Wtr Rev 4% 12/1/2037  | 30000 | 29703 |
| Kansas City MO Wtr Rev 4% 12/1/2039  | 70000 | 68644 |
| Kansas City MO Wtr Rev 4% 12/1/2040  | 30000 | 29058 |
| Kansas City MO Wtr Rev 5% 12/1/2028  | 35000 | 37526 |
| Kansas City MO Wtr Rev 5% 12/1/2029  | 20000 | 21776 |
| Kansas City MO Wtr Rev 5% 12/1/2030  | 40000 | 44163 |
| Kansas City MO Wtr Rev 5% 12/1/2035  | 40000 | 42915 |
|  |  | 464275 |
| TOTAL MISSOURI |  | 59019045 |
| Montana - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Montana St Brd Regents Higher Ed Rev Series 2022, 5.25% 11/15/2052 (Assured Guaranty Ltd Insured)  | 3800000 | 3902615 |
| Health Care - 0.0% |  |  |
| City of Kalispell MT Series 2017 A, 5.25% 5/15/2037  | 95000 | 94521 |
| City of Kalispell MT Series 2017 A, 5.25% 5/15/2047  | 1020000 | 907499 |
| City of Kalispell MT Series 2017 A, 5.25% 5/15/2052  | 1060000 | 916843 |
| Montana Fac Fin Auth Health Facs Rev (Bozeman Health Proj.) Series 2021 A, 3% 6/1/2050  | 1750000 | 1193965 |
| Montana Facility Finance Authority Series 2018 B, 5% 7/1/2048  | 300000 | 293757 |
|  |  | 3406585 |
| Housing - 0.0% |  |  |
| Montana St Brd Hsg Series A 2, 3% 12/1/2043 (i) | 5000 | 4965 |
| Montana St Brd Hsg Single Family Mtg (MT Single Family Proj.) Series 2019B, 4% 6/1/2050  | 60000 | 60188 |
|  |  | 65153 |
| Industrial Development - 0.0% |  |  |
| Forsyth MT Pollution Ctl Rev Series 2023, 3.875% 7/1/2028  | 560000 | 565382 |
| Other - 0.0% |  |  |
| Gallatin Cnty Mont Indl Dev Rev (Bozeman Fiber Proj.) Series 2021A, 4% 10/15/2051 (h) | 305000 | 189845 |
| Gallatin Cnty Mont Indl Dev Rev 0% 10/15/2055 (h)(k) | 275000 | 206966 |
| Montana St Brd Hsg Single Family Mtg 6.25% 6/1/2054  | 995000 | 1071935 |
|  |  | 1468746 |
| TOTAL MONTANA |  | 9408481 |
| Nebraska - 0.4%  |  |  |
| Education - 0.0% |  |  |
| Douglas Cnty Neb Edl Facs Rev (Creighton University Proj.) Series 2017, 4% 7/1/2033  | 45000 | 45419 |
| Douglas Cnty Neb Edl Facs Rev (Creighton University Proj.) Series 2017, 4% 7/1/2034  | 120000 | 120723 |
| Douglas Cnty Neb Edl Facs Rev (Creighton University Proj.) Series 2017, 5% 7/1/2036  | 85000 | 86680 |
| Douglas Cnty Neb Edl Facs Rev (Creighton University Proj.) Series 2021 A, 3% 7/1/2051  | 785000 | 524538 |
|  |  | 777360 |
| Electric Utilities - 0.1% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev Series 2017A, 5% 9/1/2031  | 345000 | 364729 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2017A, 5% 9/1/2033  | 2970000 | 3154675 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2017A, 5% 9/1/2034  | 180000 | 191090 |
| Lincoln NE Series 2018, 5% 9/1/2031  | 110000 | 113026 |
| Lincoln NE Series 2018, 5% 9/1/2032  | 210000 | 215338 |
| Lincoln NE Series 2018, 5% 9/1/2033  | 125000 | 128020 |
| Nebraska Pub Pwr Dist Rev Series 2016 A, 5% 1/1/2032  | 95000 | 95839 |
| Nebraska Pub Pwr Dist Rev Series 2016 A, 5% 1/1/2034  | 55000 | 55425 |
| Nebraska Pub Pwr Dist Rev Series B, 5% 1/1/2037  | 300000 | 301633 |
| Nebraska Pub Pwr Dist Rev Series D, 5% 1/1/2046  | 965000 | 967719 |
| Omaha Public Power District Series 2021 B, 4% 2/1/2046  | 2000000 | 1791320 |
| Omaha Public Power District Series 2022 A, 5% 2/1/2047  | 3250000 | 3324704 |
| Omaha Public Power District Series 2022 A, 5.25% 2/1/2052  | 1050000 | 1080349 |
| Omaha Public Power District Series 2024 A, 5.5% 2/1/2054  | 2000000 | 2098771 |
|  |  | 13882638 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2025 (Escrowed to Maturity) (i) | 25000 | 25196 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2026 (Escrowed to Maturity) (i) | 80000 | 81950 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2035 (Pre-refunded to 12/15/2026 at 100) (i) | 110000 | 112681 |
|  |  | 219827 |
| General Obligations - 0.3% |  |  |
| Central Plains Energy Proj NE Gas Proj Rev 4% tender 12/1/2049 (Royal Bank of Canada Guaranteed) (c) | 5775000 | 5776534 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2017A, 5% 9/1/2036 (Goldman Sachs Group Inc/The Guaranteed)  | 985000 | 1039102 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2022 1, 5% tender 5/1/2053 (Goldman Sachs Group Inc/The Guaranteed) (c) | 4255000 | 4388063 |
| Central Plains Energy Proj NE Gas Proj Rev Series 2023 A 1, 5% tender 5/1/2054 (Bank of Montreal Guaranteed) (c) | 6950000 | 7161264 |
| Douglas Cnty Neb Sch Dist 001 Series 2021, 1.75% 12/15/2037  | 1000000 | 697431 |
| Douglas Cnty Neb Sch Dist 001 Series 2021, 2% 12/15/2043  | 2035000 | 1258973 |
|  |  | 20321367 |
| Health Care - 0.0% |  |  |
| Douglas Cnty NE Hosp Auth #2 (Nebraska Children's Hospital Proj.) Series 2020 A, 4% 11/15/2050  | 240000 | 202655 |
| Douglas Cnty NE Hosp Auth #2 Series 2020 A, 4% 11/15/2037  | 255000 | 244096 |
| Douglas Cnty NE Hosp Auth #2 Series 2020 A, 4% 11/15/2039  | 290000 | 269385 |
|  |  | 716136 |
| Housing - 0.0% |  |  |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 B, 4% 9/1/2049 (i) | 160000 | 159642 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2019 E, 3.75% 9/1/2049 (i) | 130000 | 129430 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2020 A, 3.5% 9/1/2050  | 40000 | 39761 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2024 C, 4.55% 9/1/2044  | 1000000 | 980189 |
| Nebraska Invt Fin Auth Sfh Rev (NE Single Family Hsg Proj.) Series 2024 C, 4.7% 9/1/2049  | 1250000 | 1208020 |
|  |  | 2517042 |
| Other - 0.0% |  |  |
| Sarpy Cnty Neb Gen. Oblig. 1.75% 6/1/2037  | 2770000 | 1987114 |
| Sarpy Cnty Neb Gen. Oblig. Series 2021, 1.625% 6/1/2035  | 2655000 | 2015084 |
|  |  | 4002198 |
| Transportation - 0.0% |  |  |
| Omaha NE Arpt Auth Arpt Rev Series 2024, 5.25% 12/15/2054 (Assured Guaranty Ltd Insured) (i) | 2000000 | 2021947 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2025 (i) | 25000 | 25236 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2026 (i) | 95000 | 97183 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2027 (i) | 65000 | 66178 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2030 (i) | 105000 | 106650 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2031 (i) | 55000 | 55729 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2033 (i) | 55000 | 55500 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2035 (i) | 135000 | 135817 |
| Omaha NE Arpt Auth Arpt Rev Series A, 5% 12/15/2036 (i) | 35000 | 35153 |
|  |  | 2599393 |
| TOTAL NEBRASKA |  | 45035961 |
| Nevada - 0.4%  |  |  |
| Education - 0.0% |  |  |
| Director St NV Dept Business & Ind Charter Sch Lease Rev Series 2018A, 5% 12/15/2038 (h) | 270000 | 262980 |
| Director St NV Dept Business & Ind Charter Sch Lease Rev Series 2018A, 5% 12/15/2048 (h) | 1015000 | 920532 |
| Director St NV Dept Business & Ind Charter Sch Lease Rev Series A, 5% 12/15/2035 (h) | 130000 | 130104 |
| Director St NV Dept Business & Ind Charter Sch Lease Rev Series A, 5.125% 12/15/2045 (h) | 160000 | 151255 |
|  |  | 1464871 |
| Electric Utilities - 0.0% |  |  |
| Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016 F, 4.125% tender 3/1/2036 (c)(i) | 485000 | 484306 |
| Washoe Cnty NV Wtr Fac Rev (Sierra Pacific Power Co Proj.) Series 2016C, 4.125% tender 3/1/2036 (c)(i) | 355000 | 354491 |
|  |  | 838797 |
| General Obligations - 0.1% |  |  |
| Clark Cnty NV Gen. Oblig. Series 2018 A, 5% 5/1/2048  | 4820000 | 4837415 |
| Clark Cnty NV School Dist Series 2017 A, 5% 6/15/2026  | 15000 | 15300 |
| Clark Cnty NV School Dist Series 2019 A, 5% 6/15/2025  | 1780000 | 1781134 |
| Clark Cnty NV School Dist Series 2020A, 4% 6/15/2037 (Assured Guaranty Ltd Insured)  | 190000 | 187314 |
| Clark Cnty NV School Dist Series 2020A, 4% 6/15/2039 (Assured Guaranty Ltd Insured)  | 420000 | 398106 |
| Clark Cnty NV School Dist Series 2021 B, 3% 6/15/2036  | 2275000 | 1967923 |
| Clark Cnty NV School Dist Series 2024 B, 3% 6/15/2042  | 9090000 | 7013247 |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2040  | 1050000 | 874845 |
| Nevada St Gen. Oblig. Series 2024A, 3% 5/1/2043  | 1735000 | 1376049 |
|  |  | 18451333 |
| Health Care - 0.0% |  |  |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2037  | 150000 | 149815 |
| Carson City Nev Hosp Rev (Carson Tahoe Hospital Proj.) Series 2017, 5% 9/1/2042  | 370000 | 360858 |
|  |  | 510673 |
| Housing - 0.0% |  |  |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) 3% 10/1/2051  | 4705000 | 4585231 |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) Series 2019 A, 4% 4/1/2049  | 65000 | 65140 |
| Nevada Hsg Div Single Family Mtg Rev (NV Single Fam Mort Rev 9/1/2008 Proj.) Series 2019B, 4% 10/1/2049  | 135000 | 135298 |
| Nevada Hsg Div Single Family Mtg Rev Series 2021 A, 3% 4/1/2051  | 415000 | 406115 |
|  |  | 5191784 |
| Other - 0.0% |  |  |
| City of Sparks NV Special Improvement District No 1 5% 6/1/2044  | 400000 | 384334 |
| Las Vegas Nev Spl Impt Dist No817 5.5% 6/1/2038  | 400000 | 415852 |
|  |  | 800186 |
| Special Tax - 0.3% |  |  |
| Clark Cnty NV Hwy Impt Rev Series 2022, 4% 7/1/2040 (Assured Guaranty Ltd Insured)  | 3500000 | 3381090 |
| Las Vegas Convention & Visitors Authority Series 2018 B, 4% 7/1/2049  | 5000000 | 4270840 |
| Las Vegas Convention & Visitors Authority Series 2018 B, 5% 7/1/2043  | 4185000 | 4195584 |
| Las Vegas Convention & Visitors Authority Series 2019B, 5% 7/1/2033  | 620000 | 655681 |
| Las Vegas Convention & Visitors Authority Series 2022B, 5.25% 7/1/2049  | 1060000 | 1096666 |
| Las Vegas Nev Redev Agy Tax Increment Rev Series 2016, 5% 6/15/2030  | 60000 | 60504 |
| Las Vegas Nev Redev Agy Tax Increment Rev Series 2016, 5% 6/15/2040  | 1580000 | 1560870 |
| Las Vegas Nev Redev Agy Tax Increment Rev Series 2016, 5% 6/15/2045  | 1870000 | 1810041 |
| Reno Nev Cap Impt Rev Series 2019 A1, 4% 6/1/2046 (Assured Guaranty Ltd Insured)  | 250000 | 220150 |
| Reno Nev Sales Tax Rev Series 2018 B, 4% 6/1/2048 (Assured Guaranty Ltd Insured)  | 95000 | 82490 |
| Reno Nev Sales Tax Rev Series 2018 B, 4.125% 6/1/2058 (Assured Guaranty Ltd Insured)  | 120000 | 103648 |
| Reno Nev Sales Tax Rev Series 2018 C, 0% 7/1/2058 (h)(j) | 3500000 | 515785 |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2045  | 250000 | 242247 |
| Tahoe-Douglas Visitors Auth Nev Stateline Rev (Tahoe-Douglas Visitors Auth Nev Stateline Rev Proj.) 5% 7/1/2051  | 170000 | 160108 |
|  |  | 18355704 |
| Transportation - 0.0% |  |  |
| Clark Cnty NV Arpt Rev Series 2019 A, 5% 7/1/2026  | 1445000 | 1476768 |
| Clark Cnty NV Arpt Rev Series 2021 B, 5% 7/1/2026 (i) | 2290000 | 2328826 |
|  |  | 3805594 |
| TOTAL NEVADA |  | 49418942 |
| New Hampshire - 0.9%  |  |  |
| Education - 0.0% |  |  |
| National Fin Auth NH Hosp Rev Series 2023A, 5.25% 6/1/2051  | 930000 | 952814 |
| Electric Utilities - 0.2% |  |  |
| National Fin Auth N H Util Rev Series 2024 A, 6.89% 4/1/2034 (h) | 7000000 | 7133427 |
| National Fin Auth NH Rev (Winston-Salem Energy Novant Proj.) Series 2025 A, 5% 12/1/2035 (m) | 6500000 | 7004519 |
| National Fin Auth NH Rev (Winston-Salem Energy Novant Proj.) Series 2025 A, 5% 6/1/2055 (m) | 6250000 | 6038034 |
| National Fin Auth NH Rev (Winston-Salem Energy Novant Proj.) Series 2025 A, 5.5% 6/1/2050 (m) | 5065000 | 5221417 |
|  |  | 25397397 |
| General Obligations - 0.0% |  |  |
| National Fin Auth NH Special Rev 4.875% 12/1/2033 (h) | 872000 | 858323 |
| National Fin Auth NH Special Rev Gen. Oblig. Series 2024, 5.25% 12/1/2035 (h) | 1646000 | 1633916 |
| National Fin Auth NH Special Rev Gen. Oblig. Series 2024, 5.375% 12/1/2031 (h) | 955000 | 943075 |
| Portsmouth NH Gen. Oblig. 1.75% 4/1/2036  | 1345000 | 1004584 |
|  |  | 4439898 |
| Health Care - 0.2% |  |  |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 3% 8/15/2051 (Assured Guaranty Municipal Corp Insured)  | 1755000 | 1189134 |
| National Fin Auth NH Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2021 B, 5% 8/15/2026  | 465000 | 474078 |
| National Fin Auth NH Lease Rent Rev 8.33% 5/15/2034  | 305000 | 307485 |
| National Fin Auth NH Lease Rent Rev Series 2023 B, 9.58% 12/15/2038  | 430000 | 424713 |
| National Fin Auth NH Lease Rent Rev Series 2023A, 5.88% 12/15/2038  | 7150000 | 7151909 |
| National Fin Auth NH Lease Rent Rev Series 2024A, 5% 5/15/2034 (h) | 4220000 | 4167046 |
| National Fin Auth NH Rev (Presbyterian Homes, PA Proj.) Series 2023 A, 5.25% 7/1/2048  | 500000 | 499164 |
| National Fin Auth NH Rev (The Vista Proj.) Series 2019 A, 5.25% 7/1/2039 (h) | 220000 | 216685 |
| National Fin Auth NH Rev (The Vista Proj.) Series 2019 A, 5.625% 7/1/2046 (h) | 125000 | 121286 |
| National Fin Auth NH Rev (The Vista Proj.) Series 2019 A, 5.75% 7/1/2054 (h) | 1235000 | 1182541 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2028  | 150000 | 156553 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2029  | 130000 | 135100 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2030  | 120000 | 124303 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2031  | 75000 | 77496 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2032  | 15000 | 15460 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2034  | 190000 | 194520 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2035  | 155000 | 158077 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2036  | 110000 | 111748 |
| New Hampshire Health and Education Facilities Authority Act (Dartmouth-Hitchcock Oblgtd Grp Proj.) Series 2018 A 1, 5% 8/1/2037  | 135000 | 136561 |
| New Hampshire Health and Education Facilities Authority Act (Hillside Vge-Prospect Woodward Hm Proj.) 6.125% 7/1/2037 (f)(g)(h) | 149960 | 0 |
| New Hampshire Health and Education Facilities Authority Act (Hillside Vge-Prospect Woodward Hm Proj.) 6.125% 7/1/2052 (f)(g)(h) | 368652 | 0 |
| New Hampshire Health and Education Facilities Authority Act (Hillside Vge-Prospect Woodward Hm Proj.) 6.25% 7/1/2042 (f)(g)(h) | 224940 | 0 |
| New Hampshire Health and Education Facilities Authority Act (Mass General Brigham Inc Proj.) 5% 7/1/2033  | 425000 | 437631 |
| New Hampshire Health and Education Facilities Authority Act (Mass General Brigham Inc Proj.) 5% 7/1/2034  | 650000 | 667147 |
| New Hampshire Health and Education Facilities Authority Act (Mass General Brigham Inc Proj.) 5% 7/1/2037  | 630000 | 640358 |
| New Hampshire Health and Education Facilities Authority Act (Mass General Brigham Inc Proj.) 5% 7/1/2041  | 115000 | 115785 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 4% 10/1/2038  | 360000 | 334833 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2025  | 255000 | 256192 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2028  | 170000 | 172766 |
| NH Health & Ed Facs Auth Rev (Elliot Health System Proj.) Series 2016, 5% 10/1/2032  | 290000 | 292693 |
| NH Health & Ed Facs Auth Rev Series 2016, 5% 10/1/2036  | 115000 | 115789 |
| NH Health & Ed Facs Auth Rev Series 2016, 5% 10/1/2040  | 545000 | 546371 |
| NH Health & Ed Facs Auth Rev Series 2016, 5% 10/1/2046  | 860000 | 853119 |
|  |  | 21276543 |
| Housing - 0.4% |  |  |
| National Fin Auth NH Hosp Rev (Lihtc 2020-1 Us Proj.) Series 1 Class A, 4.125% 1/20/2034  | 5215071 | 5121511 |
| National Fin Auth NH Hosp Rev (Lihtc 2022-1 Us Proj.) Series 1 Class A, 4.375% 9/20/2036  | 2526549 | 2449554 |
| National Fin Auth NH Hosp Rev (Lihtc 2023-2 Us Proj.) Series 2 Class A, 3.875% 1/20/2038  | 8757961 | 8004573 |
| National Fin Auth NH Hosp Rev Series 1 Class A, 4.25% 7/1/2051  | 2804251 | 2598675 |
| National Fin Auth NH Hosp Rev Series 2 Class A, 3.625% 8/20/2039  | 2111795 | 1900019 |
| National Fin Auth NH Hosp Rev Series 3 Class A, 4.0342% 10/20/2051 (c) | 2795165 | 2462786 |
| National Fin Auth NH Hosp Rev Series 4 Class AUS, 4.06% 11/20/2039 (c) | 3484765 | 3234540 |
| National Fin Auth NH Hosp Rev Series 4 Class BUS, 4.06% 5/20/2042 (c) | 1578979 | 1344060 |
| New Hampshire Business Finance Authority (Lihtc 2022-2 Us Proj.) Series 2 Class A, 4% 10/20/2036  | 9895315 | 9307015 |
| New Hampshire St Hsg Fin Auth Multi-Family Hsg Series 2024 1, 4.45% 7/1/2044  | 3510000 | 3410855 |
| New Hampshire St Hsg Fin Auth Single Family Mtg Rev Series 2023 D, 6.5% 7/1/2055  | 7295000 | 7929235 |
| New Hampshire St Hsg Fin Auth Single Family Mtg Rev Series 2025A, 6.5% 1/1/2056  | 2500000 | 2807002 |
|  |  | 50569825 |
| Other - 0.1% |  |  |
| National Fin Auth NH Affordable Hsg Ctfs Class A, 4.15% tender 10/20/2040 (c) | 625000 | 579558 |
| National Fin Auth NH Affordable Hsg Ctfs Series 2025 1 CL A 1 Class A1, 4.75% tender 6/20/2041 (c)(m) | 2350000 | 2347180 |
| National Fin Auth NH Hosp Rev Series 2021, 4% 1/1/2041  | 225000 | 191269 |
| National Fin Auth NH Hosp Rev Series 2025-1 Class A1, 4.0869% 1/20/2041 (c) | 2531363 | 2354480 |
| National Fin Auth NH Hosp Rev Series 2025-1 Class A2, 4.0869% 1/20/2041 (c) | 798852 | 707473 |
| National Fin Auth NH Rev Series 2020 B, 3.75% tender 7/1/2045 (c)(h)(i) | 1195000 | 974661 |
| National Fin Auth NH Rev Series 2023C, 11% 12/15/2038  | 235000 | 232316 |
|  |  | 7386937 |
| Pooled Loans - 0.0% |  |  |
| National Fin Auth NH Special Rev Series 2024, 0% 12/1/2034 (h)(j) | 5975000 | 3158067 |
| Resource Recovery - 0.0% |  |  |
| National Fin Auth NH Rev Series 2018 B, 4.625% 11/1/2042 (h) | 470000 | 424227 |
| TOTAL NEW HAMPSHIRE |  | 113605708 |
| New Jersey - 3.1%  |  |  |
| Education - 0.4% |  |  |
| Atlantic Cnty NJ Impt Auth Lse (Stockton University Proj.) Series 2016 A, 5% 7/1/2028 (Assured Guaranty Municipal Corp Insured)  | 125000 | 127322 |
| Atlantic Cnty NJ Impt Auth Lse (Stockton University Proj.) Series 2016 A, 5% 7/1/2030 (Assured Guaranty Municipal Corp Insured)  | 305000 | 308773 |
| Atlantic Cnty NJ Impt Auth Lse (Stockton University Proj.) Series 2016 A, 5% 7/1/2032 (Assured Guaranty Municipal Corp Insured)  | 150000 | 151621 |
| Atlantic Cnty NJ Impt Auth Lse (Stockton University Proj.) Series 2016 A, 5% 7/1/2033 (Assured Guaranty Municipal Corp Insured)  | 160000 | 161520 |
| Camden Cnty NJ Impt Auth Charter Sch Rev Series 2022, 5% 7/15/2052 (h) | 435000 | 406493 |
| Camden Cnty NJ Impt Auth Charter Sch Rev Series 2022, 5% 7/15/2062 (h) | 480000 | 439302 |
| Camden County Improvement Authority/The 6% 6/15/2042  | 60000 | 62661 |
| Camden County Improvement Authority/The 6% 6/15/2047  | 165000 | 170847 |
| Camden County Improvement Authority/The 6% 6/15/2052  | 155000 | 159576 |
| Camden County Improvement Authority/The 6% 6/15/2062  | 510000 | 522736 |
| Essex Cnty NJ Impt Auth Charter Sch Rev 4% 7/15/2050 (h) | 300000 | 244132 |
| Essex Cnty NJ Impt Auth Charter Sch Rev 4% 7/15/2060 (h) | 250000 | 193843 |
| Essex Cnty NJ Impt Auth Charter Sch Rev Series 2020 A, 4% 8/1/2060 (h) | 250000 | 193816 |
| Essex Cnty NJ Impt Auth Charter Sch Rev Series 2021, 4% 6/15/2046  | 275000 | 237295 |
| Essex Cnty NJ Impt Auth Charter Sch Rev Series 2021, 4% 6/15/2056  | 365000 | 294989 |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2035 (Build America Mutual Assurance Co Insured)  | 1000000 | 1079667 |
| Gloucester Cnty NJ Impt Auth Rev (Rowan Univ Proj.) Series 2024, 5% 7/1/2041 (Build America Mutual Assurance Co Insured)  | 1150000 | 1197589 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2010-1 Proj.) 5% 12/1/2026 (i) | 645000 | 656432 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2025 (i) | 510000 | 512746 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2018 Proj.) Series 2018 B, 5% 12/1/2026 (i) | 740000 | 753116 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) 5% 12/1/2026 (i) | 5050000 | 5139506 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019 B, 3.25% 12/1/2039 (i) | 360000 | 335891 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2019A, 5% 12/1/2025  | 310000 | 312523 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020 A, 5% 12/1/2027 (i) | 405000 | 416350 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2020B, 5% 12/1/2028 (i) | 705000 | 735176 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2019 Proj.) Series 2022A, 5% 12/1/2026 (i) | 495000 | 503773 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 A, 5% 12/1/2028 (i) | 85000 | 88638 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 A, 5% 12/1/2029 (i) | 115000 | 120381 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 B, 5% 12/1/2028 (i) | 305000 | 318055 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2021 B, 5% 12/1/2029 (i) | 300000 | 314038 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023A, 5% 12/1/2030 (i) | 1250000 | 1314765 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev (NJ Stud Loan 2021 Proj.) Series 2023B, 5% 12/1/2033 (i) | 10750000 | 11253364 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev 4% 12/1/2041 (i) | 2630000 | 2570323 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2020B, 3.5% 12/1/2039 (i) | 905000 | 860457 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2021 B, 2.5% 12/1/2040 (i) | 380000 | 344806 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2021 C, 3.25% 12/1/2051 (i) | 185000 | 122157 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 B, 4.25% 12/1/2045 (i) | 4105000 | 3967038 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2024 C, 5.25% 12/1/2054 (i) | 255000 | 241760 |
| Higher Ed Student Assistance Auth NJ Student Ln Rev Series 2025 1C, 5.5% 12/1/2055 (i)(m) | 505000 | 490229 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2025 (Assured Guaranty Municipal Corp Insured)  | 65000 | 65002 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2028 (Assured Guaranty Municipal Corp Insured)  | 5000 | 5146 |
| New Jersey Econom Dev Auth Rev (Provident Montclair Proj.) 5% 6/1/2029 (Assured Guaranty Municipal Corp Insured)  | 5000 | 5140 |
| New Jersey Economic Dev Auth Energy Fac Rev Series 2012A, 5% 6/15/2037 (i) | 175000 | 172334 |
| New Jersey Economic Dev Auth Energy Fac Rev Series 2012A, 5.125% 6/15/2043 (i) | 245000 | 231927 |
| New Jersey Economic Dev Auth Sch Rev Series 2019 A, 5% 6/15/2049 (h) | 100000 | 93416 |
| New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2040  | 1000000 | 1019480 |
| New Jersey Educational Facilities Authority (Stevens Institute of Technolgy Proj.) 5% 7/1/2045  | 845000 | 849378 |
| New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2029  | 145000 | 146581 |
| New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2031  | 255000 | 257294 |
| New Jersey Educational Facilities Authority (Stockton University Proj.) Series 2016A, 5% 7/1/2032  | 295000 | 297250 |
| New Jersey Institute of Technology/NJ Series 2015A, 5% 7/1/2040  | 1030000 | 1031518 |
| New Jersey Institute of Technology/NJ Series 2015A, 5% 7/1/2045  | 4215000 | 4221215 |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2040 (Build America Mutual Assurance Co Insured)  | 1200000 | 1280508 |
| New Jersey Institute of Technology/NJ Series 2025A, 5% 7/1/2042 (Build America Mutual Assurance Co Insured)  | 1125000 | 1181341 |
| Rutgers St Univ NJ Series 2016M, 5% 5/1/2033  | 965000 | 979297 |
|  |  | 49160533 |
| Electric Utilities - 0.0% |  |  |
| New Jersey Eda Wtr Facs Rev (New Jersey American Wtr Co Inc Proj.) 3.75% tender 11/1/2034 (c)(i) | 500000 | 496667 |
| New Jersey Eda Wtr Facs Rev (New Jersey American Wtr CO Inc Proj.) Series 2020 E, 0.85% 12/1/2025 (i) | 415000 | 406153 |
|  |  | 902820 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| New Jersey Econom Dev Auth Rev Series 2016 AAA, 5% 6/15/2041 (Pre-refunded to 12/15/2026 at 100)  | 140000 | 144580 |
| New Jersey Economic Dev Auth Rev Series WW, 5.25% 6/15/2040 (Pre-refunded to 6/15/2025 at 100)  | 3100000 | 3102445 |
| New Jersey Eda Rev Series 1997A, 0% 7/1/2026 (Escrowed to Maturity) (j) | 350000 | 337979 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2050 (Pre-refunded to 12/15/2030 at 100)  | 65000 | 71798 |
| New Jersey Trans Trust Fund Auth 5.5% 6/15/2050 (Pre-refunded to 12/15/2032 at 100)  | 7815000 | 9096099 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 5% 6/15/2050 (Pre-refunded to 12/15/2028 at 100)  | 1205000 | 1292751 |
|  |  | 14045652 |
| General Obligations - 1.5% |  |  |
| Edison Twp NJ Gen. Oblig. 2% 3/15/2036  | 950000 | 726957 |
| Hudson Cnty NJ Impt Auth Lease Rev (Hudson Cnty NJ Proj.) Gen. Oblig. 4% 10/1/2033  | 590000 | 603390 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2035  | 75000 | 73779 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2036  | 75000 | 72332 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2016 A, 5% 7/15/2027  | 65000 | 66004 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2018EEE, 5% 6/15/2028  | 40000 | 42200 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 LLL, 4% 6/15/2044  | 190000 | 166207 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 LLL, 5% 6/15/2036  | 300000 | 310811 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 LLL, 5% 6/15/2044  | 805000 | 805638 |
| New Jersey Econom Dev Auth Rev (New Jersey St Proj.) Series 2019 LLL, 5% 6/15/2049  | 300000 | 295663 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 11/1/2044  | 3270000 | 2849357 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2034  | 45000 | 45096 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2036  | 60000 | 57916 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2039  | 55000 | 50926 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2041  | 55000 | 49824 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2046  | 1790000 | 1556723 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 4% 6/15/2050  | 590000 | 501064 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2031  | 1775000 | 1888175 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 11/1/2036  | 2075000 | 2142149 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2031  | 60000 | 64745 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5% 6/15/2033  | 10000 | 10669 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5.25% 11/1/2047  | 1905000 | 1945878 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) 5.25% 6/15/2027  | 955000 | 955760 |
| New Jersey Economic Dev Auth Rev (New Jersey St Proj.) Series 2024 SSS, 5.25% 6/15/2036  | 500000 | 546979 |
| New Jersey Economic Dev Auth Rev 4% 11/1/2038  | 295000 | 274763 |
| New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2017 B, 5% 6/15/2026  | 65000 | 66298 |
| New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2017 B, 5% 6/15/2035  | 35000 | 36084 |
| New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2017 B, 5% 6/15/2043  | 810000 | 812234 |
| New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2018 A, 5% 6/15/2033  | 1555000 | 1588994 |
| New Jersey Eda St Lease Rev (New Jersey St Proj.) Series 2018 A, 5% 6/15/2042  | 1675000 | 1668690 |
| New Jersey St Gen. Oblig. 2% 6/1/2032  | 2110000 | 1829540 |
| New Jersey St Gen. Oblig. 2% 6/1/2034  | 1020000 | 834125 |
| New Jersey St Gen. Oblig. 2% 6/1/2037  | 2400000 | 1776175 |
| New Jersey St Gen. Oblig. 4% 6/1/2031  | 3400000 | 3568315 |
| New Jersey St Gen. Oblig. 5% 6/1/2028  | 65000 | 68956 |
| New Jersey St Gen. Oblig. 5% 6/1/2029  | 1040000 | 1119943 |
| New Jersey St Gen. Oblig. 5% 6/1/2040  | 1500000 | 1557393 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2027 (j) | 2150000 | 1975255 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2028 (j) | 1360000 | 1204053 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2030 (Berkshire Hathaway Assurance Corp Insured) (j) | 1960000 | 1614639 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2030 (National Public Finance Guarantee Corporation Insured) (j) | 2925000 | 2399139 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (j) | 110000 | 86690 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2031 (Financial Guaranty Ins CO Insured) (j) | 3920000 | 3089328 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2032 (Assured Guaranty Municipal Corp Insured) (j) | 710000 | 537665 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2033 (Assured Guaranty Municipal Corp Insured) (j) | 2430000 | 1749358 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2034 (j) | 4100000 | 2819042 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2035 (j) | 795000 | 512845 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2036 (Ambac Assurance Corp Insured) (j) | 2075000 | 1267712 |
| New Jersey Trans Trust Fund Auth 0% 12/15/2037 (j) | 4500000 | 2587578 |
| New Jersey Trans Trust Fund Auth 4% 12/15/2039  | 120000 | 111853 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2034  | 440000 | 442191 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2036  | 1530000 | 1492545 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2036  | 670000 | 653598 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2037  | 1120000 | 1077568 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2038  | 555000 | 528022 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2040  | 250000 | 231342 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2045  | 10035000 | 8745467 |
| New Jersey Trans Trust Fund Auth 4% 6/15/2050  | 4975000 | 4193909 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2025  | 855000 | 863435 |
| New Jersey Trans Trust Fund Auth 5% 12/15/2026  | 1000000 | 1029992 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2032  | 200000 | 216663 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 3085000 | 3322064 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2033  | 345000 | 371511 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2034  | 320000 | 342201 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2035  | 225000 | 237785 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2036  | 2500000 | 2696453 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2036  | 75000 | 78651 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2037  | 170000 | 177004 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2038  | 1500000 | 1572198 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2038  | 1075000 | 1110811 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2039  | 725000 | 745513 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2040  | 9600000 | 10008389 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2040  | 225000 | 230261 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2042  | 5500000 | 5645530 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2044  | 6805000 | 6918108 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2045  | 1000000 | 1013222 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2041  | 1500000 | 1581535 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2043  | 1750000 | 1764353 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2050  | 3190000 | 3269325 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2050  | 2350000 | 2400281 |
| New Jersey Trans Trust Fund Auth 5.25% 6/15/2055  | 6730000 | 6885251 |
| New Jersey Trans Trust Fund Auth Series 2008 A, 0% 12/15/2038 (Build America Mutual Assurance Co Insured) (j) | 6000000 | 3290831 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 4.25% 12/15/2038  | 300000 | 289584 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2032  | 205000 | 213787 |
| New Jersey Trans Trust Fund Auth Series 2018 A, 5% 12/15/2034  | 85000 | 87582 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2036  | 1870000 | 1824222 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2038  | 205000 | 195035 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2044  | 335000 | 294924 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 4% 6/15/2050  | 500000 | 421498 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 5% 6/15/2033  | 3035000 | 3157140 |
| New Jersey Trans Trust Fund Auth Series 2019 BB, 5% 6/15/2044  | 2170000 | 2162102 |
| New Jersey Trans Trust Fund Auth Series 2020 AA, 5% 6/15/2050  | 405000 | 405196 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2038  | 1045000 | 994204 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2040  | 745000 | 689400 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2041  | 3250000 | 2978138 |
| New Jersey Trans Trust Fund Auth Series 2022 A, 4% 6/15/2042  | 675000 | 610218 |
| New Jersey Trans Trust Fund Auth Series 2022 BB, 4% 6/15/2046  | 4770000 | 4120412 |
| New Jersey Trans Trust Fund Auth Series 2022 BB, 4% 6/15/2050  | 2885000 | 2432046 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2029  | 1150000 | 1229758 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2030  | 4030000 | 4357006 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2031  | 305000 | 332302 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2032  | 1665000 | 1824061 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2033  | 955000 | 1039102 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2035  | 35000 | 37459 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2036  | 1495000 | 1587712 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2037  | 190000 | 200252 |
| New Jersey Trans Trust Fund Auth Series 2022AA, 5% 6/15/2038  | 250000 | 261347 |
| New Jersey Trans Trust Fund Auth Series 2023A, 4.25% 6/15/2040  | 2025000 | 1928025 |
| New Jersey Trans Trust Fund Auth Series 2023A, 5% 6/15/2037  | 3000000 | 3181355 |
| New Jersey Trans Trust Fund Auth Series 2023AA, 4.25% 6/15/2044  | 495000 | 450891 |
| New Jersey Trans Trust Fund Auth Series 2023AA, 5% 6/15/2040  | 3480000 | 3608657 |
| NJ Health Care Facs Fing Auth St Contract (New Jersey St Proj.) Series 2017, 5% 10/1/2032  | 445000 | 461095 |
| NJ Health Care Facs Fing Auth St Contract (New Jersey St Proj.) Series 2017, 5% 10/1/2037  | 645000 | 656022 |
| South Jersey Port Corp NJ Rev (New Jersey St Proj.) Series 2017A, 5% 1/1/2049  | 425000 | 417584 |
| South Jersey Port Corp NJ Rev (New Jersey St Proj.) Series 2017B, 5% 1/1/2042 (i) | 1880000 | 1864139 |
| South Jersey Port Corp NJ Rev (New Jersey St Proj.) Series 2017B, 5% 1/1/2048 (i) | 950000 | 905109 |
|  |  | 169338282 |
| Health Care - 0.1% |  |  |
| New Jersey Econom Dev Auth Rev (Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% (h) | 130000 | 99558 |
| New Jersey Econom Dev Auth Rev Series 2014, 4.875% 1/1/2029  | 120000 | 119019 |
| New Jersey Econom Dev Auth Rev Series 2014, 5% 1/1/2034  | 280000 | 275961 |
| New Jersey Econom Dev Auth Rev Series 2014, 5.25% 1/1/2044  | 685000 | 622067 |
| New Jersey Econom Dev Auth Rev Series 2018, 5% 1/1/2039  | 495000 | 482897 |
| New Jersey Economic Dev Auth Rev (White Horse HMT Urban Renewal LLC Proj.) 5% (f)(h) | 160000 | 102674 |
| New Jersey Health Care (Atlanticare Regional Med Ctr Proj.) 3% 7/1/2039  | 1520000 | 1290345 |
| New Jersey Health Care (Hackensack Meridian Health Inc Proj.) Series 2017A, 5% 7/1/2037  | 420000 | 425373 |
| New Jersey Health Care (Hackensack Meridian Health Inc Proj.) Series 2017A, 5.25% 7/1/2057  | 590000 | 591410 |
| New Jersey Health Care (Rwj Barnabas Health Proj.) 5% tender 7/1/2042 (c) | 105000 | 105129 |
| New Jersey Health Care (Rwj Barnabas Health Proj.) 5% tender 7/1/2045 (c) | 110000 | 111848 |
| New Jersey Health Care (Rwj Barnabas Health Proj.) Series 2016 A, 4% 7/1/2036  | 1130000 | 1130831 |
| New Jersey Health Care (Rwj Barnabas Health Proj.) Series 2016 A, 5% 7/1/2043  | 3425000 | 3392042 |
| New Jersey Health Care (Rwj Barnabas Health Proj.) Series 2021 A, 3% 7/1/2051  | 3000000 | 2121361 |
| New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 4% 7/1/2048  | 470000 | 386691 |
| New Jersey Health Care (St Joseph Hosp & Med Ctr, NJ Proj.) Series 2016, 5% 7/1/2028  | 75000 | 75714 |
| New Jersey Health Care (Univ of Penn Health Systems Proj.) 5% 7/1/2028  | 45000 | 45807 |
| New Jersey Health Care (Univ of Penn Health Systems Proj.) 5% 7/1/2030  | 175000 | 177964 |
| New Jersey Health Care (Univ of Penn Health Systems Proj.) Series 2016A, 5% 7/1/2027  | 90000 | 91724 |
| New Jersey Health Care (University Hospital NJ Proj.) Series 2015A, 5% 7/1/2046 (Assured Guaranty Ltd Insured)  | 1205000 | 1180380 |
| New Jersey Health Care (Valley Hospital Proj.) Series 2019, 4% 7/1/2035  | 140000 | 140735 |
|  |  | 12969530 |
| Housing - 0.0% |  |  |
| New Jersey Econom Dev Auth Rev Series A, 5% 1/1/2030  | 510000 | 506962 |
| New Jersey Econom Dev Auth Rev Series A, 5% 1/1/2035  | 335000 | 326037 |
| New Jersey Econom Dev Auth Rev Series A, 5% 1/1/2048  | 2190000 | 1978567 |
| New Jersey St Hsg & Mtg Fin Agy Rev (NJ Single Family Mortgage Proj.) Series 2021 H, 3% 10/1/2052  | 1660000 | 1614577 |
|  |  | 4426143 |
| Lease Revenue - 0.0% |  |  |
| New Jersey Eda St Lease Rev Series 2018 C, 5% 6/15/2042  | 1070000 | 1065968 |
| Other - 0.0% |  |  |
| New Jersey Eda Wtr Facs Rev Series 2020 D, 1.1% tender 11/1/2029 (c)(i) | 3145000 | 2864377 |
| New Jersey Trans Trust Fund Auth 5% 6/15/2046 (Pre-refunded to 12/15/2028 at 100)  | 465000 | 498862 |
|  |  | 3363239 |
| Resource Recovery - 0.0% |  |  |
| Union Cnty NJ Impt Auth Solid Waste Disp Rev Series 2019, 6.75% 12/1/2041 (h)(i) | 460000 | 291891 |
| Special Tax - 0.0% |  |  |
| New Brunswick NJ Pkg Auth Rev Series 2016A, 5% 9/1/2039  | 965000 | 972743 |
| New Brunswick NJ Pkg Auth Rev Series 2017, 5% 9/1/2042  | 540000 | 545611 |
|  |  | 1518354 |
| Tobacco Bonds - 0.3% |  |  |
| Tobacco Settlement Fin Corp NJ 5% 6/1/2028  | 65000 | 66941 |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2030  | 750000 | 770078 |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2032  | 640000 | 654044 |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2033  | 2265000 | 2311528 |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2034  | 640000 | 651174 |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2036  | 1050000 | 1062743 |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5% 6/1/2046  | 12415000 | 12242254 |
| Tobacco Settlement Fin Corp NJ Series 2018 A, 5.25% 6/1/2046  | 2205000 | 2213426 |
| Tobacco Settlement Fin Corp NJ Series 2018B, 5% 6/1/2046  | 15260000 | 14629930 |
|  |  | 34602118 |
| Transportation - 0.7% |  |  |
| New Jersey Econom Dev Auth Rev (Nynj Link Borrower LLC Proj.) Series 2013, 5% 1/1/2028 (i) | 100000 | 100088 |
| New Jersey Econom Dev Auth Rev (Nynj Link Borrower LLC Proj.) Series 2013, 5% 1/1/2031 (Assured Guaranty Ltd Insured) (i) | 1015000 | 1018304 |
| New Jersey Econom Dev Auth Rev (Nynj Link Borrower LLC Proj.) Series 2013, 5.125% 1/1/2034 (i) | 1600000 | 1600550 |
| New Jersey Econom Dev Auth Rev (Nynj Link Borrower LLC Proj.) Series 2013, 5.125% 1/1/2039 (Assured Guaranty Ltd Insured) (i) | 360000 | 360584 |
| New Jersey Econom Dev Auth Rev (Nynj Link Borrower LLC Proj.) Series 2013, 5.125% 7/1/2042 (Assured Guaranty Ltd Insured) (i) | 655000 | 655895 |
| New Jersey Econom Dev Auth Rev (Nynj Link Borrower LLC Proj.) Series 2013, 5.375% 1/1/2043 (i) | 1945000 | 1945497 |
| New Jersey Econom Dev Auth Rev (Nynj Link Borrower LLC Proj.) Series 2013, 5.5% 1/1/2027 (i) | 100000 | 100126 |
| New Jersey Econom Dev Auth Rev (Nynj Link Borrower LLC Proj.) Series 2013, 5.625% 1/1/2052 (i) | 3240000 | 3241377 |
| New Jersey Economic Development Authority Series 2025, 6.375% 1/1/2035 (h)(i) | 1780000 | 1801289 |
| New Jersey Economic Development Authority Series 2025, 6.625% 1/1/2045 (h)(i) | 500000 | 506796 |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2027  | 3385000 | 3446492 |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2016 A 1, 5% 6/15/2029  | 470000 | 477605 |
| New Jersey Trans Trust Fund Auth (New Jersey St Grant Anticipati Proj.) Series 2018 A, 5% 6/15/2029  | 730000 | 741812 |
| New Jersey Turnpike Authority 5% 1/1/2028  | 495000 | 508810 |
| New Jersey Turnpike Authority 5% 1/1/2030  | 2550000 | 2759532 |
| New Jersey Turnpike Authority 5% 1/1/2046  | 1500000 | 1535601 |
| New Jersey Turnpike Authority 5% 1/1/2048  | 1205000 | 1216869 |
| New Jersey Turnpike Authority 5.25% 1/1/2052  | 8600000 | 8856883 |
| New Jersey Turnpike Authority Series 2005 D 3, 5.25% 1/1/2026  | 1095000 | 1110259 |
| New Jersey Turnpike Authority Series 2016A, 5% 1/1/2035  | 1180000 | 1188934 |
| New Jersey Turnpike Authority Series 2017G, 5% 1/1/2036  | 5365000 | 5536608 |
| New Jersey Turnpike Authority Series 2021 A, 4% 1/1/2042  | 3000000 | 2763745 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2042  | 2000000 | 2087979 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2043  | 2100000 | 2183610 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2044  | 2800000 | 2896458 |
| New Jersey Turnpike Authority Series 2024 C, 5% 1/1/2045  | 4250000 | 4382564 |
| New Jersey Turnpike Authority Series 2025 C, 0% 1/1/2033 (m) | 860000 | 945725 |
| New Jersey Turnpike Authority Series 2025A, 5% 1/1/2045 (m) | 1875000 | 1941338 |
| New Jersey Turnpike Authority Series 2025A, 5% 1/1/2050 (m) | 7105000 | 7408313 |
| New Jersy Ec Dv Ath Spl Fac Rv (Continental Airlines Corp Proj.) 5.25% 9/15/2029 (i) | 1270000 | 1270342 |
| New Jersy Ec Dv Ath Spl Fac Rv (Port Newark Container Term LLC Proj.) 5% 10/1/2037 (i) | 4240000 | 4219004 |
| New Jersy Ec Dv Ath Spl Fac Rv (Port Newark Container Term LLC Proj.) 5% 10/1/2047 (i) | 3835000 | 3647047 |
| New Jersy Ec Dv Ath Spl Fac Rv (United Air Lines Inc Proj.) Series A, 5.625% 11/15/2030 (i) | 445000 | 445228 |
| New Jersy Ec Dv Ath Spl Fac Rv (United Air Lines Inc Proj.) Series B, 5.625% 11/15/2030 (i) | 4925000 | 4927523 |
| New Jersy Ec Dv Ath Spl Fac Rv Series 2003, 5.5% 6/1/2033 (i) | 1205000 | 1205540 |
| 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)  | 815000 | 822429 |
| South Jersey Trans Auth NJ Trans Sys Rev 5% 11/1/2031 (Assured Guaranty Municipal Corp Insured)  | 205000 | 217812 |
| South Jersey Trans Auth NJ Trans Sys Rev 5% 11/1/2033 (Assured Guaranty Municipal Corp Insured)  | 150000 | 157912 |
| South Jersey Trans Auth NJ Trans Sys Rev 5% 11/1/2045  | 350000 | 353153 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2022 A, 4.625% 11/1/2047  | 500000 | 474839 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2022 A, 5% 11/1/2037  | 500000 | 524226 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2022 A, 5% 11/1/2041  | 1355000 | 1379990 |
| South Jersey Trans Auth NJ Trans Sys Rev Series 2022 A, 5.25% 11/1/2052  | 740000 | 755857 |
|  |  | 83720545 |
| Water & Sewer - 0.0% |  |  |
| New Jersey Eda Wtr Facs Rev Series 2019 A, 2.2% tender 10/1/2039 (c)(i) | 2830000 | 2453874 |
| TOTAL NEW JERSEY |  | 377858949 |
| New Jersey,New York - 0.4%  |  |  |
| Transportation - 0.4% |  |  |
| Port Auth NY & NJ 4% 7/15/2045 (i) | 305000 | 265047 |
| Port Auth NY & NJ 4% 7/15/2050 (i) | 760000 | 636390 |
| Port Auth NY & NJ 4% 7/15/2055 (i) | 3870000 | 3162577 |
| Port Auth NY & NJ 5% 1/15/2047 (i) | 4000000 | 4013252 |
| Port Auth NY & NJ 5% 1/15/2052 (i) | 725000 | 725475 |
| Port Auth NY & NJ Series 193, 5% 10/15/2030 (i) | 1325000 | 1328062 |
| Port Auth NY & NJ Series 194, 5% 10/15/2034  | 2410000 | 2417782 |
| Port Auth NY & NJ Series 194, 5% 10/15/2041  | 7625000 | 7632565 |
| Port Auth NY & NJ Series 223, 4% 7/15/2038 (i) | 595000 | 568229 |
| Port Auth NY & NJ Series 223, 4% 7/15/2046 (i) | 7460000 | 6409252 |
| Port Auth NY & NJ Series 223, 4% 7/15/2061 (i) | 1250000 | 997338 |
| Port Auth NY & NJ Series 226, 5% 10/15/2039 (i) | 470000 | 480476 |
| Port Auth NY & NJ Series 226, 5% 10/15/2040 (i) | 725000 | 738176 |
| Port Auth NY & NJ Series 226, 5% 10/15/2041 (i) | 420000 | 426534 |
| Port Auth NY & NJ Series 231, 5.5% 8/1/2042 (i) | 250000 | 263356 |
| Port Auth NY & NJ Series 231, 5.5% 8/1/2047 (i) | 4730000 | 4893930 |
| Port Auth NY & NJ Series 234, 5.25% 8/1/2047 (i) | 2100000 | 2135071 |
| Port Auth NY & NJ Series 238, 5% 7/15/2038 (i) | 945000 | 976438 |
| Port Auth NY & NJ Series 238, 5% 7/15/2039 (i) | 575000 | 589414 |
| Port Auth NY & NJ Series 238, 5% 7/15/2040 (i) | 505000 | 515118 |
| Port Auth NY & NJ Series 242, 5% 12/1/2030 (i) | 1500000 | 1599222 |
| Port Auth NY & NJ Series 242, 5% 12/1/2035 (i) | 500000 | 527426 |
| Port Auth NY & NJ Series TWO HUNDRED EIGHTEEN, 4% 11/1/2047 (i) | 5000000 | 4235162 |
|  |  | 45536292 |
| TOTAL NEW JERSEY,NEW YORK |  | 45536292 |
| New Jersey,Pennsylvania - 0.0%  |  |  |
| Transportation - 0.0% |  |  |
| Delaware Riv Port Auth PA & NJ Series 2013, 5% 1/1/2037  | 2000000 | 2000457 |
| New Mexico - 0.2%  |  |  |
| Education - 0.0% |  |  |
| New Mexico Edl Assistnce Fndtn Series 2021 1A, 5% 9/1/2026 (i) | 2280000 | 2314536 |
| New Mexico Edl Assistnce Fndtn Series 2021 1A, 5% 9/1/2027 (i) | 1075000 | 1096487 |
|  |  | 3411023 |
| General Obligations - 0.2% |  |  |
| New Mexico Mun Energy Acquisition Auth Gas Supply Rev 5% tender 6/1/2054 (Royal Bank of Canada Guaranteed) (c) | 10180000 | 10644105 |
| Health Care - 0.0% |  |  |
| New Mexico St Hosp Equip Ln Council Hosp Rev (Presbyterian Hlthcare Serv Sys Proj.) 3% 8/1/2034 VRDN (c) | 1700000 | 1700000 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2034  | 170000 | 172191 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2039  | 90000 | 87633 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2044  | 95000 | 88850 |
| Santa Fe New Mexico Retirement Fac Rev (El Castillo Retirement Res Proj.) Series 2019A, 5% 5/15/2049  | 215000 | 193821 |
| Santa Fe New Mexico Retirement Fac Rev Series 2012, 5% 5/15/2042  | 30000 | 28495 |
|  |  | 2270990 |
| Housing - 0.0% |  |  |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2018 A 1, 4% 1/1/2049  | 115000 | 115219 |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2019 D, 3.75% 1/1/2050  | 225000 | 224501 |
| New Mexico Mtg Fin Auth (NM SF Mortgage Proj.) Series 2022A, 3% 3/1/2053  | 1520000 | 1472539 |
| New Mexico Mtg Fin Auth (NM Single Family Mortgage Proj.) Series 2019 C, 4% 1/1/2050  | 25000 | 25048 |
| New Mexico Mtg Fin Auth Series 2018 C, 4% 1/1/2049  | 260000 | 260029 |
|  |  | 2097336 |
| Water & Sewer - 0.0% |  |  |
| Albuquerque Bernalillo Cnty Wtr Util Auth Series 2018, 5% 7/1/2028  | 65000 | 66139 |
| TOTAL NEW MEXICO |  | 18489593 |
| New York - 7.4%  |  |  |
| Education - 0.3% |  |  |
| Build NYC Resource Corp 5.25% 7/1/2057  | 440000 | 433233 |
| Build NYC Resource Corp 5.25% 7/1/2062  | 545000 | 531891 |
| Build NYC Resource Corp 5.75% 6/1/2052 (h) | 600000 | 583259 |
| Build NYC Resource Corp Series 2015, 5.5% 9/1/2045 (h) | 3970000 | 3971587 |
| Build NYC Resource Corp Series 2021 A, 5% 12/1/2041 (h) | 115000 | 103189 |
| Build NYC Resource Corp Series 2021 A, 5% 12/1/2051 (h) | 910000 | 765415 |
| Build NYC Resource Corp Series 2021 A, 5% 12/1/2055 (h) | 100000 | 82549 |
| Build NYC Resource Corp Series 2021 A, 5% 6/1/2051 (h) | 350000 | 278783 |
| Build NYC Resource Corp Series 2021 A, 5% 6/15/2051 (h) | 2910000 | 2584596 |
| Build NYC Resource Corp Series 2022 A, 5% 7/1/2052  | 80000 | 73598 |
| Build NYC Resource Corp Series 2022B, 5% 7/1/2062  | 595000 | 532624 |
| Build NYC Resource Corp Series 2023A, 4.75% 6/15/2058  | 725000 | 642536 |
| Dutchess Cnty NY Loc Dev Corp Rev Series 2020 A, 5% 7/1/2045  | 400000 | 396844 |
| Hempstead Town NY Loc Dev Corp Ed Rev Series 2021 A, 4.6% 2/1/2051  | 500000 | 364676 |
| New York St Dorm Auth Revs Non St Supportd Debt (Fordham University Proj.) Series 2017, 4% 7/1/2033  | 150000 | 151126 |
| New York St Dorm Auth Revs Non St Supportd Debt (Fordham University Proj.) Series 2017, 4% 7/1/2034  | 150000 | 150934 |
| New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) 5% 7/1/2025  | 5000 | 5006 |
| New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) 5% 7/1/2032  | 140000 | 141911 |
| New York St Dorm Auth Revs Non St Supportd Debt (New School (The) Proj.) Series 2016 A, 5% 7/1/2037  | 765000 | 769495 |
| New York St Dorm Auth Revs Non St Supported Debt (Cornell University Proj.) Series 2024A, 5.5% 7/1/2054  | 6675000 | 7084932 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2033  | 40000 | 43160 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2034  | 80000 | 85638 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2036  | 50000 | 52752 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2038  | 105000 | 108959 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2040  | 65000 | 66564 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2041  | 65000 | 66198 |
| New York St Dorm Auth Revs Non St Supported Debt (New School (The) Proj.) 5% 7/1/2042  | 70000 | 70876 |
| New York St Dorm Auth Revs Non St Supported Debt (New York Univ, NY Proj.) Series 2021 A, 3% 7/1/2041  | 1500000 | 1196808 |
| New York St Dorm Auth Revs Non St Supported Debt (Rochester N Y Inst Technology Proj.) Series 2020 A, 5% 7/1/2036  | 115000 | 119468 |
| New York St Dorm Auth Revs Non St Supported Debt (Rochester N Y Inst Technology Proj.) Series 2020 A, 5% 7/1/2040  | 270000 | 275284 |
| New York St Dorm Auth Revs Non St Supported Debt (Teachers College, Columbia Uni Versity Proj.) 4% 7/1/2038  | 345000 | 330394 |
| New York St Dorm Auth Revs Non St Supported Debt (Teachers College, Columbia Uni Versity Proj.) 4% 7/1/2040  | 565000 | 525109 |
| New York St Dorm Auth Revs Non St Supported Debt (Teachers College, Columbia Uni Versity Proj.) 5% 7/1/2039  | 355000 | 365974 |
| New York St Dorm Auth Revs Non St Supported Debt (Teachers College, Columbia Uni Versity Proj.) 5% 7/1/2041  | 630000 | 642540 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2030  | 105000 | 106346 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2031  | 110000 | 111250 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2038  | 55000 | 51959 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2039  | 85000 | 79281 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2040  | 190000 | 174759 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2041  | 200000 | 181141 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2042  | 105000 | 93924 |
| New York St Dorm Auth Revs Non St Supported Debt (Wagner College, NY Proj.) 5% 7/1/2057  | 5705000 | 4669829 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2037  | 340000 | 349431 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2042  | 960000 | 954427 |
| New York St Dorm Auth Revs Non St Supported Debt (Yeshiva University Proj.) 5% 7/15/2050  | 2485000 | 2389671 |
| Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 4% 12/1/2041  | 800000 | 754988 |
| Onondaga Cnty NY Tr Cultural Res Rev (Syracuse University, NY Proj.) Series 2019, 4% 12/1/2049  | 2250000 | 1958605 |
| Onondaga NY Civic Dev Corp (Le Moyne College Proj.) Series 2018, 5% 1/1/2043  | 120000 | 115623 |
| Onondaga NY Civic Dev Corp Series 2015, 5% 7/1/2045  | 1725000 | 1640426 |
| Schenectady County Capital Resource Corp (Union College, NY Proj.) 5% 1/1/2040  | 1895000 | 1912537 |
| Schenectady County Capital Resource Corp Series 2022, 5.25% 7/1/2052  | 145000 | 149145 |
| Troy NY Cap Resource Corp Rev (Rensselaer Polytechnic Institute Proj.) Series 2020A, 5% 9/1/2036  | 240000 | 249271 |
| Troy NY Cap Resource Corp Rev (Rensselaer Polytechnic Institute Proj.) Series 2020A, 5% 9/1/2039  | 800000 | 819276 |
|  |  | 40359797 |
| Electric Utilities - 0.0% |  |  |
| Long Island Pwr Auth NY Elec 1.5% tender 9/1/2051 (c) | 1510000 | 1470425 |
| Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2033  | 30000 | 30844 |
| Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2035  | 110000 | 112564 |
| Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2036  | 65000 | 66366 |
| Long Island Pwr Auth NY Elec Series 2017, 5% 9/1/2042  | 195000 | 195968 |
| Long Island Pwr Auth NY Elec Series 2024B, 3% tender 9/1/2049 (c) | 1500000 | 1441500 |
| New York St Pwr Auth Green Transmission Proj Rev Series 2022A, 4% 11/15/2047 (Assured Guaranty Ltd Insured)  | 420000 | 371699 |
| New York St Pwr Auth Green Transmission Proj Rev Series 2023 A, 5.25% 11/15/2043 (Assured Guaranty Municipal Corp Insured)  | 1395000 | 1490086 |
|  |  | 5179452 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| New York St Dorm Auth Revs Non St Supported Debt Series 2020 A, 5% 10/1/2030 (Pre-refunded to 10/1/2028 at 100)  | 5000 | 5330 |
| General Obligations - 0.3% |  |  |
| City of Long Beach NY Gen. Oblig. 4.625% 7/15/2052  | 2230000 | 2114927 |
| City of New York NY Gen. Oblig. 5% 3/1/2043  | 1000000 | 1023736 |
| City of New York NY Gen. Oblig. 5% 8/1/2027  | 1575000 | 1646702 |
| City of New York NY Gen. Oblig. 5% 8/1/2047  | 3365000 | 3406198 |
| City of New York NY Gen. Oblig. Series 2017, 5% 12/1/2041  | 745000 | 751335 |
| City of New York NY Gen. Oblig. Series 2018 B 1, 5% 10/1/2038  | 750000 | 764175 |
| City of New York NY Gen. Oblig. Series 2018 B 1, 5.25% 10/1/2033  | 1300000 | 1349523 |
| City of New York NY Gen. Oblig. Series 2018 F 1, 5% 4/1/2045  | 345000 | 347454 |
| City of New York NY Gen. Oblig. Series 2019 D1, 5% 12/1/2042  | 1475000 | 1495574 |
| City of New York NY Gen. Oblig. Series 2021 C, 5% 8/1/2042  | 750000 | 766927 |
| City of New York NY Gen. Oblig. Series A(A 1), 5% 8/1/2039  | 1130000 | 1166239 |
| City of New York NY Gen. Oblig. Series A, 5% 8/1/2026  | 705000 | 722389 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 A SUB A1, 3% 8/1/2036  | 1950000 | 1732764 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 D 1, 5% 3/1/2043  | 2000000 | 2034914 |
| City of New York NY Gen. Oblig. Series FISCAL 2020 SUB B 1, 5% 10/1/2042  | 690000 | 703833 |
| City of New York NY Gen. Oblig. Series FISCAL 2022D SUB D 1, 4.25% 5/1/2040  | 750000 | 729113 |
| City of New York NY Gen. Oblig. Series FISCAL 2022D SUB D 1, 5.5% 5/1/2044  | 925000 | 981566 |
| City of New York NY Gen. Oblig. Series FISCAL 2022D SUB D 1, 5.5% 5/1/2046  | 625000 | 657935 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 3, 3% 9/1/2049 (Liquidity Facility Bank of Montreal/Chicago IL) VRDN (c) | 100000 | 100000 |
| City of New York NY Gen. Oblig. Series FISCAL 2023A SUB A 4, 3% 9/1/2049 (Liquidity Facility Toronto Dominion Bank) VRDN (c) | 400000 | 400000 |
| City of New York NY Gen. Oblig. Series FISCAL 2023E SUB E1, 4% 4/1/2042  | 3000000 | 2752153 |
| City of New York NY Gen. Oblig. Series FISCAL 2025G SUB G 1, 5.25% 2/1/2048  | 3405000 | 3559800 |
| New York Liberty Dev Corp Series 2021, 2.75% 2/15/2044  | 2400000 | 1682505 |
| New York NY City Edl Constr Fd (City of New York NY Proj.) Series 2021 B, 5% 4/1/2046  | 2235000 | 2296900 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2015 IS S 1, 5% 7/15/2035  | 450000 | 450232 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2015 S 2, 5% 7/15/2035  | 215000 | 215172 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2018 S 3, 5% 7/15/2043  | 1475000 | 1491804 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series 2019 S 1, 5% 7/15/2045  | 1000000 | 1008006 |
| New York NY City Transitional Fin Auth Bldg Aid Rev (New York St Proj.) Series FISCAL 2020S1 SUBS1B, 3% 7/15/2049  | 3000000 | 2087244 |
| New York St Dorm Auth Revs Non St Supportd Debt Series 2011A, 5% 10/1/2025  | 15000 | 15019 |
| Sachem Cent Sch Dist NY Series 2016, 3% 10/15/2028  | 915000 | 909879 |
|  |  | 39364018 |
| Health Care - 0.2% |  |  |
| Broome County Local Development Corp (United Hlth Svc Hosp Inc Proj.) Series 2020, 3% 4/1/2036 (Assured Guaranty Ltd Insured)  | 380000 | 335897 |
| Broome County Local Development Corp (United Hlth Svc Hosp Inc Proj.) Series 2020, 3% 4/1/2037 (Assured Guaranty Ltd Insured)  | 320000 | 276013 |
| Broome County Local Development Corp (United Hlth Svc Hosp Inc Proj.) Series 2020, 4% 4/1/2034 (Assured Guaranty Ltd Insured)  | 210000 | 210079 |
| Broome County Local Development Corp (United Hlth Svc Hosp Inc Proj.) Series 2020, 4% 4/1/2038 (Assured Guaranty Ltd Insured)  | 265000 | 248972 |
| Broome County Local Development Corp (United Hlth Svc Hosp Inc Proj.) Series 2020, 4% 4/1/2039 (Assured Guaranty Ltd Insured)  | 285000 | 263505 |
| Dutchess Cnty NY Loc Dev Corp Rev (Nuvance Health Proj.) Series 2019B, 4% 7/1/2049  | 1000000 | 839910 |
| Genesee County Funding Corp/The (Rochester General Hospital,Ny Proj.) 5.25% 12/1/2052  | 250000 | 248091 |
| Huntington NY Loc Dev Corp Rev Series 2021 B, 4% 7/1/2027  | 135000 | 131778 |
| Jefferson County Civic Facility Development Corp (Samaritan Medical Center Proj.) 4% 11/1/2047  | 555000 | 401710 |
| Jefferson County Civic Facility Development Corp (Samaritan Medical Center Proj.) Series 2017A, 5% 11/1/2037  | 500000 | 472868 |
| Jefferson County Civic Facility Development Corp Series 2017A, 4% 11/1/2032  | 100000 | 93092 |
| New York St Dorm Auth Revs Non St Supportd Debt (Garnet Hlth Med Ctr Proj.) 5% 12/1/2025 (h) | 100000 | 100048 |
| New York St Dorm Auth Revs Non St Supportd Debt (Garnet Hlth Med Ctr Proj.) 5% 12/1/2027 (h) | 2200000 | 2207410 |
| New York St Dorm Auth Revs Non St Supportd Debt (Garnet Hlth Med Ctr Proj.) 5% 12/1/2030 (h) | 200000 | 200070 |
| New York St Dorm Auth Revs Non St Supportd Debt (Garnet Hlth Med Ctr Proj.) 5% 12/1/2031 (h) | 200000 | 199525 |
| New York St Dorm Auth Revs Non St Supportd Debt (Garnet Hlth Med Ctr Proj.) Series 2017, 5% 12/1/2034 (h) | 200000 | 195250 |
| New York St Dorm Auth Revs Non St Supportd Debt (Garnet Hlth Med Ctr Proj.) Series 2017, 5% 12/1/2036 (h) | 200000 | 190878 |
| New York St Dorm Auth Revs Non St Supportd Debt (Garnet Hlth Med Ctr Proj.) Series 2017, 5% 12/1/2037 (h) | 700000 | 656280 |
| New York St Dorm Auth Revs Non St Supported Debt (Memorial Sloan-Kettering Cancer Center Proj.) Series 2022 1 B, 4% 7/1/2051  | 3000000 | 2577657 |
| New York St Dorm Auth Revs Non St Supported Debt (Montefiore Obligated Group Proj.) Series 2020A, 4% 9/1/2050  | 250000 | 200750 |
| New York St Dorm Auth Revs Non St Supported Debt (Montefiore Obligated Group Proj.) Series 2024, 5.5% 11/1/2044  | 310000 | 322000 |
| New York St Dorm Auth Revs Non St Supported Debt (New York University Hospital Center Proj.) Series 2020A, 3% 7/1/2048  | 2500000 | 1746413 |
| New York St Dorm Auth Revs Non St Supported Debt (New York University Hospital Center Proj.) Series 2020A, 4% 7/1/2053  | 250000 | 208485 |
| New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2019 B3, 5% tender 5/1/2048 (c) | 40000 | 40205 |
| New York St Dorm Auth Revs Non St Supported Debt (Northwell Health Proj.) Series 2022 A, 5% 5/1/2052  | 2000000 | 2000702 |
| New York St Dorm Auth Revs Non St Supported Debt (White Plains Hosp Proj.) Series 2024, 5.25% 10/1/2049  | 1260000 | 1260429 |
| New York St Dorm Auth Revs Non St Supported Debt (White Plains Hosp Proj.) Series 2024, 5.5% 10/1/2054  | 1245000 | 1299251 |
| New York St Dorm Auth Revs Non St Supported Debt Series 2022 A, 4% 5/1/2045  | 1185000 | 1056796 |
| New York State Dormitory Authority (Garnet Hlth Med Ctr Proj.) Series 2015, 5% 12/1/2040 (h) | 1200000 | 1075071 |
| Niagara NY Area Dev Corp Rev (Catholic Health System Proj.) 4.5% 7/1/2052  | 610000 | 521305 |
| Niagara NY Area Dev Corp Rev (Catholic Health System Proj.) 5% 7/1/2052  | 325000 | 299111 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 4% 12/1/2032 (Assured Guaranty Municipal Corp Insured)  | 55000 | 55405 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 4% 12/1/2049 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 866057 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 5% 12/1/2025 (Assured Guaranty Municipal Corp Insured)  | 35000 | 35028 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 5% 12/1/2026 (Assured Guaranty Municipal Corp Insured)  | 105000 | 105830 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) 5% 12/1/2030 (Assured Guaranty Municipal Corp Insured)  | 85000 | 89934 |
| Oneida County Local Development Corp (Mohawk Valley Health System Proj.) Series 2019A, 3% 12/1/2044 (Assured Guaranty Ltd Insured)  | 300000 | 213687 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 4.625% 11/1/2031 (h) | 150000 | 139557 |
| Suffolk Cnty NY Economic Dev Corp Rev (St Johnland Assisted Living Proj.) Series 2021, 5.375% 11/1/2054 (h) | 625000 | 489019 |
| Westchester County Local Development Corp (Westchester Cnty NY Healthcare Proj.) Series 2023, 5% 11/1/2051  | 500000 | 500145 |
| Westchester County Local Development Corp Series 2023, 5% 11/1/2047 (Assured Guaranty Ltd Insured)  | 455000 | 462933 |
| Westchester County Local Development Corp Series 2023, 5.75% 11/1/2048 (Assured Guaranty Ltd Insured)  | 805000 | 862547 |
| Westchester County Local Development Corp Series 2023, 5.75% 11/1/2049  | 1000000 | 1068329 |
|  |  | 24768022 |
| Housing - 0.2% |  |  |
| New York City Housing Development Corp (New York Mhsg 7/27/1993 Proj.) Series 2024 A2, 3.625% tender 11/1/2063 (c) | 4265000 | 4296105 |
| New York City Housing Development Corp Series 2014G, 3.9% 5/1/2045  | 2610000 | 2193316 |
| New York City Housing Development Corp Series 2018 K, 3.95% 11/1/2043  | 1000000 | 900021 |
| New York City Housing Development Corp Series 2019 A1, 4.15% 11/1/2038  | 1975000 | 1889160 |
| New York City Housing Development Corp Series 2022 A, 2.5% 11/1/2042 (k) | 1500000 | 1203665 |
| New York NY City Hsg Dev Corp Rev Series 2023 A, 4.8% 2/1/2053  | 4345000 | 4261922 |
| New York St Hsg Fin Agy (Affordable Housing Revenue Bonds 8/22/2007 Proj.) Series 2020 M 2, 0.75% 11/1/2025  | 40000 | 39371 |
| New York St Hsg Fin Agy 1% tender 11/1/2061 (c) | 345000 | 330851 |
| New York St Hsg Fin Agy 1.1% tender 11/1/2061 (c) | 3395000 | 3214067 |
| New York St Hsg Fin Agy Rev 1.88% 5/1/2035, LOC Freddie Mac Non Gold Pool VRDN (c) | 300000 | 300000 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) 0.6% tender 5/1/2061 (c) | 1165000 | 1161630 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2019 J, 3.05% 11/1/2049  | 880000 | 623541 |
| NY City Hsg Dev Corp Multifamily Hsg Rev (New York Mhsg 7/27/1993 Proj.) Series 2021 F 1, 2.4% 11/1/2046  | 1200000 | 771004 |
| 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) | 6315000 | 6203608 |
| NY City Hsg Dev Corp Multifamily Hsg Rev Series 2022 G, 4.85% 11/1/2053  | 1940000 | 1908835 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 221, 3.5% 10/1/2032 (i) | 70000 | 69449 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 227, 2.3% 10/1/2040  | 750000 | 535549 |
| State of New York Mortgage Agency (NY Homeowner Mortgage Proj.) Series 242, 3.25% 10/1/2047  | 1500000 | 1142653 |
|  |  | 31044747 |
| Industrial Development - 0.3% |  |  |
| Build Nyc Resource Corp NY Solid Waste Disp Rev Series 2014, 5% 1/1/2035 (h)(i) | 440000 | 440107 |
| Glen Cove NY Loc Economic Assistance Corp Rev Series A, 5% 1/1/2056  | 1255000 | 982503 |
| Glen Cove NY Loc Economic Assistance Corp Rev Series B, 0% 1/1/2045 (j) | 6200000 | 1602035 |
| Glen Cove NY Loc Economic Assistance Corp Rev Series C, 5.625% 1/1/2055 (k) | 2395000 | 2052039 |
| MTA Hudson Rail Yards Trust Series 2016 A, 5% 11/15/2056  | 4090000 | 3980297 |
| New York Liberty Dev Corp (One Bryant Part LLC Proj.) Series 2019 CL 1, 2.45% 9/15/2069  | 1800000 | 1660636 |
| New York Liberty Dev Corp 3% 2/15/2042  | 4000000 | 3102852 |
| New York Liberty Dev Corp Series 2019 CL 3, 2.8% 9/15/2069  | 840000 | 764195 |
| New York Liberty Dev Corp Series 2021, 3% 2/15/2042  | 2000000 | 1540054 |
| New York Liberty Dev Corp Series 2021, 4% 2/15/2043  | 1325000 | 1193320 |
| New York Liberty Dev Corp Series 2021, 4% 2/15/2043  | 750000 | 680092 |
| New York Liberty Dev Corp Series 2022 A CL1, 3.125% 9/15/2050  | 650000 | 460841 |
| New York Liberty Dev Corp Series CLASS 1, 5% 11/15/2044 (h) | 8505000 | 8257020 |
| New York Liberty Dev Corp Series CLASS 2, 5.15% 11/15/2034 (h) | 1840000 | 1840330 |
| New York Liberty Dev Corp Series CLASS 2, 5.375% 11/15/2040 (h) | 6065000 | 6060382 |
| New York Liberty Dev Corp Series CLASS 3, 7.25% 11/15/2044 (h) | 2000000 | 2001092 |
|  |  | 36617795 |
| Lease Revenue - 0.1% |  |  |
| New York Liberty Dev Corp Series 2021A, 2.75% 11/15/2041  | 1660000 | 1213067 |
| New York Liberty Dev Corp Series 2021A, 2.875% 11/15/2046  | 2000000 | 1370424 |
| New York Liberty Dev Corp Series 2021A, 2.875% 11/15/2046  | 1500000 | 1036256 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2021A 1, 4% 3/15/2053  | 2200000 | 1870021 |
| New York Urban Dev Corp Sales Tax Rev Series 2021 A, 3% 3/15/2040  | 1000000 | 819645 |
| New York Urban Dev Corp Sales Tax Rev Series 2021 A, 4% 3/15/2037  | 1125000 | 1117392 |
| New York Urban Dev Corp Sales Tax Rev Series 2021 A, 4% 3/15/2038  | 1000000 | 980185 |
|  |  | 8406990 |
| Other - 0.2% |  |  |
| Monroe Cnty N Y Indl Dev Agy Multifamily Tax-Exempt Mtg-Bkdbds Series 2022A, 4.84% 11/1/2040  | 4656308 | 4653245 |
| Nassau Cnty NY Indl Dev Agy Continuing Care Retirement Cmnty Rev Series 2021 B, 5% 1/1/2058 (c)(f)(g) | 3260000 | 33 |
| New York City Trust Cultural Resources Rev (Whitney Museum of American Art Proj.) 5% 7/1/2031  | 2630000 | 2915270 |
| New York NY City Hsg Dev Corp Multifamily Mtg Rev Series 2024 CL F Class F, 5.25% 12/15/2031  | 1676470 | 1703612 |
| New York NY City Hsg Dev Corp Multifamily Mtg Rev Series 8SPR Class E, 4.375% 12/15/2043  | 1888890 | 1916817 |
| New York St Dorm Auth Revs Non St Supported Debt (Rockefeller Univ, Ny Proj.) 1.75% 7/1/2039 VRDN (c) | 500000 | 500000 |
| New York St Dorm Auth Revs Non St Supported Debt Series 2022 A, 5% 10/1/2036  | 3080000 | 3278068 |
| New York Transportation Development Corp 5% 12/1/2040 (i) | 250000 | 258101 |
| Onondaga NY Civic Dev Corp 5.25% 12/1/2045  | 1150000 | 1220286 |
| Riverhead IDA Economic Job Development Corp Series 2023, 4.5% 2/1/2041  | 4703446 | 4605701 |
| State of New York Mortgage Agency 4.65% 10/1/2050  | 575000 | 553269 |
| Westchester County Local Development Corp Series 2022B, 5% 1/1/2051  | 500000 | 483179 |
|  |  | 22087581 |
| Resource Recovery - 0.0% |  |  |
| New York St Env Fac Corp Swdr Series 2020 R 2, 5.125% tender 9/1/2050 (c)(h)(i) | 1150000 | 1174514 |
| Special Tax - 2.8% |  |  |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2033  | 200000 | 205040 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2035  | 1445000 | 1476247 |
| Hudson Yds Infrastructure Corp NY Rev Series 2017 A, 5% 2/15/2039  | 950000 | 962646 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 11/1/2038  | 4575000 | 4963970 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5% 5/1/2049  | 2510000 | 2557997 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5.25% 11/1/2045  | 2000000 | 2109874 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5.25% 11/1/2048  | 9155000 | 9578736 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5.5% 11/1/2051  | 850000 | 903647 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) 5.5% 5/1/2052  | 2500000 | 2648937 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024 B, 5% 5/1/2040  | 3835000 | 4062198 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024 B, 5% 5/1/2041  | 5570000 | 5833367 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024 B, 5% 5/1/2042  | 5000000 | 5207311 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2024F SUB F 1, 5.25% 2/1/2053  | 1745000 | 1806702 |
| New York City Transitional Finance Authority (New York NY City Transitional Fin Auth Rev Proj.) Series FISCAL 2025 E, 5% 11/1/2053  | 1375000 | 1395537 |
| New York City Transitional Finance Authority (New York State Sales Tax Rev Proj.) Series FISCAL 2024 C, 5.25% 5/1/2048  | 2000000 | 2072945 |
| New York NY City Ida Rev (Queens Ballpark Company LLC Proj.) Series 2021A, 3% 1/1/2046 (Assured Guaranty Municipal Corp Insured)  | 2250000 | 1615377 |
| New York NY City Ida Rev (Yankees Hldgs LP Proj.) Series 2020 A, 3% 3/1/2040 (Assured Guaranty Ltd Insured)  | 845000 | 681755 |
| New York NY City Ida Rev (Yankees Hldgs LP Proj.) Series 2020 A, 3% 3/1/2049 (Assured Guaranty Municipal Corp Insured)  | 500000 | 351698 |
| New York NY City Ida Rev (Yankees Hldgs LP Proj.) Series 2020 A, 4% 3/1/2045  | 615000 | 539436 |
| New York NY City Ida Rev (Yankees Hldgs LP Proj.) Series 2020 A, 4% 3/1/2045 (Assured Guaranty Ltd Insured)  | 1265000 | 1137223 |
| New York NY City Ida Rev Series 2020 A, 3% 3/1/2049  | 450000 | 314254 |
| New York NY City Transitional Fin Auth Rev 4% 11/1/2037  | 440000 | 430940 |
| New York NY City Transitional Fin Auth Rev 4% 11/1/2042  | 1300000 | 1201708 |
| New York NY City Transitional Fin Auth Rev 4% 8/1/2045  | 1885000 | 1683743 |
| New York NY City Transitional Fin Auth Rev 5.25% 8/1/2042  | 1000000 | 1049519 |
| New York NY City Transitional Fin Auth Rev 5.5% 11/1/2045  | 2985000 | 3163975 |
| New York NY City Transitional Fin Auth Rev Series 2017, 5% 5/1/2042  | 5120000 | 5157431 |
| New York NY City Transitional Fin Auth Rev Series 2018 A 2, 5% 8/1/2039  | 1530000 | 1548873 |
| New York NY City Transitional Fin Auth Rev Series 2022 F 1, 5% 2/1/2042  | 1000000 | 1030243 |
| New York NY City Transitional Fin Auth Rev Series 2022 F 1, 5% 2/1/2047  | 6000000 | 6076112 |
| New York NY City Transitional Fin Auth Rev Series B 1, 5% 8/1/2034  | 110000 | 114629 |
| New York NY City Transitional Fin Auth Rev Series B 1, 5% 8/1/2036  | 2050000 | 2119034 |
| New York NY City Transitional Fin Auth Rev Series B 1, 5% 8/1/2038  | 1475000 | 1512991 |
| New York NY City Transitional Fin Auth Rev Series C 3, 5% 5/1/2041  | 4200000 | 4268752 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020 B 1, 3% 11/1/2047  | 1000000 | 708992 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020 B 1, 4% 11/1/2041  | 2200000 | 2052637 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020 B 1, 5% 11/1/2036  | 3000000 | 3128643 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020C SUB C 1, 4% 5/1/2036  | 425000 | 423296 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020C SUB C 1, 4% 5/1/2039  | 745000 | 713101 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2020C SUB C 1, 4% 5/1/2045  | 845000 | 755654 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 A, 4% 11/1/2034  | 210000 | 211436 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 E 1, 4% 2/1/2046  | 3150000 | 2800401 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021 E 1, 4% 2/1/2049  | 575000 | 503975 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2039  | 1475000 | 1411843 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2044  | 1100000 | 993181 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2021C SUB C 1, 4% 5/1/2045  | 2135000 | 1910688 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2022 A 1, 4% 11/1/2038  | 790000 | 759612 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2022C SUB C 1, 4% 2/1/2041  | 1635000 | 1529000 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2022C SUB C 1, 5% 2/1/2047  | 2485000 | 2516523 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2023F SUB F 1, 5.25% 2/1/2040  | 2000000 | 2148235 |
| New York NY City Transitional Fin Auth Rev Series FISCAL 2024A SUB A 1, 5% 5/1/2039  | 2000000 | 2125504 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2041  | 11945000 | 12581577 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) 5% 3/15/2050  | 1875000 | 1913989 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2016 A, 5% 3/15/2035  | 1785000 | 1813358 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2017 A, 5% 3/15/2038  | 1035000 | 1053695 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2018 A, 5% 3/15/2043  | 2410000 | 2426700 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2018 C, 5% 3/15/2038  | 465000 | 474149 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2018 E GROUP 3, 5% 3/15/2043  | 6275000 | 6324888 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2018 E, 5% 3/15/2044  | 495000 | 498593 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 4% 3/15/2054  | 4075000 | 3483447 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 5% 3/15/2031  | 6475000 | 7181559 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 5% 3/15/2036  | 2220000 | 2487619 |
| New York St Dorm Auth Sales Tax Rev St Supported (New York State Sales Tax Rev Proj.) Series 2024 B, 5% 3/15/2038  | 2360000 | 2585196 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 3% 3/15/2050  | 3275000 | 2257898 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 4% 3/15/2047  | 260000 | 226634 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 4% 3/15/2049  | 2000000 | 1717060 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) 5% 2/15/2031  | 65000 | 66795 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 A, 5% 3/15/2039  | 1000000 | 1028184 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 3% 2/15/2049  | 3295000 | 2291392 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 4% 2/15/2039  | 1000000 | 951205 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 4% 2/15/2040  | 4085000 | 3828323 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019 D, 4% 2/15/2047  | 7485000 | 6542490 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2019A, 5% 3/15/2045  | 2450000 | 2477974 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2020A, 3% 3/15/2039  | 1750000 | 1462388 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2020A, 3% 3/15/2042  | 1000000 | 774355 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2021 E, 4% 3/15/2039  | 2500000 | 2399403 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2021 E, 4% 3/15/2045  | 5890000 | 5225500 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 4% 3/15/2039  | 2745000 | 2608896 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 4% 3/15/2040  | 2900000 | 2747858 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2022 A, 5% 3/15/2046  | 3430000 | 3493653 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2032  | 6245000 | 6930820 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2041  | 2060000 | 2165748 |
| New York St Dorm Auth St Pers Income Tax Rev (New York State Pit Proj.) Series 2024A, 5% 3/15/2042  | 2875000 | 2994601 |
| New York St Dorm Auth St Pers Income Tax Rev Series 2019 E, 5% 2/15/2035  | 655000 | 698422 |
| New York St Dorm Auth St Pers Income Tax Rev Series 2021 E, 3% 3/15/2041  | 1000000 | 790290 |
| New York St Dorm Auth St Pers Income Tax Rev Series 2021 E, 4% 3/15/2042  | 3925000 | 3595999 |
| New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2017C, 4% 3/15/2043  | 3440000 | 3095337 |
| New York St Urban Dev Corp Rev (New York State Pit Proj.) Series 2017C, 4% 3/15/2045  | 3155000 | 2803311 |
| New York State Dormitory Authority (New York State Pit Proj.) Series 2015 E, 5% 3/15/2034  | 6025000 | 6043973 |
| New York State Dormitory Authority (New York State Pit Proj.) Series 2024A, 5.25% 3/15/2052  | 2495000 | 2589748 |
| New York State Dormitory Authority Series 2017B GRP 3, 5% 2/15/2041  | 2265000 | 2299614 |
| New York State Urban Development Corp (New York State Pit Proj.) 3% 3/15/2048  | 1750000 | 1235931 |
| New York State Urban Development Corp (New York State Pit Proj.) 4% 3/15/2042  | 2135000 | 1950510 |
| New York State Urban Development Corp (New York State Pit Proj.) 4% 3/15/2049  | 2175000 | 1883173 |
| New York State Urban Development Corp (New York State Pit Proj.) 5% 3/15/2047  | 1475000 | 1489689 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 4% 3/15/2039  | 1280000 | 1214646 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 4% 3/15/2045  | 80000 | 71459 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020 A, 4% 3/15/2049  | 505000 | 437242 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020E, 4% 3/15/2044  | 6930000 | 6254448 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2020E, 4% 3/15/2045  | 6525000 | 5828420 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2022A, 5% 3/15/2042  | 750000 | 785861 |
| New York State Urban Development Corp (New York State Pit Proj.) Series 2022A, 5% 3/15/2043  | 10000000 | 10414933 |
| New York State Urban Development Corp Series 2020E, 4% 3/15/2043  | 350000 | 317224 |
| New York State Urban Development Corp Series 2023A, 5% 3/15/2057  | 2000000 | 2019662 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2022 C, 5% 3/15/2053  | 2210000 | 2227560 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) 5% 3/15/2049  | 15000000 | 15299460 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 3% 3/15/2049  | 2000000 | 1396642 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2019 A, 5% 3/15/2037  | 3405000 | 3568824 |
| New York Urban Dev Corp Sales Tax Rev (New York State Sales Tax Rev Proj.) Series 2021 A, 3% 3/15/2050  | 300000 | 209707 |
| NY Convention Ctr Dev Corp Rev Series 2015, 5% 11/15/2028  | 400000 | 402760 |
| NY Convention Ctr Dev Corp Rev Series 2015, 5% 11/15/2029  | 280000 | 281815 |
| NY Mta Dedicated Tax Fund 5% 11/15/2047  | 1805000 | 1813704 |
| NY Mta Dedicated Tax Fund Series 2012A, 0% 11/15/2032 (j) | 355000 | 269024 |
| NY Mta Dedicated Tax Fund Series 2016 A, 5.25% 11/15/2031  | 1475000 | 1509688 |
| NY Mta Dedicated Tax Fund Series 2022A, 5% 11/15/2045  | 250000 | 255051 |
| NY Mta Dedicated Tax Fund Series 2024 B 1, 4% 11/15/2054  | 6000000 | 5210672 |
| NY Mta Dedicated Tax Fund Series 2024 B 1, 5% 11/15/2050  | 2800000 | 2859017 |
| NY Payroll Mobility Tax 5% 3/15/2027  | 4000000 | 4141658 |
| NY Payroll Mobility Tax 5% 5/15/2051  | 12490000 | 12608464 |
| NY Payroll Mobility Tax Series 2021 B 1, 4% 5/15/2056  | 115000 | 95962 |
| NY Payroll Mobility Tax Series 2021 SUB C 3, 3% 5/15/2051  | 3000000 | 2104019 |
| NY Payroll Mobility Tax Series 2022 D 2, 4.5% 5/15/2047  | 1000000 | 968070 |
| NY Payroll Mobility Tax Series 2022 D 2, 5.5% 5/15/2052  | 4000000 | 4191931 |
| NY Payroll Mobility Tax Series 2022 SUB D 2, 5.25% 5/15/2047  | 4100000 | 4252178 |
| NY Payroll Mobility Tax Series 2024A, 5% 5/15/2054  | 1665000 | 1686285 |
| Oneida Indian Nation NY Tax Rev Series 2024B, 6% 9/1/2043 (h) | 1200000 | 1263164 |
| Syracuse NY Indl Dev Agy Pilot Rev Series 2016 A, 5% 1/1/2028 (i) | 355000 | 288774 |
| Syracuse NY Indl Dev Agy Pilot Rev Series 2016 A, 5% 1/1/2029 (i) | 520000 | 412009 |
| Syracuse NY Indl Dev Agy Pilot Rev Series 2016 A, 5% 1/1/2030 (i) | 395000 | 307318 |
| Syracuse NY Indl Dev Agy Pilot Rev Series 2016 A, 5% 1/1/2031 (i) | 490000 | 376421 |
| Syracuse NY Indl Dev Agy Pilot Rev Series 2016 A, 5% 1/1/2032 (i) | 910000 | 691344 |
| Syracuse NY Indl Dev Agy Pilot Rev Series 2016 A, 5% 1/1/2033 (i) | 805000 | 606534 |
| Syracuse NY Indl Dev Agy Pilot Rev Series 2016 A, 5% 1/1/2034 (i) | 720000 | 538828 |
| Syracuse NY Indl Dev Agy Pilot Rev Series 2016 A, 5% 1/1/2035 (i) | 960000 | 714385 |
| Syracuse NY Indl Dev Agy Pilot Rev Series 2016 A, 5% 1/1/2036 (i) | 310000 | 229581 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2022 A, 4% 5/15/2052  | 1000000 | 855648 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2023A, 5% 5/15/2048  | 1000000 | 1022320 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2023A, 5% 5/15/2053  | 1500000 | 1525564 |
| Triborough Brdg & Tunl Auth NY Sales Tax Rev Series 2024A 1, 5.25% 5/15/2064  | 500000 | 516448 |
| Triborough Brdg & Tunl NY Rett Series 2025 A, 5% 12/1/2041  | 1130000 | 1194406 |
|  |  | 331206642 |
| Tobacco Bonds - 0.0% |  |  |
| Erie Cnty NY Tobacco Securitization Corp 0% 6/1/2047 (j) | 2500000 | 508259 |
| Erie Cnty NY Tobacco Securitization Corp Series 2006 A, 0% 6/1/2060 (h)(j) | 10070000 | 472967 |
| Suffolk Tobacco Asset Securitization Corp NY Tobacco Settlement Series 2021 B 2, 0% 6/1/2066 (j) | 2700000 | 245971 |
| Tobacco Settlement Asset Securitization Corp NY Rev Series A, 5% 6/1/2033  | 1100000 | 1111804 |
| Tobacco Settlement Asset Securitization Corp NY Rev Series A, 5% 6/1/2035  | 500000 | 503280 |
| Tobacco Settlement Asset Securitization Corp NY Rev Series A, 5% 6/1/2041  | 575000 | 559484 |
|  |  | 3401765 |
| Transportation - 2.4% |  |  |
| Build NYC Resource Corp (TrIPs Obligated Group Proj.) 5.5% 7/1/2050 (i)(m) | 1060000 | 1077172 |
| Metropolitan Transn Auth NY Rv 4% 11/15/2046  | 11005000 | 9450775 |
| Metropolitan Transn Auth NY Rv 4% 11/15/2047  | 130000 | 110809 |
| Metropolitan Transn Auth NY Rv 5.25% 11/15/2026 (Assured Guaranty Municipal Corp Insured)  | 1180000 | 1215502 |
| Metropolitan Transn Auth NY Rv Series 2015 A 2, 5% tender 11/15/2045 (c) | 2195000 | 2286082 |
| Metropolitan Transn Auth NY Rv Series 2015 E 1, 3.05% 11/15/2045, LOC Barclays Bank PLC VRDN (c) | 10700000 | 10700001 |
| Metropolitan Transn Auth NY Rv Series 2016 D, 5% 11/15/2027  | 250000 | 256398 |
| Metropolitan Transn Auth NY Rv Series 2017 C 2, 0% 11/15/2029 (j) | 125000 | 106678 |
| Metropolitan Transn Auth NY Rv Series 2017 C 2, 0% 11/15/2033 (j) | 315000 | 225202 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2033  | 1140000 | 1171998 |
| Metropolitan Transn Auth NY Rv Series 2017 D, 5% 11/15/2035  | 130000 | 133048 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 4% 11/15/2037  | 785000 | 748368 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2027  | 1035000 | 1079290 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2030  | 2380000 | 2467054 |
| Metropolitan Transn Auth NY Rv Series 2017C 1, 5% 11/15/2034  | 95000 | 97458 |
| Metropolitan Transn Auth NY Rv Series 2019 C, 5% 11/15/2042  | 2300000 | 2352970 |
| Metropolitan Transn Auth NY Rv Series 2020 A 1, 4% 11/15/2046  | 750000 | 638493 |
| Metropolitan Transn Auth NY Rv Series 2020 A 1, 4% 11/15/2050 (Assured Guaranty Ltd Insured)  | 450000 | 380371 |
| Metropolitan Transn Auth NY Rv Series 2020 A 1, 4% 11/15/2051  | 250000 | 206067 |
| Metropolitan Transn Auth NY Rv Series 2020 A 1, 5% 11/15/2049  | 2750000 | 2732261 |
| Metropolitan Transn Auth NY Rv Series 2020 C 1, 5.25% 11/15/2055  | 600000 | 608746 |
| Metropolitan Transn Auth NY Rv Series 2020 D, 4% 11/15/2050  | 2600000 | 2166323 |
| Metropolitan Transn Auth NY Rv Series 2020 D, 5% 11/15/2044  | 2650000 | 2655993 |
| Metropolitan Transn Auth NY Rv Series 2020 E, 4% 11/15/2045  | 2550000 | 2194356 |
| Metropolitan Transn Auth NY Rv Series 2020 E, 5% 11/15/2033  | 540000 | 578436 |
| Metropolitan Transn Auth NY Rv Series 2021 A 1, 4% 11/15/2045  | 900000 | 774110 |
| Metropolitan Transn Auth NY Rv Series 2021 A 1, 4% 11/15/2046  | 250000 | 212831 |
| Metropolitan Transn Auth NY Rv Series 2021 A 1, 4% 11/15/2049  | 650000 | 541585 |
| Metropolitan Transn Auth NY Rv Series 2024A, 5% 11/15/2032  | 11890000 | 13101361 |
| Metropolitan Transn Auth NY Rv Series 2024A, 5.25% 11/15/2049  | 1950000 | 1998078 |
| Metropolitan Transn Auth NY Rv Series A 2, 5% 11/15/2027  | 250000 | 256398 |
| Metropolitan Transn Auth NY Rv Series C 2, 4% 11/15/2038  | 360000 | 336899 |
| Metropolitan Transn Auth NY Rv Series D 1, 5% 11/15/2026  | 500000 | 503022 |
| New York Liberty Dev Corp (4 World Trade Center LLC Proj.) Series 2021A, 3% 11/15/2051 (Build America Mutual Assurance Co Insured)  | 250000 | 170147 |
| New York NY City Indl Dev Agy Arpt Facs Rev (Transportation Infrastructure Properties, LLC Proj.) Series 2012A, 5% 7/1/2028 (i) | 370000 | 371926 |
| New York St Twy Auth Gen Rev Series 2016 A, 5% 1/1/2046  | 2760000 | 2763230 |
| New York St Twy Auth Gen Rev Series 2019 B, 4% 1/1/2038  | 3400000 | 3328545 |
| New York St Twy Auth Gen Rev Series 2019 B, 4% 1/1/2045  | 1465000 | 1300322 |
| New York St Twy Auth Gen Rev Series 2019 B, 4% 1/1/2050  | 250000 | 215195 |
| New York St Twy Auth Gen Rev Series O, 3% 1/1/2051  | 1500000 | 1040280 |
| New York Transn Dev Corp Exempt Fac Rev Series 2021, 4% 10/31/2046 (i) | 3885000 | 3238437 |
| New York Transn Dev Corp Exempt Fac Rev Series 2021, 4% 4/30/2053 (i) | 825000 | 648434 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 4% 1/1/2036 (i) | 280000 | 260957 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2027 (i) | 4000000 | 4048731 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2030 (i) | 435000 | 441598 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2031 (i) | 1735000 | 1754985 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2032 (i) | 3510000 | 3543946 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2033 (i) | 260000 | 262041 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2034 (i) | 885000 | 890168 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2018, 5% 1/1/2036 (i) | 710000 | 709387 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 4.375% 10/1/2045 (i) | 4735000 | 4193616 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 5% 10/1/2035 (i) | 2610000 | 2626792 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2020, 5% 10/1/2040 (i) | 4190000 | 4141122 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2023, 5.625% 4/1/2040 (i) | 4535000 | 4648833 |
| New York Transportation Development Corp (Delta Air Lines Inc Proj.) Series 2023, 6% 4/1/2035 (i) | 3800000 | 4125667 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 4% 12/1/2038 (i) | 40000 | 36874 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 4% 12/1/2039 (i) | 105000 | 95329 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) 5% 12/1/2036 (i) | 5000 | 5110 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 4% 12/1/2040  | 480000 | 441013 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2032  | 375000 | 400191 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2035  | 480000 | 504921 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2020C, 5% 12/1/2037  | 290000 | 301465 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2030 (i) | 2000000 | 2108790 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2032 (i) | 995000 | 1050947 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2033 (i) | 1545000 | 1622346 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2034 (i) | 1935000 | 2019344 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2035 (i) | 845000 | 872703 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2036 (i) | 575000 | 591531 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2037 (i) | 1535000 | 1566009 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2038 (i) | 3720000 | 3777392 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2039 (i) | 5550000 | 5600216 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2040 (i) | 2885000 | 2901801 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2041 (i) | 2665000 | 2679622 |
| New York Transportation Development Corp (Jfk International Air Terminal Proj.) Series 2022, 5% 12/1/2042 (i) | 1820000 | 1820841 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5% 6/30/2054 (Assured Guaranty Ltd Insured) (i) | 2455000 | 2402542 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5% 6/30/2060 (i) | 1100000 | 1030482 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.125% 6/30/2060 (Assured Guaranty Ltd Insured) (i) | 15815000 | 15640495 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.25% 6/30/2060 (Assured Guaranty Ltd Insured) (i) | 5230000 | 5245673 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.375% 6/30/2060 (i) | 9655000 | 9596565 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.5% 6/30/2042 (Assured Guaranty Ltd Insured) (i) | 2890000 | 3012046 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.5% 6/30/2054 (i) | 6800000 | 6856050 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 5.5% 6/30/2060 (i) | 1700000 | 1701738 |
| New York Transportation Development Corp (Jfk Intl New Terminal One Proj.) 6% 6/30/2054 (i) | 11655000 | 12220207 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 0% 12/31/2054 (Assured Guaranty Municipal Corp Insured) (i)(k) | 2355000 | 1444295 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 4.5% 12/31/2054 (Assured Guaranty Municipal Corp Insured) (i) | 2500000 | 2222559 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 5.25% 12/31/2054 (Assured Guaranty Municipal Corp Insured) (i) | 12695000 | 12730311 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 5.5% 12/31/2054 (i) | 8055000 | 8065207 |
| New York Transportation Development Corp (Jfk Intl Terminal 6 Proj.) 5.5% 12/31/2060 (i) | 9630000 | 9669790 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 4% 7/1/2035 (Assured Guaranty Ltd Insured) (i) | 2950000 | 2898329 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 5% 7/1/2034 (i) | 520000 | 520069 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 5% 7/1/2041 (i) | 1525000 | 1525014 |
| New York Transportation Development Corp (Laguardia Gateway Prtnrs Terminal B Proj.) Series 2016 A, 5% 7/1/2046 (i) | 12910000 | 12548982 |
| New York Transportation Development Corp 5% 12/1/2027 (i) | 750000 | 780843 |
| New York Transportation Development Corp 5% 12/1/2028 (i) | 750000 | 791454 |
| New York Transportation Development Corp 5% 12/1/2029 (i) | 400000 | 426902 |
| New York Transportation Development Corp Series 2016, 5% 8/1/2026 (i) | 895000 | 894987 |
| New York Transportation Development Corp Series 2016, 5% 8/1/2031 (i) | 2635000 | 2623712 |
| New York Transportation Development Corp Series 2020, 5.25% 8/1/2031 (i) | 475000 | 485066 |
| New York Transportation Development Corp Series 2020, 5.375% 8/1/2036 (i) | 1405000 | 1429250 |
| New York Transportation Development Corp Series 2021, 2.25% 8/1/2026 (i) | 75000 | 73686 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2021 A 1, 3% 3/15/2048  | 500000 | 354902 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2021 A 1, 3% 3/15/2051  | 1950000 | 1339398 |
| New York Twy Auth Pers Income Tax Rev (New York State Pit Proj.) Series 2021 A 1, 4% 3/15/2043  | 750000 | 682742 |
| Port Auth NY & NJ Series 226, 5% 10/15/2038 (i) | 635000 | 653787 |
| Port Auth NY & NJ Series 231, 5.5% 8/1/2040 (i) | 1510000 | 1608723 |
| Triborough Brdg & Tunl NY Revs 4% 11/15/2056  | 3000000 | 2543381 |
| Triborough Brdg & Tunl NY Revs 5% 11/15/2051  | 1400000 | 1407709 |
| Triborough Brdg & Tunl NY Revs Series 2017 C 2, 5% 11/15/2042  | 2480000 | 2490987 |
| Triborough Brdg & Tunl NY Revs Series 2018 A, 5% 11/15/2043  | 1000000 | 1006944 |
| Triborough Brdg & Tunl NY Revs Series 2020 A, 5% 11/15/2049  | 3710000 | 3730647 |
| Triborough Brdg & Tunl NY Revs Series B, 5% 11/15/2037  | 750000 | 762452 |
|  |  | 269902865 |
| Water & Sewer - 0.6% |  |  |
| City of New York NY 5.25% 2/1/2045  | 3000000 | 3162676 |
| New York Envir Fac Corp Clean Wtr & Drinking Wtr Series 2019 B, 3% 6/15/2038  | 915000 | 776172 |
| New York NY Cty Muni Wtr Fin Auth 3% 6/15/2044 (Liquidity Facility Mizuho Bank Ltd/New York NY) VRDN (c) | 1200000 | 1200000 |
| New York NY Cty Muni Wtr Fin Auth 5% 6/15/2052  | 1060000 | 1072393 |
| New York NY Cty Muni Wtr Fin Auth 5.25% 6/15/2052  | 12150000 | 12531467 |
| New York NY Cty Muni Wtr Fin Auth 5.5% 6/15/2039  | 1565000 | 1766179 |
| New York NY Cty Muni Wtr Fin Auth Series 2018 CC 1, 5% 6/15/2048  | 2000000 | 2017579 |
| New York NY Cty Muni Wtr Fin Auth Series 2018 EE, 5% 6/15/2040  | 5000000 | 5093778 |
| New York NY Cty Muni Wtr Fin Auth Series 2020 GG1, 5% 6/15/2048  | 12665000 | 12826742 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2021 DD, 4% 6/15/2036  | 1285000 | 1291936 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2021 SUB AA 1, 3% 6/15/2050  | 4325000 | 3004541 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2022 EE, 4% 6/15/2039  | 2185000 | 2126322 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2022 EE, 5% 6/15/2045  | 9100000 | 9323361 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2022 SUB AA 1, 4% 6/15/2051  | 5540000 | 4718298 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2022 SUB BB 1, 3% 6/15/2044  | 2415000 | 1801189 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2022 SUB BB 1, 4% 6/15/2045  | 1750000 | 1575183 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2022 SUB BB 1, 5% 6/15/2044  | 750000 | 769586 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2023 DD, 4.125% 6/15/2046  | 2000000 | 1836091 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL 2023 DD, 5.25% 6/15/2047  | 300000 | 313442 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL2024CC SUB CC1, 5.25% 6/15/2054  | 1910000 | 1982005 |
| New York NY Cty Muni Wtr Fin Auth Series FISCAL2025AA SUB AA1, 5% 6/15/2051  | 1200000 | 1225925 |
| New York St Env Facs Corp Rev 5.25% 9/15/2052  | 2000000 | 2088109 |
| Suffolk Cnty NY Wtr Auth Wtrwk Series 2020 B, 3% 6/1/2045  | 250000 | 190711 |
|  |  | 72693685 |
| TOTAL NEW YORK |  | 886213203 |
| Non-state Specific - 0.0%  |  |  |
| Housing - 0.0% |  |  |
| Federal Home Ln Mtg Corp Multifamily Var Rate Ctfs Relating To To Mun Secs Series M046 Class A, 2.625% 6/15/2035 (Liquidity Facility Freddie Mac Non Gold Pool) VRDN (c)(h) | 3500000 | 3007594 |
| Other - 0.0% |  |  |
| Affordable Hsg Opportunities Tr Series AH 01 1CL A, 3.528% 5/1/2039 (h) | 2295000 | 1823102 |
| Frete Trust Series ML12 Class XUS, 1.2231% 7/25/2041 (c)(h) | 3316397 | 293536 |
|  |  | 2116638 |
| TOTAL NON-STATE SPECIFIC |  | 5124232 |
| North Carolina - 0.7%  |  |  |
| Education - 0.0% |  |  |
| North Carolina Cap Facs Ed Rev (High Point University Proj.) Series 2021, 4% 5/1/2032  | 210000 | 210806 |
| North Carolina St Ed Assistance Auth Rev Series 2023A, 5% 6/1/2043 (i) | 385000 | 387432 |
|  |  | 598238 |
| Electric Utilities - 0.0% |  |  |
| North Carolina Mun Pwr Agy 1 Series A, 5% 1/1/2028  | 2255000 | 2275155 |
| North Carolina Mun Pwr Agy 1 Series C, 5% 1/1/2029  | 445000 | 448735 |
|  |  | 2723890 |
| General Obligations - 0.0% |  |  |
| Charlotte NC Ctfs Partn (Charlotte NC Proj.) Series 2019A, 4% 6/1/2039  | 55000 | 53585 |
| Charlotte NC Ctfs Partn (Charlotte NC Proj.) Series 2019A, 5% 6/1/2046  | 980000 | 989474 |
| Mecklenburg Cnty NC Gen. Oblig. Series 2016 A, 5% 9/1/2025  | 1975000 | 1984720 |
| Pender Cnty NC Series 2024, 3% 3/1/2041  | 2145000 | 1763559 |
| Pender Cnty NC Series 2024, 3% 3/1/2042  | 1700000 | 1370651 |
| Union Cnty NC Gen. Oblig. 2.5% 9/1/2036  | 590000 | 492655 |
|  |  | 6654644 |
| Health Care - 0.2% |  |  |
| Atrium Health (Carolinas Healthcare System Proj.) Series 2007B, 2.95% 1/15/2038 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 900000 | 900000 |
| Atrium Health Series 2018 E, 0.8% tender 1/15/2048 (c) | 2020000 | 1993956 |
| North Carolina Med Care Commn Health Care Facs Rev (Lutheran Retirement Ministries of Alamance County NC Proj.) 4% 3/1/2036  | 335000 | 314655 |
| North Carolina Med Care Commn Health Care Facs Rev (Lutheran Retirement Ministries of Alamance County NC Proj.) Series 2021 A, 4% 3/1/2041  | 95000 | 82843 |
| North Carolina Med Care Commn Health Care Facs Rev (Lutheran Retirement Ministries of Alamance County NC Proj.) Series 2021 A, 4% 3/1/2051  | 3235000 | 2491179 |
| North Carolina Med Care Commn Health Care Facs Rev (Novant Health Inc Proj.) Series 2019A, 4% 11/1/2052  | 665000 | 561848 |
| North Carolina Med Care Commn Health Care Facs Rev (Presbyterian Homes Inc Proj.) Series 2020A, 5% 10/1/2040  | 195000 | 195021 |
| North Carolina Med Care Commn Health Care Facs Rev (Presbyterian Homes Inc Proj.) Series 2020A, 5% 10/1/2045  | 185000 | 179369 |
| North Carolina Med Care Commn Health Care Facs Rev (Presbyterian Homes Inc Proj.) Series 2020A, 5% 10/1/2050  | 115000 | 109292 |
| North Carolina Med Care Commn Health Care Facs Rev (Unc Rex Healthcare Proj.) Series 2020 A, 3% 7/1/2045  | 1130000 | 881949 |
| North Carolina Med Care Commn Health Care Facs Rev (Vidant Health Proj.) Series 2015, 5% 6/1/2040  | 3730000 | 3711128 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 2.55% tender 6/1/2048 (c) | 2190000 | 2172168 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 5% 12/1/2029  | 80000 | 84409 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 5% 12/1/2030  | 80000 | 84271 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 5% 12/1/2032  | 60000 | 62861 |
| North Carolina Med Care Commn Health Care Facs Rev (Wake Baptist Proj.) 5% 12/1/2033  | 45000 | 47004 |
| North Carolina Med Care Commn Health Care Facs Rev Series 2015, 5% 10/1/2025  | 135000 | 134981 |
| North Carolina Med Care Commn Health Care Facs Rev Series 2015, 5% 10/1/2030  | 320000 | 319977 |
| North Carolina Med Care Commn Health Care Facs Rev Series 2015, 5% 10/1/2035  | 870000 | 842807 |
| North Carolina Med Care Commn Health Care Facs Rev Series 2021 A, 4% 3/1/2029  | 55000 | 54474 |
| North Carolina Med Care Commn Health Care Facs Rev Series 2021 C, 4% 3/1/2036  | 445000 | 417974 |
| North Carolina Med Care Commn Health Care Facs Rev Series 2021 C, 4% 3/1/2042  | 730000 | 628082 |
| North Carolina Med Care Retirement Fac Rev (Penick Village Proj.) 5.5% 9/1/2054  | 340000 | 313854 |
| North Carolina Med Care Retirement Fac Rev Series 2015, 4.7% 7/1/2037  | 385000 | 294781 |
| North Carolina Med Care Retirement Fac Rev Series 2015, 4.875% 7/1/2040  | 755000 | 551660 |
| North Carolina Med Care Retirement Fac Rev Series 2015, 5% 7/1/2045  | 625000 | 426916 |
| North Carolina Med Care Retirement Fac Rev Series 2015, 5.25% 10/1/2035  | 295000 | 290415 |
| North Carolina Med Care Retirement Fac Rev Series 2015, 5.25% 10/1/2037  | 130000 | 125563 |
| North Carolina Med Care Retirement Fac Rev Series 2015, 5.375% 10/1/2045  | 1655000 | 1496101 |
| North Carolina Med Care Retirement Fac Rev Series 2016, 5% 10/1/2031  | 245000 | 246938 |
| North Carolina Med Care Retirement Fac Rev Series 2016, 5% 10/1/2037  | 220000 | 218848 |
| North Carolina Med Care Retirement Fac Rev Series 2017 A, 5% 7/1/2047  | 165000 | 109817 |
| North Carolina Med Care Retirement Fac Rev Series 2019 A, 5% 1/1/2049  | 175000 | 169247 |
| North Carolina Med Care Retirement Fac Rev Series 2019 A, 5% 7/1/2039  | 420000 | 413161 |
| North Carolina Med Care Retirement Fac Rev Series 2019 A, 5% 7/1/2044  | 615000 | 576578 |
| North Carolina Med Care Retirement Fac Rev Series 2019 A, 5% 7/1/2049  | 295000 | 267890 |
| North Carolina Med Care Retirement Fac Rev Series 2021 A, 4% 1/1/2052  | 370000 | 278556 |
| North Carolina Med Care Retirement Fac Rev Series 2021, 4% 9/1/2041  | 150000 | 129536 |
| North Carolina Med Care Retirement Fac Rev Series 2021, 4% 9/1/2046  | 300000 | 241473 |
| North Carolina Med Care Retirement Fac Rev Series 2021, 4% 9/1/2051  | 555000 | 421242 |
| Northern Hosp Dist Surry Cnty Health Care Facs Rev Series 2017, 5% 10/1/2027 (g) | 320000 | 319439 |
| Northern Hosp Dist Surry Cnty Health Care Facs Rev Series 2017, 5% 10/1/2031 (g) | 265000 | 250553 |
| Northern Hosp Dist Surry Cnty Health Care Facs Rev Series 2017, 5% 10/1/2033 (g) | 290000 | 266887 |
| University NC Hosp Chapel Hill Rev (Univ Of Nc Hospitals Proj.) 3% 2/15/2031 VRDN (c) | 600000 | 600000 |
|  |  | 24279703 |
| Housing - 0.1% |  |  |
| NC Hsg Fin Agy Homeownership Rev (NC Homeownership Proj.) Series 52 A, 6.25% 1/1/2055  | 1475000 | 1587473 |
| NC Hsg Fin Agy Homeownership Rev 4.8% 1/1/2055  | 1800000 | 1736893 |
| NC Hsg Fin Agy Homeownership Rev 5% 7/1/2047  | 320000 | 309290 |
| NC Hsg Fin Agy Homeownership Rev 6% 7/1/2053  | 1340000 | 1417490 |
| NC Hsg Fin Agy Homeownership Rev Series 39 B, 4% 7/1/2048  | 445000 | 445385 |
| NC Hsg Fin Agy Homeownership Rev Series 44, 4% 7/1/2050  | 180000 | 180425 |
| NC Hsg Fin Agy Homeownership Rev Series 53 A, 6.25% 1/1/2055  | 2340000 | 2524909 |
| North Carolina Housing Finance Agency (NC Homeownership Proj.) Series 57 A, 6.25% 1/1/2056  | 1000000 | 1110637 |
| North Carolina Hsg Fin Agy Series 42, 4% 1/1/2050  | 425000 | 425727 |
|  |  | 9738229 |
| Other - 0.1% |  |  |
| Apex NC Gen. Oblig. Series 2020 B, 2% 6/1/2034  | 1490000 | 1230362 |
| Charlotte NC Gen. Oblig. Series 2021 A, 2% 6/1/2039  | 2400000 | 1722271 |
| Forsyth Cnty NC Gen. Oblig. 2% 3/1/2038  | 5655000 | 4224952 |
| Forsyth Cnty NC Gen. Oblig. 2% 3/1/2039  | 1000000 | 723187 |
| North Carolina Med Care Commn Health Care Facs Rev Series 2021 C, 4% 3/1/2030  | 500000 | 493092 |
| North Carolina Med Care Retirement Fac Rev Series 2021 A, 4% 9/1/2041  | 150000 | 131630 |
| North Carolina Med Care Retirement Fac Rev Series 2021 A, 4% 9/1/2047  | 135000 | 109458 |
| North Carolina Med Care Retirement Fac Rev Series 2021 A, 4% 9/1/2051  | 135000 | 104576 |
| North Carolina Med Care Retirement Fac Rev Series 2024 A, 5% 10/1/2044  | 180000 | 177193 |
| North Carolina Med Care Retirement Fac Rev Series 2024B, 5% 9/1/2049  | 500000 | 468577 |
| North Carolina Med Care Retirement Fac Rev Series 2025 A, 5.25% 1/1/2055  | 400000 | 387852 |
|  |  | 9773150 |
| Transportation - 0.3% |  |  |
| Charlotte NC Arpt Rev Series 2019A, 4% 7/1/2044  | 400000 | 369165 |
| Charlotte NC Arpt Rev Series 2019B, 4% 7/1/2044 (i) | 550000 | 491488 |
| Charlotte NC Arpt Rev Series A, 5% 7/1/2030  | 185000 | 191260 |
| Charlotte NC Arpt Rev Series A, 5% 7/1/2033  | 185000 | 190377 |
| Charlotte NC Arpt Rev Series A, 5% 7/1/2035  | 110000 | 112754 |
| Charlotte NC Arpt Rev Series A, 5% 7/1/2037  | 425000 | 430292 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2025 (i) | 10000 | 10011 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2026 (i) | 10000 | 10174 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2027 (i) | 25000 | 25743 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2028 (i) | 20000 | 20577 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2029 (i) | 30000 | 30827 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2030 (i) | 30000 | 30790 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2031 (i) | 60000 | 61518 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2032 (i) | 60000 | 61073 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2033 (i) | 65000 | 65988 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2034 (i) | 65000 | 65867 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2035 (i) | 45000 | 45506 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2036 (i) | 40000 | 40363 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2037 (i) | 45000 | 45302 |
| Charlotte NC Arpt Rev Series B, 5% 7/1/2042 (i) | 145000 | 143943 |
| Charlotte NC Arpt Rev Series C, 4% 7/1/2032  | 175000 | 175818 |
| Greater Asheville Regional Airport Authority Series 2022A, 5.5% 7/1/2047 (Assured Guaranty Ltd Insured) (i) | 4170000 | 4293557 |
| Greater Asheville Regional Airport Authority Series 2023, 5.25% 7/1/2048 (Assured Guaranty Ltd Insured) (i) | 190000 | 192841 |
| North Carolina St Grant Antic Rev Series 2021, 2% 3/1/2036  | 2495000 | 1946605 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 4% 1/1/2055  | 180000 | 147474 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 5% 1/1/2043  | 850000 | 856412 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 5% 1/1/2044  | 315000 | 316135 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 5% 1/1/2049  | 2575000 | 2527596 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 5% 1/1/2049  | 300000 | 300135 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev 5% 1/1/2049 (Assured Guaranty Ltd Insured)  | 250000 | 250113 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2017, 5% 1/1/2030  | 205000 | 209808 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2017, 5% 1/1/2031 (Assured Guaranty Ltd Insured)  | 340000 | 348088 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2017, 5% 1/1/2032  | 580000 | 592252 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2018, 5% 1/1/2040  | 3255000 | 3310710 |
| North Carolina Tpk Auth Triangle Expwy Sys Rev Series 2024B, 5% 1/1/2058 (Assured Guaranty Ltd Insured)  | 7325000 | 7239424 |
| North Carolina Turnpike Authority Series A, 5% 7/1/2042  | 595000 | 595641 |
| North Carolina Turnpike Authority Series A, 5% 7/1/2047  | 920000 | 907088 |
| North Carolina Turnpike Authority Series A, 5% 7/1/2051  | 3535000 | 3456329 |
| North Carolina Turnpike Authority Series A, 5% 7/1/2054  | 3285000 | 3171565 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2030 (i) | 265000 | 281037 |
| Raleigh Durham NC Arpt Auth Arpt Rev 5% 5/1/2032 (i) | 210000 | 221204 |
| Raleigh Durham NC Arpt Auth Arpt Rev Series 2020 A, 5% 5/1/2033 (i) | 210000 | 220026 |
| Raleigh Durham NC Arpt Auth Arpt Rev Series 2020 A, 5% 5/1/2035 (i) | 295000 | 305788 |
|  |  | 34308664 |
| TOTAL NORTH CAROLINA |  | 88076518 |
| North Dakota - 0.2%  |  |  |
| Education - 0.0% |  |  |
| North Dakota St Brd Higher Ed Hsg & Auxiliary Facs Rev Series 2019 A, 4% 4/1/2039 (Assured Guaranty Ltd Insured)  | 495000 | 469955 |
| University North Dakota Ctfs Partn (University ND Univ Revs Proj.) Series 2021 A, 3% 6/1/2061 (Assured Guaranty Municipal Corp Insured)  | 2395000 | 1542106 |
|  |  | 2012061 |
| General Obligations - 0.0% |  |  |
| Cass Cnty ND Jt Wtr Res Dist Gen. Oblig. Series 2024A, 3.45% 4/1/2027  | 1750000 | 1746366 |
| Horace ND Gen. Oblig. Series 2024 C, 4.5% 5/1/2039  | 270000 | 258120 |
| Horace ND Gen. Oblig. Series 2024 C, 4.75% 5/1/2044  | 400000 | 379222 |
|  |  | 2383708 |
| Health Care - 0.2% |  |  |
| Cass Cnty ND Catholic Health Series 2018 B, 5.25% 2/15/2053  | 400000 | 390794 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 3% 12/1/2046 (Assured Guaranty Ltd Insured)  | 5650000 | 4085173 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 4% 12/1/2035  | 1270000 | 1196123 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 4% 12/1/2036  | 1095000 | 1017211 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 4% 12/1/2037  | 970000 | 887788 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 4% 12/1/2038  | 885000 | 796373 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 5% 12/1/2033  | 1325000 | 1370776 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) 5% 12/1/2034  | 1590000 | 1636852 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) Series 2023A, 5% 12/1/2048 (Assured Guaranty Ltd Insured)  | 1000000 | 1003407 |
| Grand Forks ND Health Care Sys Rev (Altru Health System Proj.) Series 2023A, 5% 12/1/2053 (Assured Guaranty Ltd Insured)  | 3715000 | 3684445 |
| Ward Cnty ND Health Care Fac Series 2017 C, 5% 6/1/2034  | 830000 | 819395 |
| Ward Cnty ND Health Care Fac Series 2017 C, 5% 6/1/2038  | 770000 | 736547 |
| Ward Cnty ND Health Care Fac Series 2017 C, 5% 6/1/2048  | 40000 | 36794 |
| Ward Cnty ND Health Care Fac Series 2017 C, 5% 6/1/2053  | 1340000 | 1212187 |
|  |  | 18873865 |
| Housing - 0.0% |  |  |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 3% 1/1/2052  | 505000 | 496605 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 3.45% 7/1/2037  | 850000 | 764260 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) 3.65% 7/1/2042  | 1350000 | 1147559 |
| North Dakota St Hsg Fin Agy (ND Single Family Hsg Proj.) Series 2021 B, 3% 7/1/2052  | 1660000 | 1618469 |
|  |  | 4026893 |
| TOTAL NORTH DAKOTA |  | 27296527 |
| Ohio - 2.1%  |  |  |
| Education - 0.1% |  |  |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5% 8/1/2039 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 1145000 | 1175292 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5.25% 8/1/2040 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 1205000 | 1246452 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5.25% 8/1/2041 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 1270000 | 1305624 |
| Cleveland-Cuyahoga County OH Port Authority (Euclid Avenue Dev Corp Proj.) 5.25% 8/1/2042 (Cleveland OH St Univ Gen Rcp Guaranteed)  | 1340000 | 1371800 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 4% 7/1/2040  | 45000 | 42281 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2035  | 170000 | 178716 |
| Ohio St Higher Ed Fac Comm (Kenyon College, OH Proj.) 5% 7/1/2042  | 290000 | 295304 |
| Ohio St Higher Ed Fac Comm (Ohio Wesleyan University Proj.) Series 2019, 4% 10/1/2044  | 100000 | 83742 |
| Ohio St Higher Ed Fac Comm (Tiffin University, OH Proj.) Series 2019, 4% 11/1/2049  | 300000 | 215366 |
| Ohio St Higher Ed Fac Comm (University of Dayton Proj.) 5% 12/1/2036  | 240000 | 244573 |
| Ohio St Higher Ed Fac Comm (University of Dayton Proj.) Series 2018 B, 5% 12/1/2034  | 130000 | 133617 |
| Ohio St Higher Ed Fac Comm Series 2016, 5% 11/1/2041  | 640000 | 640233 |
| Ohio St Higher Ed Fac Comm Series 2022, 5.125% 12/1/2042  | 305000 | 305647 |
| Ohio St Higher Ed Fac Comm Series 2022, 5.375% 12/1/2052  | 485000 | 482875 |
| Ohio St Univ Gen Rcpts Series 2023C, 5.25% 12/1/2046  | 10000000 | 10476270 |
| Toledo-Lucas Cnty Ohio Port Auth Student Hsg Rev Series A, 5% 7/1/2046  | 350000 | 313041 |
| Univ Akron Ohio Gen Rcpt 4% 1/1/2028  | 205000 | 208744 |
| Univ Akron Ohio Gen Rcpt 5% 1/1/2030  | 100000 | 107113 |
|  |  | 18826690 |
| Electric Utilities - 0.1% |  |  |
| American Mun Pwr Rev Series 2016 A, 5% 2/15/2041  | 2080000 | 2087589 |
| American Mun Pwr Rev Series 2021A, 4% 2/15/2038  | 1675000 | 1626144 |
| American Mun Pwr Solar 5% 2/15/2039  | 55000 | 56345 |
| American Mun Pwr Solar Series 2019 A, 5% 2/15/2038  | 85000 | 87524 |
| American Mun Pwr Solar Series 2019 A, 5% 2/15/2044  | 175000 | 176314 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2005A, 3.75% 1/1/2029 (i) | 3345000 | 3308762 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2005D, 3.7% 10/1/2028 (i) | 1330000 | 1315269 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2007 B, 2.5% tender 11/1/2042 (c)(i) | 360000 | 335384 |
| Ohio St Air Quality Dev Auth (American Electric Power Co Inc Proj.) Series 2014 B, 2.6% tender 6/1/2041 (c)(i) | 985000 | 921505 |
| Ohio St Air Quality Dev Auth (Duke Energy Corp New Proj.) Series 2022A, 4.25% tender 11/1/2039 (c)(i) | 1975000 | 1989608 |
| Ohio St Air Quality Dev Auth (Duke Energy Corp New Proj.) Series 2022B, 4% tender 9/1/2030 (c) | 835000 | 841035 |
|  |  | 12745479 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Columbus OH City Sch Dist 5% 12/1/2032 (Pre-refunded to 6/1/2026 at 100)  | 5000 | 5095 |
| General Obligations - 0.2% |  |  |
| Brunswick Ohio City Sch Dist Series 2023, 5.25% 12/1/2053  | 1165000 | 1195768 |
| Brunswick Ohio City Sch Dist Series 2023, 5.5% 12/1/2060  | 2160000 | 2242998 |
| Columbus OH City Sch Dist 5% 12/1/2029  | 255000 | 258924 |
| Columbus OH City Sch Dist 5% 12/1/2032  | 50000 | 50753 |
| Grandview Heights Ohio City Sch Dist 5% 12/1/2050  | 3260000 | 3344502 |
| Indian Creek Ohio Loc Sch Dist Series 2018 A, 5% 11/1/2045  | 320000 | 322689 |
| Olentangy Loc Sch Dist OH Series 2021, 2% 12/1/2044  | 2275000 | 1362176 |
| State of Ohio Gen. Oblig. 5% 3/1/2042  | 5645000 | 6004764 |
| State of Ohio Gen. Oblig. Series 2018 A, 5% 2/1/2030  | 2545000 | 2574288 |
| State of Ohio Gen. Oblig. Series 2021 A, 5% 3/1/2029  | 630000 | 679684 |
| State of Ohio Gen. Oblig. Series 2021 A, 5% 3/1/2030  | 855000 | 936384 |
| State of Ohio Gen. Oblig. Series 2021 B, 5% 2/1/2029  | 1140000 | 1228222 |
| State of Ohio Gen. Oblig. Series 2021 B, 5% 2/1/2030  | 950000 | 1039174 |
| State of Ohio Gen. Oblig. Series 2021 C, 5% 3/15/2029  | 1425000 | 1538355 |
| State of Ohio Gen. Oblig. Series 2021 C, 5% 3/15/2030  | 1425000 | 1561509 |
| State of Ohio Gen. Oblig. Series 2021A, 5% 3/1/2029  | 470000 | 507066 |
| State of Ohio Gen. Oblig. Series 2021A, 5% 3/1/2030  | 570000 | 624256 |
| Worthington Ohio City Sch Dist Series 2023, 5.5% 12/1/2054  | 4350000 | 4562044 |
|  |  | 30033556 |
| Health Care - 0.5% |  |  |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) 5.25% 11/15/2046  | 3045000 | 3049900 |
| Akron Bath Copley Hsp Dist OH (Summa Health System Proj.) Series 2020, 5% 11/15/2031  | 25000 | 26313 |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 4% 12/1/2040  | 2825000 | 2607252 |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 8/1/2025  | 365000 | 365932 |
| Allen Cnty OH Hosp Facs Rev (Mercy Health/OH Proj.) 5% 8/1/2026  | 245000 | 250046 |
| Cleveland-Cuyahoga Cnty Ohio Port Auth Economic Dev Rev Series 2017A, 5% 12/1/2042  | 300000 | 280084 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) 5% 2/15/2037  | 300000 | 297726 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 4.75% 2/15/2047  | 865000 | 785269 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 5% 2/15/2042  | 840000 | 807928 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 5% 2/15/2052  | 425000 | 389131 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 5% 2/15/2057  | 770000 | 708392 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 5.25% 2/15/2047  | 890000 | 867343 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 5.5% 2/15/2052  | 6615000 | 6457891 |
| Cuyahoga Cnty Ohio Hosp Rev (Metro Health System, OH Proj.) Series 2017, 5.5% 2/15/2057  | 5160000 | 4995867 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2025  | 5000 | 4999 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2026  | 5000 | 5000 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2027  | 5000 | 5001 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5% 6/15/2028  | 5000 | 5000 |
| Fairfield Cnty OH Hosp Facs Rv (Fairfield Medical Center Proj.) 5.25% 6/15/2043  | 280000 | 241298 |
| Franklin Cnty OH Hosp Facs Rev (Nationwide Children'S Hospital Proj.) 3% 11/1/2042 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 800000 | 800000 |
| Franklin Cnty OH Hosp Facs Rev (Ohiohealth Corporation Proj.) Series 2015, 5% 5/15/2040  | 950000 | 950272 |
| Franklin Cnty OH Hosp Facs Rev (Ohiohealth Corporation Proj.) Series 2015, 5% 5/15/2045  | 1250000 | 1246025 |
| Franklin Cnty OH Hosp Facs Rev (Ohiohealth Corporation Proj.) Series 2018A, 4% 5/15/2047  | 880000 | 778898 |
| Franklin Cnty OH Rev (Trinity Health Proj.) Series 2017 OH, 5% 12/1/2046  | 1410000 | 1397178 |
| Hamilton Cnty OH Hosp Facs Rev (Childrens Hosp Med Ctr Cinn,Oh Proj.) Series 2019 CC, 5% 11/15/2049  | 1000000 | 1018881 |
| Hamilton Cnty OH Hosp Facs Rev (TriHealth Inc Proj.) Series 2017A, 5% 8/15/2033  | 55000 | 56390 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) 5% 1/1/2036  | 440000 | 441139 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2016, 5% 1/1/2046  | 1240000 | 1183797 |
| Hamilton Cnty Ohio Health Care Rev (Life Enriching Communities Proj.) Series 2023A, 5.75% 1/1/2053  | 610000 | 621037 |
| Hamilton Cnty Ohio Health Care Rev Series 2017A, 5% 1/1/2052  | 295000 | 277156 |
| Marion Cnty OH Health Care Rev Series 2019, 5% 12/1/2039  | 230000 | 183945 |
| Marion Cnty OH Health Care Rev Series 2019, 5.125% 12/1/2049  | 255000 | 187174 |
| Miami Cnty OH Hosp Facs Rev (Kettering Med Ctr Inc, OH Proj.) 5% 8/1/2049  | 2100000 | 2034442 |
| Middleburg Heights OH Hosp Rev (Southwest General Hosp Ctr Proj.) Series 2020 A, 4% 8/1/2047  | 370000 | 303027 |
| Middleburg Heights OH Hosp Rev (Southwest General Hosp Ctr Proj.) Series 2021A, 4% 8/1/2041  | 2005000 | 1790708 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 4% 8/1/2051  | 800000 | 669844 |
| Montgomery Cnty OH Hosp Rev (Kettering Med Ctr Inc, OH Proj.) Series 2021, 5% 8/1/2030  | 990000 | 1059726 |
| Montgomery Cnty OH Hosp Rev (Miami Valley Hospital, OH Proj.) Series 2019A, 4% 11/15/2038  | 485000 | 446998 |
| Montgomery Cnty OH Hosp Rev (Miami Valley Hospital, OH Proj.) Series 2019A, 4% 11/15/2045  | 225000 | 188019 |
| Montgomery Cnty OH Hosp Rev (Miami Valley Hospital, OH Proj.) Series 2019A, 5% 11/15/2034  | 210000 | 216591 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2027  | 270000 | 271309 |
| Muskingum Cnty OH Hosp Facs (Genesis Healthcare Proj.) Series 2013, 5% 2/15/2044  | 705000 | 664436 |
| Ohio St Hosp Rev (Premier Health Partners Proj.) Series 2020, 4% 11/15/2036  | 135000 | 127770 |
| Ohio St Hosp Rev (Premier Health Partners Proj.) Series 2020, 4% 11/15/2038  | 130000 | 119450 |
| Ohio St Hosp Rev (Premier Health Partners Proj.) Series 2020, 4% 11/15/2040  | 125000 | 111104 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2020 A, 3% 1/15/2045  | 2150000 | 1581293 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2021 A, 4% 1/15/2046  | 2675000 | 2299845 |
| Ohio St Hosp Rev (University Hosp Hlth Sys, OH Proj.) Series 2021 E, 4% 1/15/2041  | 320000 | 290848 |
| Ohio St Hosp Rev Series 2020 A, 4% 1/15/2038  | 150000 | 142773 |
| Ohio St Hosp Rev Series 2020 A, 4% 1/15/2039  | 280000 | 262662 |
| Ohio St Hosp Rev Series 2020 A, 4% 1/15/2050  | 390000 | 326772 |
| Ohio St Hosp Rev Series 2020 A, 5% 1/15/2050  | 2360000 | 2299472 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) 5% 1/1/2026  | 990000 | 1000531 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2029  | 760000 | 797722 |
| Ohio St Hsg Fin Agy Res Mtg Rev (Cleveland Clinic Foundation/The Proj.) Series 2017A, 5% 1/1/2031  | 10000 | 10404 |
| Ross County Ohio Hosp Rev (Adena Health Sys Proj.) Series 2019, 5% 12/1/2025  | 30000 | 30220 |
| Ross County Ohio Hosp Rev (Adena Health Sys Proj.) Series 2019, 5% 12/1/2026  | 40000 | 40807 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) 5% 2/15/2026  | 125000 | 126107 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) 5% 2/15/2029  | 340000 | 342949 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2016, 5% 2/15/2027  | 105000 | 105906 |
| Scioto Cnty OH Hsp Facs Rev (Southern OH Medical Center Proj.) Series 2019, 5% 2/15/2029  | 480000 | 492593 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2028  | 660000 | 682166 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2029  | 700000 | 727748 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2030  | 740000 | 774814 |
| Washington Cnty OH Hosp Rev (Memorial Hospital, OH Proj.) Series 2022, 6% 12/1/2031  | 790000 | 830985 |
|  |  | 52462305 |
| Housing - 0.0% |  |  |
| Cleveland-Cuyahoga Cnty OH Port Auth Cultural Fac Rev Series 2018, 5.5% 12/1/2043  | 240000 | 240603 |
| Cleveland-Cuyahoga Cnty OH Port Auth Cultural Fac Rev Series 2018, 5.5% 12/1/2053  | 1370000 | 1318696 |
| Cleveland-Cuyahoga County OH Port Authority Series 2019, 4% 8/1/2044  | 450000 | 400502 |
| Cuyahoga Metropolitan Housing Authority Series 2021, 2% 12/1/2031  | 620000 | 534892 |
| Ohio Hsg Fin Agy Mf Hsg Rev Series 2017, 5.45% 1/1/2038 (h) | 250000 | 244044 |
| Ohio Hsg Fin Agy Mf Hsg Rev Series 2024, 6% 1/1/2045 (h) | 675000 | 637009 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2019B, 4.5% 3/1/2050  | 75000 | 75710 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 A, 4.8% 9/1/2048  | 2165000 | 2156668 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 A, 4.9% 9/1/2053  | 1035000 | 1034397 |
| Ohio St Hsg Fin Agy Residential Mtg Rev (OH Residential Mortgage Proj.) Series 2023 B, 6% 3/1/2055  | 1115000 | 1204483 |
|  |  | 7847004 |
| Industrial Development - 0.1% |  |  |
| Cleveland-Cuyahoga Cnty Ohio Port Auth Tax Increment Fing Rev Series 2021 B, 4.5% 12/1/2055 (h) | 100000 | 79431 |
| Ohio Air Quality Development Authority Series 2017, 4.25% 1/15/2038 (h)(i) | 100000 | 94359 |
| Ohio Air Quality Development Authority Series 2017, 4.5% 1/15/2048 (h)(i) | 1790000 | 1572908 |
| Ohio Air Quality Development Authority Series 2019, 5% 7/1/2049 (h)(i) | 6450000 | 5645945 |
|  |  | 7392643 |
| Lease Revenue - 0.0% |  |  |
| Yellow Springs Ohio Exmp Vlg Sch Dist Ctfs Partn Series 2024, 5.25% 12/1/2049  | 910000 | 933326 |
| Other - 0.1% |  |  |
| Bedford OH City Sch Dist Series 2025, 5.5% 12/1/2058 (m) | 1290000 | 1311925 |
| City of Norwood OH 4.375% 12/1/2030  | 300000 | 298188 |
| Cleveland-Cuyahoga Cnty OH Port Auth Cultural Fac Rev (Cleveland Museum Nat History Proj.) Series 2021, 4% 7/1/2051  | 295000 | 242730 |
| Cleveland-Cuyahoga Cnty OH Port Auth Cultural Fac Rev Series 2021, 4% 7/1/2040  | 85000 | 79407 |
| Cleveland-Cuyahoga Cnty OH Port Auth Cultural Fac Rev Series 2021, 4% 7/1/2041  | 105000 | 96168 |
| Columbus Metropolitan Housing Authority Series 2024, 4% 12/1/2034  | 1345000 | 1321883 |
| Columbus Ohio Met Hsg Auth Affordable Hsg Rev Series 2024, 4.625% 8/1/2042  | 145000 | 139682 |
| Greene County Port Authority Series 2024B, 5% 5/15/2059  | 1890000 | 1720510 |
| Margaretta Local School District Series 2025, 5.5% 10/1/2047  | 1185000 | 1225020 |
| Ohio Housing Finance Agency 6.25% 3/1/2056  | 1000000 | 1096388 |
| Ohio Hsg Fin Agy Mf Hsg Rev 5.7% 8/1/2043 (h) | 1175000 | 1189011 |
| Shaker Heights OH City Sch Dst Series 2024, 5.25% 12/15/2054  | 2000000 | 2073522 |
| Summit Cnty Ohio Dev Fin Authpkg Sys Rev Series 2023, 6% 12/1/2058  | 1000000 | 1043377 |
| Toledo-Lucas Cnty Ohio Port Auth Pkg Sys Rev Series 2021, 4% 1/1/2057  | 350000 | 264624 |
| Warren Cnty OH Health Care Fac 5% 7/1/2049  | 975000 | 934760 |
|  |  | 13037195 |
| Special Tax - 0.1% |  |  |
| Cleveland Ohio Income Tax Rev Series 2018 A, 5% 10/1/2035  | 110000 | 114259 |
| Cleveland Ohio Income Tax Rev Series 2018 A, 5% 10/1/2037  | 70000 | 72347 |
| Cleveland Ohio Income Tax Rev Series 2018 A, 5% 10/1/2038  | 85000 | 87666 |
| Cleveland-Cuyahoga Cnty Ohio Port Auth Tax Increment Fing Rev Series 2021A, 4% 12/1/2055 (h) | 175000 | 131731 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2046  | 775000 | 776014 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev (Franklin Cnty OH Proj.) Series 2019, 5% 12/1/2051  | 1165000 | 1151761 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev Series 2019, 5% 12/1/2044  | 2015000 | 1881806 |
| Franklin Cnty Ohio Convention Facs Auth Hotel Proj Rev Series 2019, 5% 12/1/2051  | 2955000 | 2624505 |
| Port Gtr Cinci Dev Auth OH Rev Series 2024 C, 5.25% 12/1/2053 (Assured Guaranty Ltd Insured)  | 285000 | 290032 |
| Port Gtr Cinci Dev Auth OH Rev Series 2024B, 4.375% 12/1/2058 (Assured Guaranty Ltd Insured)  | 1445000 | 1293320 |
| Port Gtr Cincinnati Dev Auth Ohio Tax Increment Fing Rev (Greater Cincinnati Redevelopment Authority Proj.) 5.125% 12/1/2055  | 1200000 | 1108323 |
|  |  | 9531764 |
| Tobacco Bonds - 0.6% |  |  |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020 B 2 CL 2, 5% 6/1/2055  | 41130000 | 35587491 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 3% 6/1/2048  | 3185000 | 2220936 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 4% 6/1/2038  | 720000 | 673257 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 4% 6/1/2039  | 240000 | 221467 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 4% 6/1/2048  | 7825000 | 6536128 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2027  | 125000 | 128045 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2029  | 3230000 | 3368517 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2032  | 1650000 | 1722350 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2033  | 5475000 | 5692452 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2034  | 70000 | 72462 |
| Buckeye OH Tobacco Settlement Fing Auth Series 2020A 2 CL 1, 5% 6/1/2035  | 705000 | 726592 |
|  |  | 56949697 |
| Transportation - 0.3% |  |  |
| Cleveland OH Arpt Sys Rev Series 2018 B, 5% 1/1/2048  | 1750000 | 1737772 |
| Columbus OH Regl Arpt Au Rev 5% 1/1/2032 (i) | 2110000 | 2236870 |
| Columbus OH Regl Arpt Au Rev 5.25% 1/1/2044 (i) | 8345000 | 8507258 |
| Columbus OH Regl Arpt Au Rev 5.25% 1/1/2045 (i) | 4935000 | 5010502 |
| Columbus OH Regl Arpt Au Rev 5.5% 1/1/2050 (i) | 950000 | 980605 |
| Columbus OH Regl Arpt Au Rev 5.5% 1/1/2055 (i) | 8545000 | 8798372 |
| Ohio St Mjr New St Infst Proj Rev Series 2021 1A, 5% 12/15/2029  | 1415000 | 1538663 |
| Ohio St Mjr New St Infst Proj Rev Series 2021 1A, 5% 12/15/2030  | 1270000 | 1399775 |
| Ohio St Mjr New St Infst Proj Rev Series 2021 1A, 5% 12/15/2031  | 90000 | 100337 |
| Ohio St Private Activity Rev (Portsmouth Gateway Group LLC Proj.) Series 2015, 5% 12/31/2039 (i) | 565000 | 551197 |
| Ohio St Private Activity Rev (Portsmouth Gateway Group LLC Proj.) Series 2015, 5% 6/30/2053 (i) | 400000 | 372260 |
| Ohio St Tpk Commn Tpk Rev 5% 2/15/2051  | 6640000 | 6824751 |
| Ohio St Tpk Commn Tpk Rev Series 2013 A 2, 0% 2/15/2042 (j) | 645000 | 284431 |
| Ohio St Tpk Commn Tpk Rev Series 2022A, 5% 2/15/2039  | 585000 | 625504 |
|  |  | 38968297 |
| TOTAL OHIO |  | 248733051 |
| Oklahoma - 0.3%  |  |  |
| Education - 0.0% |  |  |
| Oklahoma Cnty Okla Fin Auth Charter Sch Lease Rev Series 2024, 6% 6/15/2044 (h) | 1000000 | 958036 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2026  | 25000 | 25234 |
| Oklahoma Dev Fin Auth Rev (Oklahoma City University Proj.) Series 2019, 5% 8/1/2044  | 570000 | 535927 |
|  |  | 1519197 |
| Electric Utilities - 0.0% |  |  |
| Edmond OK Pub Wks Auth Sales Tax & Util Sys Rev Series 2017, 5% 7/1/2042  | 1595000 | 1607058 |
| Grand River Dam Auth Okla Rev Series 2024 A, 5% 6/1/2041  | 740000 | 775783 |
|  |  | 2382841 |
| General Obligations - 0.0% |  |  |
| Lincoln Cnty OK Edl Facs Auth Edl Facs Lease Rev Series 2016, 5% 9/1/2028  | 750000 | 763422 |
| Health Care - 0.1% |  |  |
| Norman OK Reg Hos Auth Hos Rev Series 2019, 4% 9/1/2045  | 1165000 | 849088 |
| Norman OK Reg Hos Auth Hos Rev Series 2019, 5% 9/1/2045  | 730000 | 615638 |
| OK Dev Fin Auth Health Sys Rev (OU Medicine Inc Proj.) 5.45% 8/15/2028  | 1602000 | 1553123 |
| OK Dev Fin Auth Health Sys Rev (OU Medicine Inc Proj.) Series 2018 B, 5% 8/15/2038  | 240000 | 241219 |
| OK Dev Fin Auth Health Sys Rev (OU Medicine Inc Proj.) Series 2018 B, 5.25% 8/15/2043  | 80000 | 80053 |
| OK Dev Fin Auth Health Sys Rev (OU Medicine Inc Proj.) Series 2018 B, 5.5% 8/15/2057  | 3945000 | 3847147 |
| OK Dev Fin Auth Health Sys Rev Series 2018 B, 5.25% 8/15/2048  | 1490000 | 1446028 |
| OK Dev Fin Auth Health Sys Rev Series 2018 B, 5.5% 8/15/2052  | 2110000 | 2076731 |
| Oklahoma Cnty Okla Fin Ath Rev Series 2023 B, 5.875% 12/1/2047  | 1404574 | 1021488 |
| Oklahoma Cnty Okla Fin Ath Rev Series 2023 C, 2% 12/1/2047  | 289013 | 15001 |
| Oklahoma Dev Fin Auth Rev Series 2015, 5% 7/1/2042  | 315000 | 284151 |
| Payne Cnty Okla Economic Dev Auth Rev Series A, 6.875% 11/1/2046 (f) | 455845 | 1573 |
| Tulsa Okla Tulsa Indl Auth Rev Series 2017, 5.25% 11/15/2045  | 1455000 | 1409031 |
|  |  | 13440271 |
| Housing - 0.0% |  |  |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev (OK Sf Mtge Rev Bonds 10/1/18 Proj.) 6% 3/1/2054  | 200000 | 216678 |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev Series 2018A, 4.75% 9/1/2048  | 190000 | 192373 |
| Oklahoma Hsg Fin Agy Single Family Mtg Rev Series 2019A, 4% 9/1/2049  | 460000 | 461088 |
|  |  | 870139 |
| Special Tax - 0.0% |  |  |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2028  | 155000 | 155824 |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2029  | 170000 | 170898 |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2032  | 60000 | 60309 |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2036  | 120000 | 120554 |
| Oklahoma Cty OK Pub Ppty Auth Hotel Tax Rev 5% 10/1/2039  | 245000 | 245646 |
|  |  | 753231 |
| Transportation - 0.2% |  |  |
| Oklahoma City Okla Airp Trust Series 33, 5% 7/1/2047 (i) | 275000 | 270397 |
| Oklahoma St Tpk Auth Tpk Rev 5.5% 1/1/2054  | 4375000 | 4651087 |
| Oklahoma St Tpk Auth Tpk Rev Series 2023, 4.5% 1/1/2053  | 2225000 | 2078194 |
| Oklahoma St Tpk Auth Tpk Rev Series 2023, 5.5% 1/1/2053  | 7175000 | 7493018 |
| Tulsa Okla Minicipal Airport Series 2001B, 5.5% 12/1/2035 (i) | 1550000 | 1550284 |
| Tulsa Okla Minicipal Airport Series 2025, 6.25% 12/1/2035 (i) | 2650000 | 2897329 |
| Tulsa Okla Minicipal Airport Series 2025, 6.25% 12/1/2040 (i) | 240000 | 257776 |
|  |  | 19198085 |
| TOTAL OKLAHOMA |  | 38927186 |
| Oregon - 0.6%  |  |  |
| Education - 0.0% |  |  |
| Oregon State Facilities Authority Series 2025A, 6% 6/15/2065 (h) | 635000 | 639654 |
| General Obligations - 0.2% |  |  |
| Multnomah Cnty OR Sch Dist 40 Series B, 5.5% 6/15/2053  | 875000 | 927783 |
| Multnomah Cnty OR Sch Dist No 1 Portland Series 2023, 5% 6/15/2025 (Oregon St Guaranteed)  | 1500000 | 1500983 |
| Oregon St 5.25% 6/1/2043  | 1685000 | 1815836 |
| Polk Marion & Benton Cntys OR Sch Dist No 13j 0% 12/15/2038 (Oregon St Guaranteed) (j) | 120000 | 64608 |
| Washington Cnty OR Sch Dist 48j Beaverton 0% 6/15/2037 (Oregon St Guaranteed) (j) | 8000000 | 4750672 |
| Washington Cnty OR Sch Dist 48j Beaverton 0% 6/15/2038 (Oregon St Guaranteed) (j) | 5000000 | 2789451 |
| Washington Cnty OR Sch Dist 48j Beaverton 0% 6/15/2039 (Oregon St Guaranteed) (j) | 5000000 | 2631146 |
| Washington Cnty OR Sch Dist 48j Beaverton 0% 6/15/2040 (Oregon St Guaranteed) (j) | 5000000 | 2477048 |
| Washington Cnty OR Sch Dist 48j Beaverton 0% 6/15/2041 (Oregon St Guaranteed) (j) | 1250000 | 581323 |
| Washington Cnty OR Sch Dist 48j Beaverton Series 2025A, 0% 6/15/2039 (Oregon St Guaranteed) (j) | 5775000 | 3025529 |
| Washington Multnomah & Yamhill Cnty Sch Dist 1J 5% 6/15/2033 (Oregon St Guaranteed)  | 60000 | 61813 |
| Washington Multnomah & Yamhill Cnty Sch Dist 1J 5% 6/15/2036 (Oregon St Guaranteed)  | 170000 | 174294 |
| Washington Multnomah & Yamhill Cnty Sch Dist 1J 5% 6/15/2038 (Oregon St Guaranteed)  | 170000 | 173658 |
|  |  | 20974144 |
| Health Care - 0.2% |  |  |
| Clackamas Cnty OR Hsp Fac Auth (Williamette View Inc Proj.) 5% 11/15/2032  | 135000 | 136132 |
| Clackamas Cnty OR Hsp Fac Auth (Williamette View Inc Proj.) 5% 11/15/2037  | 70000 | 69441 |
| Clackamas Cnty OR Hsp Fac Auth (Williamette View Inc Proj.) 5% 11/15/2047  | 195000 | 178361 |
| Clackamas Cnty OR Hsp Fac Auth (Williamette View Inc Proj.) 5% 11/15/2052  | 210000 | 185928 |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 3% 8/15/2050 (Assured Guaranty Ltd Insured)  | 1000000 | 686587 |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 4% 8/15/2050  | 320000 | 260421 |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2036  | 85000 | 88486 |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2038  | 235000 | 241259 |
| Medford OR Hosp Facs Auth Rev (Asante Health System Proj.) Series 2020 A, 5% 8/15/2045  | 725000 | 720601 |
| Multnomah Cnty Ore Hosp Facs Auth Rev Series 2021A, 4% 12/1/2041  | 630000 | 517840 |
| Multnomah Cnty Ore Hosp Facs Auth Rev Series 2021A, 4% 12/1/2051  | 470000 | 336238 |
| Oregon St Facs Auth Lease Rent Rev 4.9% 9/15/2035  | 3545000 | 3582650 |
| Oregon St Facs Auth Rev (Legacy Health System, or Proj.) 5% 6/1/2030  | 675000 | 723025 |
| Oregon St Facs Auth Rev (Legacy Health System, or Proj.) Series 2016 A, 5% 6/1/2046  | 2655000 | 2600631 |
| Oregon St Facs Auth Rev (Legacy Health System, or Proj.) Series 2022 A, 5% 6/1/2052  | 1325000 | 1293674 |
| Oregon St Facs Auth Rev (Peacehealth (Hlth Sys),Wa Proj.) Series 2018 B, 2.9% 8/1/2034, LOC TD Bank NA VRDN (c) | 4300000 | 4300000 |
| Oregon St Facs Auth Rev Series 2016 A, 5% 10/1/2046  | 675000 | 655610 |
| Salem OR Hosp Fac Auth Rev (Salem Health Proj.) Series 2019 A, 3% 5/15/2049  | 2605000 | 1776886 |
| Salem OR Hosp Fac Auth Rev Series 2022, 4% 5/15/2047  | 525000 | 419952 |
| Yamhill Cnty Ore Hosp Auth Rev Series 2016A, 5% 11/15/2046  | 185000 | 155650 |
| Yamhill Cnty Ore Hosp Auth Rev Series 2021 A, 5% 11/15/2036  | 155000 | 148802 |
| Yamhill Cnty Ore Hosp Auth Rev Series 2021 A, 5% 11/15/2046  | 365000 | 307094 |
| Yamhill Cnty Ore Hosp Auth Rev Series 2021 A, 5% 11/15/2051  | 155000 | 125467 |
| Yamhill Cnty Ore Hosp Auth Rev Series 2021 A, 5% 11/15/2056  | 895000 | 707872 |
|  |  | 20218607 |
| Housing - 0.0% |  |  |
| Oregon St Hsg & Cmnty Svcs Dept Multifamily Rev Series 2024K 1, 4.33% 11/1/2043  | 577000 | 540286 |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 2.65% 7/1/2039  | 485000 | 370792 |
| Oregon St Hsg & Cmnty Svcs Dpt (OR Single Family Hsg Proj.) Series 2019A, 4% 7/1/2050  | 1145000 | 1146214 |
|  |  | 2057292 |
| Industrial Development - 0.0% |  |  |
| Oregon State Business Development Commission (Intel Corp Proj.) Series 232, 3.8% tender 12/1/2040 (c) | 3500000 | 3521352 |
| Other - 0.0% |  |  |
| Oregon St Gen. Oblig. Series 2025 E, 5% 5/15/2042  | 800000 | 823255 |
| Oregon St Gen. Oblig. Series 2025 E, 5% 5/15/2043  | 1500000 | 1538718 |
|  |  | 2361973 |
| Special Tax - 0.0% |  |  |
| Oregon St Dept Admin Lottery 5.25% 4/1/2044  | 310000 | 332015 |
| Oregon St Dept Admin Lottery 5.25% 4/1/2045  | 2565000 | 2735642 |
| Oregon St Dept Trans Hwy User Tax Rev 5.25% 11/15/2047  | 750000 | 787668 |
|  |  | 3855325 |
| Transportation - 0.2% |  |  |
| Port of Portland Arpt Rev 4% 7/1/2039 (i) | 1475000 | 1383504 |
| Port of Portland Arpt Rev 4% 7/1/2050 (i) | 1580000 | 1335396 |
| Port of Portland Arpt Rev 5% 7/1/2028 (i) | 265000 | 276514 |
| Port of Portland Arpt Rev 5% 7/1/2041 (i) | 4240000 | 4284394 |
| Port of Portland Arpt Rev 5% 7/1/2045 (i) | 3595000 | 3556207 |
| Port of Portland Arpt Rev 5% 7/1/2052 (i) | 3555000 | 3472625 |
| Port of Portland Arpt Rev Series THIRTY A, 5.25% 7/1/2054 (i) | 1365000 | 1380372 |
| Port of Portland Arpt Rev Series TWENTY FOUR B, 5% 7/1/2042 (i) | 1170000 | 1152271 |
| Port of Portland Arpt Rev Series TWENTY NINE, 5.5% 7/1/2048 (i) | 1750000 | 1811983 |
|  |  | 18653266 |
| TOTAL OREGON |  | 72281613 |
| Pennsylvania - 3.1%  |  |  |
| Education - 0.2% |  |  |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 3.5% (f) | 430000 | 206400 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4% (f) | 935000 | 448800 |
| Allegheny Cnty PA Ida Rev (Pittsburgh Tech College Proj.) 4.25% (f) | 1040000 | 499200 |
| Allegheny Cnty PA Indl Dev Auth Regl Asset Dist Sales Tax Rev Series 2013, 6% 7/15/2038  | 240000 | 240192 |
| Allentown Commercial and Industrial Development Authority Series 2023, 5.75% 6/15/2043  | 270000 | 276457 |
| Chambersburg PA Area Mun Authed Fac Rev (Wilson College Proj.) Series 2018, 5.75% 10/1/2038  | 250000 | 238318 |
| Chambersburg PA Area Mun Authed Fac Rev (Wilson College Proj.) Series 2018, 5.75% 10/1/2043  | 650000 | 598071 |
| Chester Cnty PA Indl Dev Auth Series 2017 A, 4.75% 12/15/2037  | 235000 | 232105 |
| Chester Cnty PA Indl Dev Auth Series 2017 A, 5% 12/15/2047  | 110000 | 101692 |
| Chester Cnty PA Indl Dev Auth Series 2017 A, 5% 12/15/2051  | 135000 | 121589 |
| Chester Cnty PA Indl Dev Auth Series 2022, 5.875% 10/15/2047 (h) | 1560000 | 1561617 |
| Chester Cnty PA Indl Dev Auth Series 2024, 4.5% 10/1/2049 (h) | 300000 | 259920 |
| Chester Cnty PA Indl Dev Auth Series 2024, 4.5% 10/1/2054 (h) | 645000 | 547489 |
| Dauphin Cnty PA Gen Auth Univ Rev (Harrisburg University of Science And Technology Proj.) Series 2017, 5% 10/15/2034 (h) | 200000 | 160264 |
| Dauphin Cnty PA Gen Auth Univ Rev (Harrisburg University of Science And Technology Proj.) Series 2017, 5.125% 10/15/2041 (h) | 350000 | 245608 |
| Dauphin Cnty PA Gen Auth Univ Rev Series 2020, 5.875% 10/15/2040 (h) | 300000 | 231388 |
| Dauphin Cnty PA Gen Auth Univ Rev Series 2020, 6.25% 10/15/2053 (h) | 400000 | 288516 |
| Erie PA Higher Ed Bldg Auth Rev Series 2016, 5% 9/15/2037 (h) | 160000 | 145738 |
| Huntingdon Cnty PA Gen Auth Rev Series 2016 OO2, 5% 5/1/2046  | 300000 | 276681 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Arcadia University PA Proj.) 5% 4/1/2026  | 20000 | 19996 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Arcadia University PA Proj.) 5% 4/1/2027  | 40000 | 40684 |
| Northeastern PA Hosp & Ed Auth Univ Rev (Kings College, PA Proj.) Series 2019, 5% 5/1/2033  | 125000 | 126193 |
| Northeastern PA Hosp & Ed Auth Univ Rev (Kings College, PA Proj.) Series 2019, 5% 5/1/2049  | 170000 | 150469 |
| Northeastern PA Hosp & Ed Auth Univ Rev Series 2019, 5% 5/1/2032  | 95000 | 96254 |
| Northeastern PA Hosp & Ed Auth Univ Rev Series 2019, 5% 5/1/2044  | 275000 | 252038 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev 4.5% 6/1/2043 (i) | 165000 | 163532 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev 5% 6/1/2034 (i)(m) | 850000 | 886111 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev 5% 6/1/2046 (i)(m) | 1046000 | 1028260 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev 5.5% 6/1/2052 (i)(m) | 1216000 | 1178021 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2021A, 2.625% 6/1/2042 (i) | 220000 | 195022 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2021A, 5% 6/1/2030 (i) | 50000 | 51835 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2023A, 4% 6/1/2044 (i) | 2020000 | 1941345 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2023B, 5% 6/1/2050 (i) | 1275000 | 1155956 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2024 1A, 4.125% 6/1/2045 (i) | 2807000 | 2667401 |
| Pennsylvania Higher Ed Assistance Agy Ed Ln Rev Series 2024 1C, 5% 6/1/2051 (i) | 1380000 | 1257515 |
| Pennsylvania Higher Educational Facilities Authority 5% 6/15/2025 (Assured Guaranty Ltd Insured)  | 2240000 | 2241522 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2016, 5% 5/1/2028  | 60000 | 60650 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2016, 5% 5/1/2029  | 55000 | 55547 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2016, 5% 5/1/2031  | 55000 | 55462 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2016, 5% 5/1/2032  | 150000 | 151132 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2016, 5% 5/1/2034  | 105000 | 105553 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2017, 5% 5/1/2035  | 150000 | 151741 |
| Pennsylvania St Higher Edl Rev (Drexel University, PA Proj.) Series 2017, 5% 5/1/2037  | 190000 | 191321 |
| Pennsylvania St Higher Edl Rev (Duquesne Univ, PA Proj.) 5% 3/1/2039  | 50000 | 50962 |
| Pennsylvania St Higher Edl Rev (Indiana Univ(Pa) Fndtn St Hsg Proj.) Series 2007 A, CME Term SOFR 3 month Index + 0.65%, 3.705% 7/1/2039 (Syncora Guarantee Inc Insured) (c)(e) | 1180000 | 1085589 |
| Pennsylvania St Higher Edl Rev (St Josephs University, PA Proj.) Series 2012, 5% 11/1/2042  | 90000 | 89348 |
| Philadelphia PA Auth For Indl Dev Charter Sch Rev 5.25% 6/15/2052  | 100000 | 93185 |
| Philadelphia PA Auth For Indl Dev Charter Sch Rev 5.375% 6/15/2057  | 145000 | 135997 |
| Philadelphia PA Auth For Indl Dev Charter Sch Rev Series 2020 B, 4.875% 12/15/2035 (c)(h) | 400000 | 380713 |
| Philadelphia PA Auth For Indl Dev Charter Sch Rev Series 2020, 5% 6/15/2050 (h) | 1000000 | 907007 |
| Philadelphia PA Auth For Indl Dev Revs Series 2016 A, 5.375% 8/1/2051  | 325000 | 313570 |
| Philadelphia PA Auth For Indl Dev Revs Series 2016 B, 5.625% 8/1/2036  | 65000 | 65325 |
| Philadelphia PA Auth For Indl Dev Revs Series 2016 B, 5.75% 8/1/2046  | 245000 | 245124 |
| Philadelphia PA Auth For Indl Dev Revs Series 2016 B, 6% 8/1/2051  | 225000 | 225307 |
| Philadelphia PA Auth For Indl Dev Univ Rev (St Josephs University, PA Proj.) 5.25% 11/1/2052  | 1750000 | 1767549 |
| Scranton-Lackawanna PA Health & Welfare Auth Rev (Marywood University Proj.) 5% 6/1/2046  | 250000 | 206262 |
| Southcentral PA Gen Auth Rev Series 2018 A, 6.5% 7/15/2048 (h) | 350000 | 354539 |
|  |  | 26824082 |
| Electric Utilities - 0.0% |  |  |
| Philadelphia PA Gas Wks Rev Series SEVENTEENTH A, 5.25% 8/1/2049  | 2945000 | 3026293 |
| Philadelphia PA Gas Wks Rev Series SIXTEENTH A, 4% 8/1/2045 (Assured Guaranty Municipal Corp Insured)  | 130000 | 116817 |
|  |  | 3143110 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Doylestown PA Hosp Auth Hosp 5% 7/1/2049 (Pre-refunded to 7/1/2029 at 100)  | 195000 | 207886 |
| East Hempfield Twp PA Ida Rev Series 2015, 5% 7/1/2030 (Pre-refunded to 7/1/2025 at 100)  | 115000 | 115141 |
| East Hempfield Twp PA Ida Rev Series 2015, 5% 7/1/2035 (Pre-refunded to 7/1/2025 at 100)  | 150000 | 150184 |
| Erie PA Higher Ed Bldg Auth Rev Series 2016, 5% 9/15/2037 (Pre-refunded to 9/15/2026 at 100) (h) | 35000 | 35773 |
| State Pub Sch Bldg Auth PA Sch Rev Series 2016 A, 5% 12/1/2029 (Pre-refunded to 12/1/2026 at 100)  | 45000 | 46403 |
|  |  | 555387 |
| General Obligations - 0.2% |  |  |
| Armstrong Sch Dist PA Series 2019 A, 4% 3/15/2035  | 105000 | 104912 |
| Armstrong Sch Dist PA Series 2019 A, 4% 3/15/2036  | 225000 | 223595 |
| Armstrong Sch Dist PA Series 2019 A, 4% 3/15/2037  | 105000 | 103361 |
| Armstrong Sch Dist PA Series 2019 A, 4% 3/15/2038  | 105000 | 102680 |
| Armstrong Sch Dist PA Series 2019 A, 4% 3/15/2041  | 530000 | 495723 |
| Canon-Mcmillan SD Series 2019, 4% 6/1/2046  | 625000 | 558102 |
| Canon-Mcmillan SD Series 2019, 4% 6/1/2048  | 925000 | 812304 |
| Chartiers Valley PA Sch Dist Series 2021 A, 3% 10/15/2049  | 3585000 | 2538222 |
| Coatesville PA Area Sch Dist Series 2025, 5% 11/15/2041 (Assured Guaranty Municipal Corp Insured) (m) | 1230000 | 1290937 |
| Coatesville PA Area Sch Dist Series 2025, 5% 11/15/2043 (Assured Guaranty Municipal Corp Insured) (m) | 3175000 | 3277916 |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 4% 6/1/2039 (Assured Guaranty Municipal Corp Insured)  | 700000 | 643694 |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 5% 6/1/2031  | 480000 | 497849 |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 5% 6/1/2032  | 420000 | 434435 |
| Commonwealth Financing Authority (Pennsylvania St Proj.) Series 2018, 5% 6/1/2034  | 240000 | 246623 |
| Commonwealth Fing Auth PA Rev (Pennsylvania St Proj.) Series 2019 B, 5% 6/1/2026  | 45000 | 45886 |
| Commonwealth Fing Auth PA Rev (Pennsylvania St Proj.) Series 2020 A, 5% 6/1/2026  | 1235000 | 1259315 |
| Commonwealth Fing Auth PA Rev (Pennsylvania St Proj.) Series 2020 A, 5% 6/1/2028  | 670000 | 707430 |
| Commonwealth Fing Auth PA Rev (Pennsylvania St Proj.) Series 2020 A, 5% 6/1/2029  | 110000 | 117812 |
| Commonwealth Fing Auth PA Rev (Pennsylvania St Proj.) Series 2020 A, 5% 6/1/2032  | 190000 | 206067 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2035  | 40000 | 41213 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2037  | 45000 | 46148 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2038  | 40000 | 40868 |
| Pennsylvania St Ctfs Partn (Pennsylvania St Proj.) Series 2018, 5% 7/1/2043  | 110000 | 111017 |
| Pennsylvania St Gen. Oblig. Series 2016, 3% 9/15/2033 (Assured Guaranty Municipal Corp Insured)  | 1870000 | 1738751 |
| Philadelphia PA Gen. Oblig. Series 2019 A, 5% 8/1/2026  | 75000 | 76762 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2033  | 90000 | 95232 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2034  | 145000 | 153008 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2035  | 175000 | 183505 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2036  | 720000 | 751570 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2037  | 685000 | 712077 |
| Philadelphia PA Gen. Oblig. Series 2019B, 5% 2/1/2038  | 540000 | 558124 |
| Philadelphia PA Sch Dist 4% 9/1/2035  | 1135000 | 1123496 |
| Philadelphia PA Sch Dist 4% 9/1/2036  | 110000 | 107073 |
| Philadelphia PA Sch Dist 5% 9/1/2025  | 1070000 | 1073671 |
| Philadelphia PA Sch Dist 5% 9/1/2026  | 130000 | 133090 |
| Philadelphia PA Sch Dist 5% 9/1/2026  | 90000 | 92206 |
| Philadelphia PA Sch Dist 5% 9/1/2026  | 70000 | 71716 |
| Philadelphia PA Sch Dist 5% 9/1/2027  | 1180000 | 1203041 |
| Philadelphia PA Sch Dist 5% 9/1/2028  | 1700000 | 1730272 |
| Philadelphia PA Sch Dist 5% 9/1/2028  | 985000 | 998204 |
| Philadelphia PA Sch Dist 5% 9/1/2029  | 1300000 | 1318061 |
| Philadelphia PA Sch Dist 5% 9/1/2030  | 1050000 | 1115855 |
| Philadelphia PA Sch Dist 5% 9/1/2031  | 830000 | 881006 |
| Philadelphia PA Sch Dist 5% 9/1/2032  | 65000 | 68752 |
| Philadelphia PA Sch Dist 5% 9/1/2033  | 385000 | 405607 |
| Philadelphia PA Sch Dist 5% 9/1/2033 (Assured Guaranty Municipal Corp Insured)  | 115000 | 121713 |
| Philadelphia PA Sch Dist 5% 9/1/2034  | 80000 | 82937 |
| Philadelphia PA Sch Dist 5% 9/1/2034 (Assured Guaranty Municipal Corp Insured)  | 480000 | 505531 |
| Philadelphia PA Sch Dist 5% 9/1/2035  | 55000 | 56810 |
| Philadelphia PA Sch Dist 5% 9/1/2036  | 230000 | 237188 |
| Philadelphia PA Sch Dist 5% 9/1/2037  | 135000 | 138586 |
| Philadelphia PA Sch Dist 5% 9/1/2038  | 210000 | 214671 |
| Philadelphia PA Sch Dist Series 2019 A, 5% 9/1/2044  | 95000 | 94589 |
| Philadelphia PA Sch Dist Series 2023 A, 5.5% 9/1/2048  | 2755000 | 2875350 |
| Philadelphia PA Sch Dist Series A, 5% 9/1/2030  | 650000 | 652468 |
| Philadelphia PA Sch Dist Series A, 5% 9/1/2035  | 290000 | 290877 |
| Philadelphia PA Sch Dist Series B, 5% 9/1/2043  | 635000 | 641321 |
| Philadelphia PA Sch Dist Series F, 5% 9/1/2030  | 825000 | 839893 |
| Philadelphia PA Sch Dist Series F, 5% 9/1/2038  | 50000 | 50730 |
| State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2015A, 5% 6/1/2026  | 195000 | 195248 |
| State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2016 A, 5% 6/1/2031  | 845000 | 856192 |
| State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2016 A, 5% 6/1/2032 (Assured Guaranty Municipal Corp Insured)  | 1530000 | 1548046 |
| State Pub Sch Bldg Auth PA Lease Rev (Philadelphia PA Sch Dist Proj.) Series 2016 A, 5% 6/1/2033  | 2530000 | 2556180 |
| State Pub Sch Bldg Auth PA Sch Rev (Harrisburg PA Sch Dist Proj.) Series 2016 A, 5% 12/1/2029  | 270000 | 274478 |
| Trinity Area Sch Dist PA 4% 11/1/2051  | 320000 | 277733 |
| Upper Darby PA Sch Dis Series 2021 A, 4% 4/1/2046  | 125000 | 112847 |
|  |  | 41120576 |
| Health Care - 0.9% |  |  |
| Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 4% 4/1/2044  | 1405000 | 1216098 |
| Alleg Cnty PA Dev Auth (Allegheny Health System Proj.) Series 2018A, 5% 4/1/2047  | 1430000 | 1394130 |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 4% 7/15/2036  | 140000 | 135548 |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 4% 7/15/2037  | 1085000 | 1036548 |
| Alleg Cnty PA Dev Auth (UPMC Proj.) Series 2019 A, 4% 7/15/2039  | 1325000 | 1227598 |
| Alleg Cnty PA Dev Auth Series 2018A, 4% 4/1/2044  | 3065000 | 2714051 |
| Alleg Cnty PA Dev Auth Series 2021 B, 5% 10/15/2028  | 430000 | 452316 |
| Berks Cnty PA Mun Auth Rev 0% 6/30/2044 (k) | 6079000 | 4361840 |
| Berks Cnty PA Mun Auth Rev 5% 6/30/2039  | 6163000 | 5702072 |
| Berks Cnty PA Mun Auth Rev Series 2024 A 1, 8% 6/30/2034  | 787000 | 791164 |
| Berks Cnty PA Mun Auth Rev Series 2024 A 2, 6% 6/30/2034  | 528000 | 555196 |
| Bucks Cnty PA Ida Hosp Rev (Grand View Hospital, PA Proj.) Series 2021, 4% 7/1/2051  | 300000 | 232178 |
| Bucks Cnty PA Ida Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2019, 4% 8/15/2044  | 190000 | 164569 |
| Bucks Cnty PA Ida Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2019, 4% 8/15/2050  | 955000 | 790910 |
| Butler Cnty PA Hosp Auth Rev (Butler Memorial Hospital,Pa Proj.) 5% 7/1/2035  | 1180000 | 1134478 |
| Butler Cnty PA Hosp Auth Rev (Butler Memorial Hospital,Pa Proj.) 5% 7/1/2039  | 670000 | 601032 |
| Chester Cnty PA Hlth & Ed Facs Auth Rev Series 2019, 5% 12/1/2051  | 195000 | 147716 |
| Cumberland Cnty PA Mun Auth Rv (Penn State Hlth System Proj.) Series 2019, 4% 11/1/2035  | 240000 | 235703 |
| Cumberland Cnty PA Mun Auth Rv Series 2019, 4% 11/1/2037  | 480000 | 458200 |
| Cumberland Cnty PA Mun Auth Rv Series 2019, 4% 11/1/2049  | 910000 | 732774 |
| Cumberland Cnty PA Mun Auth Rv Series 2021 A, 4.5% 1/1/2036 (h) | 555000 | 520371 |
| Cumberland Cnty PA Mun Auth Rv Series 2021 A, 4.5% 1/1/2040 (h) | 1945000 | 1713445 |
| Cumberland Cnty PA Mun Auth Rv Series 2021 A, 4.5% 1/1/2041 (h) | 590000 | 512065 |
| Dauphin Cnty PA Gen Auth Hlth Sys Rev (UPMC Proj.) Series 2016 A, 5% 6/1/2028  | 130000 | 132005 |
| Dauphin Cnty PA Gen Auth Hlth Sys Rev (UPMC Proj.) Series 2016 A, 5% 6/1/2029  | 215000 | 218080 |
| Doylestown PA Hosp Auth Hosp 4% 7/1/2045  | 110000 | 94393 |
| Doylestown PA Hosp Auth Hosp 5% 7/1/2049  | 1770000 | 1743565 |
| Doylestown PA Hosp Auth Hosp Series 2024, 5.375% 7/1/2039 (h) | 1490000 | 1573160 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 4% 7/15/2033  | 305000 | 286532 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 4% 7/15/2035  | 315000 | 288061 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 4% 7/15/2037  | 605000 | 537906 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2025  | 50000 | 50063 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2026  | 150000 | 152141 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2027  | 260000 | 261475 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2028  | 190000 | 190126 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2029  | 200000 | 199825 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2030  | 270000 | 269223 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2031  | 185000 | 183415 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2032  | 190000 | 186148 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2034  | 210000 | 202027 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2036  | 610000 | 578496 |
| Dubois PA Hosp Auth Hosp Rev (Penn Highlands Healthcare Proj.) 5% 7/15/2038  | 730000 | 680873 |
| Franklin Cnty PA Indl Dev Auth Rev (Menno Haven Inc Proj.) Series 2018, 5% 12/1/2038  | 295000 | 277493 |
| Franklin Cnty PA Indl Dev Auth Rev (Menno Haven Inc Proj.) Series 2018, 5% 12/1/2043  | 170000 | 151054 |
| Franklin Cnty PA Indl Dev Auth Rev (Menno Haven Inc Proj.) Series 2018, 5% 12/1/2048  | 185000 | 158286 |
| Franklin Cnty PA Indl Dev Auth Rev (Menno Haven Inc Proj.) Series 2018, 5% 12/1/2053  | 195000 | 161514 |
| Lancaster Cnty PA Hosp Aut Rev (Penn State Hlth System Proj.) Series 2021, 5% 11/1/2046  | 3615000 | 3599848 |
| Lancaster Cnty PA Hosp Aut Rev (Penn State Hlth System Proj.) Series 2021, 5% 11/1/2051  | 50000 | 48545 |
| Lancaster Cnty PA Hosp Aut Rev Series 2015, 5.25% 7/1/2035  | 35000 | 34997 |
| Lancaster Cnty PA Hosp Aut Rev Series 2015, 5.5% 7/1/2045  | 140000 | 131754 |
| Lancaster Municipal Authority (Garden Spot Village Proj.) Series 2024B, 5% 5/1/2059  | 255000 | 240618 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 4% 7/1/2037  | 110000 | 106162 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 4% 7/1/2049  | 4195000 | 3390788 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 5% 7/1/2026  | 120000 | 122240 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 5% 7/1/2027  | 130000 | 134500 |
| Lehigh Cnty PA Gen Purp Auth Hosp Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019 A, 5% 7/1/2028  | 135000 | 141510 |
| Monroe Cnty PA Hosp Auth Rev (Thomas Jefferson Univ-Abiington Proj.) 5% 7/1/2026  | 120000 | 121907 |
| Monroe Cnty PA Hosp Auth Rev (Thomas Jefferson Univ-Abiington Proj.) 5% 7/1/2027  | 120000 | 122133 |
| Monroe Cnty PA Hosp Auth Rev (Thomas Jefferson Univ-Abiington Proj.) 5% 7/1/2028  | 120000 | 122000 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2028  | 185000 | 181589 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2029  | 325000 | 316666 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2030  | 245000 | 236841 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2032  | 10000 | 9484 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2036  | 1255000 | 1139092 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp & Med Ctr Proj.) 5% 10/1/2040  | 795000 | 677237 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp&Med Ctr, PA Proj.) 5% 10/1/2025  | 125000 | 124996 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp&Med Ctr, PA Proj.) 5% 10/1/2027  | 60000 | 59996 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Holy Redeemer Hosp&Med Ctr, PA Proj.) 5% 10/1/2031  | 555000 | 531984 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 A, 4% 9/1/2049  | 490000 | 407702 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 A, 5% 9/1/2032  | 560000 | 581506 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 A, 5% 9/1/2033  | 425000 | 439822 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 A, 5% 9/1/2034  | 810000 | 834793 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 A, 5% 9/1/2037  | 740000 | 754965 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2018 A, 5% 9/1/2043  | 710000 | 711065 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2038  | 110000 | 103814 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2039  | 70000 | 65412 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2044  | 725000 | 636588 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2049  | 650000 | 538489 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 4% 9/1/2051  | 805000 | 660742 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2019, 5% 9/1/2031  | 145000 | 153526 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev (Thomas Jefferson Univ-Abiington Proj.) Series 2022 B, 3.125% 5/1/2053  | 650000 | 466853 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev 4% 9/1/2049  | 1200000 | 1033569 |
| Montgomery Cnty PA Higher Ed & Health Auth Rev Series 2017, 4% 12/1/2048  | 415000 | 329171 |
| Montgomery Cnty PA Ida Rev Series 2015, 5% 1/1/2030  | 210000 | 209985 |
| Montgomery Cnty PA Ida Rev Series 2015, 5.25% 1/1/2040  | 490000 | 462599 |
| Montgomery Cnty PA Ida Rev Series 2015, 5.375% 1/1/2050  | 3045000 | 2664660 |
| Montgomery Cnty PA Ida Rev Series 2020C, 5% 11/15/2045  | 650000 | 634597 |
| Moon Industrial Development Authority (Baptist Homes Society Proj.) Series 2015, 6.125% 7/1/2050  | 580000 | 478492 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2016 A, 5% 8/15/2036  | 90000 | 90395 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2018A, 4% 8/15/2048  | 1950000 | 1623494 |
| Northampton Cnty PA Gen Purp Auth Hosp Rev Series 2024A 1, 5.25% 8/15/2053 (Assured Guaranty Ltd Insured)  | 3440000 | 3517441 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 1, 5.25% 7/1/2049  | 970000 | 963878 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 5% 7/1/2038  | 735000 | 751944 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 5% 7/1/2042  | 440000 | 441583 |
| Pennslyvania Dev Fing Auth Rev (Presbyterian Homes, PA Proj.) Series 2023B 2, 5.25% 7/1/2046  | 1435000 | 1440647 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2020 A, 4% 4/15/2039  | 1500000 | 1394964 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2022 A, 4% 2/15/2042  | 1000000 | 892296 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2023 A 2, 4% 5/15/2048  | 2000000 | 1680074 |
| Pennsylvania Econ Dev Fing Auth UPMC Rev (UPMC Proj.) Series 2023 A 2, 4% 5/15/2053  | 1960000 | 1590334 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) 5% 11/1/2051 (Assured Guaranty Ltd Insured)  | 2000000 | 2000236 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) 5.25% 11/1/2048 (Assured Guaranty Ltd Insured)  | 1000000 | 1025186 |
| Pennsylvania Higher Educational Facilities Authority (Thomas Jefferson Univ-Abiington Proj.) Series 2024D2, 2.9% 11/1/2061, LOC PNC Bank NA VRDN (c) | 3550000 | 3550001 |
| Pennsylvania St Higher Edl Rev (Univ of Penn Health Systems Proj.) Series 2017 A, 4% 8/15/2042  | 1260000 | 1156403 |
| Philadelphia PA Auth For Indl Dev Hosp Rev (Childrens Hosp Of Phil, Pa Proj.) Series 2024B1, 2.95% 7/1/2054 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 5400000 | 5400000 |
| Philadelphia PA Auth For Indl Dev Revs (Thomas Jefferson Univ-Abiington Proj.) Series 2017 A, 5% 9/1/2042  | 2305000 | 2242644 |
| Philadelphia PA Auth For Indl Dev Sr Living Rev Series A, 5% 7/1/2037  | 615000 | 604788 |
| Philadelphia PA Auth For Indl Dev Sr Living Rev Series A, 5% 7/1/2042  | 710000 | 660669 |
| Philadelphia PA Auth For Indl Dev Sr Living Rev Series A, 5% 7/1/2049  | 355000 | 309807 |
| Philadelphia PA Hosps & Higher Ed Facs Auth Hosp Rev (Temple Univ Hospital, PA Proj.) Series 2017, 5% 7/1/2028  | 705000 | 717833 |
| Philadelphia PA Hosps & Higher Ed Facs Auth Hosp Rev (Temple Univ Hospital, PA Proj.) Series 2017, 5% 7/1/2030  | 140000 | 141839 |
| Pocono Mtns PA Indl Pk Auth Hosp Rev (St Lukes Hospital & Health Ntw Proj.) Series 2015A, 5% 8/15/2040  | 100000 | 99253 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 4% 6/1/2044  | 435000 | 378048 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 4% 6/1/2049  | 2170000 | 1803088 |
| Southcentral PA Gen Auth Rev (Wellspan Health Group Proj.) Series 2019A, 5% 6/1/2049  | 1205000 | 1205561 |
| Union Cnty PA Hosp Auth Hosp Rev (Wellspan Health Group Proj.) 5% 8/1/2033  | 55000 | 55822 |
| Union Cnty PA Hosp Auth Hosp Rev (Wellspan Health Group Proj.) 5% 8/1/2038  | 180000 | 182747 |
| Union Cnty PA Hosp Auth Hosp Rev (Wellspan Health Group Proj.) 5% 8/1/2043  | 680000 | 681605 |
| West Shore Area Authority Series 2015A, 5% 7/1/2030  | 95000 | 95007 |
| West Shore Area Authority Series 2015A, 5% 7/1/2035  | 90000 | 89029 |
|  |  | 95955716 |
| Housing - 0.2% |  |  |
| Pennsylvania Hsg Fin Agy Single Family Mtg (PA Single Family Mortgage Proj.) Series 2016 121, 2.8% 10/1/2031  | 1205000 | 1131729 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 3% 10/1/2052  | 925000 | 897693 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) 5% 4/1/2027 (i) | 945000 | 967768 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev (PA Single Family Mortgage Proj.) Series 2020 132A, 3.5% 4/1/2051  | 110000 | 109589 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev 5% 10/1/2030 (i) | 295000 | 307950 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev 5% 4/1/2030 (i) | 515000 | 537448 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev 5.75% 10/1/2053  | 11640000 | 12287426 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev Series 2021 135 A, 3% 10/1/2051  | 775000 | 764837 |
| Pennsylvania Hsg Fin Agy Single Family Mtg Rev Series 2024 144A, 6% 10/1/2054  | 1625000 | 1744831 |
| Philadelphia PA Auth Indl Mrf Series 2017 CLASS I, 5% 12/1/2037  | 410000 | 421368 |
| Philadelphia PA Auth Indl Mrf Series 2017 CLASS I, 5% 12/1/2058 (Pre-refunded to 12/1/2026 at 100)  | 1770000 | 1818625 |
| Philadelphia PA Auth Indl Mrf Series CLASS III, 5.5% 12/1/2058 (Pre-refunded to 12/1/2026 at 100) (h) | 105000 | 108647 |
|  |  | 21097911 |
| Industrial Development - 0.0% |  |  |
| Allentown Neighborhood Improvement Zone Development Authority 6% 5/1/2042 (h) | 250000 | 255546 |
| Beaver Cnty PA Economic Dev Auth Rev Gen. Oblig. Series 2020, 4% 11/15/2035  | 485000 | 479334 |
| Beaver Cnty PA Economic Dev Auth Rev Gen. Oblig. Series 2020, 4% 11/15/2036  | 180000 | 174891 |
| Montgomery Cnty PA Indl Dev Auth Exempt Facs Rev Series 2023 A, 4.1% tender 4/1/2053 (c) | 1475000 | 1492986 |
|  |  | 2402757 |
| Other - 0.3% |  |  |
| Adams County General Authority Series 2024A, 5% 6/1/2059  | 550000 | 498357 |
| Allentown Commercial and Industrial Development Authority 5% 7/1/2059 (h) | 355000 | 318271 |
| Cumberland Cnty PA Mun Auth Rv 4% 1/1/2033  | 115000 | 109163 |
| Cumberland Cnty PA Mun Auth Rv 5% 1/1/2038  | 835000 | 824500 |
| Erie PA Higher Ed Bldg Auth Rev 5% 5/1/2048  | 500000 | 470222 |
| Interboro Sch Dist PA Delaware Cnty Series 2024, 5.5% 8/15/2063  | 200000 | 207946 |
| Lehigh Cnty PA Gen Purp Auth Revs Series 2024, 5.25% 2/1/2049  | 565000 | 566514 |
| Maxatawny Twp PA Mun Auth Rev 4.5% 1/1/2045  | 545000 | 481262 |
| Maxatawny Twp PA Mun Auth Rev 5% 1/1/2039  | 60000 | 59104 |
| Maxatawny Twp PA Mun Auth Rev 5% 1/1/2040  | 205000 | 199940 |
| Maxatawny Twp PA Mun Auth Rev 5% 1/1/2041  | 150000 | 145281 |
| Maxatawny Twp PA Mun Auth Rev 5% 1/1/2042  | 155000 | 149316 |
| Montgomery Cnty PA Ida Rev 5% 11/15/2055  | 1000000 | 947312 |
| Pennsylvania Econ Dev Fing Auth Private Activity Rev 5.75% 6/30/2048 (i) | 12465000 | 12677709 |
| Pennsylvania Econ Dev Fing Auth Private Activity Rev 6% 6/30/2061 (i) | 4925000 | 5111722 |
| Pennsylvania Econ Dev Sld Wst Series 2025, 5.45% tender 1/1/2051 (c)(h)(i) | 2280000 | 2264942 |
| Pennsylvania Higher Educational Facilities Authority 5% 6/15/2025 (Assured Guaranty Ltd Insured) (Escrowed to Maturity)  | 260000 | 260138 |
| Pennsylvania Higher Educational Facilities Authority Series 2024B 2, 5.5% 11/1/2054  | 1000000 | 1029301 |
| Pennsylvania Hsg Fin Agy Multifamily Hsg Rev Series 2023A, 5.55% 11/1/2042  | 652125 | 695919 |
| Philadelphia PA Auth For Indl Dev Revs 5% 3/15/2045 (f)(h) | 297412 | 175473 |
| Philadelphia PA Auth For Indl Dev Revs 5% 3/15/2045 (Pre-refunded to 3/15/2028 at 100) (h) | 25000 | 26404 |
| Philadelphia PA Auth For Indl Dev Univ Rev 5.5% 11/1/2060  | 1915000 | 1958929 |
| South Western Sch Dist PA York Cnty Series 2022, 4.25% 11/15/2049  | 3000000 | 2714055 |
|  |  | 31891780 |
| Pooled Loans - 0.0% |  |  |
| Delaware Valley Regl Fin Auth PA Local Gov Rev 3 month U.S. LIBOR + 0.75%, 3.819% 6/1/2037 (c)(e) | 1560000 | 1450635 |
| Resource Recovery - 0.0% |  |  |
| Pennsylvania Econ Dev Sld Wst (Reworld Holding Corp Proj.) Series 2019A, 3.25% 8/1/2039 (h)(i) | 580000 | 458586 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) 4.25% tender 7/1/2041 (c)(i) | 990000 | 996672 |
| Pennsylvania Econ Dev Sld Wst (Waste Management Inc Del Proj.) Series 2009, 0.95% tender 12/1/2033 (c) | 250000 | 239130 |
|  |  | 1694388 |
| Special Tax - 0.1% |  |  |
| Allentown Neighborhood Improvement Zone Development Authority Series 2017, 5% 5/1/2027 (h) | 685000 | 699640 |
| Allentown Neighborhood Improvement Zone Development Authority Series 2017, 5% 5/1/2032 (h) | 490000 | 496045 |
| Allentown Neighborhood Improvement Zone Development Authority Series 2017, 5% 5/1/2042 (h) | 1765000 | 1697946 |
| Allentown Neighborhood Improvement Zone Development Authority Series 2018, 5% 5/1/2042 (h) | 1350000 | 1300167 |
| Allentown Neighborhood Improvement Zone Development Authority Series 2018, 5.125% 5/1/2032 (h) | 350000 | 354093 |
| Allentown Neighborhood Improvement Zone Development Authority Series 2018, 5.375% 5/1/2042 (h) | 1660000 | 1624110 |
| Allentown Neighborhood Improvement Zone Development Authority Series 2022, 5% 5/1/2028  | 25000 | 25917 |
| Allentown Neighborhood Improvement Zone Development Authority Series 2022, 5% 5/1/2030  | 25000 | 26238 |
| Allentown Neighborhood Improvement Zone Development Authority Series 2022, 5% 5/1/2042  | 2420000 | 2437673 |
| Allentown Neighborhood Improvement Zone Development Authority Series 2022, 5.25% 5/1/2042 (h) | 1900000 | 1867820 |
| Allentown Neighborhood Improvement Zone Development Authority Series 2024, 5% 5/1/2042 (h) | 2120000 | 2044032 |
| Pennsylvania Economic Development Fing Parking System Rev 0% 1/1/2035 (j) | 320000 | 209877 |
| Pennsylvania Economic Development Fing Parking System Rev 0% 1/1/2036 (j) | 340000 | 211249 |
| Pennsylvania Economic Development Fing Parking System Rev 0% 1/1/2038 (j) | 335000 | 185369 |
| Pennsylvania Economic Development Fing Parking System Rev 0% 1/1/2039 (j) | 370000 | 191194 |
| Pennsylvania Economic Development Fing Parking System Rev 0% 1/1/2040 (j) | 355000 | 170924 |
| Pennsylvania Economic Development Fing Parking System Rev 0% 1/1/2041 (j) | 340000 | 153224 |
| Pennsylvania Economic Development Fing Parking System Rev 0% 1/1/2043 (j) | 310000 | 123511 |
| Pennsylvania Economic Development Fing Parking System Rev Series 2013B 2, 0% 1/1/2042 (j) | 325000 | 137575 |
| Pennsylvania Economic Development Fing Parking System Rev Series B 2, 0% 1/1/2037 (j) | 325000 | 191018 |
| Pennsylvania Economic Development Fing Parking System Rev Series B 2, 0% 1/1/2046  | 745000 | 260053 |
| Pennsylvania Economic Development Fing Parking System Rev Series B 2, 0% 1/1/2047  | 775000 | 254541 |
| Pennsylvania Economic Development Fing Parking System Rev Series B 3, 0% 1/1/2049 (j) | 1555000 | 313183 |
| Pittsburgh & Alleg Cnty Parking 5% 12/15/2035  | 65000 | 66357 |
| Pittsburgh & Alleg Cnty Parking 5% 12/15/2037  | 30000 | 30454 |
| Scranton PA Redev Auth Gtd Lease Rev Series A, 5% 11/15/2028  | 215000 | 215065 |
| Washington Cnty PA Redev Auth Rev Series 2018, 5% 7/1/2035  | 15000 | 14617 |
|  |  | 15301892 |
| Transportation - 1.1% |  |  |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 4% 1/1/2056 (i) | 1000000 | 810132 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2051 (i) | 6560000 | 6369277 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 A, 5% 1/1/2056 (i) | 3980000 | 3844303 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 B, 5% 1/1/2051  | 830000 | 833709 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2021 B, 5% 1/1/2056  | 700000 | 699512 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5.5% 1/1/2048 (Assured Guaranty Municipal Corp Insured) (i) | 5815000 | 6025294 |
| Allegheny County Airport Authority (Pittsburgh Intl Airport Proj.) Series 2023A, 5.5% 1/1/2053 (Assured Guaranty Municipal Corp Insured) (i) | 11325000 | 11691708 |
| Allegheny County Airport Authority Series 2025A, 0% 1/1/2050 (i) | 2545000 | 2656442 |
| Allegheny County Airport Authority Series 2025A, 0% 1/1/2055 (i) | 1730000 | 1794573 |
| Pennslyvania Dev Fing Auth Rev (Plenary Walsh Keystone Partners LLC Proj.) Series 2015, 4.125% 12/31/2038 (i) | 355000 | 323935 |
| Pennslyvania Dev Fing Auth Rev Series 2015, 5% 12/31/2038 (i) | 4365000 | 4284188 |
| Pennsylvania Econ Dev Fing Auth Private Activity Rev (PA Dot Major Bridges I Proj.) 5% 12/31/2057 (Assured Guaranty Municipal Corp Insured) (i) | 4770000 | 4589371 |
| Pennsylvania Econ Dev Fing Auth Private Activity Rev (PA Dot Major Bridges I Proj.) 5.25% 6/30/2053 (i) | 11600000 | 11316078 |
| Pennsylvania Econ Dev Fing Auth Private Activity Rev 5.75% 12/31/2062 (Assured Guaranty Ltd Insured) (i) | 5000000 | 5156525 |
| Pennsylvania Turnpike Commission 4% 12/1/2050  | 500000 | 431585 |
| Pennsylvania Turnpike Commission 4% 12/1/2051  | 725000 | 625392 |
| Pennsylvania Turnpike Commission 5% 12/1/2027  | 530000 | 557604 |
| Pennsylvania Turnpike Commission 5% 12/1/2028  | 510000 | 545955 |
| Pennsylvania Turnpike Commission 5% 12/1/2045  | 3500000 | 3603276 |
| Pennsylvania Turnpike Commission 5% 12/1/2047  | 2005000 | 2047888 |
| Pennsylvania Turnpike Commission 5.25% 12/1/2052  | 925000 | 951117 |
| Pennsylvania Turnpike Commission Series 2017 B 1, 5% 6/1/2025  | 1580000 | 1580072 |
| Pennsylvania Turnpike Commission Series 2017, 5% 12/1/2041  | 690000 | 696105 |
| Pennsylvania Turnpike Commission Series 2018 A 2, 5% 12/1/2048  | 2590000 | 2599811 |
| Pennsylvania Turnpike Commission Series 2019 A, 4% 12/1/2049 (Assured Guaranty Municipal Corp Insured)  | 1775000 | 1543943 |
| Pennsylvania Turnpike Commission Series 2019 A, 5% 12/1/2034  | 1095000 | 1164819 |
| Pennsylvania Turnpike Commission Series 2020 B, 5% 12/1/2045  | 4015000 | 4111647 |
| Pennsylvania Turnpike Commission Series 2021 A, 4% 12/1/2046  | 320000 | 286067 |
| Pennsylvania Turnpike Commission Series 2021 A, 4% 12/1/2050  | 1420000 | 1234996 |
| Pennsylvania Turnpike Commission Series 2021 B, 4% 12/1/2046  | 950000 | 849264 |
| Pennsylvania Turnpike Commission Series 2021 B, 5% 12/1/2046  | 6355000 | 6474930 |
| Pennsylvania Turnpike Commission Series A 1, 5% 12/1/2040  | 2000000 | 2000000 |
| Pennsylvania Turnpike Commission Series A 1, 5% 12/1/2042  | 600000 | 603962 |
| Pennsylvania Turnpike Commission Series A 1, 5% 12/1/2047  | 960000 | 967016 |
| Pennsylvania Turnpike Commission Series A 2, 5% 6/1/2025  | 2035000 | 2035093 |
| Philadelphia PA Airport Rev 5% 7/1/2025  | 120000 | 120172 |
| Philadelphia PA Airport Rev 5% 7/1/2026 (i) | 365000 | 371578 |
| Philadelphia PA Airport Rev 5% 7/1/2026  | 120000 | 122612 |
| Philadelphia PA Airport Rev 5% 7/1/2027 (i) | 305000 | 314379 |
| Philadelphia PA Airport Rev 5% 7/1/2027  | 100000 | 104076 |
| Philadelphia PA Airport Rev 5% 7/1/2028 (i) | 365000 | 374268 |
| Philadelphia PA Airport Rev 5% 7/1/2028  | 30000 | 31085 |
| Philadelphia PA Airport Rev 5% 7/1/2029 (i) | 270000 | 276412 |
| Philadelphia PA Airport Rev 5% 7/1/2029  | 30000 | 30986 |
| Philadelphia PA Airport Rev 5% 7/1/2030  | 30000 | 30948 |
| Philadelphia PA Airport Rev 5% 7/1/2031  | 35000 | 36069 |
| Philadelphia PA Airport Rev 5% 7/1/2032 (i) | 365000 | 370724 |
| Philadelphia PA Airport Rev 5% 7/1/2032  | 30000 | 30868 |
| Philadelphia PA Airport Rev 5% 7/1/2033 (i) | 900000 | 912429 |
| Philadelphia PA Airport Rev 5% 7/1/2033  | 35000 | 35946 |
| Philadelphia PA Airport Rev 5% 7/1/2034 (i) | 535000 | 541390 |
| Philadelphia PA Airport Rev 5% 7/1/2042 (i) | 2385000 | 2356872 |
| Philadelphia PA Airport Rev 5% 7/1/2047 (i) | 1545000 | 1519138 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2026 (i) | 4065000 | 4138260 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2027 (i) | 12490000 | 12874062 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2028 (i) | 1325000 | 1382572 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2034 (i) | 2650000 | 2765351 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2035 (i) | 1425000 | 1474253 |
| Philadelphia PA Airport Rev Series 2021, 5% 7/1/2051 (i) | 2400000 | 2359838 |
| Susquehanna Area Regl Arpt Auth PA Arpt Sys Rev Series 2017, 5% 1/1/2035 (i) | 300000 | 299938 |
|  |  | 128179815 |
| Water & Sewer - 0.1% |  |  |
| Bucks Cnty PA Wtr & Swr Auth Swr Sys Rev 5.25% 12/1/2047 (Assured Guaranty Ltd Insured)  | 465000 | 487697 |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2026  | 55000 | 56120 |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2027  | 120000 | 124971 |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2029  | 190000 | 200322 |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2032  | 120000 | 125704 |
| Capital Region Wtr PA Wtr Rev 5% 7/15/2038  | 55000 | 56527 |
| Lehigh County Authority Series 2013B, 0% 12/1/2036 (j) | 2580000 | 1577915 |
| Philadelphia PA Wtr & Wastewtr Series 2018 A, 5% 10/1/2043  | 1205000 | 1222774 |
| Philadelphia PA Wtr & Wastewtr Series 2020A, 5% 11/1/2045  | 1000000 | 1020322 |
| Philadelphia PA Wtr & Wastewtr Series 2022C, 5.5% 6/1/2047  | 2985000 | 3140702 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 A, 5% 9/1/2038 (Assured Guaranty Municipal Corp Insured)  | 480000 | 498366 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 A, 5% 9/1/2044 (Assured Guaranty Municipal Corp Insured)  | 30000 | 30590 |
| Pittsburgh PA Wtr & Swr Auth Series 2019 B, 5% 9/1/2032 (Assured Guaranty Municipal Corp Insured)  | 110000 | 122855 |
| Pittsburgh PA Wtr & Swr Auth Series 2023 A, 4.25% 9/1/2053 (Assured Guaranty Ltd Insured)  | 740000 | 652600 |
|  |  | 9317465 |
| TOTAL PENNSYLVANIA |  | 378935514 |
| Puerto Rico - 2.4%  |  |  |
| Education - 0.0% |  |  |
| Puerto Rico Indl Tourist Edl Med & Envir Fing Auth (University of Puerto Rico Rev Proj.) 5% 7/1/2033 (National Public Finance Guarantee Corporation Insured)  | 480000 | 476838 |
| University of Puerto Rico Rev Series P, 5% 6/1/2025  | 70000 | 70003 |
|  |  | 546841 |
| Electric Utilities - 0.2% |  |  |
| Puerto Rico Elec Pwr Auth Pwr 4.25% 7/1/2027 (Cifg Assurance North America Inc Insured)  | 295000 | 289622 |
| Puerto Rico Elec Pwr Auth Pwr 4.75% 7/1/2026 (f) | 60000 | 32775 |
| Puerto Rico Elec Pwr Auth Pwr 5% (f) | 1170000 | 639113 |
| Puerto Rico Elec Pwr Auth Pwr 5% (f) | 850000 | 464313 |
| Puerto Rico Elec Pwr Auth Pwr 5% (f) | 595000 | 325019 |
| Puerto Rico Elec Pwr Auth Pwr 5% (f) | 415000 | 226694 |
| Puerto Rico Elec Pwr Auth Pwr 5% (f) | 360000 | 196650 |
| Puerto Rico Elec Pwr Auth Pwr 5% (f) | 350000 | 191188 |
| Puerto Rico Elec Pwr Auth Pwr 5% (f) | 155000 | 84669 |
| Puerto Rico Elec Pwr Auth Pwr 5% (f) | 65000 | 35506 |
| Puerto Rico Elec Pwr Auth Pwr 5% 7/1/2025 (f) | 195000 | 106519 |
| Puerto Rico Elec Pwr Auth Pwr 5% 7/1/2026 (f) | 240000 | 131100 |
| Puerto Rico Elec Pwr Auth Pwr 5% 7/1/2027 (f) | 670000 | 365988 |
| Puerto Rico Elec Pwr Auth Pwr 5% 7/1/2028 (f) | 425000 | 232156 |
| Puerto Rico Elec Pwr Auth Pwr 5% 7/1/2028 (Cifg Assurance North America Inc Insured)  | 90000 | 89422 |
| Puerto Rico Elec Pwr Auth Pwr 5% 7/1/2029 (f) | 2530000 | 1382013 |
| Puerto Rico Elec Pwr Auth Pwr 5% 7/1/2032 (f) | 1045000 | 570831 |
| Puerto Rico Elec Pwr Auth Pwr 5% 7/1/2037 (f) | 1320000 | 721050 |
| Puerto Rico Elec Pwr Auth Pwr 5% 7/1/2042 (f) | 1385000 | 756556 |
| Puerto Rico Elec Pwr Auth Pwr 5.05% 7/1/2042 (f) | 60000 | 32775 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% (f) | 700000 | 382375 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% (f) | 475000 | 259469 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% (f) | 80000 | 43700 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% 7/1/2025 (f) | 15000 | 8193 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% 7/1/2026 (f) | 680000 | 371450 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% 7/1/2026 (f) | 280000 | 152950 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% 7/1/2027 (f) | 1230000 | 671888 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% 7/1/2027 (f) | 205000 | 111981 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% 7/1/2027 (f) | 55000 | 30043 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% 7/1/2028 (f) | 545000 | 297706 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% 7/1/2029 (f) | 705000 | 385106 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% 7/1/2033 (f) | 1165000 | 636381 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% 7/1/2035 (f) | 640000 | 349600 |
| Puerto Rico Elec Pwr Auth Pwr 5.25% 7/1/2040 (f) | 1745000 | 953206 |
| Puerto Rico Elec Pwr Auth Pwr 5.5% (f) | 130000 | 71013 |
| Puerto Rico Elec Pwr Auth Pwr 5.5% 7/1/2038 (f) | 1250000 | 682813 |
| Puerto Rico Elec Pwr Auth Pwr 5.75% 7/1/2036 (f) | 355000 | 193919 |
| Puerto Rico Elec Pwr Auth Pwr CME Term SOFR 3 month Index + 0.52%, 3.568% 7/1/2029 (Assured Guaranty Ltd Insured) (c)(e) | 460000 | 447752 |
| Puerto Rico Elec Pwr Auth Pwr Rev 4.75% 7/1/2033  | 155000 | 149747 |
| Puerto Rico Elec Pwr Auth Pwr Rev 5% 7/1/2025  | 40000 | 40000 |
| Puerto Rico Elec Pwr Auth Pwr Rev 5.25% 7/1/2025  | 55000 | 54999 |
| Puerto Rico Elec Pwr Auth Pwr Rev 5.25% 7/1/2026  | 495000 | 495170 |
| Puerto Rico Elec Pwr Auth Pwr Rev 5.25% 7/1/2029  | 625000 | 624134 |
| Puerto Rico Elec Pwr Auth Pwr Rev 5.25% 7/1/2030  | 655000 | 652166 |
| Puerto Rico Elec Pwr Auth Pwr Rev 5.25% 7/1/2034  | 95000 | 92296 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series 2007, 5% (f) | 10000 | 4850 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series 2010, 3.3% (f) | 5000 | 2425 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series 2010, 3.625% (f) | 105000 | 50925 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series 2010, 5% (f) | 855000 | 414675 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series 2010, 5% (f) | 10000 | 4850 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series 2010, 5.25% (f) | 195000 | 94575 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series 2013A, 5% 7/1/2029 (f) | 1155000 | 560175 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series 2013A, 5% 7/1/2042 (f) | 2520000 | 1222200 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series 2013A, 5.05% 7/1/2042 (f) | 470000 | 227950 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series CCC, 4.625% 7/1/2025 (f) | 5000 | 2425 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series CCC, 5% (f) | 240000 | 116400 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series CCC, 5% 7/1/2028 (f) | 150000 | 72750 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series TT, 5% (f) | 30000 | 14550 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series TT, 5% 7/1/2037 (f) | 945000 | 458325 |
| Puerto Rico Elec Pwr Auth Pwr Rev Series XX, 5.25% 7/1/2040 (f) | 3385000 | 1641725 |
| Puerto Rico Elec Pwr Auth Pwr Series 2013A, 6.75% 7/1/2036 (f) | 2305000 | 1259106 |
| Puerto Rico Elec Pwr Auth Pwr Series 2013A, 7% 7/1/2043 (f) | 250000 | 136563 |
| Puerto Rico Elec Pwr Auth Pwr Series BBB, 5.4% 7/1/2028 (f) | 250000 | 136563 |
| Puerto Rico Elec Pwr Auth Pwr Series CCC, 5% (f) | 115000 | 62819 |
| Puerto Rico Elec Pwr Auth Pwr Series CCC, 5% 7/1/2027 (f) | 50000 | 27312 |
| Puerto Rico Elec Pwr Auth Pwr Series EEE, 5.95% 7/1/2030 (f) | 950000 | 518938 |
| Puerto Rico Elec Pwr Auth Pwr Series EEE, 6.05% 7/1/2032 (f) | 300000 | 163875 |
| Puerto Rico Elec Pwr Auth Pwr Series EEE, 6.25% 7/1/2040 (f) | 250000 | 136563 |
| Puerto Rico Elec Pwr Auth Pwr Series SS, 4.375% 7/1/2030  | 95000 | 92165 |
| Puerto Rico Elec Pwr Auth Pwr Series TT, 5% 7/1/2026  | 5000 | 4999 |
| Puerto Rico Elec Pwr Auth Pwr Series ZZ, 3.7% (f) | 35000 | 19118 |
| Puerto Rico Elec Pwr Auth Pwr Series ZZ, 4.75% 7/1/2027 (f) | 50000 | 27312 |
| Puerto Rico Elec Pwr Auth Pwr Series ZZ, 5% 7/1/2028 (f) | 50000 | 27312 |
|  |  | 22533461 |
| General Obligations - 0.6% |  |  |
| Puerto Rico Comwlth 0% 11/1/2051 (c) | 13661939 | 7035899 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (j) | 10530725 | 7125157 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2033  | 10485896 | 10080413 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2035  | 7364757 | 6950349 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2037  | 10479211 | 9675462 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2041  | 3603018 | 3085785 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 4% 7/1/2046  | 5766858 | 4736856 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.375% 7/1/2025  | 3231539 | 3233796 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2027  | 5072148 | 5205258 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 6265770 | 6565023 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031  | 5593928 | 5985377 |
|  |  | 69679375 |
| Other - 0.1% |  |  |
| Puerto Rico Comwlth Gen. Oblig. 0% 11/1/2043 (c) | 20799020 | 12479412 |
| Puerto Rico Elec Pwr Auth Pwr 6.125% 7/1/2040 (f) | 1600000 | 874000 |
|  |  | 13353412 |
| Special Tax - 0.9% |  |  |
| Gdb Debt Recovery Auth of Comwlth Puerto Rico 7.5% 8/20/2040  | 8315292 | 7983879 |
| Puerto Rico Comwlth 0% 11/1/2051  | 10104744 | 6189156 |
| Puerto Rico Comwlth 0% 11/1/2051  | 1806655 | 819770 |
| Puerto Rico Comwlth 0% 11/1/2051 (c) | 1250000 | 342187 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2027 (j) | 3033000 | 2789855 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2033 (j) | 7395000 | 5229001 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2046 (j) | 37410000 | 11936192 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2051 (j) | 41325000 | 9695477 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 4.5% 7/1/2034  | 84000 | 83360 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 4.55% 7/1/2040  | 2828000 | 2694807 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 4.75% 7/1/2053  | 33260000 | 30409718 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 5% 7/1/2058  | 21201000 | 19885427 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 2, 4.329% 7/1/2040  | 6372000 | 5943201 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 2, 4.329% 7/1/2040  | 1621000 | 1510284 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 2, 4.536% 7/1/2053  | 448000 | 387582 |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 2, 4.784% 7/1/2058  | 9894000 | 8854819 |
|  |  | 114754715 |
| Tobacco Bonds - 0.0% |  |  |
| Children's Trust Fund Tobacco Settlement 0% 5/15/2050 (j) | 2100000 | 381811 |
| Children's Trust Fund Tobacco Settlement 0% 5/15/2057 (j) | 2100000 | 118225 |
| Children's Trust Fund Tobacco Settlement 5.625% 5/15/2043  | 1330000 | 1345294 |
|  |  | 1845330 |
| Water & Sewer - 0.6% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2020A, 5% 7/1/2035 (h) | 5880000 | 5977726 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2020A, 5% 7/1/2047 (h) | 18590000 | 17614877 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 A, 4% 7/1/2042 (h) | 1705000 | 1459511 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 A, 5% 7/1/2033 (h) | 760000 | 777611 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 4% 7/1/2042 (h) | 5250000 | 4494096 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 4% 7/1/2047 (h) | 3885000 | 3149551 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2029 (h) | 1560000 | 1601849 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2033 (h) | 935000 | 956666 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (h) | 7465000 | 7547729 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021C, 3.5% 7/1/2026 (h) | 425000 | 408527 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 4% 7/1/2042 (h) | 10820000 | 9262117 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 4% 7/1/2047 (h) | 780000 | 632342 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 5% 7/1/2025 (h) | 285000 | 285248 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 5% 7/1/2028 (h) | 775000 | 792587 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 5% 7/1/2029 (h) | 540000 | 554486 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 5% 7/1/2033 (h) | 4360000 | 4467358 |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2022 A, 5% 7/1/2037 (h) | 9555000 | 9675625 |
|  |  | 69657906 |
| TOTAL PUERTO RICO |  | 292371040 |
| Rhode Island - 0.2%  |  |  |
| Education - 0.2% |  |  |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2040  | 1000000 | 1033779 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2045  | 2870000 | 2879325 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Bryant University Proj.) Series 2024, 5% 6/1/2048  | 3295000 | 3254553 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2021 B, 4% 11/1/2037  | 140000 | 137505 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2021 B, 4% 11/1/2038  | 145000 | 140153 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2021 B, 4% 11/1/2039  | 180000 | 169814 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev (Providence College Proj.) Series 2021 B, 4% 11/1/2040  | 190000 | 177746 |
| Rhode Island Health & Edl Bldg Corp Higher Ed Fac Rev Series 2009B, 5.25% 9/15/2029  | 285000 | 285569 |
| Rhode Island St Student Ln 3.5% 12/1/2034 (i) | 420000 | 394684 |
| Rhode Island St Student Ln 4.125% 12/1/2041 (i) | 1045000 | 965058 |
| Rhode Island St Student Ln 5% 12/1/2028 (i) | 1200000 | 1244182 |
| Rhode Island St Student Ln Series 2020 A, 3.625% 12/1/2037 (i) | 885000 | 831224 |
| Rhode Island St Student Ln Series 2021 A, 2.25% 12/1/2039 (i) | 355000 | 307096 |
| Rhode Island St Student Ln Series 2021 A, 5% 12/1/2028 (i) | 185000 | 191811 |
| Rhode Island St Student Ln Series 2021 A, 5% 12/1/2029 (i) | 145000 | 150451 |
| Rhode Island St Student Ln Series 2021 A, 5% 12/1/2030 (i) | 135000 | 140370 |
| Rhode Island St Student Ln Series 2023 A, 4.125% 12/1/2042 (i) | 1610000 | 1479205 |
| Rhode Island St Student Ln Series 2023 A, 5% 12/1/2030 (i) | 2355000 | 2448685 |
| Rhode Island St Student Ln Series 2024 A, 4.125% 12/1/2043 (i) | 1885000 | 1709593 |
| Rhode Island St Student Ln Series 2024B, 4.125% 12/1/2043 (i) | 885000 | 796790 |
|  |  | 18737593 |
| General Obligations - 0.0% |  |  |
| Providence RI Pub Bldgs Auth Rev (Providence RI Proj.) 5.25% 9/15/2043  | 380000 | 397987 |
| Rhode Island Health and Educational Building Corp 4.125% 5/15/2054  | 1100000 | 968885 |
|  |  | 1366872 |
| Health Care - 0.0% |  |  |
| Rhode Island Health & Edl Bldg Corp Rev (Care New England Health System Proj.) 5% 9/1/2031  | 270000 | 269638 |
| Rhode Island Health & Edl Bldg Corp Rev (Care New England Health System Proj.) 5% 9/1/2036  | 705000 | 685877 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2016, 5% 5/15/2034  | 385000 | 386846 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2016, 5% 5/15/2039  | 965000 | 948215 |
| Rhode Island Health & Edl Bldg Corp Rev (Lifespan Corp Obligated Group Proj.) Series 2024, 5.25% 5/15/2054  | 600000 | 594117 |
|  |  | 2884693 |
| Housing - 0.0% |  |  |
| Rhode Island Housing & Mortgage Finance Corp (RI Homeownership Proj.) Series 72 A, 3.5% 10/1/2050  | 245000 | 243758 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) 3% 4/1/2049  | 1145000 | 1128904 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 70, 4% 10/1/2049  | 135000 | 135203 |
| Rhode Island Hsg & Mtg Fin Cp (RI Homeownership Proj.) Series 77 A, 4.25% 4/1/2051  | 2000000 | 2018360 |
| Rhode Island Hsg & Mtg Fin Cp Series 80 A, 4.65% 10/1/2053  | 1995000 | 1860830 |
|  |  | 5387055 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Setlement Fing Corp RI 0% 6/1/2052 (j) | 3300000 | 580421 |
| TOTAL RHODE ISLAND |  | 28956634 |
| South Carolina - 0.7%  |  |  |
| Education - 0.0% |  |  |
| South Carolina Jobs Econ Dev (Furman University Proj.) Series 2022A, 4% 4/1/2052  | 200000 | 173864 |
| South Carolina Jobs-Economic Dev Auth Edl Facs Rev Series 2021 A, 4% 6/1/2036 (h) | 100000 | 85089 |
| South Carolina Student Ln Corp Rev Series 2020A, 2.641% 12/1/2026  | 1705000 | 1644150 |
| South Carolina Student Ln Corp Rev Series 2020A, 2.771% 12/1/2027  | 790000 | 747365 |
| South Carolina Student Ln Corp Rev Series 2020A, 2.923% 12/1/2028  | 585000 | 543947 |
| South Carolina Student Ln Corp Rev Series 2020A, 2.993% 12/1/2029  | 380000 | 346406 |
| South Carolina Student Ln Corp Rev Series 2020A, 3.043% 12/1/2030  | 120000 | 106970 |
| South Carolina Student Ln Corp Rev Series 2020A, 3.593% 12/1/2039  | 330000 | 328119 |
|  |  | 3975910 |
| Electric Utilities - 0.3% |  |  |
| South Carolina St Svc Auth Rev 4% 12/1/2029  | 741000 | 763207 |
| South Carolina St Svc Auth Rev 4% 12/1/2046  | 250000 | 227113 |
| South Carolina St Svc Auth Rev 4% 12/1/2047  | 1000000 | 901325 |
| South Carolina St Svc Auth Rev 4% 12/1/2048  | 250000 | 223915 |
| South Carolina St Svc Auth Rev 4% 12/1/2054  | 250000 | 216066 |
| South Carolina St Svc Auth Rev 5% 12/1/2031  | 600000 | 647243 |
| South Carolina St Svc Auth Rev 5% 12/1/2036  | 2250000 | 2395281 |
| South Carolina St Svc Auth Rev 5% 12/1/2052 (Assured Guaranty Ltd Insured)  | 2800000 | 2796378 |
| South Carolina St Svc Auth Rev 5.5% 12/1/2042 (Assured Guaranty Ltd Insured)  | 1250000 | 1331851 |
| South Carolina St Svc Auth Rev Series 2015 E, 5.25% 12/1/2055  | 745000 | 745672 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2029  | 365000 | 368079 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2033  | 15000 | 15092 |
| South Carolina St Svc Auth Rev Series 2016 A, 5% 12/1/2038  | 35000 | 34949 |
| South Carolina St Svc Auth Rev Series 2016 C, 5% 12/1/2025  | 35000 | 35308 |
| South Carolina St Svc Auth Rev Series 2016 C, 5% 12/1/2026  | 55000 | 56580 |
| South Carolina St Svc Auth Rev Series 2021A, 4% 12/1/2036  | 2000000 | 1953946 |
| South Carolina St Svc Auth Rev Series 2022 B, 4% 12/1/2055 (Build America Mutual Assurance Co Insured)  | 250000 | 215159 |
| South Carolina St Svc Auth Rev Series 2024 A, 5% 12/1/2039  | 3480000 | 3647112 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.25% 12/1/2049  | 1090000 | 1114106 |
| South Carolina St Svc Auth Rev Series 2024 A, 5.5% 12/1/2054  | 1505000 | 1568028 |
| South Carolina St Svc Auth Rev Series 2024B, 4.125% 12/1/2044  | 375000 | 339626 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2042 (Assured Guaranty Ltd Insured)  | 2600000 | 2676730 |
| South Carolina St Svc Auth Rev Series 2024B, 5% 12/1/2046  | 555000 | 556248 |
| South Carolina St Svc Auth Rev Series 2024B, 5.25% 12/1/2054  | 4645000 | 4713648 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2031  | 135000 | 136265 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2035  | 205000 | 205490 |
| South Carolina St Svc Auth Rev Series B, 5% 12/1/2036  | 305000 | 305586 |
|  |  | 28190003 |
| General Obligations - 0.1% |  |  |
| Patriots Energy Group Financing Agency Series 2023 A 1, 5.25% tender 10/1/2054 (Sumitomo Mitsui Banking Corp/New York Guaranteed) (c) | 1005000 | 1057934 |
| Patriots Energy Group Financing Agency Series 2023 SUB B 1, 5.25% tender 2/1/2054 (Royal Bank of Canada Guaranteed) (c) | 4725000 | 5004262 |
| Patriots Energy Group Financing Agency Series SUB 2023 B 3, U.S. SOFR Index + 0%, 4.788% 2/1/2054 (c)(e) | 1500000 | 1546217 |
|  |  | 7608413 |
| Health Care - 0.1% |  |  |
| Ctsc Jobs-Eco Dev Aut (Beaufort Mem Hosp Proj.) Series 2024, 5.5% 11/15/2044  | 155000 | 154824 |
| Lexington Cnty SC Health Svcs (Lexington Medical Center, SC Proj.) Series 2017, 5% 11/1/2028  | 135000 | 140618 |
| South Carolina Jobs Econ Dev Series 2017, 5.25% 11/15/2047  | 350000 | 330739 |
| South Carolina Jobs Eda Hosp (Mercy Health/OH Proj.) Series 2020A, 4% 12/1/2044  | 1310000 | 1163929 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev (Novant Health Inc Proj.) Series 2024 A, 5.5% 11/1/2054  | 810000 | 835022 |
| South Carolina Jobs-Economic Dev Auth Health Care Facs Rev Series 2024 A, 4% 11/1/2042  | 1675000 | 1554238 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Anmed Health Proj.) Series 2023, 5.25% 2/1/2053  | 750000 | 770221 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (Prisma Health Proj.) Series 2018 A, 5% 5/1/2035  | 640000 | 655172 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (St Joseph Candler Health Proj.) 5% 7/1/2032  | 240000 | 250562 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev (St Joseph Candler Health Proj.) 5% 7/1/2033  | 965000 | 1004730 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev Series 2016, 5.25% 7/1/2047  | 1795000 | 1792746 |
| South Carolina Jobs-Economic Dev Auth Hosp Rev Series 2018 A, 5% 5/1/2048  | 1425000 | 1400000 |
| South Carolina Jobs-Economic Dev Auth Residential Facs Rev Series 2017, 5% 4/1/2047  | 555000 | 508763 |
| South Carolina Jobs-Economic Dev Auth Residential Facs Rev Series 2017, 5% 4/1/2052  | 305000 | 270259 |
| South Carolina Jobs-Economic Dev Auth Residential Facs Rev Series 2018A, 5% 4/1/2048  | 210000 | 190693 |
| South Carolina Jobs-Economoc Dev Auth Retirement Cmnty Rev Series 2018 C, 5% 11/15/2047  | 570000 | 541464 |
| Spartanburg Cnty SC Regl Health Svcs Hosp Rev 4% 4/15/2048  | 1975000 | 1674649 |
| Spartanburg Cnty SC Regl Health Svcs Hosp Rev 5% 4/15/2048  | 985000 | 956343 |
| Spartanburg Cnty SC Regl Health Svcs Hosp Rev Series 2020 A, 4% 4/15/2045 (Assured Guaranty Ltd Insured)  | 230000 | 207122 |
|  |  | 14402094 |
| Housing - 0.1% |  |  |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2019 A, 4% 1/1/2050  | 255000 | 255745 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022 B, 5% 1/1/2052  | 2750000 | 2843041 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 1/1/2029  | 15000 | 15917 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 1/1/2030  | 30000 | 32109 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 1/1/2031  | 30000 | 32316 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 7/1/2029  | 30000 | 32037 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 7/1/2030  | 30000 | 32277 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2022A, 5% 7/1/2031  | 30000 | 32456 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2023 B, 6% 1/1/2054  | 680000 | 735725 |
| South Carolina Hsg Fin Dev Aut (SC Mortgage Proj.) Series 2025A, 6.5% 7/1/2055  | 1250000 | 1402867 |
| South Carolina Hsg Fin Dev Aut 6.5% 7/1/2055 (m) | 1000000 | 1122098 |
|  |  | 6536588 |
| Industrial Development - 0.0% |  |  |
| South Carolina Jobs-Economic Dev Auth Environmental Impt Rev Series 2023A, 4% tender 4/1/2033 (c)(i) | 750000 | 751239 |
| Other - 0.0% |  |  |
| County of Horry SC Hospitality Fee & Local Accommodations Fee Revenue Series 2022, 4.5% 9/1/2052  | 3500000 | 3289811 |
| South Carolina Jobs Econ Dev 4% tender 3/1/2062 (c) | 410000 | 391626 |
|  |  | 3681437 |
| Resource Recovery - 0.0% |  |  |
| South Carolina Jobs-Economic Dev Auth Solid Waste Disp Rev Series 2017, 6% 2/1/2035 (f)(g)(h)(i) | 890000 | 80100 |
| South Carolina Jobs-Economic Dev Auth Solid Waste Disp Rev Series 2017, 6.25% 2/1/2045 (f)(g)(h)(i) | 1795000 | 161550 |
| South Carolina Jobs-Economic Dev Auth Solid Waste Disp Rev Series 2019, 8% 12/6/2029 (f)(g) | 280000 | 224000 |
|  |  | 465650 |
| Special Tax - 0.0% |  |  |
| City of North Charleston SC Series 2017 A, 5% 10/1/2040  | 825000 | 830959 |
| Transportation - 0.1% |  |  |
| Charleston Cnty SC Arpt Dist Series 2019, 5% 7/1/2043  | 445000 | 449313 |
| Charleston Cnty SC Arpt Dist Series 2019, 5% 7/1/2048  | 790000 | 784415 |
| Charleston Cnty SC Arpt Dist Series 2024A, 5.25% 7/1/2041 (i) | 1000000 | 1043012 |
| Charleston Cnty SC Arpt Dist Series 2024A, 5.25% 7/1/2042 (i) | 1400000 | 1448592 |
| Charleston Cnty SC Arpt Dist Series 2024A, 5.25% 7/1/2043 (i) | 1400000 | 1438098 |
| Charleston Cnty SC Arpt Dist Series 2024A, 5.25% 7/1/2049 (i) | 3465000 | 3515828 |
| Connector 2000 Association SC Toll Road Rev Series 2011A, 0% 1/1/2032 (j) | 1445728 | 868825 |
| Connector 2000 Association SC Toll Road Rev Series 2011A, 0% 1/1/2042 (j) | 6087835 | 1736647 |
| Connector 2000 Association SC Toll Road Rev Series 2011A, 0% 7/22/2051 (j) | 14525889 | 1846013 |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2037 (i) | 180000 | 182775 |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2038 (i) | 385000 | 389411 |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2043 (i) | 965000 | 965318 |
| South Carolina St Ports Auth Series 2018, 5% 7/1/2048 (i) | 665000 | 653910 |
| South Carolina St Ports Auth Series 2019 B, 4% 7/1/2035 (i) | 725000 | 710921 |
| South Carolina St Ports Auth Series 2019 B, 4% 7/1/2037 (i) | 1125000 | 1080327 |
| South Carolina St Ports Auth Series 2019 B, 4% 7/1/2039 (i) | 1115000 | 1045613 |
| South Carolina St Ports Auth Series 2019 B, 5% 7/1/2044 (i) | 1705000 | 1705332 |
|  |  | 19864350 |
| TOTAL SOUTH CAROLINA |  | 86306643 |
| South Dakota - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Sioux Falls SD Health Facs Rev Series 2017, 5% 11/1/2028  | 200000 | 198464 |
| Sioux Falls SD Health Facs Rev Series 2017, 5% 11/1/2030  | 215000 | 212263 |
| Sioux Falls SD Health Facs Rev Series 2017, 5% 11/1/2032  | 195000 | 190871 |
| Sioux Falls SD Health Facs Rev Series 2017, 5% 11/1/2042  | 280000 | 247350 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2026  | 35000 | 35705 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2028  | 35000 | 36399 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2029  | 70000 | 72668 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2030  | 45000 | 46590 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2031  | 80000 | 82718 |
| South Dakota St Hlth & Edl Fac (Avera Health SD Proj.) 5% 7/1/2035  | 40000 | 40920 |
| South Dakota St Hlth & Edl Fac (Regional Health Inc Proj.) Series 2017, 5% 9/1/2040  | 670000 | 663613 |
| South Dakota St Hlth & Edl Fac (Regional Health Inc Proj.) Series 2020 A, 3% 9/1/2045  | 1465000 | 1097992 |
| South Dakota St Hlth & Edl Fac Series 2024A, 4.25% 7/1/2049  | 4400000 | 4010258 |
| South Dakota St Hlth & Edl Fac Series 2024A, 5.25% 7/1/2054  | 4250000 | 4340971 |
|  |  | 11276782 |
| Housing - 0.0% |  |  |
| South Dakota Housing Development Authority Series 2022 B, 3% 11/1/2052  | 790000 | 771936 |
| South Dakota Hsg Dev Aut Series 2024C, 6.25% 11/1/2055  | 995000 | 1099560 |
| South Dakota Hsg Dev Aut Series 2025 C, 6% 11/1/2056 (m) | 500000 | 549540 |
|  |  | 2421036 |
| Tobacco Bonds - 0.0% |  |  |
| South Dakota Edl Enhc Fdg Tob Setlmt Rev Series 2021, 1.245% 6/1/2025  | 745000 | 744934 |
| South Dakota Edl Enhc Fdg Tob Setlmt Rev Series 2021, 1.495% 6/1/2026  | 530000 | 530000 |
|  |  | 1274934 |
| Water & Sewer - 0.0% |  |  |
| South Dakota Conservan Dist Rv Series 2025A, 5% 8/1/2055 (m) | 2500000 | 2538461 |
| TOTAL SOUTH DAKOTA |  | 17511213 |
| Tennessee - 1.0%  |  |  |
| Education - 0.1% |  |  |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 5% 7/1/2049 (Build America Mutual Assurance Co Insured)  | 450000 | 444074 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 5.125% 7/1/2054 (Build America Mutual Assurance Co Insured)  | 1200000 | 1184378 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 5.125% 7/1/2059 (Build America Mutual Assurance Co Insured)  | 1540000 | 1508719 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024 B 1, 5.25% 7/1/2064 (Build America Mutual Assurance Co Insured)  | 500000 | 493157 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Provident Utk Properties Proj.) Series 2024A 1, 5% 7/1/2064  | 895000 | 850378 |
| Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Lipscomb University Proj.) Series 2019 A, 5.25% 10/1/2058  | 1865000 | 1818863 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2023, 5% 5/1/2035  | 1000000 | 1068115 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2023, 5% 5/1/2036  | 1055000 | 1118048 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2023, 5% 5/1/2041  | 1000000 | 1018052 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2023, 5% 5/1/2042  | 1315000 | 1329971 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd (Belmont University Proj.) Series 2023, 5.25% 5/1/2053  | 2000000 | 1999601 |
|  |  | 12833356 |
| Electric Utilities - 0.1% |  |  |
| Clarksville TN Wtr Swr and Gas Rev Series 2021 A, 4% 2/1/2051  | 4000000 | 3536708 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5% 5/15/2042  | 2240000 | 2361274 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5% 5/15/2043  | 1340000 | 1405323 |
| Metro Gov Nashville & Davidson Cnty Elec Rev Series 2024 A, 5.25% 5/15/2049  | 5900000 | 6201758 |
| Tennergy Corp Tenn Gas Revenue 5.5% tender 10/1/2053 (c) | 5150000 | 5397687 |
|  |  | 18902750 |
| General Obligations - 0.2% |  |  |
| New Memphis Arena Bldg Auth Memphis & Sheby Cnty Tenn (Memphis TN Proj.) Gen. Oblig. Series 2021, 0% 4/1/2032 (j) | 120000 | 88371 |
| New Memphis Arena Bldg Auth Memphis & Sheby Cnty Tenn (Memphis TN Proj.) Gen. Oblig. Series 2021, 0% 4/1/2033 (j) | 170000 | 118873 |
| New Memphis Arena Bldg Auth Memphis & Sheby Cnty Tenn (Memphis TN Proj.) Gen. Oblig. Series 2021, 0% 4/1/2037 (j) | 150000 | 82276 |
| New Memphis Arena Bldg Auth Memphis & Sheby Cnty Tenn (Memphis TN Proj.) Gen. Oblig. Series 2021, 0% 4/1/2038 (j) | 125000 | 63667 |
| Tennergy Corp Tenn Gas Revenue 5% tender 10/1/2054 (c) | 4260000 | 4430432 |
| Tennessee Energy Acquisition Corp Commodity Proj Rev Series 2021 A, 5% tender 5/1/2052 (c) | 525000 | 544215 |
| Tennessee Engy Acq Crp Gas Rev 5% tender 5/1/2053 (c) | 5000000 | 5119316 |
| Tennessee Engy Acq Crp Gas Rev 5.25% 9/1/2026 (Goldman Sachs Group Inc/The Guaranteed)  | 3075000 | 3118085 |
| Tennessee Engy Acq Crp Gas Rev Series 2018, 4% tender 11/1/2049 (Goldman Sachs Group Inc/The Guaranteed) (c) | 8265000 | 8268724 |
|  |  | 21833959 |
| Health Care - 0.1% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 4% 8/1/2044  | 1680000 | 1455749 |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 1, 5% 8/1/2025  | 40000 | 40093 |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 2, 5% 8/1/2037  | 50000 | 51089 |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev (CommonSpirit Health Proj.) Series 2019A 2, 5% 8/1/2044  | 710000 | 697709 |
| Greeneville TN Health & Edl Facs Brd Hosp Rev (Ballad Health Proj.) Series 2018A, 5% 7/1/2036  | 960000 | 977829 |
| Jackson TN Hosp Rev (West Tennessee Healthcare Proj.) Series 2018 A, 5% 4/1/2027  | 40000 | 40855 |
| Jackson TN Hosp Rev (West Tennessee Healthcare Proj.) Series 2018 A, 5% 4/1/2028  | 25000 | 25810 |
| Jackson TN Hosp Rev (West Tennessee Healthcare Proj.) Series 2018 A, 5% 4/1/2041  | 1375000 | 1377727 |
| Knox Cnty Tenn Health Edl & Hsg Fac Brd Hosp Rev Series 2016 A, 5% 1/1/2042  | 1495000 | 1496145 |
| Knox Cnty TN Health Edl & Hsg Fac Rev (Univ Health System, TN Proj.) Series 2020 A, 5% 9/1/2030  | 1230000 | 1256867 |
| Knox Cnty TN Health Edl & Hsg Fac Rev Series 2017 A, 5% 4/1/2030  | 165000 | 167420 |
| Knox Cnty TN Health Edl & Hsg Fac Rev Series 2017 A, 5% 4/1/2036  | 595000 | 596531 |
| Knox Cnty TN Health Edl & Hsg Fac Rev Series 2020 A, 5% 9/1/2040  | 3525000 | 3482454 |
| Metro Gov Nashville & Davidson Cnty Tenn Hlth & Edl Facs Brd Rev (Vanderbilt Hospital, TN Proj.) Series 2016 A, 5% 7/1/2040  | 460000 | 453883 |
| Shelby Cnty TN Health Edl & Hsg Brd Res Care Fac Series 2014, 5% 12/1/2034  | 70000 | 67235 |
| Shelby Cnty TN Health Edl & Hsg Brd Res Care Fac Series 2014, 5.25% 12/1/2044  | 165000 | 144922 |
| Shelby Cnty TN Health Edl & Hsg Brd Res Care Fac Series 2014, 5.25% 12/1/2049  | 470000 | 396122 |
| Shelby Cnty TN Hlth Edl & Hsg Facs (Methodist Le Bonheur Health Proj.) 5% 5/1/2027  | 70000 | 72174 |
| Shelby Cnty TN Hlth Edl & Hsg Facs (Methodist Le Bonheur Health Proj.) 5% 5/1/2029  | 70000 | 71652 |
|  |  | 12872266 |
| Housing - 0.1% |  |  |
| Chatanooga TN Health Ed & Hsg Fac Brd Rev Series 2015, 5% 10/1/2035  | 535000 | 535835 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) 3% 7/1/2051  | 1465000 | 1442788 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series 2021 3A, 3% 1/1/2052  | 655000 | 640820 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series ISSUE 2022 1, 5% 1/1/2029  | 230000 | 243023 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series ISSUE 2022 1, 5% 1/1/2030  | 465000 | 495655 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series ISSUE 2022 1, 5% 1/1/2031  | 220000 | 235599 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series ISSUE 2022 1, 5% 7/1/2028  | 425000 | 447409 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series ISSUE 2022 1, 5% 7/1/2029  | 400000 | 425117 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series ISSUE 2022 1, 5% 7/1/2030  | 470000 | 501143 |
| Tennessee Housing Development Agency (TN Residential Finance 1/29/13 Proj.) Series ISSUE 2022 1, 5% 7/1/2031  | 500000 | 537536 |
| Tennessee Housing Development Agency Series 2018 1, 4% 1/1/2043  | 160000 | 160096 |
| Tennessee Housing Development Agency Series 2018 3, 4.25% 7/1/2049  | 210000 | 210942 |
| Tennessee Housing Development Agency Series 2019 3, 2.6% 7/1/2039  | 190000 | 144049 |
| Tennessee Housing Development Agency Series 2019 3, 2.8% 7/1/2044  | 230000 | 165627 |
| Tennessee Housing Development Agency Series 2019 1, 3.75% 7/1/2039  | 180000 | 163273 |
| Tennessee Housing Development Agency Series 2019 4, 2.9% 7/1/2039  | 440000 | 356143 |
| Tennessee Housing Development Agency Series 2C, 4% 1/1/2045  | 10000 | 9997 |
| Tennessee Hsg Dev Agy Series 2015A, 3.5% 7/1/2045  | 385000 | 383963 |
|  |  | 7099015 |
| Industrial Development - 0.0% |  |  |
| Industrial Development Board of The City of Kingsport Tennessee/The Series 2024, 5.25% tender 12/1/2054 (c)(h)(i) | 1150000 | 1143120 |
| Lease Revenue - 0.0% |  |  |
| Tennessee St Gen. Oblig. Series 2023 A, 5% 5/1/2042  | 1245000 | 1318952 |
| Other - 0.0% |  |  |
| Cleveland Tenn Health & Edl Facs Brd Multifamily Hsg Rev Series 2024, 4.2% 5/1/2040  | 628000 | 592656 |
| Metro Gov Nashville & Davidson Cnty TN Hlth & Edl Facs Brd Multifamily Tax Series 2022 A FN, 4.75% 2/1/2048  | 2287883 | 2176885 |
| Rutherford Cnty TN Gen. Oblig. 1.875% 4/1/2039  | 750000 | 516400 |
| Shelby County Health & Educational Facilities Board Series 2024 A 1, 5% 6/1/2044 (h) | 400000 | 381622 |
|  |  | 3667563 |
| Special Tax - 0.1% |  |  |
| Hamilton County & Chattanooga Sports Authority Series 2024A, 6% 12/1/2055  | 645000 | 715107 |
| Metropolitan Govt Nashville & Davidson Cnty Tenn Sports Auth Rev Series 2023A, 5.25% 7/1/2053 (Assured Guaranty Ltd Insured)  | 3050000 | 3149165 |
| Metropolitan Govt Nashville & Davidson Cnty Tenn Sports Auth Rev Series 2023A, 5.25% 7/1/2056 (Assured Guaranty Ltd Insured)  | 3250000 | 3329682 |
| Metropolitan Govt Nashville & Davidson Cnty Tenn Sports Auth Rev Series 2023B, 5.25% 7/1/2053 (Assured Guaranty Ltd Insured)  | 1205000 | 1227192 |
| Metropolitan Govt Nashville & Davidson Cnty Tenn Sports Auth Rev Series 2023B, 5.25% 7/1/2056 (Assured Guaranty Ltd Insured)  | 1395000 | 1418447 |
|  |  | 9839593 |
| Transportation - 0.3% |  |  |
| Memphis-Shelby Cnty TN Arpt Auth Series 2018, 5% 7/1/2037 (i) | 565000 | 570019 |
| Memphis-Shelby Cnty TN Arpt Auth Series 2021A, 5% 7/1/2035 (i) | 825000 | 854853 |
| Memphis-Shelby Cnty TN Arpt Auth Series 2021A, 5% 7/1/2036 (i) | 870000 | 896322 |
| Memphis-Shelby Cnty TN Arpt Auth Series 2021A, 5% 7/1/2037 (i) | 910000 | 931719 |
| Memphis-Shelby Cnty TN Arpt Auth Series 2021A, 5% 7/1/2038 (i) | 960000 | 975372 |
| Memphis-Shelby Cnty TN Arpt Auth Series 2021A, 5% 7/1/2039 (i) | 1005000 | 1015810 |
| Memphis-Shelby Cnty TN Arpt Auth Series 2021A, 5% 7/1/2040 (i) | 415000 | 417398 |
| Metro Nashville Arpt Auth Rev 5.5% 7/1/2037 (i) | 1500000 | 1616825 |
| Metro Nashville Arpt Auth Rev 5.5% 7/1/2041 (i) | 625000 | 658138 |
| Metro Nashville Arpt Auth Rev 5.5% 7/1/2052 (i) | 5235000 | 5398844 |
| Metro Nashville Arpt Auth Rev Series 2015 B, 4% 7/1/2025 (i) | 310000 | 310048 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 4% 7/1/2049 (i) | 2500000 | 2122282 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2027 (i) | 435000 | 447406 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2028 (i) | 675000 | 702526 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2035 (i) | 360000 | 371108 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2038 (i) | 2325000 | 2356792 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2044 (i) | 1885000 | 1863998 |
| Metro Nashville Arpt Auth Rev Series 2019 B, 5% 7/1/2054 (i) | 2355000 | 2297455 |
| Metro Nashville Arpt Auth Rev Series 2019A, 4% 7/1/2049  | 1285000 | 1129777 |
|  |  | 24936692 |
| Water & Sewer - 0.0% |  |  |
| Metro Gov Nashville & Davidson Cnty Wtr & Swr Rev Series 2017 A, 5% 7/1/2042  | 480000 | 485308 |
| Metro Gov Nashville & Davidson Cnty Wtr & Swr Rev Series 2017 B, 5% 7/1/2042  | 600000 | 606635 |
| Metro Gov Nashville & Davidson Cnty Wtr & Swr Rev Series 2017 B, 5% 7/1/2046  | 950000 | 955501 |
|  |  | 2047444 |
| TOTAL TENNESSEE |  | 116494710 |
| Texas - 5.2%  |  |  |
| Education - 0.3% |  |  |
| Arlington Higher Education Finance Corp (Riverwalk Ed Fndtion Inc Proj.) 5% 8/15/2047 (Permanent Sch Fund of Texas Guaranteed)  | 785000 | 805307 |
| Arlington Higher Education Finance Corp 4% 8/15/2041  | 2400000 | 2256798 |
| Arlington Higher Education Finance Corp 5% 8/15/2048  | 1000000 | 893139 |
| Arlington Higher Education Finance Corp Series 2017 A, 5% 12/1/2047  | 565000 | 566908 |
| Arlington Higher Education Finance Corp Series 2021, 4.5% tender 6/15/2056 (c)(h) | 200000 | 198872 |
| Arlington Tex Higher Ed Fin Corp Ed Rev 4.25% 8/15/2047  | 1730000 | 1597860 |
| Arlington Tex Higher Ed Fin Corp Ed Rev Series 2023, 5% 8/15/2048  | 2700000 | 2754814 |
| Arlington Tex Higher Ed Fin Corp Ed Rev Series 2024, 4.875% 6/15/2059 (h) | 1280000 | 1135346 |
| Arlington Tex Higher Ed Fin Corp Ed Rev Series 2024, 5% 6/15/2064 (h) | 595000 | 532281 |
| Arlington Tex Higher Ed Fin Corp Ed Rev Series 2024A, 5% 8/15/2049  | 1000000 | 921875 |
| Board of Regents of the University of Texas System Series 2019 B, 5% 8/15/2049  | 1355000 | 1444799 |
| Board of Regents of the University of Texas System Series 2020 A, 3.5% 8/15/2050  | 2000000 | 1591261 |
| Board of Regents of the University of Texas System Series 2020 C, 5% 8/15/2031  | 2120000 | 2351436 |
| Board of Regents of the University of Texas System Series 2024B, 4% 8/15/2054  | 4000000 | 3427867 |
| Brazos Tex Higher Ed Auth Inc Student Loan Prog Rev Series 2020 1A, 2.35% 4/1/2040 (i) | 10000 | 9922 |
| Brazos Tex Higher Ed Auth Inc Student Loan Prog Rev Series 2020 1B, 3% 4/1/2040 (i) | 190000 | 144575 |
| Brazos Tex Higher Ed Auth Inc Student Loan Prog Rev Series 2021 1A, 3.414% 4/1/2040  | 15000 | 14916 |
| Brazos Tex Higher Ed Auth Inc Student Loan Prog Rev Series 2023 1A, 5.125% 4/1/2043 (i) | 2655000 | 2710468 |
| Brazos Tex Higher Ed Auth Inc Student Loan Prog Rev Series 2024 1A, 4% 4/1/2045 (i) | 1620000 | 1401647 |
| Clifton Higher Education Finance Corp (IDEA Public Schools Proj.) Series 2022A, 4% 8/15/2047  | 250000 | 212993 |
| Clifton Higher Education Finance Corp Series 2018D, 6.125% 8/15/2048  | 4450000 | 4454610 |
| Clifton Higher Education Finance Corp Series 2022, 4.25% 8/15/2052  | 750000 | 684180 |
| Clifton Higher Education Finance Corp Series 2024 A, 5.75% 6/15/2044 (h) | 575000 | 542403 |
| Clifton Higher Education Finance Corp Series 2024A, 4.125% 8/15/2049  | 200000 | 179673 |
| Clifton Higher Education Finance Corp Series 2024A, 4.25% 8/15/2053  | 2200000 | 1978029 |
| Danbury Tex Higher Ed Auth Inc Ed Rev Series 2019 A, 4% 8/15/2049  | 115000 | 83944 |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 3.375% 10/1/2037  | 50000 | 42874 |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 4% 10/1/2051  | 170000 | 134082 |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 5.125% 10/1/2051  | 725000 | 674710 |
| Houston TX Higher Ed Fin Corp Univ Rev (Houston Baptist University Proj.) 5.25% 10/1/2054  | 195000 | 183362 |
| New Hope Cultural Ed Facs Fin Corp Tex Ed Rev Series 2020 A, 5% 8/15/2040 (h) | 300000 | 267150 |
| New Hope Cultural Ed Facs Fin Corp Tex Ed Rev Series 2020 A, 5% 8/15/2050 (h) | 300000 | 263080 |
| New Hope Cultural Ed Facs Fin Corp Tex Ed Rev Series 2021, 4% 8/15/2041 (h) | 325000 | 275132 |
| New Hope Cultural Ed Facs Fin Corp Tex Ed Rev Series 2021, 4% 8/15/2056 (h) | 350000 | 260251 |
| New Hope Cultural Ed Facs Fin Corp Tex Edl Fac Rev Series A 1, 5% 4/1/2046  | 1325000 | 1334272 |
| New Hope Cultural Education Facilities Corp Series 2014A, 5% 4/1/2029  | 675000 | 675033 |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) 5% 4/1/2027  | 90000 | 91034 |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) 5% 4/1/2028  | 100000 | 101023 |
| Newark Higher Ed Fin Corp Tex Rev (Abilene Christian Univ, TX Proj.) 5% 4/1/2029  | 115000 | 116114 |
| Newark Higher Ed Fin Corp Tex Rev Series 2021 A, 4% 8/15/2031  | 255000 | 247251 |
| Newark Higher Ed Fin Corp Tex Rev Series 2021 A, 4% 8/15/2041  | 405000 | 340918 |
| Newark Higher Ed Fin Corp Tex Rev Series 2022, 4% 6/15/2052  | 370000 | 318175 |
| Red Riv Ed Fin Corp Tex Higher Ed Rev (Houston Baptist University Proj.) 5.5% 10/1/2046  | 655000 | 656300 |
| San Antonio TX Ed Facs Corp Rv (Univ of The Incarnate Word Proj.) Series 2021 A, 4% 4/1/2051  | 250000 | 187863 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2029  | 55000 | 56861 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2030  | 85000 | 87770 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2031  | 80000 | 82429 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2032  | 40000 | 41139 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2039  | 150000 | 151415 |
| Southwest Hrg Ed Auth Tex Rev (Southern Methodist Univ, TX Proj.) 5% 10/1/2040  | 120000 | 120953 |
| Texas St Pub Fin Auth Rev Series 2016, 5% 5/1/2028  | 210000 | 213184 |
| Texas St Univ Sys Fing Rev 4% 3/15/2034  | 125000 | 125193 |
| Texas St Univ Sys Fing Rev 4% 3/15/2035  | 110000 | 109558 |
| Texas Technical College Sys Fing Rev 5.5% 8/1/2042 (Assured Guaranty Ltd Insured)  | 1655000 | 1774678 |
| Texas Technical College Sys Fing Rev 5.75% 8/1/2047 (Assured Guaranty Ltd Insured)  | 580000 | 622878 |
| Texas Technical College Sys Fing Rev 6% 8/1/2054 (Assured Guaranty Ltd Insured)  | 555000 | 599741 |
| University Houston TX Univ Rev Series 2017 A, 5% 2/15/2036  | 365000 | 368274 |
| University North Tex Univ Rev Series 2017 A, 5% 4/15/2032  | 255000 | 262578 |
| University TX Perm Univ Fd Series 2016 B, 5% 7/1/2029  | 300000 | 305964 |
| University TX Perm Univ Fd Series 2022A, 4% 7/1/2042  | 1300000 | 1200139 |
|  |  | 45187301 |
| Electric Utilities - 0.3% |  |  |
| City of Greenville TX Electric System Revenue Series 2024, 5.25% 2/15/2049 (Build America Mutual Assurance Co Insured)  | 2200000 | 2270635 |
| Garland Tex Elec Util Sys Rev 4% 3/1/2046  | 100000 | 87955 |
| Garland Tex Elec Util Sys Rev 4% 3/1/2051  | 125000 | 105859 |
| Garland Tex Elec Util Sys Rev Series 2023, 4.25% 3/1/2048 (Assured Guaranty Ltd Insured)  | 1655000 | 1518969 |
| Harris Cnty Houston Tex Sports Auth Rev Series SR LIEN 2001G, 0% 11/15/2041 (j) | 1000000 | 390998 |
| Harris Cnty Tex Cultural Ed Facs Fin Corp Thermal Util Rev Series 2017, 5% 11/15/2031  | 195000 | 201213 |
| Harris Cnty Tex Cultural Ed Facs Fin Corp Thermal Util Rev Series 2017, 5% 11/15/2033  | 1940000 | 1989923 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2026  | 890000 | 906050 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2027  | 1060000 | 1100263 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) 5% 5/15/2028  | 145000 | 152988 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2033  | 250000 | 258816 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2035  | 120000 | 123396 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2043  | 95000 | 95560 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2018, 5% 5/15/2048  | 110000 | 108913 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2020 A, 5% 5/15/2050  | 3125000 | 3127375 |
| Lower Colorado River Authority (Lcra Transmission Services Corp Proj.) Series 2024, 5.25% 5/15/2054 (Assured Guaranty Municipal Corp Insured)  | 2530000 | 2595260 |
| Lower Colorado River Authority Series 2015D, 5% 5/15/2028  | 270000 | 270315 |
| Lower Colorado River Authority Series 2023, 5.5% 5/15/2048 (Assured Guaranty Ltd Insured)  | 1000000 | 1043153 |
| Lower Colorado River Authority Series 2025, 5% 5/15/2050  | 1000000 | 1003377 |
| Lower Colorado River Authority Series B, 5% 5/15/2030  | 250000 | 250262 |
| Lower Colorado River Authority Series B, 5% 5/15/2031  | 400000 | 400396 |
| Lubbock TX Elec Lt & Pwr Sys Rev Series 2021, 4% 4/15/2046  | 1350000 | 1176544 |
| Matagorda Cnty TX Nav Dist No1 (AEP Texas Central Co Proj.) Series 2001A, 2.6% 11/1/2029  | 1205000 | 1145252 |
| San Antonio TX Elec & Gas Rev 1.75% tender 2/1/2049 (c) | 690000 | 682752 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2032  | 70000 | 72302 |
| San Antonio TX Elec & Gas Rev 5% 2/1/2034  | 85000 | 87363 |
| San Antonio TX Elec & Gas Rev 5.718% 2/1/2041  | 2000000 | 2004672 |
| San Antonio TX Elec & Gas Rev Series 2024 B, 5% 2/1/2043  | 2710000 | 2794884 |
| San Antonio TX Elec & Gas Rev Series 2024D, 5.25% 2/1/2054  | 1710000 | 1765525 |
| Texas Mun Gas Acquisition & Supply Corp II Gas Supply Rev Series 2012C, 3.7% 9/15/2027 (c) | 5650000 | 5652341 |
| Texas Mun Pwr Agy Rv Series 2021, 2% 9/1/2037 (Assured Guaranty Ltd Insured)  | 1670000 | 1224671 |
| Texas Mun Pwr Agy Rv Series 2021, 3% 9/1/2034 (Assured Guaranty Municipal Corp Insured)  | 1000000 | 914177 |
|  |  | 35522159 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Central TX Regl Mobility Auth Rev Series A, 5% 1/1/2031 (Pre-refunded to 7/1/2025 at 100)  | 55000 | 55086 |
| El Paso Tex Gen. Oblig. Series 2016, 4% 8/15/2042 (Pre-refunded to 8/15/2026 at 100)  | 20000 | 20237 |
| Pearland Tex Indpt Sch Dist Series 2016, 5.25% 2/15/2032 (Pre-refunded to 2/15/2026 at 100)  | 135000 | 136978 |
|  |  | 212301 |
| General Obligations - 1.5% |  |  |
| Aldine TX Indpt Sch Dist Series 2024, 4% 2/15/2054  | 1325000 | 1145780 |
| Anna Tex Indpt Sch Dist Series 2023, 4.125% 2/15/2053  | 205000 | 181932 |
| Austin Tex Gen. Oblig. Series 2022, 5% 9/1/2025  | 5635000 | 5661949 |
| Austin TX Cmnty College Dist Gen. Oblig. 5.25% 8/1/2053  | 4000000 | 4140381 |
| Bastrop Tex Indpt Sch Dist Series 2023, 5% 2/15/2053 (Permanent Sch Fund of Texas Guaranteed)  | 250000 | 253996 |
| Belton TX Isd Series 2022, 4% 2/15/2052  | 605000 | 521961 |
| Bexar Cnty TX Gen. Oblig. Series 2016, 3% 6/15/2041  | 625000 | 499207 |
| Bexar Cnty TX Hosp Dist Gen. Oblig. Series 2023, 5% 2/15/2041  | 1400000 | 1446418 |
| Bexar Cnty TX Hosp Dist Gen. Oblig. Series 2023, 5% 2/15/2042  | 1000000 | 1027613 |
| Bexar Cnty TX Hosp Dist Gen. Oblig. Series 2023, 5% 2/15/2048  | 1000000 | 1012571 |
| Boerne TX Isd Series 2023, 3.125% tender 2/1/2053 (Permanent Sch Fund of Texas Guaranteed) (c) | 2200000 | 2191109 |
| Brazos Cnty Tex Gen. Oblig. Series 2020, 2.125% 9/1/2040  | 1100000 | 730691 |
| Brock TX Indpt Sch Dist Series 2023, 4% 8/15/2048  | 2025000 | 1810665 |
| Bryan TX (Bryan Tex Proj.) Gen. Oblig. 2.125% 8/15/2034  | 525000 | 432830 |
| Cedar Park TX Gen. Oblig. 1.125% 2/15/2032  | 1570000 | 1245841 |
| Celina Tex Gen. Oblig. Series 2021, 1.75% 9/1/2035  | 3340000 | 2504440 |
| Chambers Cnty TX Justice Ctr Pub Facs Corp Lease Rev Series 2024, 5.5% 6/1/2055  | 3020000 | 3113312 |
| City of Waco TX Gen. Oblig. 2.375% 2/1/2038  | 1000000 | 770211 |
| City of Waco TX Gen. Oblig. Series 2020, 2.375% 2/1/2040  | 1020000 | 736830 |
| College of the Mainland Gen. Oblig. Series 2020, 4% 8/15/2044  | 475000 | 424832 |
| Comal Tex Indpt Sch Dist 3% 2/15/2039 (Permanent Sch Fund of Texas Guaranteed)  | 1840000 | 1582754 |
| Comal Tex Indpt Sch Dist Series 2022, 3% 2/1/2040  | 2500000 | 2043562 |
| Conroe TX Isd Series 2022, 3% 2/15/2041  | 5000000 | 4042028 |
| Crowley Independent School District Series 2023, 5.25% 2/1/2053 (Permanent Sch Fund of Texas Guaranteed)  | 3505000 | 3628038 |
| Cypress-Fairbanks TX Isd Series 2023, 4% 2/15/2048 (Permanent Sch Fund of Texas Guaranteed)  | 545000 | 487959 |
| Dallas TX Gen. Oblig. Series 2024C, 5% 2/15/2040  | 5640000 | 5927392 |
| Dallas TX ISD 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 1205000 | 1313724 |
| Dallas TX ISD 5% 2/15/2030 (Permanent Sch Fund of Texas Guaranteed)  | 1145000 | 1248311 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2039  | 1705000 | 1842200 |
| Denton Cnty TX Gen. Oblig. Series 2025, 5% 7/15/2042  | 1595000 | 1684983 |
| Denton Independent School District Series 2016, 3% 8/15/2028  | 1000000 | 992593 |
| Denton Independent School District Series 2020, 1.8% 8/15/2037  | 1250000 | 894281 |
| Denton Independent School District Series 2023, 5% 8/15/2048 (Permanent Sch Fund of Texas Guaranteed)  | 5250000 | 5374533 |
| Denton Independent School District Series 2023, 5% 8/15/2053 (Permanent Sch Fund of Texas Guaranteed)  | 2500000 | 2549615 |
| Denton TX Gen. Oblig. Series 2020, 2% 2/15/2037  | 2215000 | 1641563 |
| Ector County Hospital District Gen. Oblig. Series 2020, 5% 9/15/2025  | 90000 | 90150 |
| Ector County Hospital District Gen. Oblig. Series 2020, 5% 9/15/2026  | 135000 | 136386 |
| Ector County Hospital District Gen. Oblig. Series 2020, 5% 9/15/2027  | 210000 | 214014 |
| Ector County Hospital District Gen. Oblig. Series 2020, 5% 9/15/2028  | 225000 | 230861 |
| Ector County Hospital District Gen. Oblig. Series 2020, 5% 9/15/2029  | 145000 | 149340 |
| Ector County Hospital District Gen. Oblig. Series 2020, 5% 9/15/2030  | 170000 | 175786 |
| Ector County Hospital District Gen. Oblig. Series 2020, 5% 9/15/2031  | 230000 | 236615 |
| El Paso Independent School District Series 2020, 5% 8/15/2025 (Permanent Sch Fund of Texas Guaranteed)  | 530000 | 532021 |
| El Paso Independent School District Series 2020, 5% 8/15/2026 (Permanent Sch Fund of Texas Guaranteed)  | 920000 | 943065 |
| El Paso Tex Gen. Oblig. Series 2016, 4% 8/15/2042  | 1870000 | 1720356 |
| Elgin Tex Gen. Oblig. Series 2021, 4% 7/15/2032 (Assured Guaranty Ltd Insured)  | 45000 | 46009 |
| Elgin Tex Gen. Oblig. Series 2021, 4% 7/15/2034 (Assured Guaranty Ltd Insured)  | 85000 | 85548 |
| Forney TX Indpt Sch Dis Series 2019, 5% 2/15/2049  | 395000 | 395974 |
| Fort Bend TX Indpt Sch Dist Series 2021 B, 0.72% tender 8/1/2051 (Permanent Sch Fund of Texas Guaranteed) (c) | 1210000 | 1164706 |
| Fort Bend TX Indpt Sch Dist Series 2024B, 4% tender 8/1/2054 (Permanent Sch Fund of Texas Guaranteed) (c) | 2500000 | 2537274 |
| Fort Worth Tex Indpt Sch Dist Series 2019 A, 2.375% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed)  | 365000 | 323582 |
| Fort Worth TX Gen. Oblig. Series 2021, 2% 3/1/2038  | 1475000 | 1060748 |
| Fort Worth TX Gen. Oblig. Series 2021, 2% 3/1/2041  | 1000000 | 639567 |
| Fredericksburg Tex Indpt Sch Dist Series 2022, 4% 2/15/2052  | 1080000 | 943791 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 5% 10/1/2028  | 1200000 | 1281468 |
| Harris Cnty TX Flood Ctl Dist (Harris Cnty TX Proj.) Gen. Oblig. Series 2021 A, 5% 10/1/2029  | 1200000 | 1299813 |
| Harris Cnty TX Gen. Oblig. 0% 8/15/2025 (National Public Finance Guarantee Corporation Insured) (j) | 365000 | 362506 |
| Harris Cnty TX Gen. Oblig. 0% 8/15/2028 (National Public Finance Guarantee Corporation Insured) (j) | 605000 | 543875 |
| Harris County Hospital District Gen. Oblig. 5.5% 2/15/2050  | 1500000 | 1577791 |
| Hays TX Cons Indpt Schl Dist Series 2022, 4% 2/15/2047 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1352783 |
| Houston TX Gen. Oblig. 4.125% 3/1/2051  | 1500000 | 1307800 |
| Houston TX Gen. Oblig. 5% 3/1/2028  | 905000 | 933178 |
| Houston TX Gen. Oblig. 5% 3/1/2032  | 240000 | 246216 |
| Hurst Euless Bedford TX Ind Sch Dist Series 2024, 4% 8/15/2050 (Permanent Sch Fund of Texas Guaranteed)  | 2500000 | 2202892 |
| Joshua Tex Indpt Sch Dist Series 2024, 4% 8/15/2049  | 1800000 | 1599308 |
| Judson TX Indpt Sch Dist Series 2024, 4% 2/1/2053 (Permanent Sch Fund of Texas Guaranteed)  | 1500000 | 1304343 |
| Katy TX Ind Sch Dist Series 2021 D, 3% 2/15/2046 (Permanent Sch Fund of Texas Guaranteed)  | 2750000 | 2020135 |
| Lamar TX Isd Series 2023, 4% 2/15/2048  | 2095000 | 1823486 |
| Lamar TX Isd Series 2023, 4% 2/15/2053  | 1465000 | 1232044 |
| Lamar TX Isd Series 2023, 5.5% 2/15/2058  | 1500000 | 1565173 |
| Leander Independent School District Series 2025 A, 0% 8/15/2033 (Permanent Sch Fund of Texas Guaranteed) (j)(m) | 1000000 | 739328 |
| Leander Independent School District Series 2025 A, 0% 8/15/2035 (Permanent Sch Fund of Texas Guaranteed) (j)(m) | 1145000 | 769062 |
| Leander Independent School District Series 2025 A, 5% 8/15/2040 (Permanent Sch Fund of Texas Guaranteed) (m) | 1635000 | 1756490 |
| Longview Tex Indpt Sch Dist Series 2024, 4% 2/15/2049 (Permanent Sch Fund of Texas Guaranteed)  | 3000000 | 2670059 |
| Lubbock Cooper Tex Indpt Sch Dist Series 2023, 5% 2/15/2046  | 1175000 | 1208504 |
| Mansfield TX Gen. Oblig. 2.375% 2/15/2037  | 1450000 | 1177522 |
| Mansfield TX Indpt Sch Dist Series 2024, 4% 2/15/2049  | 1800000 | 1602035 |
| McKinney TX Gen. Oblig. 2.5% 8/15/2036  | 2130000 | 1780255 |
| Medina Valley Tex Indpt Sch Dist Series 2023, 4% 2/15/2053 (Permanent Sch Fund of Texas Guaranteed)  | 7000000 | 6080058 |
| Midland TX Indpt Sch Dist Series 2024, 5% 2/15/2047  | 1250000 | 1283859 |
| New Caney TX Indpt Sch Dist New Series 2023, 5% 2/15/2048  | 1000000 | 1027303 |
| Northside TX Indpt Sch Dist Series 2018, 3.35% 8/15/2036  | 1340000 | 1250966 |
| Northside TX Indpt Sch Dist Series 2018, 3.45% 8/15/2037  | 750000 | 696869 |
| Pampa TX Indpt Sch Dist Series 2024, 4.125% 8/15/2058  | 590000 | 515778 |
| Pasadena TX Indpt Sch Dist Series 2015B, 3.23% tender 2/15/2044 (Permanent Sch Fund of Texas Guaranteed) (c) | 2525000 | 2520627 |
| Pearland Tex Indpt Sch Dist Series 2016, 5.25% 2/15/2032  | 665000 | 673918 |
| Rockwall Tex Indpt Sch Dist Series 2023, 4% 2/15/2053  | 590000 | 510046 |
| San Antonio TX Indpt Sch Dist Series 2019, 5% 8/15/2025  | 5400000 | 5420589 |
| San Antonio TX Indpt Sch Dist Series 2022, 5% 8/15/2052 (Permanent Sch Fund of Texas Guaranteed)  | 1285000 | 1304875 |
| Spring Branch Tex Indp Sch Dst Series 2022, 5% 2/1/2042 (Permanent Sch Fund of Texas Guaranteed)  | 2250000 | 2352026 |
| Tarrant Cnty Tex Hosp Dist Gen. Oblig. Series 2023, 4.25% 8/15/2053  | 1160000 | 1019866 |
| Texas Mun Gas Acquisition & Supply Corp I Gas Supply Rev 6.25% 12/15/2026 (Merrill Lynch & Co Inc Guaranteed)  | 3575000 | 3662143 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023A, 5.5% tender 1/1/2054 (BP PLC Guaranteed) (c) | 1500000 | 1584872 |
| Texas Mun Gas Acquisition & Supply Corp IV Gas Supply Rev Series 2023B, 5.5% tender 1/1/2054 (BP PLC Guaranteed) (c) | 7670000 | 8383828 |
| Texas Municipal Gas Acquisition & Supply Corp III Series 2021, 5% 12/15/2025 (Macquarie Group Ltd Guaranteed)  | 595000 | 598214 |
| Texas Municipal Gas Acquisition & Supply Corp III Series 2021, 5% 12/15/2026 (Macquarie Group Ltd Guaranteed)  | 1155000 | 1174298 |
| Texas Municipal Gas Acquisition & Supply Corp III Series 2021, 5% 12/15/2028 (Macquarie Group Ltd Guaranteed)  | 250000 | 259105 |
| Texas Municipal Gas Acquisition & Supply Corp III Series 2021, 5% 12/15/2031 (Macquarie Group Ltd Guaranteed)  | 815000 | 855269 |
| Texas Municipal Gas Acquisition & Supply Corp III Series 2021, 5% 12/15/2032 (Macquarie Group Ltd Guaranteed)  | 1780000 | 1869254 |
| Texas State Gen. Oblig. Series 2013 B, 4% 8/1/2026 (i) | 2000000 | 2001511 |
| Texas State Gen. Oblig. Series 2016, 5.5% 8/1/2032 (i) | 1130000 | 1152056 |
| Texas State Gen. Oblig. Series 2023A, 4.125% 8/1/2046 (i) | 5000000 | 4454978 |
| Tomball TX Indpt Sch Dist 5% 2/15/2048  | 250000 | 257131 |
| Upper Brushy Creek Wtr Ctl & Impt Dist Tex Gen. Oblig. Series 2022, 3% 8/15/2047  | 250000 | 183866 |
| Waller TX Indpt Sch Dist Series 2020, 3% 2/15/2040  | 750000 | 608269 |
| Waller TX Indpt Sch Dist Series 2020, 3% 2/15/2041  | 1460000 | 1159571 |
| Weatherford Tex Indpt Sch Dist 0% 2/15/2033 (Permanent Sch Fund of Texas Guaranteed) (Pre-refunded to 2/15/2033 at 100) (j) | 850000 | 644786 |
| White Settlement TX Indpt Sch Dist Series 2022, 4% 8/15/2052  | 540000 | 471272 |
| Wylie Tex Indpt Sch Dist Collin Cnty Series 2024, 5.25% 8/15/2054 (Permanent Sch Fund of Texas Guaranteed)  | 4500000 | 4683252 |
|  |  | 167748419 |
| Health Care - 0.5% |  |  |
| Bexar CO TX Health Fac Dev Crp Series 2016, 4% 7/15/2036  | 645000 | 572100 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital (Guadalupe Regional Med Center Proj.) Series 2015, 5% 12/1/2028  | 195000 | 195311 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital (Guadalupe Regional Med Center Proj.) Series 2015, 5% 12/1/2029  | 500000 | 500645 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital (Guadalupe Regional Med Center Proj.) Series 2015, 5% 12/1/2030  | 240000 | 240244 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital (Guadalupe Regional Med Center Proj.) Series 2015, 5% 12/1/2040  | 965000 | 909906 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital (Guadalupe Regional Med Center Proj.) Series 2015, 5% 12/1/2045  | 935000 | 863999 |
| Board of Managers Joint Guadalupe County-City of Seguin Hospital (Guadalupe Regional Med Center Proj.) Series 2015, 5.25% 12/1/2035  | 290000 | 290196 |
| El Paso Cty TX Hospital Series 2024, 4.25% 2/15/2054  | 260000 | 230562 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) 5% tender 7/1/2054 (c) | 750000 | 795305 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) Series 2016 A, 5% 7/1/2039  | 5000000 | 5025059 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) Series 2022A, 4.125% 7/1/2052  | 2125000 | 1784266 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Memorial Hermann Hosp System Proj.) Series 2022A, 5% 7/1/2052  | 1000000 | 993882 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Methodist Healthcare Sys, Tx Proj.) Series 2020B, 3% 12/1/2059 VRDN (c) | 9900000 | 9900000 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Childrens Hospital, TX Proj.) Series 2015 1, 5% 10/1/2029  | 160000 | 160798 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev (Texas Childrens Hospital, TX Proj.) Series 2021 A, 4% 10/1/2042  | 2410000 | 2178941 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev Series 2013 A, 5% 1/1/2038  | 70000 | 70001 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev Series 2013 A, 5% 1/1/2043  | 70000 | 67312 |
| Harris Cnty TX Cultural Ed Facs Fin Corp Rev Series 2013 B, 6.375% 1/1/2033  | 45000 | 45074 |
| Harris Cnty TX Health Facs Rev (Methodist Healthcare Sys, Tx Proj.) 3% 12/1/2041 VRDN (c) | 3300000 | 3300000 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2028  | 55000 | 55750 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2030  | 230000 | 232722 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2032  | 120000 | 121154 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2033  | 60000 | 60480 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2034  | 95000 | 95613 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2037  | 140000 | 140143 |
| Irving TX Hosp Auth Hosp Rev Series 2017A, 5% 10/15/2044  | 330000 | 319700 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2027  | 90000 | 93575 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2028  | 85000 | 88134 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev (Childrens Med Ctr of Dallas Proj.) Series 2017A, 5% 8/15/2029  | 245000 | 253696 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev (Presbyterian Village North Proj.) Series 2018, 5% 10/1/2039  | 210000 | 191403 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev (Presbyterian Village North Proj.) Series 2018, 5.25% 10/1/2049  | 1365000 | 1198033 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series 2018 A, 5.5% 7/1/2054  | 1760000 | 1225913 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series 2018, 5% 10/1/2031  | 140000 | 137117 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series 2018, 5% 10/1/2032  | 65000 | 63246 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series 2018, 5% 10/1/2033  | 220000 | 212794 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series 2018, 5% 10/1/2034  | 140000 | 134426 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series 2018, 5% 10/1/2035  | 295000 | 280618 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series 2021B, 2% 11/15/2061 (g)(k) | 1371206 | 478350 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series A, 5.375% 11/15/2036  | 70000 | 60767 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series A, 5.5% 11/15/2046  | 140000 | 109416 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series A, 5.5% 11/15/2052  | 140000 | 104350 |
| New Hope Cultural Ed Facs Fin Corp Tex Sr Living Rev Series 2019 A 1, 5% 12/1/2039  | 455000 | 434423 |
| New Hope Cultural Ed Facs Fin Corp Tex Sr Living Rev Series 2021 A 1, 5.5% 1/1/2057  | 1000000 | 917320 |
| New Hope Cultural Ed Facs Fin Corp Tex Sr Living Rev Series A 1, 5% 7/1/2046  | 30000 | 27075 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev (Buckner Retirement Proj.) Series A, 5% 11/15/2037  | 675000 | 675509 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev (Buckner Retirement Proj.) Series B, 5% 11/15/2040  | 1665000 | 1620200 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev (Buckner Retirement Proj.) Series B, 5% 11/15/2046  | 810000 | 750684 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev (Lifespace Proj.) Series 2015, 5% 11/15/2030  | 245000 | 245297 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev Series 2015, 5% 11/15/2035  | 290000 | 290033 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev Series 2015A, 5% 11/15/2045 (f)(g) | 1881800 | 188 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev Series 2017 A, 6.625% 11/15/2037  | 260000 | 266752 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev Series 2017, 5.25% 11/15/2047 (f)(g) | 228532 | 23 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev Series 2024, 5.75% 12/1/2054  | 2195834 | 1832379 |
| Tarrant Cnty Tex Cultural Ed Facs Fin Corp Retirement Fac Rev Series A, 5% 11/15/2028  | 170000 | 171855 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 2.8% 11/15/2050, LOC TD Bank NA VRDN (c) | 500000 | 500000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) 5% 11/15/2051  | 2625000 | 2608371 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Baylor Scott & White Health Proj.) Series 2024A, 2.8% 11/15/2050 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 4500000 | 4500000 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Cook Childrens Medical Center Proj.) 4.125% 12/1/2054  | 1250000 | 1050996 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 4% 10/1/2041  | 480000 | 441389 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 4% 10/1/2042  | 80000 | 73089 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 4% 10/1/2047  | 1085000 | 930419 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 4% 10/1/2052  | 190000 | 157222 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 5% 10/1/2036  | 35000 | 37417 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Hosp Rev (Methodist Hospitals of Dallas Proj.) 5% 10/1/2040  | 180000 | 186252 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev Series 2022 A, 4% 7/1/2053  | 2455000 | 2015452 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev Series 2022 A, 5% tender 7/1/2053 (c) | 1100000 | 1156472 |
| Woodloch Health Facs Dev Corp Tex Sr Hsg Rev Series A 1, 6.75% 12/1/2051 (f)(g)(h) | 450115 | 0 |
| Woodloch Health Facs Dev Corp Tex Sr Hsg Rev Series B, 10% 12/1/2051 (f)(g) | 205000 | 0 |
|  |  | 54669818 |
| Housing - 0.1% |  |  |
| Dallas Tex Hsg Fin Corp Multi Family Hsg Rev Series 10FN Class PT, 4.35% 10/1/2041  | 760000 | 738048 |
| New Hope Cultural Ed Facs Fin Corp Tex Cap Impt Rev Series 2018A 1, 5% 7/1/2058 (Assured Guaranty Ltd Insured)  | 800000 | 757534 |
| New Hope Cultural Education Facilities Corp Series 2020 A, 5% 7/1/2057  | 1405000 | 909289 |
| Tarrant County Housing Finance Corp Series 2022, 2.587% 3/1/2041  | 999267 | 710595 |
| Texas Dept Hsg & Cmnty Affrs Res Mtg Rev (TX Residential Mortgage Proj.) Series 2023B, 6% 1/1/2054  | 2885000 | 3126868 |
| Texas St Affrdble Hsg Corp Single Family Mtg Rev 5.5% 9/1/2053  | 3630000 | 3804739 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) 3.5% 3/1/2051  | 615000 | 608198 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) 6% 3/1/2053  | 1980000 | 2135378 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) Series 2019 A, 4% 3/1/2050  | 565000 | 566738 |
| Texas St Dept Hsg & Cmnty Sfr (TX Single Family Mortgage Proj.) Series 2022 A, 5.5% 9/1/2052  | 1195000 | 1255554 |
|  |  | 14612941 |
| Industrial Development - 0.1% |  |  |
| Calhoun Cnty Tex Navigation Indl Dev Auth Fac Rev Series 2021 A, 3.625% 7/1/2026 (h)(i) | 650000 | 621806 |
| Calhoun Cnty Tex Navigation Indl Dev Auth Fac Rev Series 2021 B, 6.5% 7/1/2026 (h) | 550000 | 540566 |
| Fort Bend Cnty TX Indl Dev Corp (NRG Energy Inc Proj.) Series 2012 B, 4.75% 11/1/2042  | 705000 | 673699 |
| Gulf Coast TX Ida Sld Wst Rev (CITGO Petroleum Corp Proj.) Series 1998, 8% 4/1/2028 (i) | 1205000 | 1206292 |
| Matagorda Cnty TX Nav Dist No1 Series 2008 2, 4% 6/1/2030  | 845000 | 845029 |
| Mission Tex Economic Dev Corp Rev Series 2018, 4.625% 10/1/2031 (h)(i) | 5065000 | 5054374 |
| Mission TX Economic Dev Corp Solid Waste Disp Rev Series 2025, 5% tender 12/1/2064 (c)(i) | 2815000 | 2874910 |
| Port Beaumont Tex Indl Dev Auth Fac Rev Series 2021 B, 4.1% 1/1/2028 (h) | 4000000 | 3649224 |
| Port of Beaumont Navigation District Series 2021 A, 2.75% 1/1/2036 (h)(i) | 100000 | 81801 |
| Port of Beaumont Navigation District Series 2021 A, 3% 1/1/2050 (h)(i) | 985000 | 634248 |
| Port of Beaumont Navigation District Series 2024 B, 10% 7/1/2026 (h) | 490000 | 501351 |
| Port of Beaumont Navigation District Series 2024A, 5% 1/1/2039 (h)(i) | 750000 | 724790 |
| Port of Beaumont Navigation District Series 2024A, 5.125% 1/1/2044 (h)(i) | 275000 | 260083 |
|  |  | 17668173 |
| Lease Revenue - 0.1% |  |  |
| Austin Tex Convention Enterprises Inc Convention Center Series A, 5% 1/1/2028  | 125000 | 125884 |
| Austin Tex Convention Enterprises Inc Convention Center Series A, 5% 1/1/2029  | 150000 | 150973 |
| Austin Tex Convention Enterprises Inc Convention Center Series A, 5% 1/1/2030  | 390000 | 392114 |
| Austin Tex Convention Enterprises Inc Convention Center Series A, 5% 1/1/2031  | 630000 | 632954 |
| Austin Tex Convention Enterprises Inc Convention Center Series A, 5% 1/1/2032  | 470000 | 471747 |
| Austin Tex Convention Enterprises Inc Convention Center Series A, 5% 1/1/2034  | 885000 | 885873 |
| Austin Tex Convention Enterprises Inc Convention Center Series B, 5% 1/1/2032  | 315000 | 315222 |
| Austin Tex Convention Enterprises Inc Convention Center Series B, 5% 1/1/2034  | 490000 | 485548 |
| Conroe Local Government Corp Series 2021 A, 2.5% 10/1/2031  | 115000 | 99170 |
| Conroe Local Government Corp Series 2021 A, 4% 10/1/2050  | 540000 | 400570 |
| Conroe Local Government Corp Series 2021B, 3.5% 10/1/2031 (h) | 45000 | 37525 |
| Conroe Local Government Corp Series 2021B, 5% 10/1/2050 (h) | 390000 | 288354 |
| Conroe TX Loc Gov Corp Hotel Rev Series 2021 C, 4% 10/1/2046  | 70000 | 60445 |
| Texas State Gen. Oblig. 5.5% 8/1/2029 (i) | 2985000 | 3048059 |
|  |  | 7394438 |
| Other - 0.5% |  |  |
| Castleberry TX Isd Series 2024B, 4% 2/15/2049  | 1200000 | 1068023 |
| Cedar Port Nav & Impt Dist Tex Gen. Oblig. Series 2023, 4.5% 9/1/2048  | 1245000 | 1145066 |
| Cedar Port Nav & Impt Dist Tex Gen. Oblig. Series 2023, 4.5% 9/1/2052  | 505000 | 458342 |
| Celina Tex Spl Assmt Rev 4.375% 9/1/2031 (h) | 150000 | 148571 |
| Celina Tex Spl Assmt Rev 5.125% 9/1/2044 (h) | 340000 | 315276 |
| Celina Tex Spl Assmt Rev 5.375% 9/1/2053 (h) | 250000 | 228099 |
| Celina Tex Spl Assmt Rev 5.5% 9/1/2045 (h) | 300000 | 289723 |
| Celina Tex Spl Assmt Rev 5.625% 9/1/2055 (h) | 600000 | 565258 |
| City of Irving TX Series 2019, 5% 8/15/2038  | 50000 | 49373 |
| City of Irving TX Series 2019, 5% 8/15/2043  | 90000 | 84078 |
| City of Pflugerville TX Meadowlark Preserve Public Improvement District 5.125% 9/1/2045 (h) | 600000 | 554779 |
| City of Pflugerville TX Meadowlark Preserve Public Improvement District 5.375% 9/1/2055 (h) | 850000 | 789180 |
| County of Denton TX 5.625% 12/31/2055 (h) | 1120000 | 1085269 |
| County of Denton TX 5.875% 12/31/2045 (h) | 475000 | 461613 |
| County of Denton TX 6.125% 12/31/2055 (h) | 750000 | 725990 |
| East Montgomery Cnty Mun Util Dist No 3 TX Gen. Oblig. 4.375% 8/15/2045  | 1325000 | 1238731 |
| Elgin TX Indpt Sch Dist Series 2024, 4% 8/1/2049  | 4200000 | 3732692 |
| Ep Cimarron Ventanas Pfc Residential Dev Rev Tex Series 2024, 4.125% 12/1/2039  | 535000 | 499035 |
| Ep Essential Housing Wf Pfc 4.25% 12/1/2034  | 2685000 | 2637617 |
| Ep LA Privada Pfc 4.5% 6/1/2040  | 1320000 | 1267465 |
| Friendswood Tex 7% 9/15/2054  | 675000 | 648554 |
| Galveston Cnty Tex Mun Util Dist No 56 Gen. Oblig. 4.5% 6/1/2044 (Assured Guaranty Ltd Insured)  | 1550000 | 1488557 |
| Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2041 (Assured Guaranty Ltd Insured) (j) | 190000 | 84288 |
| Harris Cnty Houston Tex Sports Auth Rev Series A, 0% 11/15/2046 (Assured Guaranty Ltd Insured) (j) | 880000 | 287699 |
| Harris County Hospital District Gen. Oblig. Series 2025, 5% 2/15/2043  | 2825000 | 2926377 |
| Harris County Hospital District Gen. Oblig. Series 2025, 5% 2/15/2044  | 2875000 | 2962985 |
| Kaufman Cnty Tex Fresh Wtr Supply Dist No 4a Gen. Oblig. Series 2022, 4.5% 9/1/2045  | 1575000 | 1496867 |
| Lakes Fresh Wtr Supply Dist Denton Cnty Tex Gen. Oblig. Series 2023, 4% 9/1/2048  | 1350000 | 1182010 |
| Lavon Tex Spl Assmt Rev 5% 9/15/2044 (h) | 429000 | 411225 |
| Lavon Tex Spl Assmt Rev 5.375% 9/15/2052 (h) | 391000 | 369757 |
| Melissa Tex Indpt Sch Dist Series 2024, 4% 2/1/2054  | 1750000 | 1513579 |
| Mesquite Housing Finance Corp/The Series 2024A, 4.53% 2/1/2044  | 963212 | 933609 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev 4.625% 10/1/2030  | 1070000 | 1064409 |
| New Hope Cultural Ed Facs Fin Corp Tex Retirement Fac Rev Series 2025, 5% 11/1/2060  | 715000 | 648948 |
| New Hope Cultural Education Facilities Corp 5% 4/1/2046  | 2200000 | 2162797 |
| Newark Higher Ed Fin Corp Tex Rev 5.25% 8/15/2060  | 855000 | 874936 |
| Northlake Tex Mun Mgmt Dist No2 Gen. Oblig. Series 2022, 4.125% 3/1/2048 (Assured Guaranty Ltd Insured)  | 1340000 | 1134161 |
| Northlake Tex Mun Mgmt Dist No2 Gen. Oblig. Series 2022, 4.25% 3/1/2046 (Assured Guaranty Ltd Insured)  | 1230000 | 1084759 |
| Peaster Tex Indpt Sch Dist 3% 8/15/2051  | 710000 | 477592 |
| Pflugerville TX Gen. Oblig. Series 2023, 4% 8/1/2049  | 815000 | 710563 |
| Plano Independent School District Series 2025, 5% 2/15/2036  | 2000000 | 2214455 |
| Princeton Tex Spl Assmt Rev 5% 9/1/2044 (h) | 600000 | 556935 |
| San Antonio Tex Hsg Tr Pub Faccorp Multifamily Tax Exempt Bonds Series 2024A, 4.43% 4/1/2043  | 2160000 | 2069990 |
| Seagoville Tex Spl Assmt Rev 6.25% 9/15/2054 (h) | 1000000 | 941795 |
| Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev Series 2024, 5% 10/1/2049  | 380000 | 364360 |
| Texas Municipal Gas Acquisition & Supply Corp V 5% tender 1/1/2055 (c) | 11900000 | 12526052 |
| Texas St Pub Fin Auth Rev 88277p Series 2023, 5.25% 5/1/2036  | 500000 | 531997 |
| Texas St Pub Fin Auth Rev 88277p Series 2023, 5.25% 5/1/2037  | 230000 | 242581 |
| Whitesboro Tex Indpt Sch Dist Series 2024, 4% 2/15/2054  | 2000000 | 1729479 |
|  |  | 60985496 |
| Resource Recovery - 0.0% |  |  |
| Mission TX Economic Dev Corp Solid Waste Disp Rev (Waste Management Inc Del Proj.) Series 2020 A, 3.75% tender 5/1/2046 (c)(i) | 2275000 | 2274934 |
| Special Tax - 0.2% |  |  |
| Arlington Tex Spl Tax Rev Series 2018 A, 5% 2/15/2043 (Assured Guaranty Ltd Insured)  | 2085000 | 2099312 |
| Arlington Tex Spl Tax Rev Series 2018 A, 5% 2/15/2048 (Assured Guaranty Ltd Insured)  | 1760000 | 1769164 |
| Austin Tex Convention Enterprises Inc Convention Center Series A, 5% 1/1/2033  | 440000 | 441055 |
| Austin Tex Convention Enterprises Inc Convention Center Series B, 5% 1/1/2026  | 410000 | 410252 |
| Austin Tex Convention Enterprises Inc Convention Center Series B, 5% 1/1/2028  | 135000 | 135546 |
| Austin Tex Convention Enterprises Inc Convention Center Series B, 5% 1/1/2029  | 160000 | 160554 |
| Austin Tex Convention Enterprises Inc Convention Center Series B, 5% 1/1/2030  | 95000 | 95228 |
| City of Dallas TX Hotel Occupancy Tax Revenue Series 2021, 4% 8/15/2029  | 435000 | 435939 |
| City of Dallas TX Hotel Occupancy Tax Revenue Series 2021, 4% 8/15/2031  | 245000 | 245200 |
| City of Dallas TX Hotel Occupancy Tax Revenue Series 2021, 4% 8/15/2032  | 200000 | 199925 |
| City of Dallas TX Hotel Occupancy Tax Revenue Series 2021, 4% 8/15/2033  | 200000 | 197961 |
| City of Dallas TX Hotel Occupancy Tax Revenue Series 2021, 4% 8/15/2036  | 625000 | 596364 |
| City of Dallas TX Hotel Occupancy Tax Revenue Series 2021, 4% 8/15/2038  | 500000 | 463686 |
| Dallas Tex Spl Tax Rev Series 2023, 6.25% tender 8/15/2053 (c)(h) | 1580000 | 1580470 |
| Dallas TX Rapid Transit Sales Tax Rev Series 2020 A, 5% 12/1/2045  | 80000 | 81716 |
| East Montgomery Cnty Impt Dist Sales Tax Rev Tex Series 2024, 5.25% 8/15/2049  | 4260000 | 4433813 |
| Elgin Tex Gen. Oblig. Series 2021, 4% 7/15/2033 (Assured Guaranty Ltd Insured)  | 50000 | 50703 |
| Elgin Tex Gen. Oblig. Series 2021, 4% 7/15/2036 (Assured Guaranty Ltd Insured)  | 70000 | 68724 |
| Elgin Tex Gen. Oblig. Series 2021, 4% 7/15/2038 (Assured Guaranty Ltd Insured)  | 120000 | 112282 |
| Harris Cnty Houston Tex Sports Auth Rev Series 2024 B, 5% 11/15/2043  | 200000 | 204935 |
| Harris Cnty Houston Tex Sports Auth Rev Series 2024 B, 5% 11/15/2044  | 725000 | 739188 |
| Harris County Houston Texas Sports Authority 0% 11/15/2038 (National Public Finance Guarantee Corporation Insured) (j) | 1200000 | 574362 |
| Hidalgo Cnty Tex Regl Mobility Auth Toll & Veh Reg Fee Rev Series 2022 A, 4% 12/1/2041  | 195000 | 172832 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2014, 5% 9/1/2031  | 250000 | 250270 |
| Houston TX Hotel Occ Tx & Spl Rev Series 2019, 5% 9/1/2033  | 50000 | 51864 |
| Port Arthur TX Gen. Oblig. Series 2021, 4% 2/15/2039  | 60000 | 56678 |
| Port Arthur TX Gen. Oblig. Series 2021, 4% 2/15/2040  | 70000 | 65132 |
| Port Arthur TX Gen. Oblig. Series 2021, 4% 2/15/2041  | 70000 | 64469 |
| Temple Tex Tax Increment Series 2021 A, 4% 8/1/2037  | 40000 | 38127 |
| Temple Tex Tax Increment Series 2021 A, 4% 8/1/2038  | 35000 | 32695 |
| Temple Tex Tax Increment Series 2021 A, 4% 8/1/2041  | 40000 | 35949 |
| Texas Pub Fin Auth Lease Rev Series 2019, 4% 2/1/2038  | 1205000 | 1153403 |
| Texas Transn Commn Gen. Oblig. Series 2014 B, 0.65% tender 10/1/2041 (Texas State Guaranteed) (c) | 7715000 | 7489932 |
| Via Metropolitan Transit Advanced Transportation District Series 2024, 4% 8/1/2054  | 2000000 | 1696580 |
|  |  | 26204310 |
| Transportation - 1.3% |  |  |
| Austin Tex Airport Sys 5% 11/15/2026 (i) | 1625000 | 1627098 |
| Austin Tex Airport Sys 5% 11/15/2027 (i) | 150000 | 150041 |
| Austin Tex Airport Sys 5% 11/15/2028 (i) | 185000 | 185050 |
| Austin Tex Airport Sys 5% 11/15/2044 (i) | 2050000 | 2009577 |
| Austin Tex Airport Sys Series 2014, 5% 11/15/2039 (i) | 1685000 | 1679424 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2028 (i) | 120000 | 121994 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2030 (i) | 185000 | 187633 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2032 (i) | 150000 | 151506 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2035 (i) | 150000 | 150773 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2036 (i) | 255000 | 255914 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2037 (i) | 175000 | 175304 |
| Austin Tex Airport Sys Series 2017 B, 5% 11/15/2041 (i) | 705000 | 696961 |
| Austin Tex Airport Sys Series 2019 B, 5% 11/15/2032 (i) | 1700000 | 1766679 |
| Austin Tex Airport Sys Series 2019 B, 5% 11/15/2036 (i) | 1150000 | 1173877 |
| Austin Tex Airport Sys Series 2019 B, 5% 11/15/2044 (i) | 845000 | 828337 |
| Austin Tex Airport Sys Series 2022, 5% 11/15/2039 (i) | 1260000 | 1286505 |
| Austin Tex Airport Sys Series 2022, 5% 11/15/2052 (i) | 825000 | 806961 |
| Austin Tex Airport Sys Series 2022, 5.25% 11/15/2047 (i) | 1815000 | 1834211 |
| Central Texas Turnpike Series 2020A, 5% 8/15/2039  | 1750000 | 1816006 |
| Central Texas Turnpike Series 2024 B, 5% tender 8/15/2042 (c) | 1000000 | 1052042 |
| Central Texas Turnpike Series 2024 C, 5% 8/15/2031  | 1500000 | 1642302 |
| Central Texas Turnpike Series 2024 C, 5% 8/15/2042  | 3100000 | 3202363 |
| Central TX Regl Mobility Auth Rev 4% 1/1/2051  | 1205000 | 1048450 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2027  | 2780000 | 2807392 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2030  | 65000 | 69916 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2032  | 80000 | 86535 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2039  | 85000 | 88387 |
| Central TX Regl Mobility Auth Rev 5% 1/1/2046  | 2775000 | 2801782 |
| Central TX Regl Mobility Auth Rev Series 2016, 4% 1/1/2041  | 250000 | 228698 |
| Central TX Regl Mobility Auth Rev Series 2020 A, 5% 1/1/2049  | 220000 | 221016 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2034  | 20000 | 20215 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2035  | 15000 | 15067 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2036  | 15000 | 14936 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2037  | 20000 | 19703 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2038  | 30000 | 29132 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2039  | 40000 | 38096 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 4% 1/1/2040  | 15000 | 14026 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2027  | 15000 | 15436 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2028  | 15000 | 15700 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2029  | 55000 | 58384 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2030  | 25000 | 26891 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2031  | 15000 | 16065 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2032  | 15000 | 16022 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2033  | 20000 | 21243 |
| Central TX Regl Mobility Auth Rev Series 2020 B, 5% 1/1/2045  | 100000 | 101036 |
| Central TX Regl Mobility Auth Rev Series 2020G, 4% 1/1/2045  | 1070000 | 940423 |
| Central TX Regl Mobility Auth Rev Series A, 5% 1/1/2028  | 325000 | 325478 |
| City of Houston TX Airport System Revenue 4% 7/1/2037 (i) | 420000 | 403780 |
| City of Houston TX Airport System Revenue 4% 7/1/2039 (i) | 1000000 | 932063 |
| City of Houston TX Airport System Revenue 4% 7/1/2041 (i) | 480000 | 434138 |
| City of Houston TX Airport System Revenue Series 2018 A, 5% 7/1/2036 (i) | 325000 | 328716 |
| City of Houston TX Airport System Revenue Series 2018 A, 5% 7/1/2037 (i) | 630000 | 635057 |
| City of Houston TX Airport System Revenue Series 2018 A, 5% 7/1/2041 (i) | 3080000 | 3045346 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2029 (i) | 245000 | 254182 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2030 (i) | 260000 | 269270 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2031 (i) | 1070000 | 1103388 |
| City of Houston TX Airport System Revenue Series 2018 C, 5% 7/1/2032 (i) | 1315000 | 1351058 |
| City of Houston TX Airport System Revenue Series 2018, 5% 7/15/2028 (i) | 1785000 | 1792395 |
| City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2029  | 105000 | 110026 |
| City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2030  | 140000 | 146444 |
| City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2031  | 125000 | 130562 |
| City of Houston TX Airport System Revenue Series 2018D, 5% 7/1/2032  | 110000 | 114635 |
| City of Houston TX Airport System Revenue Series 2020 B 2, 5% 7/15/2027 (i) | 190000 | 190632 |
| City of Houston TX Airport System Revenue Series 2020A, 5% 7/1/2027 (i) | 140000 | 140461 |
| City of Houston TX Airport System Revenue Series 2021 B 1, 4% 7/15/2041 (i) | 2310000 | 2000712 |
| City of Houston TX Airport System Revenue Series 2021A, 4% 7/1/2041 (i) | 1495000 | 1295161 |
| City of Houston TX Airport System Revenue Series 2023A, 5.25% 7/1/2043 (Assured Guaranty Ltd Insured) (i) | 3050000 | 3133723 |
| City of Houston TX Airport System Revenue Series 2023A, 5.25% 7/1/2053 (Assured Guaranty Municipal Corp Insured) (i) | 1770000 | 1788356 |
| City of Houston TX Airport System Revenue Series 2024B, 5.25% 7/15/2034 (i) | 325000 | 332784 |
| City of Houston TX Airport System Revenue Series 2024B, 5.5% 7/15/2037 (i) | 2100000 | 2160365 |
| City of Houston TX Airport System Revenue Series 2024B, 5.5% 7/15/2039 (i) | 3700000 | 3787632 |
| City of Houston TX Airport System Revenue Series B 1, 5% 7/15/2030 (i) | 995000 | 994929 |
| City of Houston TX Airport System Revenue Series B 1, 5% 7/15/2035 (i) | 2085000 | 2078317 |
| Dallas Fort Worth International Airport Series 2020 A, 4% 11/1/2034  | 3550000 | 3600660 |
| Dallas Fort Worth International Airport Series 2020 B, 4% 11/1/2034  | 280000 | 283996 |
| Dallas Fort Worth International Airport Series 2020 B, 4% 11/1/2035  | 250000 | 249091 |
| Galveston TX Wharves & Terminal Revenue Series 2023, 5.25% 8/1/2038 (i) | 270000 | 277506 |
| Galveston TX Wharves & Terminal Revenue Series 2024 A, 5.25% 8/1/2036 (i) | 785000 | 822316 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2036  | 280000 | 287755 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2037  | 560000 | 573422 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2038  | 390000 | 397905 |
| Grand Parkway Transportation Corp (Grand Parkway Trans Corp Tela Proj.) Series 2018 A, 5% 10/1/2043  | 305000 | 308190 |
| Grand Parkway Transportation Corp Series 2013 B, 5.45% 10/1/2034 (k) | 1205000 | 1269433 |
| Grand Parkway Transportation Corp Series 2013 B, 5.85% 10/1/2047 (k) | 1480000 | 1540872 |
| Grand Parkway Transportation Corp Series 2020 C, 4% 10/1/2049  | 2600000 | 2267325 |
| Grand Parkway Transportation Corp Series 2020 C, 4% 10/1/2049  | 2160000 | 1854323 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2018 A, 5% 8/15/2033  | 110000 | 114292 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2018 A, 5% 8/15/2043  | 1445000 | 1459404 |
| Harris Cnty Tex Toll Rd Rev (Harris County Toll Road Auth Proj.) Series 2024 A, 4% 8/15/2049  | 3815000 | 3324966 |
| Hidalgo Cnty Tex Regl Mobility Auth Toll & Veh Reg Fee Rev Series 2022 A, 4% 12/1/2038  | 1000000 | 931290 |
| Hidalgo Cnty Tex Regl Mobility Auth Toll & Veh Reg Fee Rev Series 2022 A, 4% 12/1/2039  | 500000 | 459322 |
| Hidalgo Cnty Tex Regl Mobility Auth Toll & Veh Reg Fee Rev Series 2022 A, 4% 12/1/2040  | 85000 | 76707 |
| Love Field Arpt Modernization Corp Tex Spl Facs Rev (Southwest Airlines Co Proj.) 5% 11/1/2028 (i) | 675000 | 675049 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2026 (i) | 120000 | 120747 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2027 (i) | 260000 | 260453 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2028 (i) | 405000 | 405692 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2029 (i) | 245000 | 245417 |
| Love Field TX Arpt Mod Rev Series 2015, 5% 11/1/2032 (i) | 450000 | 450651 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2025 (i) | 120000 | 120693 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2026 (i) | 120000 | 122525 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2027 (i) | 120000 | 122008 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2028 (i) | 210000 | 213403 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2029 (i) | 150000 | 152302 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2030 (i) | 120000 | 121747 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2031 (i) | 270000 | 273333 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2032 (i) | 315000 | 318092 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2033 (i) | 290000 | 292474 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2034 (i) | 120000 | 120864 |
| Love Field TX Arpt Mod Rev Series 2017, 5% 11/1/2036 (i) | 170000 | 170717 |
| Montgomery County Toll Road Authority Series 2018, 5% 9/15/2032  | 105000 | 105365 |
| Montgomery County Toll Road Authority Series 2018, 5% 9/15/2033  | 105000 | 105337 |
| Montgomery County Toll Road Authority Series 2018, 5% 9/15/2034  | 110000 | 110326 |
| Montgomery County Toll Road Authority Series 2018, 5% 9/15/2035  | 280000 | 280744 |
| Montgomery County Toll Road Authority Series 2018, 5% 9/15/2036  | 415000 | 415982 |
| Montgomery County Toll Road Authority Series 2018, 5% 9/15/2038  | 305000 | 305483 |
| Montgomery County Toll Road Authority Series 2018, 5% 9/15/2043  | 905000 | 905629 |
| Montgomery County Toll Road Authority Series 2018, 5% 9/15/2048  | 1595000 | 1594846 |
| North East Texas Regional Mobility Authority Series B, 5% 1/1/2046  | 250000 | 243409 |
| North TX Twy Auth Rev 0% 1/1/2029 (Assured Guaranty Inc Insured) (j) | 845000 | 747418 |
| North TX Twy Auth Rev 0% 1/1/2035 (Assured Guaranty Inc Insured) (j) | 6810000 | 4667827 |
| North TX Twy Auth Rev 4% 1/1/2033  | 130000 | 130322 |
| North TX Twy Auth Rev 4% 1/1/2039  | 1205000 | 1133220 |
| North TX Twy Auth Rev 5% 1/1/2030  | 70000 | 70566 |
| North TX Twy Auth Rev 5% 1/1/2030  | 50000 | 50493 |
| North TX Twy Auth Rev 5% 1/1/2031  | 120000 | 121132 |
| North TX Twy Auth Rev 5% 1/1/2031  | 90000 | 90678 |
| North TX Twy Auth Rev 5% 1/1/2033  | 145000 | 148393 |
| North TX Twy Auth Rev 5% 1/1/2033  | 85000 | 86881 |
| North TX Twy Auth Rev 5% 1/1/2034  | 365000 | 405683 |
| North TX Twy Auth Rev 5% 1/1/2034  | 240000 | 245195 |
| North TX Twy Auth Rev 5% 1/1/2035  | 345000 | 351890 |
| North TX Twy Auth Rev 5% 1/1/2035  | 30000 | 30907 |
| North TX Twy Auth Rev 5% 1/1/2036  | 150000 | 150957 |
| North TX Twy Auth Rev 5% 1/1/2037  | 1740000 | 1767611 |
| North TX Twy Auth Rev Series 2016 A, 5% 1/1/2039  | 800000 | 802964 |
| North TX Twy Auth Rev Series 2018, 4% 1/1/2037  | 1500000 | 1430998 |
| North TX Twy Auth Rev Series 2018, 4% 1/1/2038  | 3205000 | 3002689 |
| North TX Twy Auth Rev Series 2021 B, 3% 1/1/2046  | 700000 | 514661 |
| North TX Twy Auth Rev Series 2021 B, 3% 1/1/2051  | 1585000 | 1096856 |
| North TX Twy Auth Rev Series 2022A, 4.125% 1/1/2039  | 750000 | 737707 |
| North TX Twy Auth Rev Series 2022A, 4.125% 1/1/2040  | 1500000 | 1448787 |
| North TX Twy Auth Rev Series 2022A, 5% 1/1/2040  | 2900000 | 3022412 |
| North TX Twy Auth Rev Series 2022A, 5.25% 1/1/2038  | 1300000 | 1394871 |
| North TX Twy Auth Rev Series 2024A, 5% 1/1/2041  | 4655000 | 4874715 |
| North TX Twy Auth Rev Series 2024A, 5.25% 1/1/2044  | 645000 | 676589 |
| North TX Twy Auth Rev Series 2024B, 5% 1/1/2037  | 2855000 | 3100193 |
| North TX Twy Auth Rev Series A, 5% 1/1/2039  | 4225000 | 4296078 |
| Port of Beaumont Navigation District Series 2020A, 3.625% 1/1/2035 (h)(i) | 2170000 | 1964080 |
| Port of Beaumont Navigation District Series 2020A, 4% 1/1/2050 (h)(i) | 1080000 | 837096 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2035  | 880000 | 854119 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2036  | 115000 | 109822 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2037  | 225000 | 211793 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2038  | 125000 | 116152 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 12/31/2039  | 110000 | 100917 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2035  | 270000 | 263538 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2036  | 555000 | 533572 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2037  | 410000 | 389435 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2038  | 135000 | 126324 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2039  | 1270000 | 1174071 |
| Texas Private Activity Bd Surface Transn Corp Rev (Lbj Infrastructure Group LLC Proj.) 4% 6/30/2040  | 1060000 | 967981 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2019, 5% 6/30/2058 (i) | 8045000 | 7653866 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5% 12/31/2034 (i) | 530000 | 548435 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5% 6/30/2034 (i) | 450000 | 466927 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.125% 12/31/2035 (i) | 380000 | 394346 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.125% 6/30/2035 (i) | 455000 | 473523 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.5% 6/30/2040 (i) | 1000000 | 1026085 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.5% 6/30/2041 (i) | 1000000 | 1023696 |
| Texas Private Activity Bd Surface Transn Corp Rev (Nte Mobility Partners Segments 3 LLC Proj.) Series 2023, 5.5% 6/30/2042 (i) | 3775000 | 3854376 |
| Texas Private Activity Bd Surface Transn Corp Rev Series 2019 A, 4% 12/31/2038  | 1000000 | 944587 |
| Texas Private Activity Bd Surface Transn Corp Rev Series 2023, 5.5% 12/31/2058 (i) | 5405000 | 5537108 |
| Texas Transportation Commission 0% 8/1/2037 (j) | 95000 | 54725 |
| Texas Transportation Commission 0% 8/1/2038 (j) | 70000 | 37734 |
| Texas Transportation Commission 0% 8/1/2039 (j) | 80000 | 40581 |
| Texas Transportation Commission 0% 8/1/2040 (j) | 80000 | 37965 |
| Texas Transportation Commission 0% 8/1/2041 (j) | 95000 | 42148 |
| Texas Transportation Commission Series 2019A, 0% 8/1/2042 (j) | 215000 | 89789 |
| Texas Transportation Commission Series 2019A, 0% 8/1/2043 (j) | 175000 | 68835 |
| Texas Transportation Commission Series 2019A, 5% 8/1/2057  | 875000 | 871690 |
|  |  | 156560791 |
| Water & Sewer - 0.3% |  |  |
| Dallas TX Wtrwks & Swr Sys Rev 5% 10/1/2042  | 1620000 | 1709393 |
| Dallas TX Wtrwks & Swr Sys Rev Series 2017, 5% 10/1/2046  | 3375000 | 3394801 |
| Fort Worth TX Wtr & Swr Rev Series 2020 A, 2% 2/15/2032  | 2000000 | 1734549 |
| Fort Worth TX Wtr & Swr Rev Series 2020 A, 2% 2/15/2039  | 3450000 | 2380661 |
| Greater Texoma Util Auth Tex Contrct Rev Series 2023 A, 4.375% 10/1/2053 (Build America Mutual Assurance Co Insured)  | 1000000 | 863755 |
| Greenville Tex Wtrwks & Swr Sys Rev Series 2024, 5% 2/15/2042 (Assured Guaranty Ltd Insured)  | 1210000 | 1254853 |
| Houston TX Util Sys Rev 4% 11/15/2043  | 2470000 | 2222928 |
| Houston TX Util Sys Rev 4% 11/15/2049  | 2470000 | 2109423 |
| Houston TX Util Sys Rev 5% 11/15/2045  | 2470000 | 2514959 |
| Houston TX Util Sys Rev Series 2014D, 5% 11/15/2044  | 725000 | 725466 |
| Houston TX Util Sys Rev Series 2021 A, 5% 11/15/2026  | 25000 | 25780 |
| Houston TX Util Sys Rev Series 2021 A, 5% 11/15/2028  | 100000 | 106734 |
| Laredo TX Wtrwks Swr Sys Rev Series 2024A, 5% 3/1/2039  | 1100000 | 1164946 |
| San Antonio TX Wtr Rev Series 2020 A, 5% 5/15/2050  | 1505000 | 1524581 |
| San Antonio TX Wtr Rev Series 2022B, 5.25% 5/15/2052  | 7250000 | 7466335 |
| Texas Wtr Dev Brd 5% 8/1/2030  | 705000 | 772366 |
| Texas Wtr Dev Brd Series 2018A, 4% 4/15/2048  | 1005000 | 879289 |
| Texas Wtr Dev Brd Series 2022, 5% 10/15/2047  | 1500000 | 1528768 |
| Texas Wtr Dev Brd Series 2023 A, 4.75% 10/15/2043  | 4000000 | 4041959 |
| Texas Wtr Dev Brd Series 2023 A, 5% 10/15/2058  | 1000000 | 1014559 |
| Texas Wtr Dev Brd Series 2023 A, 5.25% 10/15/2051  | 1500000 | 1558727 |
| West Harris Cnty TX Regl Wtr Series 2019, 4% 12/15/2049  | 905000 | 760606 |
|  |  | 39755438 |
| TOTAL TEXAS |  | 628796519 |
| Utah - 0.9%  |  |  |
| Education - 0.0% |  |  |
| University UT Univ Revs Series 2023 B, 5.25% 8/1/2053  | 1000000 | 1036020 |
| Utah St Brd Regents Rev 5.5% 4/1/2029 (National Public Finance Guarantee Corporation Insured)  | 2550000 | 2679041 |
| Utah St Charter Sch Fin Auth Charter Sch Rev 4% 4/15/2045  | 625000 | 543068 |
| Utah St Charter Sch Fin Auth Charter Sch Rev 4% 4/15/2050  | 250000 | 210328 |
| Utah St Charter Sch Fin Auth Charter Sch Rev Series 2017, 5% 4/15/2037  | 210000 | 211096 |
| Utah St Charter Sch Fin Auth Charter Sch Rev Series 2017, 5% 4/15/2042  | 1165000 | 1165416 |
| Utah St Charter Sch Fin Auth Charter Sch Rev Series 2017, 5% 4/15/2047  | 905000 | 891516 |
| Utah St Charter Sch Fin Auth Charter Sch Rev Series 2018, 5% 10/15/2043  | 275000 | 273624 |
| Utah St Charter Sch Fin Auth Charter Sch Rev Series 2018, 5% 10/15/2048  | 290000 | 282640 |
| Utah St Charter Sch Fin Auth Charter Sch Rev Series 2019A, 5% 4/15/2049  | 390000 | 380823 |
| Utah St Charter Sch Fin Auth Charter Sch Rev Series 2020A, 4% 10/15/2054  | 300000 | 240370 |
|  |  | 7913942 |
| Electric Utilities - 0.2% |  |  |
| Intermountain Pwr Agy UT Pwr Series 2022A, 5% 7/1/2034  | 1625000 | 1728656 |
| Intermountain Pwr Agy UT Pwr Series 2022A, 5% 7/1/2035  | 320000 | 338540 |
| Intermountain Pwr Agy UT Pwr Series 2022A, 5% 7/1/2043  | 1535000 | 1560395 |
| Intermountain Pwr Agy UT Pwr Series 2023 A, 5% 7/1/2042  | 985000 | 1008428 |
| Intermountain Pwr Agy UT Pwr Series 2023 A, 5.25% 7/1/2043  | 2500000 | 2592043 |
| Intermountain Pwr Agy UT Pwr Series 2023 A, 5.25% 7/1/2044  | 3750000 | 3870592 |
| Intermountain Pwr Agy UT Pwr Series 2023 A, 5.25% 7/1/2045  | 1750000 | 1797407 |
| Intermountain Pwr Agy UT Pwr Series 2024A, 5% 7/1/2044  | 2035000 | 2067376 |
| Utah Infrastructure Agy Telecommunication Rev 5% 10/15/2025  | 270000 | 271124 |
| Utah Infrastructure Agy Telecommunication Rev Series 2017A, 5% 10/15/2034  | 300000 | 305293 |
| Utah Infrastructure Agy Telecommunication Rev Series 2017A, 5% 10/15/2040  | 350000 | 350944 |
| Utah Infrastructure Agy Telecommunication Rev Series 2018 A, 5.375% 10/15/2040  | 350000 | 354471 |
| Utah Infrastructure Agy Telecommunication Rev Series 2019, 4% 10/15/2030  | 490000 | 490757 |
| Utah Infrastructure Agy Telecommunication Rev Series 2019, 4% 10/15/2034  | 240000 | 233445 |
| Utah Infrastructure Agy Telecommunication Rev Series 2019, 4% 10/15/2039  | 420000 | 383261 |
| Utah Infrastructure Agy Telecommunication Rev Series 2019, 4% 10/15/2042  | 250000 | 216594 |
| Utah Infrastructure Agy Telecommunication Rev Series 2021, 3% 10/15/2045  | 490000 | 338781 |
|  |  | 17908107 |
| General Obligations - 0.0% |  |  |
| Black Desert Public Infrastructure District Gen. Oblig. Series 2021 A, 4% 3/1/2051 (h) | 500000 | 387215 |
| Utah St 3.539% 7/1/2025  | 113170 | 113072 |
| Weber Sch Dist Utah 2.25% 6/15/2034  | 545000 | 452407 |
|  |  | 952694 |
| Health Care - 0.0% |  |  |
| Utah Cnty Utah Hosp Rev (IHC Health Services Inc Proj.) Series 2016B, 5% 5/15/2046  | 2500000 | 2483940 |
| Housing - 0.0% |  |  |
| UT Hsg Corp Multifamily Rev Series 2024 A, 4.69% 2/1/2045  | 1500000 | 1472070 |
| Utah Hsg Corp Series 2019 I(G2), 4% 9/21/2049  | 128245 | 120837 |
| Utah Hsg Corp Series 2019G(G2), 4.5% 7/21/2049  | 133046 | 129225 |
| Utah Hsg Corp Series 2019H (G2), 4.5% 8/21/2049  | 80814 | 78506 |
| Utah Hsg Corp Series 2020 B G2, 3.5% 2/21/2050  | 192450 | 168885 |
| Utah Hsg Corp Series 2021 I G2, 2.5% 8/21/2051  | 641716 | 519382 |
| Utah Hsg Corp Series 2021 J G2, 2.5% 9/21/2051  | 2474171 | 1945793 |
| Utah Hsg Corp Series 2021E(G2), 2% 4/21/2051  | 340875 | 271988 |
| Utah Hsg Corp Series 2022G G2, 5% 7/21/2052  | 664930 | 659015 |
| Utah Hsg Corp Series 2022H G2, 5% 8/21/2052  | 1038305 | 1031041 |
|  |  | 6396742 |
| Other - 0.1% |  |  |
| Black Desert Pub Infrastructure Dist Utah Spl Assmt 5.625% 12/1/2053 (h) | 3350000 | 3284155 |
| Firefly Pub Infrastructure Dist No 1 Utah Gen. Oblig. Series 2024A 1, 6.625% 3/1/2054 (h) | 500000 | 503996 |
| Firefly Pub Infrastructure Dist No 1 Utah Spl Assmt 5.625% 12/1/2043 (h) | 500000 | 486998 |
| Ogden City School District 1.75% 6/15/2035  | 500000 | 378932 |
| Skyridge Pegasus Infrastructure Financing District 5.25% 12/1/2044 (h) | 1316795 | 1237621 |
| Utah Infrastructure Agy Telecommunication Rev Series 2022, 5% 10/15/2046  | 460000 | 447279 |
| Utah Infrastructure Agy Telecommunication Rev Series 2023, 6% 10/15/2047  | 550000 | 583815 |
| Wakara Ridge Public Infrastructure District 5.625% 12/1/2054 (h) | 998876 | 991366 |
| Wood Ranch Pub Infrastructure Dist UT Spl Assmt 5.625% 12/1/2053 (h) | 1300000 | 1258566 |
|  |  | 9172728 |
| Special Tax - 0.1% |  |  |
| Mida Cormont Public Infrastructure District Gen. Oblig. Series 2025 A 2, 0% 6/1/2055 (h)(k) | 700000 | 565559 |
| Mida Cormont Public Infrastructure District Gen. Oblig. Series 2025A 1, 6.25% 6/1/2055 (h) | 575000 | 588144 |
| Mida Golf & Equestrian Ctr Pub Infrastructure Dist Utah Gen. Oblig. Series 2021, 4.5% 6/1/2051 (h) | 500000 | 399884 |
| Mida Mountain Veterans Program Public Infrastructure District Series 2024, 5.2% 6/1/2054 (h) | 500000 | 473389 |
| Mida Mountain Village Public Infrastructure District Series 2020A, 5% 8/1/2050 (h) | 250000 | 232943 |
| Mida Mountain Village Public Infrastructure District Series 2024 1, 5.125% 6/15/2054 (h) | 2750000 | 2551490 |
| Mida Mountain Village Public Infrastructure District Series 2024 2, 6% 6/15/2054 (h) | 1350000 | 1355437 |
| Military Installation Dev Auth Utah Tax Allocation Rev Series 2021 A 2, 4% 6/1/2052  | 1805000 | 1401489 |
| Military Installation Dev Auth Utah Tax Allocation Rev Series 2021A 1, 4% 6/1/2052  | 1075000 | 835922 |
| UIPA Crossroads Pub Infrastructure Dist UT Tax Differential Rev 4.125% 6/1/2041 (h) | 1000000 | 898100 |
| UIPA Crossroads Pub Infrastructure Dist UT Tax Differential Rev Series 2021, 4.375% 6/1/2052 (h) | 1520000 | 1300188 |
|  |  | 10602545 |
| Transportation - 0.5% |  |  |
| Salt Lake City UT Arpt Rev 4% 7/1/2041 (i) | 1250000 | 1130569 |
| Salt Lake City UT Arpt Rev 5% 7/1/2032 (i) | 1250000 | 1320767 |
| Salt Lake City UT Arpt Rev 5% 7/1/2046  | 470000 | 476848 |
| Salt Lake City UT Arpt Rev 5% 7/1/2051 (i) | 7000000 | 6843430 |
| Salt Lake City UT Arpt Rev 5% 7/1/2051  | 1880000 | 1889055 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2025 (i) | 245000 | 245292 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2027 (i) | 515000 | 530836 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2029 (i) | 450000 | 460234 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2030 (i) | 335000 | 342202 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2031 (i) | 640000 | 651817 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2033 (i) | 485000 | 491313 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2035 (i) | 485000 | 489399 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2036 (i) | 1810000 | 1822487 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2037 (i) | 2500000 | 2511377 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2042 (i) | 7980000 | 7868003 |
| Salt Lake City UT Arpt Rev Series 2017A, 5% 7/1/2047 (i) | 4860000 | 4766058 |
| Salt Lake City UT Arpt Rev Series 2017B, 5% 7/1/2034  | 90000 | 92172 |
| Salt Lake City UT Arpt Rev Series 2017B, 5% 7/1/2035  | 85000 | 86786 |
| Salt Lake City UT Arpt Rev Series 2017B, 5% 7/1/2036  | 85000 | 86260 |
| Salt Lake City UT Arpt Rev Series 2017B, 5% 7/1/2037  | 55000 | 55685 |
| Salt Lake City UT Arpt Rev Series 2017B, 5% 7/1/2047  | 380000 | 377613 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2033 (i) | 1170000 | 1198878 |
| Salt Lake City UT Arpt Rev Series 2018A, 5% 7/1/2043 (i) | 1000000 | 986502 |
| Salt Lake City UT Arpt Rev Series 2018A, 5.25% 7/1/2048 (i) | 1250000 | 1252690 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2038 (i) | 1490000 | 1571817 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2039 (i) | 1375000 | 1442908 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2041 (i) | 2000000 | 2071399 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2043 (i) | 2500000 | 2560226 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2048 (i) | 2000000 | 2016688 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.25% 7/1/2053 (i) | 3500000 | 3538607 |
| Salt Lake City UT Arpt Rev Series 2023A, 5.5% 7/1/2053 (i) | 3350000 | 3441886 |
|  |  | 52619804 |
| TOTAL UTAH |  | 108050502 |
| Vermont - 0.1%  |  |  |
| Education - 0.1% |  |  |
| Univ of VT Agr College Series 2019 A, 5% 10/1/2049  | 600000 | 603201 |
| Vermont Edl & Hlth Bldgs Fin Agy (Champlain College Proj.) 5% 10/15/2041  | 695000 | 599746 |
| Vermont Edl & Hlth Bldgs Fin Agy (Champlain College Proj.) 5% 10/15/2046  | 845000 | 697262 |
| Vermont St Stud Assit Corp 2.375% 6/15/2039 (i) | 150000 | 139227 |
| Vermont St Stud Assit Corp 3.375% 6/15/2036 (i) | 795000 | 746505 |
| Vermont St Stud Assit Corp 5% 6/15/2028 (i) | 705000 | 724433 |
| Vermont St Stud Assit Corp 5% 6/15/2029 (i) | 105000 | 108490 |
| Vermont St Stud Assit Corp 5% 6/15/2031 (i) | 120000 | 124358 |
| Vermont St Stud Assit Corp Series 2018A, 3.625% 6/15/2029 (i) | 35000 | 34792 |
| Vermont St Stud Assit Corp Series 2018A, 3.75% 6/15/2030 (i) | 35000 | 34743 |
| Vermont St Stud Assit Corp Series 2018A, 4% 6/15/2033 (i) | 40000 | 39542 |
| Vermont St Stud Assit Corp Series 2018A, 4% 6/15/2034 (i) | 40000 | 39542 |
| Vermont St Stud Assit Corp Series 2018B, 4.375% 6/15/2046 (i) | 160000 | 135112 |
| Vermont St Stud Assit Corp Series 2019 A, 3% 6/15/2035 (i) | 930000 | 885521 |
| Vermont St Stud Assit Corp Series 2019 A, 5% 6/15/2027 (i) | 705000 | 719985 |
| Vermont St Stud Assit Corp Series 2019 A, 5% 6/15/2029 (i) | 1200000 | 1229114 |
| Vermont St Stud Assit Corp Series 2019 B, 4% 6/15/2047 (i) | 265000 | 210644 |
| Vermont St Stud Assit Corp Series 2022A, 4.375% 6/15/2040 (i) | 275000 | 263660 |
| Vermont St Stud Assit Corp Series 2024 A, 4% 6/15/2035 (i) | 430000 | 401433 |
| Vermont St Stud Assit Corp Series 2024 A, 5.25% 6/15/2034 (i) | 700000 | 732981 |
|  |  | 8470291 |
| Housing - 0.0% |  |  |
| Vermont Hsg Fin Agy (Vermont Hsg Purp Bond Prog 7/1/07 Proj.) 3.75% 11/1/2050  | 54000 | 53871 |
| Vermont Hsg Fin Agy (Vermont Hsg Purp Bond Prog 7/1/07 Proj.) Series 2021A, 3% 11/1/2051  | 747000 | 724097 |
| Vermont Hsg Fin Agy 6% 11/1/2053  | 661000 | 711726 |
|  |  | 1489694 |
| Other - 0.0% |  |  |
| Vermont Economic Dev Auth Solid Waste Disp Rev 4.375% tender 6/1/2052 (c)(h)(i) | 245000 | 239694 |
| Vermont Edl & Hlth Bldgs Fin Agy Series 2023, 5.25% 10/1/2052 (h) | 275000 | 217941 |
|  |  | 457635 |
| Resource Recovery - 0.0% |  |  |
| Vermont Economic Dev Auth Solid Waste Disp Rev Series 2013, 4.625% tender 4/1/2036 (c)(h)(i) | 220000 | 221278 |
| TOTAL VERMONT |  | 10638898 |
| Virgin Islands - 0.2%  |  |  |
| Special Tax - 0.2% |  |  |
| Matching Fund Special Purpose Securitization Corp Series 2022A, 5% 10/1/2025  | 75000 | 75281 |
| Matching Fund Special Purpose Securitization Corp Series 2022A, 5% 10/1/2026  | 365000 | 367825 |
| Matching Fund Special Purpose Securitization Corp Series 2022A, 5% 10/1/2030  | 3250000 | 3317910 |
| Matching Fund Special Purpose Securitization Corp Series 2022A, 5% 10/1/2032  | 4385000 | 4474087 |
| Matching Fund Special Purpose Securitization Corp Series 2022A, 5% 10/1/2039  | 13505000 | 12950357 |
| Virgin Islands Pub Fin Auth Gen. Oblig. Series 2012A, 5% 10/1/2032  | 500000 | 494563 |
| Virgin Islands Pub Fin Auth Gen. Oblig. Series 2014, 5% 10/1/2030 (h) | 600000 | 598749 |
| Virgin Islands Pub Fin Auth Gen. Oblig. Series 2014, 5% 10/1/2039 (h) | 300000 | 280297 |
| Virgin Islands Pub Fin Auth Gen. Oblig. Series 2014C, 5% 10/1/2039  | 1500000 | 1503547 |
|  |  | 24062616 |
| Transportation - 0.0% |  |  |
| Virgin Islands Pub Fin Auth Series 2015, 5% 9/1/2030 (h) | 300000 | 301360 |
| TOTAL VIRGIN ISLANDS |  | 24363976 |
| Virginia - 1.4%  |  |  |
| Education - 0.1% |  |  |
| Farmville VA Indl Dev Auth Edl Facs Rev (Longwood Housing Foundation LLC Proj.) Series 2020 A, 5% 1/1/2059  | 350000 | 302652 |
| Lynchburg VA Economic Dev Authrev Series 2018, 5% 9/1/2048  | 250000 | 234056 |
| Roanoke VA Economic Dev Auth Edl Facs Rev (Lynchburg College Proj.) Series 2018A, 5% 9/1/2027  | 30000 | 30536 |
| Roanoke VA Economic Dev Auth Edl Facs Rev Series 2018A, 4% 9/1/2048  | 300000 | 225334 |
| Salem Economic Development Authority (Roanoke College Proj.) 4% 4/1/2038  | 20000 | 18056 |
| Salem Economic Development Authority (Roanoke College Proj.) 4% 4/1/2039  | 15000 | 13328 |
| Salem Economic Development Authority (Roanoke College Proj.) 4% 4/1/2040  | 20000 | 17435 |
| Salem Economic Development Authority (Roanoke College Proj.) 4% 4/1/2045  | 50000 | 40579 |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2026  | 20000 | 20172 |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2027  | 20000 | 20456 |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2028  | 30000 | 30860 |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2029  | 35000 | 36252 |
| Salem Economic Development Authority (Roanoke College Proj.) 5% 4/1/2049  | 65000 | 59164 |
| Salem Economic Development Authority (Roanoke College Proj.) Series 2025, 5% 4/1/2040 (m) | 1000000 | 983990 |
| Virginia College Bldg Auth Edl (Marymount University Proj, VA Proj.) Series 2015A, 5% 7/1/2030 (h) | 665000 | 617764 |
| Virginia College Bldg Auth Edl (Marymount University Proj, VA Proj.) Series 2015A, 5% 7/1/2035 (h) | 200000 | 173763 |
| Virginia College Bldg Auth Edl (Marymount University Proj, VA Proj.) Series 2015A, 5% 7/1/2045 (h) | 440000 | 336479 |
| Virginia College Bldg Auth Edl (Marymount University Proj, VA Proj.) Series 2015B, 5% 7/1/2045 (h) | 1360000 | 1040028 |
| Virginia College Bldg Auth Edl (Marymount University Proj, VA Proj.) Series 2015B, 5.25% 7/1/2030 (h) | 380000 | 357045 |
| Virginia College Bldg Auth Edl (Marymount University Proj, VA Proj.) Series 2015B, 5.25% 7/1/2035 (h) | 405000 | 359164 |
| Virginia College Bldg Auth Edl Series 2015A, 5% 7/1/2025 (h) | 215000 | 214651 |
| Virginia College Bldg Auth VA Edl Facs Rev Pub Higher Ed Fing Prog 4% 9/1/2042  | 6375000 | 5888944 |
| Virginia Small Business Fing Auth Rev (Hampton Univ, VA Proj.) Series 2014, 5.25% 10/1/2029  | 130000 | 130210 |
| Williamsburg VA Economic Dev Auth Student Hsg Rev Series 2023A, 4.125% 7/1/2058 (Assured Guaranty Ltd Insured)  | 3100000 | 2725247 |
| Williamsburg VA Economic Dev Auth Student Hsg Rev Series 2023A, 5.25% 7/1/2053 (Assured Guaranty Ltd Insured)  | 205000 | 212355 |
|  |  | 14088520 |
| Electric Utilities - 0.0% |  |  |
| Louisa VA (Virginia Electric And Power Co Proj.) Series 2008B, 0.75% tender 11/1/2035 (c) | 885000 | 875572 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Greater Richmond Convention Ctr Auth VA Hotel Tax Rev Series 2015, 5% 6/15/2031 (Pre-refunded to 6/15/2025 at 100)  | 1370000 | 1370928 |
| Hampton Rds VA Transn Accountability Commn Rev Series 2018 A, 5.5% 7/1/2057 (Pre-refunded to 1/1/2028 at 100)  | 2965000 | 3160500 |
|  |  | 4531428 |
| General Obligations - 0.3% |  |  |
| Alexandria VA Gen. Oblig. Series 2021A, 1.875% 12/15/2037  | 4085000 | 2912238 |
| Alexandria VA Gen. Oblig. Series 2021A, 2% 12/15/2038  | 4160000 | 2956293 |
| Alexandria VA Gen. Oblig. Series 2021A, 2% 12/15/2039  | 605000 | 416160 |
| Alexandria VA Gen. Oblig. Series 2021A, 2% 12/15/2040  | 1000000 | 669032 |
| City of Chesapeake VA Gen. Oblig. Series 2020 A, 5% 8/1/2034  | 65000 | 70257 |
| City of Chesapeake VA Gen. Oblig. Series 2020 A, 5% 8/1/2035  | 75000 | 80565 |
| Fairfax Cnty VA Series 2022A, 2% 10/1/2041  | 7000000 | 4600371 |
| VA Port Auth Comwlth Port Rev (Virginia St Proj.) Series 2023 A, 5.25% 7/1/2048  | 500000 | 521852 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2015 D, 3% 2/1/2026  | 1000000 | 998903 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 4% 2/1/2034  | 4345000 | 4433470 |
| Virginia College Bldg Auth Edl (Virginia St Proj.) Series 2021 A, 4% 2/1/2035  | 6250000 | 6344244 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2032  | 130000 | 134935 |
| Virginia Comwlth Transn Brd Tr (Virginia St Proj.) 5% 5/15/2033  | 110000 | 113904 |
| Virginia Comwlth Transn Brd Tr Series 2019, 3% 5/15/2037  | 4000000 | 3470441 |
| Virginia St Pub Bldg Auth Pub (Virginia St Proj.) Series 2019A, 4% 8/1/2036  | 1625000 | 1619175 |
| Virginia St Pub Sch Auth Sch Fing (Virginia St Proj.) Series 2017 B, 2.25% 8/1/2029  | 1205000 | 1134480 |
|  |  | 30476320 |
| Health Care - 0.3% |  |  |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 3.75% 7/1/2050  | 1750000 | 1391852 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 4% 7/1/2038  | 205000 | 200426 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 4% 7/1/2045  | 1180000 | 1045805 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 5% 7/1/2027  | 240000 | 249142 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2020, 5% 7/1/2036  | 480000 | 502799 |
| Arlington Cnty VA Ida Hosp Fac (Virginia Hosp Ctr Arl Hlth Sys Proj.) Series 2023 A, 5% tender 7/1/2053 (c) | 4900000 | 5240570 |
| Fairfax Cnty VA Indl Dev Auth (Inova Health System Proj.) Series A, 5% 5/15/2031  | 590000 | 598966 |
| Henrico Cnty VA Eco Dev Auth Res Care Fac Rev Series 2022A, 5% 10/1/2047  | 575000 | 577890 |
| Henrico Cnty VA Eco Dev Auth Res Care Fac Rev Series 2022A, 5% 10/1/2052  | 1590000 | 1583157 |
| Isle of Wight County Economic Development Authority (Riverside Health System Proj.) Series 2023, 4.75% 7/1/2053 (Assured Guaranty Ltd Insured)  | 1500000 | 1441010 |
| Isle of Wight County Economic Development Authority (Riverside Health System Proj.) Series 2023, 5.25% 7/1/2053 (Assured Guaranty Municipal Corp Insured)  | 750000 | 758716 |
| Lynchburg Economic Development Authority (Centra Health Proj.) Series 2021, 3% 1/1/2051  | 1310000 | 889177 |
| Lynchburg Economic Development Authority (Centra Health Proj.) Series 2021, 4% 1/1/2055  | 1065000 | 850217 |
| Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2018 A, 5% tender 11/1/2048 (c) | 745000 | 786990 |
| Norfolk VA Economic Dev Auth Hosp Facs Rev (Sentara Hlth Sys Obl Group Proj.) Series 2018B, 4% 11/1/2048  | 2655000 | 2303239 |
| Norfolk VA Redev & Hsg Auth (Fort Norfolk Retirement Community Harbors Edge Proj.) 5% 1/1/2035  | 565000 | 553609 |
| Norfolk VA Redev & Hsg Auth (Fort Norfolk Retirement Community Harbors Edge Proj.) 5% 1/1/2046  | 725000 | 621115 |
| Norfolk VA Redev & Hsg Auth (Fort Norfolk Retirement Community Harbors Edge Proj.) 5.375% 1/1/2035  | 880000 | 880025 |
| Norfolk VA Redev & Hsg Auth (Fort Norfolk Retirement Community Harbors Edge Proj.) 5.375% 1/1/2046  | 600000 | 543104 |
| Norfolk VA Redev & Hsg Auth Series A, 5% 1/1/2049  | 455000 | 381160 |
| Roanoke VA Economic Dev Auth Hosp Rev (Carilion Health System Proj.) Series 2020 A, 3% 7/1/2045  | 1000000 | 752367 |
| Rockingham Cnty VA Economic Dev Auth Haelth Care Facs Rev (Sentara Hospital Proj.) Series 2021 A, 3% 11/1/2046  | 2755000 | 1931937 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 3% 6/15/2029  | 100000 | 97219 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 4% 6/15/2037  | 110000 | 103292 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2027  | 185000 | 188051 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2028  | 55000 | 55844 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2030  | 80000 | 81126 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2033  | 70000 | 70770 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2034  | 100000 | 100964 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2035  | 270000 | 272262 |
| Stafford Cnty VA Economic Dev Auth Hosp Facs Rev (Mary Washington Hospital,Va Proj.) Series 2016, 5% 6/15/2036  | 665000 | 669708 |
| Virginia Comwlth Univ Health Sys Auth Rev Series A, 4% 7/1/2040  | 2805000 | 2649839 |
| Virginia Small Business Fing Auth Healthcare Facs Rev (Mercy Health/OH Proj.) Series 2020A, 4% 12/1/2049  | 2460000 | 2073864 |
| Virginia Small Business Fing Auth Residential Care Fac Rev (Lifespire of VA Proj.) 5.5% 12/1/2054  | 300000 | 302291 |
| Virginia Small Business Fing Auth Residential Care Fac Rev Series 2017 C, 5% 6/1/2052  | 685000 | 618653 |
| Virginia Small Business Fing Auth Rev Series 2020A, 4% 1/1/2045  | 400000 | 338634 |
| Virginia Small Business Fing Auth Rev Series 2020A, 4% 1/1/2051  | 250000 | 199822 |
| Virginia Small Business Fing Auth Rev Series 2020A, 5% 1/1/2033  | 400000 | 416690 |
| Virginia Small Business Fing Auth Rev Series 2020A, 5% 1/1/2035  | 655000 | 676142 |
| Winchester Economic Development Authority (Valley Health Proj.) 5% 1/1/2034  | 185000 | 185964 |
| Winchester Economic Development Authority (Valley Health Proj.) 5% 1/1/2035  | 185000 | 185815 |
| Winchester Economic Development Authority (Valley Health Proj.) 5% 1/1/2044  | 260000 | 254933 |
|  |  | 33625156 |
| Housing - 0.0% |  |  |
| Fairfax Cnty VA Redev & Hsg Series 2019, 5% 10/1/2035  | 830000 | 864046 |
| Farmville VA Indl Dev Auth Edl Facs Rev Series 2018 A, 5% 1/1/2048  | 300000 | 271344 |
| Farmville VA Indl Dev Auth Edl Facs Rev Series 2018 A, 5% 1/1/2055  | 900000 | 787998 |
| Virginia St Hsg Dev Auth Mtg Series 2023 E SUB E 2, 4.6% 10/1/2054  | 4445000 | 4198556 |
|  |  | 6121944 |
| Industrial Development - 0.0% |  |  |
| Arlington Cnty VA Indl Dev Auth Rev Series 2017, 5% 2/15/2043  | 400000 | 403174 |
| Williamsburg VA Economic Dev Auth Dining Lease Rev Series 2023 B, 4.375% 7/1/2063  | 1025000 | 909810 |
|  |  | 1312984 |
| Other - 0.1% |  |  |
| Arlington Cnty VA Ida Hosp Fac 3.75% 7/1/2050  | 750000 | 606332 |
| James City Cnty VA Economic Dev Auth Residential Care Fac Rev Series 2024 C 1, 5.75% 12/1/2028  | 640000 | 640191 |
| Lynchburg VA Gen. Oblig. Series 2020, 2.375% 8/1/2039  | 1035000 | 767262 |
| Peninsula Town Ctr Cmnty Dev Auth VA Spl Oblig Series 2018, 4.5% 9/1/2045 (h) | 205000 | 177684 |
| Virginia Beach VA Dev Auth Residential Care Fac Rev Series 2023A, 5.75% 9/1/2033  | 2580000 | 2831775 |
| Virginia Beach VA Dev Auth Residential Care Fac Rev Series 2023A, 6.5% 9/1/2043  | 3145000 | 3422270 |
| Virginia Housing Development Authority 4.7% 7/1/2055  | 1300000 | 1229295 |
| Virginia St Hsg Dev Autho 4.65% 9/1/2055  | 550000 | 516905 |
| Virginia St Hsg Dev Autho 5.15% 11/1/2052  | 1350000 | 1362115 |
|  |  | 11553829 |
| Resource Recovery - 0.0% |  |  |
| Charles City Cnty VA Indl Dev Auth Solid Waste Disp Rev (Waste Management Inc Del Proj.) 1.45% tender 4/1/2027 (c)(i) | 85000 | 80694 |
| Tobacco Bonds - 0.0% |  |  |
| Tobacco Settlement Fing Corp V 5% 6/1/2047  | 1000000 | 863333 |
| Tobacco Settlement Fing Corp V 6.706% 6/1/2046  | 1080000 | 850526 |
| Tobacco Settlement Fing Corp V Series 2007C, 0% 6/1/2047 (j) | 6265000 | 1587251 |
|  |  | 3301110 |
| Transportation - 0.6% |  |  |
| Chesapeake Bay Brdg & Tunl Dis VA Rev Series 2016, 5% 7/1/2041 (Assured Guaranty Ltd Insured)  | 1265000 | 1271000 |
| Chesapeake Bay Brdg & Tunl Dis VA Rev Series 2016, 5% 7/1/2046  | 4380000 | 4318083 |
| Chesapeake Bay Brdg & Tunl Dis VA Rev Series 2016, 5% 7/1/2051  | 2535000 | 2467948 |
| Virginia Port Auth Port Fac Rev Series 2016 B, 5% 7/1/2041 (i) | 1530000 | 1507882 |
| Virginia Port Auth Port Fac Rev Series 2016 B, 5% 7/1/2045 (i) | 2345000 | 2266503 |
| Virginia Small Business Financing Authority (I-66 Express Mobility Partners LLC Proj.) Series 2017, 5% 12/31/2049 (i) | 1845000 | 1743883 |
| Virginia Small Business Financing Authority (I-66 Express Mobility Partners LLC Proj.) Series 2017, 5% 12/31/2052 (i) | 3390000 | 3160365 |
| Virginia Small Business Financing Authority (I-66 Express Mobility Partners LLC Proj.) Series 2017, 5% 12/31/2056 (i) | 3025000 | 2793736 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 1/1/2041 (i) | 215000 | 190807 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 1/1/2048 (i) | 9985000 | 8240039 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 4% 7/1/2039 (i) | 600000 | 548311 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 1/1/2036 (i) | 335000 | 344062 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 7/1/2032 (i) | 2300000 | 2405921 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 7/1/2033 (i) | 820000 | 853269 |
| Virginia Small Business Fing Auth Rev (95 Express Lanes LLC Proj.) Series 2022, 5% 7/1/2037 (i) | 365000 | 371455 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 3% 1/1/2041 (i) | 1000000 | 765986 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2035 (i) | 2635000 | 2530922 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2037 (i) | 4355000 | 4106318 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2038 (i) | 2935000 | 2733522 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2039 (i) | 1180000 | 1086441 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 1/1/2040 (i) | 4000000 | 3609971 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 7/1/2032 (i) | 785000 | 771139 |
| Virginia Small Business Fing Auth Rev (Elizabeth River Crossings Opco LLC Proj.) Series 2022, 4% 7/1/2035 (i) | 1740000 | 1663974 |
| Virginia Small Business Fing Auth Rev 5% 12/31/2047 (i) | 3485000 | 3494362 |
| Virginia Small Business Fing Auth Rev Series 2022, 5% 12/31/2042 (i) | 1000000 | 1005441 |
| Virginia Small Business Fing Auth Rev Series 2022, 5% 12/31/2052 (i) | 2490000 | 2457357 |
| Virginia Small Business Fing Auth Rev Series 2022, 5% 12/31/2057 (i) | 4015000 | 3893439 |
|  |  | 60602136 |
| Water & Sewer - 0.0% |  |  |
| Newport News VA Wtr Rev 2% 7/15/2040  | 3075000 | 2063228 |
| TOTAL VIRGINIA |  | 168632921 |
| Washington - 1.5%  |  |  |
| Education - 0.0% |  |  |
| Washington St Higher Ed Facs (Gonzaga University Proj.) 4% 4/1/2041  | 630000 | 576657 |
| Washington St Higher Ed Facs (Gonzaga University Proj.) Series 2019 A, 3% 4/1/2049  | 2180000 | 1515480 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2025  | 30000 | 30104 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2027  | 260000 | 262592 |
| Washington St Higher Ed Facs (Whitworth University Proj.) 5% 10/1/2028  | 270000 | 272465 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2016 A, 5% 10/1/2026  | 130000 | 131901 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2016 A, 5% 10/1/2034  | 185000 | 185283 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2016 A, 5% 10/1/2035  | 330000 | 330016 |
| Washington St Higher Ed Facs (Whitworth University Proj.) Series 2016 A, 5% 10/1/2036  | 415000 | 410995 |
| Washington St Hsg Fin Commn Nonprofit Rev (Seattle Academy Arts Sciences Proj.) Series 2023, 6.25% 7/1/2059 (h) | 2920000 | 3102135 |
|  |  | 6817628 |
| Electric Utilities - 0.0% |  |  |
| Chelan Cnty WA Pub Col River 0% 6/1/2028 (National Public Finance Guarantee Corporation Insured) (j) | 85000 | 76943 |
| Douglas Cnty WA Pub Util Dist No 1 Wells Series 2022B, 5% 9/1/2047  | 2000000 | 2048994 |
| Energy Norwthwest WA Elec Rev (Bonneville Power Administration Proj.) Series 2020 A, 5% 7/1/2037  | 700000 | 738810 |
| Energy Norwthwest WA Elec Rev Series 2020 A, 5% 7/1/2035 (Bonneville Power Administration Guaranteed)  | 750000 | 799796 |
| Energy Norwthwest WA Elec Rev Series 2021 A, 4% 7/1/2042 (Bonneville Power Administration Guaranteed)  | 2360000 | 2198484 |
| Pend Oreille Cnty Wash Pub Util Dist No 001 Box Canyon Series 2018, 5% 1/1/2048  | 300000 | 300758 |
| Tacoma WA Elec Sys Rev Series 2017, 5% 1/1/2037  | 55000 | 55965 |
| Tacoma WA Elec Sys Rev Series 2017, 5% 1/1/2038  | 55000 | 55889 |
|  |  | 6275639 |
| General Obligations - 0.4% |  |  |
| Adams County Public Hospital District No 2 Gen. Oblig. Series 2014, 5.125% 12/1/2044  | 375000 | 345488 |
| Fircrest Properties (State of Washington Proj.) Series 2024, 5.5% 6/1/2049  | 2500000 | 2634523 |
| Grays Hbr Cnty Wash Pub Hosp Dist No 2 Gen. Oblig. Series 2018, 5% 12/15/2033  | 400000 | 404177 |
| Grays Hbr Cnty Wash Pub Hosp Dist No 2 Gen. Oblig. Series 2018, 5% 12/15/2038  | 510000 | 501208 |
| Grays Hbr Cnty Wash Pub Hosp Dist No 2 Gen. Oblig. Series 2018, 5% 12/15/2048  | 985000 | 887615 |
| King County WA Gen. Oblig. Series 2017, 4% 7/1/2033  | 2500000 | 2519307 |
| State of Washington Gen. Oblig. Series 2017A, 5% 8/1/2027  | 55000 | 56210 |
| State of Washington Gen. Oblig. Series 2017D, 5% 2/1/2033  | 545000 | 558804 |
| State of Washington Gen. Oblig. Series 2017D, 5% 2/1/2035  | 30000 | 30667 |
| State of Washington Gen. Oblig. Series 2020C, 5% 2/1/2029  | 1035000 | 1113973 |
| State of Washington Gen. Oblig. Series 2021 C, 5% 2/1/2041  | 750000 | 779410 |
| State of Washington Gen. Oblig. Series 2021 C, 5% 2/1/2044  | 4435000 | 4555343 |
| State of Washington Gen. Oblig. Series 2021 F, 5% 6/1/2036  | 2675000 | 2869625 |
| State of Washington Gen. Oblig. Series 2022 A, 5% 8/1/2035  | 7700000 | 8336155 |
| State of Washington Gen. Oblig. Series 2022 A, 5% 8/1/2042  | 5000000 | 5182574 |
| State of Washington Gen. Oblig. Series 2022C, 5% 2/1/2047  | 6475000 | 6622937 |
| State of Washington Gen. Oblig. Series 2023A, 5% 8/1/2035  | 1500000 | 1641661 |
| State of Washington Gen. Oblig. Series 2024 A, 5% 8/1/2038  | 1140000 | 1225762 |
| State of Washington Gen. Oblig. Series 2024 A, 5% 8/1/2041  | 1150000 | 1210366 |
| State of Washington Gen. Oblig. Series 2024 D, 5% 6/1/2025  | 1920000 | 1920102 |
| State of Washington Gen. Oblig. Series 2024 D, 5% 6/1/2042  | 1230000 | 1286595 |
| State of Washington Gen. Oblig. Series R 2017A, 5% 8/1/2028  | 55000 | 56185 |
| State of Washington Gen. Oblig. Series R 2017A, 5% 8/1/2030  | 300000 | 306014 |
| State of Washington Gen. Oblig. Series R 2022 D, 4% 7/1/2036  | 2050000 | 2062855 |
| State of Washington Gen. Oblig. Series R 2022 D, 4% 7/1/2037  | 1425000 | 1414490 |
| Tacoma Wash Gen. Oblig. Series 2021 A, 3% 12/1/2035  | 1025000 | 909005 |
| Whidbey Island Wash Pub Hosp Dist Series 2013, 5.375% 12/1/2039  | 400000 | 365520 |
|  |  | 49796571 |
| Health Care - 0.4% |  |  |
| Jefferson Cnty Wash Pub Hosp Dist No 2 Hosp Rev Series 2023A, 6.875% 12/1/2053  | 1500000 | 1511044 |
| Skagit Cnty Wash Pub Hosp Dist No 1 Rev Series 2024, 5.5% 12/1/2041  | 500000 | 517104 |
| WA St Hsg Fin Commission (Humangood National Obligated Grp Proj.) 5% 7/1/2048 (h) | 295000 | 259981 |
| WA St Hsg Fin Commission Series 2018A, 5% 7/1/2048 (h) | 405000 | 277552 |
| WA St Hsg Fin Commission Series 2018A, 5% 7/1/2053 (h) | 100000 | 65677 |
| WA St Hsg Fin Commission Series 2019A, 5% 1/1/2055 (h) | 2350000 | 2006917 |
| WA St Hsg Fin Commission Series 2021 A, 4% 1/1/2041 (h) | 350000 | 267094 |
| WA St Hsg Fin Commission Series 2021 A, 4% 1/1/2051 (h) | 300000 | 194310 |
| WA St Hsg Fin Commission Series 2021 A, 4% 1/1/2057 (h) | 300000 | 184949 |
| WA St Hsg Fin Commission Series A, 5% 1/1/2046 (h) | 455000 | 405249 |
| WA St Hsg Fin Commission Series A, 5% 1/1/2051 (h) | 1735000 | 1505426 |
| WA St Hsg Fin Commission Series A, 7% 7/1/2045 (Pre-refunded to 7/1/2025 at 100) (h) | 1205000 | 1208028 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2025  | 15000 | 15044 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2026  | 15000 | 15296 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2027  | 105000 | 108946 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2029  | 125000 | 127159 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) 5% 8/15/2030  | 55000 | 55822 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2017, 4% 8/15/2042  | 3260000 | 2916533 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2017, 5% 8/15/2036  | 30000 | 29971 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2034  | 105000 | 109053 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 1, 5% 8/1/2037  | 55000 | 56198 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2035  | 160000 | 165346 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2039  | 65000 | 65807 |
| Washington St Health Care Facs Auth Rev (CommonSpirit Health Proj.) Series 2019 A 2, 5% 8/1/2044  | 500000 | 491943 |
| Washington St Health Care Facs Auth Rev (Commonspirit Health Proj.) Series 2019 B 2, 5% tender 8/1/2049 (c) | 965000 | 966434 |
| Washington St Health Care Facs Auth Rev (Commonspirit Health Proj.) Series 2019 B 3, 5% tender 8/1/2049 (c) | 6400000 | 6443731 |
| Washington St Health Care Facs Auth Rev (Fred Hutchinson Cancer Research Center Proj.) 5% 9/1/2038  | 130000 | 134318 |
| Washington St Health Care Facs Auth Rev (Fred Hutchinson Cancer Research Center Proj.) 5% 9/1/2045  | 1240000 | 1233648 |
| Washington St Health Care Facs Auth Rev (Fred Hutchinson Cancer Research Center Proj.) 5% 9/1/2050  | 530000 | 518267 |
| Washington St Health Care Facs Auth Rev (Fred Hutchinson Cancer Research Center Proj.) 5% 9/1/2055  | 3705000 | 3601053 |
| Washington St Health Care Facs Auth Rev (Multicare Health System, WA Proj.) Series 2017B, 4% 8/15/2041  | 215000 | 195045 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2025  | 100000 | 100049 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2027  | 185000 | 189312 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2028  | 230000 | 235882 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2029  | 115000 | 117623 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2030  | 105000 | 107235 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2031  | 180000 | 183604 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2032  | 245000 | 249429 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2033  | 345000 | 350444 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2034  | 230000 | 233156 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2035  | 130000 | 131483 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2036  | 125000 | 126153 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) 5% 7/1/2042  | 1715000 | 1680628 |
| Washington St Health Care Facs Auth Rev (Overlake Hospital Med Ctr, WA Proj.) Series 2017 A, 4% 7/1/2042  | 370000 | 330261 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) 5% 10/1/2025  | 625000 | 625357 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2030  | 65000 | 67118 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2031  | 85000 | 87319 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2032  | 60000 | 61455 |
| Washington St Health Care Facs Auth Rev (Providence Health Systems Proj.) Series 2018 B, 5% 10/1/2033  | 140000 | 143466 |
| Washington St Health Care Facs Auth Rev (Virginia Mason Medical Ctr WA Proj.) Series 2017, 5% 8/15/2037  | 365000 | 362850 |
| Washington St Health Care Facs Auth Rev Series 2019 A 1, 4% 8/1/2044  | 180000 | 156972 |
|  |  | 31192741 |
| Housing - 0.1% |  |  |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2021, 4% 12/1/2029  | 45000 | 45473 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2021, 4% 6/1/2026  | 400000 | 402674 |
| King Cnty Wash Hsg Auth Hsg Rev (King Cnty WA Mhsg Rev 2019 Proj.) Series 2021, 4% 6/1/2028  | 255000 | 258340 |
| Seattle Wash Hsg Auth Rev Series 2021, 1% 6/1/2026  | 1760000 | 1703797 |
| Washington St Hsg Fin Comm (Lihtc 2021-1 WA Proj.) Series 1 Class A, 3.5% 12/20/2035  | 4619712 | 4286480 |
| Washington St Hsg Fin Comm 2.65% 12/1/2040  | 1000000 | 748785 |
| Washington St Hsg Fin Comm Series 1 Class A, 3.375% 4/20/2037  | 3450561 | 3105993 |
|  |  | 10551542 |
| Industrial Development - 0.0% |  |  |
| Washington Economic Development Finance Authority Series 2020 A, 5.625% 12/1/2040 (h)(i) | 250000 | 249874 |
| Lease Revenue - 0.0% |  |  |
| State of Washington Gen. Oblig. 5% 6/1/2033  | 1000000 | 1127752 |
| State of Washington Gen. Oblig. Series 2025 C, 5% 2/1/2030  | 1500000 | 1639429 |
|  |  | 2767181 |
| Other - 0.2% |  |  |
| Everett Housing Authority/WA Series 2022, 4% 7/1/2037  | 2700000 | 2515983 |
| Grant Cnty Wash Pub Hosp Dist No 1 Gen. Oblig. Series 2023, 5.125% 12/1/2048  | 250000 | 243324 |
| Vancouver Housing Authority Series 2024B, 4.5% 10/1/2042  | 220000 | 213017 |
| WA St Hsg Fin Commission Series 2023A, 5% 7/1/2043  | 260000 | 260631 |
| WA St Hsg Fin Commission Series 2023A, 5% 7/1/2048  | 230000 | 225600 |
| Washington St Hsg Fin Commn Nonprofit Rev Series 2024, 5.5% 7/1/2049  | 1710000 | 1744524 |
| Washington St Hsg Fin Commn Nonprofit Rev Series 2024, 5.5% 7/1/2059  | 3660000 | 3703258 |
| Washington St Hsg Fin Commn Nonprofit Rev Series 2025A, 5% 7/1/2045 (h) | 2375000 | 2343903 |
| Washington St Hsg Fin Commn Nonprofit Rev Series 2025A, 5.25% 7/1/2055 (Build America Mutual Assurance Co Insured) (h) | 4195000 | 4136484 |
| Washington St Hsg Fin Commn Nonprofit Rev Series 2025A, 5.5% 7/1/2050 (h) | 1850000 | 1820270 |
| Washington St Hsg Fin Commn Nonprofit Rev Series 2025A, 5.75% 7/1/2060 (h) | 1760000 | 1748494 |
| Whatcom Cnty Wash Pub Util Dist No 001 5.5% 12/1/2041 (i) | 285000 | 300409 |
|  |  | 19255897 |
| Special Tax - 0.2% |  |  |
| Central Puget Sound WA Regl Tran Auth Sales & Use Tax Rev Series 2016 S 1, 5% 11/1/2046  | 2000000 | 2099776 |
| Spokane WA Pub Facs Dist Sales Series 2017, 5% 12/1/2038  | 75000 | 76355 |
| State of Washington Gen. Oblig. Series R 2025 D, 5% 8/1/2039  | 1750000 | 1892771 |
| Washington St Convention Ctr Pub Facs Dist Series 2018, 4% 7/1/2058  | 485000 | 397790 |
| Washington St Convention Ctr Pub Facs Dist Series 2018, 5% 7/1/2058  | 250000 | 235182 |
| Washington St Convention Ctr Pub Facs Dist Series 2021 B, 3% 7/1/2043  | 500000 | 378838 |
| Washington St Convention Ctr Pub Facs Dist Series 2021 B, 3% 7/1/2058  | 250000 | 161423 |
| Washington St Convention Ctr Pub Facs Dist Series 2021 B, 3% 7/1/2058 (Assured Guaranty Municipal Corp Insured)  | 5615000 | 3625559 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 3% 7/1/2043  | 395000 | 295412 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 3% 7/1/2058  | 400000 | 246871 |
| Washington St Convention Ctr Pub Facs Dist Series 2021, 4% 7/1/2031  | 8980000 | 9034530 |
|  |  | 18444507 |
| Transportation - 0.2% |  |  |
| Port Seattle WA Rev 5% 2/1/2028  | 110000 | 111185 |
| Port Seattle WA Rev Series 2018A, 5% 5/1/2030 (i) | 920000 | 940957 |
| Port Seattle WA Rev Series 2019, 4% 4/1/2044 (i) | 1040000 | 886264 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2035 (i) | 5300000 | 5433669 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2038 (i) | 2135000 | 2163972 |
| Port Seattle WA Rev Series 2019, 5% 4/1/2044 (i) | 6525000 | 6444891 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2025 (i) | 1120000 | 1122952 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2026 (i) | 1535000 | 1567500 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2027 (i) | 950000 | 980065 |
| Port Seattle WA Rev Series 2021C, 5% 8/1/2038 (i) | 1300000 | 1330162 |
| Port Seattle WA Rev Series 2022B, 4% 8/1/2047 (i) | 320000 | 268424 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2040 (i) | 2000000 | 2035151 |
| Port Seattle WA Rev Series 2022B, 5% 8/1/2041 (i) | 1000000 | 1011168 |
| Port Seattle WA Rev Series 2024B, 5.25% 7/1/2049 (i) | 1625000 | 1636956 |
| Port Seattle WA Rev Series B, 5% 10/1/2028 (i) | 425000 | 429954 |
| Port Seattle WA Rev Series B, 5% 10/1/2030 (i) | 245000 | 247254 |
| Port Seattle WA Rev Series C, 5% 5/1/2042 (i) | 2050000 | 2045303 |
|  |  | 28655827 |
| Water & Sewer - 0.0% |  |  |
| King Cnty WA Swr Rev Series 2016A, 4% 7/1/2040  | 2760000 | 2663003 |
| TOTAL WASHINGTON |  | 176670410 |
| West Virginia - 0.3%  |  |  |
| Education - 0.0% |  |  |
| Glenville St College WVA Brd Governors Rev Series 2017, 5.25% 6/1/2047  | 250000 | 212380 |
| Electric Utilities - 0.0% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) 1% tender 1/1/2041 (c)(i) | 910000 | 901884 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev (Appalachian Power Co Proj.) Series 2015A, 3.375% tender 3/1/2040 (c) | 635000 | 630835 |
|  |  | 1532719 |
| Health Care - 0.2% |  |  |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2031  | 200000 | 206572 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2032  | 160000 | 164849 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2033  | 105000 | 107839 |
| West Virginia St Hosp Fin Auth Hosp Rev (Cabell-Huntington Hsp, WV Proj.) Series 2018 A, 5% 1/1/2043  | 700000 | 676232 |
| West Virginia St Hosp Fin Auth Hosp Rev (Vandalia Health Proj.) Series 2023B, 5.375% 9/1/2053 (Assured Guaranty Ltd Insured)  | 5080000 | 5255752 |
| West Virginia St Hosp Fin Auth Hosp Rev (Vandalia Health Proj.) Series 2023B, 5.5% 9/1/2048 (Assured Guaranty Ltd Insured)  | 5810000 | 6111972 |
| West Virginia St Hosp Fin Auth Hosp Rev (Vandalia Health Proj.) Series 2023B, 6% 9/1/2048  | 1000000 | 1070278 |
| West Virginia St Hosp Fin Auth Hosp Rev 4% 1/1/2037  | 300000 | 283685 |
| West Virginia St Hosp Fin Auth Hosp Rev 4% 6/1/2051  | 1495000 | 1295121 |
| West Virginia St Hosp Fin Auth Hosp Rev 4.125% 1/1/2047  | 450000 | 388163 |
| West Virginia St Hosp Fin Auth Hosp Rev Series 2018 A, 5% 6/1/2052  | 2625000 | 2545776 |
| West Virginia St Hosp Fin Auth Hosp Rev Series 2019A, 5% 9/1/2038  | 175000 | 176194 |
| West Virginia St Hosp Fin Auth Hosp Rev Series 2019A, 5% 9/1/2039  | 50000 | 50131 |
|  |  | 18332564 |
| Housing - 0.0% |  |  |
| West Virginia St Hsg Dev Fd Series 2018 A, 3.75% 11/1/2038  | 125000 | 114859 |
| West Virginia St Hsg Dev Fd Series 2024B, 3.8% 11/1/2029  | 1505000 | 1515118 |
|  |  | 1629977 |
| Industrial Development - 0.0% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev Series 2025, 4.625% tender 4/15/2055 (c)(i) | 1955000 | 1943137 |
| Other - 0.0% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev Series 2025, 5.45% tender 1/1/2055 (c)(h)(i) | 780000 | 774977 |
| Resource Recovery - 0.0% |  |  |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev Series 2010A, 0.625% tender 12/1/2038 (c) | 710000 | 697672 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev Series 2013A, 3% tender 6/1/2037 (c)(i) | 975000 | 956775 |
| West Virginia Economic Dev Auth Sold Waste Disp Facs Rev Series 2014A, 4.7% tender 4/1/2036 (c)(i) | 3560000 | 3577075 |
|  |  | 5231522 |
| Special Tax - 0.1% |  |  |
| City of Huntington WV Series 2024, 5.125% 6/1/2039  | 475000 | 458915 |
| City of Huntington WV Series 2024, 5.625% 5/1/2050  | 475000 | 449869 |
| City of Huntington WV Series 2024A, 5% 6/1/2039  | 500000 | 477954 |
| City of Huntington WV Series 2024A, 5.5% 6/1/2049  | 450000 | 426205 |
| Monongalia Cnty WVA Comm Spl Dist Excise Tax Rev Series 2017 A, 5.5% 6/1/2037 (h) | 445000 | 448559 |
| Monongalia Cnty WVA Comm Spl Dist Excise Tax Rev Series 2017 A, 5.75% 6/1/2043 (h) | 445000 | 447294 |
| Monongalia Cnty WVA Comm Spl Dist Excise Tax Rev Series 2021 A, 4.125% 6/1/2043 (h) | 570000 | 474080 |
| Monongalia Cnty WVA Comm Spl Dist Excise Tax Rev Series 2021 B, 4.875% 6/1/2043 (h) | 780000 | 707857 |
| Monongalia Cnty WVA Comm Spl Dist Excise Tax Rev Series 2023 A, 7% 6/1/2043 (h) | 1230000 | 1260300 |
| Monongalia Cnty WVA Commn Tax Increment Rev Series 2023 A, 5% 6/1/2033 (h) | 895000 | 917411 |
| Monongalia Cnty WVA Commn Tax Increment Rev Series 2023 A, 5.75% 6/1/2043 (h) | 1140000 | 1169821 |
| Monongalia Cnty WVA Commn Tax Increment Rev Series 2023 A, 6% 6/1/2053 (h) | 1710000 | 1756888 |
| Ohio Cnty WV Cnty Commn Tax increment Rev Series 2024, 5.25% 6/1/2044  | 90000 | 88858 |
|  |  | 9084011 |
| Transportation - 0.0% |  |  |
| West Virginia Parkways Authority Series 2021, 5% 6/1/2025  | 705000 | 705034 |
| West Virginia Parkways Authority Series 2021, 5% 6/1/2026  | 705000 | 718965 |
| West Virginia Parkways Authority Series 2021, 5% 6/1/2027  | 705000 | 733649 |
| West Virginia Parkways Authority Series 2021, 5% 6/1/2028  | 1060000 | 1122964 |
|  |  | 3280612 |
| Water & Sewer - 0.0% |  |  |
| West Virginia St Wtr Dev Auth Series 2016 A II, 5% 11/1/2033  | 140000 | 142495 |
| TOTAL WEST VIRGINIA |  | 42164394 |
| Wisconsin - 1.3%  |  |  |
| Education - 0.2% |  |  |
| Public Fin Auth WI Ed Rev 5% 6/15/2042  | 130000 | 125648 |
| Public Fin Auth WI Ed Rev 5.25% 6/15/2052  | 190000 | 180642 |
| Public Fin Auth WI Ed Rev 5.375% 6/15/2057  | 180000 | 172949 |
| Public Fin Auth WI Ed Rev 5.5% 6/15/2062  | 285000 | 274520 |
| Public Fin Auth WI Ed Rev 6.25% 6/15/2048 (h) | 705000 | 686321 |
| Public Fin Auth WI Ed Rev Series 2015, 4.95% 3/1/2030 (h) | 25000 | 25006 |
| Public Fin Auth WI Ed Rev Series 2015, 5.25% 3/1/2035 (h) | 25000 | 25006 |
| Public Fin Auth WI Ed Rev Series 2017 A, 5.125% 6/15/2047 (h) | 370000 | 308649 |
| Public Fin Auth WI Ed Rev Series 2017, 5% 7/1/2037  | 115000 | 114452 |
| Public Fin Auth WI Ed Rev Series 2017, 5% 7/1/2047  | 280000 | 256083 |
| Public Fin Auth WI Ed Rev Series 2017, 5% 7/1/2052  | 605000 | 540340 |
| Public Fin Auth WI Ed Rev Series 2019 A, 4% 6/15/2029 (h) | 105000 | 99833 |
| Public Fin Auth WI Ed Rev Series 2019 A, 5% 6/15/2039 (h) | 140000 | 122482 |
| Public Fin Auth WI Ed Rev Series 2019 A, 5% 6/15/2049 (h) | 245000 | 198153 |
| Public Fin Auth WI Ed Rev Series 2022 A, 5% 1/1/2042 (h) | 500000 | 438474 |
| Public Fin Auth WI Ed Rev Series 2024A, 4.5% 7/15/2049 (h) | 200000 | 172762 |
| Public Fin Auth WI Ed Rev Series 2025 A, 6.45% 4/1/2060 (h) | 1000000 | 936103 |
| Public Fin Auth WI Revenue (Roseman Univ of Hlth Sciences Proj.) Series 2020, 5% 4/1/2040 (h) | 410000 | 395249 |
| Public Fin Auth WI Revenue (Roseman Univ of Hlth Sciences Proj.) Series 2020, 5% 4/1/2050 (h) | 295000 | 266627 |
| Public Fin Auth WI Revenue (Ultimate Medical Academy Proj.) 5% 10/1/2039 (h) | 700000 | 667422 |
| Public Fin Auth WI Revenue Series 2015, 5.875% 4/1/2045  | 400000 | 395115 |
| Public Fin Auth WI Revenue Series 2020 A 1, 5% 1/1/2055 (h) | 1100000 | 944578 |
| Public Fin Auth WI Revenue Series 2020 B, 0% 1/1/2060 (h)(j) | 1100000 | 81115 |
| Public Fin Auth WI Revenue Series 2022, 4% 4/1/2032 (h) | 410000 | 393897 |
| Public Fin Auth WI Revenue Series 2023, 5.5% 7/1/2039 (i) | 935000 | 966904 |
| Public Fin Auth Wis Charter Sch Rev Series 2020 A, 4% 7/1/2030 (h) | 55000 | 52375 |
| Public Fin Auth Wis Charter Sch Rev Series 2020 A, 5% 7/1/2040 (h) | 100000 | 90070 |
| Public Fin Auth Wis Charter Sch Rev Series 2020 A, 5% 7/1/2055 (h) | 205000 | 166335 |
| Public Fin Auth Wis Charter Sch Rev Series 2023 A, 6.75% 7/1/2058 (h) | 175000 | 177560 |
| Public Fin Auth Wis Charter Sch Rev Series 2024A, 4.25% 6/15/2034  | 1000000 | 986414 |
| Public Fin Auth Wis Conference Ctr & Hotel Rev Series 2021 A, 4% 9/1/2036 (h) | 400000 | 348922 |
| Public Fin Auth Wis Conference Ctr & Hotel Rev Series 2021 A, 4% 9/1/2041 (h) | 360000 | 283305 |
| Public Fin Auth Wis Conference Ctr & Hotel Rev Series 2021 A, 4% 9/1/2051 (h) | 1240000 | 840141 |
| Public Fin Auth Wis Conference Ctr & Hotel Rev Series 2021 A, 4% 9/1/2056 (h) | 590000 | 385540 |
| Public Fin Auth Wis Edl Fac Rev (Guilford College Proj.) Series 2016, 5.5% 1/1/2047  | 300000 | 274399 |
| Public Fin Auth Wis Edl Fac Rev (Queens University of Charlotte Proj.) 5.25% 3/1/2042  | 755000 | 739252 |
| Public Fin Auth Wis Edl Fac Rev (Queens University of Charlotte Proj.) 5.25% 3/1/2047  | 2015000 | 1921051 |
| Public Fin Auth Wis Edl Fac Rev 4% 3/1/2027 (h) | 795000 | 775628 |
| Public Fin Auth Wis Edl Fac Rev Series 2024, 5% 2/1/2054  | 400000 | 371326 |
| Public Fin Auth Wis Edl Rev Series 2019, 5% 6/15/2039  | 40000 | 39697 |
| Public Fin Auth Wis Edl Rev Series 2019, 5% 6/15/2049  | 250000 | 233047 |
| Public Fin Auth Wis Edl Rev Series 2019, 5% 6/15/2053  | 85000 | 77855 |
| Public Fin Auth Wis Higher Edl Facs Rev (Gannon University Proj.) Series 2017, 5% 5/1/2042  | 235000 | 221158 |
| Public Fin Auth Wis Higher Edl Facs Rev (Gannon University Proj.) Series 2017, 5% 5/1/2047  | 125000 | 113926 |
| Public Fin Auth Wis Pooled Charter Sch Ctfs Ser 2023-1 Series CL A, 5.75% 7/1/2062  | 1903473 | 1905856 |
| Public Fin Auth Wis Sr Living Rev (Ultimate Medical Academy Proj.) Series 2019A, 4% 1/1/2046  | 650000 | 510700 |
| Wisconsin Health & Educational Facilities Authority (Marquette University, WI Proj.) Series 2019, 5% 10/1/2026  | 35000 | 35805 |
| Wisconsin Health & Educational Facilities Authority (Marquette University, WI Proj.) Series 2019, 5% 10/1/2030  | 285000 | 303612 |
| Wisconsin Health & Educational Facilities Authority (Marquette University, WI Proj.) Series 2019, 5% 10/1/2032  | 600000 | 634600 |
| Wisconsin St Health & Edl Facs Auth Rev Series 2023 A, 4.75% 3/15/2043  | 130000 | 120948 |
| Wisconsin St Health & Edl Facs Auth Rev Series 2023 A, 5% 3/15/2053  | 130000 | 119105 |
|  |  | 20516957 |
| Electric Utilities - 0.0% |  |  |
| Wisconsin Health & Educational Facilities Authority (Milwaukee Reg Med Center Thermal Proj.) 5% 4/1/2034  | 1545000 | 1606519 |
| Escrowed/Pre-Refunded - 0.0% |  |  |
| Public Fin Auth WI Revenue Series 2020, 5% 4/1/2040 (Pre-refunded to 4/1/2030 at 100) (h) | 15000 | 16195 |
| Wisconsin Rapids School District 1.6% 4/1/2031 (Pre-refunded to 4/1/2028 at 100)  | 515000 | 494529 |
| Wisconsin Rapids School District Series 2021, 2% 4/1/2031 (Pre-refunded to 4/1/2028 at 100)  | 215000 | 206453 |
|  |  | 717177 |
| General Obligations - 0.0% |  |  |
| Howard Suamico WI Scd 2% 3/1/2038  | 810000 | 582512 |
| Howard Suamico WI Scd Series 2021, 2% 3/1/2041 (Pre-refunded to 3/1/2028 at 100)  | 875000 | 854223 |
| Kohler Wis Sch Dist 2% 3/1/2038  | 585000 | 410689 |
| Public Fin Auth WI Revenue Series 2024, 5.5% 12/15/2032 (h) | 644496 | 622796 |
| Sun Prairie WI Area Sch Dist 2% 3/1/2041  | 1500000 | 958733 |
| Waunakee Wis Cmnty Sch Dist 3.25% 4/1/2028  | 475000 | 473817 |
| Westosha Cent High Sch Dist Wis 2% 3/1/2040  | 1490000 | 971126 |
| Wisconsin Rapids School District Series 2021, 2% 4/1/2031  | 470000 | 394822 |
|  |  | 5268718 |
| Health Care - 0.5% |  |  |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 4% 6/1/2045  | 960000 | 843255 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 5% 6/1/2034  | 420000 | 439967 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) 5% 6/1/2038  | 600000 | 614228 |
| Public Fin Auth WI Hosp Rev (Renown Regional Medical Center Proj.) Series 2016 A, 5% 6/1/2026  | 975000 | 986413 |
| Public Fin Auth WI Hosp Rev (Southeastern General Hosp, NC Proj.) Series 2021 A, 4% 2/1/2051  | 180000 | 131829 |
| Public Fin Auth WI Hosp Rev (WakeMed Proj.) 5% 10/1/2044  | 460000 | 449751 |
| Public Fin Auth WI Hosp Rev Series 2019A, 4% 10/1/2049  | 1680000 | 1419686 |
| Public Fin Auth WI Revenue (Bayhealth Medical Center Inc Proj.) Series 2021 A, 3% 7/1/2050  | 1150000 | 809750 |
| Public Fin Auth WI Revenue 4% 1/1/2047  | 100000 | 84698 |
| Public Fin Auth WI Revenue Series 2015A, 5% 9/1/2030 (h) | 150000 | 150006 |
| Public Fin Auth WI Revenue Series 2015A, 5% 9/1/2038 (h) | 290000 | 284640 |
| Public Fin Auth WI Revenue Series 2020, 5% 1/1/2040  | 300000 | 296204 |
| Public Fin Auth WI Revenue Series 2020, 5% 1/1/2045  | 725000 | 684233 |
| Public Fin Auth WI Revenue Series 2022, 4% 1/1/2052  | 105000 | 84902 |
| Public Fin Auth WI Revenue Series 2023 A, 5% 6/1/2037 (h) | 1160000 | 1147361 |
| Public Fin Auth WI Revenue Series 2023 A, 5% 6/1/2052 (h) | 1140000 | 995680 |
| Public Fin Auth Wis Health Care Sys Rev (Cone Health Proj.) Series 2022 A, 4% 10/1/2052  | 2030000 | 1691880 |
| Public Fin Auth Wis Health Care Sys Rev (Cone Health Proj.) Series 2022 A, 5% 10/1/2052  | 2000000 | 2000555 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2043 (h) | 1520000 | 1425314 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2048 (h) | 805000 | 727128 |
| Public Fin Auth Wis Retirement Fac Rev (Southminster NC Proj.) 5% 10/1/2053 (h) | 1370000 | 1205695 |
| Public Fin Auth Wis Retirement Fac Rev Series 2021, 4% 12/1/2056  | 500000 | 379029 |
| Public Fin Auth Wis Retirement Fac Rev Series 2021A, 4% 10/1/2041  | 50000 | 44730 |
| Public Fin Auth Wis Retirement Fac Rev Series 2021A, 4% 10/1/2046  | 65000 | 54049 |
| Public Fin Auth Wis Retirement Fac Rev Series 2021A, 4% 10/1/2051  | 195000 | 154799 |
| Public Fin Auth Wis Retirementcmntys Rev Series 2019A, 5% 11/15/2049  | 350000 | 329499 |
| Public Fin Auth Wis Retirementcmntys Rev Series 2020A, 5% 11/15/2041  | 635000 | 638541 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5% 5/15/2028 (h) | 190000 | 191109 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5.25% 5/15/2037 (h) | 490000 | 490011 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5.25% 5/15/2042 (h) | 475000 | 453088 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5.25% 5/15/2047 (h) | 1015000 | 930389 |
| Public Fin Auth Wis Sr Living Rev (Mary's Woods at Marylhurst Inc Proj.) 5.25% 5/15/2052 (h) | 935000 | 829673 |
| Public Finance Authority (Blue Ridge Healthcare Proj.) Series 2020 A, 4% 1/1/2045  | 220000 | 193534 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2018 B, 2.85% 4/1/2048 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (c) | 2040000 | 2040000 |
| Univ of Wis Hosp & Clinics Auth (Uw Health Proj.) Series 2021 B, 4% 4/1/2051  | 2890000 | 2457742 |
| Wisconsin Health & Educational Facilities Authority (Ascension Health Credit Group Proj.) Series 2016 A, 5% 11/15/2036  | 605000 | 609205 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2030  | 20000 | 21283 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2031  | 20000 | 21199 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2032  | 20000 | 21155 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2033  | 20000 | 21076 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2034  | 20000 | 21004 |
| Wisconsin Health & Educational Facilities Authority (Bellin Hosp Proj.) Series 2019 A, 5% 12/1/2035  | 30000 | 31391 |
| Wisconsin Health & Educational Facilities Authority (Froedtert Thedacare Proj.) Series 2022A, 4% 4/1/2040  | 4510000 | 4182715 |
| Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Proj.) 5% 2/15/2028  | 290000 | 293189 |
| Wisconsin Health & Educational Facilities Authority (Marshfield Clinic Proj.) Series 2020A, 4% 2/15/2037 (Assured Guaranty Municipal Corp Insured)  | 230000 | 226543 |
| Wisconsin Health & Educational Facilities Authority (Medical College of WI Inc Proj.) Series 2016, 4% 12/1/2046  | 5465000 | 4819709 |
| Wisconsin Health & Educational Facilities Authority (Rogers Memorial Hospital Proj.) Series 2019 B, 5% 7/1/2038  | 25000 | 25162 |
| Wisconsin Health & Educational Facilities Authority (Rogers Memorial Hospital Proj.) Series 2019A, 5% 7/1/2044  | 30000 | 30041 |
| Wisconsin Health & Educational Facilities Authority (Rogers Memorial Hospital Proj.) Series 2019A, 5% 7/1/2049  | 400000 | 388097 |
| Wisconsin Health & Educational Facilities Authority (St Camillus Health System Proj.) Series 2019A, 5% 11/1/2025  | 15000 | 15025 |
| Wisconsin Health & Educational Facilities Authority (St Camillus Health System Proj.) Series 2019A, 5% 11/1/2026  | 250000 | 251844 |
| Wisconsin Health & Educational Facilities Authority (St Camillus Health System Proj.) Series 2019A, 5% 11/1/2029  | 10000 | 10214 |
| Wisconsin Health & Educational Facilities Authority (St Camillus Health System Proj.) Series 2019A, 5% 11/1/2039  | 355000 | 340027 |
| Wisconsin Health & Educational Facilities Authority (St Camillus Health System Proj.) Series 2019A, 5% 11/1/2046  | 385000 | 340418 |
| Wisconsin Health & Educational Facilities Authority (St Camillus Health System Proj.) Series 2019A, 5% 11/1/2054  | 1745000 | 1478561 |
| Wisconsin Health & Educational Facilities Authority Series 2017 C, 4% 2/15/2042  | 625000 | 551002 |
| Wisconsin Health & Educational Facilities Authority Series 2017 C, 4% 2/15/2050  | 610000 | 512968 |
| Wisconsin Health & Educational Facilities Authority Series 2017 C, 5% 2/15/2047  | 170000 | 165147 |
| Wisconsin Health & Educational Facilities Authority Series 2017, 4% 8/15/2042  | 750000 | 679606 |
| Wisconsin Health & Educational Facilities Authority Series 2017, 5% 6/1/2037  | 155000 | 147961 |
| Wisconsin Health & Educational Facilities Authority Series 2017, 5% 6/1/2041  | 235000 | 214636 |
| Wisconsin Health & Educational Facilities Authority Series 2020A, 4% 2/15/2036 (Assured Guaranty Ltd Insured)  | 255000 | 253975 |
| Wisconsin St Health & Edl Facs Auth Rev (Aspirus Wausau Hospital Inc Proj.) Series 2021, 4% 8/15/2046  | 730000 | 633290 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2038  | 885000 | 730012 |
| Wisconsin St Health & Edl Facs Auth Rev (Gundersen Clinic - LA Crosse Proj.) Series 2021 A, 3% 10/15/2039  | 460000 | 370601 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 4.5% 2/15/2054 (Build America Mutual Assurance Co Insured)  | 2260000 | 2129122 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 5.25% 2/15/2054  | 505000 | 517319 |
| Wisconsin St Health & Edl Facs Auth Rev (Marshfield Clinic Proj.) Series 2024 A, 5.5% 2/15/2054  | 875000 | 915476 |
| Wisconsin St Health & Edl Facs Auth Rev 5.5% 12/1/2052  | 3070000 | 3185330 |
| Wisconsin St Health & Edl Facs Auth Rev Series 2021, 4% 1/1/2037  | 665000 | 609798 |
| Wisconsin St Health & Edl Facs Auth Rev Series 2021, 4% 1/1/2047  | 960000 | 763816 |
| Wisconsin St Health & Edl Facs Auth Rev Series 2021, 4% 1/1/2057  | 1400000 | 1023739 |
|  |  | 52211024 |
| Housing - 0.1% |  |  |
| Public Fin Auth WI Ltd Oblig Pilot Rev Series 2017, 7% 12/1/2050 (h) | 255000 | 255119 |
| Public Fin Auth Wis Multifamily Hsg Rev Series 2024, 6.25% 2/1/2039 (h) | 975000 | 976106 |
| Public Fin Auth Wis Student Hsg Rev 4% 7/1/2061 (h) | 1300000 | 941324 |
| Public Fin Auth Wis Student Hsg Rev 5.25% 7/1/2061 (h) | 980000 | 793954 |
| Public Fin Auth Wis Student Hsg Rev Series 2018, 5% 7/1/2036 (Assured Guaranty Ltd Insured)  | 105000 | 107526 |
| Public Fin Auth Wis Student Hsg Rev Series 2018, 5% 7/1/2048 (Assured Guaranty Ltd Insured)  | 1280000 | 1258889 |
| Public Fin Auth Wis Student Hsg Rev Series 2018, 5% 7/1/2053 (Assured Guaranty Ltd Insured)  | 760000 | 728843 |
| Public Fin Auth Wis Student Hsg Rev Series 2018, 5% 7/1/2058 (Assured Guaranty Ltd Insured)  | 1065000 | 1013219 |
| Public Fin Auth Wis Student Hsg Rev Series 2019A, 5% 7/1/2044 (Assured Guaranty Ltd Insured)  | 80000 | 79990 |
| Public Fin Auth Wis Student Hsg Rev Series 2020 A, 4% 7/1/2045 (Assured Guaranty Ltd Insured)  | 170000 | 152093 |
| Public Fin Auth Wis Student Hsg Rev Series 2020 A, 4% 7/1/2050 (Assured Guaranty Ltd Insured)  | 145000 | 124587 |
| Public Fin Auth Wis Student Hsg Rev Series 2020 A, 4% 7/1/2055 (Assured Guaranty Ltd Insured)  | 165000 | 137819 |
| Public Fin Auth Wis Student Hsg Rev Series 2021 A 1, 4% 7/1/2051 (h) | 575000 | 439496 |
| Public Fin Auth Wis Student Hsg Rev Series 2021 A2, 5.35% 7/1/2040 (h) | 300000 | 237253 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (WI Home Ownership Proj.) Series 2021 A, 3% 3/1/2052  | 40000 | 39100 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev (WI Home Ownership Proj.) Series 2023 A, 5% 3/1/2049  | 5765000 | 5749249 |
| Wisconsin Hsg & Economic Dev Auth Home Ownership Rev 5% 9/1/2039  | 1000000 | 1040387 |
|  |  | 14074954 |
| Industrial Development - 0.1% |  |  |
| Public Fin Auth WI Proj Rev Series A 2, 7% 1/1/2050 (h) | 550000 | 565627 |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 A, 4.5% 6/1/2056 (h) | 8170000 | 5964100 |
| Public Fin Auth WI Revenue (Mclemore Hotel Proj.) Series 2021 B, 6.5% 6/1/2056 (h) | 1870000 | 1477300 |
| Public Fin Auth WI Revenue Series 2024, 5% 7/15/2030 (h) | 425000 | 422695 |
| Public Fin Auth Wis Hotel Rev Series 2022 A, 5% 2/1/2042  | 795000 | 795934 |
| Public Fin Auth Wis Hotel Rev Series 2022 A, 5% 2/1/2052  | 2030000 | 1922263 |
| Public Fin Auth Wis Hotel Rev Series 2022 A, 5% 2/1/2062  | 1755000 | 1639228 |
| Public Finance Authority Series 2016B, 5% 12/1/2025 (i) | 1140000 | 1141795 |
| Public Finance Authority Series 2016C, 4.3% 11/1/2030 (i) | 705000 | 695571 |
| Public Finance Authority Series 2016D, 4.05% 11/1/2030  | 350000 | 343632 |
|  |  | 14968145 |
| Lease Revenue - 0.0% |  |  |
| Public Fin Auth WI Ltd Oblig Grnt Rev Series B, 5.625% (f)(h) | 1105000 | 1069088 |
| Other - 0.3% |  |  |
| Public Fin Auth WI Affordable Hsg Multifamily Ctfs 7.125% 7/25/2034 (h) | 1675000 | 1721898 |
| Public Fin Auth WI Ltd Oblig Grnt Rev Series A, 6.25% 8/1/2027 (f)(h) | 2810000 | 2718675 |
| Public Fin Auth WI Proj Rev 5.25% 7/1/2042  | 1775000 | 1826398 |
| Public Fin Auth WI Proj Rev 5.375% 7/1/2047  | 1350000 | 1368058 |
| Public Fin Auth WI Proj Rev 5.5% 7/1/2052  | 1490000 | 1505696 |
| Public Fin Auth WI Proj Rev 5.625% 7/1/2055  | 1140000 | 1151305 |
| Public Fin Auth WI Revenue 0% 12/15/2037 (h)(j) | 765000 | 376061 |
| Public Fin Auth WI Revenue 5.25% 7/1/2044  | 1545000 | 1586730 |
| Public Fin Auth WI Revenue Series 2025, 5.25% 11/15/2050  | 810000 | 820489 |
| Public Fin Auth WI Revenue Series 2025, 5.25% 11/15/2055  | 1920000 | 1939555 |
| Public Fin Auth Wis Edl Fac Rev Series 2025B, 6% 6/1/2028 (h) | 1000000 | 997362 |
| Public Fin Auth Wis Multifamily Affordable Hsg Ctfs Series 2024 1 CL B 1, 6.81% 4/28/2036 (h) | 2225000 | 2258274 |
| Public Fin Auth Wis Student Hsg Rev 5% 5/1/2060 (h) | 250000 | 156586 |
| Public Fin Auth Wis Student Hsg Rev 5% 6/1/2030  | 600000 | 621153 |
| Public Fin Auth Wis Student Hsg Rev 5.25% 6/1/2045  | 695000 | 680295 |
| Public Fin Auth Wis Student Hsg Rev 5.25% 6/15/2055  | 825000 | 819625 |
| Public Fin Auth Wis Student Hsg Rev 5.5% 6/15/2055  | 135000 | 134536 |
| Public Fin Auth Wis Student Hsg Rev 9% 5/1/2071 (h) | 150000 | 72686 |
| Public Fin Auth Wis Student Hsg Rev Series 2023A, 5.75% 7/1/2053 (h) | 300000 | 294234 |
| Public Fin Auth Wis Student Hsg Rev Series 2023A, 5.75% 7/1/2063 (h) | 4810000 | 4634994 |
| Public Fin Auth Wis Student Hsg Rev Series 2024 A, 5.25% 6/1/2054  | 700000 | 681489 |
| Public Fin Auth Wis Student Hsg Rev Series 2025 A, 5.5% 6/1/2055  | 600000 | 590180 |
| Public Fin Auth Wis Student Hsg Rev Series 2025 C, 5% 6/15/2035  | 600000 | 607560 |
| Public Fin Auth Wis Student Hsg Rev Series 2025 C, 5.5% 6/15/2045  | 500000 | 486033 |
| Public Fin Auth Wis Student Hsg Rev Series 2025A, 5% 6/15/2039  | 400000 | 412159 |
| Public Fin Auth Wis Student Hsg Rev Series 2025B, 5% 6/15/2030  | 200000 | 209077 |
| Public Fin Auth Wis Student Hsg Rev Series 2025B, 5.25% 6/15/2035  | 300000 | 317895 |
| Public Fin Auth Wis Student Hsg Rev Series 2025B, 5.25% 6/15/2045  | 400000 | 397801 |
| Wisconsin Health & Edl Facs Auth Sr Living Rev Series 2024, 6% 7/1/2060  | 3570000 | 3369984 |
| Wisconsin Hsg & Eda Hsg Rev Series 2021 A, 2.05% 11/1/2036  | 1000000 | 757148 |
| Wisconsin St Health & Edl Facs Auth Rev Series 2022, 4% 9/15/2036  | 105000 | 97538 |
| Wisconsin St Health & Edl Facs Auth Rev Series 2022, 4% 9/15/2041  | 105000 | 91022 |
| Wisconsin St Health & Edl Facs Auth Rev Series 2022, 4% 9/15/2045  | 90000 | 73805 |
| Wisconsin St Health & Edl Facs Auth Rev Series 2024, 6% 10/1/2044  | 300000 | 300873 |
|  |  | 34077174 |
| Special Tax - 0.1% |  |  |
| Howard Suamico WI Scd 2% 3/1/2040 (Pre-refunded to 3/1/2028 at 100)  | 500000 | 488127 |
| Mount Pleasant Wis Tax Increment Rev Series 2018 A, 5% 4/1/2043  | 420000 | 425763 |
| Mount Pleasant Wis Tax Increment Rev Series 2018 A, 5% 4/1/2048  | 2890000 | 2893534 |
| Public Fin Auth WI Revenue Series 2021, 4% 9/30/2051 (i) | 750000 | 590420 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2032 (Assured Guaranty Municipal Corp Insured) (j) | 140000 | 103387 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2033 (Assured Guaranty Municipal Corp Insured) (j) | 135000 | 95015 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2034 (Assured Guaranty Municipal Corp Insured) (j) | 125000 | 83649 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2035 (Assured Guaranty Ltd Insured) (j) | 160000 | 101525 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2036 (Assured Guaranty Ltd Insured) (j) | 155000 | 93002 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2037 (Assured Guaranty Ltd Insured) (j) | 155000 | 87504 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2038 (Assured Guaranty Ltd Insured) (j) | 160000 | 84564 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2039 (Assured Guaranty Ltd Insured) (j) | 150000 | 74228 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 C, 0% 12/15/2040 (Assured Guaranty Ltd Insured) (j) | 35000 | 16308 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2032 (Assured Guaranty Ltd Insured) (j) | 135000 | 100434 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2033 (Assured Guaranty Ltd Insured) (j) | 210000 | 149043 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2034 (Assured Guaranty Ltd Insured) (j) | 200000 | 135094 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2035 (Assured Guaranty Ltd Insured) (j) | 300000 | 192332 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2036 (Assured Guaranty Ltd Insured) (j) | 310000 | 188114 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2037 (Assured Guaranty Ltd Insured) (j) | 505000 | 288609 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2038 (Assured Guaranty Ltd Insured) (j) | 545000 | 291881 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2039 (Assured Guaranty Ltd Insured) (j) | 595000 | 298647 |
| Wisconsin Ctr Dist Wis Tax Rv Series 2020 D, 0% 12/15/2040 (Assured Guaranty Ltd Insured) (j) | 255000 | 120636 |
|  |  | 6901816 |
| Transportation - 0.0% |  |  |
| Public Fin Auth Wis Arpt Facs Rev (Transportation Infrastructure Properties, LLC Proj.) Series 2012B, 5% 7/1/2042 (i) | 385000 | 371540 |
| Public Fin Auth Wis Arpt Facs Rev (Transportation Infrastructure Properties, LLC Proj.) Series 2012B, 5.25% 7/1/2028 (i) | 1295000 | 1295765 |
| Public Fin Auth Wis Spl Fac Rev Series 2021, 4% 7/1/2041 (i) | 500000 | 430146 |
| Public Fin Auth Wis Spl Fac Rev Series 2021, 4.25% 7/1/2054 (i) | 3285000 | 2591899 |
| Public Fin Auth Wis Spl Fac Rev Series 2024 A, 5.5% 9/1/2030 (h)(i) | 100000 | 102883 |
| Public Fin Auth Wis Spl Fac Rev Series 2024 A, 5.75% 9/1/2035 (h)(i) | 125000 | 128766 |
| Public Fin Auth Wis Spl Fac Rev Series 2024 A, 6.25% 9/1/2046 (h)(i) | 415000 | 420011 |
|  |  | 5341010 |
| TOTAL WISCONSIN |  | 156752582 |
| Wyoming - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Sublette Cnty Wyo Hosp Dist Rev 5% 6/15/2026  | 250000 | 249989 |
| Housing - 0.0% |  |  |
| Wyoming Community Development Authority (WY Single Family Proj.) Series 2019 3, 3.75% 12/1/2049  | 55000 | 54919 |
| Wyoming Community Development Authority (WY Single Family Proj.) Series 2022 1, 3.5% 6/1/2052  | 845000 | 837489 |
|  |  | 892408 |
| TOTAL WYOMING |  | 1142397 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $8,644,151,905) |  | <br> **8392530601** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Howard University 4.756% 10/1/2051  | 300000 | 246241 |
| Toledo Hospital/The 6.015% 11/15/2048  | 600000 | 526500 |
| Toll Road Investors Partnership II LP 0% 2/15/2026 (h)(n) | 1295000 | 1236696 |
| Toll Road Investors Partnership II LP 0% 2/15/2027 (h)(j) | 181000 | 162309 |
| Toll Road Investors Partnership II LP 0% 2/15/2028 (h)(j) | 528000 | 445072 |
| Toll Road Investors Partnership II LP 0% 2/15/2033 (h)(j) | 790000 | 440934 |
| Toll Road Investors Partnership II LP 0% 2/15/2043 (g)(h)(n) | 4816466 | 1565352 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $4,600,940) |  | **4623104** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Investments Money Market Government Portfolio - Institutional Class (d)(o) | 4.22 | 260308898 | 260308898 |
| Fidelity Municipal Cash Central Fund (p)(q) | 2.43 | 51801902 | 51812262 |
| Fidelity SAI Municipal Money Market Fund (d)(o) | 2.20 | 2730 | 2731 |
| Invesco Government & Agency Portfolio Institutional Class (o) | 4.24 | 13205086 | 13205086 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $325,328,978) |  |  | **325328977** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $12,360,432,872)<br>| <br>**12054656082** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **41425760** |
| **NET ASSETS - 100.0%** | **12096081842** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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>|
| Sold |  |  |  |  |  |
| Interest Rate Contracts |  |  |  |  |  |
| CBOT 10 Year Ultra US Treasury Bond Contracts (United States) | 225 | Sep 2025 | 25382813 | (173871) | (173871) |
| CBOT US Treasury Long Bond Contracts (United States) | 140 | Sep 2025 | 15837500 | (148223) | (148223) |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **(322094)** |
| The notional amount of futures sold as a percentage of Net Assets is 0.3% | The notional amount of futures sold as a percentage of Net Assets is 0.3% | The notional amount of futures sold as a percentage of Net Assets is 0.3% | The notional amount of futures sold as a percentage of Net Assets is 0.3% | The notional amount of futures sold as a percentage of Net Assets is 0.3% | The notional amount of futures sold as a percentage of Net Assets is 0.3% |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND <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) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

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

(d) Affiliated Fund

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

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

(g) Level 3 security

(h) 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 $560,965,900 or 4.6% of net assets.

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

(j) 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.

(k) 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.

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

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

(n) Principal Only Strips represent the right to receive the monthly principal payments.

(o) The rate quoted is the annualized seven-day yield of the fund at period end.

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

(q) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 2372231 | 415654890 | 366214859 | 1478079 | - | - | 51812262 | 51801902 | 1.2% |
| Total | 2372231 | 415654890 | 366214859 | 1478079 | - | - | 51812262 |  |  |

---

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.

**Affiliated Underlying Funds**

Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 |
| Fidelity Investments Money Market Government Portfolio - Institutional Class | 125729973 | 1350801107 | 1216222182 | 5798441 | - | - | 260308898 | 260308898 |
| Fidelity Investments Money Market Government Portfolio Class I | - | 332127 | 332127 | 429 | - | - | - | - |
| Fidelity SAI Enhanced Municipal Income Fund | - | 30142616 | - | 142622 | - | (208847) | 29933769 | 3045144 |
| Fidelity SAI Municipal Money Market Fund | 2652 | 79 | - | 79 | - | - | 2731 | 2730 |
|  | 125732625 | 1381275929 | 1216554309 | 5941571 | - | (208847) | 290245398 |  |

---

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 May 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>** |  |  |  |  |
|  **Commercial Mortgage Securities** | 10423868 | - | 10423868 | - |
|  **Fixed-Income Funds** | 3321749532 | 3321749532 | - | - |
|  **Municipal Securities** |  |  |  |  |
| Education | 581789134 | - | 581789134 | - |
| Electric Utilities | 382089365 | - | 382089365 | - |
| Escrowed/Pre-Refunded | 32633480 | - | 32633480 | - |
| General Obligations | 1822833977 | - | 1822833977 | - |
| Health Care | 1085900863 | - | 1078968471 | 6932392 |
| Housing | 360433896 | - | 360433896 | - |
| Industrial Development | 191917561 | - | 191917561 | - |
| Lease Revenue | 44938980 | - | 44938980 | - |
| Other | 451766369 | - | 451706905 | 59464 |
| Pooled Loans | 4608702 | - | 4608702 | - |
| Resource Recovery | 47618060 | - | 47062410 | 555650 |
| Special Tax | 1039707736 | - | 1039447553 | 260183 |
| Synthetics | 14140000 | - | 14140000 | - |
| Tobacco Bonds | 141759407 | - | 141759407 | - |
| Transportation | 1753892999 | - | 1753892999 | - |
| Water & Sewer | 436500072 | - | 436370072 | 130000 |
|  **Non-Convertible Corporate Bonds** | 4623104 | - | 3057752 | 1565352 |
|  **Money Market Funds** | 325328977 | 325328977 | - | - |
| **Total Investments in Securities:** | 12054656082 | 3647078509 | 8398074532 | 9503041 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (322094) | (322094) | - | - |
| Total Liabilities | (322094) | (322094) | - | - |
| **Total Derivative Instruments:** | (322094) | (322094) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 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 ($)** | **Liability ($)** |
| **Interest Rate Risk** |  |  |
| Futures Contracts (a)  | 0 | (322094) |
| **Total Interest Rate Risk**  | 0 | (322094) |
| **Total Value of Derivatives** | 0 | (322094) |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of May 31, 2025** | **As of May 31, 2025** | **As of May 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $12,018,167,194) | $11712598422 |  |
| Fidelity Central Funds (cost $51,812,262) | 51812262 |  |
| Other affiliated issuers (cost $290,453,416) | 290245398 |  |
| Total Investment in Securities (cost $12,360,432,872) |  | $12054656082 |
| Segregated cash with brokers for derivative instruments |  | 1094776 |
| Cash |  | 122084 |
| Receivable for investments sold |  | 21135574 |
| Receivable for fund shares sold |  | 137646263 |
| Dividends receivable |  | 766767 |
| Interest receivable |  | 119776718 |
| Distributions receivable from Fidelity Central Funds |  | 122952 |
| Prepaid expenses |  | 24474 |
| Other receivables |  | 12190 |
| **Total assets** |  | 12335357880 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $95005306 |  |
| Delayed delivery | 74185341 |  |
| Payable for fund shares redeemed | 28629300 |  |
| Distributions payable | 40260987 |  |
| Accrued management fee | 806624 |  |
| Payable for daily variation margin on futures contracts | 120441 |  |
| Other payables and accrued expenses | 268039 |  |
| **Total liabilities** |  | 239276038 |
| **Net Assets**  |  | $12096081842 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $13629530624 |
| Total accumulated earnings (loss) |  | (1533448782) |
| **Net Assets** |  | $12096081842 |
| **Net Asset Value**, offering price and redemption price per share ($12,096,081,842 ÷ 1,410,272,642 shares) |  | $8.58 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** | <br> **Year ended May 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $107060815 |
| Affiliated issuers |  | 5941571 |
| Interest  |  | 358432831 |
| Income from Fidelity Central Funds  |  | 1478079 |
| **Total income** |  | 472913296 |
| **Expenses** |  |  |
| Management fee | $39790902 |  |
| Custodian fees and expenses | 97489 |  |
| Independent trustees' fees and expenses | 60953 |  |
| Registration fees | 219861 |  |
| Audit fees | 90833 |  |
| Legal | 11864 |  |
| Miscellaneous | 59951 |  |
| Total expenses before reductions | 40331853 |  |
| Expense reductions | (30025417) |  |
| Total expenses after reductions |  | 10306436 |
| **Net Investment income (loss)** |  | 462606860 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (9146215) |  |
| Futures contracts | (1015471) |  |
| Total net realized gain (loss) |  | (10161686) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (217333229) |  |
| Affiliated issuers  | (208847) |  |
| Futures contracts | 395624 |  |
| Total change in net unrealized appreciation (depreciation) |  | (217146452) |
| **Net gain (loss)** |  | (227308138) |
| **Net increase (decrease) in net assets resulting from operations** |  | $235298722 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **May 31, 2025** | **Year ended**<br> **May 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $462606860 | $470045411 |
| &nbsp;&nbsp;Net realized gain (loss) | (10161686)<br>| (222995016)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (217146452) | 187478237<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 235298722<br>| 434528632<br>|
| Distributions to shareholders | (451781323)<br>| (461350052)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3464930928 | 6218932448 |
| Reinvestment of distributions | 17322<br>| 14456<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3408167124) | (6931684441) |
| **Net increase (decrease) in net assets resulting from share transactions** | 56781126<br>| (712737537)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (159701475)<br>| (739558957)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 12255783317 | 12995342274<br>|
| &nbsp;&nbsp;End of period | $12096081842 | $12255783317 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 396077647 | 727263758 |
| Issued in reinvestment of distributions | 1960<br>| 1655<br>|
| &nbsp;&nbsp;Redeemed | (386624431) | (815554456) |
| &nbsp;&nbsp;Net increase (decrease) | 9455176 | (88289043) |

---

**Financial Highlights** 

**Strategic Advisers® Municipal Bond Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Years ended May 31,** | **2025**  | **2024**  | **2023**  | **2022** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $8.75 | $8.73 | $9.03 | $10.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B,C | .346  | .328  | .293  | .202  |
| Net realized and unrealized gain (loss)  | (.178)  | .015  | (.305)  | (.984)  |
| Total from investment operations  | .168  | .343  | (.012)  | (.782)  |
| Distributions from net investment income  | (.338)  | (.323)  | (.288)  | (.187)  |
| Distributions from net realized gain  | -  | -  | -  | (.001)  |
| Total distributions  | (.338)  | (.323)  | (.288)  | (.188)  |
| Net asset value, end of period  | $8.58 | $8.75 | $8.73 | $9.03 |
| **Total Return** D,E | 1.87% <br>| 4.00%  | (.07)%  | (7.92)%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |
| Expenses before reductions  | .34%  | .33%  | .34%  | .31% H |
| Expenses net of fee waivers, if any  | .09% <br>| .08%  | .09%  | .06% H |
| Expenses net of all reductions, if any  | .09%  | .08%  | .09%  | .06% H |
| Net investment income (loss)  | 3.91%  | 3.76%  | 3.35%  | 2.27% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $12096082 | $12255783 | $12995342 | $11160697 |
| Portfolio turnover rate I | 35% <br>| 48%  | 117%  | 134% H |

---

A*For the period June 17, 2021 (commencement of operations) through May 31, 2022.*

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

**Notes to Financial Statements**

For the period ended May 31, 2025

**1. Organization.**

Strategic Advisers Municipal Bond Fund (the Fund) is a fund of Fidelity Rutland Square Trust II (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 Delaware statutory trust. The Fund is offered exclusively to certain managed account clients of Strategic Advisers LLC (Strategic Advisers), an affiliate of Fidelity Management & Research Company LLC (FMR).

**2. 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. Corporate bonds and 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. Commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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.

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

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. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 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 May 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

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

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Strategic Advisers Municipal Bond Fund** | $11389 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of May 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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

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

Book-tax differences are primarily due to futures transactions, market discount, contingent interest, capital loss carryforwards and losses deferred due to wash sales.

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**  | $74703276 |
| **Gross unrealized depreciation**  | <u>(387371404)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(312668128)</u> |
| **Tax Cost**  | <u>$12367324210</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed tax-exempt income**  | <u>$1448459</u> |
| **Capital loss carryforward**  | <u>$(1222229110)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(312668128)</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(875202991) |
| Long-term | <u>(347026119)</u> |
| **Total capital loss carryforward** | <u>$(1222229110)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **May 31, 2025** | **May 31, 2024** |
| **Tax-exempt Income** | $439381603 | $427508318 |
| **Ordinary Income**  | <u>12399720</u> | <u>33841734</u> |
| **Total**  | <u>$451781323</u> | <u>$461350052</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 Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

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

**3. 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):

<br> Interest Rate Risk Interest rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest rates.

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

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

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

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

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

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

**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 ($)** | **Sales ($)** |
| **Strategic Advisers Municipal Bond Fund** | 4158228224 | 4083419304 |

---

**Prior Fiscal Year Unaffiliated Exchanges In-Kind.** During the prior period, the Fund redeemed shares of MainStay MacKay High Yield Municipal Bond Fund Class A in exchange for investments and cash, if any, as noted in the table below. The Fund had a net realized loss $2,448,977 on the Fund's redemptions of MainStay MacKay High Yield Municipal Bond Fund Class A, which is included in "Net Realized gain (loss)" in the accompanying Statement of Changes in Net Assets. The Fund recognized a net loss on the exchanges for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Value of Investments ($)** | **Net realized gain (loss)** | **Value of Investments ($)** |
| **MainStay MacKay High Yield Municipal Bond Fund Class A** | 89218096 | (2448977) | 8037956 |

---

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

**Management Fee**. Strategic Advisers (the investment adviser) provides the Fund with investment management related services. For these services, the Fund pays a monthly management fee to the investment adviser. The management fee is calculated by adding the annual management fee rate of .25% of the Fund's average net assets throughout the month to the aggregate of the fee rates, payable monthly by the investment adviser, to the Fund's sub-advisers. The Fund's maximum aggregate management fee will not exceed .60% of the Fund's average net assets. For the reporting period, the total annual management fee rate was .34% of the Fund's average net assets.

During the period, the investment adviser waived a portion of its management fee as described in the Expense Reductions note.

**Sub-Advisers.** Delaware Investments Fund Advisers, FIAM LLC (an affiliate of the investment adviser), Mackay Shields LLC, Massachusetts Financial Services Company (MFS), T. Rowe Price Associates, Inc. and Western Asset Management Company, LLC each served as a sub-adviser for the Fund during the period. Sub-advisers provide discretionary investment advisory services for their allocated portion of the Fund's assets and are paid as described in the Management Fee note.

Effective January 1, 2025, the sub-subadvisory agreements between FIAM LLC (FIAM) and each of FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, and Fidelity Management & Research (Japan) Limited (collectively, the Sub-Subadvisers) were amended. FIAM or an affiliate, and not the fund, pays the Sub-Subadvisers. Under the terms of the sub-subadvisory agreements, FIAM or an affiliate pays each Sub-Subadviser monthly fees equal to 110% of the Sub-Subadviser's costs for providing sub-subadvisory services.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers Municipal Bond Fund** | 585 |

---

**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) ($)** |
| **Strategic Advisers Municipal Bond Fund** | 14116867 | 39009962 | (1172669) |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers Municipal Bond Fund** | 290651 |

---

**6. 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 are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Strategic Advisers Municipal Bond Fund** | 17445 |

---

**8. Expense Reductions.**

The investment adviser has contractually agreed to waive the Fund's management fee in an amount equal to .25% of the Fund's average net assets until September 30, 2027. During the period, this waiver reduced the Fund's management fee by $29,601,875. Expense reductions also include certain voluntary fee discount arrangements, which are currently in effect for the Fund. During the period, these voluntary arrangements amounted to $328,432.

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 $95,110.

**9. Other.**

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

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Rutland Square Trust II and Shareholders of Strategic Advisers Municipal Bond Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Strategic Advisers Municipal Bond Fund (one of the funds constituting Fidelity Rutland Square Trust II, referred to hereafter as the "Fund") as of May 31, 2025, the related statement of operations for the year ended May 31, 2025, the statement of changes in net assets for each of the two years in the period ended May 31, 2025, including the related notes, and the financial highlights for each of the three years in the period ended May 31, 2025 and for the period June 17, 2021 (commencement of operations) through May 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of May 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended May 31, 2025 and the financial highlights for each of the three years in the period ended May 31, 2025 and for the period June 17, 2021 (commencement of operations) through May 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of May 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

July 15, 2025

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

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

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

A total of 32.74% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

During fiscal year ended 2025, 97.74% of the fund's income dividends was free from federal income tax, and 16.02% of the fund's income dividends was subject to the federal alternative minimum tax.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. | A special meeting of shareholders was held on July 9, 2024. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. |
| **Proposal 1** | **Proposal 1** | **Proposal 1** |
| To elect a Board of Trustees. | To elect a Board of Trustees. | To elect a Board of Trustees. |
|  | **# of**<br> **Votes** | **% of**<br> **Votes** |
| Charles S. Morrison | Charles S. Morrison | Charles S. Morrison |
| Affirmative | 381775585183.64 | 95.17 |
| Withheld  | 19363639577.49 | 4.83 |
| TOTAL  | 401139224761.13 | 100.00 |
| Nancy D. Prior | Nancy D. Prior | Nancy D. Prior |
| Affirmative | 381252305731.53 | 95.04 |
| Withheld  | 19886919029.60 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Mary C. Farrell | Mary C. Farrell | Mary C. Farrell |
| Affirmative | 381226030239.11 | 95.04 |
| Withheld  | 19913194522.02 | 4.96 |
| TOTAL  | 401139224761.13 | 100.00 |
| Karen Kaplan | Karen Kaplan | Karen Kaplan |
| Affirmative | 381519946847.38 | 95.11 |
| Withheld  | 19619277913.75 | 4.89 |
| TOTAL  | 401139224761.13 | 100.00 |
| Christine Marcks | Christine Marcks | Christine Marcks |
| Affirmative | 380186327029.51 | 94.78 |
| Withheld  | 20952897731.62 | 5.22 |
| TOTAL  | 401139224761.13 | 100.00 |
| Harold Singleton III | Harold Singleton III | Harold Singleton III |
| Affirmative | 382499458473.65 | 95.35 |
| Withheld  | 18639766287.48 | 4.65 |
| TOTAL  | 401139224761.13 | 100.00 |
| Heidi L. Steiger | Heidi L. Steiger | Heidi L. Steiger |
| Affirmative | 380661676515.00 | 94.90 |
| Withheld  | 20477548246.13 | 5.10 |
| TOTAL  | 401139224761.13 | 100.00 |
| Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. | Proposal 1 reflects trust-wide proposal and voting results. |

---

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

**(Unaudited)**

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

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

**(Unaudited)**

**Board Approval of Amended Sub-Advisory and Sub-Subadvisory Agreements**

**Strategic Advisers Municipal Bond Fund**

In December 2024, the Board of Trustees, including the Independent Trustees (together, the Board) voted to approve an amendment to the existing sub-advisory agreement among Strategic Advisers LLC (Strategic Advisers), T. Rowe Price Associates, Inc. (T. Rowe Price or Sub-Adviser), and Fidelity Rutland Square Trust II (Trust) on behalf of the fund to amend the fee schedules for two existing mandates (the "Amended Sub-Advisory Agreement). The Board also approved amendments to the existing sub-subadvisory agreement between FIAM LLC (FIAM) and each of FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Japan) Limited (FMR Japan), and Fidelity Management & Research (Hong Kong) Limited (FMR H.K., and together with FMR UK and FMR Japan, the Sub-Subadvisers) for the fund (the Amended Sub-Subadvisory Agreements and together with the Amended Sub-Advisory Agreement, the Amended Agreements).

With respect to the Amended Sub-Advisory Agreement, the Board noted that each updated fee schedule in the Amended Sub-Advisory Agreement became effective as of October 1, 2024, and will result in the same or lower fees at all asset levels. With respect to the Amended Sub-Subadvisory Agreements, the Board considered that they will be effective January 1, 2025 and simplify the calculation of the fees paid to the Sub-Subadvisers under the agreements. The Board noted that the agreements with the Sub-Subadvisers were amended to provide that FIAM or an affiliate will compensate each Sub-Subadviser at a fee equal to 110% of the Sub-Subadviser's costs incurred in providing services under the agreement. The Board noted that no other material contract terms are impacted by the Amended Agreements. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, considered a broad range of information.

In considering whether to approve each Amended Agreement, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the approval of each Amended Agreement is in the best interests of the fund and its shareholders and does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage. The Board's decision to approve each Amended Agreement was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board. In addition, individual Trustees did not necessarily attribute the same weight or importance to each factor.

**Nature, Extent, and Quality of Services Provided.** The Board considered the backgrounds of the investment personnel that provide services to the fund, the fund's investment objective, strategies and related investment philosophy, the current sub-adviser line-up, and the structure of the investment personnel compensation programs and whether such structure provides appropriate incentives to act in the best interests of the fund in connection with its annual renewal of the fund's management contract, sub-advisory agreements and sub-subadvisory agreements at its September 2024 meeting. The Board also considered that the approval of the Amended Agreements will not result in any changes in the investment process or strategies employed by T. Rowe or FIAM, FDS or their affiliates in the management of the fund's assets or their day-to-day management of the fund or the persons primarily responsible for such management. Further, the Board considered that the Amended Agreements would not change the obligations and services of T. Rowe and FIAM, FDS, and their affiliates on behalf of the fund, and, in particular, there would be no change in the nature and level of services provided to the fund by T. Rowe and FIAM, FDS, and their affiliates.

**Investment Performance.** The Board did not consider performance to be a material factor in its decision to approve each Amended Agreement because the approval of each Amended Agreement will not result in any changes (i) to the fund's investment processes or strategies; or (ii) in the persons primarily responsible for the day-to-day management of the fund.

Based on its review, the Board concluded that the nature, extent, and quality of services that will be provided to the fund under each Amended Agreement should continue to benefit the fund's shareholders.

**Competitiveness of Management Fee and Total Fund Expenses.** The Board noted that each Amended Agreement will not result in changes to the maximum aggregate annual management fee payable by the fund or Strategic Advisers' portion of the management fee. The Board considered Strategic Advisers' contractual agreement to waive its portion of the fund's management fee.

With respect to the Amended Sub-Advisory Agreement, the Board noted that each updated fee schedule is not expected to impact the fees paid for the applicable mandate at this time based on current allocations. With respect to the Amended Sub-Subadvisory Agreements, the Board considered that FIAM or an affiliate, and not the fund, will compensate each Sub-Subadviser under the terms of each Amended Sub-Subadvisory Agreement, and that the fund and Strategic Advisers are not responsible for any such fees. The Board also considered that the changes will not impact the sub-advisory fees paid under the existing sub-advisory agreement with FIAM.

Based on its review, the Board concluded that the fund's management fee structure and projected total expenses bear a reasonable relationship to the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** Because each Amended Agreement was negotiated at arm's length and will have no impact on the maximum management fees payable by the fund or Strategic Advisers' portion of the management fee, the Board did not consider the costs of services and profitability to be significant factors in its decision to approve each Amended Agreement.

**Potential Fall-Out Benefits.** The Board considered that it reviews information regarding the potential of direct and indirect benefits to Strategic Advisers and its affiliates from their relationships with the fund, including non-advisory fee compensation paid to affiliates of Strategic Advisers, if any, as well as information regarding potential fall-out benefits accruing to each sub-adviser, if any, as a result of its relationship with the fund, during its annual renewal of the fund's management contract, sub-advisory agreements, and sub-subadvisory agreements. The Board considered Strategic Advisers' representation that it does not anticipate that the approval of each Amended Agreement will have a significant impact on the profitability of, or potential fall-out benefits to, Strategic Advisers or its affiliates.

**Possible Economies of Scale.** The Board considered that it reviews whether there have been economies of scale in connection with the management of the fund during its annual renewal of the fund's management contract, sub-advisory agreements, and sub-subadvisory agreements. The Board noted that the Amended Sub-Advisory Agreement will continue to provide for breakpoints that have the potential to reduce sub-advisory fees paid to T. Rowe Price as assets allocated to T. Rowe Price grow. The Board also noted that it did not consider the possible realization of economies of scale to be a significant factor in its decision to approve the Amended Sub-Subadvisory Agreements because the fund will not bear any additional expenses under the Amended Sub-Subadvisory Agreements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that each Amended Agreement's fee structure bears a reasonable relationship to the services to be rendered and that each Amended Agreement is in the best interests of the fund and its shareholders and should be approved. In addition, the Board concluded that the approval each Amended Agreement does not involve a conflict of interest from which Strategic Advisers or its affiliates derive an inappropriate advantage.

![](img109670_4.jpg)<br>

1.9903614.103 SAM-ANN-0725

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT](ex99906.cert.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 Rutland Square Trust II

---

| | |
|:---|:---|
| By: | <u>/s/Heather Bonner</u> |
|  | Heather Bonner |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 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.

---

| | |
|:---|:---|
| By: | <u>/s/Heather Bonner</u> |
|  | Heather Bonner |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | July 23, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

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

<u>Exhibit EX-99.CERT</u>

I, Heather Bonner, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Rutland Square Trust II;

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:

July 23, 2025

---

| |
|:---|
| <u>/s/Heather Bonner</u> |
| Heather Bonner |
| President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Rutland Square Trust II;

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:

July 23, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**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 Rutland Square Trust II (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: July 23, 2025

---

| |
|:---|
| <u>/s/Heather Bonner</u> |
| Heather Bonner |
| President and Treasurer (Principal Executive Officer) |

---

Dated: July 23, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| 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>